证券日报网1月8日讯，恒坤新材在接受调研者提问时表示，通过引进人才和内部培养相结合，组成多元 化的研发实力。公司将继续加大研发投入，持续推进产品迭代，重点突破核心技术与原材料瓶颈。 ...

大家好，我是蒋晖，创业19年，公司现有团队人数500人+。 今天聊聊我最近的一些创业思考： 第一，有限规模 我们所做的任何生意，都无法建立绝对的优势，意味着：必然有竞争。 我们与对手之间，就是你追我赶的过程。 如果你的对手也不傻的话，也不会让你的优势扩得太大。 要明白： 我们打不死对手，对手也很难打得死我们。 我们的规模必然就是有限的，试图打死对手，其实在牺牲彼此利润。 所以，竞争到一定程度就可以。 像今天的手机市场， 6 大品牌，每家 15% 的份额。市场总量不增长的话，想靠打败对手而增 长，难。 与其说，打败对手，不如找到更好的生态位活下来就可以。 持续在这个生态位上，建立不被对手打败的能力。 第二，有限赛道，无限产品 大多数企业，所在赛道的产品，都是持续迭代的。 可口可乐，是不需要迭代的产品。但是，大多数企业需要迭代。持续活下去，就需要持续迭代 产品。连 iphone 都是这样。 企业的天花板不在产品上，在赛道上。 为什么是有限赛道，因为精力有限，大多数创业者可能最好就选择一个赛道里面，持续迭代产 品。 天才级创业者可以多选几个赛道。或者：贪心的创业者。 第三，机会在碎片化 视频号、小红书，都分流了抖音 ...

证券日报网讯12月19日，瑞迪智驱（301596）在互动平台回答投资者提问时表示，公司目前正在积极推 进产品迭代和市场推进，后续新的进展情况请以公司披露的公告为准。 ...

"我们将把在赛事中用到的智慧场馆解决方案，推广至更多大型公共设施，服务更多人。"卓周旺说。 《 人民日报 》（ 2025年12月16日 10 版） (责编：杨光宇、胡永秋) 为广东奥体中心等多个场馆打造通信"神经网络"的，是天河区本土企业广州宇洪科技股份有限公 司。"过去，一个场馆最多承载200多台对讲机的通信量，我们通过技术攻关，实现了上千台对讲机同时 使用。"宇洪科技副总经理卓周旺介绍。 六运会、九运会、第十六届亚运会，再到十五运会和残特奥会……30多年来，天河区以重大体育赛事为 应用场景，培育壮大了一批科技企业。 佳都科技研发的智慧交通指挥平台、数元科技研发的"天枢"空天地立体防控系统，保障赛事期间人流安 全聚集与疏散；师大维智和南方测绘提供的数字孪生与仿真推演服务，让人流、车流、应急方案在虚拟 世界中预演优化……天河区主动开放应用场景，让体育赛事成为新技术、新产品的"秀场"，加速技术创 新与产品迭代，"人才引领创新、资本助推产业"的良性循环逐步形成。 近日，残特奥会田径项目比赛在广东奥体中心举行，出入口一块无障碍信息查询屏十分显眼。通过屏 幕，可以查询场馆内的无障碍设施分布情况，还能获取场馆电子地图、 ...

Core Viewpoint - The Chinese automotive industry is rapidly evolving, with companies like Li Auto facing significant challenges and emphasizing the need for innovation and cost management to remain competitive [4][6][14]. Group 1: Challenges Faced by Li Auto - Li Auto is currently dealing with five major challenges: evolving consumer demands, ongoing price competition, intensified geopolitical conflicts affecting supply continuity, market volatility, and accelerated application of new technologies leading to quality challenges [6][8]. - The company recognizes the need to shorten product iteration cycles significantly, which requires a substantial increase in innovation density [4][11]. - Price competition has led to a 4% decrease in the average transaction price of new energy vehicles in China, now at 170,000 yuan, with further reductions expected due to tax and subsidy changes [14][18]. Group 2: Strategies for Cost Management - Li Auto has made cost management a primary focus for all platform products, emphasizing that the success of platform products directly influences the overall success of vehicle products [19][21]. - The company aims to enhance product value while simultaneously managing costs, with a target for the product development team to achieve significant cost reductions [18][19]. - The strategy includes leveraging existing partnerships and focusing on both red ocean (traditional) and blue ocean (new technology) components to optimize supply chain efficiency [6][23]. Group 3: Supply Chain and Risk Management - Li Auto is addressing supply chain risks by diversifying resources and forming strategic partnerships to ensure supply continuity amid geopolitical tensions [25][28]. - The company has approximately 500 tier-1 partners and over 5,000 tier-2 and tier-3 suppliers, highlighting the complexity of managing supply chain risks [30][31]. - A focus on vertical integration is emphasized as a long-term strategy to enhance supply chain resilience and efficiency [24][33]. Group 4: Innovation and Product Development - Li Auto is implementing a collaborative innovation model, organizing teams by product categories to foster targeted innovation efforts [13][14]. - The company aims to achieve "zero defects" in quality, focusing on design and process reliability, and is investing in AI-driven quality monitoring systems [46][48]. - The need for rigorous testing and validation of new technologies is underscored, as the automotive industry faces increasing quality challenges due to the integration of electronics and software [43][46]. Group 5: Organizational Efficiency and Future Outlook - The company is exploring ways to enhance organizational efficiency through the integration of AI technologies, which are expected to significantly improve operational productivity [52][54]. - Li Auto's approach emphasizes collaboration and shared success with partners, aiming to navigate industry challenges collectively [54]. - The long-term vision includes a commitment to sustainability and carbon reduction, aligning with national energy goals [50].

Group 1: Industry Overview - The glass industry is currently in a phase of capacity clearance and supply-demand mismatch, with a focus on understanding the capacity structure, product iteration trends, and market competition logic in the South China region [1] - The photovoltaic glass market is experiencing weak overall expectations, with the core logic of industry growth shifting from "anti-involution" to capacity clearance, leading to discussions on response strategies within the industry [2] - The existing capacity is primarily composed of emerging capacities, with a focus on eliminating poorly managed enterprises, while actual production capacity can reach 110% to 120% of designed capacity [2] Group 2: Product Characteristics and Supply Chain - The main product thickness is 2.0mm, with a high processing conversion rate of 90% and a processing qualification rate exceeding 99%, utilizing a B2B model for distribution [3] - The company has stable raw material supply, with quartz sand sourced from its own mines and soda ash procured through long-term agreements, impacting production costs [4] - Inventory management is efficient, with a normal inventory cycle of 30 to 40 days, aligning with the fast turnover characteristics of photovoltaic glass [5] Group 3: Market Dynamics and Competition - The core consumption market for daily-use glass is in Guangdong, with significant demand from the seasoning industry and other sectors [6] - The competition in the market is intensifying, particularly for raw soda ash, with a noticeable downward trend in synthetic soda ash costs [7] - The photovoltaic glass industry is seeing a clear direction in product iteration, with 2mm thickness accounting for 80% of the market, while the 3.2mm thickness is gradually being phased out [14] Group 4: Trade and Collaboration - The current trade model in the photovoltaic glass market is primarily point-to-point, with direct connections between glass manufacturers and component factories, leading to challenges in financing for midstream traders [15] - The cooperation ecosystem is characterized by component manufacturers holding pricing power, which affects the negotiation dynamics with glass suppliers [15] - Future industry trends indicate a focus on cost advantages and product quality, with logistics optimization and resource integration becoming critical [16]

Core Viewpoint - Apple has officially classified the first-generation iPhone SE as an "obsolete product," ceasing all forms of repair, battery replacement, and hardware support globally [1]. Group 1: Product Lifecycle - The first-generation iPhone SE was launched in March 2016, featuring a 4-inch screen, Touch ID, and an A9 chip, quickly becoming popular among small-screen enthusiasts due to its high cost-performance ratio [1]. - The device was sold until September 2018, and after seven years since its discontinuation, it meets Apple's criteria for being classified as "obsolete," which applies to products discontinued for over seven years [1]. Group 2: Support and Service Changes - Following this classification, all Apple retail stores and authorized service providers will no longer offer any form of support for the first-generation iPhone SE, requiring users to seek third-party repair options or replace their devices [1]. - The transition to the "obsolete" status means that users will not have access to official repair services, marking a significant shift in Apple's support policy for older devices [1]. Group 3: Future Product Strategy - By February 2025, with the launch of the iPhone 16e, Apple will also discontinue the third-generation iPhone SE, marking the end of a product line that has been in the market for nine years [3]. - Currently, Apple has no 4-inch or 4.7-inch small-screen devices in its lineup, indicating a complete shift towards larger screens and full-screen designs [3].

Core Viewpoint - Weijie Chuangxin (688153.SH) announced the receipt of a government subsidy of 5 million yuan, which is expected to positively impact the company's operating performance for the fiscal year 2025 [1][5]. Financial Impact - The government subsidy accounts for approximately 21.07% of the net profit attributable to the parent company's shareholders for 2024 [5]. - For the first three quarters of 2025, Weijie Chuangxin reported revenue of 1.559 billion yuan and a net profit of 8.6 million yuan, indicating pressure on profitability amid increasing competition and costs [5]. Strategic Focus - The subsidy is intended to support the company's technological research and development as well as industrialization efforts, enhancing its innovation capabilities and market expansion [5]. - The company emphasizes its commitment to increasing R&D investment and advancing technology upgrades and product iterations to strengthen its competitive advantage in niche markets [5]. Future Outlook - Weijie Chuangxin plans to actively seek various compliant support resources in line with national and local industrial policies to promote collaborative development within the industry chain and enhance overall competitiveness and risk resilience [5].

Core Points - Triumph Group will cease operations in mainland China by December 31, 2025, as announced on November 21, 2023 [1] - The cessation of services includes stopping after-sales support on various online platforms by December 5, 2025, and the closure of physical stores by December 31, 2025 [1] Company Analysis - Triumph is a well-known German lingerie brand established in 1886, facing intense competition from rising domestic brands in the Chinese market [2] - The Chinese lingerie market is projected to reach a size of 223.7 billion yuan in 2024, with domestic brands surpassing foreign brands in market share [2] - Triumph's products are priced above 200 yuan, with some nearing 1,000 yuan, making them less competitive in terms of pricing [2] - The brand's product offerings are perceived as outdated compared to rapidly evolving new products like seamless and wireless lingerie [2] - Increasing sales through e-commerce platforms have negatively impacted Triumph's physical store sales, compounded by high rental and labor costs [2]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the cloud computing industry, focusing on GPU depreciation policies and their financial implications for major cloud service providers such as Amazon, Meta, Microsoft, and Google [1][2][4]. Core Insights and Arguments - **Depreciation Impact on Profit**: Amazon's depreciation adjustments in 2024 added approximately $600-700 million in quarterly profits, but a subsequent adjustment in 2025 is expected to reduce net profits by $100-300 million, highlighting the significant impact of depreciation policies on financial performance [1][2]. - **Future Profit Growth**: A projected change in accounting standards in 2025 is anticipated to result in a net profit increase of about 5.6%, with cumulative net profit additions of $300-500 billion from 2023 to 2028, totaling $1.46 trillion [1][4]. - **GPU Rental Market Dynamics**: Despite a decline in rental prices for older GPUs like the H100 and A100 (down 25% and 30% respectively since September 2024), there remains a strong market for these older models, with some being rented at 95% of their original price [1][3][11]. - **Product Iteration Speed**: NVIDIA has accelerated its product release cycle from every 2-3 years to annually, with new chips like the Blackwell offering significantly improved performance and cost efficiency, which is expected to drive faster market updates [1][7]. - **GPU Lifespan Concerns**: High utilization rates in data centers are shortening GPU lifespans to 1-3 years, raising concerns about equipment wear and tear as demand and supply dynamics shift [1][10]. Additional Important Insights - **Differing Depreciation Policies**: Major cloud providers have adjusted their GPU depreciation periods, with Amazon changing its policy from 6 years in 2024 to 4 years in 2025, while others like Microsoft and Google have extended theirs to 6 years [2]. - **Market Trends in GPU Pricing**: The rental and second-hand market for GPUs is experiencing rapid depreciation, with significant price drops observed since 2019, indicating a need for companies to adapt to changing market conditions [3][11]. - **Emerging Cloud Providers**: New cloud service providers like NeoCloud are facing more volatile pricing and higher operational costs compared to larger firms, which may impact their competitiveness and financial stability [14][15][17]. - **Financial Implications for New Providers**: Companies like Corwave adjusting their depreciation periods are expected to see substantial savings in depreciation costs, significantly affecting their operating and net profits [18]. Conclusion - The conference call highlights the critical role of GPU depreciation policies in shaping the financial landscape of the cloud computing industry, with implications for both established and emerging players. The rapid pace of technological advancement and market dynamics necessitate ongoing adjustments in strategy to maintain competitiveness and profitability [1][19].