据报道，三星电子芯片部门首席技术官Song Jai-hyuk表示，受人工智能推动的强劲需求影响，公司预计 内存芯片的强劲需求将在今年持续并延续至明年。 （文章来源：第一财经） ...

（文章来源：第一财经） 据报道，字节跳动正在研发人工智能芯片，并与三星就芯片制造事宜进行谈判。 ...

Core Viewpoint - *ST Lifan has experienced a significant stock price surge despite facing severe financial misconduct allegations and the imminent risk of forced delisting, with a remarkable increase of 314.93% over a recent trading period [2][4]. Group 1: Stock Performance - The stock of *ST Lifan has seen a dramatic rise, with 7 out of 10 trading days resulting in price limits, leading to a total increase of 314.93% from January 20 to February 5, excluding 3 days of suspension [4]. - On February 11, the stock opened significantly higher, with a peak increase of over 17% during early trading [3]. Group 2: Regulatory Actions - The Shenzhen Stock Exchange issued a risk warning regarding *ST Lifan's stock price volatility, indicating that it has triggered abnormal trading standards multiple times [2]. - The Anhui Securities Regulatory Bureau announced that *ST Lifan's disclosures contained false, inaccurate, and misleading statements, leading to regulatory actions [6]. Group 3: Financial Misconduct - *ST Lifan has been under investigation for financial misconduct, including inflating revenue and profits through false trading practices, with significant discrepancies reported in their financial statements from 2021 to 2023 [8]. - The company reported inflated revenues of 280 million yuan in 2021, 312 million yuan in 2022, and 45.87 million yuan in 2023, with corresponding inflated costs [8]. Group 4: Future Outlook - The company anticipates a net loss of 622.09 million yuan for 2025, reflecting a 20.59% year-over-year decline, with expected revenues between 200 million and 230 million yuan [9]. - The decline in revenue is attributed to strategic adjustments and a significant drop in the performance of its smart hardware and digital services business [9].

Group 1 - The core point of the article highlights a significant reduction in flights on the China-Japan routes during the first week of the 2026 Spring Festival travel season, with a total decrease of 1,292 flights compared to the same period in 2025, representing a 49.2% decline [1] - The routes with the largest reductions include Shanghai Pudong to Osaka Kansai and Shanghai Pudong to Tokyo Narita [1] - Additionally, there are 58 routes that operated during the 2025 Spring Festival but have canceled all flights for the current season, indicating a further increase in cancellations since the end of January [1]

全球秩序从单极化向多极化演进，正在系统性地重塑全球大类资产的定价逻辑。 新华社2月9日援引日本广播协会开票数据报道，在8日举行的日本众议院选举中，自民党获得316个议席，执政联盟赢得过半数议席。我们此前在《2026年潜 在的六只地缘"黑天鹅"》中曾指出，"亚太地区机会主义主体的战略冒险"是2026年需关注的重要地缘风险之一。 年初以来，日本资本市场出现大幅波动，日元、日债双双走弱，日元避险属性明显弱化。近期，在日本政府的引导下，情绪面虽暂获安抚，市场呈现企稳迹 象。但我们认为，日元与日债此番呈现的结构性变化，其深层次原因不能简单归因于短期经济波动，而应置于更宏大的叙事框架下理解——全球秩序正从单 极化向多极化深刻演进，这一进程正在系统性地重塑全球大类资产的定价逻辑，日本资产的波动正是该逻辑转换的具体体现。 二战后日本地缘地位分为两个阶段： 第一阶段：冷战时期（二战后至苏联解体前），日本是美国在亚洲的"桥头堡"。该阶段，日本成为美国在冷战期间影响亚洲的关键支点，至少先后发挥了三 重作用：二战结束后初期，日本作为补给基地，延伸了美国的工业生产链，支持其在亚洲的军事活动；随着冷战进入中期，意识形态与发展模式竞争加剧 ...

Core Viewpoint - Chow Tai Fook is expected to adjust the pricing of its fixed-price gold products after the Spring Festival, with a potential increase of over 15% based on historical trends [1] Group 1: Company Insights - Chow Tai Fook's staff confirmed the price increase, although the exact amount and timing are not yet determined [1] - Other brands such as Luk Fook and Saturday Fook also indicated that their fixed-price products are currently priced based on a gold price of 1200 RMB per gram, while the current market price has exceeded 1550 RMB per gram [1] Group 2: Market Trends - The anticipated price adjustments by major jewelry brands suggest a broader trend in the industry responding to rising gold prices [1] - The increase in gold prices may lead to a reevaluation of pricing strategies across the jewelry sector, impacting consumer purchasing behavior [1]

Core Viewpoint - The photovoltaic industry is moving towards a "deeper water zone" as companies are ending patent disputes, signaling a shift away from internal competition and towards healthier industry practices [1][5]. Group 1: Patent Agreements - Longi Green Energy and Jinko Solar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement, resolving over two years of patent disputes, with a total licensing fee of 1.65 billion yuan, to be paid in installments from 2026 to 2030 [3][4]. - The licensing agreement allows Aiko Solar access to approximately 1,000 Maxeon patents, with no restrictions on production volumes, thus avoiding lengthy legal processes and focusing on development and innovation [3][4]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties for overseas clients, leading to price increases for Aiko Solar's products and the introduction of a 0.02 yuan per watt patent fee for downstream customers [4]. - TCL Zhonghuan views the agreement as a means to collaborate with industry partners to build a healthy competitive environment and enhance its market position in the BC battery component sector [4]. - The trend of major companies ending patent disputes is seen as a positive response to the "anti-involution" movement, promoting a more orderly and healthy development of the photovoltaic industry [5]. Group 3: Regulatory Environment - The Ministry of Industry and Information Technology emphasizes that 2026 will be a critical year for addressing internal competition in the photovoltaic industry, focusing on strengthening intellectual property protection and curbing infringement [6]. - The ministry plans to implement measures such as capacity regulation, quality supervision, and price enforcement to achieve a dynamic balance of supply and demand in the industry [6].

Group 1: Consumer Price Index (CPI) - In January, the CPI increased by 0.2% month-on-month and year-on-year, reflecting a decrease of 0.6 percentage points compared to December [1] - The decline in CPI is attributed to the Spring Festival timing and a significant drop in energy prices, which decreased by 5.0%, impacting CPI by approximately 0.34 percentage points [3] - Core CPI, excluding food and energy, rose by 0.8% year-on-year and 0.3% month-on-month, marking the highest increase in six months, indicating a steady recovery in consumer demand [3] Group 2: Producer Price Index (PPI) - The PPI rose by 0.4% month-on-month in January, marking the fourth consecutive month of increase, with an expansion of 0.2 percentage points from the previous month [5] - Factors contributing to the PPI increase include the ongoing construction of a unified national market and rising demand in certain industries [5] - Prices in sectors such as photovoltaic, battery, cement, and steel have shown positive improvements due to the "anti-involution" policies implemented last year [5] Group 3: Industry-Specific Price Changes - In January, prices for cement manufacturing and lithium-ion battery manufacturing increased by 0.1%, continuing a four-month upward trend [5] - The price of photovoltaic equipment and components shifted from a 0.2% decrease to a 1.9% increase, while basic chemical raw materials saw a 0.7% increase [5] - The prices of non-ferrous metal mining and smelting industries rose significantly, with silver smelting prices increasing by 38.2% and copper smelting by 8.4% [6] Group 4: Future Price Trends - The National Bureau of Statistics indicates that favorable factors for moderate price recovery are accumulating, supported by policies aimed at boosting consumption and stabilizing market expectations [6] - The implementation of coordinated fiscal and financial policies is expected to gradually expand consumer demand, providing a foundation for stable price operations [6] - Emphasis on industry self-regulation and capacity management is anticipated to further enhance price recovery in key sectors [6]

上周，甲骨文也发行了价值250亿美元的债券，并成为2026年首家试水债务市场的大型科技公司。此外，据市场消 息，Meta也计划在今年进行大规模债券发行，以期加速推进在美国境内建设数据中心的计划。 最新的财报则预计，微软、谷歌、亚马逊、Meta和甲骨文等公司今年在AI基础设施方面支出的投入可能高达7000亿 美元。 当地时间2月10日，瑞银警告称，AI基础设施支出可能已接近峰值。瑞银首席投资办公室当天下调了美国科技板块评 级至中性。 在瑞银发出最新警告后，当天美股收盘，科技板块股价普遍下跌。谷歌股价下跌近1.8%，Meta、亚马逊等公司股价 均下跌近1%。 瑞银下调评级的举措发生在美国软件股经历了一周惨重的暴跌之后。投行杰富瑞分析师也在近期的一份报告中指 出，AI资本支出将面临放缓，这是目前科技行业投资面临最大的不利因素。 不过科技公司扩大AI资本支出的野心并未受到影响。谷歌已于周一发行了罕见的100年期的"世纪债券"，以支持AI基 础设施的扩张。根据IFR的数据，谷歌百年债券的认购额几乎是目标金额的十倍，收益率为 6.05%。 相关统计数据显示，过去3年里，科技巨头在AI基础设施方面的支出增长了超过4倍。而最 ...

赵海军预测，接下来存储器产能会增加，9个月后就能看到晶圆前端生产产能增加，这些产能会投放到消费类产品。 中芯国际（688981.SH）2月10日晚披露2025年第四季度业绩快报后，今日举办了业绩交流会，公司高管回应了存储缺货、产业链回流、部分产能涨价等问 题。 赵海军判断，接下来存储产能不足预计影响电脑及周边等，在手机库存偏高的情况下，预计上半年需求有一定程度的下降，公司于是将更多产能腾挪给供不 应求的领域，例如数据中心、电源、工业、汽车。在存储器相关的部分，公司感受到的需求非常急，目前已尽可能将产能转为MCU专用存储器或与存储相 关逻辑电路的部分。同时，与数据传输、端侧AI有关的电路需求也在增长。 至于中低端手机需求何时触底反弹，赵海军也作出了判断。"我经历过5轮存储周期，看到终端需求（一开始）可能被放大，就像缺少一张机票会同时去问国 航、东航、南航，售票处一下增加很多需求，但实际需求只有一张。现在大家有些慌张、焦虑，是因为需求被放大，推动价格上涨，中间商囤货议价。但 AI真正带来很多需求的部分是HBM（高带宽内存）、封装测试等，并非前端的晶圆都转去做HBM。"他表示。 赵海军预测，接下来存储器产能会增加， ...