8:00 am, 1st Kr. | Alibaba executives held an urgent meeting to answer questions and respond to the departure of LIN Junyang, the person in charge of the Qianwen model. Centurium Capital acquired Blue Bottle Coffee. Jack Ma and the core management of Alibaba and Ant Group exchanged ideas on AI at Yun Valley School.

Today's Hotspot Guide

• It is recommended to raise the individual income tax threshold to 8,000 or 10,000 and optimize the tax rate structure simultaneously.
• Apple Inc. announced the launch of the MacBook Neo.

Top 3 Big News

Centurium Capital Acquires Blue Bottle Coffee

36Kr has exclusively learned that Centurium Capital has reached an agreement with Nestlé to acquire the global stores of Blue Bottle Coffee from Nestlé for less than $400 million. After the completion of the transaction, Nestlé will still retain Blue Bottle's fast - moving consumer goods business, such as coffee beans, instant coffee, and ready - to - drink beverages. It is worth noting that Blue Bottle Coffee is still operating at a loss. As of June 30, 2025, Blue Bottle Coffee's revenue in the past 12 months was approximately $250 million, of which about $150 million was contributed by the United States and about $100 million by the Asia - Pacific region. The source said that Blue Bottle Coffee is expected to turn a profit in 2026.

Lin Junyang, the person in charge of the Qianwen model, has proposed to leave, and Alibaba executives have urgently answered questions

36Kr has exclusively learned that after Lin Junyang, the person in charge of Alibaba's Qianwen model, proposed to leave, Alibaba's senior management held a meeting to address key issues such as team adjustments and strategic directions. Alibaba's Chairman and CEO Wu Yongming, Chief Talent Officer Jiang Fang, and Alibaba Cloud CTO Zhou Jingren made multiple responses. Regarding this adjustment, the core assessment given by Alibaba's senior management is that Qwen is not scaling back; this is a team expansion and has nothing to do with any political struggles. Instead, more resources need to be invested. There are rumors that Zhou Hao will directly lead Lin Junyang and his related team. However, it is understood that details such as Zhou Hao's successor position and reporting line are still under discussion.

Jack Ma and the core management of Alibaba and Ant Group discuss AI at Yungu School

36Kr learned that on March 3rd, Jack Ma and the core management of Alibaba and Ant Group visited Hangzhou Yungu School and had in - depth discussions with the school principal and teachers about the challenges and opportunities brought by AI. According to the official account of Yungu School, Joe Tsai, the Chairman of Alibaba Group, Wu Yongming, the CEO of Alibaba Group, Shao Xiaofeng, the Chairman of the Risk Committee, Jiang Fan, the CEO of the e - commerce business group, Jing Xiandong, the Chairman of Ant Group, and Han Xinyi, the CEO of Ant Group, all participated in the exchange.

Large Companies/Important Events

The three major U.S. stock indexes closed up collectively, and most large technology stocks rose

36Kr learned that at the close on March 4, the three major U.S. stock indexes rose collectively. The Nasdaq rose 1.29%, the S&P 500 index rose 0.78%, and the Dow Jones Industrial Average rose 0.49%. Most large technology stocks rose. Intel rose more than 5%, Amazon and Tesla rose more than 3%, Meta and NVIDIA rose more than 1%, and Microsoft and Netflix rose slightly. Apple and Google fell slightly. Popular Chinese concept stocks strengthened collectively. NIO rose more than 5%, Bilibili rose more than 3%, XPeng Motors and NetEase rose more than 1%, Li Auto rose 1%, and Pinduoduo and Baidu rose slightly. Alibaba fell more than 1%, and JD.com fell slightly.

US Treasury Secretary Says 15% Global Tariff Expected to Take Effect This Week

On March 4 local time, US Treasury Secretary Scott Bessent said that the new 15% "global import tariff" in the United States is expected to officially take effect at some point this week. Bessent said that this new tariff rate was decided by US President Trump last month. (CCTV News)

Fat Donglai Awarded 15,000 Yuan as "Grievance Award" to Two Employees in January for Compensation of Infringement on Personal Dignity

Recently, Fat Donglai distributed a total of 72,674 yuan in civilized value rewards in January 2026. Among them, the compensation award for infringement on personal dignity was 15,000 yuan (10,000 yuan for one case in the logistics department of the Times Store and 5,000 yuan for one case in Xinxiang). The brave and just award was 16,000 yuan (20 cases), and the service project award was 10,518 yuan (120 cases).

In 2025, a total of 420,000 yuan was distributed as a warmth fund. Specifically, 230,000 yuan was given as emergency turnover funds to three employees (200,000 yuan for two cases in Xuchang and 30,000 yuan for one case in Xinxiang), and 190,000 yuan was distributed as special care funds to four employees (160,000 yuan for three cases in Xuchang and 30,000 yuan for one case in Xinxiang). It is reported that after the probation period, full - time employees, their spouses, children, or both parents can apply for an emergency turnover fund of 10,000 - 100,000 yuan when facing a major illness or a safety accident that threatens their lives and requires urgent rescue. After the probation period, full - time employees who are hospitalized for emergency treatment due to sudden illness or accident can apply for a special care fund of 20,000 - 50,000 yuan, and in case of death due to sudden situations, their families can apply for a 100,000 - yuan special care fund. (Urban Report)

Hong Mingji, a deputy to the National People's Congress: Propose to raise the individual income tax threshold to 8,000 or 10,000 yuan and optimize the tax rate structure simultaneously

Recently, Hong Mingji, a member of the National Committee of the Chinese People's Political Consultative Conference, said in an interview with reporters that since the adjustment of the individual income tax threshold in 2018, there have been obvious changes in residents' income, living costs, and price levels. The rigid expenditures on housing, education, elderly care, and medical care have continued to increase, and the middle - income group feels a relatively heavy tax burden. Hong Mingji proposed to raise the tax threshold to 8,000 - 10,000 yuan per month and optimize the tax rate structure simultaneously. Raising the tax threshold is an effective measure to directly increase disposable income, boost consumption, and expand domestic demand, and it is also a practical choice to implement the income distribution orientation of "supplementing the low - income, expanding the middle - income, and adjusting the high - income".

Hong Mingji said that after raising the individual income tax threshold, groups such as wage - earners, young workers, and three - member families will benefit. Take the group with a monthly income of 8,000 - 15,000 yuan as an example. After raising the tax threshold, they will pay hundreds of yuan less in individual income tax each month. Coupled with special additional deductions such as children's education, elderly care, and housing loan interest, the effect of reducing the burden will be more obvious. This group has a high marginal propensity to consume, and tax cuts can be more quickly converted into consumption, driving the real economy. (China Newsweek)

IF Coconut Water Responds to Doubts about "Extra Sugar Added": All Sugars Come from Natural Coconuts Themselves

Recently, some media published an article saying that they selected four common products on the market for testing. The results showed that for these products whose ingredient lists only marked "coconut water", isotope testing indicated the addition of exogenous water and starch - sourced syrup. Although the brand logos of the tested products were blurred, it was not difficult to identify from the packaging form and capacity specifications that one of them was IF Coconut Water, a leading brand in the industry. This test result has triggered market doubts about "extra sugar added" in IF Coconut Water.

On March 4th, Yifu IF issued a solemn statement regarding the fact that no exogenous sugar was added to IF Coconut Water products. The statement said that since the launch of IF brand 100% coconut water, no exogenous sugar, exogenous water or artificial flavors have been added during the production process, and all sugars come from natural coconuts themselves. (Modern Express)

12306 Responds to Passengers Using Power Strips on High - speed Trains: Excessive Power Consumption May Affect the Train's Normal Power Supply

On March 3rd, a netizen posted on social media, saying that they encountered another passenger using a power strip on a high - speed train and questioned its safety and rationality. Many netizens left messages expressing their doubts: Can power strips be taken on high - speed trains? Subsequently, a reporter called the 12306 official hotline for consultation. The staff member on the line said that power strips are not currently on the list of prohibited items on high - speed trains, but passengers are not allowed to use power strips on high - speed trains because the power consumption of power strips is too high, which may affect the normal power supply on the train and pose a safety hazard. The staff member also said that if passengers encounter such a situation, they can inform the flight attendant, who will handle it further. (Midu News)

Hundreds of oil tankers trapped in the Strait of Hormuz

As shipping in the Strait of Hormuz has been significantly disrupted, the global shipping industry has been significantly impacted. Some shipping industry analysts have described the current situation near the Strait of Hormuz as a massive maritime traffic jam. The international oil brokerage firm Oil Brokerage said that according to their latest statistics, at least 100 oil tankers are currently trapped inside the Strait of Hormuz and unable to sail out. Meanwhile, more than 100 ships are waiting outside the strait to enter. In addition, it is currently difficult to accurately assess the real cost of transporting oil from the Gulf region. The freight rates of relevant oil tankers have skyrocketed. DBRS Morningstar also expects that the profits of large shipping companies will decline this year. In the current conflict, tanker companies focusing on crude oil transportation are most affected by the fluctuations; in contrast, companies with more diversified businesses, such as those with revenue sources outside the affected areas, are more resilient in dealing with the shocks. (CCTV Finance)

Lei Jun's Proposal: Steadily Increase the Weight of Intelligent Vehicle - Related Content in Driver's License Exams

During the 2026 National Two Sessions, Lei Jun, a deputy to the National People's Congress, the founder, chairman and CEO of Xiaomi Group, submitted five proposals. Among them, he suggested optimizing the motor vehicle driving assessment items. He said that he hopes that the competent authorities and industry institutions will take the lead to guide various automobile manufacturers to work together, so as to promote the extension and coverage of driving assessment items to the intelligent field; steadily increase the weight of intelligent vehicle - related content in driver's license exams, and guide drivers to firmly establish the safe driving concept of "human - machine collaboration". (Securities Times)

International Oil Prices Rise

WTI crude oil futures rose 3.38% and are now trading at $77.08 per barrel; Brent crude oil futures rose 3.55% and are now trading at $84.29 per barrel. (Yicai Global)

China Index Academy: In the first week after the introduction of the "Shanghai Seven Measures", obvious signals of changes in the Shanghai property market emerged

According to the online signing data of second - hand houses in Shanghai, in the first week (February 25 - March 3) after the introduction of the new "Shanghai Seven Measures" policy, the market quickly recovered, with the average daily number of transactions reaching 685 units. Especially on the first weekend after the policy was implemented, the peak single - day transactions reached 1,013 units. Zhang Wenjing, the general manager of the Shanghai data of the China Index Academy, said that this round of policies effectively stimulated the housing purchase demand, especially having a significant stimulating effect on the second - hand housing market, and the market confidence recovered relatively quickly. In the new housing market, due to reasons such as the supply rhythm, the data performance was somewhat delayed, but the fluctuations in its internal transaction structure also showed that the policy impact was continuously emerging. (Sina Finance)

Volvo Cars: Expanding Production to Meet "Strong" Demand for EX60

Volvo Cars said on March 4 that it will increase the production of its all - electric EX60 SUV in 2026 due to the strong demand for this model in its home market of Sweden and major markets such as Germany. (Jiemian News, Volvo Cars official website)

South Korean government: If necessary, it will actively launch a 1,000 trillion won market stabilization plan

The South Korean government said it is closely monitoring the stock market. If necessary, South Korea will actively launch a 1,000 trillion won market stabilization plan. (Caixin)

World Platinum Investment Council: The platinum market will face a supply deficit of 240,000 ounces this year

The World Platinum Investment Council (WPIC) said on March 4 that the global platinum market is expected to experience a supply shortage for the fourth consecutive year, with the deficit projected to reach 240,000 ounces in 2026. The council had predicted a roughly balanced market three months ago. After a 127% surge in the spot platinum price in 2025, it has risen 2% so far this year and hit a record high of $2,918.80 per ounce on January 26. (Caixin)

The price of domestic gold jewelry has dropped by more than 50 yuan per gram compared to March 3rd

A comparison of domestic gold jewelry prices on March 4th shows that the prices of gold jewelry in most gold stores have significantly corrected compared to March 3rd. The quotes of many stores have fallen below 1,600 yuan per gram, a drop of more than 50 yuan per gram compared to the 3rd. (Caixin Press)

The South Korean won's exchange rate against the US dollar briefly fell below 1,500 for the first time since the financial crisis

The exchange rate of the South Korean won against the US dollar briefly fell below the 1,500 won (equivalent to about 7.05 Chinese yuan) mark during after - hours trading, for the first time since 2009 after the global financial crisis. In the Seoul foreign exchange market, as of 2 a.m. on March 4 (Korean time), the after - hours exchange rate of the won against the US dollar closed at 1,485.7 won, down 19.6 won from the daytime closing price. At the close of trading at 3:30 p.m. on the 3rd, the exchange rate of the won against the US dollar was reported at 1,466.1 won, down 26.4 won from the previous trading day. After entering after - hours trading, the decline of the won against the US dollar continued to widen. At around 0:05 on the 4th, it lost the 1,500 mark and briefly touched 1,506 won before rebounding to the 1,480 mark. (Jiemian News)

Huatai Securities: Pig prices dropped more than expected after the Spring Festival, strengthening the logic of capacity reduction

36Kr learned that a research report from Huatai Securities pointed out that pig prices continued to fall after the Spring Festival. As of March 2nd, the national average price of live pigs had dropped to 10.56 yuan per kilogram, hitting a new low since 2022. The research report believes that against the backdrop of the unexpected drop in pig prices, the industry's loss has widened, and the reduction of the breeding sow inventory is expected to accelerate. As a result, the logic of capacity reduction in the pig - breeding sector is expected to be strengthened. It reiterates the key recommendation of the pig - breeding sector.

Craig Barratt to Serve as Chairman of Intel

Intel announced on March 3rd local time that the board of directors has elected Craig Barratt as chairman. This appointment will take effect after the company's annual general meeting of shareholders on May 13th. Barratt will succeed Frank Yeary, who is about to retire from the board and will not seek re - election at the annual general meeting. Yeary joined the Intel board in 2009 and has served as chairman since 2023. (Jiemian News)

Tesla's Berlin Factory Faces the Advancement of Union Forces, and Its Business Operations in the European Market May Be Affected

Tesla is facing a new round of offensive from the powerful IG Metall union in Germany. The union is seeking greater influence at Tesla's factory in Gruenheide near Berlin. Currently, the employees at the factory are voting to elect a new works council. The election for the works council began on March 2 at Tesla's only European factory. The results are expected to be announced later on March 3. The works council is an important part of the German labor system as it represents workers in negotiations with management. (Sina Finance)

Jensen Huang Says the $30 Billion Investment in OpenAI “May Be the Last One” as the Latter Prepares to Go Public

Nvidia CEO Jensen Huang said that the opportunity to invest $100 billion in OpenAI may not come again. "The reason is that they are about to go public." The company's recent $3 billion investment in OpenAI "may be" the last investment in this artificial intelligence startup before it goes public at the end of the year. (Jiemian News)

Going Public in Progress

PhonePe Aims for Up to $10.5 Billion Valuation in Indian IPO

Walmart-backed digital payment app PhonePe is seeking a valuation of up to $10.5 billion in an Indian IPO, with the goal of completing the public listing by April 2026. (Caixin)

National Technology

36Kr learned that documents from the Hong Kong Stock Exchange show that National Technology Co., Ltd. has updated its post-hearing information package, which means that the company has passed the hearing for its IPO on the Hong Kong Stock Exchange.

The Cutting - Edge of AI

Agency: Annual consumption of agent Tokens increases by over 30 times on average, and the scale of Chinese enterprise agents enters an explosive period

36Kr learned that IDC Consulting released a report stating that the scale of active agents in Chinese enterprises is entering an unprecedented acceleration period. With the continuous upgrade of the capabilities of domestic models, the rapid maturity of agent technology and application ecosystem, and the superimposed resonance of industrial policies, the number of active agents in Chinese enterprises will exceed 350 million in 2031, with a compound annual growth rate of over 135%. This growth rate will lead major global markets. At the same time, due to the increase in the execution density of agent tasks and the improvement of task complexity, it will also bring an exponential leap of over 30 times in the annual consumption of agent Tokens. Behind the scale explosion is the triple superposition of technology, ecosystem, and policy in the Chinese agent market.

Jieyue Xingchen Fully Opens Source Step 3.5 Flash

36Kr learned that Jieyue Xingchen, a Chinese startup focusing on large models, has open-sourced the pre-trained weights (Base), mid-trained weights (Midtrain) of this Agent base model and the accompanying Steptron training framework after open-sourcing the Step 3.5 Flash model. It is understood that Step 3.5 Flash adopts a sparse MoE architecture with a total of 196 billion parameters, but only about 11 billion parameters are activated during inference. The inference speed can reach up to 350 TPS for single-request code tasks.

Financial Reports of Large Companies

Adidas' operating profit in 2025 reaches 2.06 billion euros

Adidas announced on March 4 that its operating profit in the fourth quarter of 2025 was 164 million euros, and the net profit from continuing operations was 85 million euros, with a forecast of 82.4 million euros. The annual operating profit in 2025 was 2.06 billion euros, and the net profit from continuing operations was 1.38 billion euros, with a forecast of 1.36 billion euros. It is expected that the annual operating profit in 2026 will be approximately 2.3 billion euros, with a forecast of 2.69 billion euros. (Jiemian News)

Broadcom's net revenue in the first fiscal quarter reached $19.3 billion, a year-on-year increase of 29%

Broadcom Inc. announced its financial results for the first quarter of fiscal year 2026. The net revenue was $1.9311 billion, a year-on-year increase of 29%. The adjusted net profit was $1.0185 billion, a year-on-year increase of 30%. The board of directors has authorized a new stock repurchase plan with a maximum amount of $10 billion. The company expects its revenue in the second fiscal quarter to be approximately $22 billion. (Jiemian News)

Investment and Financing

"Zhanjie" Completes Angel Round Financing of Tens of Millions of Yuan

36Kr has learned that "Zhanjie" has officially announced the completion of an angel round financing of tens of millions of yuan, and its post-investment valuation has exceeded 500 million yuan at one stroke. The funds from this round of financing will be specifically allocated to the research and development of core technologies, the construction of a full-category product matrix, and the establishment of a global channel network.

"Dajie Robotics" Completes Hundreds of Millions of Yuan in Series D Financing

36Kr learned that "Dajie Robotics" officially announced the completion of hundreds of millions of RMB in Series D financing. This round of financing was jointly led by the Liangxi Digital Industry Fund managed by Bohua Capital and a fund under CICC Capital, with the participation of the Beijing Shunyi Science and Technology Innovation Group Fund and the "Zhonghe Runda" Industrial Investment Fund in Houshayu. The raised funds will be mainly used for the iteration of industrial embodied intelligence technology to enhance the intelligence and flexibility of a wide range of robot configurations. At the same time, it will increase market penetration in advantageous industries such as shipbuilding and marine engineering, energy and power, actively expand into strategic emerging fields such as aerospace, and strengthen R & D investment in the fields of Physical AI and humanoid robots.

Guangfan Technology has successfully completed a series of seed - round financing, with a total financing amount of nearly 300 million yuan

36Kr learned that, according to Guangfan Technology's official WeChat account, Guangfan Technology completed the Seed ++ and Seed +++ rounds of financing before the Spring Festival. It has completed four rounds of financing in a row within a year, and the total amount of seed - round financing is nearly 300 million RMB. This round of financing was jointly led by Legend Capital and Xinghang Capital. Professor Gao Bingqiang, Brizan Ventures, and Forebright Concerto participated in the investment. Many old shareholders continued to follow - on invest and fully subscribed or even over - subscribed. The raised funds will be mainly used for the implementation of AI wearable hardware and Agent OS related fields for the next - generation human - machine interaction.

"Lingge Energy" Completes Angel Round Financing of Tens of Millions of Yuan

36Kr learned that "Lingge Energy" recently completed an angel round financing of tens of millions of yuan. The investor in this round is Sky Works Venture Capital. The financing funds will be mainly invested in core technology R & D, continuously enriching the product matrix, promoting the large - scale production and delivery of products, and accelerating the global channel layout. As an enterprise in the MOVA ecosystem, Lingge Energy is a smart hardware and energy solution service provider focusing on the home balcony energy storage scenario. It is dedicated to the R & D and production of balcony energy storage products, integrating lithium iron phosphate batteries, intelligent inverters, and AI energy algorithms.

World model company Manifold AI has completed a nearly 200 million yuan Pre-A round of financing

36Kr learned that Manifold AI has announced the completion of a nearly 200 million yuan Pre-A round of financing, jointly led by Huakong Fund and Xichuang Investment, with Datai Capital participating in the investment. Old shareholders such as Legend Capital, Tongchuang Weiye, and Innoangel Fund have fully or over-increased their investments. According to the official introduction, Manifold AI was founded at the end of May 2025, focusing on the research and development of world models with physical reality and embodied intelligent applications. It is the first domestic startup company to self-develop a world model as an embodied foundation model and apply it to robots.

Cool Products

Apple Announces the Launch of MacBook Neo

36Kr learned that on March 4th, Apple announced the launch of the MacBook Neo, with a starting price of 4,599 yuan. It will go on sale starting from March 11th.

ZhiYuan Lingqu OS Open-Sourced and Launched

36Kr learned that according to ZhiYuan Robotics, the Alpha version of Lingqu OS has now been officially open-sourced and released. It is reported that the Lingqu OS Alpha version released this time is based on the full-size ZhiYuan Expedition A2 robot body from mass production practice. It open-sources a cross-platform embodied software framework, a bipedal motion control framework based on reinforcement learning, and a one-stop toolchain for bipedal motion control simulation training and deployment.

China Mobile Unveils the World's First Prototype of Ultra-Hundred-Terabit Intelligent Computing Interconnect Router

36Kr learned that, according to China Mobile, on March 2nd local time, during the Mobile World Congress (MWC) in Barcelona, Spain, China Mobile released the original Scale-Across technology - GSE-DCI (Fully Scheduled Ethernet Intelligent Computing Center Interconnect). Meanwhile, it unveiled the world's first prototype of an ultra-hundred-terabit intelligent computing interconnect router with a throughput of 115.2 Tbps. This release represents a major breakthrough in the core technology field of the interconnection network across intelligent computing centers in China.

BYD to Release Second-Generation Blade Battery and Flash Charging Technology

BYD will release its second-generation blade battery and flash charging technology on March 5. In 2020, BYD launched its first-generation blade battery, propelling it into a period of rapid business growth. With the news of the second-generation blade battery emerging, it's worth paying attention to whether BYD can once again gain a technological first-mover advantage. (Yicai Global)

NIO ES9 Technology Launch Event Scheduled for April 9th

36Kr learned that on March 3rd, Li Bin, the founder, chairman, and CEO of NIO, announced during the Lantern Festival live - stream that the NIO ES9 technology launch event will be officially held on April 9th. It is understood that the ES9 is equipped with the first mass - produced steer - by - wire system with national approval, the Tianxing Steer - by - Wire System; the world's first integrated hydraulic fully active suspension system, the Tianxing Fully Active Suspension; China's first vehicle - wide operating system, "SkyOS • Tian Shu"; the self - developed high - order intelligent driving chip, "Shenji NX9031"; and the vehicle - wide 900V high - voltage architecture, etc.

Compiled | Kris