Core Viewpoint - NetEase Cloud Music is navigating challenges with a revenue decline while achieving significant profit growth due to cost-cutting measures and tax asset recognition [1][2]. Group 1: Financial Performance - In 2025, NetEase Cloud Music reported a revenue decline of 2.4% year-on-year to 7.759 billion yuan [1]. - The adjusted net profit for the same year was 2.860 billion yuan, a substantial increase of 68.2%, primarily driven by the recognition of deferred tax assets amounting to 747 million yuan [1]. - Excluding the tax asset impact, the adjusted net profit was approximately 2.1 billion yuan [1]. Group 2: Revenue Breakdown - Online music service revenue grew by 12.0% year-on-year to 5.994 billion yuan, with subscription revenue increasing by 13.3% to 5.053 billion yuan, driven by membership growth [1]. - Conversely, revenue from social entertainment services and other sources fell by 32.0% to 1.765 billion yuan, mainly due to the closure of the live streaming feature after a 2024 update [1]. Group 3: Cost Management - Sales expenses decreased by 33.2% to 409 million yuan, reflecting a more cautious approach to promotions and advertising [2]. - Management expenses fell by 4.4%, and R&D expenses decreased by 2.3%, attributed to improved resource utilization and a focus on core products and AI capabilities [2]. Group 4: Market Position and User Engagement - NetEase Cloud Music maintained a relatively stable market position, introducing K-POP labels and enhancing its content library with over 1 million registered independent musicians and more than 5.6 million uploaded tracks by the end of 2025 [2]. - The platform's user scale and engagement improved, with a DAU/MAU ratio exceeding 30% and an increase in average daily listening time on mobile [2].

58安居客研究院指出，1月70大中城市房价延续结构性调整、筑底修复的核心特征，整体房价虽未摆脱 普跌格局，但需求端韧性凸显、流通端积极信号增多，整体楼市正向企稳修复稳步过渡，政策托底与市 场自发修复的双重作用逐步显现。尤其是1月核心城市二手房率先企稳，是政策因素和市场信心修复共 同作用的结果。 2月13日，统计局发布数据显示，2026年1月 ，70个大中城市商品住宅销售价格环比降幅总体收窄、同 比下降。 具体来看，1月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅与上月（2025年12月）相同。 其中，上海持平，北京、广州和深圳分别下降0.3%、0.6%和0.4%。 二线城市新房销售价格环比下降0.3%，降幅收窄0.1个百分点。三线城市新房销售价格环比下降0.4%， 降幅与上月相同。 二手房方面，一线城市二手住宅销售价格环比下降0.5%，降幅比上月收窄0.4个百分点。其中，北京、 上海、广州和深圳分别下降0.2%、0.4%、0.7%和0.6%。 二、三线城市二手住宅销售价格环比分别下降0.5%和0.6%，降幅分别收窄0.2个和0.1个百分点。 广东省住房政策研究中心首席研究员李宇嘉表示，1月份二手房价 ...

Core Insights - The article highlights the significant impact of AI payment services, particularly Alipay's AI payment, which has achieved over 1.2 billion transactions in just one week, marking a milestone in the integration of AI into everyday consumer transactions [2][5][13]. Group 1: AI Payment Breakthrough - The "Qianwen" app initiated a massive 30 billion yuan subsidy campaign, resulting in over 10 million AI order placements within 9 hours, showcasing the explosive capability of AI in consumer scenarios [1]. - Alipay's AI payment service has become the world's first AI-native payment product to surpass 1 billion transactions, indicating a shift in payment paradigms [2][5]. - The success of Alipay's AI payment is not an isolated incident; it follows the earlier achievement of over 100 million daily transactions with the "Tap to Pay" feature, demonstrating a broader trend of AI and new consumption models emerging [7]. Group 2: Redefining Transaction Paradigms - Alipay's AI payment has restructured the interaction logic from "users seeking services" to "services embedded in conversations," allowing users to access various services through natural language within a single app [11]. - A new trust mechanism has been established, leveraging 20 years of user trust to ensure secure payments through identity verification and a multi-dimensional risk control system [12]. - The year 2026 is being recognized as the "Year of AI Agent Payments," with a consensus forming around the transition from auxiliary roles to execution capabilities in payment systems [12]. Group 3: ACT Protocol and Future Implications - Alipay's introduction of the ACT (Agentic Commerce Trust) protocol facilitates standardized multi-tasking and collaboration among AI agents, paving the way for scalable and replicable AI payment solutions [14][15]. - The timing of Alipay's ACT protocol coincides with Google's launch of a universal commerce protocol, indicating a synchronized approach among tech giants in redefining commercial systems for AI agents [16]. - The ACT protocol aims to establish new rules for commercial interactions, focusing on "delegated authorization" and creating traceable, verifiable transaction logs for AI-executed trades [17].

21世纪经济报道记者董静怡 2026年春节前夕，MiniMax正式上线新一代文本模型MiniMax M2.5，于2月12日在 MiniMax Agent上 线，并于13日全球开源支持本地化部署。 2月12日，MiniMax涨幅一度超过20%。12日收盘，MiniMax股价报588港元/股，涨幅达14.62%。13日， MiniMax开盘继续大涨，截至午盘，涨10%，总市值超2000亿港元。 据介绍，在编程能力方面，M2.5在权威榜单SWE-Bench Verified得分80.2%、Multi-SWE-Bench得分 51.3%，较上一代显著提升；在Multi-SWE-Bench等多语言复杂环境中超越Opus 4.6，达到了行业最好的 水平。 更重要的是，模型展现出"原生Spec能力"——在编码前主动拆解架构与功能规划，更接近真实架构师的 工作模式。 M2.5-lightning版本支持100 TPS以上输出速度，是主流模型的2倍左右；输入价格约0.3美元/百万 Token，输出约2.4美元/百万Token。按每秒输出100 Token计算，连续运行一小时成本约1美元；若按50 Token计算，成本约0.3美 ...

Group 1 - The core viewpoint of the article is that NetEase Cloud Music is currently navigating challenges, with a decline in revenue but an increase in adjusted net profit due to tax asset recognition [2][3][4] Group 2 - In 2025, NetEase Cloud Music's revenue decreased by 2.4% year-on-year to 77.59 billion yuan, while adjusted net profit increased by 68.2% to 28.60 billion yuan, primarily due to the recognition of deferred tax assets [2] - The decline in revenue is attributed to a restructuring of the business, with online music service revenue growing by 12.0% to 59.94 billion yuan, driven by a 13.3% increase in subscription revenue [3] - The social entertainment services and other revenue fell by 32.0% to 17.65 billion yuan, mainly due to the closure of the live streaming feature after a version update in late 2024 [3] Group 3 - Cost-cutting measures contributed to the increase in net profit, with sales expenses decreasing by 33.2% to 4.09 billion yuan, reflecting a more cautious approach to advertising and promotion [4] - Management expenses decreased by 4.4%, and R&D expenses fell by 2.3% due to improved resource utilization and a focus on core products and AI capabilities [4] Group 4 - NetEase Cloud Music maintains a relatively stable market position, having introduced K-POP labels and expanded its content library, with over 1 million registered independent musicians and more than 5.6 million uploaded tracks by the end of 2025 [5] - The platform's user scale and activity increased, with a DAU/MAU ratio above 30% and an increase in average daily listening time on mobile [5]

Core Viewpoint - Shenzhen is implementing stricter regulatory measures to combat the rise of illegal activities in the gold market, with a focus on delineating clear prohibitions for enterprises, individuals, and financial institutions [1][3][8]. Group 1: Enterprise Regulations - Enterprises are prohibited from engaging in illegal gold trading activities such as pre-pricing, leveraged trading, and deferred trading through internet platforms [3]. - Illegal fundraising activities disguised as gold custody, leasing, or repurchase agreements that promise fixed returns are banned [3]. - Enterprises must not mislead consumers through false advertising or unauthorized use of "Shanghai Gold Exchange member" status [3][4]. - The use of non-precious materials to impersonate gold and other deceptive practices is strictly forbidden [4]. Group 2: Individual Regulations - Individuals are not allowed to organize or participate in illegal gold trading activities or develop illegal trading software [6]. - Qualified individual investors can only engage in gold ETFs, futures trading, or purchase physical gold through legitimate channels [6]. Group 3: Financial Institutions and Non-Bank Payment Institutions - Financial institutions must not conduct gold business without proper regulatory approval and must adhere to reporting requirements for large and suspicious transactions [8]. - They are also prohibited from providing services to illegal operators or promoting illegal gold activities [8]. Group 4: Previous Illegal Cases - The Shenzhen Financial Office previously highlighted three illegal cases involving gold trading, including fraudulent schemes that misled consumers into investing in gold without actual delivery [10][11].

Market Performance - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Index dropping by 1.79%, the National Enterprises Index falling by 1.74%, and the Hang Seng Technology Index decreasing by 1.65% [1] AI Sector - The "AI dual giants" in Hong Kong, Zhizhu and MINIMAX-WP, both reached historical highs, with their market capitalizations surpassing HKD 200 billion [1] Semiconductor Sector - The semiconductor sector experienced a rebound, with Aixin Yuan Zhi rising over 15% and Tian Shuzi Xin increasing by more than 10% [1] Insurance Sector - Insurance stocks continued to weaken, with Prudential falling over 6%, and other companies like China Life, AIA, China Pacific Insurance, and China Taiping also experiencing declines [1] Gold and Precious Metals - The gold and precious metals sector showed low-level fluctuations, with companies such as Zijin Mining, Wan Guo Gold Group, and Shandong Gold experiencing declines [1] Capital Flow - Southbound funds recorded a net purchase of HKD 7.294 billion during the half-day session [1]

Market Overview - The A-share market experienced a turbulent morning session with all three major indices declining, led by the ChiNext Index which fell by 0.96% [1][2] - The Shanghai Composite Index decreased by 0.7%, and the Shenzhen Component Index dropped by 0.67% [1][2] - Trading volume significantly shrank, with the total turnover in the Shanghai and Shenzhen markets reaching 1.2 trillion yuan, a decrease of 125.6 billion yuan compared to the previous trading day [1][2] Sector Performance - The semiconductor sector showed strong performance, with concepts related to photolithography machines and photolithography adhesives rapidly rising [1][2] - Guofeng New Materials achieved a notable performance with two consecutive trading limits in four days [1][2] - The semiconductor equipment concept continued to strengthen, with Shenghui Integration hitting the daily limit and setting a new historical high [1][2] - The paper-making sector also demonstrated resilience, with Wuzhou Special Paper reaching the daily limit [1][2] Declining Sectors - The port and shipping sector faced a collective downturn, with significant declines in stocks such as COSCO Shipping Energy and China Merchants Energy [1][2]

Market Overview - On February 13, A-shares experienced a collective decline, with the ChiNext Index leading the drop, closing down 0.96%. The Shanghai Composite Index fell by 0.7%, and the Shenzhen Component Index decreased by 0.67%. The total trading volume in the Shanghai and Shenzhen markets reached 1.2 trillion yuan, with over 2,600 stocks declining [1]. Sector Performance - The military industry sector showed strong performance, with Aystar Anchor Chain (601890) hitting the daily limit. The semiconductor sector was active, with concepts related to photolithography and photolithography adhesives rapidly rising. Guofeng New Materials (000859) achieved two consecutive trading limits in four days, while Fuchuang Precision rose over 12%. Semiconductor equipment concepts continued to strengthen, with Shenghui Integration (603163) hitting the daily limit and reaching a historical high [2]. - In contrast, the port and shipping sector saw a collective decline, with China Merchants Energy (600026) and China Merchants Shipping (601872) experiencing significant drops. The photovoltaic equipment sector weakened, with leading stock Shuangliang Energy (600481) hitting the daily limit and losing 2 billion yuan in market value in one day. Other stocks like GCL-Poly Energy (002506) fell over 8% [3]. Hong Kong Market - The Hong Kong market opened lower and continued to decline, with the Hang Seng Index down 1.8% and the Hang Seng Tech Index down 1.6%. Major tech stocks saw declines, with Tencent Music dropping over 10%, Meituan down over 4%, and Baidu Group down 4%. Other companies like JD.com, Bilibili, Li Auto, Alibaba, and Trip.com also experienced declines of over 2% [3]. - The semiconductor sector in Hong Kong showed strength, with Aixin Yuan Zhi rising over 16% and Tian Shu Zhi Xin increasing over 9%. Other stocks like Zhaoyi Innovation (603986) and Brain Hole Technology also saw gains. The large model concept stocks performed actively, with Zhipu Technology reaching a historical high of 492 HKD before narrowing its gains to 12%, having increased over 120% this week [3]. New Listings - The new stock Haizhi Technology Group had an impressive debut, rising over 268% during the day to 99.6 HKD, with a profit of 14,505 HKD per lot based on the issue price of 27.06 HKD per share. The public offering phase recorded an oversubscription of 5,065.06 times, ranking among the top in recent years for Hong Kong IPOs [4]. - Industrial analysts at Industrial Securities expressed optimism for the Hong Kong market, suggesting a "technology bottom + cyclical recovery + beta in dividends" approach to embrace the spring market. Current short-selling transactions account for about 19.2%, indicating that market sentiment has reached a relatively low point, providing momentum for a short-term rebound [4].

Group 1: Technology Developments - ByteDance's chip team has expanded to over 1,000 members, with more than 500 focused on AI chips and around 200 on CPU development, indicating a strong emphasis on chip business due to increasing demand for computing power [2] - JD Technology has launched "JD AI Payment," which utilizes the JoyAI model for various hardware and software applications, enabling AI-assisted payment processes [4] - Baidu has officially launched OpenClaw, an e-commerce plugin that integrates its product knowledge graph with CPS supply chain capabilities, allowing for a streamlined shopping experience [5] - Gaode is set to release its self-developed embodied navigation base model, which has made significant advancements in handling complex tasks in open physical environments [6] Group 2: Corporate Announcements and Events - YingShi Innovation held an annual meeting where it rewarded employees with real estate and cars, showcasing the importance of material incentives alongside personal achievements [3] - Former Honor CEO Zhao Ming announced his new role at Qianli Technology, expressing excitement about contributing to AI business development [9] - Anthropic has completed a funding round at a valuation of $380 billion, raising $30 billion to enhance its enterprise products and models, with annual revenue now at $14 billion [11] - RoboScience has secured several hundred million in Pre-A financing, led by PwC Capital, indicating strong investor interest in machine science [12] Group 3: Product Launches and Innovations - Xiaomi has open-sourced its first-generation robot VLA model, which features 4.7 billion parameters and capabilities in visual language understanding and real-time execution [13] - MiniMax has launched its latest programming model, MiniMaxM2.5, which is positioned as a leading solution in various productivity scenarios, boasting a parameter count of only 10 billion for efficiency [14]