At 8:00, Here Are the Latest Updates: The Louvre heist might have been carried out by the Pink Panther; Wang Ziru has joined Thunderbird Innovation; Adidas down jackets are alleged to be manufactured by Xuezhongfei.

Today's Hotspot Guide

Qiandao Responds to "Slap Your Child in the Face for 5 Minutes to Get a Refund"

The Liquid Glass Effect in iOS 26 Can Be Turned Off

Moutai Denies Plan to Add 650 Exclusive Stores

Multiple Banks Lower Deposit Interest Rates

"Cathie Wood" Supports Musk's Sky - high Pay Package

TOP3 Big News

The Louvre heist may be the work of the Pink Panthers, and the stolen jewels may have been smuggled out of France

It is reported that a burglary occurred at the Louvre in France on the 19th local time, and a total of 8 precious jewels were stolen. After the incident, retired British Chief Superintendent Phillips, who has been engaged in detective work, analyzed the case. He said that judging from the details of this heist, it should be the work of the notorious Pink Panthers gang.

According to public information, the Pink Panthers is an international criminal gang established in 1999, and its name is derived from the 1964 American film "The Pink Panther". The organization has about 200 members and specializes in robbing high - end jewelry and watches. It is involved in more than 150 cases around the world, with a total value of over 250 million euros. Phillips said that compared with targets such as paintings and handicrafts that are difficult to sell, the suspects are more likely to steal high - value jewels that are easier to disassemble and hide. Given the gang's usual efficiency, the jewels stolen from the Louvre are likely to have been smuggled out of France. In addition, experts also said that it would take the suspects less than an hour to disassemble these jewels. (Sina News)

Wang Ziru Joins Thunderbird Innovation

On October 20th, Thunderbird Innovation officially announced that Wang Ziru had joined the company. According to a source close to Thunderbird, "Wang Ziru's joining is not an ordinary appointment. He has already participated in the testing of Thunderbird's latest new product. Currently, Thunderbird's official Weibo account has released several clips of conversations between Wang Ziru and founder Li Hongwei. His background in professional product reviews is said to be the key reason for his joining." It is also learned that Wang Ziru's specific position will be announced at the Thunderbird Air 4 press conference on October 23rd. (36Kr, Blue Whale News)

Adidas customer service responds to "down jackets manufactured by Xuezhongfei": All products sold are quality - guaranteed

Recently, some netizens posted on social platforms that the Adidas down jackets they bought in a live - streaming room on a short - video platform were actually manufactured by Xuezhongfei. They also said, "It's better to buy Xuezhongfei directly instead of paying the extra price for the brand." In response, Adidas customer service stated that all products sold are quality - guaranteed. The label of the down jacket shows that the distributor is Adidas Sports (China) Co., Ltd., and the manufacturer is Jiangsu Xuezhongfei Garment Co., Ltd.

On October 20th, on the official Adidas flagship store on the short - video platform, some consumers had previously raised the same doubts in product reviews and showed the label indicating that the product was manufactured by Xuezhongfei. The product details page shows that the filling of this short down jacket is duck down, with a fluffiness of over 600 and a down content of 80%, and it is priced at 579 yuan. In the official Xuezhongfei flagship store on the same platform, a short down jacket priced at 519 yuan has a fluffiness of over 680 and a down content of 90%. The prices of the two are similar, but there are differences in the filling indicators. A staff member of the Adidas service hotline said that the stores do not have information on whether a specific product is manufactured by a third - party factory and the details of the contract manufacturer. All products are directly shipped from the warehouse, subject to the actual shipment. Regarding the issue of brand premium, the staff member said they were unable to respond. (Yicai Global)

Big Companies/High - profile Events

Foreign Ministry Responds to Sanae Takaichi's Election as Prime Minister: Hopes Japan Will Meet China Halfway

On October 21, Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A journalist asked about Sanae Takaichi, the president of Japan's Liberal Democratic Party, being elected as Japan's prime minister. Guo Jiakun said that we have noted the relevant election results, which are Japan's internal affairs. China and Japan are close neighbors. China's basic stance on China-Japan relations has always been clear. We hope that Japan will meet China halfway, abide by the principles of the four political documents between China and Japan, honor its political commitments on major issues such as history and Taiwan, safeguard the political foundation of bilateral relations, and comprehensively promote the China-Japan strategic and mutually beneficial relationship. (CCTV News)

Qiandao Responds to “Refund Requiring Slapping a Child in the Face for 5 Minutes”

On October 20th, Qiandao Chaowan Tribe issued a statement regarding the recent hot - spot reports on the Internet: Thank you all for your attention to the article “‘Refund Requiring Slapping a Child in the Face for 5 Minutes’: Who Has Been Badly Hurt by the Traps in Second - hand Fashion Toy Transactions?” that appeared on social platforms recently. We have noticed that there are some misunderstandings and false information in the discussions. Hereby, we make the following clarifications: This transaction dispute was triggered by a personal idle item transaction and did not involve the Qiandao Flash Purchase service. The chat screenshots in the article are private chat screenshots between the buyer and the seller, not the communication content between the buyer and the platform customer service. The so - called “Notice for Minors' Refunds” that appeared in the screenshots was sent by the seller personally, not an official rule of the platform. When the buyer introduced the situation to the platform customer service, the buyer stated that the relevant transaction was made by a child using their grandmother's phone.

The Qiandao platform attaches great importance to the issues reflected in this incident. It will continue to listen to the voices of users and jointly optimize the platform's transaction rules and after - sales mechanism with enthusiasts. We will also provide positive guidance to users who send inappropriate content, encourage users to communicate in a civilized manner, and jointly build a friendly trading environment. (Jiemian News)

International gold and silver prices closed sharply lower. Gold prices hit their biggest single - day decline since April 2013 during the session.

COMEX gold futures fell 5.07% to $4138.5 per ounce; Spot gold dropped 5.18% to $4130.41 per ounce, hitting its biggest single - day decline since April 2013 during the session. COMEX silver futures declined 6.27% to $48.16 per ounce; Spot silver tumbled 7.16% to $48.705 per ounce, hitting its biggest decline since 2021 during the session. (Caixin Press)

The iOS 26 liquid glass effect can be turned off, and the option to disable swiping to the camera on the lock screen is also available

On October 21st, Apple pushed the iOS 26.1 Developer Preview Beta 4 update for iPhone users, with the internal version number 23B5073a. This update adds a switch for the transparency of the Liquid Glass effect. Previously, the system defaulted to the "transparent" style, and some users reported that they couldn't clearly read the text with this design. Now, you can switch to the "tint" mode in "Settings - Display & Brightness - Liquid Glass" to increase the background opacity, enhance the contrast, and improve the readability of notifications.

Another useful change in iOS 26.1 Beta 4 is that the ability to disable swiping to the camera on the lock screen is finally available. Previously, swiping left on the lock screen could quickly open the camera. Although it was convenient, it was also prone to accidental touches. Now, you can choose to turn it off in "Settings - Camera - Swipe on the lock screen to open the camera". (Kuaikeji)

Weibo Bans Multiple Auto Bloggers

On the evening of October 20th, Weibo administrators announced that recently, in the implementation of the Cyberspace Administration's special campaign "Clean and Clear · Optimize the Online Business Environment", they have focused on cracking down on behaviors such as maliciously smearing and slandering enterprises, spreading false information about enterprises, collecting negative information about enterprises, and guiding and inciting users to attack enterprises. They have also ordered the suspension of accounts of multiple KOLs (opinion leaders) in the automotive field for 90 days and the suspension of their advertising revenue for 180 days for relevant violations.

As some netizens have doubts about the basis for the penalties on relevant accounts, after obtaining approval from the competent authorities, Weibo has published six cases of KOL users with a relatively large number of enterprise - related complaints. These cases include the relevant offensive remarks of bloggers such as "Xiaomajia Buxiao", "Tianhu", "Tech Finder", and "Alex on Earth". (Jiemian News)

The luxury version of the iPhone Air costs up to $38,930 (about 276,000 RMB), with 24K gold added to the series of phones

It is reported that the luxury customization brand Caviar has now added a new "Airline" customized model for the Apple iPhone Air. Luxury materials such as 24K gold, aviation - grade titanium, and alligator leather have been added to the series of phones. The price ranges from $7,610 to $38,930 (currently equivalent to about 53,992 - 276,000 RMB at the exchange rate).

After the release of the Apple iPhone 17 series last month, Caviar has successively launched multiple customized versions. This new "Airline" series focuses on the iPhone Air, continuing Caviar's consistent luxury style. Although the appearance is extremely flashy, its internal hardware remains the same as the original version, still equipped with a 6.5 - inch AMOLED display, an A19 Pro chip, a 3,149 mAh battery, and a 48 - megapixel main camera. In comparison, the previous customized models removed the phone's camera to further highlight the slimness of the body. In addition, Caviar revealed that the "Airline" series still supports MagSafe magnetic accessories, and external devices such as Apple's own iPhone Air magnetic battery can also be used. (IT Home)

Apple's Foldable iPad Project Encounters Hurdles, May Be Delayed Until 2029 or Later

According to people familiar with the matter, the large - sized foldable screen device developed by Apple to reshape the iPad has encountered technical bottlenecks during the development process, which may lead to the postponement of the original launch time. This device, with an estimated price of about $3000, has been in development for many years and was originally planned to be launched in 2028. However, due to engineering problems in aspects such as weight, functionality, and display technology, the launch time may be postponed until 2029 or even later. Apple is collaborating with Samsung Display to develop an approximately 18 - inch display panel that can minimize folding marks. The foldable iPad project is an important part of Apple's layout for promoting innovative products. (Yicai Global)

The three major U.S. stock indexes closed mixed, with most large technology stocks rising

36Kr learned that at the close on October 21, the three major U.S. stock indexes closed mixed. The Dow rose 0.47%, the S&P 500 index closed flat, and the Nasdaq fell 0.16%. Most large technology stocks rose. Amazon rose more than 2%, while Netflix, Apple, Microsoft, and Meta rose slightly. Google fell more than 2%, Tesla fell more than 1%, and NVIDIA fell slightly. Most popular Chinese concept stocks fell. Alibaba and NIO fell more than 3%, JD.com, Baidu, and Li Auto fell more than 2%, and Tiger Brokers and iQiyi fell more than 1%. Bilibili rose more than 5%, and Tencent Music and XPeng Motors rose slightly.

Moutai Denies Plan to Add 650 Franchised Stores: False Information

Recently, market rumors suggested that Moutai Group's new management had proposed a new channel strategy, announcing that it would add 650 Moutai franchised stores nationwide starting from October, fully entering the untapped county - level, city - level, and provincial - level markets. The investment thresholds were set at 500,000 yuan, 1 million yuan, and 2 million yuan respectively, including a certain proportion of Feitian Moutai quotas and decoration subsidies. On October 21st, Moutai responded that "it is false information. Please refer to the official announcements." (Jiupai News)

Unitree's Quadruped Robot Training Platform Launched, to Provide Robot Talent Cultivation and Certification Services

Unitree launched a quadruped robot training platform on October 21. This solution is a talent cultivation and certification platform covering the entire chain of "embodied intelligent robot technology - operation and maintenance - application R & D" for education. Centered around the Unitree Go2 ecosystem, it will open up an integrated path of "simulation - hands - on operation - competition - training projects" to improve students' engineering practice abilities under the premise of controllable cost and safety. (Sina Tech)

In the first three quarters of 2025, the number of domestic tourist trips reached 4.998 billion, a year-on-year increase of 18.0%.

The Ministry of Culture and Tourism released the data on the domestic tourism market in the first three quarters of 2025 on the 21st. According to the results of the sampling survey on domestic tourist trips, in the first three quarters of 2025, the number of domestic tourist trips reached 4.998 billion, an increase of 761 million compared with the same period of the previous year, a year-on-year increase of 18.0%. Among them, the number of domestic tourist trips made by urban residents reached 3.789 billion, a year-on-year increase of 15.9%; the number of domestic tourist trips made by rural residents reached 1.209 billion, a year-on-year increase of 25.0%. (CCTV News)

Why has the IPO of Hive Box stalled? People familiar with the matter: There are disagreements in the gambling agreement, and investors have filed a lawsuit

The news of the departure of Xu Yubin, the founder and CEO of Hive Box Holdings Co., Ltd., a smart express locker network operator, has brought the stalled IPO matter of Hive Box, which has been on hold for more than half a year, back into the public eye. Hive Box submitted its listing prospectus to the Hong Kong Stock Exchange in August last year. Due to the failure to submit supplementary documents within the specified time limit, its prospectus expired in February 2025. Since then, Hive Box has not updated its prospectus. A person familiar with the industry revealed that the stalling of Hive Box's IPO process may be related to a lawsuit filed by investors. Asia Investment Capital, one of the investors, had a disagreement with Hive Box on the matter of share repurchase. After several rounds of communication, the two parties failed to reach a consensus. Asia Investment Capital filed a lawsuit in Hong Kong, which affected the IPO process. (Yicai Global)

NIO Delivers Over 10,000 Vehicles in a Single Week, and the Sales of LeDao L90 Reach a New High

36Kr learned that NIO delivered over 10,000 vehicles last week. Among them, NIO brand delivered over 4,000 vehicles, LeDao over 5,000, and Firefly over 1,500. The single - week delivery of the L90 exceeded 3,500 units, reaching a record high. The production capacity increased by 50% compared with last month, and the ES8 has officially entered the mass - production stage. It is understood that it is highly likely that the cumulative delivery of the LeDao L90 will exceed 30,000 units this week, and the production capacity of NIO's new ES8 for the first quarter of next year is already fully booked.

Volvo Cars Launches Free Home Charging Program in Sweden

Volvo Cars has announced the launch of a free charging program, offering one - year free home charging services to car buyers in Sweden. Starting from February 2026, customers who purchase brand - new pure electric vehicles in the Swedish region will enjoy one - year free home charging services. (Jiemian News)

CATL: Plans to Complete Over 2,500 Chocolate Battery Swap Stations in Over 120 Cities by 2026

The number of CATL's chocolate battery swap stations nationwide has exceeded 700, covering 39 cities. In the fourth quarter, full efforts will be made to reach the goal of 1,000 stations in 2025. According to the plan, more than 2,500 battery swap stations for chocolate battery swapping will be built in over 120 cities across the country by 2026. (Securities Times)

Multiple Banks Lower Deposit Interest Rates: Some Products See a Direct Drop of 80 Basis Points, and for Some, "Depositing for Three Years Is Inferior to Depositing for One Year"

Recently, multiple small and medium-sized banks have accelerated the pace of reducing deposit interest rates. Since October, many regional banks such as Pingyang Pufa Rural Bank, Fujian Huatong Bank, and Huixian Pearl River Rural Bank have announced cuts in deposit interest rates. Among them, the reduction of some products has reached up to 80 basis points. It is worth noting that with the differentiated cuts in deposit interest rates for different terms, there is a phenomenon of "inversion" between long - and short - term deposit interest rates in banks of all sizes, including large, medium, and small ones. In some banks, there is even a situation where "depositing for three years is inferior to depositing for one year". Industry insiders believe that the phenomenon of "inversion" between long - and short - term deposit interest rates in some banks is related to factors such as the expectation of falling interest rates and banks' adjustment of their liability structures. (China Securities Journal)

The smart glasses market is booming, with shipments increasing by over 64% in the first half of the year

On October 20th, the International Data Corporation (IDC) released a report showing that in the first half of 2025, the global shipments of smart glasses (AI glasses) reached 4.065 million units, a year-on-year increase of 64.2%. In the future, with continuous innovation in product forms and the expansion of application scenarios, smart glasses are expected to become the next-generation human-computer interaction interface, bringing new growth impetus to the consumer electronics market. IDC predicts that by 2029, the global shipments of smart glasses will exceed 40 million units. Among them, the market share of the Chinese market will steadily increase, and the expected five-year compound annual growth rate (from 2024 to 2029) will reach 55.6%, ranking first in the world in terms of growth rate. (Securities Times)

Hermès Appoints Grace Wales Bonner as Creative Director of Men's Wear

On October 21, Hermès announced the appointment of Grace Wales Bonner as the creative director of men's wear. She will present her first collection designed for Hermès in January 2027. Grace Wales Bonner graduated from Central Saint Martins College of Art and Design in 2014 and founded her eponymous brand Wales Bonner in 2015. She has won awards such as the CFDA International Men's Wear Designer of the Year in 2021 and the British Fashion Awards Men's Wear Designer of the Year in 2024. (Jiemian News)

The U.S. government shutdown enters its 20th day, and the negative impact on American society is expanding

Due to the huge differences between the Republican and Democratic parties in the United States on core issues such as healthcare - related welfare expenditures, the Senate of Congress failed to pass a new temporary appropriation bill before the end of the previous fiscal year on September 30. As a result, the funds for the normal operation of the federal government were exhausted, and the government "shut down" on October 1. As the U.S. government shutdown continues, more and more Americans are beginning to feel the negative impact brought about by the closure of government agencies. Meanwhile, the impact of the "shutdown" on the tourism industry in many parts of the United States and the operation of small businesses is also continuously expanding. (CCTV News)

Neural interface company Science announces clinical results of Prima retinal implant: Blind patients regain vision

On October 20th local time, Science Corporation, a neural interface company founded by Max Hodak, the former CEO of Neuralink, announced that the clinical trial results of the Prima retinal implant were published in the New England Journal of Medicine. This is the first time that patients who have gone blind due to the loss of photoreceptor cells have regained their vision. (Jiemian News)

"Ark Lady" Supports Musk's Sky - high Pay Package: It Will Be Approved by a Landslide

Cathie Wood, the founder of Ark Investment and known as the "Ark Lady", said that despite the opposition from proxy advisory firms, Tesla CEO Elon Musk's pay package worth up to $1 trillion will still be approved "by a landslide". Wood posted on Sunday night that she expects Musk's new pay plan to easily pass in the first shareholder vote. (Caixin)

Microsoft CEO's Annual Salary Approaches $100 Million

U.S. Securities and Exchange Commission (SEC) filings show that Satya Nadella, the chairman and CEO of Microsoft, received a total compensation of $96.5 million in 2025, including $84.2 million in stock awards. (Cailian Press)

Coca-Cola HBC to Acquire Stake in Coca-Cola Beverages Africa for $2.6 Billion

Coca-Cola HBC announced that it has signed a definitive purchase and sale agreement to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA), a subsidiary of The Coca-Cola Company, and the remaining stake held by the Gutsche Family Investment Company for a total consideration of $2.6 billion. This will achieve the integration of two leading bottlers in Africa. This valuation implies that the full equity value of CCBA stands at $3.4 billion. (Caixin)

Going Public in Progress

Golden Dragon New Materials

36Kr learned that the website of the China Securities Regulatory Commission (CSRC) disclosed that Hubei Golden Dragon New Materials Co., Ltd. completed the registration for counseling with the Hubei Securities Regulatory Bureau on October 20, 2025. The company plans to conduct an initial public offering (IPO) and list on the stock market. The counseling securities firm is Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Jianxin Superconductor on the STAR Market

36Kr learned that Jianxin Superconductor's IPO application on the STAR Market has been approved by the listing committee meeting.

The Cutting - Edge of AI

Vercel CEO: Kimi K2 is 50% more accurate than GPT-5 in the agent scenario

36Kr learned that Guillermo, the CEO of U.S. startup Vercel, recently posted an article stating that in the real-scenario benchmark tests of a series of models conducted by the internal agents, the open-source model Kimi K2 from China is five times faster and 50% more accurate than cutting-edge closed-source models such as GPT-5 and Claude Sonnet 4.5. With the help of the operating platform, model switching can be completed at zero cost. According to the data released by Guillermo, in the same task, GPT-5 and Sonnet 4.5 take 8 - 10 minutes to run, with an accuracy rate of less than 40% and 50% respectively, while Kimi K2 takes 2 minutes to run, with an accuracy rate of over 60%. In terms of running speed and accuracy, it outperforms the two models.

Investors in OpenAI Clash with White House AI Chief Sacks, Calling Anthropic "the Reliable One"

Two core members of the "PayPal mafia" are clashing again — this time, the focus of the dispute is on the field of artificial intelligence. Billionaire tech investor and co-founder of LinkedIn, Reid Hoffman, publicly stated on the 20th that Anthropic is "the reliable one." Hoffman wrote on the X platform: "Anthropic and some other companies (including Microsoft, Google, and OpenAI) are working hard to deploy artificial intelligence technology in the right way, being prudent, responsible, ensuring safety, and bringing huge benefits to society. That's why I fully support their success." (Sina Finance)

The number of users of NetEase Youdao Dictionary's AI simultaneous interpretation has exceeded 20 million

36Kr learned that on October 21st, NetEase Youdao Dictionary released the latest product data. The cumulative number of users of its core AI feature, "AI simultaneous interpretation", has exceeded 20 million, and the number of users in September increased by nearly 60% year-on-year. Relevant personnel introduced that the AI simultaneous interpretation feature is especially favored by college students and those in the foreign trade industry. It supports the recognition of 71 languages and 125 accents, and optimizes the terminology in specific professional fields. The overall translation accuracy reaches 98%.

Financial reports of large companies

Pop Mart: Expected overall revenue growth of 245% - 250% year-on-year in the third quarter

36Kr learned that Pop Mart announced that its overall revenue (unaudited) in the third quarter of 2025 increased by 245% - 250% year-on-year compared with the third quarter of 2024. Among them, the revenue in China increased by 185% - 190% year-on-year, and the overseas revenue increased by 365% - 370% year-on-year.

China Telecom: Net profit attributable to the parent company in the third quarter was 7.756 billion yuan, a year-on-year increase of 3.60%

36Kr learned that China Telecom released its third-quarter financial report. The report shows that in the third quarter of 2025, it achieved an operating income of 124.848 billion yuan, a year-on-year decrease of 0.91%; the net profit attributable to shareholders of the listed company was 7.756 billion yuan, a year-on-year increase of 3.60%; the basic earnings per share was 0.08 yuan.

Hotata: Net profit attributable to the parent company in the third quarter was 57.0469 million yuan, a year-on-year increase of 21.67%

36Kr learned that Hotata released its third-quarter financial report. The report shows that the company achieved an operating income of 382 million yuan in the third quarter of 2025, a year-on-year increase of 7.27%; the net profit attributable to shareholders of the listed company was 57.0469 million yuan, a year-on-year increase of 21.67%. In the first three quarters, it achieved an operating income of 1.059 billion yuan, a year-on-year decrease of 0.91%; the net profit attributable to shareholders of the listed company was 143 million yuan, a year-on-year decrease of 24.79%.

Quanjude: Net profit attributable to the parent company in the third quarter was 13.791 million yuan, a year-on-year decrease of 66.46%

36Kr learned that Quanjude released its third-quarter financial report. The report shows that in the third quarter, the company achieved an operating income of 329 million yuan, a year-on-year decrease of 17.30%; the net profit attributable to shareholders of the listed company was 13.791 million yuan, a year-on-year decrease of 66.46%; the basic earnings per share was 0.0449 yuan. In the first three quarters, the operating income was 958 million yuan, a year-on-year decrease of 11.62%; the net profit attributable to shareholders of the listed company was 26.1739 million yuan, a year-on-year decrease of 62.85%; the basic earnings per share was 0.0853 yuan.

Sinopharm Group Co., Ltd.: Net profit attributable to the parent company in the third quarter was 544 million yuan, a year-on-year increase of 13.1%

36Kr learned that Sinopharm Group Co., Ltd. released its third-quarter financial report. The report shows that in the third quarter, the operating income reached 13.747 billion yuan, a year-on-year increase of 3.58%; the net profit attributable to shareholders of the listed company was 544 million yuan, a year-on-year increase of 13.10%; the basic earnings per share was 0.7206 yuan.

Cool Products

Realme GT8 Pro Launched, Starting at $3,999

36Kr learned that the Realme GT8 Pro has been launched. It is equipped with a deeply customized Ricoh GR imaging system and supports the Qualcomm Snapdragon 8 Gen 5 Extreme Edition chip. In terms of photography, the Realme GT8 Pro supports a 200-megapixel ultra-photography periscope telephoto camera (supporting 3x optical/12x lossless zoom) and a 2K 144Hz Sky Screen. Additionally, the Realme GT8 Pro features an innovative mechanical assembly design that allows users to switch between four lens module configurations. It is equipped with a 7000mAh battery and 120W fast charging, starting at $3,999.

Xinya Electronics: Small-batch trial production of PCIe 7.0 series products has been achieved

36Kr learned that Xinya Electronics stated on the interactive platform that the company has achieved small-batch trial production of its PCIe 7.0 series products. The 224G high-speed copper cables are being communicated with target customers, and new progress will be disclosed in a timely manner if there is any.

Compiled | Baby Chinese Cabbage