央视专题纪录片镜头前，雷军侃侃而谈玄戒芯片、小米汽车与智能制造突破，一句"实现苹果都没做到 的人车家全生态"，让所有人看清：那个敢想敢干的小米，早已凭硬核科技站稳全球科技第一梯队。 曾经有人质疑小米"只会组装"，嘲讽造车是"门外汉凑热闹"，可雷军偏要以行践言。做芯片，就砸百亿 熬四年；造汽车，就躬身入局啃最难的骨头；建生态，就一步步打通人、车、家每一个场景。没有捷 径，唯有死磕，这才是小米最动人的底色。 谁能想到，当年靠性价比出圈的小米，如今能在核心科技赛道接连破局。玄戒芯片就是最好的底气，历 时四年研发、砸下135亿，这颗3nm旗舰芯片集成190亿晶体管，能效比肩苹果A18 Pro，自研ISP让影像 算力拉满，更补上了小米"缺芯"的短板，成为全球唯四拥有自研旗舰芯片的手机厂商。从澎湃S1试水到 玄戒O1落地，小米用11年磨一剑，把"芯片梦"照进现实，彻底摆脱对供应链的依赖。 小米汽车的崛起，更是雷军"生死看淡不服就干"的最好诠释。从官宣造车到SU7交付超20万台，订单排 期半年，小米只用两年就站稳新能源赛道，成为最快跻身主流的新势力。更关键是汽车与生态深度绑 定，澎湃OS让手机、汽车、家电无缝联动，上车自动 ...

市场策略丨深度报告 [Table_Title] 水到渠成，万舸争腾——A 股 2026 年度投资策 略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年市场展望：水到渠成，慢牛延续。1）盈利：盈利底部拐点已现，充裕的流动性和资本 开支逐渐兑现在上市公司的业绩当中。2）估值：股债性价比处于历史均值附近，低利率时代继 续提供估值上行动力，在中长期资金入市的背景下，中国股市的证券化率仍有较大提升空间。 行业配置展望：科技已至，周期渐起。在大类资产配置-普林格周期视角下，仍看好美股和商品。 按照下一个五年规划的政策指引方向，建议关注科技方向、国内大循环、战略安全和对外开放 等几个重点方向。在科技制造和部分周期的行情推动下，市场有望出现更加全面的牛市行情。 分析师及联系人 [Table_Author] 戴清 李巍东 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 60 %% %% %% %% research.95579.com 2 [Table_Title 水到渠成，万舸争腾—— ...

Core Insights - The article discusses the dynamic between Liu Jingkang, the founder of Insta360, and Luo Yonghao, highlighting their contrasting yet complementary approaches to innovation and entrepreneurship [2][26]. Group 1: Company Background - Liu Jingkang is portrayed as a successful entrepreneur with a background in technology, having founded Insta360 and recently listed the company on the STAR Market [2][3]. - Luo Yonghao, known for his previous ventures and current activities in live streaming, represents an older generation of entrepreneurs who have faced significant challenges [2][3]. Group 2: Innovation Philosophy - The article emphasizes the importance of maintaining a bold and unconventional approach in business, as encapsulated in Insta360's slogan "Think Bold" [2][39]. - Liu Jingkang's early experiences, including hacking into university systems, reflect a mindset of pushing boundaries and seeking validation through audacious actions [3][4][6]. Group 3: Market Strategy - Liu Jingkang's strategy for Insta360 involved identifying gaps in the market overlooked by competitors like GoPro, focusing on user-friendly products that simplify the filming process [10][11]. - The introduction of the 360-degree camera allowed users to capture footage without needing to worry about framing, thus lowering the barrier to entry for amateur videographers [11][12]. Group 4: Competitive Landscape - The article outlines Liu Jingkang's strategic approach of surrounding competitors rather than directly competing with them, creating a larger market by addressing unmet consumer needs [16][17]. - The discussion includes the challenges posed by DJI in the drone market, highlighting the risks associated with entering a highly competitive field [19][20]. Group 5: Future Outlook - Liu Jingkang's vision extends beyond current products, aiming to innovate in the drone space despite the risks, as he believes it is essential for the company's long-term growth and capability development [21][24]. - The article concludes with a reflection on the evolving nature of photography in the age of AI, suggesting that while AI may change the landscape, there will always be a demand for authentic experiences and memories [28][32][33].

| 最高:60.25 | 今开: 60.08 | | --- | --- | | 最低:59.38 | 昨收:60.09 | | 與手:0.61% | 盘后量:0手 | | 辰幅:1.45% | 盘后额:0.00 | | 市盈率(动): 39.76 | 市盈率(TTM): 40.74 | | 市盈率(静):53.53 | 市净率:7.88 | | 总股本:4.15亿 | 52周最高: 75.23 | | 奈通股:2.19亿 | 52周最低:29.47 | | 主册制:是 | VIE架构:否 | | 涨停: 72.11 跌停: 48.07 | | --- | | 量比: 0.77 | | 委比: -8.79% | | 每股收益: 1.46 每股净资产: 7.57 | | 质押率：-- | | 南营/净资产：-- | | 货币单位: CNY | 绿联科技指，公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内选择适 当的时机和发行窗口完成本次H股发行上市。截至公告披露日，除本次董事会审议通过的相关议案外， 其他关于本次发行上市的具体细节尚未最终确定。 绿联科技同时宣布，董事会同意聘任容诚香港为 ...

Core Insights - The report highlights the resilience and vitality of the Chinese consumer market amidst global economic slowdown and uncertainty, indicating a shift from being the "world's factory" to a global leader in innovation and trends [1][5] - The concept of "new consumption" is redefined, driven by digital technology, online-offline integration, and new consumer relationships based on social networks, emphasizing digitalization, personalization, socialization, and quality [2][5] Market Overview - China's consumption structure is transitioning from material-based to service-oriented, with rapid growth in service consumption expenditures becoming a new engine for market growth [1][5] - Government policies are aimed at boosting consumption and expanding domestic demand through income distribution reforms and enhanced social security [1][5] Industry Insights - The restaurant industry is experiencing structural adjustments with increased chain rates and the rise of "satellite stores" due to the importance of delivery channels [3] - In the food and beverage sector, health and emotional value are key themes, with consumers becoming more rational about ingredient research and emotional value driving purchasing decisions [3] - The retail sector is facing disruption from "hard discount" models, while immersive experiences and business model integration are crucial for attracting foot traffic [3] - The consumer electronics industry is leveraging AI advancements, with rapid growth in AI smartphone penetration and the AI toy market driven by lower technology costs and educational upgrades [3] Brand Strategy - New consumption brands must focus on "adaptability" and "community" to enhance operational resilience and build deep relationships with consumers based on shared values [2][5] - The report introduces the "VIG Compass" brand strength evaluation model, assessing brands across three dimensions: brand voice, core strength, and growth potential [4][30] Future Outlook - The Chinese new consumption market is characterized by a continuous reshaping of rules, with growth logic shifting from external dividends to internal innovation and value creation [5] - Future winners will be those brands that deeply understand and integrate into local cultural dynamics while optimizing operational efficiency and establishing emotional connections with users [5]

来源：环球网 【环球网科技综合报道】12月27日消息，据appleinsider报道，谷歌联合创始人谢尔盖·布林（Sergey Brin）罕见地就谷歌眼镜（Google Glass）项目作出深度复盘。他坦承，该项目的仓促上市源于自身对 产品成熟度的误判，并直言曾陷入"我是下一个史蒂夫·乔布斯"的认知偏差。 布林表示："当你有一个酷炫的新型可穿戴设备创意时，请务必先把它真正做扎实。"他以谷歌眼镜为典 型案例，剖析了早期消费级AR硬件所面临的典型陷阱：技术原型领先、用户体验滞后、成本结构失 衡、社会接受度预估不足。 布林进一步解释："我过早推动了商业化，没有从消费者真实需求和可承受成本出发，把产品打磨到足 够稳健的程度。"他强调，当时的决策部分受到"英雄式创新叙事"的影响——将颠覆性硬件发布等同于 乔布斯式的传奇时刻，却忽视了iPhone成功背后长达数年的软硬协同迭代与生态培育。"'瞧！我能做 成'这种心态，恰恰是创业者最该警惕的幻觉。"（青云） ...

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本文源自：金融界AI电报 苹果(AAPL.O)上涨0.3%，11月中国销售同比翻番。 ...

Core Viewpoint - ST Changyuan is facing significant governance issues and financial distress, highlighted by the chairman's legal troubles and the company's declining performance, which raises concerns about its future direction and potential recovery [6][12][14]. Group 1: Governance Issues - On December 26, 2025, ST Changyuan received a notice from the China Securities Regulatory Commission regarding an investigation into alleged information disclosure violations [1]. - The chairman, Qiao Wenjian, has been detained since November 24, 2025, due to suspected job-related violations, leading to a governance vacuum as he has missed multiple board meetings [6][8]. - Major shareholder, Zhuhai Gree Financial Investment Management Co., proposed to replace Qiao and nominated Yang Tao as a new non-independent director, indicating a push for governance restructuring [3][10]. Group 2: Financial Performance - ST Changyuan has reported a continuous decline in financial performance, with a revenue of 54.38 billion yuan in Q3 2025, down 1.34% year-on-year, and a net profit of -3.28 billion yuan, a staggering drop of 567.01% [12][13]. - The company has experienced a significant drop in net profits over the years, with figures of 6.74 billion yuan in 2022, 0.88 billion yuan in 2023, and a projected -9.78 billion yuan in 2024, marking a 1243.44% decline [13]. - The company's debt situation is concerning, with total external guarantees amounting to 62.26 billion yuan, which is 152.38% of its latest audited net assets [14]. Group 3: Market Position and Strategy - ST Changyuan's business segments, primarily in smart grid equipment and consumer electronics, face intense competition, and the company needs to enhance its market position in the energy sector through differentiated solutions [13]. - The company has been labeled as a "ST" stock due to internal control failures, leading to a significant drop in share price from a peak of 28.47 yuan to around 3.50 yuan, reflecting a nearly 90% decline in market value [14].

（文章来源：证券日报） 证券日报网讯 12月26日，南京熊猫在互动平台回答投资者提问时表示，公司控股子公司深圳市京华电 子股份有限公司的少部分消费电子终端产品销往欧盟国家。 ...