Core Insights - Hebei's fiscal revenue and expenditure remained stable last year, with expectations for land transfer income to grow by 22% this year [1][8] Group 1: Fiscal Performance - Hebei's general public budget revenue for 2025 is projected at 439.86 billion yuan, a 2% increase, aligning with the national average growth rate of 2.2% [2] - Tax revenue in Hebei for 2025 is expected to reach 263.84 billion yuan, growing by 3.4%, while non-tax revenue remains stable at 176.02 billion yuan [3] - Government fund revenue is anticipated to be 184.07 billion yuan in 2025, a decrease of 2%, which is a significant improvement from the previous year's decline of 15.8% [3] Group 2: Investment in Key Areas - The budget report indicates that 2025's general public budget expenditure will be 1,024.36 billion yuan, a slight decrease of 0.8%, but a comparable growth of 7.2% when excluding one-time factors [4] - A significant portion of the budget, 836.96 billion yuan (81.7%), is allocated for public welfare, reflecting a commitment to social spending [4] - In 2026, the budget for general public expenditure is expected to be 987.98 billion yuan, with a focus on major national strategies, technology innovation, and the construction of a modern industrial system [10] Group 3: Economic Growth Projections - The GDP growth for Hebei in 2026 is projected to exceed 5%, following a 5.6% growth in 2025 [8] - The expected general public budget revenue for 2026 is 448.66 billion yuan, maintaining a growth rate of around 2% [8] - The anticipated revenue from the government fund for 2026 is 224.97 billion yuan, reflecting a 22% increase, contingent on stabilization in the real estate market [8]

Core Viewpoint - The implementation of the new Value-Added Tax Law and its regulations in China will officially begin on January 1, 2026, with no current adjustments to tax rates for internet companies [1] Group 1: Tax Policy Changes - The new Value-Added Tax Law and its implementation regulations will take effect on January 1, 2026 [1] - Current tax policies continue to focus on supporting technological innovation [1] Group 2: High-Tech Enterprise Certification - The management measures for high-tech enterprise certification may be updated, potentially leading to stricter standards [1] - If the certification standards become more stringent, some non-leading internet companies may struggle to benefit from preferential income tax rates [1]

Core Viewpoint - The A-share market experienced significant declines in various sectors, particularly in metals and banks, with a notable focus on bank stocks as a safe haven amid volatility in precious metals prices [1][3][4]. Group 1: Market Performance - On February 2, A-share non-ferrous metals led the decline with a drop of 7.62%, while steel, chemicals, coal, and oil and gas sectors also fell over 5% [1]. - The Shanghai Composite Index closed down 2.48%, with over 4,600 stocks declining and a trading volume of approximately 2.61 trillion yuan, a decrease of nearly 250 billion yuan from the previous trading day [3][4]. - The banking sector showed resilience, with certain banks like Citic Bank and Shanghai Bank posting gains of 2.64% and 1.62%, respectively, amidst the overall market downturn [4]. Group 2: Bank Sector Analysis - The banking sector has seen a significant correction, with the China Securities Bank Index dropping 6.76% as of January 30, with major banks like Pudong Development Bank and Agricultural Bank of China experiencing declines of 19.29% and 12.5%, respectively [4][5]. - Analysts believe that the peak of fund outflows from the banking sector has passed, with the sector's valuation becoming more attractive, as the median price-to-book (PB) ratio is around 0.57 and the median dividend yield has risen to over 4.5% [5][6]. - Recent reports indicate that passive fund outflows have been a major factor in the banking sector's recent adjustments, but the selling pressure is expected to diminish, allowing for potential recovery in bank stock prices [6][7]. Group 3: Institutional Insights - Institutions are starting to show interest in bank stocks, with reports indicating that active funds had reduced their holdings in bank stocks by 1.3 billion shares by the end of the fourth quarter [7]. - Several regional banks have announced stock buyback plans, which have been positively received by the market, reinforcing confidence in the banking sector's fundamentals [7].

据报道，知情人士透露，英伟达公司正接近达成一项协议，将向OpenAI投资200亿美元作为其最新一轮 融资的一部分。这将是英伟达对OpenAI进行的最大单笔投资。知情人士表示，交易尚未最终敲定，条 款仍可能发生变化。 相关报道 黄仁勋全球连轴转，最新演讲称AI将重塑全球工厂 英伟达CEO黄仁勋最近的行程非常满。当地时间1月21日，黄仁勋在瑞士举办的达沃斯论坛上大谈过去 一年AI模型的三大进展。随后，他开启访华行程，先后出现在上海、北京、深圳、中国台湾。当地时 间2月3日，黄仁勋又出现在工业软件公司达索系统于美国休斯顿举办的活动上，这次演讲的主题是工业 AI。 "过去，我们花了1/3的时间在设计和数字化上，也许花了2/3的时间在构建物理形态上。未来很有可能我 们将花100%的时间在数字化上。即使完成了设计、模拟、验证，还必须做软件集成。"黄仁勋称，无论 是设计、描绘、模拟还是操作，未来都将由软件定义，从一双网球鞋到其他所有东西都是如此，汽车是 软件定义的，机器人所在的工厂也是软件定义的。 当天英伟达宣布了与达索系统的合作，双方将利用虚拟孪生技术合作构建工业AI平台，达索的虚拟孪 生技术将与英伟达AI基础设施、开源 ...

"今天，制造和物流系统僵化、难以扩展且脆弱。"在媒体沟通会中，达索系统研发执行副总裁Florence Hu-Aubigny向记者表示，未来工厂则将由软件定义生 产系统，物理AI与虚拟孪生技术结合将使工厂能在虚拟环境中测试和重新配置生产，使相应过程的耗时从几个月缩短至几个小时。AI工厂的复杂性更是比 普通工厂复杂，如果不进行预先模拟，就难以确保整个系统正常工作。 当天英伟达宣布了与达索系统的合作，双方将利用虚拟孪生技术合作构建工业AI平台，达索的虚拟孪生技术将与英伟达AI基础设施、开源加速软件库结 合，建立经科学验证的行业世界模型，用于生物学、材料科学、工程和制造等领域，除了在工程和制造领域实现软件定义的生产系统，还能用于推动新分子 和下一代材料发展。 黄仁勋表示，双方技术的融合将使工程师能在比以往大10万倍的规模上开展工作，工作时看到的不再是预先渲染或离线模拟画面，而是实时生成的虚拟孪生 世界。工程师设计产品、在风洞中实时模拟、模拟机器人实时运行，在接下来5~10年将带来非常大改变。 谈到物理AI与仿真的结合，黄仁勋表示，AI可以学习如何预测物理行为，当这个过程实时运行时，就能预测1万倍以上的规模，在设计中结 ...

深交所发布公告，深港通下的港股通标的证券名单调入国恩科技，自2026年2月4日起生效。 （文章来源：第一财经） ...

具体到一些细分市场，苏姿丰称，去年第四季度AMD向云和企业客户销售的服务器CPU创新高，年末 AMD在数据中心CPU市场中的份额创历史纪录。看向2026年，服务器CPU市场规模预计将保持百分比 两位数的增长，面向企业客户的PC业务预计在高端溢价基础上继续增长。 她还谈到AMD的产品研发进展和客户合作情况。据介绍，除了与OpenAI合作，AMD还在与其他客户探 讨大规模的多年产品部署计划。芯片迭代方面，MI450系列的开发进展顺利，下半年将发布并生产， AMD还将于2027年推出采用2nm制程的MI500。 中国市场方面，AMD表示，2025年业绩计入了美国限制MI308出口导致约4.4亿美元的库存等相关费 用，第四季度MI308来自中国客户的收入约3.9亿美元。苏姿丰预测，今年第一季度公司将从中国客户获 得与MI308有关的约1亿美元收入，在此之外不预测其他来自这类客户的收入。 不过，苏姿丰表示，考虑到内存等部件的涨价压力，2026年个人电脑市场预计略微下滑。 当地时间2月3日，AMD发布了2025年第四季度财报。该季度AMD营收103亿美元，同比增长34%，净利 润（Non-GAAP）25.2亿美元，同比增 ...

Core Insights - Tesla plans to launch Optimus V3 in Q1 2026, aligning with expectations and indicating a period of intensive industry catalysis [1] - The release schedule for Tesla's Gen3 is also in line with expectations, with clear product mass production plans [1] - Optimus will be a general-purpose robot capable of learning tasks by observing human behavior, positioning Tesla as a leader in the global "physical AI" industry transformation [1] Industry Developments - Humanoid robots are a core pillar of Tesla's strategy, with ongoing iterations in the "data-algorithm-hardware" closed loop [1] - The product is expected to gradually extend from B2B to B2C markets, potentially opening up a market for millions of humanoid units [1] - Future industry events to watch include the Gen3 launch, new product releases, a robot performance during the Spring Festival, and IPO progress of domestic robot manufacturers [1] Investment Focus - The report suggests focusing on high-quality segments at the bottom of the market to capture certainty and key changes in the industry [1]

中信建投研报表示，特斯拉计划2026年一季度推出Optimus V3，整体节奏符合预期，产业进入密集催化 期。特斯拉Gen3发布节奏等整体符合预期，产品量产规划明确。Optimus将是通用机器人，可以通过观 察人类行为等方式来学习完成任务。特斯拉正引领全球"物理AI"产业变革，人形机器人作为其核心支柱 之一，持续进行"数据-算法-硬件"闭环迭代。产品也有望逐步从B端向C端延伸，逐步打开人形百万台预 期空间。展望板块后续，Gen3定点、新品发布、春晚机器人表演、国产机器人厂商IPO进展等事件催化 值得重点关注，底部建议聚焦优质环节，把握确定性和灵巧手等核心变化。 (本文来自第一财经) ...

责任编辑：宋雅芳 他表示，人工智能算力需求激增，正显著推高对GPU和存储芯片的依赖，而当前席卷行业的存储芯片短 缺已成为AI发展面临的"最大挑战"，相关供需失衡预计要到2028年才可能缓解。 陈立武还透露，多家客户正与英特尔晶圆代工业务展开深入接洽，兴趣集中在14A制程技术，相关量产 有望在今年晚些时候加速。（第一财经记者 胡弋杰） 英特尔首席执行官陈立武周二在思科人工智能峰会上表示，公司已任命新的首席架构师全面推进图形处 理器（GPU）研发，以把握人工智能数据中心需求快速增长带来的机遇。 ...