越来越多的豪华车经销商干不下去了。 面临经营压力的不只奔驰经销商。2025年以来，已有多个豪华品牌4S店出现经营危机。今年1月，河南 开封金奥奥迪4S店闭店停业，导致多名消费者预付的保养套餐无法兑现且维权无门。一汽奥迪官网显 示，该店目前已从授权经销商网络中移除。此外，北京、浙江、江苏等多地的部分奥迪4S店也出现了 闭店情况。 目前，多家豪华车企正在对销售渠道进行优化调整，部分4S店的授权已被取消。 昔日，豪华车品牌的高溢价让经销商们赚得盆满钵满。但随着中国车市格局变化，代理豪华品牌销售不 再"稳赚不赔"。市场竞争加剧导致豪华车企销量承压，终端不得不大幅让利，即便是一些热销车型，终 端优惠也动辄高达10万元。2025年，豪华车企三强宝马、奥迪和奔驰的在华销量分别为62.6万辆、61.8 万辆和57.5万辆，同比分别下跌12.5%、5%和19%。 某汽车销售公司管理层人士在接受记者采访时表示，在亏钱卖车的情况下，4S店通常需依靠售后、厂 家返点等方式来实现盈利。同时，主机厂会给经销商设定多种商务政策，包括销售返利、金融贴息、月 度及季度促销等，这些政策因经销商而异。主机厂的目的在于完成销售任务，促使经销商批售更 ...

据"央视财经"，美国财政部长斯科特·贝森特对"强势美元政策"的确认未能逆转美元跌势。美元反弹戛 然而止，29日再度下挫。美元指数29日一度下跌至96.03，跌幅约0.3%。据披露，美元重拾跌势，原因 是"货币贬值交易"卷土重来，其影响超过贝森特先前发表的稳定美元汇率言论。贝森特28日说："美国 始终奉行强势美元政策。"此前一天，美国总统特朗普暗示自己对美元贬值持开放态度，认为这对美国 企业有利，从而引发一轮美元抛售潮。双线资本首席执行官杰弗里·冈拉克说，一段时间以来，投资者 更倾向于选择黄金这类有形的避险资产，而美元未表现出避险货币的特性。对比美元汇率下挫，国际现 货黄金价格29日一度上涨至每盎司5598.75美元，再创历史新高。 （文章来源：第一财经） ...

（文章来源：第一财经） *ST立方公告，公司股票自2026年1月20日至29日以来有5个交易日涨停，价格涨幅为188.06%，期间多 次触及股票交易异常波动情形，公司股票短期内价格涨幅较大，明显偏离市场走势，未来可能存在股价 快速下跌的风险。为维护投资者利益，公司将就股票交易波动情况进行停牌核查。经公司申请，公司股 票自2026年1月30日（星期五）开市起停牌，自核查结束并披露核查公告后复牌，预计停牌时间不超过3 个交易日。 ...

Group 1 - Nvidia, Microsoft, and Amazon are in talks to invest approximately $60 billion in OpenAI [6] - A new artificial intelligence industry fund has been established in Kunshan with a total scale of 5 billion yuan [1] - Alibaba's T-head has launched its self-developed AI chip "Zhenwu" [2] Group 2 - Beijing has officially launched its first humanoid robot pilot verification platform, expected to have an annual production capacity of 5,000 units [3] - 360 has announced the public testing of its industrial-grade AI comic intelligent agent production platform, named "Nano Comic Production Line" [7] - Kunlun Wanwei has released the Mureka V8 music large model [8] Group 3 - MiniMax Music 2.5 has been officially released [4] - Yushu has open-sourced UnifoLM-VLA-0 [5] - Songyan Power has announced its partnership as the humanoid robot collaborator for the 2026 CCTV Spring Festival Gala [9]

(本文来自第一财经) 英唐智控公告，公司拟通过发行股份及支付现金的方式购买光隆集团持有的光隆集成100.00%的股权， 以及从简企业、涵简企业、深圳外滩、高志宇、北京静水、浦简企业6名股东持有的奥简微电子 100.00%的股权；同时，拟向其他不超过35名特定投资者发行股份募集配套资金。本次交易完成后，光 隆集成和奥简微电子将成为上市公司全资子公司。交易价格为8.08亿元。本次交易不构成重大资产重 组、不构成重组上市。 ...

（文章来源：第一财经） 燕东微公告，公司5%以上股东北京亦庄国际投资发展有限公司因自身经营管理需要，本次拟通过集中 竞价或大宗交易的方式减持，将于本减持计划披露之日起15个交易日之后的三个月内减持公司股份不超 过14276180股，即不超过公司总股本比例的1%。减持价格将按照减持实施时的市场价格确定。 ...

Core Viewpoint - Century Huatong (002602.SZ), a leading gaming company in A-shares, announced a significant increase in revenue, profit, and cash flow for 2025, projecting a year-on-year growth across all metrics [1]. Financial Performance - The net profit attributable to shareholders is expected to be between 5.55 billion and 6.98 billion yuan, representing a year-on-year increase of 357.47% to 475.34% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 5.8 billion and 6.33 billion yuan, with a year-on-year growth of 252.97% to 285.22% [2]. - Basic earnings per share are estimated to be between 0.77 yuan and 0.97 yuan, compared to 0.17 yuan in the previous year [2]. - Revenue for 2025 is projected to be approximately 38 billion yuan, reflecting a year-on-year growth of about 68% [2]. Product Performance - The past two years have been significant for Century Huatong, with multiple hit products launched [3]. - The game "Whiteout Survival" has achieved record highs three years post-launch, while "Kingshot" ranks third in the Chinese mobile game overseas market [3]. - "Tasty Travels: Merge Games" has entered the top 15 of the Chinese mobile game overseas market [3]. - According to Sensor Tower, Century Huatong's subsidiary, Dandian Interactive, ranked second in global revenue among mobile game publishers, surpassing major competitors like NetEase and miHoYo [3]. - Dandian Interactive is expected to see a 87% increase in global revenue in 2025, with "Whiteout Survival" projected to generate 2.1 billion USD (approximately 14.6 billion yuan) in revenue, marking a 45% year-on-year increase [3]. Market Position - As of January 29, Century Huatong's stock price rose approximately 1% to 18.86 yuan per share, with a total market capitalization of 139 billion yuan, making it the highest valued gaming company in A-shares [4]. - The stock price has increased from 5 yuan to 17 yuan per share over the course of 2025, representing a cumulative increase of about 240% [4]. - Since the beginning of 2026, the stock price has risen by over 10% [4]. Industry Context - The Chinese gaming industry is entering a phase of stock competition, with increasing polarization, where resources are concentrating towards leading companies [5]. - Despite the competitive landscape, game companies with blockbuster products can still stand out [5].

Core Insights - ByteDance's CEO Liang Rubo announced the company's 2026 keyword as "Dare to Climb High Peaks," with a focus on the Doubao/Dola assistant application as a short-term goal [1] - The company claims its foundational model's overall strength is in the top tier in China, while its image and video generation models are in the top tier internationally [1] - Doubao's user scale and growth are reported to be rapid, but there remains a gap compared to the leading global competitors [1]

英唐智控公告，预计2025年度归属于上市公司股东的净利润为2300万元-2800万元，同比下降 53.55%-61.84%。公司表示，随着5G、AI、云计算等新兴技术发展，存储芯片需求持续攀升，公司存储 业务较上年同期实现大幅上涨，公司整体营业收入较上年同期增加约4.5%。但受行业竞争影响，电子 元器件分销产品毛利承压，公司毛利率较上年同期下降约0.7个百分点。同时，报告期内公司加大芯片 设计制造业务研发投入，包括组建高素质的研发团队及技术积累、项目验证的资金投入，整体研发费用 较上年同期增加约65%，导致本报告期归属于上市公司股东的净利润较上年同期下降。 ...

全球投资者对中国市场的关注再度升温。 去年11月初，苏德巍来到北京时表示中国市场的活力在稳步提升。时隔两个多月又一次来华，他再次感受到了这样的活力，并表示全球投资者对中国市场的 关注再度提升。 "我在中国的所见所闻，让我在走访全球多地与国际投资者交流时，能够与他们分享中国经济的现状和进展，以及对中国正持续推进的技术革新的看法。"他 说，全球投资者希望看到中国经济更加开放、平衡，这将是吸引更多资本参与境内市场的关键。 中国资本市场的回暖也为外资机构带来了更多业务机遇。苏德巍称，2022年至2023年，股票融资活动相对低迷，随着IPO发行的逐渐回暖，尤其是港股IPO 的火热，以及市场对财务顾问业务需求的提升，都为高盛的投资银行业务带来了新的机遇。 他还观察到，过去一年多来，中国市场的国际资本流入量有所增加，预计这种趋势在2026年将得以延续。 美元中期走势将趋于稳定 步入2026年，全球金融市场继续机遇与挑战并存。一方面，贵金属市场狂热，黄金与白银携手突破历史新高，人工智能驱动的投资热潮也在加剧；另一方 面，美元近期持续走弱，美国债务规模及其长期偿还能力引发市场担忧。在复杂多变的外部环境中，中国经济如何承压前行？ ...