Core Viewpoint - The independent evolution of the Haiguang C86 architecture provides a secure, controllable, and efficient choice for China's digital infrastructure construction, especially in the context of computing power becoming a fundamental infrastructure [1][38]. Group 1: StackWarp Vulnerability and Its Implications - The StackWarp vulnerability discovered in AMD's Zen series processors exposes a significant flaw in cloud computing's isolation capabilities, allowing attackers to modify running programs and data [2][3]. - The response from AMD to disable simultaneous multithreading (SMT) to mitigate the vulnerability results in a substantial reduction in processing power, halving the server's capacity to support virtual service instances [3][4]. - In contrast, Haiguang's C86 processors are inherently immune to the StackWarp vulnerability due to their architectural design, allowing users to maintain full computational performance without needing firmware upgrades or disabling features [4][10]. Group 2: Technical Differentiation - Haiguang's ability to defend against the StackWarp vulnerability stems from its fundamentally different virtualization technology compared to AMD, utilizing self-developed CSV3 technology to create a new defense mechanism [6][12]. - The C86 architecture has decoupled from the x86 technology route, replacing AMD's platform security processor (PSP) with Haiguang's self-developed security processor (HSC) [12][15]. - The C86 processor integrates a general-purpose C86 core and a dedicated security processor, ensuring a secure boot process and a chain of verification that maintains system integrity from the first line of code [13][14]. Group 3: Three-Layer Security System - Haiguang's C86 architecture features a three-layer security system: native cryptographic technology, proactive trusted computing, and isolated confidential computing [17][18]. - The first layer involves integrating a cryptographic co-processor (CCP) within the processor, allowing for high-speed encryption without the performance penalties associated with traditional software or external hardware solutions [20][21]. - The second layer, proactive trusted computing, extends security measures from system startup to runtime, utilizing TDM technology to continuously monitor and verify the integrity of critical system components [24][25]. - The third layer, isolated confidential computing, employs CSV technology to ensure real-time memory encryption for virtual machines, preventing unauthorized access and data leaks in cloud environments [28][29]. Group 4: Market Position and Applications - Haiguang's C86 architecture has been widely adopted in high-security scenarios, particularly in finance, telecommunications, and energy sectors, achieving a 50% share in trusted computing certified products [27][36]. - The architecture maintains full compatibility with the x86 ecosystem, allowing applications originally designed for Intel or AMD servers to migrate seamlessly to Haiguang platforms without code modifications [37]. - The independent evolution of Haiguang's technology mitigates risks associated with reliance on external architectures, ensuring stable performance and security in the face of global hardware vulnerabilities [38].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has made significant adjustments to margin ratios and price limits for gold, silver, and other futures contracts in response to the extreme volatility in global commodity prices, particularly in early 2026 [2][3]. Group 1: Adjustments and Rationale - On January 22, 2026, SHFE adjusted the margin ratios and price limits for various futures contracts, which was seen as a quick response to the action plan released by Shanghai to enhance the linkage between spot and futures markets for non-ferrous metals [2][5]. - The adjustments aim to increase market liquidity and improve price discovery efficiency while strengthening risk management measures [3][5]. - The volatility in commodity prices has intensified, particularly for precious metals and some non-ferrous metals, leading to increased risk management pressures for market participants, especially those in the physical industry [3][10]. Group 2: Specific Changes in Margin and Price Limits - For gold futures contracts nearing delivery, the price limit was expanded to 16%, with margin ratios raised to 17% for hedging and 18% for speculative trading [5]. - Silver futures saw even larger adjustments, with price limits increased to 17% and margin ratios set at 18% for hedging and 19% for speculation [5]. - Non-ferrous metals like copper and aluminum had their price limits unified at 8%, with margin ratios adjusted to 9% for hedging and 10% for speculation [6]. Group 3: Market Implications and Future Outlook - The adjustments are viewed as a necessary measure to prevent extreme market conditions and ensure liquidity, especially for entities holding significant positions [11][12]. - The changes reflect a more mature market, allowing for greater price fluctuations to better reflect supply and demand dynamics [6][12]. - Future risk management may involve more dynamic and differentiated approaches, potentially including complex margin models that consider volatility and correlation [14][17]. Group 4: Industry Response and Innovations - Companies are evolving their risk management strategies, seeking more sophisticated tools beyond traditional futures hedging, such as options and customized risk management solutions [16]. - The Shanghai Clearing House is expanding its services to enhance transparency and reduce counterparty credit risk in the over-the-counter market [16]. - There is a growing expectation for the development of supply chain financial products that leverage the authoritative pricing and standardized warehouse receipt systems of the Shanghai futures market [16].

面对利率低位运行的新常态，从大额存单到结构性存款，投资 人的每一次选择，都是在收益、风险与流动性之间的权衡，如 何适配自身需求调整资产配置，正成为当下理财的核心命题之 一。 作者：老盈盈 封图：图虫创意 2026年开年，大额存单市场继续经历深刻变革：国有大型商业银行及部分中小型银行1年期以下 大额存单利率跌破1%，中长期产品利率也多低于2%。 这一变化让广大投资人倍感纠结，此前持有3.3%左右利率的三年期大额存单到期后，面对如今大 幅下滑的收益，不少人失去续存动力。有人转而在大额存单转让区寻觅高息标的，也有稳健型投资 者将目光投向结构性存款。近期黄金市场热度攀升，银行新发的结构性存款多与黄金挂钩，尤其是 外资银行推出的产品，预期年化收益率最高超5%，让部分投资人动了"小金额试水"的心思。 面对利率低位运行的新常态，从大额存单到结构性存款，投资人的每一次选择，都是在收益、风险 与流动性之间的权衡，如何适配自身需求调整资产配置，正成为当下理财的核心命题之一。 大额存单利率跌入"0字头" 曾为"揽储利器"的大额存单利率继续下行。2025年，工商银行、农业银行、中国银行、建设银行 四家国有大型商业银行已将20万元起存 ...

Core Viewpoint - The article discusses the implementation of a nationwide subsidy program for elderly care services in China, targeting moderately to severely disabled elderly individuals, which is expected to significantly benefit the aging population and stimulate the elderly care market [2][3]. Group 1: Elderly Population Statistics - As of 2021, approximately 35 million elderly individuals in China were classified as disabled or semi-disabled, accounting for 11.6% of the total elderly population. Projections indicate that this number will rise to 46 million by 2035 and around 58 million by 2050 [1][2]. Group 2: Subsidy Program Details - The subsidy program, set to begin in 2026, will provide financial support to elderly individuals classified as moderately to severely disabled. The program aims to cover over 10% of the elderly population [2][3]. - The subsidy will allow eligible individuals to apply for up to 800 yuan per month, with different reimbursement rates for home care and institutional care services [4]. Group 3: Implementation and Impact - Initial pilot programs in cities like Chengdu and Shenyang showed limited uptake, with only about 0.6% and 0.4% of the elderly population utilizing the subsidies, respectively [3]. - The program is expected to alleviate the financial burden on families caring for disabled elderly members and enhance their ability to choose services, thereby promoting market demand and professional development within the elderly care sector [5]. Group 4: Funding and Coverage - The funding for the subsidy will be shared between central and local governments, with a ratio of 9:1, and varying contributions based on regional classifications [4]. - The subsidy will cover a range of services, including meal assistance, bathing, cleaning, mobility support, emergency aid, medical assistance, rehabilitation care, and day care services [5].

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which is expected to impact its financial performance negatively in the short term, leading to a projected net loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses for the company [2][6]. Group 1: Financial Performance and Losses - The company reported a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [2][6]. - From 2021 to 2024, Yonghui Supermarket's net profits were -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [2]. - The company closed 381 stores and underwent significant adjustments to 315 stores, incurring costs related to asset write-offs and renovation losses totaling approximately 910 million yuan [6][7]. Group 2: Store Adjustments and Performance - The adjustments made to the stores have shown initial positive results, with 31 reformed stores achieving sales of 4.662 billion yuan in the first nine months of 2025, a 71% increase year-on-year [7]. - Despite the improvements in adjusted stores, their overall contribution to the company's net profit remains limited due to their low proportion in total operations and high initial costs [7]. - The company plans to close about 25 stores and adjust around 50 stores in 2026, expecting a reduction in the negative impact on pre-tax profits to 170 million yuan [7]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan, initially aiming to raise 3.992 billion yuan for upgrading 298 stores, later adjusted to 3.114 billion yuan for 216 stores [9][10]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [10]. - In contrast to the fundraising efforts, significant shareholders, including the chairman, have been reducing their stakes, with plans to sell up to 90.75 million shares [11]. Group 4: Organizational and Supply Chain Adjustments - To address ongoing operational pressures, Yonghui Supermarket has implemented organizational changes, including a new management structure to enhance efficiency [13]. - The company is focusing on supply chain reforms, aiming to increase the sales of private label products to 40% of total sales over the next 3-5 years [13][14]. - A commitment to transparency in supplier relationships has been emphasized, with measures to combat corruption and ensure fair practices in supplier selection [14]. Group 5: Industry Context and Strategic Alignment - Yonghui Supermarket's adjustments align with broader industry trends, as highlighted by the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [15].

Core Viewpoint - The long working hours in China's labor market reflect low employment quality, and there is a need to adjust the minimum wage standards for full-time workers to an hourly basis to address this issue [1][4][28]. Group 1: Working Hours Trends - After nine consecutive years of growth, the average weekly working hours for employees in China have shown a slight decline in 2025, with all months except January reporting lower hours compared to the same period in 2024 [2][21]. - The average weekly working hours in China remain high, exceeding the legal standards of 8 hours per day and 44 hours per week, indicating a significant issue in the labor market [4][8]. - The proportion of urban employed individuals working over 48 hours per week increased from 50.2% in 2018 to 44.6% in 2022, highlighting the persistent issue of excessive working hours [14]. Group 2: Factors Influencing Working Hours - The increase in average working hours since 2016 is not solely explained by economic cycles, as China's GDP growth has been declining while working hours have continued to rise [8][9]. - Rising fixed costs for companies, including social insurance expenses, have led businesses to extend working hours instead of hiring more employees to maximize profits [9][10]. - The mismatch between actual working hours and workers' desired hours contributes to job dissatisfaction and reflects the low quality of employment [12]. Group 3: Structural Issues in Employment - The coexistence of long working hours and insufficient working hours in different sectors indicates structural contradictions in labor allocation in China [16]. - Competitive industries, such as hospitality and construction, tend to have longer working hours, while government sectors and individual businesses often experience insufficient working hours [17][19]. - The issue of insufficient working hours is particularly pronounced among women, low-educated individuals, and those in informal employment, leading to increased income inequality [19]. Group 4: Recommendations for Improvement - To address the issue of excessive working hours, it is essential to enhance macroeconomic demand by increasing the income of low- and middle-income groups, thereby boosting their consumption capacity [22]. - Reducing the social insurance burden on companies is crucial, as China's social insurance costs are among the highest globally [22]. - Adjusting the wage determination mechanism for full-time workers to an hourly basis, similar to non-full-time workers, is recommended to improve employment quality [23][24].

《中国智能驾驶行业趋势白皮书（2025）》认为，能够穿越 周期的幸存者，并非最早出发的，也非口号最响亮的，而是无 一例外地在技术理想与商业现实间找到了那条狭窄的平衡带， 它们普遍具备五大特征。 封图：图片资料室 曾经，智能驾驶的故事由资本狂热书写，L4的技术梦想吸引无数玩家涌入赛道。但当行业从浪漫 期行至商业化攻坚期，活下去成为所有参与者面对的最大难题。 2025年，累计交付超20万套城区NOA辅助驾驶系统的元戎启行，以一份逼近40%的月度市场份 额成绩单，揭示出行业现阶段真正的生存法则：数据是未来燃料，装车量即话语权。 从高举高打的技术公司，到深度绑定长城、吉利等主流车企的规模化供应商，元戎启行的蜕变之 路，是智能驾驶行业从技术竞赛转向数据竞争、从实验室 Demo 走向规模化交付的一个缩影。 根据《 中国智能驾驶行业趋势白皮书（2025） 》，并以元戎启行为例，外界能够看到当下行业 竞争的本质：如何在技术、数据、商业与生态之间找到平衡，成为穿越周期的最终幸存者。 活下去，需要多少车？ 2019年后，智能驾驶行业的共识逐渐被重塑。资本不再为遥远的L4故事买单，投资人只问两个问 题：你拿到了多少量产订单？你的收 ...

近 六 成 的 教 师 选 择 这 份 职 业 的 原 因 是 " 真 心 想 当 老 师 " ， 91.22%的教师在职业发展规划中，将"当一个好老师"作为职 业发展目标。这份初心弥足珍贵。如何守护它，并使之转化为 持久的教育力量，需要全社会的共同托举。 作者：言咏 封图：东方IC 《教育家》杂志近日发布了《全国中小学教师现状调查报告》（以下简称《报告》），其对当下教 师身心状态的揭示，值得关注。 其二，教育管理权限模糊、安全责任过重，加剧了教师的职业风险和心理负担。这同样是一个由来 已久的问题。在当下环境中，学校事实上有点承担无限责任的意味，虽然明理的家长是大多数，但 还是有人把孩子在校园的正常磕碰归咎于学校，进而投诉索赔。纠纷发生后，教育主管部门又倾向 于"和稀泥"。这不仅加剧了学校和教师的压力，也容易让他们自我防御，为了追求零风险对孩子 的行为加以禁锢，最终伤害的是孩子的利益。 现在人们的维权意识普遍增强，但也要看到，一些教育维权演变成过度诉求，比如，班主任太年 轻，投诉；少先队分批入队，投诉；研学地点选择不合意，投诉……这些千奇百怪的投诉并非个 例，让学校和教师不堪重负，以至于有教师在政府问政平台上 ...

当降价成为豪华车市唯一的"通用语言"，是否还存在另一种生存答案？2025年，中国高端品牌强 势崛起，豪华车在华销量承压，市场份额大幅缩水。据汽车市场专家"桑之未"统计的数据，2025 年，中国进口车市场整体萎缩，全年销售54.3万辆，同比下滑15.8%，连续四年负增长，外资豪 华品牌普遍承压，行业陷入价格战白热化困境，众多豪华品牌纷纷加入促销狂潮。 然而，雷克萨斯却是豪华车市中的"逆行者"，成为2025年唯一保持连续正增长的豪华品牌。数据 显示，2025年雷克萨斯再度蝉联中国进口豪华车销量冠军。难得的是，雷克萨斯的稳健增长并非 靠激进的价格策略，其全年价格保持稳定。在普遍失速的市场赛道上，雷克萨斯究竟凭借什么跑出 了自己的节奏？这无疑将为众多陷入增长困境的豪华品牌提供宝贵的借鉴。 长期主义的胜利：以"确定性"应对市场波动 雷克萨斯的增长，不是战术上的奇袭，而是战略上对"价值确定性"的长期坚守所换来的信任回 报。可以看到，在严峻的市场环境下，雷克萨斯的核心产品保持强大的稳定性，这是其保持连续正 增长的基石。 以雷克萨斯经典车型ES为例，作为雷克萨斯的明星车型，这款车不仅承压增长，且在华累计销量 已突破110万辆 ...

Core Viewpoint - The price of tomatoes has surged over 80% year-on-year due to significant production declines caused by extreme weather events in 2025, affecting supply and leading to a market imbalance [1][2][4]. Price Trends - As of January 20, 2026, the average price of tomatoes reached 7.56 yuan/kg, a 77% increase from 4.27 yuan/kg in the same period of 2025 [2]. - From January 1 to 16, 2026, the average wholesale price was 8.61 yuan/kg, up 80.9% from 4.76 yuan/kg in January 2025 [2]. Production Challenges - Tomato production has faced significant declines due to extreme weather, with reductions varying by region and management practices [3][4]. - Farmers reported a production decrease of approximately one-third due to adverse weather conditions, with some areas experiencing losses of up to two-thirds [7][16]. Cost Implications - The cost of tomato cultivation has increased significantly, with additional expenses for pest control and protective measures due to weather-related challenges, raising total costs from around 4,000 yuan to over 6,000 yuan per greenhouse [7][8]. - In 2025, the cost of pesticides alone increased by over 30%, from approximately 2,000 yuan/acre to nearly 3,000 yuan/acre [8]. Market Segmentation - The market has shown a clear segmentation, with high-end brands maintaining stable prices while traditional farmers struggle with fluctuating prices [11][13]. - For example, the "Cui Xi Yi Pin" brand maintains a purchase price of 20 yuan/kg, targeting quality-sensitive consumers [11][12]. Supply Chain Dynamics - The supply chain has been affected by increased costs associated with high-quality production methods and the need for advanced agricultural technology [11][12]. - The overall vegetable market in China, with over 3 billion acres and more than 800 million tons of production, has a strong self-regulating capacity, which may help stabilize prices in the long term [17].