Core Viewpoint - The article highlights the recent IPO activities of MiHoYo, showcasing its significant investments in companies like MiniMax and Suplay, positioning itself as a key player in the venture capital space within the gaming and technology sectors [2][3][19]. Investment Activities - MiHoYo is a major investor in MiniMax, holding a 7.34% stake prior to its IPO, and has been involved since its angel round of funding [2][18]. - MiHoYo also holds an 11.86% stake in Suplay, which recently submitted its IPO application, making it the largest external investor [2][19]. - The company has been actively investing in various sectors, including AI and gaming, to enhance its technological capabilities and reduce development costs [6][18]. Strategic Partnerships - MiHoYo has established itself as a client of MiniMax, utilizing its AI models for game development, including character behavior control and NPC dialogue in titles like "Honkai: Star Rail" [7][18]. - The partnership with Suplay allows MiHoYo to expand its IP derivative product offerings and reach a broader Gen Z consumer base [19]. Historical Context - MiHoYo was founded in 2011 with initial funding from a government loan and has since evolved into a significant player in the gaming industry, leveraging its cash flow to explore venture capital opportunities [20][21]. - The company began its venture capital activities around 2018, initially focusing on familiar gaming sectors before branching into cutting-edge technologies [20][22]. Future Directions - MiHoYo's recent leadership changes indicate a strategic shift towards enhancing its focus on frontier technologies and new project development [23]. - The company is also investing in AI-driven projects, with plans to release an AI-native game in 2025, reflecting its commitment to innovation in the gaming industry [23][24].

Core Viewpoint - MiHoYo is actively investing in and partnering with emerging companies in the AI and gaming sectors, positioning itself as a significant player in the venture capital landscape while preparing for multiple IPOs [2][3][4]. Investment in MiniMax - MiHoYo holds a 7.34% stake in MiniMax, which is set to IPO on January 9, and has been a key investor since early 2022, aligning with its strategy to integrate advanced AI technologies into gaming [2][4]. - The relationship between MiHoYo's founder Liu Wei and MiniMax's CEO Yan Junjie dates back to 2021, indicating a long-standing connection that facilitated this investment [3]. Investment in Supply - MiHoYo is the largest external investor in Supply, holding an 11.86% stake, and has been involved since leading its A+ round financing in November 2021 [5][7]. - This investment supports MiHoYo's strategy to expand its IP merchandise ecosystem and reach the Z-generation consumer market [7]. Strategic Partnerships - MiHoYo has transitioned from being merely an investor to becoming a customer of MiniMax, utilizing its AI models in various gaming applications, thereby creating a symbiotic relationship [5][6]. - The company has also opened its IPs for collaboration, enhancing its product offerings and market reach [7]. Venture Capital Approach - Since 2018, MiHoYo has been actively engaging in venture capital, making numerous investments across various sectors, including cutting-edge technologies [8][11]. - The company’s investment strategy is characterized by a focus on young, innovative founders who share a vision of technological advancement [11][12]. Future Directions - MiHoYo's recent leadership changes indicate a shift towards prioritizing research and development in frontier technologies, with a focus on attracting top talent in the AI field [12][13]. - The company is also developing its proprietary AI model, which is expected to enhance game production efficiency by over 30% [12].

Group 1: Emerging and Future Industries - Various provinces are focusing on emerging and future industries, with specific emphasis on sectors like integrated circuits, robotics, and advanced energy storage [1][6] - Jiangsu aims to deepen integration into the Yangtze River Delta's aircraft manufacturing cluster and emphasizes atomic-level manufacturing [6] - Provinces like Shandong and Guangdong are prioritizing sectors such as quantum technology and hydrogen energy, indicating a trend towards high-tech and sustainable industries [1][7] Group 2: Digital Development - Provinces are actively developing digital infrastructure, with Liaoning focusing on data annotation industries and integrating AI into traditional industries [2][9] - Beijing aims to become a global benchmark city for digital economy, emphasizing core technologies like high-end chips and software [2][9] - Guangdong is enhancing its data trading platforms to foster industrial clusters, showcasing a strong market-driven approach [2][9] Group 3: Marine Economy - Coastal provinces are shifting their focus to marine economies, with Guangdong and Shandong aiming to create comprehensive marine industry ecosystems [8][19] - Liaoning and Jiangsu are leveraging their industrial bases to upgrade traditional marine industries towards high-end and green solutions [8][19] - The emphasis on marine economic development reflects a strategic pivot towards utilizing ocean resources for economic growth [8][19] Group 4: Consumption and Economic Growth - Guangdong is promoting the establishment of international consumption centers, aiming to enhance service industry standards and consumer environments [10][11] - Provinces like Beijing and Jiangsu are emphasizing high-energy consumption innovations, focusing on cultural and tourism integration to stimulate local economies [11][15] - The strategies aim to release local market potential and enhance consumer confidence through improved infrastructure and services [11][15] Group 5: Strategic Technology and Talent Development - Provinces are prioritizing the establishment of national laboratories and major scientific facilities to strengthen strategic technological capabilities [12][14] - There is a focus on integrating education, technology, and talent development to foster innovation and address regional needs [13][14] - Collaborative efforts across provinces aim to enhance the overall effectiveness and resilience of the national innovation system [12][14]

1月4日晚，星网锐捷（002396）发布公告，拟通过公开挂牌方式转让其持有的德明通讯(上海)股份有限 公司(以下简称"德明通讯")65%股权，交易完成后公司将不再持有德明通讯股权，后者也将退出合并报 表范围。 回溯股权渊源，星网锐捷与德明通讯的合作始于2015年。当年公司通过发行股份及支付现金的方式，以 3.22亿元的总价收购德明通讯65%股权，完成过户后德明通讯成为其控股子公司。彼时收购的核心目 的，是借助德明通讯在4G LTE市场的技术优势与客户资源，快速切入移动互联网产业链，补强公司在 无线通信领域的布局。 公告披露的财务数据显示，德明通讯近年经营保持稳定态势。2024年全年实现营业收入13.81亿元，净 利润6332万元；2025年前7个月，其营收与净利润分别达到8.84亿元和4739万元。作为一家专注于无线 通信与物联网解决方案的企业，德明通讯自成立起便确立国际化战略，业务主要面向美国等海外市场， 客户群体集中于海外地区。企查查信息显示，德明通讯成立于2003年，曾用名德明通讯(上海)有限责任 公司，注册资本1亿元，经营范围涵盖通讯及电子产品开发设计、计算机软件销售等，同时涉及货物与 技术进出口业务 ...

Core Insights - The hotel RWA (Real World Assets) model represents an innovative approach that combines blockchain technology with the digital economy, allowing hotel assets to be tokenized and traded as security tokens, thus facilitating digitalization, liquidity, and global asset allocation [1][3]. Group 1: Core Logic of Hotel RWA Model - Traditional hotels are capital-intensive, with core assets including property rights, facilities, brand value, and stable cash flows from various revenue streams [3]. - The RWA model enables the tokenization of these assets, allowing investors to indirectly hold shares in hotel assets through the purchase of standardized digital tokens, which entitle them to profit-sharing and potential capital gains [3][5]. Group 2: New Opportunities for Traditional Hotel Transformation - The RWA model addresses several pain points in the traditional hotel industry, such as high capital investment, limited financing channels, poor asset liquidity, and weak digital capabilities [5]. - It facilitates a shift towards asset-light operations by allowing hotels to tokenize part of their assets, thereby releasing liquidity and reducing capital requirements [6]. - The model promotes digital upgrades through blockchain's smart contract capabilities, enhancing operational efficiency and cost reduction [6]. - Token trading on blockchain networks allows hotels to reach a global customer base, attracting small investors and high-net-worth individuals [6]. Group 3: New Entrepreneurial Opportunities - The implementation of the hotel RWA model creates new business avenues for entrepreneurs, including RWA technology service providers that offer asset tokenization solutions [8]. - Vertical platforms focusing on hotel asset tokenization and trading can emerge, providing more flexibility than traditional real estate investment trusts (REITs) [10]. - Innovative product offerings such as fractional ownership and time-sharing rights can be developed, allowing tourists to invest in hotel revenue streams [10]. - Compliance and consulting services are needed due to the regulatory aspects of RWA, creating demand for professionals with expertise in law, finance, and blockchain [10]. Group 4: New Financing Channels - The RWA model opens up low-cost, efficient, and widely accessible financing channels for traditional hotels [13]. - Tokenization lowers financing thresholds by allowing large assets to be divided into smaller shares, attracting a broader range of investors [13]. - The model shortens financing cycles through automated processes, significantly reducing time costs compared to traditional methods [13]. - Global fundraising is facilitated by the open nature of blockchain networks, enabling hotels to attract investors from around the world [13]. - The dynamic valuation and liquidity of tokens allow real-time reflection of hotel asset values, addressing traditional real estate valuation and liquidity challenges [13]. Conclusion - The hotel RWA model represents a dual innovation of asset financialization and digitalization, revitalizing traditional hotel operations and enhancing financing flexibility [18]. - It serves as a critical lever for traditional hotels transitioning from heavy asset operations to a model that combines light assets with capital operations [18]. - For entrepreneurs, it presents a new avenue for integrating digital economy with traditional industries [18]. - For investors, it offers a new tool for participating in the growth of the hotel industry [18].

每经编辑｜段炼 GEM 鄧紫棋 @ 十年十 1月1日，第37届银河奖海选投票名单正式公布，其中，知名歌手邓紫棋2025年出版的长篇科幻小说《启示路》入选银河奖最佳原创图书票选名单。 银河奖诞生于1985年，是我国科幻领域历史最悠久、持续举办时间最长、最有影响力的科幻专业奖项，有"中国科幻最高奖"的美誉。 据组委会介绍，第37届银河奖奖项设置分为"征文奖"和"行业奖"两个部分，"征文奖"部分奖项将沿用过去的评选方式，分初选、复选、终选三个环节。邓 紫棋《启示路》分类在行业奖部分。 图片来源：南方日报 1月1日邓紫棋在发布2025年终回顾时，提及了发表《启示路》一事，表示这圆了自己童年的作家梦。 26-1-1 11:38 来自 iPhone 17 Pro 发布于 广东 新年快樂 司 新年 3. 終於發了 20萬字《啓示路》小說,圓了自己童 年的作家夢 但最重要的是,身邊一直有超級無敵多愛! 2025, 我盡了最大的努力去想、去做、去愛 2026,我還是會自由地去想、去做、去愛♥ 祝你們也是喔! ! ! 去想、去做、去愛! ! ! 2025的我：名副其實的三項鐵人 1. I AM GLORIA 巡演破 143 場 ...

1月1日邓紫棋在发布2025年终回顾时，提及了发表《启示路》一事，表示这圆了自己童年的作家梦。 1月1日，第37届银河奖海选投票名单正式公布，其中，知名歌手邓紫棋2025年出版的长篇科幻小说《启示路》入选银河奖最佳原创图书票选名单。 银河奖诞生于1985年，是我国科幻领域历史最悠久、持续举办时间最长、最有影响力的科幻专业奖项，有"中国科幻最高奖"的美誉。 据组委会介绍，第37届银河奖奖项设置分为"征文奖"和"行业奖"两个部分，"征文奖"部分奖项将沿用过去的评选方式，分初选、复选、终选三个环节。邓 紫棋《启示路》分类在行业奖部分。 小说内容摘要称，《启示路》是邓紫棋创作的首部长篇科幻小说。故事构建了三重世界结构元宇宙中的"乐土"与"废土"，以及真实世界。虚拟角色Gloria 与现实中名为秋的女孩，在两个世界中各自挣扎、彼此照映。她们经历了身份的寻找与撕裂，也经历了情感的失落与重建。小说关注的并非科技本身，而 是在技术介入人类生活后，个体面对"自我"与"爱"的复杂命题：我们该如何去爱。它并不提供答案而是提供一次通往内心的"启示之路"。 根据邓紫棋工作室发布的购买链接，书籍分为"平装版"和"恒藏版"两种，定价分别为 ...

Core Points - The notification issued by the Ministry of Finance and the Ministry of Commerce aims to support cities in developing a new consumption service system, innovate diverse service consumption scenarios, enhance consumption quality, and expand service consumption, thereby promoting more foreign trade quality products into the domestic market [1][2][3] - The pilot program will support around 50 cities, focusing on large and super-large cities with significant population bases and development potential, with a policy implementation period of two years [1][2][3] Policy Goals - The policy aims to enhance the consumption service system, innovate service consumption scenarios, and meet diverse consumer needs, thereby supporting high-quality economic development [2][3] - The pilot cities will be at the city level and above, with a focus on those with strong driving effects and development potential [2][3] Support Directions - Support the establishment of a new consumption service system, including the creation of launch centers and economic clusters, and promote high-level flagship stores and innovative product launches [5][7] - Encourage the innovation of diverse service consumption scenarios, integrating digital technologies in various sectors such as entertainment, tourism, and health [5][7] - Promote cross-industry collaborations between quality consumption resources and well-known IPs to enhance product value and brand influence [5][7] Implementation Procedures - Local authorities will organize applications, with each province allowed to recommend 2-3 cities for the pilot program, ensuring a clear and structured application process [26][29] - A competitive evaluation process will determine the selected pilot cities based on their implementation plans and potential for consumer market development [30] - Financial support will be allocated based on city size, with super-large cities receiving 400 million yuan, large cities 300 million yuan, and other cities 200 million yuan [31] Work Requirements - Strengthen organizational leadership to ensure effective implementation of the pilot program, with local governments taking direct responsibility [34][35] - Enhance financial supervision to ensure compliance and effective use of funds, preventing misuse of allocated resources [37] - Promote the pilot program widely to engage public participation and share successful practices [38]

转自：扬子晚报 1月1日，第37届"银河奖"海选投票名单正式公布，其中，知名歌手邓紫棋2025年出版的长篇科幻小说 《启示路》入选银河奖最佳原创图书票选名单。 银河奖诞生于1985年，是我国科幻领域历史最悠久、持续举办时间最长、最有影响力的科幻专业奖项， 有"中国科幻最高奖"的美誉，每年一届的银河奖颁奖典礼也成为我国科幻领域一年一度的盛会。随着我 国科幻产业的不断发展，银河奖逐年的丰富优化也在一定程度上成为科幻文化行业的风向标。 1月1日邓紫棋在发布2025年终回顾时，提及了发表《启示路》一事，表示这圆了自己童年的作家梦。对 粉丝们来说《启示路》能够进入海选名单也相当惊喜，"入围就是认可，邓紫棋超棒。" 《启示路》于2025年8月由果麦文化出品、北京联合出版公司出版，从口碑上来说，有读者认为《启示 路》具有广阔的想象力，也有读者批评这本小说的科幻感偏弱，更接近为爱情小说，还有读者认为作为 新人作家的邓紫棋，文笔还是稍显稚嫩，但这部小说是她的首作，由此来看还是值得肯定和鼓励。 从市场反馈上来看，《启示路》无疑是2025年最畅销的科幻新作之一，方文山、蔡康永、何炅、韩寒等 人都为该书撰写了推荐语。小说内容摘要称， ...

近日，瀚博半导体(上海)股份有限公司披露IPO辅导工作完成报告，辅导机构为中信证券股份有限公司。 △瀚博半导体第二代全功能GPU芯片 SG100 据介绍，瀚博SG100芯片采用7nm先进制程，具备业界领先的渲染性能，同时兼具低延时高吞吐的AI算力和强大的视频处理能力。搭载瀚博自研GPU软件 栈，业界一流的SR-IOV硬件虚拟化技术，支持Windows/Linux下的DirectX 11、OpenGL、Vulkan等API接口，支持H.264、H.265、AV1等多种视频编解码格 式，可广泛支持数字孪生、数字人、云桌面、云手机、云游戏、云渲染、工业软件等多领域应用，助力打造元宇宙产业算力底座。 此次辅导报告中指出，辅导期开始时，辅导对象募集资金投向方案尚未最终确定。辅导工作小组会同辅导对象管理层结合行业发展趋势、自身竞争优势、 未来发展规划，协助辅导对象研究确定并完善了募集资金投资项目计划，确保投资项目符合辅导对象未来发展所需。 另外，辅导对象的股东结构中机构股东较多，因此股东穿透后的间接股东数量较多、穿透核查工作量较大。辅导机构会同律师，根据相关法律法规的要 求，推进股东穿透核查。当前，辅导对象已落实相关监管 ...