Core Insights - Chery's Fengyun T11 has officially started pre-sales, positioning "privacy protection" as its core selling point, contrasting with the trend of data collection in mainstream smart vehicles [2] - The global smart automotive industry is entering a critical period of reshaping privacy protection rules, with user privacy expected to become a significant competitive arena [2][8] Data Privacy and Technology - The rapid proliferation of smart vehicles has transformed them into massive data collection platforms, raising concerns about user privacy [3] - Fengyun T11 features four core privacy protection functions, supported by a comprehensive technology system that integrates hardware security, encryption, local processing, and zero-trust principles [3] - The account information isolation function exemplifies the application of the zero-trust security concept in vehicle systems, ensuring that user data remains protected from cross-account leakage [3][4] Regulatory Environment - China's data security regulatory framework has evolved, making privacy protection a mandatory requirement for automotive companies [5][6] - A complete legal system for automotive data security has been established, providing clear legal boundaries for data processing activities [5] - Recent inspections revealed data security vulnerabilities in several vehicle models, highlighting the need for compliance with data protection regulations [7] Global Trends - The global landscape for data privacy protection regulations is also intensifying, with the EU's Data Act granting users greater control over vehicle-generated data [8] - China's initiative to establish an international standard for privacy protection in smart mobility services marks a significant step in global privacy regulation [8] - Privacy protection is becoming a key dimension for assessing automotive companies' market competitiveness, shifting from a compliance cost to a means of building brand trust and creating value [8]

撰稿 / 木须虫（职员） 编辑 / 何睿 校对 / 柳宝庆 自2026年1月1日起，广东省内的夫妻可以互查对方名下的不动产和车辆了。 据报道，10月11日，广东省人大常务委员会会议通过《广东省实施〈中华人民共和国妇女权益保障法〉 办法》，自2026年1月1日起施行。《办法》第四十八条提到，夫妻一方持身份证、结婚证等证明夫妻关 系的有效证件，依法向不动产登记、车辆管理单位申请查询另一方财产状况的，有关单位应当受理，并 为其出具相应的书面材料。 在婚姻关系中，财产问题一直是影响夫妻和谐的重要因素之一。广东这一新规，首先是对夫妻财产知情 权的一种有力保障。 在婚姻存续期间，夫妻双方对共同财产有平等的处理权，了解对方的财产状况则是实现这一权利的基 础。通过允许互查房产车辆，夫妻双方能够更全面地掌握家庭财产情况，有效避免因信息不对称而导致 的不公平现象。 值得注意的是，此次赋权也是有限的，充分显示了政策的稳妥性。夫妻互查财产仅限于房产、车辆，不 包括银行账户、股票证券等。这种有限赋权，既保障了夫妻双方必要的知情权，又防止了权利滥用干扰 对方隐私，破坏婚姻信任与稳定。 当然，这一新规的实施也可能面临一些挑战和问题。比如， ...

家住长宁区某小区的赵女士，家在公共走道尽头，出入必经过隔壁老张家门前，这是她们家唯一的通行 路。2021年，老张因快递经常丢失，在门上安装了电子猫眼，可这设备的镜头，偏偏把赵女士一家的日 常出入和公共走道都纳入了拍摄范围。 "家人出门、亲友来访，一举一动都被拍着，今年年初听说画面被转发了！"赵女士越想越不安，多次沟 通无果后，只好诉至法院，要求拆除猫眼。 来源：新闻晨报 能摄像的电子猫眼引发邻里危机 伴随着科技的进步，诸如电子猫眼、电子门锁等带有摄像、摄影功能的安防设备走进了千家万户。随之 而来的隐私保护问题，也成了邻里关系中的新的烦恼。当自行安装的电子猫眼与邻里的隐私保护需求出 现冲突，该如何取舍？近日，上海市长宁区人民法院法官通过将法庭搬入社区的方式，化解了一起由电 子猫眼引发的邻里矛盾。 安装电子猫眼后邻居慌了 庭审现场，范龙帅结合《中华人民共和国民法典》细细释法："邻里相处要讲'有利生产、方便生活'， 隐私权更是受法律保护，不能让'安全'越了'隐私'的界"，引导双方理性看待权利边界，明确"不能安装 能拍摄他人隐私的设备"。当事人双方心里都有了谱。 庭审一结束，范龙帅立马带双方去现场勘查：蹲点看猫眼拍摄 ...

Core Insights - Meta has launched three different AI glasses at the Meta Connect developer conference, positioning them as a significant step towards consumer-level AI and AR technology [1] - Mark Zuckerberg and Kevin Kelly predict that smart glasses will replace most smartphones, creating a "transparent mirror world" that lacks privacy [3] Market Trends - The AI glasses market is experiencing explosive growth, with JD.com reporting a more than 10-fold increase in transaction volume year-on-year for the first half of 2025, and a 54.9% increase in global shipments to 2.555 million units in Q2 2025 [5][6] - Despite the market's growth, high return rates for AI glasses are a concerning trend, with return rates around 30% on platforms like JD.com and Tmall, and as high as 40%-50% on Douyin, primarily due to functionality issues [6] Product Innovations - Meta's new Ray-Ban Display features a color display on the inner side of the right lens and a Meta Neural Band for gesture control, enhancing user interaction and functionality [8] - The core value of AI glasses lies in their ability to provide "data accumulation + decision support" based on user preferences and past behaviors, although they currently lack a compelling core feature to attract consumers [10] Privacy and Security Concerns - Privacy issues surrounding AI glasses, particularly regarding unauthorized recording, remain a significant concern, with suggestions for stronger notification mechanisms and user control over recording features [11][16] - Legal experts emphasize the need for compliance with data privacy laws, advocating for minimal data collection and user consent for sensitive information [17][18]

Core Insights - The article compares the leadership tenures of Steve Jobs and Tim Cook at Apple, highlighting their respective impacts on the company's growth and innovation. Group 1: Steve Jobs Era (1997-2011) - Under Steve Jobs, Apple transformed from a struggling company with a market value of $250 million to a valuation of $344.5 billion, achieving a staggering growth rate of 141,000% [3]. - The introduction of iconic products such as iMac, iPod, iPhone, and iPad during Jobs' tenure exemplified Apple's revival and innovation [3]. - Investing in Apple during Jobs' leadership would have yielded returns of approximately 10 to over 100 times [3]. Group 2: Tim Cook Era (2011-Present) - Since Tim Cook took over, Apple's market value surged from $347 billion to over $3.1 trillion, marking a growth of 9,000% [5]. - Although no groundbreaking products like the iPhone or iPad were launched, Cook introduced significant innovations such as AirPods, Apple Watch, Apple Pay, M-series chips, and Vision Pro [5]. - Cook's leadership is characterized by the transformation of Jobs' innovations into sustainable consumer electronics dominance [5]. Group 3: Future Outlook and Initiatives - Apple aims to achieve carbon neutrality in its operations by 2030, investing heavily in renewable materials and closed-loop manufacturing [6]. - Privacy has been redefined as a core brand differentiator, with initiatives like app tracking transparency and edge AI [6]. - Discussions about Cook's potential succession are underway, with John Ternus, the current hardware chief, being a possible successor [6].

在中国，标准建设同样在加速推进。中国汽车工程学会标准部部长丁彦辞介绍，中国已建立139项新能 源汽车国家标准和行业标准，是全球数量最多、范围最广的标准体系。该学会已发布377项团体标准， 来自全球1400家单位、1.3万名工程师参与标准制修订。 数据显示，2024年全球新能源汽车销量达到1824万辆，其中中国出口新能源汽车201万辆。具备智能网 联功能的新能源汽车在进入不同市场时，不仅涉及整车，还涉及数据安全、智能驾驶等新兴领域的合规 要求，更复杂的是智能网联功能带来的新挑战。且各国对新能源汽车的监管要求差异巨大，企业在不同 市场往往面临多次认证、重复检测的问题。 "在欧洲，数据隐私保护极其严格；在南美，要求适配乙醇汽油。"中国汽车工程研究院股份有限公司 (下称"中国汽研")董事长周玉林用实例说明了各国标准差异带来的挑战。 寻找全球认可的"通行证" 面对标准碎片化难题，国际标准制定机构正在探索统一的解决方案。英国标准协会(BSI)全球体系认证 业务总监桑德拉·沃尔卡诺夫斯卡(Sandra Volkanovska)指出，标准是跨越国界的通用规则。 她提出了"净零排放标准"作为新能源汽车相关标准的蓝图，包含几个关 ...

Core Insights - Neon is gaining popularity as an application that allows consumers to sell their personal data, contrasting with the growing public concern over data privacy [1][5] - The app has reached the top of the social networking category in the US App Store and ranks third among free apps overall, following Google Gemini and ChatGPT [1] Business Model - Neon positions itself as a tool for monetizing personal data through AI, claiming users can earn "hundreds or thousands of dollars" annually by recording and selling their phone calls to "trusted AI companies" [5][7] - The app charges users 30 cents per minute for calls between two Neon users and 15 cents per minute if only one user is on Neon, with a maximum earning potential of $30 per day per user [5] Privacy and Legal Concerns - The app's terms of service indicate that it may capture both incoming and outgoing call records, raising concerns about compliance with wiretapping laws [6][7] - Legal experts suggest that the marketing language used by Neon may be designed to circumvent legal requirements for consent from both parties in a conversation [6][7] - Users grant Neon extensive rights over their recordings, including the ability to sell, use, and distribute the data without clear disclosure on how AI companies will utilize it [7] Data Security Risks - There are significant risks associated with the potential misuse of voice data, including the possibility of creating AI-generated voice scams [9] - Neon has not disclosed which AI companies it sells data to, and like many data-driven companies, it faces risks related to data breaches [9] Industry Context - The rise of applications like Neon reflects a shift in consumer attitudes towards privacy, as some individuals are willing to trade their personal data for monetary compensation [6][10] - The increasing prevalence of AI tools collecting user data raises broader concerns about privacy in the digital age, as users may unknowingly compromise their personal information [10]

Core Viewpoint - TikTok faces significant challenges in the U.S. due to increasing scrutiny from lawmakers and potential legislative actions that could lead to its breakup or ban, reflecting a growing resistance to globalization in a politically charged environment [3][5][6]. Group 1: Hearing Overview - The U.S. Congress held a hearing on TikTok, marking the first time in three years that the company’s CEO, Shou Zi Chew, attended to address concerns about data privacy and national security [3][4]. - The hearing lasted nearly five hours, during which Chew struggled to provide detailed answers due to frequent interruptions from lawmakers, highlighting the contentious nature of the inquiry [4][9]. - Lawmakers expressed concerns that TikTok poses a serious threat to American citizens by potentially allowing foreign governments to access sensitive data and influence content [7][8]. Group 2: User Engagement and Growth - TikTok has become deeply embedded in American society, with approximately 150 million monthly users, a threefold increase since 2020, and daily active users exceeding 80 million [5][39]. - Despite its growth, TikTok's penetration rate in the U.S. remains at about 24%, significantly lower than Douyin's (its Chinese counterpart) 54% [42]. Group 3: Legislative Environment - The Biden administration has provided TikTok with two options: either divest its U.S. operations or face a ban, reflecting a bipartisan consensus in Congress regarding the platform's risks [5][38]. - Recent legislative proposals, such as the RESTRICT Act, aim to empower the government to ban foreign applications deemed a threat to national security, with bipartisan support [38]. Group 4: Data Security Measures - TikTok is implementing the "Texas Project," which involves migrating its U.S. operations to Oracle's servers in Texas, aiming to alleviate concerns over data security and foreign access [46][50]. - The project is expected to cost TikTok between $700 million to $1 billion annually, with a focus on establishing a firewall for U.S. user data [46][50]. Group 5: Challenges and Comparisons - TikTok's advertising revenue generation is significantly lower than that of competitors like Facebook, with the platform struggling to monetize its user base effectively [42][43]. - The platform's e-commerce initiatives in the U.S. have been slow to develop, with plans for expansion being postponed due to regulatory pressures and competitive challenges [44][46].

Core Viewpoint - The article emphasizes that 2025 will be a pivotal year for AI Agents, highlighting the shift from traditional language models to more versatile AI Agents capable of performing complex tasks through simple natural language commands [4][6]. Group 1: AI Agent Development - The rise of AI Agents is driven by the increasing capabilities of mobile devices, with predictions indicating that by 2027, global AI mobile penetration will reach approximately 40%, with an expected shipment of 522 million units [9]. - Major tech companies, including Apple, are launching their own AI models, such as Apple Intelligence, while domestic manufacturers like Xiaomi and OPPO are also entering the market with their versions [9]. - The challenge lies in overcoming app isolation, as different applications typically prevent data sharing, necessitating either API agreements or the use of accessibility permissions to enable AI operations [11]. Group 2: Security and Privacy Concerns - The use of accessibility permissions raises significant privacy risks, as AI applications can potentially access sensitive information, including payment passwords and chat records [6][12]. - There are two main technical paths for AI Agent development: an interface model that requires cooperation between app developers and a non-interface visual solution that utilizes system-level permissions [11]. - The article notes that while the interface model is safer, it is also more complex and costly due to the need for adaptation across different devices [12]. Group 3: Market Potential and Growth - The AI Agent market is projected to grow from $5.1 billion in 2024 to $47.1 billion by 2030, with a compound annual growth rate of 44.8% [17]. - A survey indicated that over half of respondents have encountered data privacy and security issues, with 60.09% believing that AI could uncontrollably collect and process personal information [17]. Group 4: Regulatory and Industry Response - The article suggests that proactive measures are essential for managing AI risks, with companies needing to enhance their awareness of privacy issues [19]. - Recommendations include defining the minimum data required for specific functions and establishing data quality management standards to ensure data integrity and security [19][21]. - Regulatory bodies are encouraged to adopt agile governance strategies to address the rapid evolution of technology and its associated risks, ensuring a balance between user protection and innovation [21].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.9, up from a previous target of HKD 12.8 [1][4][7] Core Insights - The company reported a revenue of USD 938 million for the first half of 2025, representing a year-on-year growth of 47%, and a net profit of USD 32 million, which is a 3.4 times increase compared to the previous year [1][2] - The revenue from the advertising technology business reached USD 929 million, also growing by 47.6%, with the programmatic advertising platform Mintegral contributing USD 897 million, a growth of 48.6% [2][3] - The report highlights that the strengthening of antitrust policies is creating more opportunities for the industry, despite a slowdown in global economic growth [2] - The mixed monetization strategy is becoming mainstream, combining various revenue sources such as ads, subscriptions, and in-app purchases, which enhances revenue diversity [3] Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected at USD 0.06, with subsequent years forecasted at USD 0.08 for 2026 and USD 0.10 for 2027 [1][4] - The company’s revenue is expected to grow from USD 1,054.1 million in 2023 to USD 2,093.1 million in 2025, reflecting a growth rate of 38.8% [5][11] - Adjusted net profit is forecasted to increase significantly from USD 19.1 million in 2023 to USD 99.9 million in 2025, with a growth rate of 102.5% [5][11] Market Dynamics - The report notes that the advertising industry continues to grow despite challenges, driven by advancements in AI and machine learning technologies that enhance user targeting without compromising privacy [2][3] - The introduction of smart bidding products has significantly contributed to revenue growth, with over 80% of Mintegral's total revenue coming from this product line in the first half of 2025 [3]