Core Viewpoint - The storage market appears to be recovering after years of adjustment, raising questions about whether the recent stock price increases of related A-share companies are due to cyclical trends or genuine improvements in their profitability [1][2]. Group 1: Market Performance - Since September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 CNY per share to about 177 CNY and 144 CNY respectively, reaching historical highs [2]. - International storage giant SanDisk announced a price increase of over 10% for some products, igniting industry-wide price hike expectations [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, indicating a potential market recovery [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [4]. - For the entire 2025 fiscal year, Micron's revenue hit a record $37.4 billion, up nearly 50% [4]. - Micron's revenue from high-value segments like HBM and server DRAM reached $10 billion, five times that of the previous fiscal year, driven by demand from AI servers [5][6]. Group 3: Domestic Manufacturers' Challenges - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [9]. - The traditional business model of these companies, which relies on purchasing storage wafers from international suppliers, limits profit margins and exposes them to inventory losses during price declines [9][10]. - Domestic firms are shifting focus to develop their own controller chips to capture higher value in the supply chain [10]. Group 4: Technological Advancements and Market Strategy - Jiangbolong has shipped over 80 million self-developed controller chips, while Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip [10]. - Domestic manufacturers are investing in advanced packaging technologies to enhance production capabilities and profitability [12]. - The shift towards enterprise markets, such as data centers and AI servers, is expected to yield higher profit margins compared to traditional consumer markets [13][14]. Group 5: Investment and Future Outlook - Baiwei Storage raised 1.871 billion CNY for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [12]. - Jiangbolong's enterprise storage business revenue reached 693 million CNY in the first half of 2025, a 138.66% increase, reflecting successful penetration into the enterprise market [14]. - The strong performance of storage concept stocks in the A-share market may reflect capital market's dynamic pricing of these companies' new growth narratives [14].

Core Viewpoint - The article emphasizes that outdoor activities are crucial for preventing myopia in children, and without sufficient outdoor time, other efforts may be ineffective [1][3]. Summary by Sections Current Situation of Myopia in Children - In September, which is the 11th National Myopia Prevention Education Month, two "zero myopia" primary schools were established in Yunnan, with 323 students having a vision of 5.0 or above [2]. - National Health Commission data indicates that the overall myopia rate among children and adolescents in China is 52.7%, with primary school students at 35.6%, junior high school students at 71.1%, and senior high school students at 80.5% [2]. Causes of High Myopia Rates - The article attributes the high myopia rates among children and adolescents to a lack of outdoor activity and excessive screen time, exacerbated by the increasing academic burden and the prevalence of electronic devices [3][5]. - Parents today are more concerned about their children's vision, familiar with concepts like axial growth and low-concentration atropine, but these efforts may be futile without prioritizing outdoor time [3]. Recommendations for Improvement - Schools and parents need to collaborate to ensure children have sufficient outdoor playtime, which is currently hindered by heavy academic workloads and structured after-school programs [4][5]. - The article suggests that schools should reduce indoor activities and increase outdoor time during after-school services, allowing children to complete homework at school and have more time for play [5]. - A shift in mindset is necessary for parents to prioritize their children's vision health over material solutions, as the focus should be on ensuring children can enjoy outdoor activities [5].

此前就有传闻称，奔驰计划入股千里科技少数股权，以增强在 中国的软件实力，如今这一传闻落地成真。 作者： 周菊 封图：图虫创意 据彭博社援引知情人士的消息，此次奔驰入股千里科技由吉利主导推动。在汽车行业，吉利与奔驰合作由来已久，2018年吉利控股集团以90亿美元收 购奔驰母公司戴姆勒9.69%的股份，成为奔驰最大股东。2019年，戴姆勒集团和吉利控股宣布成立合资公司，推动smart品牌向电动智能化转型，目前 已推出多款产品。 对于奔驰而言，入股千里科技有望进一步提升其智能化水平。当前，奔驰在中国市场正加速智能化布局。早在2017年，奔驰就投资了Momenta。9月25 日，梅赛德斯-奔驰与Momenta共同宣布，双方联合研发的新一代智能驾驶辅助系统即将发布，并将率先搭载于今年秋季上市的国产全新纯电CLA车型 上。 此外，9月23日，梅赛德斯 - 奔驰（中国）投资有限公司与北京字跳网络技术有限公司签署升级战略合作备忘录，共同推动人工智能技术在各业务领域 的融合，合作涵盖智能辅助驾驶、智能座舱、智能化研发、数字化营销及客户运营等多个方面。 9月25日，重庆千里科技股份有限公司（下称：千里科技）发布公告称，公司股东力 ...

Core Viewpoint - Huawei has established a non-symmetric competitive path towards world-class AI computing power by leveraging its strengths in system engineering and connectivity technology, shifting the focus from single-chip performance to system performance to gain a competitive edge [1][7]. Group 1: Industry Dynamics - The global AI industry is undergoing a restructuring centered on ecosystem integration, highlighted by significant investments and partnerships, such as Nvidia's $5 billion stake in Intel and OpenAI's $300 billion order with Oracle [2]. - The AI computing power is now recognized as a critical strategic resource, essential for national economic futures and strategic autonomy, with its demand growing exponentially, far exceeding that of general computing power [9][10]. Group 2: Huawei's Strategic Response - Huawei's recent announcements at the Shanghai All-Connect Conference 2025, including the launch of new Ascend chips and supernodes, signify a high-profile return after years of uncertainty due to sanctions [3][5]. - The company has adopted a new architecture that emphasizes system engineering capabilities to overcome the limitations of single-chip performance, focusing on the efficiency of inter-chip communication rather than just peak processing power [12][15]. Group 3: Technological Innovations - Huawei's supernodes, such as the Atlas 950 and 960, can support thousands of Ascend cards, creating a highly cohesive and low-latency computing environment for AI training tasks [13][15]. - The integration of these supernodes into larger clusters allows for unprecedented computing density, enabling seamless distribution of extensive AI training tasks across numerous processors [15]. Group 4: Ecosystem Development - Huawei aims to build a robust software ecosystem around its hardware, adopting an open-source approach to lower barriers for developers and encourage widespread adoption [17][18]. - The company recognizes the challenge of developer inertia towards established platforms like Nvidia and calls for collective efforts within the industry to foster a self-sustaining AI ecosystem [18]. Group 5: National Strategy Alignment - The "East Data West Computing" initiative aims to optimize energy consumption for data centers by leveraging the abundant clean energy resources in western China, supporting the economic feasibility of Huawei's supernode and cluster strategy [18]. - Huawei's strategic evolution from focusing on digital transformation to emphasizing AI infrastructure reflects a significant shift in its approach to addressing the foundational needs of AI development [20][21].

Core Insights - JD.com is constructing a practical and closed-loop AI system, focusing on transforming its underlying logic centered around the supply chain rather than merely launching a series of AI products [1][6]. Group 1: AI Strategy and Implementation - JD.com is embedding AI into its familiar systems, enhancing its supply chain, logistics, retail, and industrial operations, thereby gradually transforming the entire industry chain [2][18]. - The company aims to create a trillion-scale AI ecosystem over the next three years, as announced during the JDD2025 Global Technology Explorers Conference [2][12]. - JD.com’s CEO proposed a new AI value formula: AI value = Model × Experience × Industry Depth², emphasizing the importance of practical application and industry integration [3][5]. Group 2: Consumer-Facing AI Applications - JD.com is focusing on practical AI applications for consumers, such as the "Xiangxi" app, which integrates shopping and life services, allowing users to place orders and book services through voice commands [8][9]. - The "He Ta Ta" app aims to create a new way of human-AI interaction, emphasizing voice and video communication, and providing assistance in daily tasks [9][10]. - JD.com has launched the "JoyInside" platform to enhance hardware products with standardized dialogue and interaction capabilities, significantly improving user engagement [11][12]. Group 3: B2B AI Integration - JD.com is adopting a solid approach by validating AI technology through real business scenarios before expanding its platform to serve more enterprises and industry segments [13][18]. - The company has introduced the "Oxygen" AI technology architecture for e-commerce, enhancing consumer shopping experiences through advanced understanding and recommendation systems [14][15]. - In logistics, JD.com has deployed over 500 warehouses with its self-developed "Wolf Pack" intelligent devices, improving operational efficiency by 15% to 20% [15][16]. Group 4: Healthcare and Industrial AI Applications - JD.com has launched "Jingyi Qianxun 2.0," a medical model capable of understanding medical language and integrating various data types for comprehensive judgment [16]. - The "JoyIndustrial" model provides services to over 10,000 enterprises, leveraging extensive industrial data for product recognition and standardized management [16][18]. - JD.com’s "Trillion Cost Reduction Model" has the potential to optimize costs across the entire supply chain by up to 6.77 trillion yuan, particularly benefiting complex manufacturing operations [16].

Core Viewpoint - The article emphasizes the need for a unified and collaborative computing ecosystem in China's computing industry, particularly in the context of AI development, highlighting the gap between national strategic goals and the current fragmented industry reality [1][2][12][13]. Group 1: Industry Challenges - The Chinese computing industry faces a fundamental dilemma: whether to pursue a vertically integrated model like Apple or an open collaborative model like Android [5][6]. - Currently, the industry is characterized by strong competition and weak cooperation, leading to resource wastage and inefficiencies due to incompatible technologies and private protocols [11][12]. - The lack of unified technical standards has resulted in significant challenges for users, who often face compatibility issues when integrating products from different manufacturers [34]. Group 2: National Strategy - National strategic documents, such as the "High-Quality Development Action Plan for Computing Infrastructure," emphasize the need for optimizing computing resource allocation and promoting standardization [9][10]. - The goal is to build a strong, unified national computing market, which is now a core focus of industry development rather than just a vision of individual companies [9]. Group 3: Company Initiatives - Inspiringly, the leading company in the field, Zhongke Shuguang, has taken the initiative to establish an "AI Computing Open Architecture" in collaboration with over twenty industry partners [5][6]. - This open architecture aims to facilitate systemic innovation across various segments of the computing ecosystem, moving away from isolated advancements to a more integrated approach [37][40]. - Zhongke Shuguang's commitment to open standards and data sharing is seen as a significant step towards addressing industry bottlenecks and enhancing collaboration [35][54]. Group 4: Technological Advancements - Zhongke Shuguang has invested in liquid cooling technology since 2011, achieving significant energy savings and increasing power density in data centers [18][19]. - The company’s comprehensive business model spans high-end computing, storage, and cloud computing, demonstrating its capability to understand and address the entire computing ecosystem [21][22]. Group 5: Financial Performance - In the first half of 2025, Zhongke Shuguang reported a revenue of 5.85 billion yuan, a 2.41% increase year-on-year, with a notable 29.39% growth in net profit [26][27]. - This financial stability allows the company to focus on long-term strategic initiatives that benefit the entire industry ecosystem rather than just short-term profits [28]. Group 6: Data Sharing Initiatives - Zhongke Shuguang has launched a high-resolution meteorological data sharing plan, providing valuable data resources to various industries, which can enhance operational efficiency and innovation [42][44]. - The shared data includes over 160 meteorological elements, significantly lowering the barriers to access for industries that previously faced high costs and complexity in obtaining such data [44][49]. Group 7: Vision for the Future - The ultimate goal of Zhongke Shuguang's initiatives is to create an open and inclusive computing ecosystem that supports the digital transformation of various sectors [53][54]. - By establishing a closed-loop ecosystem from foundational computing to application and data, the company aims to drive continuous optimization and innovation within the industry [52].

Core Viewpoint - Xiaomi has undergone significant transformations over the past five years, focusing on technology, organizational management, user perception, and ecological strategies, aiming to build a new corporate framework through chips, car manufacturing, and product capabilities. The emphasis is on continuous effort and growth as a means to achieve change and hope [2]. Group 1 - Key Point 1: Xiaomi's journey began with a review of its ten-year history, leading to a strategic shift towards a "technology-based" approach [3][4]. - Key Point 2: The company has restarted its self-research chip project, "Xuanjie," after previous attempts faced challenges, with the first successful chip, "Xuanjie O1," set to launch in May 2024 [7][8][6]. Group 2 - Key Point 3: Xiaomi has introduced three car models targeting different market segments, emphasizing differentiation and performance, with the SU7 Ultra aiming to compete with luxury brands like Porsche and Tesla [9][10]. - Key Point 4: The high-end product line, including the Xiaomi 17 series, reflects a commitment to compete with top-tier brands, integrating advanced technology and a comprehensive ecosystem covering "people, cars, and homes" [11][12][13]. Group 3 - Key Point 5: Xiaomi is implementing customized services for its vehicles, offering personalized options similar to luxury brands, while maintaining a competitive pricing strategy [14][15].

Core Viewpoint - Since 2025, tungsten prices have surged dramatically, with upstream companies gaining significant control over the market dynamics, while midstream companies face increasing cost pressures [1][4][19]. Group 1: Price Trends and Market Dynamics - Tungsten prices have increased by over 50% from the low points at the beginning of the year, with some products seeing nearly 100% annual price increases [5][12]. - As of September 24, European APT prices have risen to between $580 and $645 per ton, reflecting a year-on-year increase of over 30% [6]. - The supply-demand imbalance is evident, with upstream companies adopting a "reluctant selling" strategy, controlling the supply to maintain high prices [3][4][14]. Group 2: Upstream and Midstream Challenges - Upstream companies are experiencing a "golden era" due to fundamental shifts in supply and demand, with a reported 60% year-on-year increase in procurement costs for midstream companies [8][24]. - A significant reduction in tungsten concentrate mining quotas has exacerbated the supply shortage, with the first batch of quotas for 2025 set at 58,000 tons, a decrease of 6.45% year-on-year [8][15]. - Midstream companies are struggling with profit margins, as the cost of tungsten concentrate has risen significantly while the selling price of APT has not kept pace [24][25]. Group 3: International Trade and Policy Implications - China's tungsten exports have decreased by 34.56% in the first seven months of 2025, while imports surged by 45.57%, indicating a shift in the global tungsten trade landscape [15][26]. - Regulatory discussions are underway regarding "flexible mining quotas" to balance supply and environmental concerns, although there are fears this may reduce resource tax revenues [9][38]. Group 4: Technological Innovations and Future Outlook - The introduction of efficient tungsten waste recycling technologies could potentially reduce the demand for primary tungsten by up to 30% if scaled effectively [41][42]. - The market is approaching a critical point, with potential price corrections anticipated as downstream companies struggle with rising costs and reduced orders from clients [36][39].

政策是"土壤培育者"，人才是"种群"，产业生态提供"气候与 环境"。这才是东莞从"制造"走向"创造"的底层动力。 作者： 谢良兵 封图：图虫创意 在中国制造的宏大叙事中，东莞始终是一个不容忽视的符号。从"三来一补"的起点，到如今OPPO、vivo、华为等品牌的集聚地，东莞的产业进化路 径，某种程度上是中国制造业转型升级的缩影。 6月份，财经作家王千马与吴诗娴合著的新书《"制造"新东莞》出版。该书以报告文学的形式，深入东莞的肌理，试图呈现一座城市如何从"世界工 厂"迈向"制造美学之城"。 《"制造"新东莞》 王千马、吴诗娴｜著广东人民出版社 图源｜豆瓣 近日，《经济观察报》专访王千马，围绕东莞制造的过去、现在与未来，以及"制造美学"概念展开讨论。 以下为访谈内容。 东莞制造史 经济观察报：你和吴诗娴合作创作这本书的初衷是什么？为何选择以"报告文学"而非纯财经或历史视角来书写东莞制造？ 王千马： 我们刻意采用"从宏观带入微观"再"从微观切入宏观"的叙事策略。虽然写的是"东莞制造"，但我们不希望它变成枯燥的产业报告。任何经济 现象的背后，都是具体的人、具体的生活、具体的选择。因此，这本书以"人"为主轴展开——通过亲 ...

Core Viewpoint - The essence of the food delivery industry is service rather than capital games, and the industry will mature when rules replace chaos and responsibility outweighs scale [1]. Group 1: Regulatory Changes - On September 24, the State Administration for Market Regulation released a draft for public consultation on the basic requirements for food delivery platform services, marking the end of over a decade of "land grab" in China's food delivery industry and the beginning of a new phase focused on compliance, responsibility, and sustainability [2]. - The new regulations aim to address issues such as platform fee transparency, merchant profit calculations, and the forced sharing of promotional costs, thereby preventing platforms from shifting costs onto merchants [3]. Group 2: Merchant and Rider Protections - The new regulations strengthen the merchant entry review process, requiring real certificates and on-site store information, and introducing video verification to eliminate "ghost deliveries," thus protecting food safety and supporting compliant small merchants [4]. - A new mechanism for order control will be implemented to monitor merchant load and alert consumers when merchants are busy, establishing a buffer between merchant capacity, consumer experience, and platform responsibility [4]. - The regulations also provide systematic protections for riders, including limits on continuous order acceptance and ensuring compensation matches task intensity, marking a shift from an "efficiency-first" algorithm to one that balances safety and fairness [4]. Group 3: Future Industry Outlook - The previous model of burning cash for market share is no longer sustainable; future competition will focus on refined operations, algorithm ethics, and balancing the interests of all parties involved [5]. - The new regulations are not constraints but rather a starting signal for a new competitive landscape, emphasizing that the essence of food delivery is service, and the industry will mature when rules replace chaos and responsibility outweighs scale [5].