Group 1 - Huawei Mate 80 Pro Max is ramping up production with plans to ship before the Spring Festival, reflecting a significant gap between initial production capacity and market demand [1] - The key to increasing production capacity lies in the supply of core chips, specifically the Kirin 9030 series, which is expected to see improved availability around the Spring Festival [1] - Apple CEO Tim Cook announced plans for the company's 50th anniversary celebration, emphasizing the importance of reflecting on Apple's contributions over the past five decades [2][4] Group 2 - The Xiaomi YU7 GT features upgraded dimensions of 5015mm x 2007mm x 1597mm, with a wheelbase of 3000mm, enhancing its visual appeal and performance capabilities [4][9] - The YU7 GT is equipped with a dual-motor all-wheel-drive system, delivering a combined power output of 738kW (approximately 1003 horsepower) and a top speed of 300 km/h, marking a significant achievement in the domestic electric SUV market [5][7] - The expected price range for the YU7 GT is between 450,000 to 500,000 yuan, positioning it competitively within the electric vehicle segment [14]

这一年，中国科技成果丰硕，创新生态日趋完善。华为持续"压强式"研发，在算力、鸿蒙生态、通信网 络、终端市场等七大领域实现硬核突破；寒武纪10年攻关实现AI芯片国产化突破；商业航天竞速，6家 企业集体冲击IPO…… 这一年，科技创新与产业融合加速。阿里巴巴3800亿元投向未来，通义千问串起阿里AI生态；全球代 工巨头工业富联（601138）蜕变为万亿算力巨头；恒瑞医药（600276）从仿制转向创新，I类新药频频 借船出海…… 科技突破、产业竞争力的提升，来自对创新的投入。根据国家统计局披露的数据，2025年，中国企业研 发经费达3.93万亿元，稳居世界第二，研发投入强度2.8%，首次超越OECD国家平均水平。 AI时代奔涌而来，创新浪潮澎湃。 2025年，是中国科技在风浪中磨砺韧性的一年，也是于变局中开创新局的关键一年。 传统产业融合焕发新动能 新兴产业不断突围前行，传统产业融合新兴科技，释放出充满活力的新质生产力。 在AI浪潮之下，"代工之王"工业富联实现关键突围，深度绑定全球科技巨头苹果、英伟达，实现了 向"全球AI算力基建供应商"的蜕变。根据公开信息，工业富联AI服务器全球代工市占率超35%，800G 高 ...

Core Viewpoint - The ongoing speculation about Tim Cook's retirement has intensified, with discussions about Apple's future leadership and the potential impact on the company post-Cook era [1][15]. Group 1: Tim Cook's Leadership and Legacy - Tim Cook, at 65 years old, has been CEO of Apple for nearly 15 years, during which the company's market value has surged from approximately $300 billion to over $4 trillion, marking a growth of about 1254% [11][12]. - Under Cook's leadership, Apple has transformed from a hardware-centric company to a hardware and services ecosystem, with services like App Store and Apple Music becoming core growth drivers [13]. - Cook's management style is characterized by stability and efficiency, contrasting with Steve Jobs' more flamboyant approach, which has led to concerns about innovation under his tenure [3][21]. Group 2: Market Position and Competitors - Apple's operational cash flow reached $54 billion in Q1 2026, an 80% increase year-over-year, with earnings per share growing by 19%, indicating strong financial health [9]. - Competitors such as Samsung and Huawei view Cook's leadership as a formidable barrier, as his mastery of supply chain management has made Apple a difficult target in the high-end smartphone market [5][6]. - The company's gross margin remained robust at 48% in Q4 2025, up from 46.9% the previous year, showcasing its strong profitability amidst rising storage prices [9]. Group 3: Succession Planning - Apple's succession plan appears to be evolving towards a dual-leadership model, with hardware and software heads expected to jointly lead the company in the future [21][22]. - John Ternus, a key figure in Apple's hardware engineering, is considered a strong candidate for succession due to his alignment with Cook's management style and deep understanding of Apple's operations [21][22]. - The company's internal promotion strategy aims to minimize cultural disruption and ensure a smooth transition, reflecting Cook's commitment to maintaining stability post-retirement [22][23]. Group 4: Broader Implications of Cook's Retirement - Cook's potential retirement raises concerns about the stability he has provided in a complex global trade environment, particularly regarding Apple's extensive supply chain [16][17]. - The fear of uncertainty following Cook's departure stems from his ability to navigate geopolitical challenges and maintain Apple's market position, especially in China, where sales grew by 38% year-over-year in Q1 2026 [16][18]. - The narrative surrounding Cook emphasizes that while innovation is crucial, the stability and efficiency he has brought to Apple may be equally significant in sustaining the company's success [20][24].

Core Insights - The article emphasizes that the next phase of the AI competition will focus on deeply empowering industrial transformation rather than just technological breakthroughs [3][4] - China is positioned to leverage its extensive industrial system to create rich application scenarios for AI, potentially leading the global competition [3][4] Group 1: AI Development and Global Competition - The AI landscape is characterized by a dual stronghold of the US and China, with distinct approaches: the US focuses on supply-side innovation while China emphasizes demand-side applications [3][4] - A report from the Rand Corporation indicates that the speed of AI application in the US is lagging behind China, which may create a gap in strategic fields like industrial internet and smart manufacturing [3][4] - Experts believe that AI is becoming a core driver of global economic growth, with projections indicating that AI will contribute $19.9 trillion to the global economy by 2030, boosting global GDP by 3.5% [4] Group 2: AI Integration into Industries - AI is entering a critical phase of application, with strong market demand and policy guidance driving its integration into the real economy [5][6] - The World Economic Forum's report shows that nearly half of the 32 typical AI application cases come from Chinese enterprises, highlighting China's significant role in AI application [5] - Challenges remain in AI's integration into industries, particularly in complex environments like coal and steel, where AI must adapt to harsh conditions [6] Group 3: Computational Power and Infrastructure - The demand for computational power in AI is expected to surge, shifting from training-dominated to inference-dominated needs by 2026 [7] - China's advancements in AI are partly driven by overcoming restrictions on high-end chips, leading to a unique advantage in affordability and accessibility of AI products [8] - The development of domestic computational power is improving, but there are still challenges in ecosystem building and usability [8] Group 4: Practical Applications of AI - AI is being applied across various sectors, including agriculture, where it is used for predicting cycles and managing environments [9] - In the liquor industry, AI enhances quality control by detecting impurities with high precision, significantly improving production quality [9] - The automotive industry is evolving through the integration of AI, which is seen as a critical component in the transition to smart and connected vehicles [9]

Core Insights - Apple's success transcends commercial and technological boundaries, capturing and shaping the ultimate imagination of technology products as extensions of identity, taste, and lifestyle [1] - Apple captures over 80% of the industry's profits with less than 20% of sales, demonstrating its ability to set rules rather than just compete [1] - The profit model of Apple has evolved from traditional revenue-cost-profit formulas to a new formula based on user value and ecosystem leverage, emphasizing long-term user relationships [1] Group 1: Profit Model and Market Position - Apple's profit model allows it to maintain high overall profit margins despite fluctuations in iPhone sales and hardware gross margins [1] - In contrast, Chinese smartphone companies like Xiaomi, OPPO, and vivo are projected to have net profit margins below 10% by 2025, less than one-third of Apple's [1][2] - The disparity in profitability is attributed to differences in business models and industry positioning rather than technology or product quality [2] Group 2: Challenges and Opportunities for Chinese Companies - Chinese smartphone companies face challenges in establishing differentiated advantages amid hardware homogenization and brand recognition limitations [2] - The shift towards AI and interconnected devices presents an opportunity for Chinese companies to redefine competition and create unique ecosystems [2] - Companies like Huawei, Xiaomi, and OPPO are attempting to build open intelligent ecosystems that differ from Apple's, potentially generating greater industry value and social impact [2] Group 3: Long-term Strategy and Future Outlook - The essence of Apple's profit myth lies in the "war of definition," where it sets standards for high-end experiences and indispensable technology [2][3] - Chinese smartphone companies must adopt a long-term perspective, recognizing that building competitive advantages in areas like chip development and ecosystem construction requires significant time and investment [3] - The mobile industry is entering a phase of competition focused on profits, ecosystems, and future definitions, with the outcomes likely to shape the global technology landscape [3]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) 6月26日-27日 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器 ...

IT之家 2 月 8 日消息，追觅 CEO 俞浩今日在微博发文称想搞个"吹牛 *"大赛。"既然很多人觉得我吹牛，那我觉得我吹牛的能力不太行，没有马斯克去火星 的这个故事好。我相信网友的智慧是无穷的，那我们干脆搞个比赛，全网征集牛 * 故事比赛。征集比马斯克起火星好十倍大吹牛 * 故事！" 俞浩更放言：比赛叫作"追觅愿景 —— 人类的未来"，2050 年的世界！获得投票支持最多的人，为比赛第一名。 稍晚些时候，俞浩再度发文称，自己若不跟马斯克、黄仁勋等人比，就不可避免地会被拿来跟小米和华为比。"可是我不想这样，中国人不打中国人。我想 永远尊敬小米和华为，永远尊敬雷总、余总和任总。因此，我不想有一天被拿来比。他们是我永远尊重的前辈企业家和伟大企业！" 据IT之家此前报道，俞浩曾发微博提到，小米和顺为是追觅的天使投资人。小米和顺为在 2017 年投资了我们 1400 万，并给了我们最早的订单。永远感谢小 米和雷总！ IT之家 2 月 8 日消息，追觅 CEO 俞浩今日在微博发文称想搞个"吹牛 *"大赛。"既然很多人觉得我吹牛，那我觉得我吹牛的能力不太行，没有马斯克去火星 的这个故事好。我相信网友的智慧是无穷的，那我 ...

作为万兴科技旗下视频创意明星产品，万兴喵影先在海外市场取得成功，其海外版Wondershare Filmora 系列产品风靡200多个国家和地区，跻身全球知名视频编辑软件行列。伴随中国的短视频、直播行业崛 起，万兴喵影2017年回归国内市场，近年来，其在视频剪辑行业率先实现桌面端、移动端覆盖，并成功 牵手华为、荣耀、英特尔等品牌融入国产生态圈，成长为最受欢迎的视频创作工具之一。 公开资料显示，万兴科技深耕数字创意软件二十余年，是中国数字创意软件领域产品覆盖面广、营收体 量大、全球化程度高的A股上市公司，被视为"中国版Adobe"。在视频创意业务领域，万兴科技持续以 AI推进产品焕新，应用范围已覆盖专业视频创作、移动视频、视频生成、视频转换、AI漫剧、数字人 等领域。 本报讯(记者舒娅疆)2月8日，记者从万兴科技（300624）集团股份有限公司(以下简称"万兴科技")获 悉，该公司加码推进创意平权，旗下新一代视频创意平台万兴喵影桌面端在近期迎来升级，聚焦"视频 免费剪，AI更出片"，率先在国内推行"基础普惠+AI增值"的新模式，旨在推动视频创意行业从"基础功 能赋能"迈向"AI驱动的专业剪辑"新阶段，助力"人人 ...

Core Viewpoint - Xu Xiaonian emphasizes the importance of market regulation and warns against excessive government intervention in high-end industries, suggesting that if policymakers had heeded his advice, China might have lagged significantly in sectors like high-speed rail and semiconductors [1][5][8]. Group 1: Xu Xiaonian's Background and Views - Xu Xiaonian, born in 1953, has a diverse educational and professional background, including a PhD in economics and experience at institutions like the World Bank and Merrill Lynch [2]. - He advocates for a cautious approach to industrial development, arguing that China's industrial base is weak and that rushing into high-end products could lead to inefficiencies and debt accumulation [5][7]. Group 2: Economic Development and Government Intervention - Xu has consistently warned about the risks of over-investment in high-speed rail and other technologies, suggesting that market forces should determine the pace of development [5][8]. - The Chinese government has shifted towards a focus on high-quality development and financial risk control, indirectly addressing Xu's concerns [7][8]. Group 3: Successes of China's Strategic Approach - China's high-speed rail network has expanded significantly, reaching 45,000 kilometers by 2023, accounting for 70% of the global total, which has boosted economic efficiency and reduced logistics costs [8][13]. - The electric vehicle market has seen rapid growth, with China accounting for 60% of global sales in 2023, demonstrating the effectiveness of government subsidies and strategic planning [8][13]. - In the solar energy sector, China has become a global leader, with 85% of solar module exports in 2023, showcasing the benefits of state support for research and development [8][13]. Group 4: Balancing Market Forces and State Strategy - The debate between market-driven approaches and state intervention continues, with Xu's views serving as a cautionary reminder against dogmatism in economic policy [15]. - The Chinese model illustrates that strategic investment and market mechanisms can coexist, leading to significant advancements in various industries [13][15].

2026 年 02 月 08 日 | 推荐 | 首次评级 | | --- | --- | | 当前价格： | 493.88 元 | [Table_Author] 沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 743 | 1,665 | 3,431 | 5,844 | | 增长率（%） | 1301.5 | 124.1 | 106.1 | 70.3 | | 归属母公司股东净利润（百万元） | -1,409 | -697 | 41 | 917 | | 增长率（%） | -61.7 | 50.5 | 105.8 | 2159.6 | | 每股收益（元） | -3.52 | -1.74 | 0.10 | 2.29 | | PS | 266 | 119 | 58 | 34 | | PB | 167.7 | 15.2 | 15.1 | 14.1 | ...