文 |议史纪 编辑 |议史纪 扫地机器人，最早是美国人做出来炫技的，高端、前卫、科技感满满；结果兜兜转转三十多年，现在把它做得最猛、卖得最火、玩得最溜的，成了中国公 司。 当年那个开山鼻祖宣布破产后，背后接管人实在是令人意外，竟是中国企业。 美国企业巨头怎么一步步被中国品牌追上、超过，最后连话语权都没了。 这家美国企业巨头最后被哪家公司接管了？为何美国巨头都撑不下去？ iRobot的开局其实挺传奇，1990年，三个麻省理工的教授一拍即合，把课堂上的机器人研究搬进现实世界，干脆自己成立公司。 早期并不是想扫地，而是冲着特种机器人去的。9·11之后，他们拿着PackBot钻进世贸大楼废墟帮忙搜救；福岛核泄漏那会儿，也少不了这家公司派上场。 甚至埃及金字塔这种考古探险，也用上了它们的机器人。这些经历，让iRobot一开始就站在"硬科技"的高起点上。 真正让它家喻户晓的，是2002年推出的Roomba。 再往后就是标准的连锁反应：营收下去，亏损上来，裁员、压缩预算、收缩研发，产品更难有亮点，市场份额继续掉，形成死循环。 那时候，在地上乱跑的圆饼机器人，既新鲜又带点科幻味。Roomba很快冲进普通家庭，销量一路飙升，累 ...

一款每三个月仅需注射一次的新型降脂药，在获得美国FDA批准后不到三个月，其中国上市进程就已紧 密启动，这背后是跨国药企在中国市场战略的一次深刻转型。 2025年11月，全球首个针对APOC3的siRNA药物Plozasiran获得美国FDA批准，在饮食控制基础上，用 于降低家族性乳糜微粒血症综合征（FCS）成人患者的甘油三酯水平。这款由Arrowhead（箭头制药） 开发的创新疗法，仅需每三个月皮下注射一次，就能显著降低患者的甘油三酯水平。同时，赛诺菲获得 了该药在大中华区的开发和商业化权利。根据协议，Arrowhead子公司维亚臻将获得1.3亿美元的预付 款，并有资格在Plozasiran在中国大陆的各种适应症获批后获得至多2.65亿美元的额外里程碑付款。 时隔不久，Plozasiran（普乐司兰钠注射液）正式登陆中国市场。2026年1月6日，赛诺菲宣布创新药物 瑞达普®（普乐司兰钠注射液）正式获得国家药品监督管理局（NMPA）批准，在饮食控制基础上，用 于降低家族性乳糜微粒血症综合征（FCS）成人患者的甘油三酯水平。作为全球首个作用于创新靶点 APOC3（载脂蛋白C-III）mRNA的小干扰RNA（siR ...

Group 1 - The core point of the article highlights that while the U.S. trade deficit with Mexico has surpassed that with China in August, China remains the largest trade deficit country for the U.S. when considering cumulative data [1][3] - In the first three quarters, China's trade surplus with the U.S. reached $124 billion, while Mexico's was $116.2 billion, indicating that short-term data can be misleading [3] - The article emphasizes that the trade deficit is a reflection of the structural issues in U.S. manufacturing competitiveness, as both China and Mexico contribute significantly to the U.S. trade deficit [10][15] Group 2 - China has sold off $70.3 billion in U.S. Treasury bonds in the first ten months of the year, with a recent reduction of $11.8 billion, indicating a shift in its investment strategy [5][6] - The reduction in U.S. Treasury holdings suggests a decreasing reliance on the dollar, as China's foreign exchange reserves amount to $3.4 trillion, but the proportion of dollar assets is shrinking [8] - The article discusses the broader implications of this trend, suggesting a move towards a more diversified reserve system and the acceleration of the internationalization of the renminbi [8][16] Group 3 - The increase in the trade deficit with Mexico is attributed to the tight cooperation within the North American supply chain and the benefits of the USMCA agreement, which poses challenges for China [10] - The ongoing trade tensions, technological restrictions, and political dynamics between the U.S. and China complicate their financial relationship, necessitating strategic flexibility for China [11] - The article concludes that the reduction of U.S. Treasury holdings by China signals a changing global financial landscape, with a trend towards "de-dollarization" and a more multipolar international monetary system [13][16]

Group 1 - The leading passive component manufacturer, Yageo (国巨), has raised prices for tantalum capacitors, leading to a ripple effect in the market [1] - Yageo's subsidiary, Pulse, has announced a price adjustment for certain ferrite bead products effective from January 1, due to high raw material costs, particularly silver [1] - The price of silver has surged significantly, with NIMEX silver futures reaching $73.02 per ounce recently, marking a 143% increase for the year 2025, which adds pressure to the cost structure of passive component manufacturers [1] Group 2 - Yageo's revenue from magnetic components accounts for approximately 27% to 28% of its total revenue, with a strong market position in inductors and automotive-grade magnetic components [2] - Competitor Walsin Technology (华新科) is also a significant supplier of ferrite bead products, which are widely used in high-frequency interference suppression and EMI reduction [2] - The passive component industry is entering a new price adjustment phase, supported by high raw material costs and steady demand from end applications, benefiting major suppliers like Yageo and Walsin [2]

Core Viewpoint - iRobot, the pioneer of the robotic vacuum industry, has filed for Chapter 11 bankruptcy and will be acquired by its Chinese manufacturer, Shanjun Robotics, marking the end of an era for the company [1][5]. Financial Performance - iRobot's revenue peaked at $1.565 billion in 2021 but has since declined by over 20% annually, projected to be $682 million in 2024 [5]. - The company has reported net losses ranging from $100 million to $300 million each year from 2022 to 2024, with a net loss of $130 million in the first three quarters of this year [5]. - As of September 27, iRobot's total liabilities reached $508 million, with only $24.7 million in cash and equivalents remaining [6]. Acquisition Details - Shanjun Robotics will convert its debt into 100% equity of iRobot through a court-supervised process, expected to be completed by February 2026 [1]. - Shanjun became iRobot's largest creditor after acquiring approximately $190 million of its outstanding debt from various investment firms [6]. - The acquisition is seen as a strategic move for both companies, with Shanjun aiming to leverage iRobot's brand and market presence while iRobot seeks to stabilize its operations [7][8]. Market Dynamics - The shift in the robotic vacuum industry is indicative of a broader trend of manufacturing and innovation moving towards China, with local companies rapidly gaining market share [3][10]. - iRobot's failure to innovate and respond to competitive pressures from Chinese manufacturers has contributed to its decline, with significant technological advancements made by competitors [10][11]. - The global smart robotic vacuum market saw a shipment of 17.424 million units in the first three quarters of this year, with Chinese brands capturing nearly 70% of the market share [11]. Future Challenges - Post-acquisition, Shanjun faces the challenge of revitalizing iRobot and competing effectively against established Chinese brands that have already penetrated both online and offline markets [15]. - The competitive landscape remains intense, with brands like Roborock and Ecovacs leading in market share and innovation, necessitating a focus on price, technology, and ecosystem development for iRobot's resurgence [16][18].

12月24日，江西铜业（600362）(600362.SH)公告称，公司于2025年12月24日(伦敦当地时间)通过全资子公司江铜香港投资，以每股28 便士现金就收购索尔黄金(SolGold plc)全部已发行及将发行股本(不包括公司现已持有的股份)发出正式要约。 正式要约价格对目标公司已发行及将发行的全部普通股股本估值约为8.67亿英镑(约合人民币82亿元)。 此外，江铜香港投资已收到目标公司董事各自就其持有的目标公司股份提供的支持本次收购的不可撤销承诺函，合计代表83597123 股目标公司股份，约占目标公司已发行股本的2.8%。 据江西铜业12月13日的公告，每股28便士现金的价格较2025年11月19日(公司首次与目标公司董事会接洽前的最后一个交易日)目标公 司每股收盘价19.6便士溢价约42.9%。较截至2025年11月27日(目标公司公告公司初步收购提议前的最后一个交易日)目标公司三个月 的成交量加权平均股价约17.6便士溢价约58.5%；较截至2025年11月27日的十二个月的成交量加权平均股价约11.8便士溢价约136%； 较目标公司2025年11月27日的收盘价(约26.2便士，从2025年 ...

中国走向世界，以负责任大国参与国际事务，必须善于运用法治 外国巨轮更名为"尊重"（RESPECT），只为向中国法治致敬。这不是文学创作，而是现实。不久前， 最高人民法院关于人民法院海事审判工作情况的报告提到一起案例，青岛海事法院妥善处理马绍尔群岛 籍"尼莉莎"轮扣押案，为多国当事人和利害关系人避免了巨额损失，化解了连环诉讼风险，为此希腊籍 船东特意将船舶更名。 一个答案，是"中国速度"。公平正义不仅要实现，还要及时高效地实现。今年3月，中国（新疆）自由 贸易试验区乌鲁木齐片区法庭揭牌成立。法庭成立后，成功化解一起乌兹别克斯坦籍与中国籍商人之间 的国际货物买卖合同纠纷，用时45天。法庭通过在线视频认证减少诉讼成本、调配通晓乌兹别克语的工 作人员扫清沟通障碍。追索货款不用出国，乌方当事人点赞中国法律的公正高效可知可感。 类似案例不胜枚举。在上海，当地持续优化"调解、仲裁、诉讼"相衔接的国际商事一站式线上解纷平 台，当事人可全天候网上立案、在线调解、远程参加庭审、在线接收材料。从"45天化解纠纷"到"一站 式服务"，公正、高效、便捷、低成本解决国际商事纠纷的"中国方案"，正吸引着越来越多中外当事人 的目光，为加快发 ...

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞台中央。中国创新药从"快速追随 者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀升；过去一年，中国生物科技企业的股 价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国 际资本视为一个"历史性的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 记者丨季媛媛编辑丨张伟贤 过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性变化。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本仅为美国的30%～40%，且可能获得更优 的效果，他们必然选 ...

Core Viewpoint - The "European Digital Sovereignty Summit" held in Berlin emphasized the need for Europe to achieve independence in key digital technologies like artificial intelligence, as leaders from France and Germany called for a "Europe First" policy to avoid becoming subservient to the US or China [1][2][4]. Group 1: European Leaders' Calls for Action - French President Macron and German Chancellor Merz urged for stronger autonomy in technology sectors, particularly in AI, to prevent the dominance of US and Chinese tech giants [4][5]. - Macron criticized the reliance on the "Seven Giants" of the tech industry, which include Google, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, stating that it is unacceptable to depend on them for economic and democratic functions [2][5]. Group 2: Current Market Dynamics - A report indicated that US companies hold approximately 70% of the European cloud computing market, with European efforts to establish a "European Cloud" failing to make significant progress [5][6]. - The financial loss due to reliance on US tech giants is estimated to exceed €260 billion annually, highlighting the economic impact of this dependency [7]. Group 3: Political and Strategic Implications - The summit discussions included the need for a simplified and innovation-friendly regulatory framework for AI and the establishment of a sovereign European cloud computing center [4][6]. - Experts noted that the core issue of achieving digital sovereignty lies not in technical capabilities but in the political will to act decisively [7].

Heard on The Street人工智能专栏的一份最新报告显示，尽管美国最大规模科技公司依然保持强劲盈利 态势，但它们在人工智能领域的激进AI算力基础设施投资正开始削弱其领先于全球企业的传统财务基 本面优势，财务报表可能将进入一段只见巨额AI支出而难以见强劲AI利润的时期。 Heard on the Street的人工智能专栏分析师们周日指出，这些大型转变(包括现金缓冲减少、资本需求大 幅增加以及杠杆率上升)正在推动大型科技公司向更加资本密集的"人工智能算力商业模式"转型。它们 不再仅仅被视为高利润的单纯SaaS软件或云计算平台型轻资产公司，投资者们可能需要像评估硬件与重 资产驱动型行业一样对于它们开展新的估值体系，最后的成功将取决于大型且长期的投资赌注能否像台 积电和鸿海那样转化为强劲的毛利率。 分析师们预计，新的评估标准将获得更多关注，例如AI算力客户们的具体采用情况、合同积压以及生 成式AI应用软件服务的货币化。近期的市场反应表明，投资者们对那些AI支出尚未转化为实质利润的 科技公司容忍度大幅下降：比如亚马逊股价上周下跌了约5%，而Meta股价自8月创下的最高点以来大幅 下跌超20%。 专栏分析师 ...