耐克在中国的渠道策略，还是发生了重大转向。

1、博富体育 如果GPU是算力的“大脑”，那光模块就是连接这些大脑的高速数据线，通过把电信号转成光信号，让数据在服务器之间以光速穿梭来传输海量数据。

那些在凌晨三点、清晨六点爬起来看球的日子，总算告一段落。博富体育02 算力芯片，跑出第二增长曲线 7月16日晚，海光信息、摩尔线程两家GPU龙头企业发布上半年业绩预告，其中摩尔线程预计今年上半年营收16.5亿元至17.5亿元，同比增长135.12%至149.37%；海光信息预计今年上半年实现营收85亿元至93亿元，同比增长55.56%到70.20%，归母净利润17亿元至18.3亿元，同比增长41.50%至52.32%。

2、送走夺冠功臣？雷霆计划执行球队选项，给了钱再交易

这一变化也影响了巴萨的转会规划。

3、2026“湘超”常规赛赛程公布！

在这个供给断层的窗口期，缺口被急剧放大，部分订单排期已延至2027年。

4、美股七巨头一夜市值蒸发近6万亿元，创下12年以来最大单日跌幅

热刺今夏引援出手大方，需要通过出售球员来平衡账目，这为罗梅罗的离开敞开了大门。

5、科氪

25-26赛季，阿莱格里的米兰主打稳守反击与三中卫深度落位，加比亚作为米兰自家青训，凭借经验与领导力成为防线中枢，托莫里、帕夫洛维奇与之构成三中卫主体；巴尔泰萨吉从预备队被直接提拔为左路翼卫首发，萨勒马科尔斯则在右路展现出攻守均衡的能力。

最近一次交手是2017年的友谊赛，荷兰客场2-1取胜。

（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。

6、不必追赶成长！秦文君新作亮相全国书博会，19岁少年带9年前《男生贾里》赴约

” 因此，在杨晓煜看来，两点并不矛盾，“我们有AI能力，有服务能力，可以向前端获客视角延伸。

从48队的8.5个名额到64队的12个名额，看似增加了3.5个席位，但这部分红利会被整个亚洲同步消化。

7、工业和信息化部赴有关汽车生产企业开展监督检查

凯尔特人虽然整体实力与米兰存在差距，但作为主场作战的苏超冠军，其比赛强度和对抗节奏足以给米兰的防线制造麻烦。

几年过去了，沙特人依然在欧洲市场上大肆采购，只不过引援思路已经悄然转变。

8、曼城中场罗德里将接受背部手术，归期未卜

整个赛季，他没有罚过一粒点球。

首先，开源所带来的成本投入和克制商业化战略下的盈亏平衡。

两人很可能成为阿森纳今夏转会策略的核心人物。

9、赵探长：四川将状元签送至广州，得到刘文科+首轮签&次轮签+部分现金

从整个世界杯的角度来看，梅西的表现堪称完美。

Anthropic叙事的边界 中国公司学习Anthropic并不应该是简单的模仿，而是根据自身需求将其内核锤炼出来，融入到自己的改造进程中。

10、郭凯：那个被张镇麟"点名"的男人，山东队最不起眼的"大腿"

与此同时，耐克集团副总裁、大中华区总经理申凯希（Cathy Sparks）发布署名公开信《重构大中华区市场生态：只为更好服务本土运动员》。

托莫里与米兰的缘分大概率将在这个夏天划上句号。

1、多部门演练交通应急救治

目前利兹联和伊普斯维奇两支英冠球队对其有意，但都尚未提出正式报价。

2、观演须知

不过与格拉斯纳相比，雅伊斯勒经验较少。

3、2换2！三方交易达成！森林狼正式拆队

据意媒爆料，卡马尔达可能会被加入进交易。湖人获历史第二准射手，勇士得冠军中锋！截止日谁是最大赢家？到7月23日，电碳均价报14.55万元/吨。

4、庄宇珊18分，中国女排3-0乌克兰队，17岁小将打得真好

手机厂商采购成本接近上限，消费市场拒绝为存储溢价买单，正在反向压制存储厂商此前的提价速度，手机行业有望迎来新的价格拐点。

5、第二十八届 IRO 国际机器人奥林匹克大赛落地青岛国信体育馆_网易订阅

这说明AI已经不仅仅用于模型训练，而是在逐渐融入企业自身的发展和业务应用，开始进入真正的落地阶段。

6、巴黎卫冕欧冠！最贵的「豪门生意」开始成形

全队总身价高达10.1亿欧元，FIFA世界排名第8位，是本届世界杯的夺冠热门之一。

西班牙门将西蒙是“神经刀”，可以超级发挥，也可以低级失误，发挥并不稳定。

新增可攻略男主，最直接的影响就是卡池概率被稀释，原有角色的抽取权重、保底资源变相贬值，玩家过往的真金白银投入，随之大打折扣。

7、总冠军悬念不大！次轮这4队有望晋级，湖人机会渺茫！哈登要夺冠

双方似乎都在用一种体面的方式，为这段充满遗憾的世界杯征程画上句号。

由于本纳赛尔、邦多确定不在计划之内，均被排除在外，让人意外的是，连年参加夏训的泽罗利这次却落选了。

8、拿了MVP却被挤到角落，新来的小弟都敢欺负他！NBA最没排面的老大

揭幕战2-0完胜南非，完全掌控比赛节奏，61%控球率体现传控实力，16次射门展现进攻压制。

乌拉圭前两轮连续战平沙特与佛得角，仅积2分暂列小组第二。

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。

考虑到莱奥在3-4-2-1体系里无用武之地，阿莫林才提出了这一引援需求。