以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 本文来自微信公众号： 远川科技评论 ，作者：何律衡， 题图来自 :视觉中国 去年下半年以来，存储芯片进入史诗级涨价潮，消费级内存条一度跳涨6倍以上，荣膺当下最保值的 理财产品。 人工智能基础设施需求爆发，三星、美光、SK海力士三大存储芯片厂的产能被迅速榨干。 SK海力士去年10月就表示，2026年DRAM、NAND Flash和HBM三大产品线产能被预订一空，三星 和美光的HBM产能也全部售罄。 AI芯片所用的HBM内存利润率更高，自然在产能分配中优先级更高，导致消费级产品供应再度遭遇 挤压，陆续向下游行业传导，存储芯片涨价的最大受害者也浮出水面：低端手机。 以性价比著称的传音，中低端机型占出货量大头，也最早被涨价殃及。去年三季度，传音增收不增 利，营收增长22.6%，净利润反倒大降11%，毛利率抹去两个百分点。 单季度的业绩受当季新机型上市影响较大，但即便按照全年业绩指引看，传音2025年度营收利润双 降，净利润直接腰斩，手机也从全球第四[3]掉进了others[4]。 | 排名 | 3Q25 | 市场份额 | 4Q25 ...

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 【深夜跳水！纳指跌超2%，白银跌超10%】 美股三大指数集体收跌，道指跌1.34%，纳指跌2.03%，标普500指数跌1.57%，大型科技股普跌，苹果跌5%， 博通跌超3%，亚马逊、Meta、特斯拉跌超2%。中概股普遍下跌，纳斯达克中国金龙指数跌2.97%，腾讯音乐 跌超10%，贝壳跌近6%，哔哩哔哩跌近5%。 国际贵金属价格大幅下挫，现货黄金一度跌破4900美元关口，截至发稿时，现货黄金跌3.27%，报4917.09美 元/盎司；COMEX黄金期货跌3.19%，报4936美元/盎司。现货白银跌10.84%，报75.07美元/盎司；COMEX白银 期货跌10.93%，报74.75美元/盎司。 【谷歌Gemini 3深度思考模型重大升级】 美东时间12日周四，谷歌官宣Gemini 3 Deep Think升级，称升级后的模型在多项行业基准测试中取得突破性成 绩，包括在"人类的最后考试"Humanity's Last Exam（HLE）基准测试、ARC-AGI-2测试中获得84.6%的成绩， 经ARC Prize基金 ...

以下文章来源于真叫卢俊 ，作者真叫卢俊 真叫卢俊 . 认认真真聊地产，实实在在谈买房。 本文来自微信公众号： 真叫卢俊 ，作者：真叫卢俊 先想想，自己老家还有没有房子 如果有 这趟回家记得抓紧卖了 落袋为安 这周是最后一个工作周了 马上很多朋友就要从五湖四海回各自老家了 如果你也这么感觉，刚好老家的房子特别多，那么这趟过年回家记得找中介赶紧挂牌 01 对于很多县城的人口结构其实存在几个特性 第一人口总量少 前阵子和老妈电话，她说四年前最正确的一件事就是把老家的房子卖了 没有一丝留恋 现在老家的房子价格已经跌的不成样子了 不知道各位在老家还有没有多余的房子 我一直觉得每个人在老家的房子留一套给爸妈自住的房子就可以了 其他的所有房子不论多少钱现在都应该立刻抛掉 虽然都是一些主观判断，但是一些趋势发展已经越来越明显了 第二人口结构稳定，细分年龄层基数比较薄，也没有太多新增 第三年轻人的外流 第四老龄化的趋势也开始明显了 这四点的共性已经是共识 但是对于房地产而言就会导致几个情况 首先，整个需求结构也会比较单一，刚需不足也会导致改善的上限不足 我们都知道，需求是需要流动的 这也是为什么金字塔结构的需求比较稳定的原因， ...

Core Viewpoint - The appointment of Zhao Ming as a non-independent director candidate at Qianli Technology signifies a strategic shift towards AI commercialization, with a focus on creating a closed-loop business model in AI [2][3][12]. Group 1: Leadership Changes - Zhao Ming has been proposed as a candidate for the non-independent director position, aligning his tenure with the current board's term [2]. - The board will add a co-chairman position, likely for Zhao Ming, indicating a significant leadership restructuring [3]. - Zhao Ming's previous experience at Huawei, along with other Huawei executives, suggests a strong influence of Huawei's management style and technology on Qianli Technology's future direction [5][6]. Group 2: AI Commercialization Strategy - Qianli Technology aims to accelerate commercialization, with plans to focus on "AI + terminal" strategies to achieve a scale of one billion terminals [8][11]. - The company has already provided 300,000 intelligent driving devices to Geely, but still has a long way to go to reach the target of one billion terminals [15]. - Zhao Ming's experience in the smartphone industry, particularly with the "high-end first, mid-range for volume" strategy, may be applicable to Qianli's AI product development [17]. Group 3: Challenges in the AI Industry - The AI industry currently faces issues of product homogeneity and a lack of differentiation, with many smart hardware products merely using AI for marketing rather than solving real problems [14]. - The cost and scale dilemma in the AI sector mirrors challenges faced in the smartphone market a decade ago, where high-end products did not achieve volume sales and low-end products lacked profitability [16]. - Qianli Technology's approach to AI hardware will focus on genuine utility rather than just marketing gimmicks, emphasizing the importance of AI services in enhancing hardware functionality [18]. Group 4: Future Outlook - The collaboration between Zhao Ming and Qianli's chairman, Yin Qi, is expected to translate technological beliefs into financial success, potentially revitalizing the company's position in the AI market [19]. - The integration of diverse backgrounds within the team, including personnel from various companies, poses a challenge that needs to be addressed for successful collaboration [20].

本文来自微信公众号： 不懂经 ，作者：不懂经也叔的Rust 《主权个人》：未来会活得很爽的有三种人，一是技术精英，二是各行业头部，三是有资本及良好判断 力的人。本号专注后面两种。 2026年2月11日，科技界正在发生一些奇怪的事。 Brian Norgard，硅谷连续创业者，发了一条推文："我认识的几乎所有在科技行业工作的聪明人，都 感到极度焦虑。仿佛一切都即将彻底崩塌。" 以下文章来源于不懂经 ，作者不懂经也叔的Rust 同一天，另一个叫@barkmeta的科技博主写道："我不知道为什么2026年会成为一个转折点，但我认 识的几乎所有真正关注时事的人，都正在经历某种程度的生存危机。" 也是同一天，xAI（马斯克的AI公司）的联合创始人Jimmy Ba宣布离职。他在告别帖里写了一段 话，不像是在告别，更像是在发出某种信号： 不懂经 . "我们正迈向一个拥有合适工具就能实现百倍生产力的时代。递归式自我提升循环很可能在未来12个 月内上线。2026年将会是疯狂的一年，很可能是我们物种未来最忙碌、也最具决定性的一年。" 在人类历史上，可能从来没有过这样一个时刻：一群世界上最聪明的大脑正处于极度的生存焦虑之 中，而圈 ...

Core Viewpoint - Transsion Holdings, known as the "King of Africa," has seen a significant decline in net profit, dropping from 55.49 billion RMB to 25.46 billion RMB, a decrease of 54.11%, despite a slight revenue drop of 4.58% to 655.68 billion RMB in 2025 [5][9]. Group 1: Historical Success - Transsion's success is attributed to its strategic focus on the African market, which was largely ignored by global giants, and its ability to meet local consumer needs with low-cost, durable phones that support multiple SIM cards [6][7]. - The company achieved a peak revenue of over 600 billion RMB, with a compound annual growth rate exceeding 30% from its initial revenue of 253.46 billion RMB [7]. Group 2: Profit Decline Factors - The global price surge of storage chips, with DRAM and NAND flash prices increasing over 40%, has severely impacted Transsion's low-cost phones, necessitating a price increase of 17% to maintain margins, which is not feasible in the price-sensitive African market [9]. - Increased competition from domestic brands like Xiaomi and Honor has forced Transsion to spend heavily on sales and channel subsidies, leading to a significant reduction in profit margins [9][10]. - The revenue contribution from high-margin feature phones has plummeted to 5.86%, while low-margin smartphones now account for 83.87% of revenue, indicating a shift towards lower profitability [10]. Group 3: Strategic Shifts and Challenges - Transsion is attempting to diversify by investing approximately 2 billion RMB into energy storage and electric vehicles through a planned IPO in Hong Kong, although this new business only accounted for 8.8% of revenue in the first half of 2025 [10][11]. - The rise of e-commerce in Africa is reshaping sales channels, requiring Transsion to allocate resources to adapt to new market dynamics, which adds to the cost of transformation [11][12]. - The company faces internal challenges related to organizational complexity as it expands globally, which could hinder operational efficiency [11]. Group 4: Future Outlook - The loss of 30 billion RMB in profit signifies the end of an era where Transsion relied on market gaps and first-mover advantages, necessitating a transition to a model focused on technological innovation and brand value [13][14]. - Transsion must enhance its AI capabilities to compete effectively, as competitors have already made significant advancements in this area [14].

严肃的人口学八卦 . 以下文章来源于严肃的人口学八卦 ，作者严肃的人口学八卦组 以人口学的视角看世界，传播有趣的人口学 本文来自微信公众号： 严肃的人口学八卦 ，作者：唐语新（北京大学社会研究中心博士研究生）， 责编：吕利丹（中国人民大学人口与健康学院副教授），题图来自：AI生成 亲密关系不仅是一份情感寄托，也是一套很具体的生活安排：一起生活、一起做饭、分担家务、互相 照料、共享资源。也正因为它嵌在日常里，所以可能通过种种细节——吃什么、几点睡、周末干什 么、生病了去不去医院等等——来影响一个人的健康。 说到单身，很多人会想到失恋、孤独，健康状况也会打折；另一边，大家又总会感叹，一些女明星离 婚后气色反而更好了。 关于婚姻与健康的研究大多聚焦于抑郁情绪、自评健康等偏主观状态1 2，常见结论是婚姻与更积极 的主观健康状况有关。但这类研究也有局限：样本量往往较小，且受二手数据限制，只能探究婚姻和 一到两种疾病之间的关系，很难回答一个更大的问题：婚姻状态究竟和哪些疾病相关？只影响心理健 康，还是会扩展到心血管、呼吸系统、癌症等更广泛的疾病谱？ 在此背景下，北京大学公共卫生学院流行病与卫生统计学系的李立明教授团队在L ...

山野之中，每一克重量都曾被反复权衡。 如今，一场静默的革命正在发生：材料的边界被不断突破，装备的重量以"克"为单位，向下挑战极 限。 然而，当一双跑鞋轻至百克、售价数千却可能仅能支撑数次竞速；当一件冲锋衣薄如蝉翼，却在极 端环境中被质疑其守护的可靠性。 我们不禁要问： 户外装备的极致轻量化，究竟是引领行业未来的技术革命，还是一种被忽略的责任 退步？ 今天，我们邀请了三位背景迥异、立场鲜明的观察者，围绕这一核心矛盾，展开隔空交锋。 崇拜绝对性能， 就是定义未来。 持此观点的，是专注于解构跑鞋的《MAX跑鞋报告》主理人 Max。 在他看来，以adidas ADIZERO ADIOS PRO EVO为代表的"次抛"超轻竞速跑鞋，其意义远超产品 本身。 "这不是耐用的退化，而是性能的跃迁。" Max指出，这类产品将单只重量压至100克级，如同将F1赛车的理念引入日常道路。它们用极致的 轻和澎湃的回弹，重新定义了跑鞋的物理上限。 山的严酷从未改变，而装备，必须是生命与自然之间那堵最值得信赖的墙。可靠，不是一种可选 项，而是户外装备与生俱来的道德。 当然，在科技的加持下，同等性能的装备越来越轻，装备在性能保障的情况下轻量 ...

Core Viewpoint - The article discusses the decline of bank wealth management products, highlighting their failure to adapt to equity investments, leading to reduced returns and a widening gap with public funds [2][3][5][31]. Group 1: Talent Movement and Industry Trends - The recent hiring of Dai Kang, a former top analyst, by Zhaoyin Wealth Management signifies a shift towards valuing equity investments within the traditionally conservative bank wealth management sector [2]. - As of June 2025, Zhaoyin Wealth Management's equity investments amounted to 66.768 billion yuan, representing about 10% of the total bank wealth management equity investment of 660 billion yuan [2]. Group 2: Performance Metrics - By the end of 2025, the total scale of bank wealth management products reached 33.29 trillion yuan, a year-on-year increase of 11.15%, yet the gap with public funds, which reached approximately 37 trillion yuan, has widened [3][4]. - The average yield of bank wealth management products fell to 1.98% in 2025, a decline of nearly 1 percentage point from 2.94% in 2023, marking the first time it dropped below 2% [5][6]. Group 3: Asset Allocation Issues - Despite a recovering equity market, bank wealth management's allocation to equity assets decreased, with only 0.66 trillion yuan allocated to equities, accounting for just 1.85% of total assets [6][15]. - The heavy reliance on fixed-income assets, which constituted 92.1% of total investments, has made bank wealth management returns highly correlated with bond market performance [11][12]. Group 4: Challenges and Constraints - The conservative nature of bank wealth management clients, primarily composed of risk-averse individuals, limits the willingness to increase equity investments due to low tolerance for volatility [25][26]. - Strict sales channel requirements further constrain banks from increasing equity allocations, as any significant drawdown could lead to product delisting [27][29]. Group 5: Industry Dynamics and Future Outlook - The article suggests that if bank wealth management continues to ignore equity market opportunities, it risks losing its client base and falling further behind public funds [35]. - The disparity in investment research capabilities and client demographics between bank wealth management and public funds is expected to persist, making it difficult for banks to catch up [34].

Core Viewpoint - The article discusses the evolving nature of celebrating the Chinese New Year, highlighting a shift from traditional family reunions to more personalized and diverse ways of celebrating, including travel and self-driving trips [30][32]. Group 1: Personal Experiences and Changes in Celebration - The author, a well-known automotive camping blogger, shares his decision not to return to his hometown for the New Year, opting instead for warmer destinations like Zhuhai and Macau [4][6]. - The author reflects on childhood memories of the New Year, emphasizing the strong sense of family and community during celebrations in his hometown [9][10]. - The experience of returning home has transformed from a simple journey to a complex decision influenced by personal circumstances and societal changes [12][30]. Group 2: Travel and Transportation Trends - The article notes that self-driving is becoming the dominant mode of transportation during the Spring Festival, accounting for over 60% of travel methods [18]. - The author advises against using electric vehicles for long-distance travel during the holiday due to potential charging issues and recommends fuel or hybrid vehicles instead [28]. - The shift from concentrated travel to more dispersed travel patterns reflects changes in family structures and individual preferences, allowing for more flexibility in how people choose to celebrate [30][32]. Group 3: Societal Reflections - The author discusses the impact of China's family planning policies on the current generation's ability to choose not to return home for the New Year, highlighting a shift in family dynamics [30]. - The article suggests that the traditional concept of "reunion" during the New Year is being redefined, with individuals feeling more empowered to create their own celebrations [32].