Core Viewpoint - The FLEXI chip, developed by Tsinghua University in collaboration with Peking University and Visionox, is the world's first flexible storage-computing chip, recently published in the journal Nature, marking a new era for flexible AI computing hardware [2][4]. Group 1: Technology and Innovation - The FLEXI chip features an integrated storage-computing architecture, providing ultra-thin, flexible, and high energy efficiency, which is crucial for the industrialization of flexible smart hardware [4]. - Utilizing CMOS low-temperature polycrystalline silicon (LTPS) technology, the chip can be manufactured directly on flexible substrates, offering low power consumption, low cost, and high integration advantages [6]. - The chip achieves a clock frequency exceeding 10 MHz, significantly enhancing computational speed and energy efficiency, enabling real-time operation of AI models on flexible hardware [6][9]. Group 2: Performance and Applications - The FLEXI chip has demonstrated stability after over 40,000 bends and zero errors in over 10 billion operations, maintaining performance under various voltage fluctuations and temperature changes [9]. - It has successfully performed tasks such as arrhythmia detection with an accuracy of 99.2% and human activity classification with an accuracy of 97.4%, showcasing its potential for local intelligent processing in low-power conditions [9]. - The technology fills a gap in AI-specific computing hardware for flexible electronics, with future enhancements expected through new semiconductor materials and power gating technology [9]. Group 3: Market and Industrialization Challenges - The mass production of flexible chips is anticipated to face challenges in the next two to three years, primarily due to technological and market limitations [12]. - There remains a generational gap in performance between flexible chips and mature silicon-based chips, necessitating improvements in circuit density and architectural design [12]. - The application scenarios for flexible chips are still in the exploratory phase, similar to the current state of AI large models, requiring time for market cultivation [12]. Group 4: Future Plans - Visionox plans to continue collaborating with academic institutions to enhance the performance of flexible chips and validate the integration of multifunctional modules into flexible SoCs [12]. - The company aims to follow a progressive industrialization path from laboratory to pilot production to mass production, leveraging experiences from its Micro LED sector [12].

2月19日，据外媒报道，三星正就其最新一代人工智能存储芯片的定价进行谈判，计划将其HBM4组件 的售价定在约700美元，较HBM3E高出20%至30%。 受消息影响，韩国存储芯片巨头三星电子当日股价再度创下历史新高，盘中一度涨超5%。彭博分析师 Masahiro Wakasugi表示，700美元的定价意味着三星HBM4的营业利润率高达50%至60%。 存储厂商夺回定价话语权 面对人工智能驱动的内存芯片需求激增，韩国两大存储巨头三星电子与SK海力士正加速推进新建晶圆 厂的投产进程，战略重心由此前的谨慎控货转向积极扩产。 据韩媒报道，SK海力士计划将其龙仁一期晶圆厂的试运行时间提前至明年2月至3月，在竣工日期前着 手启动。三星电子亦将平泽P4工厂的投产时间从明年一季度提前至今年四季度，生产规划前移约3个 月。两家公司均将在新产线重点部署高附加值产品，如高性能DRAM与HBM。 市场人士分析称，两家公司加速扩产的核心驱动力是AI数据中心扩张导致的服务器高性能DRAM需求 激增。由于生产线集中生产高附加值的HBM芯片，通用DRAM的产量相对减少，加剧了供应紧张。 Omdia数据显示，三星电子的DRAM年产能（以晶圆计 ...

2026年新春假期，川渝地区再度跻身国内热门旅游目的地。 多项颇具特色的活动成为亮点。记者获悉，重庆围绕"渝你相约欢喜过年"主题，统筹举办1300余场迎新春促消费活动。四川也紧扣新春主题，全省策划推 出文旅类大型群众性活动327项2411场，涵盖灯会庙会、传统戏剧、非遗民俗等多元形式。 川渝的年，到底有多火？记者走进一线，实探马年春节的"热辣滚烫"。 齐跻身前九多景区限流 飞猪数据显示，假期前三天，我国国内游相关旅游产品订单量同比呈大幅增长趋势。成都、重庆均跻身全国前九强热门旅游城市。2月19日，同程旅行发 布的数据显示，从节中航空出行热度看，成都、重庆稳居国内前十大目的地。 "真的被重庆春节的人气惊到了！"从山西前来旅游的金女士告诉记者，她和家人计划在重庆游玩三天，专程前往洪崖洞打卡。目睹夜景后她感叹道："亮 灯后金灿灿的，特别壮观。" 据"文旅成都"披露的数据，春节假期前三天（2月15日至2月17日），成都累计接待外地游客296.3万人次，按可比口径增长6.5%；接待入境游客2.43万人 次，增长41.6%；A级景区累计接待游客387.8万人次，景区门票收入2313.5万元。 各大景区客流如织，带动订单量 ...

Core Insights - The festive atmosphere during the 2026 Spring Festival in Hainan is enhanced by the policy benefits of the free trade port, leading to a significant increase in duty-free shopping activity [1] Group 1: Duty-Free Shopping Trends - High foot traffic observed in major duty-free stores in Sanya and Haikou, with consumers eagerly participating in New Year activities [1][3] - On February 19, 2023, many consumers were already waiting outside the CDF Sanya International Duty-Free City before it opened [4][6] - Popular products include iPhones, with consumers specifically inquiring about the latest discounts, and a notable demand for gold jewelry, which has seen significant sales [7][9] Group 2: Sales Performance - CDF Sanya International Duty-Free City reported record sales, with sales reaching 204 million yuan on the first day of the Lunar New Year, marking a historical high [25] - On February 18, 2023, total sales from four duty-free stores in Sanya reached 251 million yuan, a 36.7% increase compared to the same day in 2025 [25] - CDF Sanya International Duty-Free City has optimized inventory and service measures to ensure a smooth shopping experience for tourists [27] Group 3: Consumer Behavior - Consumers are increasingly attracted to outdoor sports apparel, with long queues forming at stores like Arc'teryx, indicating a shift in purchasing preferences [10][13] - The introduction of daily consumer goods duty-free stores has become a highlight, offering a variety of products including imported snacks and personal care items, which are well-received by local residents [19][21] - Shoppers are actively comparing prices, with many finding significant savings compared to online prices, enhancing the appeal of local duty-free shopping [17][23] Group 4: Regulatory Support - The implementation of zero-tariff policies has led to a surge in demand for imported goods, with sales amounting to 2.768 million yuan in the first week of the policy's launch [25] - The Haikou Customs has been proactive in monitoring sales dynamics and ensuring timely restocking of popular items to meet consumer demand [25]

Market Overview - The Hong Kong stock market opened on February 20, 2023, with the Hang Seng Index closing at 26,413.35 points, down 1.1%, and the Hang Seng Tech Index at 5,211.5 points, down 2.91% [1][2] - Despite the overall decline, sectors such as AI, humanoid robots, biotechnology, and oil and petrochemicals showed strong performance, indicating a structural market trend [1][4] AI Sector - AI concept stocks continued to rise, with significant gains observed in the afternoon trading session, marking them as a key highlight of the market [4] - Zhizhu and MINIMAX-WP both surpassed a market capitalization of 300 billion HKD, with Zhizhu's stock price increasing by 42.72% to 725 HKD per share and MINIMAX-WP rising by 14.52% to 970 HKD per share [3][7] - The AI industry is entering a critical development phase, transitioning from a focus on computing power infrastructure to a collaborative model involving "computing power + hardware + applications," broadening the investment landscape [6][8] Humanoid Robots - The humanoid robot sector experienced significant growth, driven by the high-profile appearance of robots during the Lunar New Year Gala, with stocks like Yujian and UBTECH showing notable increases [9] - Specific stock performances included Yujian rising by 21.4% to 48.44 HKD, UBTECH increasing by 4.71% to 144.5 HKD, and SUTENG rising by 9.24% to 37.58 HKD [9] Oil and Petrochemicals - The oil and petrochemical sector also performed well, with the Hong Kong oil and petrochemical index rising by 2.39%, driven by geopolitical tensions leading to higher oil prices [12] - Notable stock performances included Jixing New Energy and Zhonggang Petroleum, both rising over 7% [12] Storage Sector - The storage sector showed active performance, with stocks like Lanke Technology and Zhaoyi Innovation experiencing significant gains, indicating a positive market sentiment towards semiconductor hardware [12]

芯片股多数下跌，费城半导体指数跌0.5%，微芯科技跌超2%，德州仪器跌逾2%，恩智浦半导体跌超2%，英 特尔跌逾1%，高通跌超1%，超威半导体涨超1%。 此外，全球地缘政治局势，令市场情绪再度紧绷。美国《华尔街日报》19日报道说，美国总统特朗普"正在考 虑"对伊朗进行"初步的有限军事打击"，以迫使伊朗接受美方在核协议方面的要求。 地缘政治局势，叠加美联储货币政策分歧，推升市场避险情绪，国际贵金属期货普遍收涨，COMEX黄金期货 涨0.12%报5015.50美元/盎司，COMEX白银期货涨1.09%报78.44美元/盎司。 美国三大股指全线收跌 沃尔玛"全球第一"易主 当地时间2月19日（周四），美国三大股指全线收跌。截至收盘，道指跌0.54%报49395.16点，标普500指数跌 0.28%报6861.89点，纳指跌0.31%报22682.73点。 当地时间2月19日（周四），美国三大股指全线收跌，道指跌0.54%，标普500指数跌0.28%，纳指跌0.31%。美 股科技股普跌，航空股全线走低。沃尔玛此前蝉联十多年的"全球第一"易主——亚马逊以7170亿美元的年度销 售额，正式超越沃尔玛，成为全球营收最高的公 ...

Core Viewpoint - The research conducted by the team led by Deng Yinan reveals a new mechanism for the cycling and enrichment of rare earth elements in deep-sea environments, which is significant for understanding the formation of deep-sea rare earth resources [1][2]. Group 1: Research Findings - The study identifies a dual cycling model for marine rare earth elements, consisting of a "top-down" removal process and a "bottom-up" release process, highlighting that shallow marine sediments release significant amounts of rare earth elements back into the seawater, while deep-sea sediments retain most of the rare earths [2]. - It was found that the total input of rare earth elements from deep-sea hydrothermal areas to seawater is significantly higher than that from non-hydrothermal areas, primarily due to the presence of hydrothermal manganese-iron oxide particles that release rare earths at the water-rock interface [2]. - The research emphasizes the critical role of early diagenesis at the water-rock interface in influencing the cycling of marine rare earth elements, providing new theoretical perspectives and scientific basis for the assessment and exploration of deep-sea rare earth resources [2].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its US stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 US-listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Activities - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR made a small purchase of Google shares, ending the quarter with 7,300 shares, while also acquiring 11,300 shares of TSMC, valued at approximately $3.43 million [8][10]. Group 3: Market Context - The increase in holdings of Pinduoduo and Alibaba aligns with similar moves by other major private equity firms, indicating a collective bullish sentiment towards these stocks despite Pinduoduo's revenue growth slowing to 9% year-over-year [5]. - The AI sector is highlighted as a key area of interest, with ongoing developments in various subfields, suggesting that companies in this space may present significant investment opportunities [8].

Group 1 - The Chinese economy shows resilience and vitality during the Spring Festival, with many listed companies continuing operations to meet market demand [1][3] - Manufacturing companies, such as Liugong and Tianai Technology, are maintaining production during the holiday to fulfill growing orders, particularly from overseas [3] - Companies like Weike Technology and Songzhi Co. are also adjusting their production schedules to ensure timely delivery of orders while adhering to holiday regulations [3] Group 2 - The Spring Festival is a peak consumption period, with companies like Quanjude and Songcheng Performing Arts leveraging this time to enhance customer engagement through various promotional activities [5][7] - Retailers like Yinzuo Co. are integrating cultural experiences into their business models, offering traditional activities to attract customers during the holiday [7] - The overall approach of companies during the Spring Festival reflects a commitment to both seizing market opportunities and fulfilling social responsibilities [7] Group 3 - Digital economy companies, such as Qiming Star and Zongheng Communication, are actively providing 24/7 services to ensure smooth operations for clients during the holiday [9] - Companies involved in overseas projects, like Kangbang Bio and Guangqi Technology, are continuing construction without interruption, indicating a strategic focus on maintaining progress [10]

中国科研团队研发出AI看病系统诊断罕见病"有根有据" 2月19日凌晨，上海交通大学医学院附属新华医院孙锟教授、余永国教授领衔团队与上海交通大学张娅教授、谢伟迪副教授领衔团队联合研发出一款能看 罕见病的人工智能系统，相关成果北京时间2月19日在国际顶尖期刊《自然》上发表。这套名为DeepRare的系统，被称作全球首个"推理过程可追溯"的罕 见病智能医生。 长期以来，罕见病很难确诊，病人常常跑多家医院也查不出是什么病。以往的医疗AI虽然能给出诊断结果，但就像一个只给结论、不给依据的医生，医 生们不敢轻易相信。这套新系统最大的不同，是它每下一个诊断，都会附带完整的"证据链"——就像老医生查房时，一步一步讲清楚为什么这么诊断。 系统的"脑子"里装满了全球顶尖的医学知识和真实病例。它不只是简单查资料，而是会像人类医生一样思考：先提出假设，再找证据验证，发现不对还会 自我纠正，反复推敲后才下结论。 测试数据显示，就算没有基因检测结果，只靠病人的临床症状，这套系统也能判断，第一次诊断的准确率达到57.18%，比原来的国际最好模型提高了近 24个百分点。这意味着，在缺少基因检测设备的基层医院，医生也能用它给罕见病患者做初步筛 ...