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 【美国将在中东举行空军战备演习】 据新华社，负责中东地区美军行动的美军中央司令部27日发布声明说，其第九航空队将举行一场为期数天的空 军战备演习，以展示其在中央司令部责任区内快速部署、分散部署和持续作战的能力。声明说，此次演习旨在 增强军事装备和人员的分散部署能力，强化区域伙伴关系，并为在中央司令部责任区内执行灵活应对行动做好 准备。 此次演习正值美国对伊朗不断施加军事压力之际。前一天，中央司令部宣布美军"亚伯拉罕·林肯"号航空母舰 打击群已驶入中东水域。 【欧盟政府卫星通信项目已上线】 欧盟国防和太空事务专员安德留斯·库比留斯（Andrius Kubilius）周二在第18届欧洲航天会议的开幕致辞中披 露，该地区的政府卫星通讯项目GOVSATCOM已于上周启动运行，同时IRIS²卫星互联网系统预期能在2029年 启动初步服务。 需要说明的是，虽然库比留斯称有信心IRIS²星座的初步服务能够在2029年部署，但他回避了有关该星座能否 在2030年全面投入运行的问题。欧盟的项目立法中的确包含2030年这一日期，但该 ...

Core Viewpoint - Shenzhen's Nanshan District is set to become China's first district with a GDP exceeding 1 trillion yuan by 2025, marking a significant milestone in the economic landscape of non-direct-controlled cities [5][8]. Group 1: Economic Milestone - Nanshan's GDP surpassing 1 trillion yuan signifies a breakthrough for non-direct-controlled urban areas, positioning it alongside major economic districts like Shanghai's Pudong and Beijing's Haidian [6][12]. - The district's rapid economic growth is highlighted by its average annual compound growth rate of nearly 15% over the past 35 years, transitioning from a marginal area to a leading economic zone [17][15]. Group 2: Economic Density and Competitiveness - Nanshan boasts the highest economic density in the country, with a per capita GDP exceeding 540,000 yuan and a land GDP of over 5.4 billion yuan per square kilometer [19]. - The district is recognized for its innovation capabilities, with a significant number of patents and R&D investment intensity nearly three times the national average [21][23]. Group 3: Industrial Structure and Growth Drivers - Nanshan's economy is characterized by a balanced integration of high-end manufacturing and modern service industries, with nearly 80% of its GDP coming from the tertiary sector [30][31]. - The district is home to numerous leading enterprises, including Tencent and DJI, and has a high concentration of high-tech companies, with over 6,000 high-tech firms and 218 listed companies [34][35]. Group 4: Future Development and Strategic Initiatives - Nanshan aims to enhance its global competitiveness through a strategic framework focusing on domestic and international circulation, as well as marine economy development [44]. - The district is positioned to lead in emerging industries such as artificial intelligence and low-altitude economy, with significant investments and initiatives planned for the next decade [36][39].

以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜AI生成 2025年12月30日，上交所受理了长鑫科技科创板IPO申请，这家国产存储龙头在国内DRAM产业链 中占据绝对C位，且带动了上下游的集体腾飞。 回顾长鑫的崛起之路，一个无法回避的关键问题是，一家在2023年净亏损近200亿元的芯片公司，为 何能在两年后站上科创板IPO的起点，并被市场赋予万亿市值的想象空间？ 答案可能并不在某一次财务反转，而在一次发生于行业最低谷的豪赌。2023年，全球DRAM价格暴 跌超过40%，三大巨头反周期压制，新进者普遍被认为"必死无疑"。就在这一年，长鑫科技选择承受 巨额亏损，持续扩产，并完成1αnm工艺突破与DDR5量产准备。 这是一场以现金流、技术与产能为筹码的提前下注——赌的是下一个周期里，中国的DRAM龙头公 司能否更上一层楼，在全球产业链中具备统治地位。 一次"豪赌"成了"惊险一跃" 长鑫科技主营的DRAM（动态随机存取存储器）是集成电路的核心元件之一。从服务器到手机、 PC、智能汽车到数不 ...

Core Insights - The humanoid robot industry faced a harsh elimination race in 2025, with notable companies collapsing and the gap between leading and lagging firms widening significantly [4][5][11] - The industry is transitioning from a phase of hype and funding to one focused on actual production and commercial viability, highlighting the need for sustainable business models [9][12] Industry Overview - In 2025, the humanoid robot sector saw 610 financing events, nearly tripling from the previous year, with total funding exceeding 57 billion yuan, indicating a stark divide between top-tier and struggling companies [16] - The customer base shifted from academic institutions to industrial enterprises, reflecting a growing recognition of humanoid robots in production settings [16] Company Failures - K-Scale Labs, a once-prominent startup, collapsed just before mass production due to cash flow issues, revealing the challenges faced by many startups in the U.S. lacking a robust local supply chain [6][11] - Rethink Robotics, a pioneer in collaborative robots, faced its second closure in 2025 after failing to meet market demands, illustrating the rapid pace of technological evolution and competition [7][13] - iRobot, known for its Roomba, filed for bankruptcy in December 2025, struggling against low-cost competitors and regulatory hurdles, marking a significant decline for a once-leading company [8][11] Key Challenges - Many humanoid robot companies are experiencing funding shortages, with a lack of follow-up financing leading to operational difficulties [11] - Over 50% of humanoid robot orders are primarily for public relations and data collection rather than genuine productivity enhancement, indicating a failure in commercial viability [12] - Product homogeneity has intensified competition, with many companies producing similar low-barrier products, making it difficult to establish a competitive edge [12][13] Future Outlook - The survival of companies in the humanoid robot sector will depend on securing continuous funding and achieving repeat orders in industrial applications [16][17] - Companies must differentiate themselves, establish real commercial cycles, and leverage data to enhance AI capabilities to thrive in the evolving market [17] - The industry is expected to see a significant increase in humanoid robot shipments in 2026, contingent on technological advancements [16]

Core Viewpoint - The article discusses the rising popularity of Tengchong as a winter travel destination for urban professionals, particularly from Beijing, highlighting its unique offerings that blend relaxation and learning experiences [5][50]. Group 1: Travel Trends - Tengchong has emerged as a favored winter getaway for Beijing workers, often referred to as their "back garden" [5][50]. - The typical travel experience in Tengchong includes a combination of hot springs, hiking, and coffee culture, appealing to the lifestyle preferences of urban professionals [14][46]. - Social media plays a significant role in promoting Tengchong, with travelers sharing their experiences and creating a buzz around the destination [16][48]. Group 2: Unique Offerings - The hot springs in Tengchong are characterized by their natural volcanic properties, providing a more authentic experience compared to urban spa facilities [24][30]. - Hiking in the region is enhanced by local guides who educate visitors about the flora and fauna, adding an educational aspect to the physical activity [35][37]. - The coffee scene in Tengchong features a mix of affordable options and high-end cafes, catering to the coffee culture of urban dwellers [43][44]. Group 3: Challenges and Expectations - Despite its appeal, visitors often face challenges such as high accommodation prices and varying standards of cleanliness, which can lead to disappointment [61][66]. - The article highlights a disconnect between the expectations of urban travelers and the realities of rural tourism, emphasizing the need for a balance between comfort and authenticity [72][73]. - The phenomenon of "滇病" (Dian disease) reflects the emotional impact of returning to urban life after experiencing the natural beauty and simplicity of Tengchong [75][90].

以下文章来源于格隆 ，作者万连山 格隆 . 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 本文来自微信公众号： 格隆 ，作者：万连山 继周末破百后，1月26日白银价格继续疯涨，一度突破110美元/盎司。 这个被称为"穷人的黄金"的品种，终于撕掉了它长达半个世纪的震荡面具，一脚踹开了三位数的大 门。 如此壮观的场景，我实在不想用"见证历史"这个词来形容。 今年，我们见证了太多历史。 以致于，"见证历史"这个词，都烂了。 最近几个月，随着金银比从极端的100多回归至65的均值区间，再跌至今天的46.36；从极端偏离到 回归均值，再到反向极端偏离…… 我们基本可以认定，白银已经完全脱离了基本面。 这一轮行情，是纯粹的投机，血淋淋的资金博弈。 极其反常 2024年底-2025年初，COMEX白银库存曾大幅回升，甚至一度超过了2020年的峰值。 这很大程度上导致了当时白银价格涨幅远不如黄金，导致金银比的极端上升。 但从2025年4月份开始，尤其是8月份之后，库存又在急剧下降，降幅远高于2020-2024年那一波。 这也能在一定程度上解释，为什么萎靡的银价，会在近几个月突然爆发。 最终使得金银 ...

Core Viewpoint - The article discusses the financial dynamics and business models of two AI companies, Minimax and Zhipu, which both went public with valuations around $60 billion but are facing significant losses due to high operational costs and investments in model training [5][8]. Group 1: Revenue and Expenditure Dynamics - Both Minimax and Zhipu are characterized as "short and agile" companies with fewer than 1,000 employees, rapidly iterating products and achieving annual revenues approaching $100 million within a few years [9]. - Despite rapid revenue growth, expenditures for both companies are approximately ten times their current income, with Minimax's spending being over five times its revenue in the first nine months of 2025 [11]. - The article raises questions about whether increasing revenue will lead to a narrowing of losses or exacerbate them, indicating a potential scale inefficiency in their business models [14]. Group 2: Role of Computational Power - The article emphasizes the critical role of computational power in the business model of AI companies, noting that training costs are a significant portion of total expenditures, often exceeding 50% [21][24]. - For Minimax, the revenue generated in 2024 is only 65% of the training costs incurred in 2023, while Zhipu's coverage is even lower at 30% by mid-2025 [25][26]. - The companies rely heavily on third-party cloud services for computational power, which contributes to their high operational costs [20]. Group 3: Human Resource Investment - Both companies have a high percentage of R&D personnel, with Minimax's monthly salary per employee reaching up to 160,000 RMB, indicating a focus on talent density rather than sheer headcount [16][18]. - The overall salary expenditure for Minimax is around $10 million annually, which is about 90% of its revenue, reflecting a high investment in skilled labor [18]. Group 4: Business Model Challenges - The article highlights a fundamental contradiction in the business model: while revenue is increasing, it is not sufficient to cover the rising costs of model training and operational expenses, leading to significant losses [30][34]. - The companies are caught in a cycle where they must continuously invest in new models to remain competitive, requiring additional financing that often exceeds their revenue [35]. - The potential for a sustainable business model hinges on the ability to amortize training costs over a longer period, which is currently not feasible due to the rapid pace of model iteration [30][37]. Group 5: Competitive Landscape - The competitive landscape is described as a capital-intensive game, where companies must secure financing to survive, with only a few players likely to emerge as long-term leaders [39][44]. - The article notes that many smaller companies are struggling to compete against larger firms and open-source models, leading to a consolidation in the market [43].

Core Viewpoint - The article discusses the concept of the "killing line" in American society, highlighting the precariousness of the middle class and the increasing wealth gap, which resonates with similar sentiments in China [5][9][41]. Group 1: Concept of the Killing Line - The "killing line" refers to a threshold in American society where individuals, despite appearing successful, can quickly fall into poverty due to unexpected events, illustrating a high-risk, low-defense social structure [7][12]. - The term gained popularity in late 2025, originating from discussions in the Chinese internet, and reflects a shared anxiety about economic stability among the middle and lower classes in both the U.S. and China [7][9]. - A significant statistic from PNC's 2025 report indicates that 67% of Americans live paycheck to paycheck, emphasizing the fragility of financial security [15]. Group 2: Economic Disparities - The article cites a report indicating that the wealthiest 0.001% of the global population holds three times the wealth of the poorest 50%, highlighting extreme economic inequality [40]. - The narrative suggests that the current economic system rewards asset holders while punishing those reliant solely on labor income, leading to a sense of insecurity among the working class [42][46]. - The discussion includes a critique of the outdated poverty line calculation in the U.S., suggesting that the real poverty threshold should be around $140,000 for a family of four, rather than the official figure of $31,200 [22][28]. Group 3: Responses and Perspectives - The article presents contrasting views on the "killing line," with some arguing it reflects a genuine crisis while others see it as an exaggeration of the middle class's plight [26][36]. - Notable economist Noah Smith challenges the notion that a $140,000 income constitutes poverty, arguing that living standards have improved and that perceptions of poverty are influenced by rising expectations [27][32]. - The article emphasizes the need for individuals to adapt their financial strategies, moving from a focus on income to asset accumulation to navigate the changing economic landscape [54][56].

Core Viewpoint - The article discusses the contrasting strategies of tech giants and startups in the healthcare AI sector, emphasizing that while large companies aim for broad applications, startups focus on niche, specialized solutions [2][14]. Group 1: Industry Dynamics - The healthcare industry is characterized by a paradox: it generates a significant amount of data (30% of the world's data) but has low digital penetration in core diagnostic processes [9]. - The healthcare sector is projected to grow from $4.8 trillion in 2023 to $7.7 trillion by 2032, making it an unparalleled market opportunity [9]. - The compound annual growth rate (CAGR) of healthcare data is expected to be 36%, driven by the proliferation of electronic health records and wearable devices [9]. Group 2: Major Players and Strategies - OpenAI has invested $100 million to acquire Torch, a data cleaning company, and launched "ChatGPT Health," which allows users to integrate their health data [3][12]. - Anthropic has introduced Claude for Healthcare, which connects to extensive medical databases, focusing on B2B applications [13]. - The article highlights that OpenAI's ChatGPT sees 230 million weekly health consultations, indicating a high-frequency usage scenario in healthcare [11]. Group 3: Startup Opportunities - Startups like OpenEvidence focus on providing specialized services for healthcare professionals, requiring strict user verification and offering a "professional version" of AI tools [15][16]. - OpenEvidence employs a freemium model, generating revenue through targeted advertising rather than charging healthcare institutions [16]. - The startup's approach includes accumulating data through user interactions and integrating continuing medical education (CME) credits into its platform, enhancing user engagement [17]. Group 4: Challenges and Considerations - The healthcare sector's stringent data quality requirements mean that large companies may not have a definitive advantage over specialized startups [12]. - The article suggests that only industries with substantial scale and rich data resources are suitable for deep AI transformation [8].

Core Viewpoint - The article discusses the evolving relationship between humans and their living spaces, emphasizing a growing desire for outdoor and natural elements in residential and commercial environments, driven by a need for emotional value and connection to nature [5][6][17]. Group 1: Residential Trends - The modern human's pursuit of living spaces is increasingly focused on emotional value, with a trend towards transforming homes into nature-like environments, reflecting a desire to reconnect with the outdoors [7][17]. - In the U.S., enhancing outdoor spaces, such as yards, can significantly increase property value by approximately 7% to 30% [9][12]. - Maintaining a lawn offers the highest return on investment (ROI) in outdoor upgrades, with a reported ROI of 217% [13][15]. Group 2: Commercial Space Adaptations - Consumers show a preference for shopping environments that incorporate natural elements, leading to a willingness to pay higher prices in greener spaces [30]. - Research indicates that sales in stores with natural light and greenery can increase significantly, with potential sales per square foot rising from $2.00 to between $2.61 and $2.98 [30][32]. - Commercial spaces are increasingly designed to resemble parks, with examples including shopping centers integrating gardens and natural elements to enhance customer experience and attract foot traffic [31][32]. Group 3: Psychological and Cultural Implications - The article highlights a psychological hypothesis suggesting that humans have an innate desire to connect with nature, which has been disrupted by modern urban living [36]. - The trend towards creating nature-inspired spaces in homes and commercial areas reflects a collective yearning for authenticity and a return to a more natural lifestyle [36].