以下文章来源于刺猬公社 ，作者刺猬公社编辑部 国产初代共享单车，已成欧洲街头遗产。 文 ｜ 毛巾 编辑 ｜ 陈梅希 来源｜ 刺猬公社（ID：ciweigongshe） 封面来源 ｜ unsplash 2026年1月底的北京，坐在朝阳大悦城9楼已停业的Seesaw Coffee，望着窗内窗外的一片荒芜，我忽然想起当年从我大学校园里走出的小黄车——在咖啡店 的遗址上莫名怀念一辆单车的原因有很多，绝不只是因为创始人都变成了老赖这么简单。 从地面上9楼的路很长，像2017年到2026年那么长。2017年，ofo高调出海，进入欧洲市场，摩拜几乎在同一时间跟进，二者共同上演了一场大西洋东岸的抢 滩登陆：数万辆单车快速落地英德法意，共享经济赛道一时风光无两。 九年过去，尘埃落定，泡沫消失，世界主义和国际贸易，都不再保有曾经的轮廓。人们更多陷入追忆和怀旧，而就在这时，我们又在欧洲街头看到了那辆熟 悉的单车。 刺猬公社 . 互联网内容行业观察与研究 o fo 在 慕 尼 黑 。 图 源 小 红 书 @ 留 德 一 只 沐 黄色是时代的眼泪，喊着退押金，是对旧日情仇还有牵挂。伦敦、柏林、巴黎、阿姆斯特丹……小红书上，网友们在这些 ...

Core Viewpoint - The logistics and delivery services in China are adjusting their pricing and operational strategies for the upcoming Spring Festival, with some companies implementing additional fees while others maintain their current pricing structures to support their delivery personnel during the holiday season [1][12]. Group 1: Delivery Fee Adjustments - Sam's Club announced an additional charge of 3 yuan per order for online deliveries from February 11 to February 24, 2026, to support delivery personnel during the Spring Festival [1]. - Hema stated that from February 14 to February 21, 2026, all online orders would incur a base delivery fee of 6 yuan, regardless of the order amount, with additional charges for overweight items [4]. - Dingdong Maicai will also charge an extra 3 yuan service fee per order during the same holiday period, consistent with previous years [7]. Group 2: Companies Maintaining Current Fees - Meituan Waimai will not increase delivery fees during the Spring Festival, focusing instead on subsidizing riders through cash incentives and other benefits [12]. - Taobao Shanguo plans to invest nearly 2 billion yuan in rider incentives during the holiday period, while consumer fees will remain unchanged [12]. Group 3: Logistics Companies' Strategies - JD Logistics announced a commitment to invest over 1.3 billion yuan in employee welfare during the Spring Festival, ensuring service continuity [13]. - Several express delivery companies, including SF Express and JD Logistics, will implement resource adjustment fees during the holiday, with SF Express charging between 0.1 to 1.5 yuan per kilogram for certain shipments [13][15]. - DeBang Express will also charge dynamic adjustment fees during peak periods, with specific rates for different customer categories [15][16]. Group 4: Consumer Guidance - Industry professionals advise consumers to plan ahead for sending goods during the Spring Festival, especially to remote areas, and to allow for a buffer period of 3 to 5 days for deliveries [19].

近日，人社部会同中央社会工作部、中央网信办等七部门，对美团、淘宝闪购、京东秒送、顺丰同城、 滴滴、货拉拉等16家平台企业开展用工行政指导。会议要求有关企业全面落实用工主体责任，持续改进 劳动管理，切实保障好新就业形态劳动者权益。这条新闻没上热搜，但影响的人超过8400万。 新就业形态劳动者，就是那些骑着电动车送外卖的，开着车跑网约车的，骑着三轮车送快递的，在直播 间里卖货的，还有给货运平台开车的等。2023年第九次全国职工队伍状况调查结果显示，全国新就业形 态劳动者已达8400万人，占职工总数的21%。如果算上灵活就业人员，这个数字超过2.4亿。你身边一 定有这样的人。可能是你刚毕业暂时没找到工作的表弟，可能是你辞职后过渡期的同学，可能是你退休 后想再赚点钱的父亲，也可能是你那个说"先跑两年外卖再说"的室友。 这些人支撑起了城市的基本运转。没有他们，你点的外卖不会准时送到，你网购的包裹不会当天到达， 你深夜加班后打不到车回家。特殊时期，他们是"保供"的重要力量。平时，他们是"即时满足"消费习惯 的底层支撑。他们的劳动价值不需要论证，没有他们，平台经济就是空中楼阁。 但现实中，他们的处境并不太好。首先是劳动关系 ...

Core Viewpoint - The article emphasizes the importance of protecting the rights of new employment form workers and the social responsibilities of platform companies, highlighting that cost-cutting should not come at the expense of labor rights [1][4][6]. Group 1: Current Situation of New Employment Form Workers - There are currently 84 million new employment form workers in China, accounting for 21% of the total workforce, and this number exceeds 240 million when including flexible employment [1][2]. - These workers are essential for urban operations, providing timely delivery services and supporting consumer habits, especially during critical times [2][6]. Group 2: Challenges Faced by Workers - Workers face difficulties in labor relationship recognition, as many platforms do not sign contracts directly with them, opting for third-party outsourcing or individual business registrations [2][3]. - There is insufficient social security coverage, with many workers lacking essential protections like work injury insurance [2][3]. - The use of algorithms by platforms leads to exploitation, as workers have no control over their assignments and routes [2][3]. - Income instability is prevalent, with platforms having the ability to adjust pay rates without workers' input, limiting their bargaining power [2][3]. - High risks of occupational injuries exist, particularly for delivery workers who are often involved in traffic accidents [2][3]. Group 3: Recommendations for Improvement - Companies should ensure contracts are signed to clarify rights and obligations, avoiding loopholes that obscure employment relationships [4]. - Social security contributions, including work injury insurance, should be mandatory, with flexible payment options explored [4]. - Timely and full payment of wages must be enforced, ensuring that piecework pay meets local minimum wage standards [4]. - Safe working conditions should be prioritized, including compliance with safety standards for vehicles and appropriate measures during adverse weather [4]. - Workers' rights to rest must be protected, with regulations on maximum working hours established [4]. - Establishing unions for new employment form workers is crucial for collective bargaining and rights protection [4]. - A streamlined dispute resolution mechanism should be implemented to lower barriers for workers seeking to assert their rights [4]. Group 4: Societal Attitude and Regulatory Signals - There is a need to change societal perceptions of new employment form workers, recognizing their contributions and ensuring their dignity as workers [5]. - The recent administrative guidance from seven government departments to 16 platform companies signals a heightened regulatory focus on protecting the rights of these workers [6].

Core Viewpoint - Aixin Yuanzhi (00600.HK), an AI inference chip supplier from Ningbo, Zhejiang, successfully listed on the Hong Kong Stock Exchange on February 10, 2026, raising approximately HKD 29.59 billion through its IPO. Group 1: IPO Details - Aixin Yuanzhi's IPO involved a global offering of 104.9152 million H-shares, accounting for about 17.85% of the total shares post-issue, with a price of HKD 28.20 per share, resulting in a net fundraising amount of approximately HKD 27.99 billion [15][16]. - The public offering was oversubscribed by 104.82 times, while the international offering was oversubscribed by 6.8 times [15][16]. - The IPO attracted 16 cornerstone investors who collectively subscribed to approximately USD 185 million (around HKD 1.443 billion) of the offered shares [15][16]. Group 2: Shareholder Structure - Dr. QIU Xiaoxin is the largest single shareholder, controlling approximately 22.76% of the shares [16][19]. - Other notable investors include Weir Semiconductor, Meituan, Tencent, and various venture capital firms, with a diverse shareholder structure that includes both institutional and individual investors [16][19]. Group 3: Company Overview - Founded in 2019, Aixin Yuanzhi specializes in AI inference system chips (SoC) aimed at high-performance perception and computing platforms for edge computing and terminal device AI applications [19]. - The company operates on a fabless model, focusing on chip design and sales, with core technologies including Axera Neutron NPU and Axera Proton AI-ISP, which are designed for efficient AI inference [19]. - As of September 30, 2025, Aixin Yuanzhi had shipped over 165 million SoCs and is projected to be the fifth largest visual edge AI inference chip supplier globally by shipment volume in 2024 [19]. Group 4: Market Performance - As of the midday close, Aixin Yuanzhi's stock was trading at HKD 28.48, reflecting a 0.99% increase, with a total market capitalization of approximately HKD 16.739 billion [20][21].

Group 1: Southbound Capital Movements - Southbound capital net bought Hong Kong stocks worth 84.6567 million HKD on February 10, with significant net purchases in Meituan-W (545 million HKD), CNOOC (420 million HKD), SMIC (376 million HKD), and others [1] - Xiaomi has seen continuous net buying for 9 days, totaling 4.0236 billion HKD, while Alibaba has had 5 days of net buying amounting to 4.59095 billion HKD [3] Group 2: Industry Insights - Longi Green Energy reports a moderate increase in fiber optic prices over the past six months, driven by a supply-demand reversal due to AI data center construction, leading to a supply shortage [4] - According to Zhongyin International, Wenwen Group has over ten works with over 100 million views and over 80 works with over 10 million views, indicating a potential acceleration in industry growth with the release of Seedance 2.0 [4] - Huifu Global Research predicts that the rapid growth driven by Labubu will fade, but platform capabilities will persist, with UBS noting that new IP Twinkle has a strong start in early 2026, providing a growth observation window [4] Group 3: Copyright Protection in AI Content - Fubo Group is positioned to benefit from the rise of AI video content, leveraging its Vobile MAX rights confirmation and revenue-sharing platform to create a full-chain solution for copyright protection in the AI content era [5]

Core Insights - The consumption market for New Year goods is heating up as the Spring Festival approaches, with significant growth in sales on platforms like Taobao, particularly in lower-tier cities [1] - The younger generation, particularly those born in the 1990s and 2000s, is becoming the main force in purchasing New Year goods, bringing new consumption concepts and reshaping traditional practices [2][4] Consumption Trends - Sales of New Year goods on Taobao's flash purchase platform have increased by over 347% year-on-year, with orders from third and fourth-tier cities rising by over 580% [1] - The younger generation is shifting the focus of New Year purchases from bulk buying to more flexible, immediate consumption scenarios, emphasizing health and practicality over traditional notions of gifting [2][4] Redefining New Year’s Eve Dinner - The New Year’s Eve dinner remains a core ritual, but younger consumers prioritize convenience, quality, and a sense of ceremony, leading to the introduction of various ready-to-cook meal options [5][8] - Companies like Dingdong Maicai are launching themed meal kits that cater to the tastes of younger consumers, making it easier for them to prepare festive meals [5][8] Supply Chain and Logistics - To meet the demand during the Spring Festival, multiple instant retail platforms have announced they will remain operational throughout the holiday, ensuring stable supply [9][10] - Dingdong Maicai has implemented a comprehensive Spring Festival guarantee plan, increasing inventory levels and ensuring delivery efficiency through a dual support system of fixed and flexible staffing [9] Employee Incentives - Various platforms are offering incentives for frontline employees during the holiday season, including special bonuses and subsidies for those who remain on duty [10][11] - Taobao Flash Purchase has invested nearly 2 billion yuan in operational reserves, with significant financial incentives for delivery personnel during the Spring Festival [10]

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

Core Viewpoint - Various online shopping platforms and delivery companies are announcing "no holiday" services during the Spring Festival, with slight increases in delivery fees to ensure service and support for frontline delivery personnel [1][5]. Group 1: Delivery Fee Adjustments - Sam's Club will charge an additional 3 yuan per order for online deliveries from February 11 to February 24 due to tight delivery capacity during the Spring Festival [1]. - Dingdong Maicai will also implement an extra 3 yuan service fee for orders placed from February 15 to February 21, maintaining the same practice as previous years [4][5]. - Hema will charge a base delivery fee of 6 yuan for all online orders during the period from February 14 to February 21, with additional fees for overweight items [1]. Group 2: Support for Delivery Personnel - Dingdong Maicai plans to ensure stable delivery capacity during the Spring Festival through scientific scheduling and various incentive policies for delivery personnel [5]. - Meituan will launch a New Year support and subsidy plan for delivery personnel who work during the Spring Festival, with potential earnings exceeding 10,000 yuan in major cities [5]. - Taobao Flash Sale is set to invest nearly 2 billion yuan to provide holiday rewards for delivery personnel [6]. Group 3: Resource Adjustment Fees - SF Express will implement a resource adjustment fee ranging from 0.1 to 1.5 yuan per kilogram for certain shipments over 20 kilograms from January 19 to February 15, and additional fees during the holiday period [6]. - DeBang Express will charge a resource adjustment fee of 0.2 to 0.5 yuan per kilogram for specific customers and products from January 19 to February 14, with further fees during the holiday [6]. - JD Logistics will also impose peak resource adjustment fees during the Spring Festival holiday from February 16 to February 23 [6].

Core Insights - OpenClaw is gaining significant traction, transitioning from a niche tool to a practical productivity solution in various business applications [2][4] - The community around OpenClaw is rapidly growing, with over 1500 participants in the Founder Park's OpenClaw Feishu group, indicating strong interest and engagement [3] - An upcoming closed-door online event will feature key contributors and engineers discussing practical experiences and implementation of OpenClaw [6][10] Group 1 - The announcement by Meituan's co-founder Wang Huiwen to support OpenClaw-related startups highlights the increasing recognition and potential of OpenClaw in the entrepreneurial ecosystem [3] - Users are quickly deploying OpenClaw on Feishu, with reports of basic functionalities being operational within half an hour, showcasing its user-friendly nature [3][9] - The focus is shifting towards the engineering challenges of maintaining and scaling OpenClaw, emphasizing the importance of quality control and long-term support [9][10] Group 2 - The upcoming event will include discussions on the maintenance and quality control of OpenClaw plugins post-launch, addressing critical engineering concerns [10] - The event aims to bring together AI entrepreneurs and developers who have hands-on experience with OpenClaw, fostering a collaborative environment for knowledge sharing [7][10] - Key topics will include the rapid development of customized plugins and the challenges associated with team collaboration and project management in the context of OpenClaw [9][10]