Group 1 - The company signed a maximum principal guarantee contract with China Construction Bank on February 2, 2026 [1] - The contract provides a joint liability guarantee for its wholly-owned subsidiary, Hebei Sankeshu Coating Co., Ltd [1] - The maximum debt limit under the guarantee is set at RMB 200 million [1]

南财智讯2月3日电，鸿富瀚公告，公司于2026年2月2日与广东全象智能科技有限公司签订《设备购销合 同》，向其提供搬运机器人、协作机器人、充电机器人、新能源叉车及机器人模组与核心零件，合同金 额为人民币4.80亿元（含税）。 ...

（文章来源：21世纪经济报道） 地平线副总裁吕鹏在接受21世纪经济报道记者专访时，被问到"如果地平线推出VLA，会将现在积累的 端到端团队全盘不要吗？" 吕鹏给出了非常肯定的回答——不会。他认为，端到端永远是基座，没有好 的端到端，VLA也很难做好。 21世纪经济报道记者易思琳 ...

Core Viewpoint - The interview highlights the current divergence in smart driving technology routes, emphasizing that there is no need for terminology anxiety as various approaches like end-to-end, VLA, WA, and VA are fundamentally aligned in their technical architecture [1] Group 1: Technology Perspectives - The market should not be concerned about the different terminologies in smart driving technology, as they are all fundamentally based on an end-to-end architecture [1] - End-to-end is considered the cornerstone for integrating new modalities and enhancing product performance, indicating its critical role in the development of smart driving technologies [1] - If end-to-end is not executed well, it will hinder the effectiveness of VLA, suggesting a strong interdependence among these technological approaches [1]

如何分辨一段式和两段式端到端？地平线副总裁吕鹏称，消费者不太需要关注这些名词。对于消费者角 度来说，最直观的就是开车时他是否真的愿意在城市里去使用这个系统，有没有足够的安心？对于从业 者来说，分辨起来其实没有那么复杂，主要看模型输出轨迹的连贯性和拟人性好不好，特别是交互情况 下模型的整个动作是按照场景step by step的，还是行云流水的。这是一段式端到端中很重要的判断点。 只有行云流水的时候，里面才没有太多的规则、行动比较一致，不会有场景的割裂感。 (作者：易思琳编辑：张明艳) ...

截至午间收盘，寒武纪股价报1082.09元/股，跌幅达12.88%，市值"蒸发"近700亿元，创下自2025年9月4 日以来的最大单日跌幅。 消息面上，近期市场出现几则传言。一是有消息称，寒武纪最近组织了一个小范围交流，据传给出2026 年营收指引是200亿元，而这个数字远低于市场预期。另一则传言是，平头哥（阿里巴巴旗下半导体公 司）的芯片已经出货10万片。 继有色板块回调后，芯片板块在2月3日也未能幸免，出现显著下跌。其中，国产AI芯片龙头寒武纪早 盘一度跌近14%，领跌板块。 随着2025年实现盈利，寒武纪的证券代号有望摘掉"U"标记。 从季度数据来看，2025年第三季度寒武纪营收为17.27亿元，同比增长1332.52%，净利润5.67亿元，同 比转正。但环比来看，第三季度寒武纪营收环比下降2.4%，净利润环比下降17%。 按照业绩预告计算，寒武纪去年第四季度营收预计在13.93亿元至23.93亿元之间。若按照营收预测区间 下限计算，寒武纪第四季度营收环比下降约19%。净利润方面，第四季度寒武纪预计环比下降3.9%至 56.8%。 值得注意的是，2月3日早盘，不只是寒武纪股价大跌，A股市场多只国产AI芯 ...

Group 1: Market Performance - The Asia-Pacific stock markets experienced a significant rebound, with the Nikkei 225 index closing at 54,720.66 points, marking a historical high [1] - The South Korean Composite Index rose by 6.84% to 5,288.08 points, driven by major semiconductor manufacturers Samsung Electronics and SK Hynix, with Samsung's stock surging 11%, the largest single-day increase since March 2020 [1] - In the A-share market, major indices also strengthened, with the Shanghai Composite Index up 1.29%, the Shenzhen Component Index up 2.19%, and the ChiNext Index up 1.86%, with over 4,800 stocks rising and more than 80 stocks hitting the daily limit [1] Group 2: Sector Highlights - The space photovoltaic concept stocks saw a strong rally, with companies like Guosheng Technology and Jinjing Technology hitting the daily limit, while several others also experienced significant gains [3] - The precious metals sector rebounded strongly, with Xiaocheng Technology rising over 18% and Hunan Gold hitting the daily limit, following a surge in gold prices that broke through $4,890 [3] - CPO and other computing hardware stocks performed well, with companies like Robotec hitting the daily limit and Tianfu Communication rising over 10%, both reaching historical highs [3] Group 3: Individual Stock Movements - The stock of Cambrian Technologies experienced a significant drop, initially falling over 13% before closing down 9.18%, following the company's announcement addressing recent misinformation about its operations [3] - Domestic AI chip companies reported improved performance in their main operations, but their stock prices did not reflect this, with Moer Thread closing at 554.92 yuan per share, down 2.65%, and Muxi shares falling over 3% to 513.78 yuan per share [3] - In the Hong Kong market, the Hang Seng Index turned positive in the afternoon, while the Hang Seng Tech Index narrowed its decline to 0.9%, having previously dropped over 20% from its October 2024 high, entering a technical bear market [4]

Group 1 - The core viewpoint of the articles highlights the increasing activity of insurance capital in equity markets, particularly in Hong Kong stocks, driven by a low interest rate environment and asset scarcity [1][4] - Insurance capital has participated in cornerstone investments for seven Hong Kong IPOs in 2026, with a total subscription amount nearing 1 billion yuan, covering sectors from technology to consumer goods [1][2] - The cornerstone investment mechanism in Hong Kong serves as a market value indicator, with insurance capital becoming a key player in this space, particularly in new consumption and hard technology sectors [2][3] Group 2 - Notable examples of cornerstone investments include the IPO of Hunan Mingming Henmang Commercial Chain Co., which raised 3.336 billion HKD, attracting major institutions like Tencent and Temasek [2][3] - Insurance companies like Taikang Life have led the charge in Hong Kong IPOs, participating in multiple cornerstone investments across various sectors, including AI and biomedicine [3][4] - The trend of insurance capital's involvement in Hong Kong IPOs has significantly increased since 2025, with a total of 20 IPOs and a subscription amount of 4.679 billion HKD, reflecting the value of quality assets in the Hong Kong market [4] Group 3 - In addition to Hong Kong, insurance capital is actively researching A-share companies, having surveyed 310 firms in early 2026, focusing on sectors like technology and consumer goods [5][6] - The insurance sector's investment strategy includes a notable stake in Shanghai Airport, marking the first major acquisition of 2026, indicating a proactive approach in the A-share market [6] - The pre-made food sector, particularly companies like Qianwei Yangchu, has attracted attention from insurance capital, with significant revenue growth reported [6][7] Group 4 - The insurance capital's strategy is influenced by the need for asset allocation optimization and value recovery, as the Hong Kong market is currently at a historical valuation low, providing a safety margin [3][4] - Analysts suggest that the low interest rate environment necessitates increased investment in equity assets, particularly high-dividend and stable cash flow companies, to enhance investment returns [7][8] - The ongoing trend of insurance capital entering equity markets is expected to continue, driven by improved global liquidity and policy guidance encouraging long-term investments [4][7]

从教十几年来，每到这节课，梁学慧都是这么讲的。 但这一次，梁学慧突然有了不一样的想法：学校教室的平板电脑里有现成的教学软件，可以画出3D平 行四边形，让学生"亲手"去拼切推拉，就不必讲得那么抽象了。 与此同时，清水河县逸夫小学办公室主任张嘉宁正在推进他牵头的教师AI与实用工具分层培训实操方 案。1月，全校教师要以小学五年级科学《植物的向光性》为课例，使用剪映制作一个跨学科教学视 频，再使用KIMI制作所在班级学生的个性化错题集。 梁学慧和张嘉宁是广大中西部地区乡村教师的缩影，他们或主动或被动地拥抱智能体，利用人工智能赋 能教学。这是大势所趋，东部发达地区的同行们已经先行一步，他们需要迎头赶上，只不过，他们使用 智能体的策略明显不同。 AI走进乡村课堂 资 料图 21世纪经济报道记者王峰报道 在准备下节课要讲的如何计算平行四边形面积时，内蒙古自治区清水河 县的小学数学教师梁学慧下意识地找来一张白纸，打算剪出一个平行四边形，让学生在课堂上折一折。 "小明以匀速行走在从街心花园到青城花园的公交车线路上，而线路的起点站和终点站，每隔相等的时 间会发一次车。他发现，自己背后每隔a分钟驶过一辆公交车，而迎面方向每隔b分钟 ...

Core Insights - The article highlights the significant progress made by the Chinese judicial system in combating corruption, with a notable increase in the number of cases accepted and prosecuted in 2025 compared to the previous year [2][3]. Group 1: Corruption Prosecution Statistics - In the first eleven months of 2025, over 27,000 individuals were accepted for prosecution for corruption-related offenses, with approximately 26,000 already prosecuted, marking increases of about 11% and 20% year-on-year respectively [2]. - The Supreme People's Procuratorate received 48 cases involving senior officials from the National Supervisory Commission, a 6% increase year-on-year, and guided local prosecutors to file charges against 54 individuals, up 28% [3]. - Over 1,300 judicial staff were investigated for crimes such as abuse of power and coercion, with over 1,000 cases leading to prosecution [4]. Group 2: Focus on Key Sectors - The prosecution of corruption in key sectors saw over 7,800 cases in finance, state-owned enterprises, energy, and construction, alongside 4,100 cases in healthcare and education, and 1,200 cases in local organizations [4]. - The Supreme Procuratorate emphasized collaboration in addressing corruption in areas affecting public welfare, such as housing, elderly care, and healthcare funds [4]. Group 3: Anti-Bribery Measures - The judicial system is committed to investigating both bribery and corruption together, with a 7.6% increase in the prosecution of bribery cases, totaling 2,982 individuals in 2025 [6]. - Efforts to recover illicit gains from bribery are being enhanced, with a focus on establishing mechanisms for asset recovery and correcting non-monetary benefits [6]. Group 4: International Cooperation and Asset Recovery - The "Sky Net" operation, aimed at pursuing fugitives and recovering assets, has seen significant results, with 12 individuals repatriated and 23 arrest warrants issued for those suspected of corruption abroad [7]. - The judicial system is actively involved in refining regulations for cross-border corruption and enhancing cooperation with law enforcement agencies [7]. Group 5: Addressing New Forms of Corruption - The emergence of new and hidden forms of corruption is a current challenge, prompting the judicial system to adapt its strategies and legal frameworks to effectively combat these issues [11]. - The development of guidelines for investigating new types of corruption is underway, focusing on evidence collection and legal definitions [11].