深圳北芯生命科技股份有限公司（简称：“北芯生命”，股票代码：“688712”）今日在科创板上市。 北芯生命此次发行价为17.52元，发行5700万股，募资总额近10亿元。 北芯生命基石投资者一共认购2亿元，其中，上海国鑫投资发展有限公司认购1361万元，中国保险投资基金（有限合伙）认购1361万元，全国社保基金四一三组合认购、基本养老保险基金一六零三二组合分别认购454万元，基本养老保险基金二零零三组合认购181万元，社保基金划转三零零四组合、基本养老保险基金二一零四组合、社保基金 2002组合分别认购272万元，基本养老保险基金一五零二一组合认购1361万元，中金财富认购4000万元，中金北芯生命1 号认购9986万元。 北芯生命开盘价为50.31元，较发行价上涨187%；以今日午盘价计算，公司市值为208.71亿元。 预计年营收5.2亿到5.6亿 北芯生命成立于2015年，公司专注于心脏介入诊断领域，主要从事介入类和植入类的医疗器械的研发、生产和销售。 冠状动脉粥样硬化性心脏病(简称“冠心病”)是全球死亡率最高的疾病之一。 医生使用血流储备分数(Fractional Flow Reserve，简称FFR)和血管内超声(简称IVUS)来指导经皮冠脉介入治疗(PCI)，实现冠脉介入的精准诊断和治疗。通过FFR测量，医生可从功能学的角度评价狭窄病变，准确识别引起心肌缺血、有功能意义的狭窄病变，从而为医生选择对患者最佳的治疗方案，提供关键决策信息。北芯生命的FFR测量系统由TruePhysio压力微导管和VivoCardio血流储备分数测量设备两部分组成。 招股书显示，北芯生命2022年、2023年、2024年营收分别为9245万元、1.84亿元、3.17亿元；净亏损分别为3亿元、1.55亿元、5374万元；扣非后净亏损分别为1.8亿元、1.64亿元、6294万元。 北芯生命2025年上半年营收为2.59亿元，净利为4551万元，扣非后净利为4032万元。 北芯生命2025年前9个月营收为4.07亿，较上年同期的2.4亿元增长71.36%；净利为7233万元，上年同期的扣非后净亏损为3927万元；扣非后净利为6669万元，上年同期的扣非后净亏损为4273万元。 北芯生命预计2025年营收5.2亿到5.6亿元，较上年增长 64.24%-76.88%；归属于母公司所有者净利...

格隆汇2月5日｜花旗发表研报指出，AMD去年第四季度业绩的上行主要受到意外的3.9亿美元中国销售额提振。尽管AMD对2026年第一季度的指引高于市场共识，但该行认为买方预期更高。该行认为，在2026年下半年MI450发布之前，该股仍处于观望模式，该行认为该产品面临执行、竞争及客户集中风险。2026年伺服器CPU总可用市场将实现双位数字按年增长，2025年伺服器总可用市场约为200亿美元。该行调整2026及2027财年的每股盈测(不含股份基础补偿)分别上调10美仙和下调4美仙，并基于目标市盈率26倍，维持260美元的目标价，维持“中性”评级。

格隆汇2月5日｜有投资者在互动平台向天合光能提问：请问贵公司预计什么时候能扭亏为盈？天合光能回复称，公司储能业务预计2026年出货目标为15-16GW，实现翻倍增长，分布式光伏业务和支架业务将持续稳定发展并贡献利润，因此公司有信心先于行业实现业绩复苏。

拿下“中国最牛商场”SKP、收购“现金奶牛”八达岭奥莱、将星巴克中国收入囊中，不到一年三场重磅收购，这让人不禁好奇：博裕投资到底什么来头？ 年营收超28亿元的“奢侈品商场”，刚开年就被悄悄卖了？ 日前，北京市监局官网公示，瑞得时尚拟收购北京八达岭奥莱75%股权，交易完成后与原股东形成共同控制格局。 ▲ 这笔交易，让瑞得时尚背后的神秘资本——博裕投资，再度进入公众视野。 去年，这家私募巨头刚刚收购了北京SKP。此前，一度引发全球PE大围猎的星巴克中国，最终也被博裕投资纳入怀中。 不到一年，三场重磅收购，这让人不禁好奇：博裕投资到底什么来头？ 收购“现金奶牛”八达岭奥莱，资本打的什么算盘？ 说起来，八达岭奥莱离市区远，周边也很荒凉，按商场的选址逻辑来说，开在这种地方大概率会“凉凉”，但它却活得特别滋润。 这是为啥呢？关键是客户找得准。很多去过的网友都开玩笑说，这里是“买得起的奢侈品”商场，也有人说这里是“捡漏天堂”。 中产的消费心理往往有点矛盾：既想要面子，大品牌，又不想当冤大头。商场里一个包动辄两三万，在八达岭奥莱可能五折就能到手。虽然是过季款式，但谁看得出来是哪一季的呢？这下子，面子里子都顾上了。 这种精打细算的消费心理这两年越来越普遍了，大家不是不花钱，而是希望每一分钱都要花得值。 八达岭奥莱就聪明地抓住了这一点。自从2015年开业，前前后后引进了近300个品牌，其中不乏Prada、Gucci、Burberry、BVLGARI等奢侈品，既帮品牌方处理过季库存，清理断码商品，又让消费者觉得“捡到了宝”，双方都满意。 再加上“花园小镇”的设计，这地方直接就成了北京中产家庭周末溜娃、购物的固定打卡点。一到节假日或打折季，奢侈品店前就开始大排长龙。 更重要的是，这些人可不是只来逛逛，他们都是来真消费的。仅2025年国庆七天假期，销售额就高达5.2亿，客流量62万人次，创了历史新高。 资本是逐利的，这时候博裕资本出手收购，正是狠狠拿捏了中产的消费心理。 除了八达岭奥莱，去年，博裕资本还收购了“中国最牛商场”SKP。有数据显示，2024年北京SKP的销售额同比下滑了约17%，直接丢了多年“全国销售第一商场”的位置。 相比之下，八达岭奥莱的业绩反倒一路走高，从开业当年的18亿元一路增长到2024年的28.4亿，且2024年利润约9亿元，净现金流超过8亿元，被业内称为“现金奶牛”...

The world's largest contract chipmaker says it will produce advanced 3-nanometer semiconductors in Japan. Taiwan Semiconductor Manufacturing Company Chief Executive Officer C.C. Wei notified Japanese Prime Minister Takaichi Sanae of this plan during their meeting on Thursday in Tokyo. If realized, it would be the first output of 3-nanometer chips in Japan. Wei said: "The 3-nanometer technology today is the most advanced process used by AI and smartphone products. We believe this fab will further contribute to local economic growth and, most importantly, form the foundation of Japan's AI business." Takaichi said: "We will promote investments in crisis management and economic growth through public-private collaboration. AI and semiconductors are key sectors and the partnership with TSMC will be a model." The Prime Minister vowed to extend government support for the plan. The Taiwan-based chipmaker's first factory in Japan was put into full operation in 2024 in the southwestern prefecture of Kumamoto. It makes 12- to 28-nanometer-class chips that are used for automobiles and industrial equipment. The company is now building a second plant on the same premises. The 3-nanometer chips are expected to be used in high-demand applications such as AI data centers and autonomous vehicles.

乌沙科夫说：“在涉及国家利益的关键问题上，俄罗斯和中国相互支持。面对外部挑战，正如我们的中国朋友所说，我们的国家背靠背地站立，可以相互依靠。” 2月4日下午，国家主席习近平在北京人民大会堂同俄罗斯总统普京举行视频会晤。图：刘彬/新华社 【财新网】 2月4日，中国国家主席习近平分别与俄罗斯总统普京举行视频会晤，又和美国总统特朗普举行通话。 在与普京的视频会晤中，习近平指出，过去一年我们两度会晤，引领中俄关系步入新的发展阶段。两国隆重纪念世界反法西斯战争胜利80周年，展示了双方捍卫二战胜利成果和国际公平正义的坚定决心。 习近平强调，今年是中国“十五五”开局之年，中方将更加积极主动扩大高水平对外开放，同包括俄罗斯在内的世界各国共享发展新机遇。今年也是中俄战略协作伙伴关系建立30周年、《中俄睦邻友好合作条约》签署25周年和“中俄教育年”启动之年。双方要把握历史契机，密切高层交往，加强各领域务实合作，以更深层次的战略协作和更加积极有为的大国担当，确保中俄关系继续沿着正确轨道不断发展。

韩国交易所（KRX）主席郑恩博周四表示，韩国基准股票指数有望突破 6000 点大关，并誓言将努力推动股市发展，包括将交易时间延长至 24 小时。 郑恩博在该交易所今年的首次新闻发布会上表示：“与全球其他市场相比，我认为我们的市场有潜力达到至少 6000 点的水平。我相信要实现这一目标不会有任何重大问题。”他所指的是基准的韩国综合股价指数（KOSPI）。 为助力提升该国的资本市场，韩国交易所计划推进一系列促进资本市场发展的举措，其中第一步将在 6 月引入开盘前和收盘后的交易时段。据郑恩博介绍，该交易所将逐步在工作日实现全天候交易，与全球其他交易所的做法一致。 他在这次会议上表示：“我们能够创造更多流动性的方式只有两种：一是让更多的本地市场参与者通过有效的融资手段投资于本地市场，二是想办法吸引外国投资者的资金。” “逐步延长交易时间是必要的，这样才能从海外引入资金流动性。” 杠杆型交易所交易基金（ETF）以及其他投资产品，如每周期权，将被引入市场。 郑恩博表示，将韩国股市纳入MSCI指数的工作也将展开，其中包括对在KOSPI上市的公司提前实施以英语为主的监管文件要求。 责任编辑：于健 SF069

格隆汇2月5日｜欧洲主要股指开盘涨跌不一。欧洲斯托克50指数涨0.05%，德国DAX指数跌0.19%，英国富时100指数跌0.3%，法国CAC40指数涨0.2%。

2月5日，外交部发言人林剑主持例行记者会。有记者提问，据报道，香港美国商会日前发布2026年度《香港商业信心调查报告》，显示受访的在港美企进一步看好香港营商环境，对香港发展前景充满信心。请问外交部对此有何评论？林剑表示，我们注意到这份报告。报告显示，86%的受访企业认为香港作为国际商业中心具有竞争力，92%的受访企业无意将总部迁出香港，94%的受访企业对香港法治有信心。这些数据显示了美国在港企业对香港发展前景和营商环境的信心不断增强。（央视新闻）

住房公积金有望惠及更多灵活就业群体，扩大用于城市更新 住房公积金用于支持“原拆原建”、住房翻修、适老化改造、加装电梯等城市更新用途的限制正在加速“松绑”，并有望惠及更多灵活就业群体。 但在部分受访业界人士看来，住房公积金制度仍面临“叫好不叫座”困境。要想真正有效盘活这一超十万亿元“沉睡资金”，仍需要进一步改善和提振居民的住房消费预期。 多地住房公积金改革“牵手”城市更新 近半个月以来，从一线城市到二三线城市，均不约而同地出台新政，拓展住房公积金使用范围，尤其是支持其用于为居民带来生活改善和资产增值的城市更新领域。 2月3日，宁夏中卫市住房公积金管理中心发布“优化调整八条惠民新政”。其中提出，支持提取住房公积金用于适老化改造和适幼化改造，支持缴存人提取住房公积金用于住房结构加固、自主更新和原拆原建。 对于后一类提取用途，该新政进一步明确为：2005年以前在该市行政辖区内竣工的符合城市危旧房（城市老旧小区改造、棚户区改造、城中村改造）改造条件的或农村危房改造、抗震房改造、房屋结构加固、自主修缮更新、原拆原建等大修住房条件的，每年可申请提取一次本人、配偶及直系亲属个人住房公积金账户存储余额用于支付改建费用，合计提取金额不超过10万元。 2月2日，河北廊坊住房公积金管理中心微信公号发布《关于全面放开住房公积金提取频次限制的通知》，提出自2月1日起全面取消当地住房公积金提取业务关于“提取时间间隔应满12个月”的限制，缴存人提取住房公积金不再受提取频次限制。而符合要求的提取情形中就包括“购买、建造、翻建、大修自住住房(含未配备电梯的老旧住宅小区自住住房加装电梯的)”。 2月1日，福建住建厅发布的《关于进一步促进房地产市场稳定发展的若干意见》中，则从五个方面“优化住房公积金提取政策”，其中之一就是支持城市更新提取，缴存人可按照大修自住住房申请提取住房公积金支付老旧危旧房屋更新改造项目中个人出资部分。与此同时，当缴存人购买、建造、翻建、大修自住住房申请提取住房公积金时，可在最迟取得有效证明材料之日起3年内一次性申请。换言之，缴存人住房消费的提取时限也得以放宽。 1月下旬，“北京市城市更新政策激励工具箱（1.0版）”正式发布，有了解该文件制定过程的受访专家表示，1.0版工具箱汇集了北京及其他省市的城市更新试点经验。 根据北京版城市更新激励工具箱，接下来当地将加快住房公积金贷款支持支付...

美國和俄羅斯之間唯一軍控條約《新削減戰略武器條約》到期失效。在北京，外交部表示，中方表示遺憾，又指俄方曾建議俄美，繼續遵守條約的核心限制。 外交部發言人林劍說：「條約對維護全球戰略穩定具有重要意義，國際社會普遍擔心，條約失效將對國際軍控體系和全球核秩序產生消極影響。俄方曾建議俄美，繼續遵守條約的核心限制。中方呼籲美方予以積極回應，以負責任方式處理條約的後續安排，早日恢復同俄戰略穩定對話。」

Earnings Call Insights: Corpay, Inc. (CPAY) Q4 2025 Management View CEO Ronald F. Clarke reported "revenue of $1.248 billion, up 21%, and cash EPS of $6.04, up 13%." Clarke stated that results were "better than our expectations, mostly driven by cross-border and Alpha overperformance." He highlighted that "new sales or bookings up 29% versus prior year," and noted "record cash EPS print of over $6 a share." Clarke summarized that full-year 2025 revenue reached "$4.5 billion, that's up 14%. Cash EPS of $21.38, up 12%. Organic revenue growth for the full year, 10%." He credited acquisitions—especially Alpha—and strategic investments, including Mastercard's $300 million investment in the cross-border business, for positioning the company for the midterm. Clarke outlined 2026 guidance: "full year 2026 guidance at the midpoint of print revenue, $5.265 billion… up 16%." Cash EPS is guided to "$26 on the button. That's up 22%." Key drivers include strong fundamentals, accretive acquisitions, and a favorable macro environment. Clarke announced ongoing portfolio simplification, divestitures in vehicle payments, and further rotation to Corporate Payments. He stated, "We've hired a new CMO," developed "new Corpay Brand creative ads," and are "growing our Zoom sales teams here in 2026." AI is a new strategic focus, with pilots in conversational AI and merchant matching processes. CFO Peter Walker stated, "Q4 revenue was $1.248 billion, overperforming the midpoint of our guidance driven by strong Corporate Payments performance." He highlighted "GAAP revenue grew 21% year-over-year, driven by 11% organic revenue growth," and that "Q4 adjusted EPS of $6.04 per share overperformed the midpoint of our guidance and grew 13% year-over-year." Outlook The company provided "2026 revenue guidance is $5.265 billion at the midpoint of our range, growing 16% year-over-year. This assumes 10% organic revenue growth." Adjusted EPS for 2026 is guided at "$26 per share at the midpoint, growing 22...

The data mining and AI specialist could benefit from force modernization trends. There's no denying that artificial intelligence (AI) was all the buzz over the past couple of years, and 2026 is shaping up to be another AI-dominated year. It isn't just Wall Street and Main Street that have the AI bug. Just last month, the U.S. Department of Defense (DoD), which President Trump rebranded the "Department of War," released its outline for rapid AI deployment, dubbed the AI Acceleration Strategy, with the ultimate goal of making the U.S. military an "AI-first" warfighting force. One of the key tenets of this approach is "rewarding AI-first reconceptions of legacy approaches," according to the memo. As one of the leading providers of AI systems to the U.S. government, Palantir (PLTR 11.72%) may well be the best way to play AI spending in 2026. Read on to find out why. AI-first The Pentagon's 2026 budget request included a record $13.4 billion for AI. This marked the first time the DoD included a dedicated line item for AI spending. While certain portions of the budget are allocated to specific war-fighting technologies, there's a great deal of AI-related overlap. The defense contractors best able to capture some of that spending are "those who can prove AI capability objectively -- through validated skills assessments, demonstrated experience with federal AI frameworks, and systematic quality control that addresses agency risk concerns," according to IT consulting firm CCS Global Tech. Given Palantir's extensive experience in providing AI systems to the U.S. government, military, and law enforcement agencies, the company has the requisite background to throw its hat in the ring for this year's spending bonanza. Don't take my word for it. When Palantir reported its fourth-quarter results, revenue climbed 70% year over year to $1.4 billion. Of that, U.S. government revenue rose 66% to $570 million. Moreover, management's forecast for 2026 is telling, guiding for full-year g...

Could Palantir Be the Best Way to Play Government AI Spending This Year? fool.com

文章提及标的 中国银行 -- 跃岭股份 -- 跃岭股份（002725）公告，控股股东深圳杰思金材科技有限公司将持有的6287.5万股办理质押，占其持股100%，占公司总股本24.5606%，质押起始日2026年2月4日，质押权人为中国银行（601988）股份有限公司深圳光明支行，用途为融资类质押。截至公告披露日，其累计质押股份6287.5万股，占持股100%，占公司总股本24.5606%。

查看最新行情 Arcelor Mittal表示，欧盟出台的本土钢铁产业保护措施有望提升该公司在欧洲大陆的市场份额，目前企业正着手扭转去年利润下滑的态势。 这家钢铁巨头周四称，得益于欧盟为保护本土钢铁产业推出的相关举措，公司有信心在未来一年拿下欧洲市场更大的份额。当前全球钢铁产能严重过剩，欧洲钢铁行业因此深陷困境。 Arcelor Mittal首席执行官表示，这些措施将“推动欧洲钢铁生产商的产能利用率恢复至可持续水平，并为资本创造可观的投资回报”。 他还称，“我们已做好充分准备，将从这一政策导向中获益。” 欧盟委员会去年10月提出多项保护措施，其中包括对超出特定配额的钢铁进口产品加征50%的关税，同时将免税进口额度削减一半。 欧盟还已正式实施碳边境调节机制（CBAM），该机制旨在削弱那些不受欧盟严格碳排放限额约束的海外钢铁生产商所拥有的竞争优势。不过，包括欧洲主要汽车行业游说团体在内的部分行业协会发出警告，认为这些措施力度过大，可能会给欧盟出口企业带来额外的关税和行政成本负担。 作为欧洲最大的钢铁企业，总部位于卢森堡的Arcelor Mittal在业绩更新公告中披露，2025年公司息税折旧摊销前利润（EBITDA）为65.4亿美元，略高于分析师预期，但较去年超70亿美元的该指标数值有所下滑；其四季度息税折旧摊销前利润也同比下降，至15.9亿美元。2025年粗钢产量从2024年的5790万吨降至5560万吨。 据Arcelor Mittal汇总的市场一致预期，分析师此前预计公司2025年四季度息税折旧摊销前利润为15.3亿美元，全年为64.7亿美元。 Arcelor Mittal表示，受全球钢铁需求回升以及欧盟保护措施的双重利好，2026年公司所有运营区域的钢铁产量均有望实现增长，其中欧洲业务将成为最大受益者。 公司称，“随着碳边境调节机制与新关税配额机制的协同效应在年内持续显现，欧洲本土钢厂将逐步从进口产品手中夺回市场份额，Arcelor Mittal也将借此获益。” 首席执行官表示，其他行业趋势也将推动公司的产品需求和产量增长，包括欧洲国防领域的投资增加、数据中心建设热潮以及能源转型进程的推进。 摩根士丹利 分析师在该公司业绩更新后发布研报称，这一乐观的业绩展望，有望支撑市场对Arcelor Mittal2026年息税折旧摊销前利润回升至约86亿美元的预期。 责任编...

文章提及标的 路劲 -- 苏州高新 -- 房地产 -- 苏州高新（600736）公告，公司全资孙公司苏州新墀企业管理有限公司拟以债转股方式向控股公司常州新隽捷房地产（881153）开发有限公司增资7.8亿元，常州路劲（HK1098）房地产（881153）开发有限公司拟增资5.2亿元。增资后，常州新隽捷房地产（881153）开发有限公司注册资本将增至13.2亿元，苏州新墀企业管理有限公司持股比例仍为60.00%。

格隆汇2月5日｜有投资者在互动平台向联赢激光提问：请问公司在钙钛矿电池方面有什么布局？有没量产交付的订单？具体是全链条还是部分激光设备？联赢激光回复称，公司光伏子公司主要从事光伏领域设备研发和生产。

格隆汇2月5日｜花旗将百事可乐的目标价从170美元上调至182美元，维持“买入”评级。(格隆汇)

法國當局拘捕四人，涉嫌為中國從事間諜活動，其中有兩人是中國公民。 路透社報道，涉事中國公民早前入境法國，他們涉嫌在法國西南部吉倫特省一處民宿，攔截美國富商馬斯克旗下的星鏈衛星系統數據，以及竊取重要實體資料，包括軍事單位相關資訊，並且意圖將資料傳送回中國。 巴黎檢察官辦公室周三表示，轄下網路犯罪部門已對案件展開司法調查，將聚焦於涉嫌非法向外國實體洩露敏感資訊，可能損害國家利益等。四名疑犯被調查，其中兩人已被羈押。 在北京，外交部稱，不了解情況。 外交部發言人林劍稱：「作為原則，中方反對對華的惡意污衊抹黑，要求有關方面切實保障中國公民的合法權益。」

Shell has increased its multibillion-pound debt pile to continue handing investors bumper payouts despite reporting a drop in annual profits on weaker oil prices. The oil company reported a 22% fall in adjusted earnings to $18.5bn (£13.6bn) for 2025, down from $23.7bn in 2024, owing to steadily falling global oil market prices. Its earnings for the last quarter of the year were $3.25bn, missing analyst expectations of $3.5bn and well below the $5.4bn reported for the previous three months. Shell continued to offer record-breaking shareholder payouts while growing its debt pile. Its net debt climbed to $45.7bn by the end of the year, or almost 21% of its total capital, up from $41.2bn at the end of September, as oil prices continued to slide. The company handed its shareholders a 4% increase in dividends and $3.5bn worth of share buybacks – its 17th consecutive quarter of at least $3bn of buybacks. The international price for crude fell below $60 a barrel for the first time in almost five years at the end of 2025 as political leaders began to inch towards a Russia-Ukraine peace deal, which could increase the glut in the global market if western sanctions were lifted on Russian exports. Overall, oil prices slumped by almost 20% in 2025, marking the biggest annual loss since the Covid pandemic, and the first time that the oil market has recorded three consecutive years of annual losses. Wael Sawan, Shell’s chief executive, said the year showed “accelerated momentum” for the business, with “strong operational and financial performance across Shell”. “We generated free cash flow of $26bn, made significant progress in focusing our portfolio and reached $5bn of cost savings since 2022, with more to come,” Sawan added.

咖啡机这一百亿级赛道中，国产咖啡机品牌走出资本化的关键一步。 界面新闻留意到，国产半自动意式咖啡机头部品牌格米莱已经正式向港交所递交招股书。如果顺利，这家2024年营收近5亿元、拿下国内咖啡机市场7.5%份额的企业，将成为首个港股上市的国产咖啡机品牌。 格米莱形成了多系列、适配家庭、办公室、餐厅及咖啡馆等多元使用场景的意式咖啡机产品体系，主要产品包括家用意式咖啡机、家商两用意式咖啡机、商用意式咖啡机、磨豆机等等。 以当前市场来看，按照萃取方式的不同，咖啡机可以大致分为滴漏式、胶囊式和意式（也称压力式），其中意式可细分为“全自动意式”和“半自动意式”。 格米莱的咖啡机主打半自动意式咖啡机，而这家公司也强调，高级化和半自动化是关键增长驱动因素——受消费升级和技术创新所推动，高端、半自动咖啡机已成为中国咖啡机行业增长和价值提升的核心。 图片来源：小红书@格米莱 01 实际上，从家用半自动意式咖啡机切入，是大多数国产咖啡机品牌在国际品牌林立的环境中“弯道超车”的路径之一。 “家用全自动咖啡机强调便利性，胶囊咖啡机一般和咖啡胶囊绑定，在长期使用过程中机器的成本甚至小于胶囊的成本。”上海啡越投资管理有限公司董事长王振东在接受采访时对界面新闻表示，“家用半自动咖啡机戳中的是‘发烧友’群体，还能用手作的方式，提供一些情绪价值。” 在王振东看来，现磨咖啡店铺覆盖的增加、客单价的降低和购买的便利性，培养了消费者对咖啡的兴趣，让他们有动力购买咖啡机并直接参与咖啡的制作。 在全自动意式咖啡机领域，长期以来以Delonghi德龙等国际品牌为代表；而在胶囊咖啡机领域，市面上主流的品牌则是雀巢旗下的Nespresso奈斯派索和Dolce Gusto多趣酷思。 而避开国际品牌主导的细分市场，以半自动咖啡机切入市场，也成为了格米莱、柏翠、左左摩、百胜图等一批新国产品牌的做法，按照场景和人群细分又能开发出不同型号的产品，包括在外观设计、性能及细节上做出差异化的“微创新”。 左左摩咖啡机 02 格米莱也成为这一批国产咖啡机品牌中的头部。 财报显示，格米莱的营收近年来稳步增长，2023年至2024年分别为3.08亿元和4.98亿元，2025年前9个月为4.49亿元。 更为关键的是，格米莱的毛利率保持在40%左右，2025年前9个月甚至达到44%以上，这也意味着其品牌溢价与规模效应正在形成。 界面新闻在其招...

In a basement office in the north of Rome, Riccardo Maggio is unpacking boxes of blue jerseys with “Italia” written on them. He sighs when the landline phone rings again, and then again. Maggio is on his own, multitasking in the headquarters of the Italian Cricket Federation, tucked away in the building that houses the Italian Olympic Committee (Coni), the governing body for national sports. The room is small and improvised, its shelves cluttered with old trophies, faded photographs of players and souvenir cricket bats. The base for Italian cricket is hardly the nucleus of a global sporting moment. Yet, in a story that has largely flown under the radar in Italy, for the first time in their history the men’s national cricket team have qualified for the T20 World Cup, co-hosted by Sri Lanka and India, which begins this weekend. “I would call it an Italian miracle,” Maggio said. He should know. Maggio, who is operations manager for the federation and a former national player, was born in Italy to Italian-British parents. He only discovered cricket during summers spent with his grandparents in England. “I watched it on the television, and then started to play it in the park with friends,” he said. “Then I would return to Italy and play football and basketball – those were the sports that were normal here. But I loved cricket.” The federation was founded in 1980 but Maggio didn’t realise Italy had a cricket team until during another trip to England in 1989, when he read a newspaper story about the squad touring the country for club-level games. “It was in the Guardian,” he said. “I have it at home – the headline was something along the lines of: ‘Italy takes the wicket’.” When he returned to Italy, Maggio, who at the time was about 18, called Coni to find out how he could play cricket. “They laughed at me,” he said. “So then I went to the British embassy in Rome. They put me in touch with a local club, and that’s how I started playing in Italy.” Maggio’s story resembles ...

Vivid dreamscape sold to fans in 2021 is yet to materialise amid layers upon layers of bureaucracy, economics and geopolitics Layer two: Nick Woltemade, signed for £69m in the hot madness of summer, has stopped scoring. Anthony Elanga, a £55m winger, has struggled for game time and goals. Malick Thiaw, a £35m centre-half bought from Milan, keeps making basic errors. Last summer’s transfer window, conducted without a sporting director and with an outgoing chief executive, looks increasingly like a disaster. The football seems a little slower and less urgent these days, St James’ Park a little quieter and more anxious. Eddie Howe is basically holding this thing together with hugs and smiles. Layer three: turns out Alexander Isak lighted the exit path so that others might follow. Sandro Tonali’s agent decided to make a little mischief on transfer deadline day, putting Arsenal on alert. Perhaps Tonali will be the next painful transfer saga, perhaps Bruno Guimarães or Lewis Hall or Tino Livramento. The sporting director, Ross Wilson, is still getting his feet under the table. The chief executive, David Hopkinson, reckons Newcastle can be the best team in the world by 2030 . They sit 11th in the Premier League. No signings arrived in January. Continue reading...

The prosecution: Frida Bikes are a quicker way to get around. We should use them so we can enjoy more of our destination I hate walking anywhere. Whenever we explore Berlin, where we live, I prefer to cycle. It’s easier, it’s more fun, and it saves time. My husband disagrees. Frantz loves walking and I always end up trailing behind him by bike, which is uncomfortable because I have to pedal slowly to keep at his pace. Walking is boring; I find it monotonous. I don’t like how you take the same routes when walking, going up and down the same roads. When you go by bike you often find new trails and parks, and end up discovering new things. Frantz says the opposite, that walking helps you uncover neighbourhood gems, but I guess it depends what you’re looking for. We don’t have a car, and even though cycling can be hard in the snow and wind, it’s better than walking I also prefer cycling because it frees up more time by reducing our commute. Berlin is a very walkable city, but in the winter it’s too cold to dawdle. We don’t have a car, and even though cycling can be hard in the snow and wind, it’s better than walking. Frantz always says I’m late for everything and biking is my attempt to be on time, but that’s not true. Cycling is my attempt to make the most of every moment. I don’t want to waste time pretending that slowness is a virtue. Sometimes at the weekend I can persuade him to join me, but other times he insists on walking, and this attempt at compromise pleases no one. He also still ends up waiting for me to lock up the bike whenever he wants to stop and look at something, or I end up waiting in the cold for him to come out of a shop and think: “I should have just walked.” We moved to our part of Berlin 12 years ago and only got our bikes two years ago, so really I am in the right because the bikes are still a novelty and we have walked around enough of our city as it stands. A walk can turn into a meander; with a bike you have a fun, quicker journey and get mor...

Norwegian crotches All eyes are on the, ah, essentials of the Norwegian men’s ski jump team as they try to recover from one of the great botched crotch stitch switch scandals of 2025. Two of their gold medal-winning athletes from Beijing 2022, including the defending Olympic champion on the long hill, were banned for three months after a whistleblower published a video of their coach tampering with the (strictly regulated) crotch stitching on their jumpsuits at the Nordic world championships last year, in an attempt to make them more aerodynamic by adding padding. Groin-gate led to a national debate about ethics in sport and a complete overhaul of the rules. We’re told doctors are now using “3D measurements” to carefully scrutinise all competing athletes before competition. View image in fullscreen All eyes on Norway’s defending Olympic large hill ski jump gold medalist, Marius Lindvik. Photograph: Tom Weller/Getty Images Frosty US-Canada relations After a 12-year holdout, the National Hockey League has finally agreed to let its players participate in the Olympics again, which means the ice hockey tournament at Milano Cortina is going to be a proper test of the world’s best for the first time since Sochi in 2014. Russia have been banned from the competition, but given the current state of relations between Canada and the US there’s still going to be plenty of geopolitical needle. The opening match between the two during the Four Nations last year started with three fights in the first nine seconds, and any game between them in the knockout rounds is going to be the single hottest ticket of the Olympics. Elbows up. Skeleton sabotage? But before all that, the two countries have things to thrash out on the ice track. The run-up to the Games has been dominated by a row over the women’s skeleton, after the Canadian coach Joe Cecchini gerrymandered the final qualification event by withdrawing several of his own competitors to ensure one of them made it to the Games ahead ...

Robert Kitson What are you most looking forward to? Let’s hope it stops raining at some stage. Because if Matthieu Jalibert, Louis Bielle-Biarrey, Henry Arundell, Manny Feyi-Waboso, Louis Rees-Zammit et al have a licence to thrill with a dry ball this could be an eye-catching championship. Who is going to win and why? France. Three home games, the world’s best player fit again, big forwards, highly promising youngsters, and England haven’t won the title in the season after a British & Irish Lions tour since 1963. Predicted finishing order France, England, Scotland, Ireland, Italy, Wales. Watch out for … Hollie Davidson, who is about to become the first female referee to take charge of a men’s Six Nations game. It should have happened years ago. Top try scorer Now Damian Penaud is not around to steal his thunder the only possible answer is Bielle-Biarrey. When it’s over we’ll all say … “The tournament has flown by.” Having just one fallow week instead of two will also favour bigger nations with deeper squads. View image in fullscreen Hollie Davidson (left), pictured overseeing Bath v Lyon last May, will become the first woman to referee a men’s Six Nations game. Photograph: Tom Jenkins/The Guardian Ugo Monye What are you most looking forward to? The away trips. Spending weekends in different places and soaking up the atmosphere is the best thing about the Six Nations. I cannot wait for Murrayfield next week and Rome is always glorious. Who is going to win and why? I’m backing England because they have the greatest strength in depth and a great level of consistency. It’s a happy squad. It’s rare that everyone is hunting you when you’re not defending the championship, but England can handle that. Predicted finishing order England, France, Ireland, Scotland, Wales, Italy. Watch out for … The return of the king in Antoine Dupont. It was in the championship last year that he sustained his long-term injury but he is back to marshal the troops. He remains the north star for...

The Winter Olympics are back – and this time they’re zigzagging across northern Italy. Milano Cortina 2026 will be the most spread-out Winter Games ever staged, jumping from Milan’s arenas to the Dolomites’ classic Alpine slopes. With returning superstars, brand-new events and Italy leaning hard into its Olympic heritage, these Games may feel like they’ve arrived quietly – but there is a lot going on. From how and when to watch, to who matters and why these Olympics could look very different, here are your most pressing questions answered. Wait – there’s an Olympics happening? Yes. The 2026 Winter Olympics officially start on Friday and run through 22 February. Given where they land in a crowded sports calendar – with Super Bowl LX on Sunday, the Premier League in full swing and the Australian Open having just finished – and considering it’s been less than 18 months since the Paris Summer Games ended, it’s easy to see how the Games might have snuck up on some fans. When do the Winter Olympics start? The Games officially begin on Friday with the opening ceremony, though several competitions will already be under way before then, including curling, ice hockey, luge, ski jumping, snowboarding and figure skating. As the Winter Olympics have grown – with longer schedules, more athletes and heavier broadcast demands – starting certain events early has become the only way to fit everything into the official Games window. Who is hosting the Winter Olympics? Italy is hosting the 2026 Winter Olympics. The Games are officially branded Milano Cortina 2026 and are spread across northern Italy, with Milan serving as the primary city host and Cortina d’Ampezzo anchoring the mountain events. What are the main Winter Olympics venues and locations? These Olympics are spread across northern Italy, with events clustered by geography and sport. Milan will host most of the indoor ice competitions – including ice hockey, figure skating and speed skating – and will also stage the opening c...

Margaret Thatcher and Deng Xiaoping were both on a mission when they came to power within months of each other at the tail end of the 1970s. Thatcher wanted to reinvigorate capitalism in Britain, while Deng launched a programme of reform and liberalisation that he called socialism with Chinese characteristics. Since then, the economies of Britain and China have been transformed, but in different ways. China was essentially a peasant economy when Deng took control, but it has since become an industrial powerhouse, while Britain has ceased to be a major manufacturing player and instead became a country dominated by services. As Keir Starmer may have noticed on his visit to China last week, somewhere along the way the two countries have swapped places. In the early days of Deng’s reforms, there was a concentration on mass-produced goods where China’s much lower labour costs gave it a competitive edge. That is no longer the case, with China the dominant producer of electric vehicles and vying with the US in artificial intelligence. To be sure, there are many good things about Britain, just as there are many bad things about China. Yet if the comparison between China’s manufacturing prowess and the service-sector dominated British economy makes Starmer uncomfortable, then so it should. China is what a country that still cares about making stuff looks like. The prime minister’s trip to China has quickly been overshadowed by the latest revelations about Peter Mandelson, yet there are three important lessons from the visit. The first is that manufacturing matters. Britain will not prosper again without rebuilding its productive base. The alternative to a strong and thriving manufacturing sector is not an economy dominated by highly paid “knowledge workers”, but a low-tech service sector in which finance dominates. Services now account for about 80% of the British economy, 10 times the size of manufacturing. Yet it is much harder to improve the efficiency of a labour-intensi...

After experiencing the strangeness of the Academy Awards with her last film The Brutalist, the indie actor has reunited with its creators for period curio The Testament of Ann Lee. But what she’d really like to get her teeth into is a certain dino franchise Stacy Martin is “not a religious person”. Still, the actor insists things have happened in her life that have made her realise there’s “a whole expanse of things that are unexplainable”. Once, at home in north London, she noticed a lightbulb flickering. She couldn’t solve the mystery: no matter how many times she changed it, the bulb continued to blink. Instead of consulting the internet, Martin went to see her psychic, a tea leaf reader she meets annually, booking in under a fake name. The psychic suggested that someone was trying to communicate with her. “I was like: ‘What if I just start talking to this person that apparently wants to talk to me?’” says Martin. “And so I did. And that light never flickered again.” Martin prefers not to use the word ghost, but she’s aware there are things the mind can’t make sense of; things the body somehow knows. Continue reading...