Group 1 - Yushu Technology clarifies that it has not applied for the "green channel" for IPO and that its listing work is progressing normally [2][3] - Apple has initiated a gray test for its "Apple Intelligence and Siri" feature on some domestic devices, with feedback suggesting the AI responses are based on existing Baidu answers [2][3] - Warren Buffett, after retiring, expressed confidence in the new CEO Greg Abel, stating that the company is likely to continue operating for another 100 years [3] Group 2 - Investor Duan Yongping revealed a cumulative return of 1623.48% on his Apple stock investments, amounting to approximately $34.26 million [3] - Meituan has had 3.25 million shares frozen due to a court order, with the freeze lasting for three years [4] - The control struggle at Double Star Celebrity Group has intensified, with founder Wang Hai publicly severing ties with his son and daughter-in-law [5] Group 3 - XPeng's Vice President Chen Yonghai has left the company, with President Wang Fengying temporarily taking over his responsibilities [7] - Romaishi has initiated a restructuring plan called "Rebirth Plan," aiming to complete funding and restructuring by Q1 2026 [8] - GAC Honda has completed the acquisition of Dongfeng Honda Engine Company, changing its name to GAC Honda Engine Company [8] Group 4 - Filorga, a well-known beauty brand, announced the closure of its official flagship store due to strategic adjustments, with the store set to cease operations on January 31, 2026 [8] - Tesla's restaurant has seen a significant drop in customer traffic and the departure of its celebrity chef within six months of opening [8] - The domestic tourism market during the New Year's holiday saw 142 million trips, with total spending reaching 84.79 billion yuan [23] Group 5 - China's automobile exports to Venezuela increased by 130% in 2025, with a total of 17,099 vehicles exported [24] - In November 2025, China's automobile exports reached 818,000 units, a year-on-year increase of 49.2% [24]

今日热点导览 TOP 3 大新闻 雷军回应小字营销：接受批评，小字确实是行业陋习 1月3日晚，小米集团董事长雷军进行了2026年第一场直播。此次直播中，对于小字营销一事给予了回 应。 雷军在直播中称，"小字营销"是行业陋习，小米从现在做起，马上就改。"我觉得这个毛病确实要改。 但是如果把用来合规的一些做法贴上虚假营销或者过度营销的话，这是对小米天大的误解。" 小米集团董事长特别助理、战略市场部副总经理徐洁云表示，"客观讲，长久以来在宣传物料，比如说 海报也好，PPT也好，上面加上小字做标注做注释，确实是行业常见的惯例。我们之前更多的考虑的是 法律合规，因为要符合广告法，确实当中有一部分是忽略了大家的感受的，以至于就出现这样一种结 果。"（蓝鲸新闻） 宇树科技：未涉及申请"绿色通道"相关事宜，上市工作正常推进 36氪获悉，近日，某媒体发布宇树科技上市相关报道（下称"该报道"），并被众多媒体、网络平台及自 媒体大规模转载。该报道涉及我司上市工作相关动态情况的内容与事实情况不符，我司未涉及申请"绿 色通道"相关事宜。相关报道误导公众认知，已严重侵害我司合法权益。我司已向主管部门反映，同时 督促相关方撤回不实报道。我 ...

2026年，国家继续向消费者发"大红包"。 元旦前夕，国家发展改革委、财政部联合发布《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》，明确了 2026年消费品以旧换新政策。与此同时，2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划已提前下达。 根据政策，本次以旧换新全国统一覆盖四大领域，包括汽车报废与置换更新、6类家电以旧换新及4类数码智能产品购新。其 中，个人消费者购买手机、平板、智能手表手环、智能眼镜等4类产品（单价不超过6000元），按产品销售价格的15%给予补 贴，每人每类产品可补贴1件，每件补贴不超过500元。 个人消费者购买冰箱、洗衣机、电视、空调等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予补贴，每人 每类产品可补贴1件，每件补贴不超过1500元。 对消费者而言，有真金白银的补贴，无疑又是一个入手的好机会。 "AI（人工智能）眼镜正式纳入'国补'目录，肯定对AI眼镜的推广有着非常大的积极作用。这不仅能直接降低用户的尝试门 槛，还会加速市场教育，推动整个产业链的成熟升级。"界环方面对《每日经济新闻》记者（以下简称每经记者）分析。 奥维云网（AVC） ...

这背后，是手机市场呈现出的提质扩容趋势。苏宁易购数据显示，元旦假期期间，手机品类中Pro、 Max、Ultra等高配版本的销售占比提升至62%，3500元至6000元价位段成为主流消费区间。其中，人工 智能手机销售尤为火爆。 本报记者 贾丽 2026年元旦，清晨的寒意尚未散去，苏宁易购集团股份有限公司（以下简称"苏宁易购"）中塔店门前已 排起长队。多位裹着羽绒服的消费者专程前来，体验并选购最新款智能手机。而在三里屯小米之家，一 位女士正通过手机AR试戴功能挑选一款可监测情绪的智能手环，当作新年礼物送给女儿。 随着2026年国家补贴新政全面落地，叠加元旦假期消费旺季，消费电子市场的首波热潮被成功点燃。苏 宁易购消费数据显示，1月1日至3日，全国门店客流环比激增110%，手机、智能手表销量环比增幅分别 达170%和115%。 政策、产品与消费市场三方力量在2026年伊始形成共振，共同推动消费热浪席卷消费电子市场，也映射 出行业发展的新趋势。 "这款手机的人工智能（AI）影像系统，能识别您正在拍摄会议白板，自动校正透视、增强文字锐度， 并生成要点摘要。"在北京西单大悦城的华为授权体验店，销售顾问的演示吸引了五六位顾 ...

Core Viewpoint - Xiaomi's venture into the automotive industry, particularly with the launch of the Xiaomi SU7 Ultra, represents a significant shift for the company, showcasing its ambition to integrate smart technology into electric vehicles and compete in a highly competitive market [3][4][48]. Group 1: Background and Decision to Enter Automotive Industry - The decision to enter the automotive sector was prompted by unexpected U.S. sanctions, leading to a board meeting where the idea of car manufacturing was first discussed [7][9]. - A research team was formed to explore the feasibility of entering the electric vehicle market, conducting over 85 interviews across multiple cities [11][13]. - The conclusion drawn from the research indicated that the trend towards smart electric vehicles was unstoppable, prompting a commitment to invest $10 billion over the next decade [15][28]. Group 2: Development Process and Challenges - The company faced numerous challenges during the development of the SU7, including the need to establish core technologies and a robust production process [63][65]. - A significant internal meeting lasted 21 days to align the team on the project’s direction, emphasizing the importance of respecting industry norms while also innovating [72][76]. - The first prototype was successfully produced on August 16, 2023, marking a major milestone for the company [86]. Group 3: Market Positioning and Product Launch - The SU7 was officially launched on March 28, 2024, with a production target of 76,000 units, aiming to compete directly with Tesla's Model 3 [153][165]. - Initial media reactions to the SU7 were positive, with many acknowledging its high quality and advanced features, which helped to shift public perception [157]. - The pricing strategy was carefully considered, with the final price set at 215,900 yuan, positioning it competitively against similar models in the market [161][165]. Group 4: Future Outlook and Company Vision - The company aims to leverage its technological expertise in consumer electronics to enhance the automotive experience, believing that the integration of smart technology is crucial for success in the automotive sector [44][48]. - The journey of developing the SU7 is seen as a testament to the collective courage and determination of the entire Xiaomi team, emphasizing the importance of resilience in the face of challenges [180][182].

【CNMO科技消息】1月4日，数码博主"RuryRen"发文称："据知情人士透露，小米国际业务部与阿里巴 巴全球速卖通签署战略合作"。 据CNMO了解，2017年小米正式进入西班牙市场，发布了第二代全面屏手机MIX 2和小米A1。小米在西 班牙市场积极构建多元化的合作生态，与Ingram Micro和阿里旗下的全球速卖通合作，进行其在西班牙 的产品营销、配送和其他支持服务。除了在小米官方电商平台进行销售外，全球速卖通首次设立官方商 店正式售卖小米的产品。此外，亚马逊、家乐福、MediaMarkt和Phone House等商家也为小米多种产品 提供线上或线下购买渠道。 而速卖通与小米的合作不止于此。2025年6月，有媒体报道称，速卖通上线卖车业务，这一举措为中国 汽车品牌出海搭建了新平台。计划上架的车辆以中国品牌为主，新能源车型占据较大比例，小米SU7、 比亚迪元、吉利星愿、理想L7、小鹏G9等热门车型纷纷在列。其中，不少车型还享受速卖通百亿补贴 出海政策的支持。 【CNMO科技消息】1月4日，数码博主"RuryRen"发文称："据知情人士透露，小米国际业务部与阿里巴 巴全球速卖通签署战略合作"。 而速卖通与小 ...

Core Viewpoint - Xiaomi is actively addressing product-related controversies and shifting its communication strategy to enhance transparency and regain consumer trust, as demonstrated by a recent live-streamed event where company leaders directly responded to criticisms and showcased product details [2][5][10]. Group 1: Live Stream Event - The live stream, initially delayed due to the illness of CEO Lei Jun, featured key executives including Vice President of Xiaomi Auto, Li Xiaoshuai, and General Manager of Industrial Design, Li Tianyuan, who participated in a detailed disassembly of the YU7 vehicle [1][2]. - The event lasted over four hours and focused on dismantling the YU7 while addressing various criticisms surrounding Xiaomi's products, marking a strategic shift from the company's previous stance of minimal public engagement [2][4][5]. Group 2: Response to Criticism - Lei Jun acknowledged that Xiaomi had previously refrained from addressing product-related criticisms, believing that "good products speak for themselves," but decided to take a more proactive approach in response to ongoing negative sentiments [4][5]. - The company plans to systematically address various issues raised by consumers, with the YU7 disassembly being the first step in a broader communication strategy [5][10]. Group 3: Future Strategy - Xiaomi has committed to investing over 200 billion yuan in research and development over the next five years, focusing on generative AI and enhancing its product ecosystem [12]. - The company reported a 30% increase in sales for the new Xiaomi 17 series compared to the previous generation, indicating strong market performance and consumer acceptance [12].

1月4日，小米CEO雷军发文称自己在2026年立了3个flag，分别是健身打卡100次、学会叉车、交付55万 辆小米汽车。 据了解，在2024年的跨年直播中，雷军曾分享过自己的三个新年愿望，希望在2025年完成100次健身打 卡、交付30万辆汽车，并去更多地方看美景尝美食，顺便测测汽车。 其中，健身打卡目标于2025年9月28日完成，提前3个月达成全年目标；同年7月，小米汽车也宣布累计 交付量突破30万辆，距离首车上市仅用时15个月。 雷军还表示，他曾经想过开叉车，被告知还需要专门的驾照，雷军当场立下flag："2025年要学会开叉 车。" 在2026年的首场直播中，雷军坦言，由于时间原因，学叉车这一flag未能在2025年完成，2026年将把叉 车证补上。 据悉，叉车在企业的物流系统中扮演着非常重要的角色，是物料搬运设备中的主力军，广泛应用于车 站、港口、机场、工厂、仓库等国民经济各部门，是机械化装卸、堆垛和短距离运输的高效设备。 叉车驾驶是特种作业，叉车驾驶证属于特种车辆驾驶证 ，要到全国市级质量监督局指定叉车训练基地 报考办理。 1月4日，小米CEO雷军发文称自己在2026年立了3个flag，分别是健身 ...

Core Viewpoint - The article reinterprets the concept of "great business" as defined by Warren Buffett, emphasizing the importance of light asset structure and pricing power as key characteristics of a truly valuable business [1][2]. Group 1: Definition of "Great Business" - Buffett's definition of "great business" has evolved, initially described in 1981 as companies with pricing power and low capital expenditure requirements [2]. - By 1983, Buffett highlighted the significance of enduring economic goodwill and minimal tangible assets as foundational to pricing power and low capital needs [2]. - The 1993 letter further refined the definition, indicating that the best businesses must not only have excellent economic characteristics but also the ability to reinvest incremental capital at high rates of return [2]. Group 2: Case Study of Hsu's Candy - Hsu's Candy serves as a primary case study, illustrating the characteristics of a "great business" with substantial economic goodwill and minimal tangible assets [3]. - The analysis includes an extension to Apple Inc., comparing its investment case to the upgraded definition of "great business" from 1993, focusing on the ability to allocate significant incremental capital efficiently [3]. Group 3: Accounting Goodwill vs. Economic Goodwill - Accounting goodwill is a purely accounting concept arising during mergers, subject to amortization over a maximum of 40 years, and does not necessarily reflect the actual economic value of a business [5]. - Economic goodwill, on the other hand, reflects a company's true earning potential and is derived from intangible assets, such as brand reputation and customer loyalty [6]. - The article emphasizes that economic goodwill can provide ongoing benefits, especially in inflationary environments, unlike accounting goodwill which diminishes over time [7]. Group 4: Characteristics of Great Businesses - Great businesses are characterized by their ability to operate with minimal capital requirements, which allows them to withstand inflationary pressures [13]. - Pricing power is crucial, enabling companies to raise prices without losing market share, as demonstrated by Hsu's Candy's price increases from $1.8 to $5.5 between 1972 and 1984 [19]. - The ability to expand geographically is also vital, as seen in the case of Apple, which successfully penetrated global markets [22]. Group 5: Simplicity and Stability of Business - Ideal businesses are simple and stable, allowing for predictable economic characteristics over the long term [25]. - Buffett's investment philosophy favors businesses that do not require frequent complex decisions, emphasizing the importance of certainty in long-term economic evaluations [25]. Group 6: Conclusion - The article concludes that only a few exceptional businesses can truly withstand inflation and generate consistent returns, highlighting the need for effective capital allocation by management [29]. - Buffett continues to seek large, economically attractive businesses that align with shareholder interests, which are essential for achieving long-term success [29].

Core Viewpoint - The article emphasizes the definition of a "great business" as articulated by Warren Buffett, focusing on the characteristics of light assets and pricing power, which are essential for value investing [1][2]. Group 1: Definition of Great Business - Buffett's definition of "great business" has evolved, initially described in his 1981 letter as businesses with pricing power and low capital expenditure that can withstand inflation [2]. - By 1983, he further refined this definition to emphasize the importance of enduring economic goodwill and minimal tangible assets [2]. - In 1993, Buffett highlighted that the best businesses are those that can invest significant incremental capital at high returns over long periods, indicating that superior economic characteristics must be coupled with effective capital allocation [2]. Group 2: Case Study of Joy Sugar - The article uses Joy Sugar as a core case study to illustrate the characteristics of a "great business," particularly its substantial economic goodwill and minimal tangible assets [3]. - Joy Sugar was acquired by Berkshire Hathaway in 1972 for $25 million, generating a profit of $2 million with $8 million in tangible assets, resulting in $17 million in accounting goodwill [5]. - The analysis of Joy Sugar reveals that its economic goodwill significantly exceeded the initial accounting goodwill, demonstrating its ability to generate high returns on tangible assets [9]. Group 3: Accounting Goodwill vs. Economic Goodwill - Accounting goodwill is a purely accounting concept that diminishes over time through amortization, while economic goodwill reflects a company's true earning potential and is derived from intangible assets [7][8]. - Economic goodwill can grow irregularly over time, especially in inflationary environments, providing a continuous source of returns [8][9]. - The distinction between accounting and economic goodwill is crucial for accurately assessing a company's intrinsic value, as the former can mislead investors regarding a company's true economic worth [9]. Group 4: Key Characteristics of Great Businesses - Great businesses possess four key characteristics: light asset operations, pricing power, geographical expansion capability, and simplicity and stability [15][28]. - Light asset operations are vital in inflationary environments, as they allow businesses to resist inflation's impact more effectively than those reliant on heavy tangible assets [16][19]. - Pricing power enables businesses to raise prices without losing market share, as demonstrated by Joy Sugar's ability to increase candy prices significantly while maintaining profitability [21][22]. Group 5: Expansion and Stability - The ability to expand geographically is essential for great businesses, allowing them to maintain high capital returns while accommodating significant incremental capital [25]. - Simplicity and stability in business models are crucial for long-term investment success, as they provide a clearer understanding of future economic characteristics [28][29]. - Buffett's investment in Apple exemplifies the application of these principles in the technology sector, showcasing the importance of consumer behavior insights in identifying great businesses [26][27].