Core Viewpoint - Yushu Technology showcased its advanced capabilities in robotics during the 2026 Spring Festival Gala with the world's first fully autonomous humanoid robot martial arts performance, "Wu BOT," achieving multiple global technical breakthroughs [3][16]. Group 1: Technical Innovations - The performance featured several unprecedented robotic maneuvers, including continuous trick flips, aerial flips exceeding 3 meters in height, and complex movements like single-leg flips and wall jumps [3][6]. - Yushu Technology upgraded its algorithms, hardware, and systems to enhance performance, including a reinforced learning framework for complex martial arts movements and improved positioning technology to address drift during high-speed movements [6][7]. - The hardware improvements included increased power density for core joint motors and optimized body structure to support dynamic actions, while a new cluster control system was developed for real-time coordination of multiple robots [7][14]. Group 2: Performance Challenges - The most challenging actions in the performance involved real-time interaction with objects, precise environmental navigation during high-speed movements, and extreme ground maneuvers, all requiring advanced sensing and adaptive control capabilities [8][9]. - The robots were equipped with a new dexterous hand for quick tool changes and stable gripping, enhancing their ability to perform complex tasks [9][10]. Group 3: Product Development - The H2 model, which is 40% taller and twice as heavy as the G1 model, demonstrated impressive capabilities, showcasing the challenges in algorithm and hardware performance required for executing similar actions [12][13]. - The performance highlighted the core technology of fully autonomous cluster control, allowing multiple robots to operate without external positioning assistance, relying solely on onboard sensors [13][14]. Group 4: Real-World Applications - The technologies developed for the performance have clear applications in real-world scenarios, such as multi-robot collaboration in industrial settings, precision assembly, and dynamic environment navigation [15][16]. - The cluster control system and adaptive control technologies can be applied to tasks like warehouse sorting and assembly lines, enhancing operational efficiency and adaptability in various environments [15][16].

Core Viewpoint - The performance of humanoid robots at the Spring Festival Gala marks a significant step for the robotics industry, transitioning from experimental stages to mainstream economic relevance, with the challenge now being to convert stage performance into practical industrial and domestic applications [5][6][20]. Group 1: Industry Development - The Spring Festival Gala showcased multiple robotics companies, including Magic Atom, Songyan Power, and Yushu Technology, highlighting their advancements in humanoid robotics [5][9][12]. - The performances demonstrated the technical capabilities of humanoid robots, such as MagicBot Z1's ability to perform complex movements and maintain synchronization with human performers, indicating a maturity in motion control and real-time collaboration [15][21]. - The event signifies a shift in public perception of robots from mere tools to potential partners in daily life, reflecting a broader acceptance of robotics technology [16][20]. Group 2: Market Opportunities - Several robotics companies are preparing for IPOs, with Yushu Technology and Magic Atom leading the charge, indicating a growing interest in the capital markets for the robotics sector [17][18]. - The anticipated IPOs are seen as a response to the industry's need for sustainable financing, allowing companies to secure resources for ongoing technological development and market expansion [18][21]. - The Spring Festival Gala's exposure is expected to enhance brand recognition and drive sales, as evidenced by Yushu Technology's increased orders following its previous performance [17][20]. Group 3: Future Challenges - The robotics industry faces the challenge of demonstrating real-world value beyond performance showcases, with a focus on practical applications in various scenarios [21][22]. - As the industry matures, competition will increasingly revolve around resource acquisition, funding, and talent, necessitating a clear business model and market strategy [18][21]. - The year 2026 is projected to be pivotal for the commercialization of robotics, emphasizing the need for companies to establish production lines and effective distribution channels to ensure successful market entry [21][22].

Core Insights - Alibaba has launched the new generation model Qwen3.5-Plus, which performs comparably to Gemini 3 Pro, with plans to release various sizes and functionalities of the Qwen3.5 series models soon [2][6] - The Qwen3.5 model represents a significant leap from previous versions, transitioning from a pure text model to a native multimodal model, enhancing its capabilities in reasoning and knowledge acquisition [4][8] Performance Metrics - Qwen3.5 achieved a score of 87.8 in the MMLU-Pro knowledge reasoning evaluation, surpassing GPT-5.2, and scored 88.4 in the GPQA assessment, exceeding Claude 4.5 [4] - In the IFBench instruction-following evaluation, Qwen3.5 set a record with a score of 76.5, outperforming all other models [4] - The model's performance in various benchmarks, including BFCL-V4 and Browsecomp, also exceeded that of Gemini 3 Pro and GPT-5.2 [4] Technical Innovations - The Qwen3.5 model features a total of 397 billion parameters, with only 17 billion activated, achieving high efficiency while reducing deployment memory usage by 60% [6][8] - Innovations in the Transformer architecture, including self-developed gating technology and a hybrid architecture combining linear attention and sparse mixture of experts (MoE), contribute to the model's efficiency [8][10] Multimodal Capabilities - Qwen3.5 has made significant advancements in visual capabilities, excelling in various evaluations such as MathVision, RealWorldQA, and CC_OCR [6] - The model supports direct input of videos up to 2 hours long, enhancing its ability to analyze and summarize long video content [6] Market Impact - The Qwen3.5-Plus model's API pricing is significantly lower, at 0.8 yuan per million tokens, which is only 1/18 of the cost of Gemini 3 Pro [6] - Since its open-source launch, Alibaba has released over 400 Qwen models, achieving over 1 billion downloads globally, with a monthly download volume surpassing that of the next seven competitors combined [12]

"今年春节我家准备了很多预制菜，因为我爸妈平时工作忙，放假想休息一下，不想做年夜饭了，预制 菜成了他们的首选。"一位年轻消费者向上海证券报记者表示，"做预制菜不出错，虽然没有大惊喜，但 是都不难吃，我觉得这也是年夜饭挺有意思的一种吃法。" "年夜饭吃预制菜也是一种新体验。未来预制菜也会越来越丰富多样、品质更高。"在上海大学经济学院 副教授巫景飞看来，未来食品和餐饮企业要更重视消费者用餐过程的体验和服务。 "今年年夜饭的'硬菜'及点心、甜品的预制菜销量尤其好。"CIC灼识咨询董事总经理张辰恺在接受上海 证券报记者采访时表示，预制菜走进年夜饭，深刻反映了当代消费者在快节奏生活中对"效率"的需求， 以及年轻一代普遍存在的厨艺焦虑与品质期待。 张辰恺表示，随着小型化家庭增多，传统备餐易造成浪费，而预制菜的小份量、组合装，恰好适配了小 家庭聚餐的场景需求。 此前，国家卫生健康委2月6日发布《食品安全国家标准预制菜》（征求意见稿），首次为预制菜确立全 国统一的规范框架，众多预制菜企业主动响应规范要求。 "随着国家政策环境的规范以及消费者需求的演进，未来的持续力不取决于'有没有预制菜'，而取决 于'有没有好预制菜'。"张辰 ...

Group 1 - The core viewpoint of the article highlights a significant increase in public fund dividends, with nearly 36 billion yuan distributed before the Spring Festival, marking a growth of over 35% compared to the previous year [1][3] - In 2026, stock funds have emerged as the dominant force in the dividend distribution, contributing over 56% of the total dividends, amounting to approximately 202.24 billion yuan, which is a 158% increase year-on-year [3][4] - Conversely, bond funds have seen a substantial decrease in dividend payouts, totaling 82.17 billion yuan, a decline of 47.81% compared to the previous year [3][4] Group 2 - The largest contributors to stock fund dividends include the Huatai-PB CSI 300 ETF, which distributed 98.11 billion yuan, followed by the E Fund CSI 300 ETF at 44.79 billion yuan [4][5] - The increase in stock fund dividends is attributed to two main factors: the recovery of the A-share market in 2025, leading to substantial distributable profits, and a greater emphasis on investor returns within the public fund industry [6][8] - In contrast, bond funds have faced challenges due to a turbulent bond market in 2025, resulting in lower distributable income and a decrease in overall dividend amounts [6][9] Group 3 - Dividend-themed funds have also played a significant role in the current dividend wave, with these funds focusing on high-dividend, stable cash flow companies, collectively distributing over 2 billion yuan this year [8] - Fund managers are increasingly recognizing the value of dividend assets, especially in a low-interest-rate environment, where stable dividend returns are becoming a scarce source of income [9] - The rebalancing of dividend indices in December 2025 has led to an average dividend yield of around 5%, making dividend assets more attractive for reallocating funds from traditional savings and investment products [9]

2025年全球百强创新集群排名中，深圳—香港—广州、北京、上海—苏州分别位居第1、第4、第6位， 要建设北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创新中心，制定一体推进教育科技人 才发展方案，全面增强创新能力。 中央财办分管日常工作的副主任、中央农办主任韩文秀16日在《求是》发表的署名文章《坚持稳中求 进、提质增效努力实现"十五五"良好开局》中提到，下一步，要围绕关键着力点，纲举目张落实好中央 经济工作会议部署的重点任务。 2025年内需对经济增长的贡献率超过2/3，其中消费贡献率达到52%。要坚持内需主导，建设强大国内 市场。 韩文秀介绍，当前，我国正在从以商品消费为主转向商品消费和服务消费并重，要适应消费结构变化， 扩大优质商品和服务供给，清理消费领域不合理限制措施，释放服务消费潜力。我国新型城镇化、科技 创新、产业创新、民生改善等方面都还有很大投资空间。着眼惠民生增后劲，高质量推进城市更新。有 效激发民间投资活力，推动投资止跌回稳。 韩文秀表示，要推动科技创新和产业创新深度融合，因地制宜发展新质生产力。其中，加快产业升级步 伐，制定服务业扩能提质行动方案，实施新一轮重点产业链高质量发展行动。高 ...

Market Performance - The Hong Kong stock market showed active performance on February 16, with major indices such as the Hang Seng Index, Hang Seng Tech Index, and Hang Seng Composite Index closing higher. The Hang Seng Index closed at 26,723 points, up 0.59% [1][2] - The Hang Seng Tech Index closed at 5,367.28 points, up 0.13%, while the Hang Seng Composite Index closed at 4,096.09 points, up 0.43% [1][2] Semiconductor Sector - The semiconductor sector in Hong Kong exhibited structural differentiation, with stocks like Zhaoyi Innovation and Lanke Technology reaching new highs, with Zhaoyi Innovation's stock price peaking at 435 HKD per share, up over 17% [2][3] - Major storage chip manufacturers are raising chip prices, with Kioxia expected to implement a revised pricing policy for North American customers starting Q1 2026, anticipating an average sales price increase of approximately 50% [2][3] AI Application Sector - The AI application sector in Hong Kong continued its upward trend, with Haizhi Technology Group's stock reaching a high of 125.6 HKD per share, closing at 120 HKD per share, up 29.59% [3] - MINIMAX-WP's stock hit a new high, rising 24.56%, while Zhiyu closed at 508 HKD per share, up 4.74% [3] Non-Ferrous Metals Sector - The non-ferrous metals sector strengthened, with the Wind Hong Kong Non-Ferrous Metals Index rising by 3.64%. Stocks like China Nonferrous Mining and Luoyang Molybdenum Co. saw gains of over 5% [3] - Other stocks in this sector, including Lingbao Gold and Jiangxi Copper, also experienced significant increases, with some rising over 3% [3] Gold Market - The gold market is experiencing a seasonal uptick in demand due to the traditional peak sales period before the Spring Festival, alongside diverse needs for gifting and investment, leading to increased gold consumption [5] Analyst Insights - Analysts from Huatai Securities noted that the Hong Kong market remains volatile, influenced by factors such as the US stock market, domestic consumption during the Spring Festival, and advancements in AI [6] - Recommendations include balanced allocation in the Hong Kong market, with a focus on semiconductor hardware, specialty consumption, and electrical equipment in the short term [6]

国泰君安国际研报中表示，虽然软件为主的科技板块近期出现回调，但这并不意味着整个美股市场陷入 系统性下跌。资金持续从长期领涨的大型科技公司中流出，并加快流入更具防御属性的传统行业。能 源、原材料与必需消费品板块均录得资金净流入。 北京时间周一亚市早盘，现货金银开盘后大幅走低，随后部分收复跌势，延续震荡走势。截至发稿，现 货黄金日内一度跌超0.8%；现货白银一度大跌3.5%。 随着中国及多地市场进入"春节周"休市期，海外市场在假期期间的波动风险值得关注。 上周，在投资者对人工智能（AI）颠覆性的担忧之下，软件板块"抛售潮"向其他板块蔓延。美股三大指 数本周均录得下跌，标普500指数累计下跌1.4%，道指累跌1.2%，纳指累跌2.1%。 展望本周，美国市场周一将因总统日休市，全球投资者仍将警惕AI颠覆性担忧对市场走势的影响，并 关注即将发布的一系列美国宏观经济数据、美联储货币政策会议纪要及沃尔玛财报等。 AI颠覆性担忧延续 上周，对人工智能（AI）颠覆性的担忧席卷美股市场，"抛售潮"从软件板块，蔓延到房地产板块，乃至 卡车运输物流行业和金融服务领域股票。 美股三大指数上周均录得下跌，标普500指数累计下跌1.4%， ...

Core Viewpoint - The photovoltaic industry is transitioning from oversupply to a phase of accelerated capacity clearance, with expectations of a more intense market correction in 2026 compared to 2025, driven by weakening demand forecasts and increased competitive pressure [1][4]. Group 1: Company Actions - Several photovoltaic companies, including Mingguan New Materials and Trina Solar, have halted or adjusted their projects due to unfavorable market conditions, with Mingguan New Materials terminating a project with an initial investment plan of 5 billion yuan, having only invested approximately 163 thousand yuan so far [2]. - Trina Solar announced a reduction in funding for its original project to redirect resources towards a new distributed smart photovoltaic power station project, which is expected to contribute a net profit of 94.91 million yuan annually [2]. - Some companies, like Oujing Technology and Tianyi New Materials, have temporarily suspended production due to decreased demand from downstream customers, with Tianyi reporting a capacity utilization rate of only 14.66% for its subsidiaries [3]. Group 2: Industry Trends - The photovoltaic industry is facing significant overcapacity, with analysts noting that the supply-demand imbalance is worsening, leading to accelerated industry consolidation and a potential return to profitability if the market correction is decisive enough [4][6]. - The China Photovoltaic Industry Association projects a decline in new photovoltaic installations in 2026, estimating a range of 180 GW to 240 GW compared to 315.07 GW in 2025, indicating a decrease of 24% to 43% [4]. - Global photovoltaic installation growth is also expected to slow, with projections for 2026 ranging from 500 GW to 667 GW, down from 580 GW in 2025 [4]. Group 3: Future Strategies - Companies are exploring new avenues for growth, such as cost control and efficiency improvements, to maintain competitiveness in a challenging market [8]. - The industry is encouraged to develop a "Photovoltaic+" strategy, integrating photovoltaic technology with energy storage, hydrogen energy, and new applications in commercial aerospace and consumer electronics [8]. - Trina Solar has set ambitious performance targets, aiming for a net profit of no less than 200 million yuan in 2026, reflecting confidence in recovering profitability through enhanced product margins and rapid growth in energy storage and system solutions [8].

问：此前加拿大、英国领导人访华时，中方表示将对两国实施单方面免签政策。请问目前进展如何？ 外交部发言人就对加拿大、英国实施免签政策答记者问 答：为进一步便利中外人员往来，中方决定自2026年2月17日起，对加拿大、英国持普通护照人员实施 免签政策，两国持普通护照人员来华经商、旅游观光、探亲访友、交流访问、过境不超过30天，可免办 签证入境。上述免签政策实施至2026年12月31日。 来源：新华社客户端 （文章来源：上海证券报） ...