大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美联储宣布维持基准利率不变】 当地时间1月28日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦 基金利率目标区间继续维持在3.5%至3.75%之间。 会议纪要显示，现有指标表明，就业增长仍处于低位，失业率已显现出趋于稳定的迹象。通胀水平仍处于较高 水平。委员会致力于实现最大就业和长期通胀率达到2%的目标。经济前景的不确定性仍然很高。委员会密切 关注其双重使命面临的风险。为支持其目标，美联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%之 间。 具体表决细节显示，美联储以10票赞成、2票反对的结果，决定将基准利率维持在3.5%至3.75%区间。美联储 理事沃勒以及米兰投下反对票，主张降息25个基点。 在此次利率政策出台前，市场普遍预期美联储将在本周政策会议上维持利率不变，此前该机构已在2025下半年 连续三次降息。 【微软、特斯拉、META公布最新"成绩单"】 微软公司第二财季营收812.7亿美元，预估803.1亿美元；第二季度智能云业务营收329.1亿美元，预估32 ...

Core Viewpoint - The Chinese rice fast food sector is undergoing a significant paradigm shift in 2026, characterized by intense competition among leading brands and the entry of cross-industry players, leading to a consensus that profitability is increasingly difficult to achieve [4][6]. Group 1: Industry Challenges - The primary challenge for Chinese rice fast food brands remains profitability, with industry leaders like Chaoyixing reporting a mere profit of 0.7 yuan per 10 yuan meal [7]. - Rising costs for ingredients, labor, and rent, combined with a return to rational consumer spending, are squeezing profit margins, forcing brands to adapt their business models to survive [8][9]. - The average consumer spending in the rice fast food sector has decreased from 29.7 yuan in 2022 to 27.5 yuan in 2025, indicating a downward trend in pricing [15]. Group 2: Business Model Transformation - Brands are focusing on creating "all-day, all-customer, all-capable" stores to attract a wider customer base and improve profitability [5][10]. - Successful adaptations include diversifying product offerings and enhancing customer experience, as seen with brands like Nanchengxiang and Xiaonv Dangjia, which have introduced new menu items and self-service options [10][11]. - The shift towards a "price down, experience up" strategy is evident, with brands like Xiangcunji and Dami Xiansheng emphasizing fresh, high-quality ingredients while maintaining competitive pricing [18][19]. Group 3: Market Expansion and Competition - The market for Chinese rice fast food is projected to reach 277 billion yuan in 2024, with a potential to exceed 300 billion yuan in 2025, indicating a growing demand for this segment [21]. - Leading brands are rapidly expanding into new regions, with Nanchengxiang opening a new store every 0.85 days on average, while others like Mivun Banfan have paused their aggressive expansion due to operational challenges [23][25]. - The competitive landscape is shifting, with brands needing to adapt their models to local markets rather than relying on a one-size-fits-all approach, as evidenced by the struggles of brands like Chaoyixing and Nanchengxiang in new territories [25][26]. Group 4: Future Outlook - The next decade for Chinese rice fast food will involve a multi-faceted competition focusing on freshness, transparency, intelligence, low pricing, and health [27]. - Brands that can balance cost management with quality and customer experience will be better positioned to thrive in a market where consumer expectations are evolving [28][29].

以下文章来源于洒家君泽 ，作者洒家君泽 2026 年初的一个凌晨，田飞按下了公众号"IDL 创新设计实验室"的发布按钮。 四篇文章，记录了微信正在进行的四个功能灰度更新： 田飞把这些文章转发到朋友圈。没多久，留言开始涌进来。有朋友问"微信终于把这个做出来了""我 怎么还没收到更新？""到底什么时候上线？" 他有点不好意思，又有点得意。 洒家君泽 . 关于改变你我生活的商业与科技 本文来自微信公众号： 洒家君泽 ，作者：洒家君泽，头图来自：受访者供图 不好意思是因为，这些所谓的新功能确实存在，但它们并非来自"官方"；得意则不仅在于这些新功能 都是他的学生设计的，还因为一个在心里放了很多年的想法，终于部分实现了。 "清理白名单"让用户可以一键删除白名单以外的其它聊天记录，快速释放存储空间，避免误删重 要内容； "微信口袋"把散落在微信里的各种文章、链接、重要信息装进统一空间，状态保留，随取随用； "固顶转发"将最常转发的联系人和群聊置顶在转发界面，还支持一键同时转发给多个对象，避免 转错人的尴尬； 朋友圈加入了"预览编辑"功能，发布前可以预览文字的展现效果，还能修改图片次序、大小，调 整好后一键发布，无缝衔接。 ...

Core Viewpoint - Anta Sports has announced a strategic investment in Puma, acquiring a 29.06% stake for €1.5 billion (approximately ¥12.278 billion), positioning itself as Puma's largest shareholder while maintaining the brand's independence [4][5]. Group 1: Strategic Rationale - The acquisition aligns with Anta's "single focus, multi-brand, globalization" strategy, aiming to enhance brand appeal and leverage Puma's established global sales network [5][9]. - Puma's current low valuation presents a cost-effective opportunity for Anta, which seeks to tap into new growth avenues in professional sports markets [5][11]. - Analysts suggest that Anta may continue to increase its stake in Puma, as the brand fits well within Anta's global strategy despite current sales pressures [4][11]. Group 2: Financial Performance - Puma's sales increased from €8.6 billion to €8.82 billion from 2023 to 2024, but net profit declined by 13.7% to €305 million in 2023 and further by 7.6% to €282 million in 2024 [11]. - In the first three quarters of 2025, Puma's sales dropped by 4.3%, with a net loss of €309 million, indicating ongoing financial challenges [11][21]. - The company has initiated multiple rounds of layoffs, including a plan to cut 13% of its workforce by the end of 2026 [11]. Group 3: Market Position and Challenges - Anta's main brand has seen a revenue growth of only 5.4% in the first half of 2025, facing challenges from consumer downgrading and increased competition [19]. - Puma's struggles include a lack of standout products compared to competitors like Nike and Adidas, which have successfully launched popular product lines [19][20]. - The partnership aims to address inventory and channel optimization issues, as Puma's inventory increased by 17.3% to €2.124 billion by the end of Q3 2025 [21]. Group 4: Brand Independence and Future Collaboration - Anta emphasizes respect for Puma's brand independence post-acquisition, planning to appoint representatives to Puma's supervisory board while maintaining operational autonomy [9][21]. - The collaboration is seen as a potential solution for both companies, with Anta providing financial support and market experience to help Puma navigate its current challenges [20][21].

Core Viewpoint - The article discusses the strategic positioning of the company "月之暗面" (Moon's Dark Side) in the competitive landscape of AI models, particularly in light of the upcoming release of DeepSeek's new model. The release of K2.5 is seen as a defensive move rather than an offensive one, aimed at stabilizing the company's position before potential disruptions from competitors [5][9]. Group 1: K2.5 Model Release - The K2.5 model was released on January 27, 2026, with founder 杨植麟 (Yang Zhilin) personally promoting it, which is unusual in the industry and signals a strategic shift [5][7]. - K2.5 is viewed as an upgrade rather than a groundbreaking model, focusing on enhancing coding capabilities and the Agent system, especially for overseas markets [11][12]. - The release is interpreted as a necessary step to maintain relevance and presence in the market, especially before DeepSeek's anticipated new model launch [8][14]. Group 2: Industry Context and Competition - The AI model industry is undergoing a significant reshuffle, with several companies transitioning away from being solely "base model" providers, leaving 月之暗面 as one of the few remaining in this category [16][17]. - The narrative in the industry is shifting from "who can create the strongest model" to "who can effectively utilize the model," indicating a higher risk for companies that continue to focus solely on base models [18][22]. - 月之暗面 is attempting to pivot towards coding and Agent capabilities, but it still heavily relies on model performance for revenue, particularly from overseas markets [21][22]. Group 3: Strategic Concerns and Anxiety - The company faces anxiety regarding its dependency on model capabilities, especially with competitors like DeepSeek potentially outpacing it in model advancements [23][24]. - The transition to focusing on coding and Agent systems presents long validation cycles, making it challenging for 月之暗面 to demonstrate its strategic shift compared to competitors who can quickly showcase model improvements [25]. - The memory of the impact from DeepSeek's previous model release in 2025 creates pressure for 月之暗面 to avoid being caught off guard again, prompting the early release of K2.5 as a preemptive measure [26][27].

Core Viewpoint - The article discusses the rising popularity of Moltbot, an AI application that has gained significant attention in Silicon Valley, being described as a revolutionary tool that can perform various tasks through popular messaging apps [4][6]. Group 1: Moltbot Overview - Moltbot, previously known as Clawdbot, has seen its GitHub stars exceed 60,000 and collections over 7,200, indicating strong community interest and engagement [4]. - The project was renamed to avoid confusion with Anthropic's Claude AI, with the creator describing the change as a "natural evolution" [6]. - Moltbot is designed to execute commands sent through messaging apps like Telegram and WhatsApp, converting user requests into local Shell scripts for execution [8]. Group 2: Capabilities and Use Cases - The capabilities of Moltbot include managing emails, scheduling, and even stock trading, showcasing its versatility [8]. - Users have reported various applications, such as one user employing Moltbot for stock trading, generating numerous strategies and reports, despite ultimately losing the invested funds [8]. - Another user successfully utilized Moltbot to create a dynamic avatar on their Mac mini, demonstrating its creative potential [10]. Group 3: Unique Features - Moltbot boasts long-term memory capabilities, allowing it to remember past interactions and user preferences, which is a significant advantage over traditional chatbots [14]. - It can proactively remind users of upcoming events and tasks, functioning like a diligent assistant [14]. - The application runs in the background, enabling it to perform tasks while users engage in other activities, further enhancing its utility [14]. Group 4: Security Concerns - Despite its advantages, users have raised concerns about security vulnerabilities, as Moltbot has high system permissions and access to local data, potentially making it a target for hackers [14][15]. - Instances of users inadvertently exposing sensitive information, such as API keys, have been reported, highlighting the risks associated with its deployment [15]. - The developer acknowledged the inherent risks of running an AI with Shell terminal access, emphasizing that there is no "absolute security" in such deployments [15].

这家拥有超过2.1万家门店的零食连锁巨头，首日上市高开88.08%，报445港元，市值达952.75亿港元。鸣 鸣很忙此次IPO公开发售获1899.49倍认购，国际配售获44.44倍认购。 从2017年晏周在湖南长沙创办"零食很忙"开始，这家最初只有一家不足40平米小店的企业，用了不到八年 时间，凭借加盟、合并、扩张等方式持续发力，成为年度GMV达555亿元的细分行业龙头。它的崛起不仅 是一个商业"奇迹"，更是近年来中国下沉市场消费升级与零售渠道变革的缩影。 官方数据显示：截至2025年11月30日，鸣鸣很忙全国在营门店达21041家，覆盖中国28个省份。其约59%的 门店位于县城与乡镇，网络已深入1341个县，构成了中国零食市场最末端的毛细血管。 上市前夕，鸣鸣很忙获得了包括腾讯、淡马锡、贝莱德等在内的豪华基石投资者阵营的加持，合计认购约 1.95亿美元。资本市场的热切期待，指向了一个核心问题：一家毛利率长期徘徊在7%-9%区间的公司，如 何依靠"薄利模式"，支撑起千亿市值？ 资本引擎 此次鸣鸣很忙全球发售1410.11万股股份，预计募集资金净额约31.24亿港元（以发售价中位数计）。香港公 开发售于1月2 ...

Core Insights - OpenAI's CEO Sam Altman emphasized that while software engineers will not be replaced, their work will change, with a focus on directing computers to act according to human intentions [6][12] - The biggest challenge for startups is not product development but user acquisition, as human attention remains scarce [7][15] - AI is expected to create significant deflationary pressure, lowering the cost of goods and services, which could empower individuals from diverse backgrounds [19][20] - The future of software will trend towards personalized customization, allowing individuals to have tools generated specifically for their needs [9][22] - Biological safety is a critical area of concern for 2026, necessitating a shift from "blocking" to "resilience building" in AI governance [10][29] Group 1: Future of Work - Software engineers will see a reduction in coding time but an increase in the demand for their roles as more people will engage in directing computers [13] - The role of engineers will evolve, focusing on creating valuable experiences rather than just coding [13] - The demand for personalized software will grow, leading to a significant increase in the contribution of software engineering to global GDP [13] Group 2: Startup Challenges - The ease of product development with AI tools contrasts with the ongoing difficulty of market promotion and user engagement [15] - AI can assist in marketing automation, but the fundamental challenge of capturing human attention remains [15] - Startups must focus on creating unique value propositions to attract users, as the core principles of entrepreneurship have not changed [15] Group 3: Economic Implications - AI is projected to bring about substantial cost reductions, enabling individuals to create software that previously required extensive resources [19] - There is a concern that AI could exacerbate wealth concentration, making it essential for policymakers to ensure equitable access to AI benefits [20] - The balance between cost reduction and speed in AI model development will be crucial for future applications [21] Group 4: Customization and Personalization - The trend towards personalized software will allow users to have applications tailored to their specific needs, enhancing user experience [22] - The evolution of software will lead to more intuitive interfaces that adapt to individual user habits [22] - Startups should focus on building products that leverage AI advancements to create competitive advantages [22] Group 5: Safety and Governance - Biological safety is highlighted as a significant risk area, with AI potentially increasing biological threats while also serving as a tool for solutions [29] - A shift in AI governance is necessary to build resilience rather than solely relying on restrictions [29] - The potential for AI to cause significant incidents, particularly in biological contexts, is a pressing concern for the future [30] Group 6: Education and Skills - The educational focus should shift towards soft skills such as adaptability, creativity, and resilience, which are becoming increasingly important in an AI-driven world [45] - The integration of AI in education should enhance human connections rather than diminish them, emphasizing collaborative learning environments [32] - Caution is advised regarding the introduction of AI in early childhood education, as the impact on young children is not yet fully understood [34]

Core Viewpoint - The article discusses the emergence of the Nipah virus in India, highlighting its high fatality rate and potential for human-to-human transmission, raising concerns about its spread and impact on public health systems [4][6][21]. Group 1: Virus Characteristics - The Nipah virus is classified as a high-risk pathogen, capable of causing severe respiratory illness and encephalitis, with symptoms ranging from mild fever to severe neurological impairment [9][11]. - The natural host of the Nipah virus is fruit bats, particularly the flying fox, which do not exhibit symptoms of the virus [10]. - Transmission to humans can occur through contaminated food or direct contact with infected animals, leading to rapid and severe health deterioration [11][21]. Group 2: Current Situation and Response - As of now, India has reported at least five confirmed cases of Nipah virus, with one nurse in critical condition [6][21]. - There is currently no approved antiviral treatment or vaccine for the Nipah virus, although recent research indicates that the oral nucleoside drug VV116 shows significant antiviral activity against it [16][20]. - The World Health Organization has classified the Nipah virus as a biosafety level 4 pathogen, similar to the Ebola virus, necessitating rapid public health responses to any confirmed cases [22]. Group 3: Public Health Implications - The fatality rate of the Nipah virus ranges from 40% to 75%, with some outbreaks reporting rates as high as 100%, placing it among the deadliest viruses globally [21]. - Preventive measures focus on avoiding contact with fruit bats and contaminated food, as well as strict hygiene practices in outbreak areas [22]. - Neighboring countries, such as Nepal, have increased health monitoring at borders in response to the outbreak, reflecting a proactive approach to infectious disease control [22][23]. Group 4: Geographic Distribution and Risk Assessment - The Nipah virus has been reported in several countries, including Malaysia, Singapore, the Philippines, Bangladesh, and India, but the distribution of fruit bats suggests a broader potential risk [26][27]. - While there is concern about the virus spreading to China, current assessments indicate that the risk of large-scale transmission remains low, although vigilance is necessary due to the presence of fruit bat populations in southern China [28].

本文来自微信公众号： 秦朔朋友圈 ，作者：朱兆一，头图来自：AI生成 "永无止境的内部争论和未说出口的分歧，让欧洲无法团结，讲话也不够诚实，难以找出真正的解决方 案。欧洲并未成为真正的全球强权，依然是个漂亮但分裂的小国与中等强国万花筒。" 这一幕带着黑色幽默的象征意味。美国商务部长卢特尼克在达沃斯晚宴上宣告"全球化已死"，欧洲央 行行长拉加德愤然离场；在这之前丹麦首相则带领整个代表团在特朗普演讲中途起身退席。一场本 为"加强合作"的全球精英盛会，最终沦为新旧秩序激烈碰撞的角斗场。 很多人开始讨论今年的达沃斯是不是全球化的"最后晚餐"。的确这座瑞士的小镇曾是"全球化叙事的 圣殿"，如今却愈发像退潮后的交易大厅——灯火依旧通明，菜单早已更换，餐桌礼仪也在崩塌。市 场准入能谈、安全能谈，甚至领土与资源都能谈，唯一的前提是：接受"力量即定价权"的新规则。 一、不是只有特朗普在指责欧洲 把特朗普对欧洲的指责简单归为"民粹咆哮"并不难，但这会掩盖关键事实：特朗普敢在达沃斯当众发 难，核心是摸准了欧洲的痛点。泽连斯基对欧洲的批评，从另一个角度印证了这些痛点的真实。 尽管两人立场与目的截然不同。 欧洲面临的早已不是单一压力， ...