南方财经 21世纪经济报道记者胡慧茵 马来西亚吉隆坡报道 在全球产业链加速重构、保护主义抬头的背景下，中国和东盟的经贸合作展现出极强的韧性。据中国海 关总署最新发布的数据，今年前三季度，中国对东盟进出口总值5.57万亿元人民币，同比增长9.6%，占 中国外贸总值的16.6%，东盟继续保持中国第一大贸易伙伴地位。 近期，中国—东盟自由贸易区3.0版升级议定书的正式签署，被视为近年来最具系统性影响力的区域经 贸升级安排。 "自中国—东盟自由贸易区（CAFTA）建立以来，伴随中国企业'走出去'战略的持续推进，中国与东盟 之间的产业链日趋一体化，相互依存程度不断加深。"近日，海南自由贸易港研究院东盟事务代表兼高 级研究员、亚太"一带一路"共策会（BRICAP）执行董事翁忠义在马来西亚吉隆坡接受21世纪经济报道 记者专访时表示，如今，中国输出产能与技术，东盟提供资源与加工环节，双方关系正从传统的"贸易 伙伴"升级为"产业共生体"，在全球供应链重组进程中构建新的增长极。 除了传统贸易，近年来，马来西亚在数字经济、人工智能、绿色发展等领域与中国的合作一直走在东盟 国家的前列。最直观的体现是，中国企业通过"数字丝绸之路"参与 ...

Group 1: Policy and Economic Outlook - The Central Economic Work Conference held in Beijing from December 10 to 11 emphasized the optimization of the "Two New" policy, which refers to promoting large-scale equipment updates and the replacement of consumer goods [1] - The "Two New" policy is expected to continue through 2026, with the old-for-new subsidy policy likely to be extended and optimized [1][2] - The implementation of the "Two New" policy is projected to unlock a consumption market worth trillions, with over 25 trillion yuan in sales driven by the old-for-new policy from January to November this year [1][2] Group 2: Market Performance and Trends - The home appliance market is experiencing a surge in both quantity and quality, with significant growth in sales of health-related products [3] - Sales of high-end home appliances priced over 8,000 yuan increased by 96% year-on-year in the first half of the year [3] - The old-for-new policy has led to over 128.44 million home appliances being replaced and over 90.15 million digital products receiving subsidies [1][2] Group 3: Industry Challenges - There are notable gaps in consumer awareness of the old-for-new policy, particularly in third and fourth-tier cities and rural areas [3] - The industry faces challenges in establishing an efficient and low-cost recycling system, with high labor costs for disassembly and difficulties in balancing recycling prices [3] Group 4: Corporate Strategies and Innovations - Home appliance companies are shifting their strategies from simple product sales to providing scenario-based and ecological solutions [4] - The integration of health and AI technologies is becoming a key competitive advantage for leading companies, with significant investments in R&D [5] - Companies like Haier and Gree are actively responding to the old-for-new policies by enhancing their product offerings and transforming retail spaces to focus on health and AI solutions [4][5]

Core Insights - The global wafer foundry industry is experiencing growth driven by the AI boom, with the top ten foundries' revenue increasing by 8.1% to nearly $45.1 billion in Q3 2025 [1][2] - However, due to international conditions and rising memory prices, the supply chain is becoming conservative regarding demand for mainstream terminal applications in 2026, leading to a forecasted slowdown in capacity utilization growth in Q4 [1][7] Group 1: Industry Performance - The top ten foundries' revenue growth in Q3 2025 was significantly supported by high-performance computing (HPC) and consumer electronics, particularly from advanced processes of 7nm and below [2] - TSMC's revenue reached approximately $33.1 billion, a 9.3% increase, with a market share rise to 71%, driven by smartphone and HPC demand [2] - Samsung's revenue remained stable at about $3.18 billion, with a market share of 6.8%, while SMIC's revenue grew by 7.8% to $2.38 billion, ranking third [2] Group 2: Future Outlook - The wafer foundry industry is projected to grow by 19% in 2026, with AI-related demand driving advanced process markets to a 28% annual increase [2] - TSMC is advancing to 2nm production and plans to move towards 1nm technology, with advanced packaging capacity expected to grow by 27% next year [3] - The semiconductor industry is focusing on increasing capacity and technological trends, especially with the rise of ASIC chips and domestic chip innovations from companies like Huawei and Cambrian [3] Group 3: Consumer Electronics Impact - Consumer electronics are a significant driver for wafer foundry performance, affecting the rankings of the top ten foundries [4] - Nexchip's revenue increased by 12.7% to $409 million, allowing it to surpass Tower Semiconductor to rank eighth [4] - UMC's revenue grew by 3.8% to nearly $1.98 billion, benefiting from demand for smartphones and PCs, while GlobalFoundries' revenue remained stable at about $1.69 billion [5] Group 4: Q4 Expectations - The growth rate for Q4 is expected to slow due to conservative demand forecasts influenced by international conditions and rising memory prices [7] - SMIC's Q4 revenue guidance indicates a modest growth of 2%, reflecting cautious customer production planning amid price pressures [7] - Hua Hong Group anticipates Q4 sales revenue between $650 million and $660 million, with limited growth expected [8]

引子 华尔街又炸锅了。那个在2008年金融危机前就精准做空抵押贷款支持证券的"大空头"迈克尔·伯里，最近又放了个重磅炸弹。他说美联储重启短期国债购买 计划，暴露了美国金融体系的严重问题。这话一出，市场立刻骚动起来。 伯里的观点很尖锐："如果没有美联储3万亿美元以上的储备金支撑，美国银行体系就无法运转。"他认为这不是强健的标志，而是脆弱的标志。这话让我想 起股市里一个永恒的话题：预期与现实之间的鸿沟。 一、预期差才是市场的本质 股市炒得从来不是现实差，而是预期差。现实再烂，只要预期反转，市场就会给予正反馈。这就是著名的"困境反转"现象。所谓预期差就是：我知道你不知 道，我会你不会，我敢你不敢。 本质上，这就是信息不对称导致的游戏。而解决信息不对称的核心在于透过现象看到交易的真相。显然，只有数据可以还原这个真相。 诡异的是2025年情况大变。同样是金价上涨，同样是菜百股份，这次表现却是一路上涨。主营没变、题材没变，唯一的变化就是橙色"机构库存"数据在不断 活跃。 这个案例生动地说明了一个道理：同样的基本面条件下，机构资金的态度决定了股价走向。没有机构参与的利好不是真利好。 伯里的警告之所以重要，不是因为他预测了什 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and potential risks associated with AI, particularly focusing on OpenAI and its financial challenges [1][2][3] - AI is not a new concept, having been introduced in the 1950s, and has a solid foundation, but there are concerns about over-exuberance leading to potential bubbles, especially regarding large models [1] - OpenAI's projected spending over the next eight years is at least $1.4 trillion, with a need to grow revenue to approximately $200 billion by 2030 to achieve profitability [1][2] Group 2 - OpenAI's valuation once approached $1 trillion, but its profitability remains weak compared to companies like Alibaba, which are actively applying AI in practical scenarios [2] - The company is preparing for an IPO that could value it at up to $1 trillion, with discussions indicating a potential fundraising of at least $60 billion [2] - The importance of AI lies in its applications, with numerous implementations already present in China, such as the "black light factory" that has impressed Western entrepreneurs [3]

财务方面，于2022年度、2023年度、2024年度及2025年1-6月，公司实现营业收入约为25.67亿元、28.95 亿元、31.59亿元、15.92亿元人民币；同期，公司净利润分别约为2.06亿元、2.78亿元、3.02亿元、1.55 亿元人民币。 经过多年积累，皇冠新材业绩稳健攀升，盈利能力不断增强，未来仍将以功能性新材料作为战略重心， 在高端产品领域对标国际龙头企业美国 3M、日本日东、德国德莎等，并继续巩固在快速响应能力、一 体化配套服务方面的优势，以此获取下游终端客户的信任，推动公司在行业内保持较强的竞争力。 公司本次募集资金投资项目概况如下： | 序号 | 项目名称 | 项目总投资额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 东皇冠功能性复合材料扩产项目 | 19.980.06 | 19,980.06 | | 2 | 江苏皇冠半导体用功能性复合材料等产品 扩产项目 | 21,601.30 | 15.487.40 | | 3 | 浙江皇冠光学膜产业化项目 | 22.779.39 | 22,779.39 | | ব | 研发中心建设项目 | 28. ...

Group 1: Nvidia H200 and US-China Relations - Nvidia's H200 AI chip is now allowed for export to approved customers in China, with a 25% revenue share for the US from these transactions [3] - The H200 is considered a perfect upgrade from the H100, but the latter still dominates the market due to its established presence [3] - The strategy allows Nvidia to maintain market dominance while profiting from tariffs on H200 sales to China [3] Group 2: SpaceX IPO Plans - SpaceX is accelerating its IPO plans, aiming for a valuation of $1.5 trillion, which could double Elon Musk's wealth to over $1 trillion [5][6] - This IPO is seen as a landmark event for the commercial space industry, potentially setting new valuation benchmarks and igniting further investment in space [5] - If successful, SpaceX would reclaim its title as the highest-valued private company, previously held by OpenAI [5] Group 3: OpenAI GPT-5.2 Release - OpenAI has released its latest model, GPT-5.2, which features three tiered products for different processing needs: Instant, Thinking, and Pro [8] - The update enhances multi-step reasoning, quantitative accuracy, and reliability in complex technical tasks [8] - This release is a strategic move to solidify OpenAI's position in the professional market while actively competing against global rivals [8] Group 4: Microsoft and Google's Investment in India - Microsoft announced a $23 billion investment plan, with $17.5 billion allocated to building AI infrastructure in India [10] - Google has also committed $15 billion to establish an AI hub in southern India, marking one of the largest AI initiatives globally [10] - The investments are driven by India's rapid economic growth, large population, and ambitions in the semiconductor and AI sectors [10] Group 5: Huawei's Market Share Recovery - Huawei has regained the top position in China's smartphone market, surpassing Apple with a market share of 27.81% compared to Apple's 17.12% [13] - The surge in Huawei's market share is attributed to the successful launch of the Mate 80 series, which sold 376,600 units in a week [13] - This marks a significant recovery for Huawei, ending Apple's dominance in the sales rankings for several months [13]

【环球网科技报道 记者 张阳】当一台智慧屏的送装路径需要穿越零下15℃的林海雪原、跨越4500米海拔的高原缺氧地带、深入被沙漠三面包围的荒漠营 地，这样的服务对企业来说还"划算"吗？近日，华为智慧屏在根河、拉萨、民勤三大极端地区完成送装的纪实影像，勾勒出一幅华为智慧屏"服务无盲区"的 真实图景。 极寒之地：服务跑在严寒之前 在被称为"中国冷极"的根河以北，萨吉气林场深藏于大兴安岭腹地。这里冬季漫长，平均气温的最低值能达到零下41.6℃，导航失灵、道路封冻是常态。华 为服务工程师老王和阿木驱车数小时，在冰封林道上谨慎前行。他的任务，是为林场"绿色娘子军"安装一台华为智慧屏。 低温与迷路的风险并未让服务流程打折扣——进门套鞋套、开箱验外观、通电测色彩，每个环节严谨如初。老王和阿木动作娴熟，迅速完成固定、接线、调 试，完成安装之后服务流程并未结束，阿木还细致地引导姜站长检查设备外观，并教会了她使用"一碰投屏"功能，让手机中的林场景观瞬间以高清画质呈现 在电视的大屏幕上，鸿鹄画质技术从色彩、对比度、清晰度、流畅度、护眼五个维度优化后的画面，让阿木和姜站长都惊叹"好清楚呀，好漂亮"。 更触动人心的是畅连通话功能。当姜站 ...

【环球网科技报道 记者 张阳】12月11日，阿联酋迪拜，迎来了一场由华为打造的科技盛宴。在"Unfold the Moment"主题下，华为不仅发布了全新一代折叠 屏旗舰华为Mate X7，还同步推出了华为FreeClip 2耳夹耳机、华为WATCH ULTIMATE DESIGN紫金款、以及华为MatePad 11.5 S等多款重磅新品。Mate X7 发布会现场气场大开。通过这场发布会，华为不仅是对旗下产品进行了更新迭代，更想传递出的信号是：未来智能终端的竞争壁垒，早已从技术的"单点领 先"，转向体验的"系统能力"。 此次发布的四款核心产品，分别代表了华为在手机、音频、可穿戴设备和移动办公领域的最新成果。 华为 Mate X7无疑是本场发布会的核心主角。作为华为在双折叠领域的集大成之作，Mate X7通过"玄武架构"实现了从内到外的全面可靠性跃迁。这一架构 不仅包含超轻量坚韧机身、量身定制的主摄与长焦与超耐久电池组成的"铁三角"，更将铰链技术推进至微米级精密调校，使折叠寿命与屏幕平整度达到行业 新高度。值得注意的是，Mate X7在影像系统上实现了直板旗舰级的突破——全新升级的第二代红枫原色摄像头配合超高 ...

Core Insights - The global technology competition is rapidly evolving, with cutting-edge technologies like AI, spatial computing, and human-machine collaboration reshaping production, lifestyle, and national competitiveness [1] - The 20th National Congress of the Communist Party of China emphasizes accelerating the development of new productive forces and strengthening the role of enterprises in technological innovation, placing "technology finance" as a top priority in building a strong financial nation [1] Development Challenges - Traditional AR glasses face commercialization challenges, with global sales projected at only 500,000 units in 2024, significantly below early market expectations [1] - The core issue lies in the "all-or-nothing" development paradigm, which creates a negative cycle of high R&D investment, high-cost pricing, low user acceptance, and immature supply chains [1][3] - This approach neglects critical variables such as market acceptance, user behavior inertia, and capital patience, making it incompatible with the new paradigm of "early, small, long-term, and hard technology" in technology finance [1] Evolution Path - A new "gradual iterative" paradigm is emerging, led by AI smart glasses, which is validating a three-stage evolution path: audio/camera glasses, AI smart glasses, and AI+AR glasses [2][5] - The first stage involves audio/video glasses that integrate basic functions to cultivate user habits without altering wearing preferences [5] - The second stage introduces AI capabilities for enhanced functionality, transforming devices from mere tools to intelligent companions, as evidenced by the success of Meta's Ray-Ban Meta glasses [7] - The third stage aims to incorporate lightweight AR display modules, achieving "what you see is what you get" spatial computing, supported by accumulated orders that drive down optical module costs [8] Market Logic - The "gradual iterative" approach targets a substantial existing market of over 1.54 billion units of traditional glasses sold annually, providing a natural user base for smart glasses [9] - This paradigm shift redefines smart glasses as "smart traditional glasses," significantly lowering decision-making barriers and facilitating market penetration [9] - Investment in the AR sector is transitioning from a technology risk-driven model to one focused on market validation, with significant funding increases observed in 2025 [9] Competitive Landscape - The global AR glasses market is evolving, with competition shifting from short-term hardware comparisons to long-term ecosystem building [11] - Companies like Meta and Google are adopting different strategies, with Meta focusing on a closed-loop experience and Google promoting an open ecosystem [11] - Domestic players are leveraging rapid hardware iterations and vertical market penetration, while larger companies like Huawei and Xiaomi are creating seamless cross-device experiences [11] Capital Mechanism - The evolution of AR glasses represents a microcosmic experiment in the collaboration of technology, finance, and institutional evolution [12] - The "gradual iterative" paradigm addresses structural mismatches between technological innovation and financial capital, allowing for phased value release mechanisms [14] - This approach enables capital to receive mid-term market feedback and cash flow support without sacrificing long-term visions, alleviating common challenges faced by early-stage hard technology projects [14] Future Outlook - The true revolution of consumer-grade AR glasses lies in redefining the relationship between humans, information, and the world, facilitating seamless integration of digital information into physical reality [16] - AR glasses have the potential to enhance social interactions, transforming them from social isolators to social enhancers, provided they are designed thoughtfully [17] - The successful adoption of AR glasses will depend on the establishment of ethical frameworks and institutional support to address privacy concerns and ensure equitable access [18]