在服务体验层面，九号公司正在持续推进全国终端门店升级，逐步将门店从传统销售网点转型为集体 验、销售、服务于一体的"九号体验中心"，并全面推进销售与服务一体化的标准化管理体系构建。在服 务方式上，依托九号公司出行App与后台系统，九号公司正在建设分层级服务体系。在安全领域，除持 续提升产品本身的安全性能外，九号公司正推动主动安全技术的下沉与普及，让毫米波雷达、ABS防抱 死、TCS牵引力控制等高端安全配置逐步覆盖更多车型。 本报讯 （记者李乔宇）1月24日，九号有限公司（以下简称"九号公司"）智能两轮电动车迎来重要里程 碑——国内累计出货量正式突破10000000台。当日，九号公司在常州九号科技工厂举办以"一千万个陪 伴"为主题的纪念仪式。 基于千万级用户规模，九号公司正系统性升级其服务与用户运营体系，推动从"售车"向"陪伴用户用车 全周期"的转变。 同日，九号公司正式发布以"双品牌、全球化、电切油"为核心的战略升级，宣布智能电动车业务将依 托"Ninebot九号"与"Segway赛格威"双品牌协同运营，进军全球市场。 （编辑 张昕） ...

川普在达沃斯的演讲中猛烈抨击全球化的失败，令在场的全球主义精英们无言以对。他通过一组详实的 数据，揭示了英国和德国在严苛的环保法规和绿色新政束缚下的困境：发电量锐减、电价飙升。与此同 时，他上任后加大能源开采，增大供应，成功降低了汽油价格，这也成为了美国经济在他任内火爆的一 个关键原因。川普言辞激烈地指出，尽管他批评欧洲，但依然爱着这个大陆，真心希望欧洲不要继续走 错路。他对欧洲的未来充满了关切，但也对其迷失的方向心生失望。 至于格陵兰问题，泽连斯基并未回避这一敏感话题，他讽刺道，欧盟若不明确宣布将设立欧洲军事基地 以保护该地区，就可能面临被忽视的风险，因为仅仅40名士兵根本无法守卫如此重要的战略要地。实际 上，泽连斯基所提到的40名士兵，其实并不准确，所谓的8国联军根本没有那么多作战人员，真正能参 战的可能还不到一半。泽连斯基戏谑道，或许某天欧洲才会做出某些决定。关于乌克兰是否具备保护格 陵兰的能力，泽连斯基毫不犹豫地表示，我们完全有能力在那儿作战。如果我们是北约成员国，这个问 题早就解决了，但我们不是。他说得并非空洞吹嘘，乌克兰目前的军队在欧洲无疑是最强、最富有作战 经验的之一，而他本人也被认为是当今欧洲 ...

Group 1 - The U.S. is applying pressure on Europe while warning against retaliation, particularly regarding tariffs and investments in U.S. assets [1][2] - The U.S. holds significant foreign debt, with European countries owning nearly 40% of it, totaling over $10 trillion, which includes major holdings from the UK and Norway [1] - The U.S. is concerned about Denmark's decision to sell U.S. government bonds, which could set a precedent for other European nations [1][2] Group 2 - The European Commission is targeting Chinese companies through a proposed cybersecurity law that mandates the removal of high-risk suppliers from critical sectors [5][7] - The scope of the proposed law is extensive, covering energy, transportation, ICT, and even solar energy, which could impact many Chinese-made products [7][8] - The European Commission's actions are seen as a demonstration of solidarity with the U.S. against China, despite lacking technical evidence for the claims against Chinese suppliers [8][10] Group 3 - China's response to the EU's actions has been firm, with both the Ministry of Foreign Affairs and the Ministry of Commerce condemning the discriminatory measures against Chinese companies [10][12] - The EU's potential exclusion of Chinese technology could hinder its green transition plans, as Europe heavily relies on Chinese manufacturing for solar energy and other technologies [12][14] - The shift away from Chinese suppliers in telecommunications, particularly in 5G, could lead to significant delays and increased costs for European operators, impacting their competitive edge [13][14]

来源：肖仲华开讲 达沃斯论坛是宣示全球化和自由贸易最有影响力的标志之一。正因如此，川普是极其反感和反对达沃斯 的，他多次公开辱骂这个论坛及其主办方。 毕竟美国政府要讲话的人太多了，美国商务部长卢特尼克的演讲不得不安排在晚宴上。尽管是晚宴讲 话，卢特尼克也丝毫没有懈怠，照例发表了一场激烈的演说，并成功激怒了全场。不仅当场遭到群体性 喝倒彩，人群嘘声不止，欧洲央行行长拉加德甚至在演讲进行到一半时公开抗议，直接愤然离场。 更有趣的是，美国自己人也在晚宴现场与卢特尼克公开对呛。美国前副总统戈尔甚至从座位上站起来叫 喊让卢特尼克闭嘴，然后是双方长时间的对骂。请注意不是文雅的对骂，而是粗口的对骂，直接使用 f*ck U 那种泼妇骂街。 这场晚宴上的闹剧被《金融时报》（Financial Times）描述为 2026 年达沃斯论坛最具象征意义的碎裂瞬 间，已经成为欧洲精英心中挥之不去的噩梦，它标志着全球精英长期以来试图维持的"礼貌共识"彻底破 产，权力正从"餐桌上的绅士协议"转向"赤裸裸的实力威胁"。 卢特尼克的演说可归结为四点： 一是宣告"全球化已死" （The Death of Globalization），直接给达沃 ...

Group 1 - The World Economic Forum Annual Meeting 2026, themed "Spirit of Dialogue," took place in Davos, Switzerland, attracting nearly 3,000 representatives from over 130 countries to discuss global development issues [1] - The Vice President of Seres Group, Kang Bo, emphasized the importance of dialogue in establishing common goals and building win-win partnerships amid complex global changes [2] - Seres Group aims to create an open cooperative ecosystem, enhancing collaboration with global suppliers and transitioning from "going out" to "integrating in" [2] Group 2 - The Chinese new energy vehicle industry has rapidly developed over the past five years, shifting the focus from electrification to intelligence, with cars evolving into "mobile intelligent entities" [3] - Seres Group has positioned itself as a pioneer in intelligence, proposing the brand concept of "Smart Reshaping Luxury" and collaborating with Huawei to launch the high-end new energy vehicle brand, AITO [3] - The AITO series has received market recognition, with cumulative deliveries exceeding 1 million units, including over 270,000 units of the AITO M9, maintaining a leading position in the 500,000-level sales category for 21 consecutive months [3] - Looking ahead, Seres Group will continue to focus on three strategic directions: globalization, brand premiumization, and AI integration, while deepening collaborative innovation with global partners [3]

评一周车股，察百态车市。 又是个股疯狂的一天。 1月23日，早盘市场出现了两波拉升，先是新能源与有色板块率先吹响冲锋号，带动大盘最高上攻到4140点附近。 但是，以茅台为首的上证50砸盘，再次引发大盘回落。前段时间，东方港湾董事长但斌在雪球嘉年华活动上向"还战斗在白酒里的人表示敬意。"因为"这 两年其他人都吃香的喝辣的"，但是战斗在白酒里人可能连汤都没喝到。 | 领涨板块 | | 板块异动 | | | --- | --- | --- | --- | | 光伏设备 | | 有色(锑) | 冲高回落 | | +10.47% | | 超硬材料 | 火箭发射 | | 连城数控 | +29.99% | 超硬材料 | 高位冲涨 | 不过，剧情峰回路转，指数尾盘震荡拉升，深成指探底回升，创业板指、深成指均涨超0.5%，北证50指数大涨超3%。截至收盘，沪指涨0.33%，深成指涨 0.79%，创业板指涨0.63%。 盘面上，市场热点快速轮动，全市场超3900只个股上涨，其中121只个股涨停。"起床就吃肉喝汤"，股友表示，又是赚了的一天，"势头正盛，格局就 好。" 股市的势头正好，可能不属于雷军。 小米集团发布公告，称于1月2 ...

Investment Rating - The investment rating for TCL Electronics is "Buy" [5]. Core Insights - The company has exceeded its equity incentive targets for 2025, with a strategic cooperation memorandum signed with Sony, accelerating its high-end and global strategies [2]. - The forecasted adjusted net profit for 2025 is between HKD 2.33 billion and HKD 2.57 billion, representing a year-on-year increase of 45% to 60% [9]. - The company maintains a leading position in the television market, with a projected global shipment of 30.41 million units in 2025, a 5.4% increase year-on-year [9]. Financial Summary - **Revenue Forecast (in thousand HKD)**: - 2023A: 78,986 - 2024A: 99,322 (+26%) - 2025E: 115,807 (+17%) - 2026E: 131,717 (+14%) - 2027E: 147,177 (+12%) [4] - **Net Profit Forecast (in million HKD)**: - 2023A: 744 - 2024A: 1,759 (+137%) - 2025E: 2,448 (+39%) - 2026E: 2,849 (+16%) - 2027E: 3,279 (+15%) [4] - **Valuation Ratios**: - PE for 2025E: 12.59 - PB for 2025E: 1.65 [4]. Strategic Developments - TCL Electronics has signed a strategic cooperation memorandum with Sony to establish a joint venture for home entertainment business, with TCL holding 51% and Sony 49% [9]. - The new company will operate under the "Sony" and "BRAVIA" brands, expected to start operations by April 2027 [9]. Earnings Forecast Adjustments - The earnings per share (EPS) estimates for 2025-2027 have been revised to HKD 0.97, HKD 1.13, and HKD 1.30 respectively, reflecting a year-on-year growth of 39%, 16%, and 15% [9]. - The target price has been raised to HKD 15.82 based on a 14x PE for 2026 [9]. Market Position - TCL's market share in global television shipments is projected to be 13.8% in 2025, ranking second, while Sony is expected to have a market share of 1.9% [9]. - The company is expected to continue its high-quality growth and expansion in innovative business areas [9].

Investment Rating - The investment rating for TCL Electronics is "Buy" [5]. Core Insights - The company has exceeded its equity incentive targets for 2025, with a strategic cooperation memorandum signed with Sony, accelerating its high-end and global strategies [2]. - The forecasted adjusted net profit for 2025 is between HKD 23.3 billion and HKD 25.7 billion, representing a year-on-year increase of 45% to 60% [9]. - The company maintains a leading position in the television market, with a projected global shipment of 30.41 million units in 2025, a 5.4% increase year-on-year [9]. Financial Summary - **Revenue Forecast (in thousand HKD)**: - 2023A: 78,986 - 2024A: 99,322 (+26%) - 2025E: 115,807 (+17%) - 2026E: 131,717 (+14%) - 2027E: 147,177 (+12%) [4] - **Net Profit Forecast (in million HKD)**: - 2023A: 744 - 2024A: 1,759 (+137%) - 2025E: 2,448 (+39%) - 2026E: 2,849 (+16%) - 2027E: 3,279 (+15%) [4] - **Valuation Ratios**: - PE: 2025E at 12.59, 2026E at 10.82, 2027E at 9.40 [4]. - PB: 2025E at 1.65, 2026E at 1.50, 2027E at 1.36 [4]. Strategic Developments - TCL Electronics has signed a strategic cooperation memorandum with Sony to establish a joint venture for home entertainment business, with TCL holding 51% and Sony 49% [9]. - The new company will operate under the "Sony" and "BRAVIA" brands, expected to start operations by April 2027 [9].

Group 1: AI Development Trends - The World Economic Forum highlighted AI as a key topic, emphasizing its profound impact on work, life, and research, indicating that AI is evolving into a core infrastructure and productivity driver across industries [3][9] - Discussions at the event included the need for vertical AI models in education, which focus on deep data accumulation rather than merely applying general language models [9][10] - The integration of AI with cryptocurrency was noted as a significant trend, with AI agents potentially controlling assets and facilitating continuous trading once assets are tokenized [12] Group 2: Global Economic Insights - Michael Spence, a Nobel laureate, expressed optimism about globalization, stating it is evolving rather than declining, with technology driving inclusive growth and entrepreneurial vitality [6][8] - The concept of "small multilateralism" was discussed as a necessary reality in a divided world, emphasizing the importance of alliances that promote cooperation for common interests [7] - The need for a systematic approach to building industrial ecosystems was highlighted, advocating for the retention of diverse industrial systems to avoid pitfalls of over-specialization [8] Group 3: ESG and Sustainable Development - The shift towards green development in China is moving from production-led to a dual-driven model of production and consumption, with green consumption becoming a vital area for sustainable development [13][14] - ESG principles are increasingly integrated into corporate operations, with companies like Moutai focusing on sustainable practices and stakeholder interests [14]

2026年1月，特朗普刚威胁欧洲盟友用关税逼他们支持美国买下格陵兰，英法领导人就转头对中国示 好。 法国总统马克龙在开幕演讲里直言，希望中国多投钱到欧洲的量子计算和绿色能源上，他说这些投资得 遵守欧洲规矩，但语气里透着急切。英国财政大臣蕾切尔·里夫斯也在面板讨论中强调，英国想扩大跟 中国的贸易规模，尤其在供应链和科技领域。 这俩国家过去对华政策总摇摆，现在这么齐刷刷地表态，明显是受够了美国的压力。 特朗普1月17日在社交媒体上发帖，说如果欧洲不配合，就对丹麦、法国、英国等八国加征10%关税，6 月再升到25%。这直接戳到法国葡萄酒和英国金融服务的痛处。 欧洲议会赶紧冻结了跟美国的贸易协议批准，作为反击。马克龙在达沃斯没客气，他批评特朗普的关税 是"野蛮行径"，削弱盟友实力。 英国那边，里夫斯在跟美国商务部长争辩时，点明全球化离不开中国，得靠开放贸易稳住经济。 英国刚批准了中国驻伦敦新使馆建设，拖了八年的事儿终于松口。 美国一看欧洲这架势，马上警觉起来。特朗普1月21日飞抵达沃斯，当天就跟北约秘书长会晤，谈成一 个格陵兰"框架协议"，暂时撤回了关税威胁。但这没止住欧洲的转向。 马克龙反复强调，中国投资能帮欧洲摆 ...