□ 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]

◎记者 徐潇潇 2026年开年，特斯拉、蔚来、小米等车企发起"7年超低息"车贷竞赛。近期，东风日产推出"0首付，8年 贷"方案，让竞争愈发激烈。 从传统的1至5年期到如今的7至8年期，这场看似"普惠"的营销背后，是车企在新能源渗透率突破54%的 市场变局中的焦虑和突围。然而，当贷款期限超越产品换代周期，当车辆残值难抵未还贷款，在"低月 供"的诱惑之下，一系列隐忧也悄然浮现。 车贷期限"卷"到8年 他表示，传统车贷以车辆为抵押物，期限与车辆残值周期紧密挂钩。如今，"8年贷"已远超一般电动车 的主流换车周期。金融机构的风险模型正在从"资产覆盖风险"转向"用户信用风险"。 在深圳一家东风日产门店，销售人员对上海证券报记者表示："这款车的裸车价是12.99万元，加上购置 税、保险和上牌费，全部落地大概14万元。如果选择8年分期，总利息约27000元，加上裸车的车价，日 供55元左右；选择分期会有2000元政府补贴。" 目前，东风日产已将这一超长期金融方案扩展至全系车型，覆盖N6、N7、轩逸经典等主力车型，同样 支持96期0首付分期。其中，轩逸经典日供最低可至27元。上述销售人员介绍，合作的东风日产汽车金 融是正规持牌 ...

选中沐曦股份这棵"幼苗"的领投方，是南创投旗下的和利智芯基金。此后，南创投另两只子基金经纬创 壹号基金、创鼎铭和基金，先后在沐曦股份发展的不同阶段加码。五年多的追投与陪伴，南京市、区两 级基金通过南创投子基金累计投资沐曦股份约8亿元。 南创投组建七年以来，已助力157家科技型企业登陆资本市场。直投项目包括科创板上市的药康生物、 磁谷科技、茂莱光学、晶升股份；创业板上市的汉桑科技；港交所上市的荃信生物、药捷安康等。 培育一批"幼苗"成长为扎根资本市场的"大树"，南创投又瞄准了新一批"幼苗"，成为他们科创道路上 的"长跑"合伙人。在南创投的已投项目中，南京江北新区的芯德半导体已递交港股上市申请；六合区引 进的星河动力项目已在北京证监局完成上市辅导备案。 ◎钱佳滢 记者 仲茜 2月9日，总规模100亿元的紫金山国际科创母基金在2026紫金山创投大会上正式发布。这一基金由南京 市创新投资集团（下称"南创投"）联合"紫金山国际科创基金街区"的三大主承载区共同发起设立。 在支持科技创新的过程中，"耐心资本"在不同环节各司其职。南创投作为南京市委、市政府在2018年批 准组建的专业化创业投资平台，聚焦以实体经济为导向的科技 ...

AI应用主线热度扩散 昨日，市场焦点在AI应用主线。受Seedance视频模型火爆"出圈"的提振，"AI+影视"方向大幅领涨。以 申万二级行业划分，影视院线指数昨日收涨13.83%，涨幅远超其他行业，光线传媒、幸福蓝海、捷成 股份收获20%幅度涨停，华谊兄弟、华策影视等涨超10%。 张大伟 制图 机构观点 Seedance2.0发布或为AI影视的"奇点"时刻，有望在AI漫剧、AI短剧等短内容方面率先得到广泛应用， 进一步推动漫剧、短剧制作大幅降本提效和产能供给释放 ◎记者 费天元 2月10日，A股全天窄幅盘整，沪指日内振幅仅0.41%，为开年以来最低，同时市场量能也出现萎缩，显 示春节假期前资金面趋于平淡。 截至收盘，上证指数报4128.37点，涨0.13%；深证成指报14210.63点，涨0.02%；创业板指报3320.54 点，跌0.37%；科创综指报1802.46点，涨0.31%。沪深两市合计成交21055亿元，较前一日缩量1439亿 元。 机构：新兴科技仍是主线 从2月9日的太空光伏到昨日的AI应用，节前市场重回科技成长主线。在部分机构看来，当前，新兴科 技仍是驱动A股盈利复苏的主要动力，建议聚焦"A ...

◎记者 张欣然 近期，债券市场出现结构性修复，10年期国债收益率下破1.8%关键关口，成为市场关注焦点。 与此同时，围绕利率进一步下行空间，机构观点开始分化：一方面，资金面宽松、保险资金持续配置为 债市提供支撑；另一方面，部分机构认为，1.8%以下已在一定程度上提前透支降息预期，后续走势仍 有待政策落地与基本面进一步验证。在多重变量交织影响下，债市短期或仍处于修复与博弈并行阶段。 债市出现结构性修复 在经历一段时间的超长端偏弱表现后，债券市场近期出现结构性修复。本周，10年期国债收益率明显下 行，下破1.8%关键点位。截至2月10日收盘，10年期国债收益率下行0.5个基点报1.795%。 中泰证券固定收益首席分析师吕品对上海证券报记者表示，当前多资产市场整体波动水平显著抬升，但 与以往相比，对债券市场的冲击明显减弱。 吕品认为，无论是商品市场的"滞涨"交易，还是权益市场科技板块的风险偏好交易，对债市并未造成明 显拖累。即便相关交易在杠杆资金推动下出现冲高回落，债市表现也相对钝感，未重现去年那种"股弱 债强，剧烈切换"的行情。从价格相关性角度看，长端利率债与风险资产之间的跷跷板效应并不突出。 在其他资产大幅波动 ...