业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监管点名：剑指不公与权责失衡 2026年春节前夕，出行与旅游市场即将迎来全年最高峰。据交通运输部预计，今年春运期间全国跨区域 人员流动量将达95亿人次。当千家万户沉浸在阖家团圆的喜悦中，数亿人的迁徙与消费正通过平台进 行。 "原来收费六十几元的路程，现在要八九十元，还一直让加价，不然就显示叫不到车""平台通过算法调 整价格后，运价已经很难覆盖时间、油费和车辆损耗成本，很多时候辛苦跑一天，基本等于白忙活""在 司 ...

Fund Overview - The fund is named "Pengyang Multi-Asset Balanced Three-Month Holding Period Mixed Fund of Funds (ETF-FOF)" and is registered with the China Securities Regulatory Commission (CSRC) [1] - The fund operates as a contract-based, open-end mixed fund of funds (FOF) [2] - The initial face value and subscription price for both A and C class fund shares are set at 1.00 RMB [17] Subscription Details - The subscription period for the fund is from March 2, 2026, to April 30, 2026, with a maximum fundraising period of three months [4][19] - The maximum initial fundraising scale is set at 8 billion RMB, and if the subscription amount exceeds this limit, a proportional allocation method will be used [4][5] - Investors can subscribe through direct sales institutions or designated sales agencies, with specific minimum subscription amounts depending on the method used [19][21] Fund Share Classes - The fund has two classes of shares: A class, which charges a subscription fee, and C class, which does not charge a subscription fee [7][15] - A class shares have a maximum subscription fee rate of 0.50%, which decreases with the increase in subscription amount [22] Holding Period and Redemption - The defined holding period for the fund is three months, during which investors cannot redeem or convert their shares [3][9] - After the holding period, investors can apply for redemption or conversion [3] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [4][18] Fund Management and Custody - The fund is managed by Pengyang Fund Management Co., Ltd., and the custodian is China Merchants Bank Co., Ltd. [3][47]

张大伟 制图 业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 交通运输新业态协同监管部际联席会议办公室，近日组织对高德打车进行约谈提出，高德打车存在对合 作网约车平台管理不到位、压低运价、应急处置不当等突出问题，并要求高德打车立即落实约谈要求， 深刻反思，采取针对性措施，确保全面整改到位，切实维护司机群体合法权益。 无独有偶。不久前，市场监管总局根据前期核查，依据反垄断法，对携程集团有限公司涉嫌滥用市场支 配地位实施垄断行为立案调查。 ◎本报记者集体采写 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监 ...

◎记者 操子怡 自2024年写入政府工作报告以来，低空经济迅速成为资本市场关注的热点。近期两份重要文件接连出 台，让市场对低空经济的讨论逐渐增多。 2026年低空经济有哪些新趋势，AI又将给低空经济带来哪些新变化？近期，来自行业一线、金融机构 人士与上海证券报记者围绕这一话题展开探讨。 向产业投资过渡 《实施意见》提出，坚持集约复用、多元协同，在充分利用现有公众移动通信设施等基础上，综合采用 地面移动通信、卫星通信与其他通导监技术等多元化技术手段，支撑低空应用发展。 根据《实施意见》，到2027年，全国低空公共航路地面移动通信网络覆盖率不低于90%，多元融合感知 方案进一步完善成熟，低空导航服务水平持续提升，研制不少于10项信息类基础设施标准，面向城市治 理、物流运输、文旅等领域形成一批典型低空应用场景。 《建设指南》提出，到2027年，低空经济标准体系基本建立，基本满足低空经济安全健康发展需求。到 2030年，低空经济领域标准超过300项，为低空经济安全健康发展提供有力支撑。 国泰海通证券政策和产业研究院首席分析师周天乐表示，2024年资本市场对低空经济的理解仍主要停留 在无人机单一赛道。随着标准体系明确， ...

□ 杨成长 袁宇泽 龚 芳 □ 2025年在内外部复杂环境的冲击下，资本市场围绕"固本强基"推出一系列长短结合的政策举措，在有 力维护市场稳定运行的基础上深化基础制度改革，着力打通制度堵点，为服务新质生产力发展和金融强 国建设奠定坚实的制度基础 □ "十五五"规划建议明确提出，"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市 场功能"。2026年是"十五五"开局之年，资本市场肩负更高使命，亟需通过全面深化改革，全面增强四 大核心服务能力：服务新质生产力发展的能力、提升居民财富管理水平的能力、支撑金融强国建设的能 力、推进高水平对外开放的能力 □ 展望2026年，资本市场改革预计围绕五个方面展开：一是优化多元融资体系，精准服务新质生产力发 展；二是深化投资端改革，打造"长钱长投"市场生态；三是固本强基，持续推动上市公司高质量发展； 四是稳中求进，提升资本市场运行的内生稳定性；五是以开放促发展，稳步扩大制度型开放 近年来，党中央、国务院持续高度重视资本市场发展。2025年，市场基础制度不断完善，有效支撑了市 场平稳运行。2026年是"十五五"开局之年。党的二十届四中全会通过的《中共中央关于制定国民经 ...

Core Viewpoint - ByteDance's latest video generation model, Seedance 2.0, is currently in internal testing and has generated significant market interest, leading to a strong performance in related A-share stocks [1] Group 1: Seedance 2.0 Features and Impact - Seedance 2.0 can generate videos ranging from 4 to 15 seconds, utilizing a self-developed storyboard workflow to create multi-angle, dialogue-rich videos with subtitles [1] - The model addresses three major pain points in AI video generation: "audio-visual disconnection, character inconsistency, and poor controllability," marking significant advancements in these areas [1] - The cost-effectiveness of Seedance 2.0 is highlighted, with a 2-minute sci-fi short film produced for only 330.6 yuan, a figure unimaginable under traditional production frameworks [1] Group 2: Industry Implications - The emergence of Seedance 2.0 may lead to a transformation in video production costs, moving away from traditional film industry logic towards marginal cost of computing [2] - Estimates suggest that the cost of generating a 5-second video could drop to between 4.5 yuan and 9 yuan, with production cycles for dynamic animations reduced from over a week to within 3 days, and labor costs decreasing by approximately 90% [2] - Analysts believe that Seedance 2.0 will find extensive applications in short content areas like AI comics and short dramas, significantly lowering production costs by 37% compared to competitors [2] Group 3: Strategic Positioning and Market Context - ByteDance's launch of Seedance 2.0 is seen as a major strategic move after a period of silence, aligning with the company's long-term research initiatives and ambitions for AI [3] - The global AI video market is projected to exceed $30 billion by 2026, indicating a ripe opportunity for Seedance 2.0's commercial rollout [3] - The introduction of Seedance 2.0 is expected to activate the entire industry chain, with significant implications for AI multi-modal applications and upstream hardware infrastructure benefiting from increased demand [4]

Core Insights - Major multinational pharmaceutical companies are showing robust revenue growth and increased sales of core products as they release their 2025 performance results [1][2] - Johnson & Johnson leads with nearly $94.2 billion in revenue, while Eli Lilly's weight loss drug, tirzepatide, shows a remarkable 45% year-over-year growth [1][2] Group 1: Revenue Performance - Johnson & Johnson reported total revenue of $94.193 billion for 2025, marking a 6% increase year-over-year [2] - Roche follows with revenue of $74.428 billion, while Eli Lilly, Merck, Pfizer, and AbbVie each exceeded $60 billion in revenue [2] - Eli Lilly's revenue reached $65.179 billion, a 44.7% increase, driven by strong sales of tirzepatide, which generated $36.5 billion [6] Group 2: Product Performance - Johnson & Johnson's innovative pharmaceuticals and medical technology segments both achieved revenue growth, with $60.401 billion and $33.792 billion respectively, both up by approximately 6% [2] - The CAR-T therapy, ciltacabtagene autoleucel, contributed significantly to Johnson & Johnson's growth, with revenue of $1.887 billion, a 95.9% increase [2] - Eli Lilly's tirzepatide sales reached $36.5 billion, with the weight loss version generating $13.542 billion, a 175% increase [6] Group 3: Market Trends and Challenges - The pharmaceutical industry faces a looming "patent cliff," with an estimated $236 billion in revenue at risk from patent expirations between 2025 and 2030 [8] - Companies are increasingly engaging in business development transactions to replenish their R&D pipelines, with Chinese innovative pharmaceutical companies gaining prominence [8][9] - In 2025, Chinese companies achieved record-breaking business development deals, totaling $135.655 billion, with significant collaborations involving major multinational firms [9]

Core Insights - The surge of artificial intelligence (AI) companies going public in Hong Kong is just beginning, with 12 companies raising a total of $4.9 billion from December 2025 to January 2026 [1][5] - Approximately 20 AI value chain companies have submitted listing applications to the Hong Kong Stock Exchange (HKEX), focusing on enterprise AI, marketing AI, and data solutions [1][2] - The HKEX has implemented measures to facilitate AI company listings, including the introduction of the Technology 100 Index, which allows eligible tech stocks to be quickly included [1][3] Group 1: Market Activity - 12 AI value chain companies listed on the HKEX from December 2025 to January 2026, raising a total of $4.9 billion [1][5] - Companies such as LuKe Technology and TianDiHeXing Technology are among the 20 AI firms that have applied for listing, focusing on various AI applications [1][2] - The recent IPOs have attracted significant interest from international investors, with cornerstone investors subscribing to approximately $1.3 billion of the $2.5 billion raised by four AI companies in January [5] Group 2: Industry Trends - The AI sector has become increasingly attractive to investors, with an estimated $211 billion in venture capital funding in 2025, marking an 85% increase from 2024 [4] - The HKEX's 18C chapter provides a pathway for unprofitable but high-growth potential AI companies to go public, enhancing predictability in the listing process [3] - The growing number of AI companies listing in Hong Kong allows international investors to directly invest in cutting-edge firms within the mainland AI value chain [4]

破局：用真诚叩开第一扇门 郭寅 凭借技术积淀与商业智慧，易思维实现了"从0到1"的突破，不仅产品在国内主流车企中获得广泛应用， 也将视野投向全球，通过海外并购与国际布局，开启新一轮的征程。上市是里程碑，更是新起点，郭寅 与他的团队，正为"中国智造"描绘更清晰的未来图景。 ◎记者 孙小程 2月11日，机器视觉龙头易思维登陆科创板。从天津大学的实验室起步，如今在资本市场鸣锣，易思维 成长的背后记载着一段国产高端装备"破壁"之旅。 在创始人、董事长郭寅的带领下，这家由20多位天津大学同窗共创的企业，以机器视觉为"眼"，为汽车 制造生产线赋予智能。 他们直面曾被国际巨头垄断的市场，凭借技术积淀与商业智慧，实现了"从0到1"的突破。如今，易思维 不仅产品在国内主流车企中获得广泛应用，也将视野投向全球，通过海外并购与国际布局，开启新一轮 的征程。上市是里程碑，更是新起点，郭寅与他的团队，正为"中国智造"描绘更清晰的未来图景。 在同一个客户门口蹲守了5次，郭寅终于获得一个交流机会，说出了上面这番话。这份执着与坦诚最终 打动了对方，易思维赢得了宝贵的现场试验机会。 他深知这份支持的重量："对这个客户而言，选择一家初创公司的产 ...

Group 1 - The Sci-Tech Innovation Board Composite Index (Sci-Tech Index) has been operating smoothly for one year since its official release on January 20, 2025, and has become a key tool for investors to observe and share the dividends of China's new productive forces [2] - As of February 10, 2025, the Sci-Tech Index covers 580 samples with a market capitalization coverage exceeding 90%, and the weight of constituent stocks with a total market value above 10 billion yuan has increased by 15.1% since its release [2] - The index has gained recognition among investors, with a total of 49 fund managers launching 81 index funds related to the Sci-Tech Index, achieving a combined scale of 25.8 billion yuan as of February 9, 2025 [4] Group 2 - The Sci-Tech Board has gathered over 600 companies, with the latest addition being the listing of Yuhang Power on February 10, 2025, marking it as the 603rd listed company [5] - The total R&D investment of Sci-Tech Board companies reached 132.864 billion yuan in the first three quarters of 2025, which is 2.7 times the net profit of the board, with a median R&D investment ratio of 12.5% of operating income, significantly higher than other A-share sectors [5] - As of February 9, 2025, 391 companies on the Sci-Tech Board have disclosed their expected performance for 2025, with over 60% of them reporting a year-on-year increase in net profit [6] Group 3 - The integrated circuit and biopharmaceutical industries are experiencing a recovery in prosperity, with 87 companies in the integrated circuit sector expected to see a combined net profit increase of approximately 9.949 billion yuan due to demand from emerging applications like artificial intelligence [7] - In the innovative drug sector, 26 companies are projected to increase their net profit by 1.449 billion yuan in 2025, with 18 companies reporting a total revenue of 24.157 billion yuan, reflecting a year-on-year growth of 34.9% [7]