2025经济总量位居全球城市第五的上海，划定新一年的发展目标。 支持智能网联新能源汽车、海洋经济、低空经济、航空航天、卫星互联网等产业发展。 而"着力推进科技创新和产业创新深度融合，培育发展新质生产力"，也是今年的主要任务之一。 对于今年重点任务中的智能网联新能源汽车、海洋经济、低空经济、航空航天、卫星互联网等产业，上 海也陆续出台了相关文件。 具体包括加快重大科技成果高效转化应用；推进产业智能化、绿色化、融合化发展；一体推进教育科技 人才发展几个方面。 例如，深化科技成果全部赋权改革，支持概念验证平台、中试平台、高质量孵化器提升服务能级。深入 实施"人工智能+"行动，加强算力设施、行业语料、垂类模型等布局建设，推动新一代智能终端、智能 体等广泛运用，加快重点产业智能化改造，新增50家以上先进智能工厂。 刚过去的2025年，上海全社会研发经费支出相当于全市生产总值的比例达到4.5%左右。集成电路、生 物医药、人工智能三大先导产业规模突破2万亿元。新建7家高质量概念验证平台和6家高质量孵化器， 技术合同成交额达到6496.8亿元、增长24.9%，全市日均新增科技企业超过320家。 根据此前公布的 "十五五"规划 ...

上周五晚间发布2025年业绩预告后，寒武纪（688256.SH）股价本周一下跌，今日盘中又跌超13%，市值回落到4600亿元以下。 近日有市场传闻称，寒武纪小范围交流给出2026年营收200亿元的估计，远低于市场300亿元~500亿元预期。2月3日午间，就"交流会给出200亿元年营收预 计"的真实性，记者以投资者身份致电寒武纪证券事务代表，对方对第一财经表示，网上传播的关于2026年业绩指引的相关信息应该都是假的，相关信息 以公司公开披露的为准。 寒武纪预计，2025年应该是该公司首个实现盈利的年度。寒武纪自2024年第四季度以来实现多个季度盈利。2025年，寒武纪预计营收在60亿元~70亿元之 间，同比增长410.87%~496.02%，预计净利润18.5亿元~21.5亿元，同比扭亏为盈。 "报告期内，受益于人工智能行业算力需求的持续攀升，公司积极推动人工智能应用场景落地，本期营收较上年同期大幅增长，进而带动整体经营业绩提 升。"寒武纪就业绩变动的原因解释称。 随着2025年实现盈利，寒武纪的证券代号有望摘"U"。不过，从季度收入变化看，寒武纪或许开始经历收入环比下滑。 2025年第三季度，寒武纪营收17. ...

Core Viewpoint - Guotou Ruijin Fund announced an adjustment to the valuation method for its Guotou Silver LOF's silver futures contracts, leading to a significant drop in the fund's net asset value by over 31% on February 2, 2023, which has sparked controversy among investors regarding the timing of the announcement [1][4]. Group 1: Valuation Adjustment - The fund's valuation adjustment was made due to significant fluctuations in international silver prices compared to domestic futures prices, necessitating a re-evaluation of the fund's assets [2][3]. - The new valuation method references the price changes in international silver futures markets, effective from February 2, 2023, at 3 PM Beijing time [2]. Group 2: Investor Reaction - Investors expressed outrage over the timing of the announcement, which was made after trading hours on February 2, leading to concerns about fairness and transparency in the valuation process [4][5]. - Complaints from investors highlighted the perceived unfairness of changing the valuation rules retroactively, which they felt undermined their trading decisions made earlier that day [4]. Group 3: Fund's Justification - The fund justified the lack of prior announcement by stating concerns about potential panic and liquidity issues if investors were informed too early [5][6]. - The fund emphasized that the adjustment was necessary to ensure that the net asset value accurately reflected the true value of the underlying assets, especially given the extreme market conditions [3][6].

国投瑞银基金昨日晚间发布公告，宣布对旗下国投白银LOF所持白银期货合约的估值方法进行调整。对 此，国投瑞银基金回应称，如果提前公告，担心被解读为有意引导投资者不要赎回，进而推测基金资产 流动性出现严重问题，引发市场恐慌，出现挤兑。 （文章来源：第一财经） ...

Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in its net asset value, raising concerns among investors regarding the timing and transparency of the announcement [1][3][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin Fund announced a change in the valuation method for its silver futures contracts due to significant price fluctuations in the international silver market [2][3]. - The fund's net asset value dropped from 3.2838 yuan to 2.2494 yuan, a decline of 31.5%, marking an extreme record for a single day [1][2]. - The new valuation method references the price changes in the international silver futures market, which allows for a more accurate reflection of the underlying asset's fair value [2][3]. Group 2: Investor Reaction - The timing of the announcement, made after the trading day ended, has sparked outrage among investors who felt blindsided by the sudden change in valuation rules [4][5]. - Investors expressed concerns about fairness and transparency, arguing that the lack of prior notice violated principles of timely information disclosure [4][5]. - Complaints and calls for action from investors flooded online platforms, highlighting dissatisfaction with the handling of the valuation adjustment [4][5]. Group 3: Company Explanation - Guotou Ruijin Fund stated that the decision not to announce the adjustment in advance was to prevent panic and potential runs on the fund [1][5]. - The company emphasized that the adjustment was necessary due to the extreme market conditions and the limitations imposed by domestic trading rules, which could lead to a misrepresentation of the fund's actual value [3][6]. - The fund clarified that the actual value of the assets is uncertain until the market closes, which justifies the timing of the announcement [6].

"短期来看，金银已完成60日均线回踩，进一步下探风险明显降低，但考虑隐含波动率仍处于高位，震 荡整理或仍是短期主基调。"南华期货贵金属新能源研究组负责人夏莹莹也称。 中信建投期货贵金属首席分析师王彦青则认为，目前还没有结束回调的信号。"应该还要震荡一段时 间，因为从回调到现在也就三天时间，还在波动过程中。"王彦青称。 【#金银回调要结束了吗#？#分析师称金银短期以震荡为主#】在经历大幅下跌后，国际金银价格在2月3 日早盘反弹飘红，国内沪金期货主力合约也有所回弹，跌幅收窄，但是沪银期货主力合约仍旧大幅下 跌。 截至发稿，伦敦现货黄金价格从2月2日最低4402.06美元/盎司，回弹至4700美元/盎司上方，上涨逾 2%；伦敦现货白银价格涨至82美元/盎司上方，上涨近4%。 从国内期货盘面来看，2月3日早盘，沪金期货主力合约开盘大幅拉升，一度飘红，之后又有所回调，截 至发稿跌幅超1%；沪银期货主力合约在2月2日日盘和夜盘连续跌停之后，3日开盘打开跌停，但是仍重 挫，截至发稿跌幅超19%。 国际金银价格反弹，是否意味着回调将结束，内盘遭受到的"连锁反应"冲击是否也将结束？ 对此，华闻期货总经理助理兼研究所所长程小勇对 ...

【#壹快评#｜供货705万给院长回扣247万，#整治医药商业贿赂须行贿受贿一起查#】结合国家医保局通 报的四起案件，笔者认为，要根除医药商业贿赂顽疾，需多管齐下、持续发力。 其一，必须坚持"行贿受贿一起查"，破除"重打击受贿、轻惩治行贿"的惯性。行贿是贿赂犯罪的源头， 唯有对行贿行为予以严厉惩处，提高违法成本，才能有效震慑企图通过不正当手段获取利益的企业。其 二，要进一步完善医疗机构内部决策与监督机制，杜绝关键岗位人员"一言堂"，推进采购流程公开透 明，切断利益输送通道。其三，持续深化医药招采制度改革，扩大带量采购覆盖范围，让价格回归合理 区间，压缩贿赂生存空间。其四，强化医保基金监管与智能监控，对异常采购、使用行为及时预警核 查，提升发现与查处腐败的能力。 ...

混合销售如何按主要业务适用税率更加清晰 中国增值税税率主要有三档（13%、9%、6%），有的企业一项业务涉及两个以上税率，业内称之为混 合销售，则需要按主要业务确定具体适用税率。而究竟如何确定这一税率，国家给出了答案。 "之前考虑到钢结构件、活动板房、机器设备比较大，安装价值比较高，如果统一适用13%税率，税负 可能会比较高，因此才专门给了特殊政策按兼营处理，建筑安装部分税率就适用9%税率。但这实际不 符合这一交易实质是卖货（适用13%税率），此次《公告》取消了前述特殊政策待遇。"葛玉御说。 根据今年起施行的增值税法及其实施条例，增值税一般纳税人销售货物等适用13%税率，销售交通运 输、建筑等适用9%税率，销售服务、无形资产适用6%税率，出口货物等适用零税率。另外，增值税小 规模纳税人适用3%征收率。 一般来说，企业不同的销售行为适用不同税率或征收率，如果业务之间没有关联，可以分别核算相关业 务，从而采用业务对应的税率。但实务中，有的企业一项应税交易可能涉及两个以上税率、征收率的业 务，且业务之间具有明显的主附关系，那么这一应税交易就需要按照主要业务适用税率来征税。 比如，充换电业务，从业务实质上看是向购买方 ...

Core Viewpoint - Cambricon is expected to achieve its first profitable year in 2025, but it may be experiencing a decline in quarterly revenue [1][3]. Group 1: Financial Performance - Cambricon forecasts revenue between 6 billion to 7 billion yuan for 2025, representing a year-on-year growth of 410.87% to 496.02%, with a net profit of 1.85 billion to 2.15 billion yuan, marking a turnaround from losses [3]. - In Q3 2025, Cambricon reported revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, also showing a positive shift [5]. - However, on a quarter-on-quarter basis, Q3 revenue declined by 2.4% and net profit decreased by 17% [5]. Group 2: Market Reactions and Comparisons - Following the earnings forecast announcement, Cambricon's stock price dropped significantly, falling over 13% and bringing its market capitalization below 460 billion yuan [1]. - Other domestic AI chip stocks also experienced declines, with stocks like Moer Technology and Muxi Shares dropping by over 4% and 5% respectively [6]. - Moer Technology and Muxi Shares have also released their 2025 earnings forecasts, with Moer expecting revenue between 1.45 billion to 1.52 billion yuan and Muxi expecting revenue between 1.6 billion to 1.7 billion yuan, both showing significant year-on-year growth but still reporting losses [6].

针对市场关切，寒武纪方面公开回应称"暂不清楚股价大跌的具体原因"。此次大跌也拖累整个半导体板 块及科创50指数走弱。有分析认为，估值高企以及市场对AI芯片行业竞争加剧的担忧，或是导致资金 出逃的主因。（第一财经记者 魏中原） 2月3日早盘，寒武纪股价遭遇重挫，跌幅一度扩大至13.38%，截至午市收盘报1082.09元，跌12.88%， 单日市值蒸发近700亿元，创下自2025年9月4日（单日跌14.45%）以来的最大单日跌幅，也是2024年9 月24日以来第二大单日跌幅。这是该公司上市以来罕见的剧烈回调，当前股价较最高点累计回撤约32% ...