Core Viewpoint - Aerospace Nanhu announced that its chief expert, Wang Xinhong, has retired and will no longer be recognized as a core technical personnel of the company [1] Company Summary - The retirement of Wang Xinhong marks a significant change in the company's technical leadership [1]

编者按：周其仁是一位"文章与脚力"并重的经济学者。2018年出版的《突围集》，想讨论的问题是当时的中国经 济如何从发达国家掌握原发性创新，印度、越南等新兴经济体成本更低的"三明治"夹层中突围。周其仁自陈，他 的研究工作就是跟着问题走，去经济较活跃的地方，比如长三角、珠三角的一线，看看有没有企业在创造突围的 经验。 2025年，周其仁出版新书《寻路集——在全球网络中寻找合适节点》，他用2021年3月在北大国发院同学研讨会上 的发言《问题比答案更重要》作为前言，再次强调"研究工作就是跟着问题走"的重要性。周其仁认为，仅凭学到 的经济学知识，不能告诉别人如何解决问题。但一线企业总会在困境中寻求突破，我们要做的，就是跟踪这些企 业的表现，看看他们如何"寻路"。从"突围"到"寻路"，其实就是一个重新认识世界的过程。 文︱周其仁 周其仁 著 中信出版集团 我对有启发力的前辈向来喜欢刨根究底——尽可能找到他的全部作品来看。张培刚在哈佛得奖的论文，1984年在 国内出了中文版，我当然第一时间就找来读了。书中引用过他自己在20世纪40年代留美之前在中国农村做的三项 调查（《清苑的农家经济》、《广西粮食问题》和《浙江省粮食之运销 ...

南财智讯2月10日电，晓鸣股份公告，公司2026年1月鸡产品销售数量为2288.28万羽，销售收入为 5859.62万元；环比变动分别为1.59%、-11.26%，同比变动分别为-13.11%、-45.25%。分业务表现方 面，当月鸡产品销售均价为2.56元/羽；当年累计销售数量及销售收入均为2288.28万羽和5859.62万元。 上述数据未经审计，仅反映公司鸡产品销售情况，不包含其他业务。 ...

Market Performance - The Hang Seng Index closed up 0.58%, the Hang Seng Tech Index rose 0.62%, and the Hang Seng China Enterprises Index increased by 0.81% [1] - The optical communication sector led the gains, with Longi Fiber Optics rising by 8.8%, Dongfang Electric up over 7%, and Weichai Power increasing by 3.69% [1] Sector Highlights - The cultural media sector saw significant gains, with Digital Kingdom surging over 29%, Reading Group rising over 15%, and DaMai Entertainment and China Ruyi both increasing by over 5% [1] - Biopharmaceutical stocks strengthened, with WuXi AppTec rising over 4%, Rongchang Bio up 3.64%, and Kailai Ying increasing by 3.5% [2] Individual Stock Movements - Notable individual stock movements included Digital Kingdom with a rise of 29.31%, Mao Yi Chuang up 21.92%, and Wan Ka Yi Lian increasing by 20% [2] - The education sector experienced declines, with Dongfang Zhenxuan down over 9% and New Oriental-S falling over 4% [4] New Listings - Le Xin Outdoor debuted with a remarkable increase of 102.29%, closing at 24.78 HKD, and at one point, it surged over 130% during trading [4] AI and Technology Developments - The stock of Zhipu AI, referred to as the "first global large model stock," saw a peak increase of over 24%, with a two-day cumulative rise exceeding 56% [5] - The release of the AI video generation model Seedance 2.0 by ByteDance is expected to significantly reduce production costs and enhance efficiency in the AI drama and short drama sectors, potentially accelerating industry growth [7]

Core Viewpoint - The issuance of convertible bonds by Zhongke Shuguang is a significant step following the new refinancing policy, aimed at supporting high-quality listed companies in innovation and development [1][2]. Group 1: Convertible Bond Issuance - Zhongke Shuguang plans to issue up to 8 billion yuan in convertible bonds, with a six-year term, to fund three core AI computing projects [1][3]. - The bond issuance serves as a demonstration of the new refinancing policy's implementation, highlighting the support for quality companies [2]. Group 2: AI Computing Projects - The advanced computing cluster project aims to enhance system performance and reduce reliance on external technologies, addressing the challenges posed by the evolution of AI large models [3]. - The next-generation AI training and inference integrated machine project is designed to overcome deployment challenges in the industry, providing a fully optimized solution [3]. - The storage system project focuses on achieving domestic production of key technologies, which is crucial for the large-scale development of AI [4]. Group 3: Financial Metrics and Projections - For the first three quarters of 2025, Zhongke Shuguang reported revenues of 8.82 billion yuan and a net profit of 966 million yuan, with a projected net profit of approximately 2.465 billion yuan for 2025, reflecting a growth of 28.99% [7]. - The company’s asset-liability ratio is expected to decrease post-issuance, improving its financial structure [6]. - The company has increased its R&D investment, with R&D expenses reaching 1.292 billion yuan in 2024, accounting for 9.83% of revenue [7]. Group 4: Market Trends and Industry Outlook - The global AI computing demand is surging, with the AI server market projected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, while China's market is expected to reach 25.9 billion USD, a year-on-year increase of 36.32% [10]. - The industry is anticipated to maintain a positive growth trajectory over the next 5 to 10 years, driven by technological advancements and the expansion of application scenarios [10]. - Zhongke Shuguang's recent deployment of a 30,000-card domestic AI computing pool marks a significant milestone in the large-scale application of domestic AI computing technology [10][11].

沙特阿美全资子公司阿朗新科，正在持续加码中国市场。 孙泓表示，全球宏观环境的结构性调整是整个行业都在努力面对的新问题。不过对阿朗新科来说，中国 在产业升级和新能源等新兴战略产业方面发展迅速。"我们希望作为上游原材料企业，更多地参与到新 能源、智能制造和绿色转型等增长方向的发展中来，为市场提供高性能材料，这对我们而言既是挑战也 是机遇。" 新工厂投产之后，阿朗新科在中国的投资总额已接近10亿美元。 （文章来源：21世纪经济报道） 氢化丁腈橡胶是在丁腈橡胶的基础上进一步改性而成，其在耐化学介质、耐磨性、耐油性以及耐高低温 性能等方面都表现出色，是一类面向战略性新兴产业高端化需求的高性能合成橡胶材料。 "阿朗新科的新工厂可以更好地满足下游客户在不同应用场景下严苛且差异化的加工和性能需求， 比如 海上钻井和新能源汽车所需要的密封材料，以及动力电池。"阿朗新科常州工厂生产经理李晶向记者介 绍，例如在新能源汽车领域，一些车型采用电机油冷等先进技术，对密封材料的耐油性和可靠性提出了 更高要求，氢化丁腈橡胶正好能够支持更好的整车性能和更长的续航里程；在动力电池领域，合成橡胶 可以帮助实现碳材料的均匀分散，从而显著提升导电性能 ...

Core Viewpoint - The announcement indicates a reduction in shareholding by Heilongjiang Chuangda Group Co., Ltd. due to the exchange of corporate bonds, resulting in a decrease in ownership percentage from 55.86% to 54.94% [1] Group 1 - Heilongjiang Chuangda Group Co., Ltd. has reduced its shareholding by 8.7097 million shares during the period from February 5 to February 9, 2026 [1] - After the equity change, Chuangda Group holds a total of 516,973,085 shares, representing 54.94% of the company's total equity [1]

南财智讯2月10日电，永吉股份公告，公司于2026年2月10日召开第六届董事会第十九次会议，审议通过 《关于为全资子公司提供担保的议案》，同意为全资子公司贵州金马包装材料有限公司分别向中国银行 股份有限公司贵阳市观山湖支行、中国农业银行股份有限公司贵阳黔灵支行申请的流动资金授信5000万 元、4500万元提供担保，合计担保额度不超过9500万元，担保方式均为连带责任保证；该事项尚需提交 公司股东大会审议。 ...

Core Viewpoint - The company has approved a proposal to utilize idle self-owned funds for cash management, amounting to a maximum of 300 million RMB, to invest in low-risk and highly liquid financial products [1] Group 1: Company Actions - The company will hold its sixth board meeting on February 10, 2026, to review the cash management proposal [1] - The approved cash management will involve investments in structured deposits, large certificates of deposit, and reverse repos of government bonds [1] - The decision is effective from the date of the board's approval until the annual shareholders' meeting in 2025 [1] Group 2: Financial Management - The funds can be used on a rolling basis within the approved limit [1] - The cash management activities will not affect the operational funding needs of the company's subsidiaries or the normal development of its main business [1] - The proposal is designed to safeguard the interests of the company and its shareholders [1]

Core Viewpoint - The company has provided a joint liability guarantee for a fixed asset loan of 100 million yuan (10,000 million) to its wholly-owned subsidiary, indicating a strategic financial maneuver to support its operations and manage debt obligations [1] Group 1: Loan and Guarantee Details - The guarantee amount is set at 100 million yuan, with a guarantee period of three years from the maturity of the main contract debt [1] - The guarantee covers principal, interest, penalty interest, compound interest, default penalties, compensation for damages, and related costs for the creditor to realize the debt [1] - The relevant loan and guarantee contracts have been signed, and the guarantee falls within the company's expected guarantee limit for the fiscal year 2025 [1] Group 2: Financial Position and Risk - The guaranteed party has an asset-liability ratio exceeding 70%, indicating a high level of leverage [1] - As of the announcement date, the company has a total guarantee balance of 699 million yuan and 888.88 million USD for its controlling subsidiaries [1]