打破专用模型的"跷跷板效应"，LDM有望实现"一个模型赋能千行百业" ◎记者 杨升 刘立 近日，由清华大学计算机系长聘副教授崔鹏团队联合稳准智能（雄安）科技有限公司（简称"稳准智 能"）联合研发的"极数"数据大模型（LimiX）在雄安新区发布最新成果与战略规划。作为国内首个结构 化数据通用大模型（LDM），这也是LimiX首次公开亮相。 崔鹏对上海证券报记者表示，自2025年8月29日开源以来，LimiX已经在20余个行业的多个场景进行了 落地应用验证，未来有望成为"人工智能+"战略的数字底座之一。 LDM为何能改变工业AI游戏规则？ "如果说LLM像一个'文科大脑'，擅长处理语言理解、文本生成等任务的话，那么LDM就是一个'理科大 脑'，专注于从结构化数据中分析规律、归纳总结并进行预测决策。"崔鹏这样描述两种大模型的区别。 据崔鹏介绍，LDM可弥补LLM的短板。虽然LLM具有较强的文本理解与生成能力，但因其训练数据中 缺乏结构化数据，导致其在处理结构化数据时束手无策。LDM则能够处理表格数据、时序数据、图状 数据等结构化数据，胜任数据分类、预测、归因等复杂任务，能够充分发挥数据要素聚集的乘数效应， 实现跨场 ...

Core Viewpoint - Investment advisors are optimistic about the A-share market in 2026, with nearly 90% expecting an upward trend, and a consensus forming around economic recovery and increased capital inflow [6][7][13]. Group 1: Market Outlook - 88% of investment advisors are bullish on the A-share market for 2026, with 58% expecting an index increase of over 5% [6][14]. - Advisors predict a structural market characterized by fluctuations, with 46% expecting repeated index oscillations and significant gains in certain sectors [14][16]. - The consensus on macroeconomic recovery is strengthening, with 80% of advisors holding optimistic or neutral views on the economy [10][33]. Group 2: Asset Allocation - 67% of advisors recommend increasing allocations to equities, with 68% favoring stocks in the first quarter of 2026 [21][19]. - Advisors are shifting from a focus on growth stocks to a more balanced approach, with 42% expecting growth and dividend styles to converge [16][19]. - High dividend stocks are gaining attention, with 37% of advisors considering them reasonably valued, reflecting a shift in market sentiment [18][19]. Group 3: Investment Strategies - The predominant strategy remains flexible thematic investment, with 47% of advisors advocating for this approach, while 29% are focusing on value investing [22][33]. - Advisors suggest maintaining a higher equity position, with 80% recommending a minimum of 50% equity allocation for clients [22][33]. - The preference for direct stock investments is increasing, with 47% of advisors suggesting this method [21][19]. Group 4: Client Performance and Sentiment - 82% of advisors reported that their clients achieved profits in 2025, a significant increase of 23 percentage points from 2024 [29][27]. - High-net-worth clients are showing increased confidence, with 19% planning to increase their investments, indicating a rising risk appetite [31][27]. - The sentiment towards gold investments is also positive, with 57% of advisors expecting gold prices to continue rising [25][26].

Group 1: Core Insights - The upcoming Chinese New Year is expected to drive significant consumer spending, with various listed companies competing in the "New Year Economy" [3] - The tourism and cultural sectors are enhancing traditional experiences by integrating modern technology and cultural elements, creating comprehensive holiday experiences [4] - The film industry is gearing up for the Spring Festival with a diverse lineup of movies, indicating a competitive landscape for content creation and marketing [5] Group 2: Tourism and Cultural Companies - Listed companies in the tourism sector are focusing on expanding their offerings and innovating content to transform traditional sightseeing into immersive cultural experiences [4] - The "Yuyuan Lantern Festival" by Yuyuan Group has undergone a significant upgrade, creating a new integrated experience that connects historical and modern narratives [4] - Companies like Songcheng Performance are emphasizing emotional value and immersive experiences to cater to family-oriented consumers during the holiday [4] Group 3: Alcohol Industry - Major liquor companies are adopting strategies focused on high-end product offerings and cultural branding to enhance their market presence during the festive season [6] - Guizhou Moutai has launched a special zodiac-themed product line targeting high-end gifting and collectible markets [6] - Marketing strategies in the alcohol sector are increasingly focused on creating festive atmospheres and engaging with consumers through interactive campaigns [6] Group 4: Consumer Goods - Companies in the consumer goods sector are innovating products and marketing strategies to meet diverse consumer needs for health, convenience, and gifting during the New Year [8] - Brands like Haoxiangni and Laiyifen are launching health-focused gift boxes and culturally themed products to align with consumer preferences [8] - The integration of online and offline sales channels is becoming essential for enhancing market penetration and consumer engagement [8][9] Group 5: Marketing Strategies - Listed companies are implementing targeted marketing strategies to engage different consumer segments, enhancing brand loyalty and interaction [9] - Regional specialties are being leveraged to create unique product offerings, as seen with HeBai Group's integration of local high-quality products [9] - The jewelry sector is also experiencing a sales peak, with companies preparing inventory and marketing plans to capture consumer interest during the festive season [9]

◎记者 郑维汉 2月3日晚，韩建河山发布重组预案，公司拟发行股份及支付现金购买兴福新材99.9978%股份，并募集 配套资金。本次交易预计构成重大资产重组、构成关联交易、不构成重组上市。韩建河山股票将于2月4 日复牌。 上交所迅速对韩建河山发出重组问询函，要求公司对标的公司业绩大幅波动、现金对价支付具体安排、 交易对方是否存在潜在利益安排，以及内幕信息管理等问题进行说明，并在10个交易日内针对上述问题 进行书面回复。 跨界并购有机化学原料制造商 韩建河山主要从事预应力钢筒混凝土管（PCCP）和混凝土外加剂两大类业务。2025年及以前，公司曾 从事环保业务。其中，PCCP主要用于跨流域引水、输配水重点工程、城镇引水供水工程、农田水利建 设引水工程等。混凝土外加剂则广泛应用于各种混凝土建筑施工工程和混凝土建材生产中，是基础设施 建设必不可少的原材料之一。 韩建河山称，本次交易完成后，公司新增有机化学原料制造业务板块，可增加新的收入和利润增长点， 打造第二增长曲线。 据悉，兴福新材是一家新三板公司，专注于芳香族产品的研发、生产和销售，为客户提供从小试、扩试 到商业化生产的综合性增值服务，主要产品及服务为新一代特种工 ...

Core Insights - The article discusses the journey of Zhang Wenxue, founder and chairman of Beijing Dianqing Technology Co., Ltd., who transitioned from a stable career in the aerospace sector to entrepreneurship in the hybrid aviation field, which was considered a "niche" at the time but is now gaining traction in the low-altitude economy [1][2]. Group 1: Company Background - Zhang Wenxue's background includes significant experience in aerospace, where he gained insights into the development of aviation power systems [2]. - The company focuses on developing high-power electric energy systems for aviation, addressing three core issues: energy source, storage, and distribution [4]. - The latest product from the company achieves a power density close to 20 kW/kg, surpassing some international competitors [4]. Group 2: Industry Trends - The low-altitude economy is emerging as a strategic new industry, with increasing demand for long-range eVTOL (electric vertical takeoff and landing) aircraft [6]. - The company has chosen a hybrid approach to aviation technology, which is deemed more suitable for medium to long-haul and heavy-load scenarios compared to pure electric solutions [5]. - The article highlights the significant efficiency gap between electric vertical takeoff aircraft and ground vehicles, with a 1.5-ton aircraft consuming one kilowatt-hour of electricity to fly only 400 meters, compared to 6 to 8 kilometers for a car [5]. Group 3: Organizational Development - The transition from a technical engineer to an organizational architect has been a significant learning curve for the company, emphasizing the need for a balance between technology, market demand, and cost control [6]. - The core team comprises experts from various fields, including aerospace and new energy vehicles, fostering a collaborative environment that merges high reliability with cost efficiency [7]. - The company aims not only to be a leading supplier of power systems but also to contribute to the establishment of new aviation power standards [7].

Group 1 - The core viewpoint of the news is that the 2026 Central Document No. 1 emphasizes the acceleration of breeding and promotion of breakthrough varieties, indicating a shift in the seed industry from research to industrialization, which will have profound impacts on innovation systems and industry structure [2][3] - The focus on "high-quality development" as the core theme of the seed industry will lead to a shift from quantity to a balanced emphasis on yield, quality, and efficiency, promoting the elimination of outdated production capacity [2] - The 2026 document builds on the 2025 document's call to "accelerate the tackling of a number of breakthrough varieties," highlighting the importance of efficient connections between research, field trials, and demonstration [3] Group 2 - The emphasis on cultivating leading technology enterprises in the agricultural sector indicates a shift towards "corporate and commercial breeding," with companies expected to leverage emerging technologies like AI and biotechnology for smart breeding systems [4] - Companies like Dabeinong are focusing on high-yield and quality variety breeding in crops such as corn, wheat, and peanuts, aligning with trends in grain and oil production and forage demand [4] - The strategy includes participating in breakthrough variety cultivation through innovative approaches and establishing smart farms and agricultural technology service platforms to promote integrated agricultural techniques [4]

Group 1 - The central government's 2026 No. 1 document emphasizes accelerating the research and application of high-end intelligent agricultural machinery and equipment suitable for hilly and mountainous areas, addressing current agricultural development challenges and guiding the future of smart agriculture [1] - Smart agriculture is viewed as the future of Chinese agriculture, with the need for high-end intelligent agricultural machinery being essential for increasing productivity and income, while also exploring a path suitable for China's agricultural modernization [1] - Companies like Weichai Lovol and Swan Co. are leading the charge in high-end intelligent agricultural machinery development, aligning with policy directions and industry needs to drive the transformation of smart agriculture [1] Group 2 - Weichai Lovol plans to release the first domestic AI model focused on "intelligent agricultural machinery + smart agriculture" by 2025, aiming to integrate a "smart brain" into agricultural production for full-chain intelligent empowerment [2] - The company has established 70 smart farms across over 20 provinces, managing more than 10 million mu of land, showcasing its commitment to developing smart agriculture [2] - Swan Co. focuses on niche areas, providing intelligent solutions to specific agricultural production challenges, such as improving cotton processing efficiency and reducing labor costs significantly [2][3] Group 3 - The industry anticipates that with ongoing policy implementation and increased innovation from companies, high-end intelligent agricultural machinery will evolve towards precision, sustainability, and collaboration, thereby enhancing the quality of smart agriculture and strengthening the foundation for building an agricultural powerhouse [3]

Group 1 - The core viewpoint of the article emphasizes the importance of the livestock industry in agriculture and outlines the 2026 Central Document's focus on "precise regulation, diversified supply, and supporting upgrades" to achieve a balance between supply and demand and promote healthy development [1][2] - The document highlights the need for comprehensive regulation of pig production capacity, indicating that policies will not only focus on the traditional metric of breeding sow inventory but will also utilize various methods such as adjusting import and export trade, optimizing storage policies, and guiding consumer markets [1][2] - The article notes that as of the end of December 2025, the breeding sow inventory is 39.61 million, slightly above the normal level of 39 million, suggesting that there is still room for capacity reduction [2] Group 2 - The current low prices of agricultural products present a significant opportunity for systematic structural adjustments in the industry, which can help avoid market volatility and enhance the industry's adaptability to policies [2] - The 2026 Central Document emphasizes the importance of joint prevention and control of major animal diseases, proposing a more systematic and comprehensive approach to food safety that covers the entire supply chain from feed and veterinary drugs to breeding, slaughtering, processing, and sales [3] - The document also calls for the diversification of agricultural product imports and the cultivation of internationally competitive agricultural enterprises, setting a new direction for the livestock industry focused on "quality improvement, efficiency enhancement, supply-demand balance, and high-quality development" [3]

Group 1 - The core viewpoint emphasizes the steady progress of capital market policy reforms and their positive impact on the real economy, with expectations for further developments in 2026 [1] - The policy reforms focus on the synergy between existing and new measures, highlighting the importance of counter-cyclical adjustments and leaving room for future economic policies [2] - The reforms will concentrate on three areas: investment, financing, and trading, with specific measures to enhance the feasibility of technology routes in IPO reviews and attract institutional funds [2] Group 2 - Future policies will prioritize technological innovation and the development of new productive forces, aiming for high-quality growth [3] - The "three-run" theory identifies key industries to watch: leading sectors like renewable energy and electric vehicles, parallel sectors such as humanoid robots and AI, and emerging sectors like semiconductors and commercial aerospace [4] - The investment landscape for 2026 is expected to be driven by technology, with specific sectors like storage, CPUs, and new energy showing upward trends, while commodity markets may reflect energy transition narratives [5]

随着城乡居民收入水平提高和消费结构不断升级，民众的饮食需求已从"吃得饱"向"吃得好、吃得营养 健康"转变，这也对农业生产提出了更高要求。孔祥智认为，顺应这一消费趋势，应践行大农业观、大 食物观，向耕地草原森林海洋、向植物动物微生物要热量、要蛋白，全方位多途径开发食物资源，满足 人民群众多元化食物消费和营养健康需求。而在这一过程中，已有上市公司率先布局，资本市场仍有巨 大的发力空间和发展机遇。 张大伟 制图 ◎记者 李雁争 《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》（下称《意见》）2月3日 对外发布。这是党的十八大以来第14个指导"三农"工作的中央一号文件。 《意见》共六个部分，包括：提升农业综合生产能力和质量效益、实施常态化精准帮扶、积极促进农民 稳定增收、因地制宜推进宜居宜业和美乡村建设、强化体制机制创新、加强党对"三农"工作的全面领 导。 业内专家在接受上海证券报记者采访时表示，从《意见》来看，资本在提升农业综合生产能力、壮大县 域富民产业、完善农业社会化服务体系等方面大有可为。 提升农业综合生产能力和质量效益 《意见》明确，提升农业综合生产能力和质量效益。具体措施包括稳定发展 ...