作为耐克在中国市场最大的经销商，滔搏与耐克的合作历史已超27年。

商务部新闻发言人就将14家欧盟实体列入出口管制管控名单答记者问

56368 ★

摘要：明明有清晰的前车之鉴，叠纸依旧在《恋与深空》重启新男主扩容计划，这份铤而走险的背后，藏着整个乙女赛道无法回避的双重困境：存量市场的商业焦虑，加上日趋严重的创作枯竭。

对于特林康而言，前往沙特或许意味着远离了欧洲顶级赛场的聚光灯，但丰厚的薪资待遇和作为球队绝对核心的战术地位，同样具有极大的吸引力。

1、BOB足球姆巴佩以8球3助攻的恐怖效率领跑射手榜，登贝莱贡献5球2助攻，而奥利塞则以5次助攻成为进攻端的发牌器。

02 播客为什么特别盛产这些词这首先和中文播客的核心听众有关。BOB足球这一幕，像极了2007年iPhone发布前夕的手机江湖，人人都知道变局将至，但没人知道最终谁会胜出。

2、新刊

马斯克把特斯拉定位为AI公司，但AI公司的特点正是现金流像无底洞，没有可以折旧的硬资产，只有不断膨胀的研发账单。

3、桑顿横空出世，挤走30岁射手！火箭1号位4轮换成型？第4控卫无悬念

阿森纳方面已做好萨利巴休战四到五个月的准备，这意味着他将错过新赛季开局阶段的多场关键战役。

4、ApexDator发布新一代AI量化智能体系实时解析全球市场多维信号

作为adidas在户外领域的重要产品线，TERREX长期围绕登山、徒步、越野等专业场景进行产品研发，在户外鞋服、功能装备等领域积累了技术经验。

5、自拍1段视频就能登录Google账号！密码忘了、手机丢了也不怕，但这3重防护能防住骗子吗？

2024年再夺美洲杯，让梅西带着连胜之势来到这届世界杯。

流行天后夏奇拉通过视频向球队和现场球迷致辞："（西班牙）向世界展示了何为同心协力、万众一心。

随着比赛进入60分钟的分水岭，西班牙在经历加时赛后的体能劣势可能会显现，边路回追与中场覆盖能力或将下滑。

6、为什么过敏的人越来越多？真可能跟“早八”有关

塞内加尔作为非洲杯卫冕冠军，首轮1比3不敌法国，但比赛过程远比比分更有内容。

随后，SELECT研究证明，司美格鲁肽可将超重或肥胖患者的心血管事件风险降低20%。

7、腾讯WXG项目组负责人因泄密被辞退上热搜第一，曾晒317万年终奖截图刷屏

卡迪纳莱反行业主流思路，直接取消体育总监岗位，改用团队协作模式开展转会工作，其中也暗藏不小的隐患，转会市场行情瞬息万变，很多交易需要快速敲定，多层级团队商议模式很可能会拖慢交易效率。

厂家可以不算经济账，但安全账终归是要算的。

8、大山里走出来的23岁博士研究生，确诊胃癌晚期

北京时间7月5日凌晨1点，2026美加墨世界杯首场1/8决赛将在休斯顿体育场打响，加拿大迎战摩洛哥。

天价AI基建投入，尚未收获规模化的回报，但大幅上升的资本支出已经开始挤压自由现金流。

另一方面，过去数十年来，耐克在中国依靠滔搏、宝胜等头部经销商实现市场拓展，而单方面终止线上经销业务，不仅会重创经销商收益预期，还可能经销商会减少耐克资源倾斜，优先主推安踏、阿迪、李宁，或是其他户外品牌。

9、那是成长中的一课！傅明载誉归来，主动回复球迷有关鲁豫战提问，释放友好信号

许多年内涨势良好的“科技小登股”，股价同样大幅回撤。

当米兰发起进攻时，队友阿泰卡梅的鞋子在对抗中被埃德森踩掉，主裁判却吹了米兰进攻犯规，萨勒马克尔斯从旁目睹这一切，他愤怒地捡起队友鞋子重重摔在地上，嘴里还骂骂咧咧，主裁判没有丝毫犹豫掏出黄牌。

10、湘女超株洲队亮相厂BA

Anthropic提供了一套模板关于Anthropic的走红路径，并不是一个新鲜话题，但梳理这个话题是我们理解Anthropic门徒的基础前提。

“弗里克会做出最佳决定，现在最重要的是周六的决赛。

1、三星堆考古获新进展：祭祀所用神庙疑似失火倒塌，三星堆之后古蜀人迁往金沙

具体而言，2026财年下半年，东方甄选的总营收预计达到33-35亿元，相较2025财年下半年同比增长约50.0%至59.1%。

2、曼联别再折腾了！卡里克很棒！当年巴萨的瓜迪奥拉，皇马的齐达内

一方面，法兰克福向他施加了巨大压力，希望这位功勋总监能够留任继续带领球队前进；另一方面，米兰目前的管理层架构和建队思路也让这位德国经理人产生了顾虑，他与朗尼克的要求一样，需要对转会市场100%的掌控权，显然该条件无法得到满足。

3、“上蒸下煮”模式即将开启！

亿纬锂能龙泉四号60Ah全固态电芯已下线。中国驻泰国使馆发言人就中泰联合声明涉台内容答记者问成立于2015年的觅光，最初以智能化妆镜切入市场，凭借差异化定位和小米生态链资源，觅光较早完成了品牌认知积累。

4、英媒：梅西点球水平远不及凯恩和C罗，阿根廷应考虑更换主罚人选

尽管他确实把球队带到了更好的位置，但他在转会市场上的号召力，甚至不如去年夏天处境艰难的阿莫林。

5、仅过21天！41岁少壮教头陈涛履新，出任西北狼主帅，首战对广州豹

”皮尔斯在接受talksport采访时表示。

6、詹姆斯今天不会做决定！想法突然改变又得重新考量黑贝回应爆料失败

”这场新老两代核心的直接对话，堪比现代版的“梅罗之争”，两人更是效力于皇马和巴萨，俱乐部和国家队都是宿敌。

世界杯季军战法国对阵英格兰将会是德尚代表法国队的最后一战，也是第290场比赛，其中球员生涯103场，执教生涯187场，值得一提的是德尚执教法国之旅始于英格兰，终于英格兰。

这意味着月之暗面有望在2027年初完成挂牌，成为继智谱、MiniMax之后又一家公开上市的国产大模型头部企业。

7、全新中大型轿跑上市！不足21万起外观似“帕梅”，纯电/增程可选

阿德耶米将成为今夏"补强行动"引进的第二名前锋，旨在按照主帅弗里克的要求提升球队进攻火力。

AC米兰将于7月13日开始他们26/27赛季的季前训练，球员们将在早上集合进行体能测试，通过后下午正式参加阿莫林的首堂训练课。

8、“湘潭造”踢进世界杯

防线方面，比利时的稳定性不如西班牙，小组赛丢球、淘汰赛两度被塞内加尔破门，都暴露出防守端的隐患。

“母告子”始末事情还得从2015年说起。

而“引狼入室”的剧情台词，将侵入私人空间的越界行为浪漫化，恰好触碰了女性最真实的安全焦虑，翻车自然在所难免。

截至7月15日，智谱股价报1707.9港元，市值7948.19亿港元；MiniMax 市值910.11亿港元。

记者：埃梅加在友谊赛腿筋受伤，至少无法参加在澳洲的比赛注意防范！24日17时−18时江苏沿江中西部地区将出现强对流天气，主要位于南京、扬州、淮安和镇江加纳乔与切尔西决裂，被停止合练，标价4500万，今夏大概率离队叫叫阅读亮相国际盛会，以AI技术焕新儿童阅读体验

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（文｜出海参考，作者｜王璐，编辑｜罗文琴）Nextfin News — On July 22, latest research from Omdia showed that despite total market shipments dropping by over ten percent in the second quarter, Vivo—excluding its iQOO sub-brand—maintained its top position in the Indian smartphone market with 6.3 million units shipped. Yet despite its strength in the market, Vivo was unable to keep full control over its manufacturing plants in India. There is an unwritten law in the corporate world that market share acts as a moat and scale brings bargaining power. But in India, Vivo has just seen that principle turned on its head—and in a remarkably brutal fashion. On July 9, an official approval was finally granted. Dixon Technologies announced to the stock exchange that Vivo India received a clearance letter issued on July 8 by India’s Department for Promotion of Industry and Internal Trade. Under this approval, the manufacturing operations Vivo built over twelve years in India will formally be folded into a joint venture controlled fifty-one percent by a local partner. According to industry analyses, the new entity has a paid-up capital of just fifty million rupees—around three and a half million yuan—yet it is taking over a mega-factory designed for an annual capacity of over one hundred million units and backed by a workforce of more than ten thousand employees. Viewed in isolation, this transaction reads like a story of loss. But when placed back into the context of Vivo’s global footprint, its true nature changes entirely. India remains Vivo’s largest overseas market, ranking first in 2025 with 32.1 million shipments and a twenty-one percent market share, accounting for roughly one-third of the brand's total global volume. Overseas operations already contribute more than half of Vivo's global revenue, with targets set to raise that share to sixty percent this year and seventy percent by 2027. This shift in India does not merely affect a single regional market; it alters the structural load-bearing pillar of Vivo’s entire global strategy. With the Indian chapter coming to a close, Vivo now faces far more practical questions about its future: What exactly did this equity restructuring change, and how will the brand navigate its next phase of globalization? A Three-and-a-Half-Million Yuan Outlay for a Three-Hundred-Billion Revenue Business By securing a fifty-one percent controlling stake, Dixon leveraged its position to capture a cash cow with an annual revenue potential estimated between two hundred fifty billion and three hundred billion rupees—roughly twenty-one billion to twenty-five billion yuan. This revenue guidance originates directly from Dixon’s own management team. As early as May, Dixon founder Sunil Vachani revealed that the joint venture would handle approximately two-thirds of Vivo’s smartphone sales in India, representing over twenty million units annually. JPMorgan further projects that the joint venture will add around eleven million smartphone shipments in fiscal year 2027, scaling up to approximately twenty-two million units annually across fiscal years 2028 and 2029. From India's perspective, this outcome represents a decisive policy victory. Looking back at Vivo’s expansion abroad, its capital deployment in India consisted of substantial physical investments. According to an official press release issued by Vivo India in April 2023, the company outlined a total investment plan of seventy-five billion rupees. The first phase called for thirty-five billion rupees by the end of 2023, of which twenty-four billion had already been allocated alongside plans to inject an additional eleven billion rupees by year-end. The new facility in Greater Noida, Uttar Pradesh, spans roughly 169 acres—a site acquired back in 2018 that officially went into operation in mid-2024. It currently holds an annual production capacity of sixty million units, with plans to double that figure to one hundred twenty million upon full completion, rivaling the footprint of Samsung’s largest manufacturing plant in the country. By 2018, Vivo's earlier facility was already generating a monthly output of around one million units while employing nearly ten thousand local workers. What do these figures truly signify? They demonstrate that Vivo was never just a consumer brand in India; it had built an end-to-end manufacturing system, a local supply chain, and a massive employment ecosystem. The company replicated its battle-tested Chinese ground-sales model across India, extending from major metropolitan shopping centers down to rural retail shops across roughly seventy thousand touchpoints. It even transformed India into an export hub, shipping Indian-made smartphones to Thailand and Saudi Arabia for the first time in 2022, with export targets exceeding one million units in 2023. Yet after 2024, every one of these capital investments transformed into a distinct disadvantage at the negotiating table. Faced with mounting regulatory pressure, Vivo initiated discussions in 2024 with major domestic players including Tata Group, Murugappa Group, and Dixon Technologies to explore joint ventures or contract manufacturing options, though early negotiations stalled. In December 2024, Vivo signed a non-binding term sheet with Dixon Technologies, initiating a protracted government approval process that dragged on for nineteen months. Upon closing, the joint venture will purchase selected manufacturing assets from Vivo for an undisclosed amount, sign dedicated production and packaging agreements with Vivo India, handle a substantial share of its OEM orders, and retain the flexibility to manufacture for third-party brands down the line. With an initial capital commitment of just 25.5 million rupees, Dixon gains access to established assembly lines, skilled workers, an integrated supply chain, and guaranteed orders from a brand selling over thirty million phones a year. In return, Vivo retains only the right to continue selling smartphones in the Indian market alongside a forty-nine percent financial yield on equity. Using a newly incorporated entity with a registered capital of merely fifty million rupees to take control of an advanced industrial plant capable of producing over one hundred million units annually is virtually unprecedented in global business history. Vivo understood the gravity of the concessions, but faced with severe regulatory constraints, it was left with few alternatives. Why Did Stronger Sales Lead to Heavier Constraints? Under standard market conditions, Vivo’s operational execution in India was textbook perfect. According to data from market research firm Omdia, Vivo—excluding iQOO—led the Indian smartphone market throughout 2025 with 32.1 million shipments and a twenty-one percent market share, marking a nineteen percent year-over-year growth rate. Samsung trailed in second place with twenty-three million units and a fifteen percent share. By the fourth quarter, Vivo widened its lead even further, shipping 7.9 million units in a single quarter to capture twenty-three percent of the market. Securing the top spot in the world's second-largest smartphone market—a region absorbing roughly one hundred fifty-four million devices annually—should have been a landmark corporate victory after twelve years of dedicated effort. However, as policy priorities shifted unexpectedly, the very capital-heavy assets Vivo spent years building transformed into immobilized leverage against the company. In April 2020, India enacted Press Note 3, requiring case-by-case government review for all direct foreign investments originating from countries sharing a land border. This rule effectively blocked capital injection channels for Chinese entities. Over the following years, regulatory scrutiny targeting Chinese smartphone manufacturers steadily intensified. In July 2022, authorities accused Vivo India of illicitly remitting 624.76 billion rupees back to China under the guise of tax avoidance. Vivo was hardly the only brand reshaped by this changing regulatory framework. Enforcement agencies froze 55.51 billion rupees of Xiaomi India’s assets in a dispute that remains unresolved; OPPO received a customs tax demand totaling 43.89 billion rupees; Transsion's manufacturing subsidiary, Ismartu India, surrendered a 50.1 percent controlling stake to Dixon; and HKC’s joint venture with Dixon was approved under a seventy-four to twenty-six equity structure. Faced with these conditions, Vivo was forced into a harsh binary choice: abandon its sunk costs and hand over billions of rupees in physical plants and distribution networks, or accept majority control by a local partner in exchange for permission to remain in the market. The restructuring struck directly at the primary engine of Vivo’s international business. India is not just another regional market for Vivo; it is its largest overseas pillar. In March of last year during the Boao Forum for Asia, Vivo COO Hu Baishan emphasized two key realities to Bloomberg: India is Vivo's most critical international market, and with overseas sales contributing over half of total revenues, the company is aiming for sixty percent in 2026 and seventy percent by 2027. In essence, the restructuring in India does not just adjust a local subsidiary; it alters the foundational premise of Vivo’s global expansion story. The "deep localization" playbook—building local plants, hiring local workforces, and cultivating local component ecosystems—long viewed as an ideal blueprint for overseas expansion, saw its ownership structure unilaterally rewritten in its most prominent market. Without Direct Plant Ownership in India, How Will Vivo Secure One-Third of Its Global Footprint? From a strategic standpoint, Vivo officially characterizes its international methodology as "More Local, More Global." The strategy relies on manufacturing localization through plants in markets like India and Brazil; marketing localization via major cultural partnerships ranging from the Indian Premier League to official sponsorships at the UEFA European Championship; and channel localization by exporting its field-sales distribution networks. The effectiveness of this approach is undeniable, as evidenced by Vivo holding the top market position in both India and Indonesia. Yet Vivo’s challenges in India expose the inherent vulnerabilities of this model: an over-concentration in specific regional markets and the property-rights risk associated with capital-heavy physical infrastructure. Pushing "More Local" to its logical extreme means anchoring factories, workforces, and supply chain assets entirely within foreign legal jurisdictions. Under favorable conditions, these assets form competitive barriers; during regulatory shifts, they turn into operational exposure. The deeper Vivo planted its roots in India over twelve years, the less leverage it retained during structural negotiations. Another challenge lies in Vivo's limited footprint across premium segments and developed Western markets. In discussions with Bloomberg, Hu Baishan noted that Vivo has paused expansion into developed regions like the United States and Western Europe, where carrier channels and Apple hold dominant positions, preferring instead to consider entering via new product categories over a three-to-five-year horizon. In India, the focus shifts toward expanding presence in the premium segment above six hundred dollars. In short, Vivo’s international expansion remains focused primarily on mid-to-entry segments across emerging markets, offering thinner profit margins. A six percent decline in Southeast Asian regional shipments in 2025 serves as a clear reminder of these market dynamics. So where does the company go from here? Part of the answer is already visible in Vivo’s recent strategic adjustments. First, Vivo is reframing its presence in India, shifting from a direct asset-owning manufacturer to a brand, technology, and distribution coordinator. This setup preserves market share, protects cash flow, maintains a forty-nine percent financial yield, and allows its premium product plans to proceed as intended. This structural pivot is not mere external speculation; it is explicitly defined by the mechanics of the joint venture agreement. According to regulatory filings submitted by Dixon, the joint venture is mandated to carry out three specific operational functions: acquire selected manufacturing assets from Vivo, execute contract manufacturing and packaging agreements with Vivo India, and fulfill OEM orders—initially covering roughly two-thirds of Vivo’s local sales volume before opening up capacity to third-party brands. In other words, the joint venture functions as a contract manufacturer, while product R&D, branding, pricing strategy, and retail distribution remain controlled by Vivo India. Holding a forty-nine percent equity stake, Vivo transitions to an equity accounting model rather than full revenue consolidation while retaining proportional board representation to safeguard its governance voice. Simply put: manufacturing operations transfer to a locally controlled partner, while the commercial brand and retail business remain firmly in Vivo's hands. Maintaining market leadership, preserving operational cash flow, and collecting a forty-nine percent share of manufacturing profits represents a practical compromise designed to minimize disruption. Second, Vivo is actively establishing a multi-hub manufacturing and brand strategy. In late May 2025, Vivo launched its product line in São Paulo, Brazil, under the Jovi sub-brand name. Because the "Vivo" trademark was already registered by local telecom operator Telefônica, the company adapted by entering under an alternate brand identity. Manufacturing was assigned to a local partner, GBR, with production lines established in the Manaus Free Trade Zone that went operational in January 2025. Complemented by established market positions in Colombia, Chile, and Peru, Latin America is emerging as Vivo's next core strategic region. The Brazilian operating model serves as a template tailored for the post-India era: brand names can adapt, manufacturing can be outsourced to regional assembly partners, and market entry moves forward without exposing heavy physical assets to single-jurisdiction legal risk. The experience in India delivers a clear lesson on corporate asset ownership: deep operational localization alone is no longer an absolute defense, making governance structure and geographic diversification essential indicators of long-term resilience.7月24日，旭阳新材IPO即将上会。

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