进入淘汰赛后，阿根廷接连遭遇苦战，1/16决赛对阵佛得角，打到加时才分出胜负。

1、乐鱼登录 最有意思的是段永平和王宁这对泡泡玛特的第一、二大股东。

值得一提的是，荷兰队已连续18场世界杯小组赛保持不败，堪称小组赛之王。乐鱼登录双方还讨论了比赛分析师的角色、青训部门的情况，以及未来潜在的体育总监、技术总监人选等等。

2、记者：新月决定出售马尔科姆，他已不在小因扎吉新赛季计划中

从纸面实力来看，德国队的优势巨大。

3、「长江十年行」探访长江重庆段清漂一线：机械作业守护一江碧水

这种高度集中的决策模式带来了效率上的提升，米兰在世界杯尚未结束时就锁定了两大核心目标。

4、大卫贝克团队用AI构建可编程荧光标签，利用生成式蛋白实现高精度多目标荧光成像

巴萨对阿斯拉尼的关注已持续数月。

5、一双徒步鞋背后，藏着迪卡侬的山野方法论

（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。

姆巴佩以6场8球3助攻的逆天数据领跑射手榜，他在场上的每一次冲刺都像是撕裂防线的利刃；登贝莱同样状态火热，贡献5球2助攻，他的双足能力和边路爆破让防守球员防不胜防；而奥利塞虽然颗粒无收，却用5次助攻扮演了进攻大脑的角色，他的精准直塞和上帝视角，将法国的冲击力串联成了一张密不透风的网。

AI可以在几秒钟里生成比多数人更工整的道理，真正变得稀缺的，反而是一个具体的人坐在另一个人面前，停顿、犹豫，说出无法被标准答案概括的经验。

6、放弃超级顶薪少拿5000万，文班亚马：不想让钱毁掉马刺潜力

来源：中际旭创招股书 回望过去，中际旭创这几年的崛起速度十分惊人。

25/26赛季是红鸟入主以来投资最多的一年。

7、NBA官方：亚克塞尔-伦德伯格当选拉斯维加斯夏联MVP

麦卡利斯特首开纪录后，恩多耶为瑞士扳平比分将比赛拖入加时。

意甲最后一轮，AC米兰在取得胜利的情况下才能确保晋级下赛季欧冠联赛。

8、体育记者协会评本届世界杯最佳球员：梅西第一，罗德里第六

这样做，一方面可以帮助Anthropic加快自身的模型研发；另一方面，如果Coding的效果足够好，就能很快吸引程序员们使用。

其一是旗舰模型Gemini 3.5 Pro的发布一再推迟，最新发布的三款轻量模型表现不佳；其二，过高的资本开支已经使谷歌的自由现金流转负；最后，公司正面临持续的核心人才流失，两位核心研究人员先后投奔竞争对手OpenAI和Anthropic。

而这场对阵西班牙的四分之一决赛，不仅关乎球队的晋级前景，也将为这位传奇中场的国家队生涯写下最后的注脚。

9、深交所本周共对128起证券异常交易行为采取了自律监管措施，涉及盘中拉抬打压、虚假申报等异常交易情形

中际旭创凭借800G的先发优势和1.6T的前瞻布局，成为这场算力军备竞赛中最大的卖铲人。

这些不是为了验证这家公司一定成功，而是为了判断公司收入从1走到2，利润有没可能从1走到4。

10、你也AK47？官方：湖人双向合同签下亚瑟-卡鲁马；队史首位47号球员

一类是多模态视频模型，通过视频生成推动世界模拟，成熟度最高，也是当前视觉生成赛道的主攻方向； 一类是具身智能路线，从VLA向WAM架构迁移，强调动作规划与物理交互。

Mozaic 4+正是在解决这一问题。

1、强烈要求彻底关闭中国境内所有的网络游戏！太坑害未来的青少年！

IPO的传闻还在发酵。

2、男篮最该归化他？10号秀伯里斯夏联场均23+4+4：他的外公是中国人

相比之下，德布劳内的处境显得格外微妙。

3、胜利 一支球队的合奏曲！

西班牙的传控体系成熟，中场控制力强，年轻球员体能充沛，末段绝杀能力突出，但防线面对顶级速度冲击时也存在隐患，亚马尔的终结效率有待提升。全国高校健康电竞系列活动“电竞青年说·北京大学站”举行在新泽西的这个夜晚，西班牙队几乎整场都在尝试撕开阿根廷队的防线。

4、国际格局进入中国时代！中美俄元首将齐聚深圳，美国G20逊色不少

一边是图赫尔改造后攻防均衡的新三狮，一边是梅西领衔的卫冕冠军，这场承载了半个世纪恩怨的对决，注定成为本届赛事最具分量的较量。

5、WAIC上，AI开始接管人类的欲望

第二轮对阵乌兹别克斯坦，葡萄牙终于找回状态，5-0大胜对手，C罗梅开二度创造历史，努诺·门德斯任意球直接破门，替补登场的莱奥也有进球入账，球队重回正轨，士气和信心都有了明显提升。

6、王智峰谈淘汰成都：没被失误打败；奇迹会眷顾一直不放弃的人

26岁的努涅斯在世界杯和短暂假期后回到了沙特俱乐部，尽管此前有报道称双方可能协商解约。

这四人组成的“四叉戟”，不仅在个人能力上达到顶级，更在实战中形成了高度默契的化学反应。

第10分钟，梅西主罚左侧角球送出精妙传中，麦卡利斯特在前点高高跃起，以一记势大力沉的头球攻门洞穿瑞士队大门，帮助阿根廷1-0领先。

7、富士康旗下品牌推出电动跨界车Cavira 对标特斯拉Model Y

而小米上调出货目标，且把增量部分投向低端机型的原因，则在于上游供应链的变化。

土耳其俱乐部此前提出了约1000万欧元年薪的待遇方案，但并未与米兰就转会费展开实质性谈判，莱奥本人也对前往土超踢球持保留态度。

8、阿根廷官方抗议！质疑世界杯金球给罗德里不给梅西：最大争议之一

在世界杯年，大力神杯的含金量压倒一切，而梅西正是那支最有可能捧杯的球队中不可替代的灵魂。

面对阿根廷队的善举，中国球迷的反应也展现了极高的素养与温情。

作为上赛季英超冠军，阿森纳今夏的目标很明确：为锋线增添火力。

对此他表示：“拉姆是传奇人物，这个比喻对我而言是莫大的褒奖。