Core Viewpoint - The announcement details the completion of the share buyback plan by the controlling shareholder, Hainan Jiangheng Industrial Investment Co., Ltd., which aims to enhance investor confidence and support the company's sustainable development. Group 1: Share Buyback Plan - The controlling shareholder, Hainan Jiangheng, planned to increase its stake in the company by investing between RMB 60 million and RMB 120 million through bank loans and self-funding within six months from December 10, 2025, to June 9, 2026 [3][4]. - The buyback plan was executed successfully, with Hainan Jiangheng acquiring 2,776,700 shares from December 17, 2025, to February 10, 2026, representing 1.88% of the total share capital and 1.89% when excluding shares in the repurchase account, with a total investment of RMB 73,448,565 (excluding transaction fees) [3][5]. Group 2: Compliance and Future Implications - The buyback plan complies with relevant laws and regulations, ensuring that it does not affect the company's share distribution or control [6]. - The execution of the buyback plan aligns with the commitments made in the initial announcement, maintaining the integrity of the investment strategy [6].

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 ...