Core Viewpoint - Windows 11 has been criticized for high resource usage, strict hardware requirements, and poor performance compared to older versions, with a recent test showing it ranked last in multiple performance metrics [1][35]. Performance Comparison - A YouTuber conducted a comparison test using six generations of Windows on outdated hardware, revealing that Windows 11 consistently performed poorly, even compared to Windows XP and 8.1 [1][35]. - The test utilized a Lenovo ThinkPad X220 from 2012, featuring an Intel Core i5-2520M processor, 8GB of RAM, and a 256GB mechanical hard drive, which inherently favored older systems [3][5]. Boot Speed - Windows 8.1 had the fastest boot time, while Windows 11 was significantly slower, suffering from prolonged loading times even after booting [6][8]. Storage Usage - Windows XP had the lowest storage usage at 18.9GB, while Windows 11 consumed 37.3GB, indicating its bulkiness. Interestingly, Windows 7 and Vista had even higher storage requirements [9]. Memory Management - Windows XP excelled in memory management, using only 0.8GB of RAM when idle, whereas Windows 11 averaged 3.3GB, attributed to numerous background services [11][13]. Browser Performance - In a test of how many browser tabs could be opened, Windows 11 managed only 49 tabs, while Windows 8.1 opened 252 tabs, showcasing a significant performance gap [14][16]. Battery Life and Media Processing - Windows 11 was the first to shut down in battery life tests, while Windows XP had the longest battery life. The differences were minimal, around two minutes [17]. - In audio export tests, Windows 11 ranked fifth, and in video rendering, it again placed last, with Windows 10 taking the top spot [19]. Application Launch Speed - Windows 11 performed poorly in application launch speed tests, ranking last in all five tested applications [21]. Web Browsing and File Transfer - Windows 11 ranked third in web image loading tests but fell to last place in switching to Google images and Microsoft account login pages [24]. - It achieved second place in file transfer tests, only behind Windows 10 [26]. Benchmark Performance - In CPU-Z tests, Windows XP had the best single-core performance, while Windows 7 excelled in multi-core performance. Windows 11 had slightly better single-core results but was underwhelming in multi-core tests [27]. - Windows 11 ranked third in CrystalDiskMark tests, while Windows XP was the top performer [29]. - In Cinebench R10 tests, Windows 8.1 secured second place in single-core performance, while Windows 11 ranked fourth [31]. Overall Summary - Windows 11 did not win any tests and was described as having a "disastrous performance." Windows 8.1 was declared the overall winner, praised for its speed and stability despite previous criticisms [35]. - The testing hardware was outdated, which may not accurately reflect Windows 11's performance on modern systems, particularly with the absence of SSDs, which significantly enhance system performance [35].

Monetary Policy - The People's Bank of China has decided to lower the re-lending and re-discount rates by 0.25 percentage points, effective from January 19, 2026. The new rates for agricultural and small business re-lending will be 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms respectively, while the re-discount rate will be 1.5% and the mortgage supplementary loan rate will be 1.75% [2] Trade Relations - Several EU countries are considering imposing tariffs on goods worth €93 billion imported from the US as a countermeasure against tariffs imposed by the US on eight European countries. If no agreement is reached, retaliatory tariffs will automatically take effect from February 6 [3] AI Industry - Elon Musk predicts that China will dominate AI computing power due to its significant electricity supply advantages, potentially tripling its power generation compared to the US by 2026, which will support high-energy data centers [4][5] - OpenAI plans to test targeted advertising within the ChatGPT application to diversify revenue streams ahead of a potential IPO, targeting free users and a new low-cost subscription model [5] - Anthropic is seeking to raise $25 billion or more, with Sequoia Capital participating in the funding round, aiming for a valuation of $350 billion [7] Automotive Industry - Bosch, the world's largest automotive supplier, is facing significant financial pressure, projecting a profit margin below 2% for 2025, primarily due to restructuring costs of €3.1 billion [19] - Porsche's global sales are expected to decline by 10% in 2025, with a notable 26% drop in the Chinese market, reflecting a nearly 60% decrease from its peak in 2021 [20]

文︱陆弃 1月中旬，马斯克起诉OpenAI及微软，索赔高达千亿美元级别的消息，并未在技术圈激起太多惊讶，却 在更广阔的公共领域引发了一种微妙的不安。这并不只是又一场科技巨头之间的商业纠纷，也不仅是创 始人"反目成仇"的老套戏码。它更像是一道被撕开的裂缝，让人得以窥见人工智能这一时代性技术，在 理想、制度与资本三者之间日益紧张的关系。 微软在其中的角色同样耐人寻味。作为全球最具资源整合能力的科技公司之一，它为OpenAI提供了不 可或缺的算力、资金与市场通道，也在事实上重塑了后者的决策结构。这种"战略合作"并不违法，却让 原本模糊的非营利边界变得更加难以自洽。当技术突破与商业应用高度绑定，所谓"公共利益"的实现路 径，往往只能通过市场间接完成，而不再是组织章程中的道德宣言。 如果说这场诉讼有其时代意义，那么意义并不在于法庭最终会判给马斯克多少赔偿，而在于它迫使人们 重新思考一个被长期回避的问题：在人工智能这样的高风险、高回报领域，是否存在一种稳定的制度设 计，能够同时容纳创新动力、资本回报与公共责任？还是说，这三者之间的张力注定只能通过不断的冲 突来调节？ 从历史经验看，重大技术变革往往伴随着制度滞后。工业革命 ...

综合彭博社、路透社17日报道，美国亿万富翁埃隆·马斯克要求人工智能公司OpenAI和微软公司向其支 付790亿至1340亿美元的赔偿，理由是OpenAI背弃了其非营利初衷并与微软合作，从而对他构成"欺 诈"。 马斯克的律师16日在一份法庭文件中详细列出了索赔诉求。该文件称，马斯克在2015年帮助创立 OpenAI时捐赠了3800万美元种子资金，却遭到"欺诈"，因此他有权获得OpenAI目前5000亿美元估值的 一部分。 OpenAI称该诉讼"毫无根据"，是马斯克发起的"骚扰"行动的一部分。而微软的一位律师表示，没有证据 表明该公司"协助或教唆"了OpenAI。这两家公司16日提交文件，对马斯克的损害赔偿主张提出质疑。 据报道，马斯克于2018年离开OpenAI董事会，于2023年创立了自己的人工智能公司，并在2024年就 OpenAI首席执行官萨姆·奥尔特曼将该公司转为营利性企业的计划与其展开法律诉讼。 ...

Group 1: Trade and Economic Cooperation - In 2025, the trade volume between China and Central Asia reached $106.3 billion, marking a 12% year-on-year growth, with an increase of 6 percentage points compared to the previous year. This is the first time the trade value has surpassed $100 billion, maintaining positive growth for five consecutive years. China has become the largest trading partner for Central Asian countries, with Central Asia's share in China's foreign trade increasing [2] Group 2: Technology and Innovation - The Ministry of Industry and Information Technology has revised the "Management Measures for the Gradual Cultivation of Quality SMEs," expanding the scope to include technology-based small and medium-sized enterprises (SMEs) for the first time. Future quality SMEs will encompass technology and innovation-driven SMEs, specialized and innovative SMEs, and "little giant" enterprises [3] - The Ministry of Science and Technology aims to promote complementary advantages among the Beijing-Tianjin-Hebei region and the Yangtze River Delta, creating a significant strategic support point for building a strong technological nation [4] - A research team from Xi'an University of Electronic Science and Technology has made breakthroughs in chip cooling technology, achieving a 30% to 40% improvement in performance records for similar devices internationally through innovative aluminum nitride film technology [5] Group 3: Automotive Industry Developments - Maruti Suzuki plans to invest ₹350 billion (approximately $3.9 billion) to build a new factory in Gujarat, India, which will increase its production capacity by up to 1 million vehicles annually [9] - Chery Automobile showcased its AI core achievements during the "2026 Chery AI Night," presenting a comprehensive AI strategic technology blueprint and announcing the official entry into the 2.0 (AI+) phase of its AI intelligence [13] - A subsidiary of Lichung Group has signed a strategic cooperation agreement with a leading domestic new energy vehicle company to establish a "Joint Innovation Laboratory" [15] Group 4: Corporate News - Avita Technology reported on a traffic accident involving 15 vehicles in Nanning, clarifying that the auxiliary driving function was not activated at the time of the incident, which was attributed to driver error [11] - Zhongna Energy's Meishan base has officially commenced production, becoming the first 10,000-ton production base for sodium iron sulfate cathode materials in the industry, with a rapid delivery cycle of one week [12] - Wang Shengli has been appointed as the Deputy General Manager of FAW-Volkswagen Automotive Co., Ltd., while Zhang Yan has been appointed as the Deputy Secretary of the Party Committee and head of the labor union [14]

Key Points - Elon Musk is suing Microsoft and OpenAI for over 900 billion yuan, claiming they gained "unjust enrichment" from his contributions to OpenAI [4][5] - Huawei's Mate 80 has surpassed 1.5 million activations, making it the top-selling domestic flagship model [12][13] - Micron Technology plans to acquire a wafer fab in Taiwan for $1.8 billion to expand its memory chip production capacity [19] - Several smartphone manufacturers, including Xiaomi and OPPO, have lowered their shipment forecasts due to rising supply chain costs [24] - Bosch warns of a profit margin drop below 2% in 2025, citing high restructuring costs and economic pressures [45][46] - OpenAI is introducing ads in its ChatGPT service, creating a three-tier subscription model to address cost pressures [48][49]

Group 1 - The 2026 Winter Davos Forum is set to open soon, with "American House" attracting public attention at the main venue [1][2] - The project is led by former hockey player and investor Stronbach, claiming to be a "private organization" that does not represent the U.S. government, while actively recruiting sponsors [1][2] - Major companies such as Pfizer, McKinsey, and Microsoft are listed as sponsors, with sponsorship fees reportedly reaching up to $1 million for costs related to venue operations, event planning, and media promotion [1][2]

Core Insights - The technology sector is poised for superior growth in 2026, particularly driven by demand for AI services, which is creating a robust environment for tech companies in the AI infrastructure market [1] Group 1: Advanced Micro Devices (AMD) - AMD is a leading chip supplier for consumer PCs and data centers, with revenue growing at an annualized rate of over 20% over the last two years [2] - Analysts project AMD's revenue to reach $34 billion in 2025, with a long-term growth outlook of 35% annually over the next three to five years [3] - AMD's data center revenue reached a record $4.3 billion in Q3, with expectations of over 60% annualized growth in the next five years [5] - The client segment revenue, driven by Ryzen processors, hit a record $2.8 billion in Q3, reflecting a 46% year-over-year increase [6] - AMD's gaming revenue was $1.3 billion last quarter, nearly tripling year-over-year, with long-term growth expected at over 10% annually [7] - AMD's portfolio includes adaptive computing chips, providing a competitive edge in AI solutions for edge computing devices [8] - Analysts expect AMD's earnings to grow at an annualized rate of 45% in the coming years, indicating multiple avenues for chip demand [9] Group 2: Microsoft - Microsoft has a vast ecosystem of productivity tools and cloud services, generating substantial revenue through subscriptions, including Microsoft 365 with over 400 million paid subscribers [10][13] - The company invested $69 billion in capital expenditures last year, funded by $147 billion in cash from operations, enabling the development of advanced AI chips and cloud software [12] - Microsoft Cloud revenue grew 26% year-over-year, reaching $46 billion, while Azure revenue increased by 40% year-over-year [12][14] - Operating profit grew 24% year-over-year, indicating healthy profitability alongside aggressive investments in AI infrastructure [15] - Analysts expect Microsoft's earnings to grow at a rate of 13% per year, positioning the company as a strong player in an AI-driven economy [15]

近日，马斯克向美国联邦法院提交一份文件，以OpenAI背弃其非营利初衷，与微软合作，对他构成欺诈为由，要求OpenAI和微软向 其支付788亿美元至1345亿美元的赔偿。 马斯克的律师在16日提交的文件中详细说明了这一赔偿请求。该文件援引相关金融经济学家、专家证人的估算称，马斯克在2015年 协助创立OpenAI时，向其捐赠了3800万美元种子资金，却遭到欺诈，因此有权获得OpenAI当前约5000亿美元估值中的一大部分。 本文转自【央视财经】； 马斯克于2018年退出OpenAI董事会，2023年创立了自己的人工智能公司，并在2024年就OpenAI首席执行官阿尔特曼将该公司转为营 利性企业的计划与其展开法律诉讼。OpenAI和微软均否认马斯克的相关指控。OpenAI此前曾警告投资者，随着案件进入审理阶段， 预计马斯克将提出吸引眼球的主张。路透社称，一名微软律师表示，没有证据表明微软公司"协助并教唆"OpenAI。案件庭审预计将 于今年4月启动。 马斯克主张，OpenAI的不当获利介于655亿美元至1094亿美元之间，微软获得的相关收益为133亿美元至251亿美元。因此，如果赔偿 请求获得法院支持，马斯克将 ...

Market Performance - The RAM Smid composite gained 3.58% in 4Q25, outperforming the Russell 2500 Value Total Return index which rose 3.15% [2] - Year to date, the RAM Smid composite gained 13.09% compared to 12.73% for the Russell 2500 Value Total Return index [2] - In 4Q25, both the Russell 2500 Value and Russell 2000 Value outperformed the S&P 500 and Nasdaq Composite, indicating a shift in investor focus towards small-cap stocks [3] Economic Outlook - The U.S. economy showed strength into year-end, recovering from a 0.6% GDP decline in 1Q25 to 3.8% and 4.3% in 3Q25 and 4Q25 respectively [6] - Consumer spending is expected to remain healthy in 2026, bolstered by various tax benefits and potential stimulus measures [7] - Inflation, as measured by core PCE, was 2.9% in 3Q25, and is anticipated to ease in the second half of 2026 as tariff impacts diminish [8] Federal Reserve and Interest Rates - Job growth has weakened, with non-farm payrolls down 105,000 in October and the unemployment rate rising to 4.6% [10] - If job growth remains weak, the Federal Reserve may need to cut rates further, especially if inflation driven by tariffs subsides [11] Small Cap Sector Insights - The small cap value sector is viewed as attractively valued and neglected by investors, presenting potential opportunities as large-cap stocks plateau [12] - A shift of just 1% from the S&P 500 into the Russell 2500 value index could require significant buying, indicating potential for a rapid rotation into small caps [13] Portfolio Highlights - The portfolio added three new positions in 4Q25 and maintained a focus on long-term compounding with modest turnover [14] - Mayville Engineering (MEC) was the top performer in 4Q25, rising 34.8%, while Lakeland Industries (LAKE) was the weakest performer, declining 45.31% [16][17] - Donnelley Financial Solutions (DFIN) is transitioning to a software-as-a-service model, with strong balance sheet metrics and significant free cash flow [19][20] Valuation and Future Projections - DFIN shares are considered attractively valued, trading at 10.5x 2026 EPS and 5.6x EBITDA estimates, significantly below peers [23] - A conservative price target of $66 for DFIN implies a 41.4% upside from year-end closing, with potential for further appreciation as the company stabilizes its revenue model [24] - The small and smid cap sector may benefit from moderate GDP growth, easing inflation, and potential Fed rate cuts in 2026 [26]