你说这种团队作案的情况之下，不管是起诉，还是投诉，都跟不上抹黑的节奏，并且这种被动应对的办 法，真不是好办法。 众所周知，自从小米汽车从SU7到YU7爆火之后，网上的舆论一直对小米非常不利，特别是最近这几个 月，铺天盖地的攻击小米汽车，甚至还攻击小米汽车的车主。 并且有意思的是，夸小米汽车的没人看，但要是是小米汽车的负面，就会被投流，然后播放量大增，造 成全网好像就只有小米汽车出事的假象。 这种舆论，怎么应对？说真的，还真没有太多的见效特别快的办法，只能见招拆招。 因为抹黑的账号，不是几个或几十个，而是批量的，12月份的时候，公安机关不是打掉了一个长期抹黑 小米、理想等新能源汽车的团队么？抓了12个人，关停账号8000余个。 所以雷军受到了启发，这次打算跨年直播时，就直播拆YU7这台车，当然现在雷军表示因为感冒，直播 要延迟，要放到1月3日。 通过拆车，小米可以将YU7的用料，做工全部展示给大家看，回归技术本身。 同时拆车时，还可以向大家展示自主研发成果，以及讲解设计理念，零部件功能，让大家普及小米YU7 的技术特色，以及技术本身。 这样可以让大家更好的看清楚小米YU7是一台什么样的车。 不过，我觉得雷军还是 ...

Core Viewpoint - Since 2025, the Hong Kong IPO market has regained its global leading position in fundraising, driven by the increasing valuation of quality Chinese assets and the enhanced international service capabilities of Chinese investment banks, particularly CICC, which has played a pivotal role in this market [1][5]. Group 1: Market Activity and CICC's Role - CICC has participated in 53 out of 117 IPOs in the Hong Kong market since 2025, achieving a market coverage rate of 45% [1]. - The company has acted as a sponsor for 42 projects, holding a market share of 36%, indicating that one in three newly listed companies in Hong Kong has CICC as its sponsor [1]. - CICC has led 38 projects, with a leading rate exceeding 90%, establishing a dominant position in the market [1]. Group 2: Underwriting Scale and Market Share - CICC's underwriting scale has surpassed $10 billion, accounting for nearly 30% of the market [2]. - The company has maintained the top market share for four consecutive years, reflecting its enhanced ability to cover global investors and dominate key underwriting processes [2]. - In 2025, CICC's sponsorship of major projects increased significantly, with the number of projects rising from 4 in 2019 to 10, representing 50% of the top 20 IPOs [2]. Group 3: Notable IPOs and Investor Engagement - CICC played a crucial role in the $5.25 billion IPO of CATL, which set multiple records for the largest IPOs in 2023 and the largest H-share IPO of a Chinese company since 2022 [3]. - The company successfully attracted over 150 times oversubscription for the public offering and engaged numerous sovereign funds and long-term international investors [3]. - CICC facilitated the $1.368 billion IPO of Sanhua Intelligent Controls, marking the largest IPO in Zhejiang Province since 2021, showcasing international capital's recognition of Chinese high-end manufacturing [3]. Group 4: Innovative Projects and Market Influence - CICC led the $1.34 billion IPO of Chery Automobile, the largest financing scale for a comprehensive automotive enterprise in Hong Kong in nearly a decade [4]. - The company was the sole sponsor for the $176 million IPO of Jaxin International, which was the first dual listing project in both Hong Kong and Astana, highlighting its innovative approach [4]. - CICC's influence in the Hong Kong market has transitioned from being an important participant to a leader, significantly enhancing its market presence and capabilities [5].

就此一系列相关问题，观察者网咨询了北京国樽律师事务所合伙人律师周睿和王芳芳。两位律师表示， 本案对新能源汽车产业影响极大，暴露了当下行业长周期、高性能部件采购合同存在的巨大"法律缝 隙"，特别是如何鉴定使用多年的高性能部件的先天质量与后天损耗，也为产业链上下游的协作与健康 发展提供了警示。 【文/观察者网 潘昱辰 编辑/高莘】日前，吉利极氪旗下电池公司威睿以电芯存在质量问题为由，将电 芯供应商欣旺达告上法庭，索赔超过23亿元，相当于后者近两年的净利润，并引发行业内外广泛关注。 这起汽车制造商、下游电池制造商与上游电芯供应商之间的高额索赔纠纷，原被告双方各存在哪些举证 与抗辩的依据?法院又当如何审查如此巨额的损失主张？对使用多年的电芯又将如何进行鉴定？存在合 资利益关系的双方，在对簿公堂前又有哪些协商与博弈？ 更为重要的是，本案又将对中国新能源汽车产业链的合规发展与协作前景产生怎样的影响？ 欣旺达 视觉中国 问：威睿提出超过23亿元的索赔可能由哪些部分构成？法院在审查巨额损失主张时，核心的认定标准和 计算依据是什么？ 周睿：威睿诉请的损失主要指直接损失，可能包括：（1）更换故障电池包的全部成本（电芯采购成 本、 ...

Group 1 - The recent volatility in silver prices has been dramatic, with prices soaring and then experiencing a significant correction within a short period [1][4] - On December 17, the spot silver price broke the key level of $66 per ounce, reaching a high of $66.88, followed by a peak of $83.62 on December 29 before closing at $72.23 [4][5] - The COMEX silver futures also saw a rise from $43 per ounce in late October to over $80, before settling around $70 on December 29, indicating substantial gains and subsequent corrections in both spot and futures markets [5] Group 2 - The Chicago Mercantile Exchange (CME) raised margin requirements for silver futures contracts to cool down the overheated market, making it more expensive for traders to enter positions [7] - This regulatory action aims to reduce speculative trading and stabilize the market, as many investors were entering based on trends rather than actual demand [7] Group 3 - The primary driver behind the surge in silver prices is the imbalance between supply and demand, particularly due to increased demand from the renewable energy and artificial intelligence sectors [9] - The demand for silver in the photovoltaic industry is expected to grow significantly, with projected consumption reaching 7,560 tons in 2025 and increasing thereafter [9] - Additionally, silver's inclusion in the U.S. critical minerals list has heightened investor interest, suggesting potential long-term shortages and driving prices higher [10] Group 4 - The rising silver prices pose challenges for industries reliant on silver, such as Tesla, which has expressed concerns over increased production costs due to higher silver prices [12] - The impact of rising silver prices on production costs could affect pricing and profitability for companies that utilize silver in their manufacturing processes [12] Group 5 - Future silver price movements will largely depend on two key factors: changes in demand and the monetary policy of the Federal Reserve [13] - While demand from the solar industry may stabilize, the overall fundamentals for silver remain strong, especially if the U.S. economy slows and interest rates decrease, making silver a more attractive investment [16] - The strength of the U.S. dollar will also play a crucial role, as a weaker dollar could lead to higher silver prices due to its dollar-denominated nature [16]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights the continuation of electric vehicle (EV) subsidies in 2026, which is expected to enhance the penetration rate of EVs and boost sales, particularly for mid to high-priced models [2]. - The implementation of a large-scale equipment renewal and consumer goods replacement policy reflects the government's commitment to supporting the consumption of new energy vehicles [2]. - The report anticipates a strong demand for lithium batteries in 2026, driven by the sustained growth in electric vehicle sales and the continuation of the old-for-new policy [2]. Summary by Sections Policy Impact - The 2026 policy includes subsidies for scrapping and replacing old vehicles, with personal consumers receiving up to 20,000 yuan for qualifying new energy vehicles [2]. - The policy aims to support the transition to low-emission vehicles, including electric trucks and city buses, thereby alleviating concerns about subsidy reductions for electric heavy trucks [2]. Market Performance - In 2025, the old-for-new policy significantly boosted the sales of new energy vehicles, with production and sales reaching 14.91 million and 14.78 million units respectively, marking a year-on-year growth of 31.4% and 31.2% [2]. - The report notes that the domestic power battery sales reached 1,044.3 GWh in 2025, reflecting a 50.3% year-on-year increase, indicating a robust market for battery manufacturers [2]. Investment Recommendations - The report suggests focusing on leading battery companies such as CATL, Zhongxin Innovation, and Yiwei Lithium Energy, as well as material suppliers like Hunan Youneng and Tianwei Technology, due to their strong market positions and growth potential [2]. - The anticipated increase in electric vehicle penetration and battery demand presents a favorable investment landscape for stakeholders in the new energy sector [2].

Core Insights - The report highlights the transition of the semiconductor industry towards advanced packaging solutions due to the exponential rise in costs associated with advanced process nodes, with a 2nm chip design costing approximately $725 million, which is 25 times that of a 65nm chip [14] - The advanced packaging market in China is projected to reach approximately 96.7 billion yuan in 2024, accounting for 31% of the global market, and is expected to grow to 188.8 billion yuan by 2029, with a CAGR of 14.3% [14] International Market Overview - The report notes that India's GDP has reached $4.18 trillion, surpassing Japan to become the world's fourth-largest economy, with expectations to replace Germany as the third-largest economy within the next two to three years [10] - The South Korean central bank announced a comprehensive revision of monetary and liquidity statistics, which resulted in a decrease in the M2 growth rate from 8.7% to 5.2% under the new standards [10] Domestic Market Insights - By 2025, Chinese automotive manufacturers are expected to surpass Japan in global sales, achieving approximately 27 million units, a 17% year-on-year increase, while Japanese manufacturers are projected to maintain sales around 25 million units [12] - The Ministry of Industry and Information Technology has issued a digital transformation implementation plan for the automotive industry, aiming to enhance smart manufacturing capabilities and promote the application of 5G technology [12] Company-Specific Developments - The report mentions that AI platform Manus has been acquired by Meta, marking it as Meta's third-largest acquisition [13] - SoftBank has completed a $40 billion investment commitment to OpenAI, which is one of the largest private financings in history, with a post-investment valuation of approximately $300 billion [13] - Semiconductor company SMIC plans to issue shares to the National Integrated Circuit Fund and other shareholders to acquire a 49% stake in SMIC North, with a transaction value of 40.6 billion yuan [13]

Core Viewpoint - The article highlights the challenges faced by electric vehicle (EV) owners in asserting their rights, particularly in cases of system failures and accidents, emphasizing the need for improved consumer protection and service standards in the growing EV market [1][6]. Group 1: Consumer Rights and Challenges - EV owners are increasingly concerned about after-sales service, product quality assurance, and the protection of their rights, as exemplified by a case where a consumer struggled to prove system failure after a near-collision incident [1]. - The difficulties in proving fault and the lack of clear monitoring systems contribute to a prolonged and frustrating claims process for consumers [1][6]. Group 2: "Three Responsibilities" Policy - GAC Aion has introduced a "Three Responsibilities" policy that outlines specific consumer rights related to battery safety, battery degradation, and smart parking accidents, applicable to eligible non-commercial vehicle owners [3][4]. - The policy includes compensation for vehicle fires due to battery system issues, free battery replacements for significant capacity loss, and full coverage of repair costs for accidents caused by the smart parking system [4][10]. Group 3: Industry Impact and Consumer Confidence - The introduction of the "Three Responsibilities" policy is seen as a significant step in addressing consumer anxieties regarding EV ownership, particularly concerning high repair costs and complex after-sales issues [11][12]. - This policy aims to enhance the resale value of EVs by addressing battery degradation concerns, which are critical to the second-hand market [11]. Group 4: Technological Strength and Market Position - GAC Aion's confidence in offering the "Three Responsibilities" policy stems from its strong technical capabilities, including a record of zero vehicle fires and significant advancements in battery safety technology [8][10]. - The company has achieved notable milestones in autonomous driving, further establishing its reputation in the EV market [8]. Group 5: Industry Collaboration and Standards - The "Three Responsibilities" policy encourages collaboration across the EV supply chain, prompting upstream suppliers to enhance quality control and midstream manufacturers to improve vehicle safety and service systems [14]. - By clarifying responsibilities and compensation standards, the policy provides a framework for consumer protection and contributes to the development of national standards for EV safety and after-sales service [14][15].

Core Viewpoint - The company Feirongda (300602.SZ) has a diverse range of applications for its products across various sectors, including consumer electronics, network communication, data centers, servers, new energy vehicles, photovoltaic energy storage, artificial intelligence, medical devices, and home appliances [1][4]. Group 1: Client Segments - Data center and server clients include major companies such as H Company, ZTE, Cisco, Inspur, Datang Mobile, Yonghong Super Micro, H3C, Super Fusion, Lenovo, Wistron, Wistron NeWeb, Compal, Asus, Oriental Communication, and Shenzhou Kuntai [1][4]. - Consumer electronics clients feature prominent names like H Company, Samsung, Honor, Lenovo, Dell, HP, Xiaomi, and Meta, among others [1][4]. - Other consumer clients include GoerTek and Sony [1][4]. Group 2: New Energy and Automotive Clients - New energy vehicle battery manufacturers include CATL, BYD, Xinwangda, LG New Energy, Zhongchuang Xinhang, Ruipu Lanjun, Guoxuan High-Tech, and Funeng Technology [1][4]. - Automotive clients consist of GAC, BAIC, Changan, Geely, Li Auto, NIO, Xiaopeng, and Seres [1][4]. Group 3: Inverter and Control Clients - Inverter clients include H Company, GoodWe, and Solis, among other significant customers [1][6]. - Control system clients comprise Huichuan and Weimais [1][6].

Core Viewpoint - Since 2025, the international capital has increased its allocation to Chinese assets, leading to a revitalization of the Hong Kong IPO market, which has regained its position as the largest globally in terms of fundraising scale after six years [1] Group 1: Market Position and Performance - CICC has participated in 53 out of 117 IPOs in the Hong Kong market since 2025, achieving a market coverage rate of 45%, a significant increase from 17% in 2019 [2] - CICC has led 38 projects as the principal sponsor, with a leading rate exceeding 90%, establishing a dominant position in the market [2] - The underwriting scale of CICC has surpassed 100 billion USD, with a market share of nearly 30%, nearly doubling from about 15% in 2019 [2] Group 2: Leadership in Major Projects - In the top 20 IPO projects, CICC's sponsored projects increased from 4 in 2019 to 10 in 2025, accounting for 50% of the total [3] - CICC's underwriting share for 8 of its sponsored projects exceeded 45%, with 5 projects surpassing 70%, indicating a significant lead in major projects [3] - CICC has successfully attracted global sovereign funds and long-term institutional investors, providing crucial funding support for companies [3] Group 3: Notable IPOs - CATL's IPO on May 20 raised 5.25 billion USD, marking the largest IPO globally in 2023 and the largest for a Chinese company since 2022, with CICC as the sponsor [4] - CICC facilitated the introduction of cornerstone investors, including a major European asset management firm, for Sanhua Intelligent Control's IPO, which raised 1.368 billion USD [5] - JXIR's IPO on August 28 raised 176 million USD, marking a significant milestone in the internationalization of the RMB and showcasing CICC's ability to attract long-term investors [6] Group 4: Strategic Impact - CICC has transitioned from an "important participant" to a "leader" in the Hong Kong IPO market from 2019 to 2025, enhancing its influence in market participation and project leadership [7] - The company is strengthening the pricing power and influence of Chinese assets in the global capital market, establishing itself as the core leading investment bank in Hong Kong [7]

Core Insights - The Dongfeng Warrior M817 has officially rolled off the production line, marking a significant milestone with the 10,000th unit. The company aims to transition from military off-road vehicles to smart electric off-road vehicles, targeting the high-end electric vehicle market in China with a focus on "smart off-road" as a differentiating factor [2][3] Strategic Transformation - The company has launched a systematic transformation plan named "Climbing Action," which encompasses four dimensions: organization, product, technology, and ecosystem. This initiative is not merely a market choice but a mission to redefine its role in the automotive industry [3][4] - The organizational strategy includes creating an agile system that directly connects with users, implementing a "3-1" response mechanism to enhance customer service [3][4] Product Development - The product lineup consists of three series: the 917 series as the flagship, the M series targeting off-road enthusiasts, and a new series focused on "light off-road" experiences set to launch in late 2026 [4][5] - The company emphasizes the integration of smart technology with off-road capabilities, aiming to enhance safety and comfort while addressing reliability concerns associated with electric off-road vehicles [5][6] Technological Integration - The core technology strategy involves deepening the fusion of "smart" and "off-road," utilizing advanced sensors and computing power to improve vehicle performance and user experience [4][5] - The partnership with Huawei is pivotal, with the M817 featuring comprehensive Huawei technology, indicating a long-term strategic collaboration that extends beyond hardware to include ecosystem development [5][6] Market Positioning - The company is attempting to shift the perception of off-roading from a niche activity to a mainstream lifestyle through technological empowerment and accessibility [6][7] - Initial market feedback has been positive, with the M817 achieving significant sales growth since its launch, although the company remains cautious about its future targets [6][7] Competitive Landscape - The company faces challenges in educating the market about the reliability of electric off-road vehicles and competing against traditional off-road brands and new entrants in the market [7] - The strategic focus on leveraging military heritage, deep integration of smart technology, and a planned product series approach aims to expand its market base while navigating the competitive landscape [6][7]