家是最小国，国是千万家。每个"小家"热气腾腾，中国这个"大家"就蒸蒸日上。家家户户幸福生活、老 老少少开心快乐，就是人间美景。 还有拜年，亲朋好友中，有常联系的，有不常联系的，都记在心里，发个微信，打个视频，说上几句吉 祥话，祝福健康、平安、快乐、吉祥。 最是人间烟火处，围炉守岁话家常。春节是读懂中国、感知中国的重要窗口，请看本报记者记录自 己"小家"丙午马年春节里的烟火气、人情味、喜庆氛围和年味场景。 ——编 者 小家年年 幸福连连 严 冰 阖家团圆、守岁迎新、相互拜年，这些春节习俗，代代相传，我的小家也不例外。 先说团圆。除夕里的年夜饭，家人围坐，尽享天伦之乐。九口之家，上有八旬老母，下有7岁顽童，其 乐融融。特色之处在于，儿子设计了一场别致的"年夜饭＋家庭春晚"，边吃边演，有说的、有唱的、有 跳的、有弹的，9个节目，个个精彩。儿子的马年恭喜祝福语，真情流露，颇富创意，老妈频频点头， 家人掌声四起。每年还要拍下一张全家福照片，记录下：小家年年，幸福连连。 再说守岁，伴随着马年倒计时，全家人一起包饺子，和面、擀皮、包馅、下锅。看见电视里的机器人， 样样都能干，家人说，明年咱家也请个人形机器人，给咱包饺子。 ...

Group 1 - The 2026 Spring Festival Gala has announced over 20 partners across various sectors, including smart mobility, artificial intelligence, and liquor [1] - Notable partners in the smart ecosystem include companies like ZhiMi Group and Huawei's Mate 80 series as strategic partners [2] - In the smart mobility sector, Jianghuai Automobile and Great Wall Motors are highlighted as key partners, with Jianghuai collaborating with Huawei on a flagship vehicle [2] Group 2 - The artificial intelligence and robotics sector features partnerships with companies such as Volcano Engine and Yushu Technology, emphasizing a strong technological presence at the gala [3] - Eight listed companies are among the partners, including Wuliangye, Yanghe, and Great Wall Motors, indicating significant market representation [3] - The gala's collaboration with ByteDance's Volcano Engine and the large model company Doubao showcases the integration of advanced AI technologies [3]

Core Viewpoint - Nocoda Technology (00519) anticipates a loss of approximately HKD 30.515 million for the six months ending December 31, 2025, which represents a reduction in loss of about HKD 43.364 million year-on-year [1] Group 1: Financial Performance - The reduction in loss is primarily attributed to several factors, including an increase in revenue to approximately HKD 20.878 million, notably driven by a significant rise in revenue from artificial intelligence (AI) robotics [1] - The net fair value gain from investment properties is approximately HKD 4.316 million, compared to a net fair value loss of about HKD 43.982 million in the same period of 2024 [1] - The fair value loss on financial assets measured at fair value through profit or loss decreased to HKD 12.726 million [1] - The gain from the sale of financial assets measured at fair value through profit or loss decreased to approximately HKD 0.797 million [1]

Group 1 - The core event involved the first offline interaction of Xiaopeng's IRON humanoid robot, which took place at Shenzhen Bay Vanke Plaza, where the robot fell during its demonstration [2][4] - Xiaopeng's Vice President emphasized that the robot provided a real walking experience for the citizens of Shenzhen, especially children, and highlighted the importance of experiencing setbacks in life [4] - The IRON robot features a human-like design, standing 178 cm tall and weighing 70 kg, with 62 active degrees of freedom and a Turing AI chip providing 3000T of computing power for advanced data processing and learning capabilities [9] Group 2 - Concerns were raised by some observers regarding the authenticity of the robot's movements, with suggestions that it appeared to be a human in disguise [11] - On November 6, Xiaopeng released an unedited video to prove the robot's authenticity, expressing the emotional weight of needing to validate the technology as a product of a Chinese company [12] - Xiaopeng projected that within the next three years, Chinese robotics startups will deliver more advanced humanoid robots capable of language interaction, autonomous walking, and performing simple tasks, emphasizing the responsibility of current entrepreneurs to push for mass production [12]

（文章来源：第一财经） 27日，傅利叶创始人顾捷提出"要做最懂康养的AI机器人企业"，并针对康养场景推出了脑机具身解决方 案，结合大模型技术提升机器人智能化程度，让康复治疗具备从大脑意图出发到动作完成的闭环能力。 ...

Core Insights - Grab Group has acquired Infermove, a Chinese AI robotics solution developer, to enhance its logistics capabilities in the "first mile" and "last mile" delivery services [1][2] Group 1 - The acquisition aims to strengthen Grab's service capabilities by integrating Infermove's technology with its existing logistics operations [1][2] - Grab plans to base the development of Infermove's technology in Singapore, focusing on creating smarter connections between online and offline scenarios [1][2] - The company will explore how to leverage Infermove's autonomous mobile robot technology to improve user and partner service experiences [1][2]

Group 1 - The company Zhongjian Technology (002779) announced the establishment of a Special Purpose Vehicle (SPV) in collaboration with investment partners through its wholly-owned subsidiary TOPSUN USA INC to invest in the overseas artificial intelligence robotics company 1X Holding AS [1] - Currently, there is no formal cooperation agreement regarding supply chain or other aspects between the company and 1X Robotics [1]

Core Insights - The article discusses the advancements in robotics, particularly focusing on the Lumo-1 model developed by Stardust Intelligence, which aims to enhance robots' reasoning and action capabilities, allowing them to perform complex tasks without explicit programming [7][9][11]. Group 1: Lumo-1 Model Overview - Lumo-1 is an end-to-end VLA model designed to integrate reasoning and action in robotics, enabling robots to understand task intentions and execute them seamlessly [7][9]. - The model demonstrates superior performance in multi-step tasks, fine manipulation, and generalizable actions compared to previous models like π0 and π0.5, especially in out-of-distribution scenarios [9][11]. Group 2: Training Phases - The training of Lumo-1 consists of three phases: 1. Embodied VLM pre-training on selected visual-language data to develop spatial understanding and trajectory inference [15]. 2. Cross-ontology joint training to enhance instruction following and spatial reasoning capabilities [16]. 3. Real-world reasoning-action training using the Astribot S1 robot to learn executable action patterns [16][18]. Group 3: Reasoning and Action Alignment - Lumo-1 incorporates structured reasoning, allowing the robot to break down tasks into sub-tasks and understand the relationships between actions and instructions [22][30]. - The model employs reinforcement learning for reasoning-action alignment, calibrating the discrepancies between high-level reasoning and low-level actions, which significantly improves task success rates and generalization capabilities [27][28]. Group 4: Performance Metrics - Lumo-1 outperforms mainstream models in six out of seven multimodal benchmark tests, demonstrating its robust multimodal perception and reasoning abilities without compromising its core functionalities [29]. - The model's ability to adapt to various environments and tasks, such as adjusting arm positions for different container heights and recognizing handwritten menus, showcases its impressive generalization capabilities [29].

Core Viewpoint - The Chinese market is experiencing a bull market supported by strong fundamentals, particularly in manufacturing, despite concerns about the real estate sector and consumer spending [3][4][29]. Group 1: Market Performance - The Chinese market is the best-performing market globally this year, with expectations of profit-taking as the year ends [6][74]. - The stock market has diverged from real estate prices and ten-year government bond yields since January, indicating a shift in market dynamics [5][31]. - The bull market is characterized by a significant wave structure over the past 30 years, with the fifth wave expected to be the most promising [6][70][73]. Group 2: Economic Fundamentals - Industrial profits are expected to recover, which will positively influence the Shanghai Composite Index [7][58]. - The manufacturing sector remains robust, with the contribution of real estate to GDP declining from over 30% to around 10% [32][34]. - The new five-year plan emphasizes economic construction, a strong industrial system, and revitalizing consumption, with little focus on real estate [49][54]. Group 3: Inflation and Deflation - The long-term deflationary pressures in upstream industries are affecting downstream consumption, necessitating policy measures to alleviate these issues [8][14]. - The implementation of the Yarlung Tsangpo River project is seen as a significant step towards addressing overcapacity and price competition [12][16]. - There is an expectation that upstream price and consumption sentiment will begin to recover in the next 3 to 6 months [10][23]. Group 4: Commodity Trends - Gold has experienced a significant price increase, indicating potential historical changes in the market, with expectations for industrial metals to follow suit [35][47]. - The U.S. is projected to issue approximately $2.1 trillion to $2.2 trillion in debt by 2026, raising concerns about the sustainability of U.S. debt levels [39][48]. - The current pricing of industrial metals reflects a pessimistic outlook similar to the 2008 financial crisis, suggesting a potential for recovery [43][46].

Core Viewpoint - Tesla's recent shareholder meeting highlighted the approval of Elon Musk's compensation plan, which has sparked debate among shareholders regarding its implications for management control and shareholder interests [1][2]. Compensation Plan Details - Musk's new compensation plan could grant him approximately 12% of Tesla's total stock, raising concerns about stock dilution among shareholders [2]. - The plan includes performance targets tied to market capitalization and operational goals, with significant stock awards contingent on achieving these benchmarks [1][2]. Shareholder Reactions - Some shareholders, including Norway's sovereign wealth fund, expressed concerns over the high dilution ratio and the lack of short-term verifiability in performance targets, potentially harming minority shareholders [2]. - Support for the plan comes from Tesla's board and some market analysts, who argue that it aligns Musk's interests with those of long-term shareholders [2]. Financial Performance - Tesla's Q3 financial results showed a net profit of $1.373 billion, a 37% year-over-year decline, marking the third consecutive quarter of profit decrease [5]. - Total revenue for Q3 was $28.095 billion, reflecting a 12% increase year-over-year, but the automotive business faced challenges with a gross margin of 15.4% when excluding regulatory credits [5]. Market Response - Following the shareholder meeting, Tesla's stock price rose slightly by 1.69% to $235.2, but overall market reaction was muted, indicating skepticism about Musk's ambitious plans [1][5]. - Analysts noted that Tesla's performance pressures and declining profits have affected market expectations, contributing to a cautious outlook [5]. Future Prospects - Musk indicated that Tesla aims to integrate sustainable energy with AI technology, but the timeline for significant advancements, such as the production of the third-generation Optimus robot, has been pushed to the end of 2026 [6]. - The rollout of Tesla's Full Self-Driving (FSD) technology remains uncertain, with ongoing regulatory discussions in key markets [7].