1月11日下午，深圳宝安，69岁的黄宏生站在年度演讲的舞台 上。这位创维的创始人依然保持着旺盛的表达欲和充沛的精 力，向台下的观众和镜头前的网友演示AI场景，讲述创业故 事。 作者：郑晨烨 封图：受访者供图 中国家电行业正处在一个十字路口。 一方面是国内市场加速入冬。奥维云网（AVC）最新数据显示，2025年前三季度，中国彩电市场 累计零售量为1991万台，同比下滑2.9%，其中，第三季度的情况尤为严峻，零售量同比大跌 12.1%，零售额下降8.1%。 另一方面则是全球产业链的重构与贸易壁垒的升高。对于那些穿越了几十年周期的老牌家电巨头而 言，单纯依靠卖硬件的增长逻辑已触及天花板，寻找新的"超级增量"成为共同命题。 2026年1月11日下午，深圳宝安，69岁的黄宏生站在年度演讲的舞台上。这位创维的创始人依然 保持着旺盛的表达欲和充沛的精力，向台下的观众和镜头前的网友演示AI场景，讲述创业故事。 演讲结束后，黄宏生与经济观察报记者进行了一场对话，他告诉记者，2025年，创维光伏业务的 营收规模，预计将首次超过其传统的电视业务。 "光伏业务营收超过电视业务"，标志着这家企业在维持家电基本盘的同时，在能源领域培育出 ...

Core Viewpoint - The article discusses the emergence of the app "Are You Dead?" which addresses the safety needs of individuals living alone, particularly in urban areas, highlighting a gap in basic safety products in today's society [2][5]. Group 1: App Overview - "Are You Dead?" is an app that allows users to set an emergency contact email and check in daily; if a user fails to check in for two consecutive days, an email is sent to the emergency contact [2]. - The app was developed by three young individuals at a low cost of approximately 1,500 yuan and gained rapid popularity, topping the paid app charts in China and other countries [2]. - Following its rise to prominence, over 60 investors expressed interest in funding the app, with the initial valuation of 10% equity rising to nearly 10 million yuan [2]. Group 2: Cultural Relevance - The app's direct engagement with the topic of death resonates with the changing perspectives of the younger generation, who are more open to discussing life and death [3][4]. - The increasing popularity of life education courses in universities indicates a growing demand for discussions around life and death, which the app effectively addresses [4]. Group 3: Market Demand - The app targets a significant and underserved demographic of young individuals aged 25 to 35, particularly women in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, who are increasingly living alone [5]. - According to the 7th National Population Census, over 125 million single-person households exist in China, accounting for more than 25% of all households, highlighting a substantial market for safety solutions [5]. Group 4: Social Dynamics - The app reflects the shift in interpersonal relationships in the digital age, where traditional social safety nets are less effective due to increased physical distance and online interactions [6]. - "Are You Dead?" addresses the new challenge of ensuring safety for individuals living alone, providing a basic yet essential service in response to contemporary societal changes [6].

Core Viewpoint - The article discusses the strategic shift in the Chinese liquor market, particularly focusing on the launch of Gujinggongjiu's "Nian San Shi" as a national-level "New Year liquor" aimed at the mass market, moving from high-end collectibles to more accessible products [2][11]. Group 1: Product Launch and Market Positioning - Gujinggongjiu has introduced the "Nian San Shi" priced at 220 yuan, marking a significant step in its strategy to popularize "Chinese New Year culture" [2][11]. - The product is designed for the core consumption scenarios of family reunions and gift-giving during the Spring Festival, targeting the general public [4][9]. Group 2: Cultural and Emotional Resonance - The design of the bottle incorporates traditional elements such as lanterns and auspicious symbols, emphasizing the cultural significance of family unity during the New Year [4][12]. - The product embodies the "He" culture, aligning with traditional values of harmony and family prosperity, thus enhancing its emotional appeal [4][12]. Group 3: Quality and Production Techniques - The "Nian San Shi" is supported by Gujinggongjiu's unique "Ancient Fragrance" brewing technique, which ensures a high quality-to-price ratio [7][8]. - The brewing process involves a meticulous fermentation method that enhances the flavor profile, making it accessible to a broader audience [7][8]. Group 4: Consumer Insights and Market Trends - The product targets consumers aged 25-55, addressing both practical and emotional needs during the Spring Festival, thus balancing utility and sentiment [9][11]. - The launch has seen significant initial success, with over 10,000 bottles sold on Douyin within four days of its pre-sale [9][11].

Core Viewpoint - Despite the imposition of countervailing duties, the momentum of Chinese automobiles entering the European market remains strong [1]. Group 1: EU-China Electric Vehicle Negotiations - On January 12, the Ministry of Commerce announced progress in negotiations regarding the EU's electric vehicle case, emphasizing mutual respect and the need for price commitment guidance for Chinese exporters [2]. - The EU Commission released guidelines for submitting price commitment applications, allowing eligible Chinese electric vehicle companies to replace countervailing duties with price commitments [2]. - Price commitments involve exporters voluntarily agreeing to sell products at or above a certain price level to mitigate the adverse effects of subsidies [2]. Group 2: Countervailing Duties and Market Projections - In October 2024, the EU Commission concluded its countervailing investigation, deciding to impose a five-year countervailing duty of up to 35.3% on electric vehicles imported from China [3]. - The EU Commission expressed willingness to continue negotiations with China regarding price commitments as an alternative to tariffs [3]. Group 3: Local Production and Market Growth - By April 2025, high-level talks between China and the EU agreed to initiate negotiations on electric vehicle price commitments and explore a minimum import price mechanism to replace tariffs [4]. - Despite countervailing duties, the sales of Chinese automobiles in the EU, UK, and EFTA countries are projected to exceed 700,000 units in 2025, significantly up from 408,000 units in 2024 [4]. - Chinese automakers are advancing local production in Europe, with BYD starting construction of factories in Hungary and Turkey, and GAC Group collaborating with Magna for localized production of the AION V SUV in Austria [4]. - The Spanish government has chosen to abstain from voting on tariffs against Chinese electric vehicles, creating a favorable investment environment for Chinese companies [4]. - The potential of the European market for Chinese automakers, especially in the new energy vehicle sector, is substantial, with a projected 30% year-on-year increase in sales of new energy passenger vehicles in Europe for the period from January to November 2025 [4].

Core Insights - The "Is Dead?" app, created by a team of three post-95s, has gained significant traction, with its valuation reaching several million yuan shortly after its launch [2][3] - The app's success is attributed to its ability to address a pressing need for safety among young women living alone, particularly in major cities [2][3] - The app's user base has seen explosive growth, with daily new user registrations increasing by 500 times compared to before its viral success [2][3] Group 1: Investment and Valuation - The founder initially planned to sell 10% of the company for 1 million yuan, but due to investor interest, the price has surged to nearly 10 million yuan [2] - Over 60 investors expressed interest in the app within three days of its rise to popularity [2] Group 2: User Demographics and Market Position - The primary users of the app are young women aged 25 to 35, residing in cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [3] - The app has topped the paid app charts in multiple countries, including Singapore, Belgium, and the Netherlands, indicating strong international interest [2] Group 3: Product Features and Development - The app allows users to set emergency contacts and requires daily check-ins; failure to check in triggers an automatic alert to contacts [3] - Future updates will include SMS notifications and emotional support messages to enhance user experience [3][4] Group 4: Competitive Landscape - Following the app's success, numerous similar products have emerged, but the founder emphasizes the importance of continuous product improvement over competition [4]

Core Viewpoint - The article discusses the challenges faced by rural residents in increasing their pension contributions, highlighting the disparity between farmers' pensions and those of urban workers, and the need for coordinated efforts to improve pension levels through increased personal income, local and central government subsidies [2][4]. Group 1: Pension Contribution Challenges - Recent announcements from provinces like Yunnan, Anhui, and Guizhou indicate a new round of increases in the upper limits for rural residents' pension contributions, which is expected to encourage higher personal contributions for better retirement benefits [2][3]. - In Yunnan, the required monthly contribution to meet the upper limit exceeds 50% of the average disposable income of rural residents, making it difficult for many to afford higher contributions [3][4]. - Approximately 80% of villagers opt for the lowest contribution tier, which is typically set at 300 yuan per year, indicating a significant reluctance to increase contributions despite policy changes [3][4]. Group 2: Pension Disparities - The average monthly pension for farmers in 2023 is 214 yuan, compared to 3,162 yuan for enterprise retirees, illustrating a substantial gap attributed to the "more pay, more benefits" principle [2][4]. - The central government plans to increase its monthly subsidy for farmers' pensions from 93 yuan to 143 yuan by 2025, marking the highest increase since the policy's implementation [4][5]. - The financial support for farmers' pensions is significantly lower than that for civil servants and enterprise employees, suggesting room for further increases in subsidies to enhance pension levels [4][5]. Group 3: Economic Implications - Research indicates that improving farmers' pension levels can have a multiplier effect on consumption and macroeconomic growth, suggesting that pension subsidies are not merely welfare but can enhance fiscal sustainability [5]. - The article emphasizes that while raising the contribution limits can positively impact average pension levels, additional measures are necessary to ensure that policy benefits reach a larger elderly population [5].

1月12日下午，昆药集团董秘办工作人员否认董事长变更与业 绩有关联。该工作人员称，华润入主昆药集团有三年融合期， 这是正常的人事调整。 作者：张晓晖 封图：图虫创意 在不到72小时里，昆药集团（600422.SH）的董事长和副董事长双双离任。 2026年1月6日，昆药集团公告，因工作调整，吴文多不再担任公司董事长，由喻翔接任；2026 年1月8日，昆药集团发布公告称，因工作调整，公司副董事长李泓燊递交书面辞职报告。此番人 事变动引发市场猜测，董事长离职是否与昆药集团2025年业绩表现不佳有关？ Wind数据显示，昆药集团2025年前三季度业绩下滑，其中，营收为47.51亿元，同比下降18%； 归属于上市公司股东的净利润为2.69亿元，同比下降近40%。 尤其是2025年第三季度，昆药集团业绩骤降，营收为14亿元，同比下降30%；归属于上市公司股 东的净利润为7101万元，同比下降59%；扣除非经常性损益后的股东净利润为-3400万元，主要 是药品渠道改革、药品集采降价这两个因素所致。 2026年1月12日下午，昆药集团董秘办工作人员否认董事长变更与业绩有关联。该工作人员称， 华润（全称为"中国华润有限公司"） ...

"17连阳，每天都见证历史。"一位投资者在朋友圈发出感 慨。 作者：蔡越坤 封图：图虫创意 A股市场迎来"高光时刻"。 2026年开年以来，A股持续演绎"开门红"行情，指数节节攀升。Wind数据显示，截至2026年1月 12日收盘，沪指涨逾1%豪取17连阳，从3822.51点上涨至4165.29点，刷新逾10年新高；深证 成指站上14000点，刷新近四年纪录。此外，创业板指涨1.82%，北证50涨5.35%，科创50涨 2.43%。全市场逾4100股上涨。 从成交量来看，1月12日，沪深两市成交额突破3.6万亿元，较上一个交易日放量4787亿元，刷新 此前在2024年10月8日创下的成交额历史记录。 "17连阳，每天都见证历史。"一位投资者在朋友圈发出感慨。 "涨到怀疑人生。""一眼望过去全是涨停，除了我买的。""大A都17连阳了我在哪？ ""这个行情 大家都盈了吗？""我在白酒躲牛市"……微博上，A股也成为投资者正在热议的话题。 谁在引领？ 东吴证券统计A股历史上沪指10连阳及以上的情况发现，自1990年开市以来仅有7次（含本 次），其中10连阳2次（1991年1月10日、1991年9月9日），11连阳3次 ...

Core Viewpoint - The AI industry has reached a significant milestone in 2025, marked by technological innovations, business model transformations, and global regulatory dynamics [5]. Group 1: Multi-Modal Integration - AI models have rapidly advanced in text and reasoning but have lagged in multi-modal capabilities, limiting their effectiveness [8]. - By 2025, developers shifted from "assembly-style" models to designing "native multi-modal" models that can process text, images, audio, and video simultaneously [9]. - The development of multi-modal models is becoming a primary battleground for leading AI companies, enhancing the practical application and popularization of AI technology [10]. Group 2: Embodied Intelligence - The focus of embodied AI has shifted from experimental demonstrations to market-ready solutions, with companies announcing mass production of robots [12]. - The cost of humanoid robots has significantly decreased, making them more accessible for commercial use [13]. - The rise of embodied intelligence is driven by advancements in multi-modal AI and increasing labor costs, leading to a growing demand for robotic solutions in various sectors [14]. Group 3: Computing Power Competition - The competition for computing power has evolved from a focus on acquiring GPUs to a more complex, efficiency-driven battle [16]. - Companies are beginning to develop their own chips to reduce reliance on dominant suppliers like NVIDIA [16]. - AI infrastructure is being designed specifically for AI workloads, indicating a shift towards a more integrated approach to computing resources [17]. Group 4: Paradigm Controversy - There is a growing debate in the theoretical community regarding the validity of the "scale law" that has dominated AI development, with some experts suggesting that simply increasing model size may not lead to better outcomes [19]. - Opposing views exist, with some researchers arguing that larger models still play a crucial role in advancing AI capabilities [20]. Group 5: Rise of Agents - The emergence of AI agents, capable of understanding tasks and executing operations autonomously, signifies a shift in human-computer interaction [22]. - This new model allows users to focus on goals rather than navigating complex interfaces, reducing the learning curve [22]. - The rise of agents is facilitated by advancements in large models and standardized protocols for tool integration [23]. Group 6: Open Source Renaissance - Open-source models have become a foundational infrastructure for global innovation, increasingly rivaling closed-source systems in performance and adoption [26]. - The rise of open-source is attributed to the need for rapid customization and community collaboration, making it a practical choice for many developers [27]. Group 7: Business Innovation - The AI industry is transitioning from a focus on technology competition to a clearer division of labor within the ecosystem, with companies finding monetization strategies that align with their capabilities [29]. - The commercialization of AI capabilities is evolving, with a shift towards "Outcome-as-a-Service" models that prioritize task completion over mere functionality [30]. Group 8: Regulatory Dynamics - AI governance has become a critical area of focus, balancing innovation with the need for regulatory frameworks that adapt to evolving technologies [33]. - Different regions are adopting varied approaches to governance, reflecting their unique priorities and regulatory philosophies [34]. Group 9: Great Power Competition - The international competition in AI has escalated to a national level, with countries vying for leadership in defining technological paths and standards [36]. - The competition is characterized by interdependence, as nations rely on each other's capabilities while competing for dominance in AI technology and supply chains [37]. Group 10: Youth Leadership - A trend of young scientists taking on leadership roles in major companies is emerging, reflecting a shift in the industry towards innovative thinking and agile decision-making [39]. - This generational change is crucial as the industry navigates the complexities of AI development and seeks to redefine its future [40].

Core Viewpoint - The article emphasizes the emergence of "Physical AI," which signifies the integration of AI into various hardware products, moving beyond traditional mobile applications to interact with the physical world [1][4][22]. Group 1: AI Hardware Development - The CES (Consumer Electronics Show) is highlighted as a global technology trendsetter, where the focus is shifting from conceptual displays to practical, mass-produced AI hardware products [2][6]. - The AI hardware showcased at the Aliyun Tongyi Intelligent Hardware Exhibition includes over 1,500 diverse products, indicating a significant shift towards practical applications of AI in everyday devices [1][2]. - Companies are now focusing on integrating AI capabilities into their products to enhance user experience, rather than just showcasing hardware specifications [2][6]. Group 2: Innovations in AI Applications - New AI hardware products, such as AI translators and health monitoring devices, are being developed to provide real-time insights and recommendations based on user data [7][9]. - The article mentions the introduction of AI hardware that can operate independently without the need for mobile applications, showcasing a trend towards more user-friendly designs [9][10]. - The integration of AI into various sectors, including automotive and health, is transforming how users interact with technology, making it more intuitive and responsive [16][17]. Group 3: Market Dynamics and Competitive Landscape - The article discusses how the Chinese hardware industry is leveraging its supply chain advantages to rapidly innovate and bring AI products to market [6][19]. - The shift from traditional business models to a more open-source approach with the Tongyi Qianwen model is enabling smaller companies and individual developers to participate in the AI hardware ecosystem [15][19]. - The competitive landscape is evolving, with companies focusing on practical applications of AI that address specific user needs, rather than just competing on technical specifications [13][21]. Group 4: Future of AI in Physical World - The article posits that the future of AI lies in its ability to seamlessly integrate into everyday objects, enhancing their functionality and user interaction [22][23]. - The concept of "AI as the new electricity" is introduced, suggesting that AI will become a fundamental part of various industries, similar to how electricity transformed society [19][22]. - The ongoing development of AI hardware is expected to lead to a significant transformation in productivity and user experience across multiple sectors [17][22].