Core Viewpoint - The article discusses the phenomenon of degree devaluation in Japan, highlighting the shift from a strong belief in the value of higher education to a situation where degrees no longer guarantee employment, particularly following the economic bubble burst in the 1990s [4][21]. Group 1: The Lost Generation - In the 1980s, Japanese society held a strong belief that graduating from university ensured a stable future, with companies offering attractive benefits to recruit graduates [6][8]. - The economic bubble burst in the 1990s led to a drastic decline in employment opportunities, with the employment rate for university graduates dropping significantly from 1992 onwards [8][11]. - Many graduates faced unemployment or underemployment, leading to a rise in the "NEET" (Not in Education, Employment, or Training) phenomenon, where young people relied on their parents for support [12][21]. Group 2: Government Response and Policy Failures - The Japanese government implemented various measures to address the employment crisis, including the "Graduate Doubling Plan" and funding for doctoral students, but these efforts did not yield the desired results [15][17]. - The increase in the number of graduates did not correspond with job availability, leading to a surplus of highly educated individuals struggling to find work [16][21]. - The introduction of labor dispatch laws in 1999 allowed for more flexible employment practices, but this resulted in a rise in non-regular employment, further exacerbating job insecurity for young people [18][20]. Group 3: Economic and Structural Issues - The article emphasizes that the root cause of the employment crisis lies in the shrinking demand for labor due to a lack of industrial innovation and economic dynamism [21][22]. - Japan's failure to adapt to new economic waves, such as the PC and mobile internet revolutions, has contributed to the stagnation of job creation and the devaluation of degrees [22][24]. - The article concludes that without significant industrial upgrades and the creation of new job opportunities, the cycle of degree devaluation and employment challenges will persist [24].

Core Viewpoint - The article discusses the recent launch of the IRON robot by Xiaopeng Motors, highlighting its humanoid design and the significant media attention it has garnered, while also addressing the skepticism surrounding its capabilities and production readiness [3][5][11]. Group 1: Xiaopeng's Robot Launch - Xiaopeng Motors unveiled the IRON robot, which resembles a humanoid figure, generating excitement comparable to major tech events like those of Elon Musk [3][5]. - The launch event led to a surge in Xiaopeng's stock price, increasing by 14%, indicating a positive market reaction and renewed interest from institutional investors [5][9]. - The event was strategically designed to capture public interest, with social media discussions reaching over 200 million views [5][9]. Group 2: Technical Aspects of the IRON Robot - The IRON robot features a fully humanoid structure, including a skeletal system that mimics human spine curvature, allowing for natural movements [14]. - It incorporates innovative materials, such as lattice structures for muscle layers, providing both rigidity and flexibility, and a skin-like covering with tactile sensors for emotional interaction [14][21]. - Xiaopeng's approach to robotics emphasizes the need for humanoid designs to fit into human-centric environments, marking a significant shift from previous four-legged designs [11][14]. Group 3: Industry Context and Competition - The automotive industry is increasingly venturing into humanoid robotics, with companies like Xiaomi and FAW Group also developing their own humanoid robots [16][18]. - Xiaopeng Motors leverages its existing automotive technology and expertise to reduce research and development costs in the robotics sector, as both fields share significant technological overlaps [18][19]. - Despite the advancements, Xiaopeng's automotive business is still facing challenges, including a reported net loss of 1.14 billion yuan in the first half of the year [22][25].

1.新能源车购置税，明年起将从全免调为减半 据央视新闻，从明年1月1日起，我国新能源汽车购置税将从全额免税调整为减半征收。近段时间，受车购 税将调整及年底传统销售旺季影响，我国新能源汽车市场迎来新一轮消费高峰。 点评：政策红利退坡，新能源车市面临新考验。 2.国金证券：本轮扩散行情中，短期电力设备的细分补涨与化工值得关注 国金证券发布研究报告称，海外科技巨头的金融循环脆弱性显现，市场逐渐聚焦于高确定性品种，A股同样 开始了风格再均衡的过程，科技行业发展的短缺环节，已经从美国作为链主的算力基础设施，过渡到以中 国更具优势的电力、制造与泛基础设施领域，这一过程实际上是对中国资产的重定价。过去几年能源转型 是全产业链共同参与的复杂过程，在此期间构建出产业优势的也远非仅有新能源行业本身，而这也构成了 本轮扩散行情的基础与机遇，其中短期电力设备的细分补涨与化工值得关注。 3.机器人上演"唇枪舌剑"国内首届机器人辩论大赛决赛在北京举行 11月9日，首届中国（国际）机器人辩论大赛决赛在北京亦庄进行，参赛的机器人辩手相互之间进行独立辩 论，展示了机器人在认知决策与大模型应用方面的最新成果。共有来自北京、上海、广州、天津等全国 ...

作为一名财经博主，我平时做研究的时间，远多于做交易的时间。 上场下单眼疾手快，研究功夫全在场外。 一旦研究，都需要深度阅读各种信息媒体。其中一定包括上次我曾经给大家推荐过的一本中国顶级 优秀纸媒。 有多优秀？ 它曾三次非常准确地预测了未来。 第一次，2003年非典时期 ，很多人认为中国的经济会高速跌落，但是它却告诉大家， 中国经济正 处于大爆发的前夜。 极少数看了并相信的人就抓住了 2003年—2007年的 经济 暴涨期 。 第二次，2007年全国经济形势一片大好，但它却提醒大家提防 "泡沫经济" ，极少数相信的人，因 此躲过了2008年爆发的席卷全球的金融危机。 第三次，2022年末 疫情后百废待兴 ，房价短期内大幅上涨，看似一片欣欣向荣。 这本杂志再一次警示大家， 未来 房价会下降40%，楼市会回到2016年 ，当然很多人也不相信。 结果现实 就是20 25年，今年的楼价的确回到了2016年水平！ 它只是一本纸媒。也是被人遗忘的一种媒体了。即使纸媒曾经是很多中国人的岁月印记。 那时候的我， 年初月始， 也会比着目录 定期 刊杂志，每个 月末 的几天都满心期盼，盼着家里邮 箱收到...... 或从亲朋好友老 ...

Group 1 - The 2025 KPL Annual Finals set a Guinness World Record with an attendance of 62,196, making it the most attended single esports event [2] - Lichung Group stated that the rise in aluminum prices will not significantly impact its operating performance, as their pricing model links product prices to market prices of raw materials [3] - Guojin Securities highlighted a breakthrough in solid-state battery technology and an explosive demand for energy storage, indicating a positive outlook for the lithium battery industry chain [4] Group 2 - Yaochao People's Coffee apologized and announced a comprehensive rectification of online and offline materials, clarifying brand usage in different regions [5] - The production team of "Blossoms" criticized the release of unauthorized recordings by a former staff member, claiming they were misleading and lacked consent [6] - Pfizer agreed to acquire Metsera for $10 billion, with a maximum price of $86.25 per share, after Novo Nordisk decided not to increase its bid [7] Group 3 - An AI industry investment matchmaking event in Huzhou, Zhejiang, resulted in project signings totaling 6.66 billion yuan [8] - Bilibili's CEO Chen Rui emphasized the importance of quality creators, noting that over 2 million creators have been active for more than five years [9] - TikTok Shop achieved approximately $19 billion in global sales in Q3 2025, comparable to eBay's sales during the same period [10] Group 4 - The iPhone 17 series has seen over 8.25 million units activated in China, with the Pro Max model accounting for a significant share [11] - Beijing Humanoid Robot Innovation Center signed a cooperation agreement with Bayer to explore innovative applications of humanoid robots in pharmaceutical manufacturing [12] - Elon Musk praised Xiaopeng Motors' CEO He Xiaopeng, indicating a mutual respect between competitors in the robotics market [12]

Core Viewpoint - Despite the dominance of electric vehicles in the market, traditional fuel vehicles are experiencing a resurgence in sales, indicating their continued relevance in the automotive industry [5][12]. Sales Performance - In September, domestic sales of traditional fuel vehicles reached 1 million units, an increase of 60,000 units year-on-year, marking a 10.9% month-on-month growth and a 6.4% year-on-year growth, with four consecutive months of year-on-year increases [5]. - From January to September, cumulative sales of traditional fuel vehicles totaled 8.141 million units, reflecting a year-on-year growth of 1.7%, while the sales of traditional fuel passenger vehicles are projected to decline by 17.7% in 2024 [5][12]. - Fuel vehicles accounted for 47.76% of total passenger vehicle sales in the first nine months of the year, maintaining a significant market share [5]. Market Dynamics - The resurgence of fuel vehicles is attributed to a rational market correction following a period of intense competition, as well as ongoing consumer demand for fuel vehicles [7][9]. - Price reductions have played a crucial role in this recovery, with discounts averaging around 30%, and some luxury models offering cash discounts exceeding 40% [9][11]. - The Nissan Sylphy emerged as the best-selling fuel vehicle in September, with sales of 33,000 units, while the Toyota Camry also saw significant sales growth [11]. Strategic Shifts - Traditional automakers are adjusting their strategies to enhance the competitiveness of fuel vehicles, with many lowering prices and improving configurations to attract consumers [11][15]. - Major brands like Honda and Volkswagen reported increased sales and market share for fuel vehicles, indicating a positive trend in this segment [13][15]. - Domestic brands such as Geely and Chery are also launching new fuel vehicle strategies, emphasizing the importance of fuel vehicles alongside electric models [12][19]. Technological Advancements - Fuel vehicles are increasingly incorporating advanced technologies, such as intelligent driving systems and smart cabins, narrowing the gap with electric vehicles in terms of technological offerings [20][24]. - Recent models from various manufacturers are equipped with features like high-performance chips, voice interaction systems, and OTA capabilities, enhancing their appeal [22][24]. - Despite challenges in achieving high-level autonomous driving capabilities, the perception that fuel vehicles cannot be intelligent is changing as technology evolves [26]. Future Outlook - The automotive market is expected to enter a phase of coexistence between fuel and electric vehicles, with companies adopting diversified strategies to cater to different consumer needs [26]. - The focus will shift from an "ALL IN electric" approach to a more balanced strategy that includes both fuel and electric vehicles [26].

编者荐语： 让我想起了2000年左右买的那件意大利男足国家队球服，但那已经是20多年前了。 以下文章来源于深氪新消费 ，作者朱末 深氪新消费 . 深氪新消费成立于2016年，聚焦新经济，关注新消费、新零售等领域的商业进化。 从风光无限到挣扎求生，大起大落的转变背后，Kappa究竟是如何把一手好牌打烂的？ 你还记得"背靠背"吗？ 提起Kappa，相信很多人都会想起那对"背靠背"小人的经典品牌形象。曾几何时，Kappa是时尚风向标，"穿 上Kappa运动衫，就是整条街最靓的仔"，kappa在国内市场的地位更是一度比肩阿迪达斯、耐克等运动品 牌。 巅峰时期，Kappa的年销售额高达42亿，门店近4000家，轻松碾压李宁、安踏，成为中国第一，《福布斯》 杂志盛赞Kappa为中国最具潜力企业。 然而，时过境迁，如今的Kappa却几乎消失在大众的视野范围内，各大商场也很难找到Kappa的专卖店，不 仅存在感越来越低，甚至成了被年轻人嫌low的品牌。 再有消息传出，已是物是人非。2022年初，Kappa母公司"中国动向"公告向泉州平布鞋业有限公司售出中国 内地Kappa Kids商标独家使用权，使用期限为10年。而在此之前 ...

以下文章来源于雷达Finance ，作者X编辑 曾建设过东方明珠电视塔、上海环球金融中心、上海中心、首都机场T3航站楼等知名地"标，年营收一度超 过1000亿元的江苏南通三建集团股份有限公司（下称 "南通三建"）被法院悬赏了。 因南通三建控股有限公司（下称"三建控股"）、南通三建及其董事长黄裕辉等高管未履行此前青岛市中级人 民法院（下称"青岛中院"）作出的民事判决书确定的相关义务，未履行金额约2.54亿元，青岛中院应申请执 行人请求，向社会悬赏通告征集被执行人财产线索，举报人可获得实际到位执行款10%的悬赏奖励。 据此计算，举报人最高可获得2540万元奖金。 值得注意的是，这并非南通三建年内首次被法院悬赏财产线索，今年1月，深圳市福田区人民法院就曾对南 通三建作出了最高65万元赏金的悬赏公告。 雷达财经注意到，从昔日的建筑铁军，到如今屡屡违约的"信用老赖"，南通三建当前面临的困境与恒大有着 不小的关系。 据南通三建2025年上半年财报，公司截至报告期末共有应收账款67.26亿元，计提坏账准备为37.38亿元。其 中，恒大系应收账款高达37.39亿，因预计无法收回，公司计提坏账准备29.91亿元，计提比例高达8 ...

产业拐点已至。 我们正处在一个非凡的时刻：一个由具身智能重新定义物理世界的时代，正在到来。 短短数月内，全球资本正以前所未有的力度加码这一赛道，一片热闹光景… 但与之相对的，未来三年， 本轮资本加身的具身智能企业们也将面临前所未有的激烈竞 争。 未 来必然无限美好，但只有能真正走向商业兑现、在规模化竞争中连续取胜的少数企业才有欣赏的机会。 当前，以价值闭环清晰的工业场景为代表，这些最有潜力率先实现规模化部署的"先锋地带"将成为具身智能企业的兵家必争之地。因此，在具身智能开启下一个产业革命的 黎明前夜， 如何在愈发激烈的产业竞争中把握住市场先机，成就具身智能企业规模化竞争优势的强大引擎？ 成为企业管理者必须思考的战略命题。 "元进化论" 是元一洞察发起的深度交流场域，现场我们将分享元一洞察聚焦科技创新创业企业竞争战略的最新独家研究与实践经验，并邀请来自企业界、资本界、专业服务 界的佼佼者们共同进行一场多元视角、坦诚深刻的闭门战略对话。这里没有粉饰，只有对商业本质最真实的探寻和对企业竞争取胜之路最务实的思考。 以下文章来源于元洞 ，作者元洞 元洞 . 元一洞察（Uni-Partners）是一家由慎思行发起，专注于 ...

以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 68岁的孙正义，再次证明了自己宝刀未老。 根据最新发布的彭博亿万富豪指数，这位软银集团创始人个人财富暴涨248%，达到551亿美元（约合3928亿 元人民币）。 时隔多年，孙正义终于重返日本首富宝座，终结了优衣库创始人柳井正长期的领跑地位。 这位曾因WeWork等投资败绩而备受质疑的投资家，凭借对人工智能几近疯狂的押注，再度杀回财富巅峰。 从今年6月到10月，孙正义的身价在短短四个月内翻了三倍多，从约150亿美元飙升至551亿美元。 而这波财富激增的直接推手，是软银集团股价的疯狂上涨。 01 重回首富宝座 孙正义重返首富的背后，是软银业绩的强劲表现。 软银集团在2025-2026财年第一季度，营收达到1.82万亿日元，同比增长7%；更惊人的是税前利润，达到 6899.4亿日元，同比大增205.7%。 其中，愿景基金部门投资收益为7268.4亿日元，税前利润4513.9亿日元，成功扭亏为盈。 这一亮眼表现，主要得益于软银所持上市公司股票的大幅升值。具体而言，软银对英伟达的持股价值从上 一季度的10亿美元增至约30亿美元，同时新增约3.3亿美元台积 ...