Core Viewpoint - The announcement by Yongtai Technology regarding the acquisition of a 25% stake in Yongtai High-tech from CATL marks a strategic shift, allowing Yongtai High-tech to become a wholly-owned subsidiary again, while CATL transitions from a subsidiary shareholder to a public company shareholder [1] Group 1: Transaction Details - Yongtai Technology plans to issue shares to acquire the 25% stake in Yongtai High-tech held by CATL, with the transaction expected to be disclosed within 10 trading days after the stock suspension starting February 9 [1] - Prior to the announcement, Yongtai Technology's stock price reached a limit up of 28.77 yuan per share, with a market capitalization of 26.616 billion yuan [1] Group 2: Strategic Implications for CATL - This "reverse investment" allows CATL to convert heavy asset investments into high liquidity equity, enhancing its connection with upstream core material suppliers [1] - The global battery market is expected to enter a fast-charging era by 2026, with electrolyte performance becoming a decisive factor, making Yongtai High-tech's products critical for battery conductivity and rapid charging [1] Group 3: Yongtai Technology's Production Capacity - Yongtai Technology has reported a production capacity of 150,000 tons per year for electrolytes, 18,000 tons for solid lithium hexafluorophosphate, and 67,000 tons for liquid lithium bis(fluorosulfonyl)imide, among others [2] - The acquisition of full ownership means that all profits from these high-quality assets will be consolidated into the public company's financial statements [2] Group 4: Industry Trends and CATL's Strategy - CATL's recent actions reflect a trend of forming closer ties with core suppliers, as seen in its investments in Tianhua New Energy and Jiangxi Shenghua, among others [3] - The strategic shift from holding stakes in unlisted subsidiaries to public company shares provides CATL with greater flexibility and reduces legal risks associated with potential lawsuits faced by Yongtai High-tech [6]

首先，促进有效投资，关键是要保证资金充裕。会议明确，要创新完善政策措施，加力提效用好中央预 算内投资、超长期特别国债、地方政府专项债券等资金和新型政策性金融工具。四类工具各有侧重、协 同发力。其中，中央预算内投资锚定国家战略，超长期特别国债强化跨周期调节，地方专项债重点支撑 地方项目建设，新型政策性金融工具引导社会资本，共同形成了"国家引导、市场参与、央地协同"的投 资资金保障体系，为有效投资落地筑牢资金根基。特别需要指出的是，以往新型政策性金融工具多在年 中提出，此次年初即已开始发力，充分凸显出中央对于稳投资的重视程度。 其次，促进有效投资，需要依托重大工程和重大项目。会议划定的基础设施、城市更新、公共服务、新 兴产业和未来产业五大重点领域，体现出"锻长板"与"补短板"的有机结合，投资于物和投资于人的互促 共进。基础设施领域不再是简单的规模扩张，而是着眼于传统基建智能化改造与新型基建协同推进；城 市更新与公共服务领域的投资，紧扣民生需求，既完善城市功能、补齐民生短板，又通过教育、医疗、 养老等公共服务设施的升级，为人力资本积累创造良好条件；新兴产业和未来产业的重点布局，更是让 物质资本精准对接科技创新，为高 ...

胡延平（上海财经大学特聘教授） 终于，隐藏式电子门把手要退场了。近日，强制性国家标准《汽车车门把手安全技术要求》发布，将于 2027年1月1日起开始实施。这项国家标准对车门把手作出了明确而细致的技术规范。标准的核心要求均 要求车内车外均具备机械释放门把手，可以概括为"双机械、易识别、够结实"。 在车门外把手方面，标准强制要求每个车门都必须配备机械释放外把手，确保在发生事故时即便车辆断 电仍可通过机械方式开启车门。外把手须处于规定可及区域，操作空间大小也需要满足法定要求，把手 强度必须能够承受不小于500牛的外力而不失效，试验后仍能正常开启。 隐藏式门把手终于退场，牺牲安全的过度设计正在被纠偏。这不仅是对消费者利益的保护，更是对中国 汽车产业健康发展的重要指引。汽车首先是运载人类的交通工具，其次才是施展各种个性设计的舞台。 在车门内把手方面，标准同样要求每个车门至少配备一个独立机械释放内把手，不受其他系统影响。内 把手安装位置需直观可见、无构件遮挡，且靠近车门边缘，标识清晰，便于快速识别和操作，即使夜间 等阴暗情况也要清晰可见。 隐藏式门把手、纯电子门把手这类牺牲安全性的设计，被大量案例证明这条路走不下去。中保 ...

数据显示，全国每生产2台彩电、3台空调，就有1台是"广东造"；全球每卖出3部手机就有1部来自广东；全球70%的消费级无人机、18%的集 成电路以及全国40%的工业机器人也都产自广东，凸显着广东作为中国第一制造大省的硬实力。以新一代电子信息、轻工纺织、家电、汽车与 新能源为代表的多层次产业集群快速发展，广东形成了从零部件到整机、从设计到服务的全链条配套。在许多产业带，"一小时配套""一小时 产业圈"已成为常态，极大提升了生产响应速度与创新效率。 以"中国家电之都"佛山的发展历程为典型代表，其形成了以顺德区为核心，与中山市协同发展的"顺德—中山家电共位集群"。从改革开放至 今，该集群经历了独立竞生、竞合并存到协同共生的演化过程，编织起企业、个人、社会网络与制度等多维度协同的紧密网络。这种集群生态 使佛山家电产业营收占全省近三成，孕育了美的、格兰仕等世界级品牌，为广货走向全球筑牢了深厚的制造根基。 谢宝剑(广东省人民政府参事室特约研究员、暨南大学经济学院教授) 2026年1月，广东启动"广货行天下"春季行动。连日来，相关活动持续刷屏线上线下（300959）。"广货行天下"不仅是一句口号，更是中国制 造业转型升级的生 ...

Group 1 - The U.S. stock market showed mixed results, with major indices fluctuating and most Chinese concept stocks declining [1] - Nvidia experienced a significant intraday surge, rising over 4%, with Goldman Sachs analysts projecting Q4 2025 revenue to reach $67.3 billion, exceeding market expectations [3] - Oracle's stock surged nearly 9.6%, marking its largest intraday gain since December of the previous year, following an upgrade from Davidson Investment Bank from "neutral" to "buy" [3] Group 2 - Storage stocks weakened, with Micron Technology falling nearly 2.5% and SanDisk dropping over 1.4%, as Nvidia may exclude Micron's HBM4 from the first-year production of its Rubin architecture [5] - The weight loss drug sector saw gains, with Novo Nordisk rising over 5% and Eli Lilly increasing nearly 1%, while Hims & Hers plummeted over 25% due to a lawsuit related to a generic version of semaglutide [5] - The gold and silver markets rebounded significantly, with spot gold rising over 1.4% to nearly $5,040 per ounce and spot silver increasing over 5% to $81.696 per ounce [5][6] Group 3 - International oil prices saw a short-term rise, with WTI crude oil and ICE Brent crude both increasing by 1%, and WTI crude surpassing $64 per barrel [6] - Upcoming U.S. non-farm payroll and CPI reports are expected to provide crucial insights into the Federal Reserve's monetary policy direction, with potential for significant market volatility if the data indicates "weak employment + stubborn inflation" [7] Group 4 - The UK faced a "triple whammy" in its stock, bond, and currency markets, with the FTSE 100 index and GBP/EUR exchange rate both plummeting, and the 10-year government bond yield approaching its highest point since November of the previous year [9] - The resignation of two senior officials from the UK Prime Minister's office within 24 hours has raised concerns about political stability, which may impact market confidence [9]

(作者：王沛然,郑凯骏,实习,编辑：王沛然) APEC高官会议期间广州提供全方位便捷支付支持 ...

21世纪经济报道记者 孙永乐 近日，据湖北省纪委监委网站消息，湖北开放大学党委副书记、校长陈志祥涉嫌严重违纪违法，目前正接受湖北省纪委监委纪律审查和监察调查。 湖北开放大学是湖北省人民政府举办的省属本科新型高等学校。学校前身为湖北广播电视大学，创办于1979年1月。2020年12月，经湖北省人民政府批准并 报教育部备案，湖北广播电视大学正式更名为湖北开放大学。 值得注意的是，陈志祥此次被查，距其调任湖北开放大学校长不足两年。 赴任高校前，他曾担任湖北宏泰集团有限公司（简称"湖北宏泰集团"）党委副书记、总经理，同时兼任天风证券党委书记。 跨界任职未满两年 据"三峡新闻"微信公众号此前报道，陈志祥，男，汉族，湖北安陆人，1973年8月生，博士研究生学历，经济学博士学位，2002年7月参加工作。 陈志祥曾任中国证监会湖北监管局上市公司监管一处副处长、机构监管处副处长、信息调研处副处长，湖北省农村信用社联合社副主任、党委委员，武汉光 谷联合产权交易所有限公司党委书记、董事长，2019年9月任湖北省宏泰国有资本投资运营集团有限公司党委副书记、总经理，2022年1月任湖北宏泰集团有 限公司党委副书记、总经理，2023年4 ...

2026年2月，字节跳动旗下AI视频生成模型Seedance2.0在小范围内测阶段便席卷海内外互联网，凭 借"文本/图片生成电影级视频"的突破性能力成为行业内外焦点。 而影视飓风创始人Tim（潘天鸿）发布的实测视频，更让这款模型的技术实力广为人知，《黑神话：悟 空》之父冯骥也评价说，Seedance 2.0是当前地表最强视频生成模型，没有之一。 （文章来源：21世纪经济报道） ...

Core Viewpoint - The article discusses the narrowing of the AH premium, highlighting the significant reduction in the discount rate for companies listed in both A-shares and H-shares, particularly noting Dongpeng Beverage's recent listing as having the second-lowest discount rate since 2015 [1][4]. Group 1: AH Premium Dynamics - Dongpeng Beverage's H-share discount rate at 14% is significantly lower than the average of approximately 33% since 2015 [1]. - The overall AH premium index has decreased from a near ten-year high of 161.36 points in February 2024 to 119.44 points by February 2026, returning to levels seen in 2019 [1]. - The narrowing of the AH premium is attributed to improved liquidity in the Hong Kong market, driven by increased participation from southbound funds, a weak dollar environment, and improved profitability in Hong Kong stocks [3][4]. Group 2: Southbound Fund Influence - Southbound funds have become a stabilizing force in narrowing the AH premium, with their market participation exceeding 30% in August 2025 [4]. - In 2025, net inflows from southbound funds reached a record high of 1.4 trillion HKD, with over 120 billion HKD net inflows recorded by February 2026 [4]. - The influx of southbound funds has improved liquidity in the Hong Kong market, reducing the liquidity gap between A-shares and H-shares [4]. Group 3: Valuation Disparities - Some leading companies have experienced a phenomenon where H-share prices exceed A-share prices, known as "premium inversion," with notable examples including CATL and China Merchants Bank [5][6]. - The preference of foreign investors for globally competitive stocks leads to higher valuations for certain companies, impacting the AH premium [6]. - The valuation divergence between large-cap leading stocks and smaller-cap stocks reflects a "Matthew Effect," where larger companies attract more investment and liquidity [7][10]. Group 4: Market Structure Changes - The article notes that the AH premium is influenced by sector-specific dynamics, with significant variations observed across industries [10]. - The introduction of new listing rules allowing growth companies to list in Hong Kong may further alter the perception of AH premiums [11]. - The potential expansion of the dual-counter model allowing mainland investors to trade Hong Kong stocks in RMB could further narrow the valuation discount between A-shares and H-shares [11].

Core Insights - The AI video generation model Seedance 2.0 from ByteDance has gained significant attention for its ability to create "movie-quality videos from text/images" during its limited testing phase [1][3] - The model has been praised by industry experts, including Tim from Yingshi Juifeng, who described it as the "strongest video generation model" currently available [1][3] - The launch of Seedance 2.0 has led to a surge in stock prices within the media sector, with companies like Zhongwen Online and Zhangyue Technology experiencing significant gains [1] Technical Advancements - Seedance 2.0 utilizes a dual-branch diffusion transformer architecture, enabling simultaneous video and audio generation, allowing users to create multi-scene videos with native audio in just 60 seconds [3] - The model has achieved breakthroughs in four key capabilities: self and split camera movement, comprehensive multi-modal thinking, audio-visual synchronization, and multi-scene narrative ability, providing users with director-level control precision [3][6] Market Impact - The introduction of Seedance 2.0 is seen as a significant addition to ByteDance's competitive edge in the AI space, with expectations that AI video technology will reshape the content production industry [6] - The model is anticipated to find widespread application in short content areas like AI dramas and short films, addressing challenges such as high costs and long production cycles in traditional methods [6] Industry Challenges - Concerns have been raised regarding the training data used for Seedance 2.0, particularly the implications of using publicly available data, which has sparked discussions about copyright and data authorization issues [10][11] - Experts have noted that the rapid advancement of AI technology often outpaces the establishment of regulatory frameworks, highlighting the need for a balance between innovation and compliance [12] Company Measures - ByteDance has implemented risk control measures for Seedance 2.0 during its testing phase, including restrictions on certain model functionalities to prevent misuse of AI technology [12]