Srouji的留任声明在苹果高管层经历一系列变动之际尤为重要，近期离职或退休的高管包括人工智能主 管John Giannandrea、用户界面设计主管Alan Dye、总法律顾问Kate Adams、环境政策和社会事务副总 裁Lisa Jackson以及首席运营官Jeff Williams。 据报道，苹果CEO库克积极挽留Srouji，提供了丰厚的薪酬方案和未来更大职责的可能性。 Srouji是苹果最重要的技术高管之一，负责硬件技术团队，主导了苹果向自研芯片的战略转型，包括 iPhone的A系列芯片、Mac的M系列芯片以及正在开发的调制解调器芯片。此前有媒体报道称Srouji曾考 虑离开苹果，并可能转投其他科技公司。 苹果公司芯片业务负责人Johny Srouji在发给其部门的备忘录中确认，他目前仍将继续留在苹果任职， 近期没有离开公司的计划，以此回应有关他即将离职的传闻。 ...

Core Viewpoint - The significant rebound in November exports is primarily attributed to the dissipation of short-term supply disruptions rather than an improvement in external demand [2][7][30] Export Analysis - November exports increased by 5.9% year-on-year (YoY) in USD terms, a notable recovery from a decline of 1.1% in October, driven by factors such as increased working days and the reduction of "production rush" effects [2][6][7] - The increase in working days in November (up by 2 days YoY) and the tapering off of the "production rush" phenomenon contributed significantly to the export rebound [2][7] - Exports to emerging economies showed a marked recovery in November, with exports to Africa and Latin America rising by 17.1 percentage points (pct) and 12.8 pct respectively, despite no significant improvement in demand from these regions [2][11] - The export of goods such as food, steel, and auto parts, which had seen significant declines in October, rebounded in November, with respective increases of 34 pct, 18.7 pct, and 13.6 pct [3][18] Import Analysis - Imports also showed a recovery in November, with a YoY increase of 1.9%, up by 0.9 pct from the previous month [3][25] - Processing trade imports surged by 9.2 pct to 13.9%, exceeding previous growth levels, indicating a rebound in supply conditions [3][25] - Major commodities like crude oil and electromechanical products saw improved import growth rates, with crude oil imports increasing by 8.4 pct to 8.1% [3][25][51] Future Outlook - The easing of supply disruptions, combined with ongoing improvements in external demand and China's competitive export advantages, is expected to support exports for the remainder of the year [4][30] - The potential for improved exports to the U.S. is bolstered by the easing of tariffs and the likelihood of inventory replenishment in the U.S. market [4][30] - Continued industrialization in emerging markets is anticipated to drive demand for imported production materials, further supporting China's export of intermediate and capital goods [4][30] Regular Tracking - In November, both exports and imports showed signs of recovery, with notable increases in consumer electronics and light industrial products [5][37] - Capital goods exports exhibited mixed results, with intermediate goods like auto parts and integrated circuits showing growth [5][40] - Exports to non-U.S. developed economies and emerging markets increased, while exports to the U.S. declined [5][47][48]

文 | 万 芙 12月2日，"充电宝第一股"安克创新正式向港交所递交了主板上市申请，拟实现"A+H"双重上市格局。 据不完全统计，这场召回风暴已导致安克创新直接回收成本预计在4.32亿至5.57亿元之间。同时，公司已在2025年半年报中计提1.3亿元的产品质量保证 金，并记入2.38亿元存货跌价准备。 对于这家由前谷歌工程师阳萌创立、市值近600亿元的消费电子出海巨头而言，赴港IPO本该是一场提升全球化形象的资本盛宴。然而，安克创新此刻的 冲刺，难掩其在快速扩张下的中年焦虑。 站在港交所门前的安克创新，正面临着一连串拷问：外部，全球范围内史无前例的大规模产品召回危机、即将落地的"史上最严"安全新规及未消弭的海外 诉讼与调查风险。内部，则面临着经营现金流转负、存货余额激增以及高负债率等一系列财务指标的恶化。 这家曾以高品质和极致创新闻名的公司，在创始人阳萌"要做消费电子界宝洁"的愿景下，正用"快公司"的打法，挑战"慢行业"的复杂性，将自身推向了一 个系统性风险集中爆发的转折点。 港股融资，与其说是扩张的加速器，不如说是应对危机的资金缓冲垫。 危机四伏：召回风暴、监管新规与品牌信任危机 过去一年半，安克创新深陷大 ...

Core Viewpoint - The phenomenon of the "Apple card pin" being falsely claimed as platinum and its subsequent market frenzy highlights the power of rumors and consumer psychology in driving demand for seemingly worthless items [1][3][15]. Group 1: Market Reaction - The original price of the Apple card pin was 60 yuan, but it has been resold on second-hand platforms for over 150 yuan, indicating a significant markup driven by speculation [1]. - Despite the official denial from Apple stating that the card pin is not made of platinum, the prices and sales volume on second-hand platforms have remained unchanged, showing a disconnect between reality and consumer belief [8][9]. - The release of the iPhone 17 series led to a 210% increase in inquiries for second-hand Apple phones, suggesting a broader trend of interest in second-hand electronics [10]. Group 2: Consumer Behavior - Many consumers are drawn to the idea of hidden value in products, particularly those associated with the Apple brand, which enhances their willingness to believe in the false claims about the card pin [11]. - The second-hand market capitalizes on this psychology, allowing rumors to flourish even when they lack factual basis, as consumers are often willing to gamble on the possibility of hidden value [14]. - The situation reflects a collective irrationality where consumers are driven more by emotion and speculation than by actual product value, leading to a "collective carnival" of belief in the absurd [15].

Core Viewpoint - The market experienced a strong rebound in the first week of December, with the Shanghai Composite Index fluctuating around the 3900-point mark, driven by positive news and increased trading activity [1][11]. Market Performance - The market saw a "good start" with a rebound on Friday after some adjustments earlier in the week, indicating a mixed sentiment among investors but a notable increase in trading volume [1][11]. - The technology sector, particularly consumer electronics and semiconductors, showed rapid rotation alongside resource sectors, with financial stocks leading the index's upward movement [1][11]. Key Upcoming Events - The Federal Reserve's interest rate decision is expected on December 11, with strong market expectations for a rate cut, which could lead to significant market fluctuations [1][12]. - The Central Economic Work Conference is also set to take place, which may provide policy direction for the upcoming year [1][12]. Investment Strategy - Given the current market conditions, a balanced investment approach is recommended, focusing on both dividend and growth styles to navigate potential short-term volatility [2][12]. - The recent adjustment by the financial regulatory authority to lower risk factors for insurance companies is expected to enhance their investment capacity, particularly in high-quality assets and technology sectors [3][13]. Sector Insights - The adjustment of risk factors for insurance companies includes a reduction from 0.3 to 0.27 for stocks held over three years in the CSI 300 Index, and from 0.4 to 0.36 for stocks in the Sci-Tech Innovation Board held over two years, promoting long-term investment [3][13]. - The financial sector, particularly insurance and brokerage firms, is anticipated to act as a stabilizing force in the market, with potential for significant capital inflow due to regulatory support [3][13]. Consumer Electronics Sector - The consumer electronics market is showing positive trends driven by new consumption policies and AI advancements, with leading companies in the sector currently undervalued, providing a safety margin for investors [8][17].

12 月 3 日，理想汽车正式发布了其首款量产 AI 眼镜—— Livis 。在外界看来，这或许只是车企为了丰富周边生态而推出的一款"科技玩具"，但在李想的 战略棋局中，这款重仅 36 克的眼镜，被定义为"最强人工智能附件"。它不仅是连接人与车的纽带，更是理想汽车试图跳出单一新能源赛道，向"全场景具 身智能品牌"跨越的关键跳板。 在不久前的 2025 年 第三季度财报电话会上，李想罕见地用大篇幅阐述了对未来的长期思考，核心直指 "具身智能"（ Embodied AI ）。当大多数车企还 在为销量和毛利搏杀时，理想汽车试图用一款眼镜，回答一个更宏大的命题：在人工智能时代，一家汽车公司的边界究竟在哪里？ 行业竞逐下的战略卡位： 为何押注 AI 眼镜？ 对于理想创始人李想 来说 ， 2025 年不仅是这家造车新势力迈入第二个十年的起点，也是一次关乎企业基因重塑的临界点。 这一战略的更深层支撑，来自于理想对未来 AI 技术路径的判断。李想指出，当下的语言智能（如 ChatGPT ）侧重于云端计算，而具身智能必须基于对物 理世界的精准理解。 在消费电子的红海中，智能眼镜的赛道上早已挤满了野心勃勃的玩家。从 硅谷丛林中 ...

每经编辑｜张喜威 王晓波 √中国1至11月社会融资规模等数据将2 2 2025中国化肥行业高质量发展大会将 日至10日举办 3 Carbontech2025第九届国际碳材料; 业展览会将于12月9日至11日在上海举办 4 沃尔玛12月9周从纽交所转板至纳斯达 5 OpenAl的CPT-5.2模型已完成准备， 月9日发布 1 隔夜市场 美股三大指数集体收跌，道指跌0.45%，纳指跌0.14%，标普500指数跌0.35%，大型科技股多数下跌，特斯拉跌超3%，谷歌跌逾2%，亚马逊跌超1%，脸书 跌近1%，苹果跌0.32%；微软、英伟达涨超1%。纳斯达克中国金龙指数涨0.08%，中概股涨跌不一，高途、世纪互联涨超4%，百度、名创优品涨超3%，小 鹏汽车、新东方涨超2%，网易跌超2%，爱奇艺跌近1%。 12月8日，白宫经济顾问哈塞特就美联储发表看法称，应该继续降低利率。关于利率应降至多低的问题，他表示必须密切关注数据情况。他还表示，若现在 就公布未来6个月的利率承诺，将是不负责任的行为。 国际油价大幅走低，截至发稿时，美油主力合约跌2.13%，报58.8美元/桶；布伦特原油主力合约跌2.01%，报62.47美元/桶。 ...

Core Insights - Google announced a special event for Android XR on December 8, focusing on XR-related content, including smart glasses and head-mounted devices, enhanced by the Gemini AI model for interactive demonstrations [1][3] - The event is seen as a critical step from vision to product realization, with potential for mass production and open development kits, which could lower entry costs for manufacturers and developers [3][4] Group 1: Technology and Development - Google aims to integrate AI capabilities into edge devices, reducing reliance on cloud services while enhancing response speed and privacy [3] - The successful deployment of Gemini's lightweight or layered inference capabilities on wearable devices could drive advancements in chips, sensors, low-power neural network engines, and system-level scheduling [3] - The actual implementation of edge AI requires collaboration across software, hardware, and ecosystem components, including developer tools and power management [3] Group 2: Market Impact and Industry Response - AI smart glasses and head-mounted devices are becoming a competitive focus for tech giants, with potential benefits for related A-share companies such as Changying Precision, Hengxuan Technology, GoerTek, Crystal Optoelectronics, and Dongshan Precision [4] - The announcement may boost sentiment and valuation for related concept stocks in the short term, while long-term success will depend on product shipment rates, supply yield, and channel expansion [4] - Key details to watch from the event include hardware partnerships, developer support specifics, and timelines for the first commercial models, which will directly influence investment and inventory strategies in the supply chain [4]

Core Insights - The 2026 global consumer market is experiencing diversification and transformation, focusing on four core dimensions: health, personalization, intelligence, and sustainability [1] Group 1: Health Consumption Trends - Health consumption is on the rise, covering various scenarios such as diet, exercise, and wellness, with a notable preference for natural ingredients and functional products [1] - The demand for fitness-related categories is growing rapidly, with wearable devices and nutritional supplements gaining popularity [1] Group 2: Personalization and Emotional Consumption - Personalized and emotional consumption is becoming mainstream, with consumers increasingly valuing unique designs, customized services, and emotional resonance [1] - Niche brands and original design products are rising quickly due to their differentiated advantages, with styles like "cute" and "national trend" gaining widespread attention [1] Group 3: Intelligent Consumption - AI technology is deeply integrated into consumer scenarios, enhancing product innovation and user experience, with smart home appliances and beauty tools seeing increased penetration [1] - Digital functionalities are improving convenience and precision, driving significant upgrades in consumer experiences [1] Group 4: Sustainability in Consumption - The concept of sustainable consumption is gaining traction, with products made from eco-friendly materials, circular designs, and low-carbon production being favored by consumers [1] - Consumers are increasingly considering brands' environmental and social responsibilities in their purchasing decisions [1] Group 5: E-commerce and Market Dynamics - Cross-border e-commerce is thriving, accelerating global consumer connectivity, with platforms like Amazon becoming key channels for brands to reach international markets [1] - Different consumer segments, such as the elderly focusing on wellness and younger generations on trendy consumption, show strong growth potential in niche markets [1] Group 6: Integrated Consumer Experience - The integration and efficiency of consumer experiences are becoming competitive keys, with brands optimizing supply chains and enhancing service responsiveness to increase consumer loyalty [1]

Core Viewpoint - The significant rebound in exports in November is primarily supported by the dissipation of short-term supply disruptions rather than an improvement in external demand [3][10][82] Export Data Summary - November exports increased by 5.9% year-on-year, exceeding expectations of 3% and recovering from a decline of 1.1% in October [2][9][82] - The rebound in exports is attributed to factors such as an increase in working days and the reduction of "production rush" effects, which had previously impacted supply [3][10][82] - The increase in working days in November (up by 2 days year-on-year) contributed significantly to the export recovery [3][10][82] Country-Level Analysis - Regions that previously experienced significant supply shocks saw notable rebounds in exports in November, indicating that the easing of supply disruptions was a key driver [3][21][82] - Exports to emerging economies showed a clear recovery in November, with exports to Africa and Latin America increasing by 17.1 and 12.8 percentage points, respectively [3][21][82] - Despite the rebound, there was no significant improvement in demand from these emerging economies, as indicated by stable PMI readings in South Africa and Brazil [3][21][82] Commodity Export Trends - Commodities that had previously shown significant export volatility also experienced a notable recovery in November, with food, steel, and auto parts exports rebounding sharply [4][29][83] - The export growth rates for consumer electronics and light industrial products also improved significantly in November after substantial declines in October [4][29][83] Import Data Summary - Imports in November increased by 1.9% year-on-year, recovering from a previous expectation of 2.9% [2][9][82] - Processing trade imports saw a significant rise of 9.2 percentage points to 13.9%, indicating a recovery in trade performance due to the easing of supply disruptions [4][37][82] - Major commodities such as crude oil and electromechanical products also showed improved import growth rates in November [4][37][82] Future Outlook - The easing of supply disruptions, combined with ongoing improvements in external demand and China's competitive export advantages, is expected to support exports for the remainder of the year [5][45][46] - The potential for improved exports to the U.S. is bolstered by the easing of tariffs and the possibility of inventory replenishment in the U.S. market [5][45][46] - Continued industrialization in emerging markets is anticipated to drive demand for intermediate and capital goods, further supporting China's export performance [5][45][46] Regular Tracking - November saw a general recovery in both exports and imports, with notable increases in consumer electronics and light industrial products [6][71][82] - Capital goods exports showed mixed results, with intermediate goods like auto parts and integrated circuits experiencing growth [6][59][68] - Exports to non-U.S. developed economies and emerging markets showed positive trends, while exports to the U.S. declined [6][68][71]