2026年新春将至，抖音与中国作家协会携手发起2026春节长图文征集大赛，以抖音长图文功能这一新兴内容形式为载体，邀全民以"好好过年 养好老己"为主题，用文字记录新春百态。本次大赛由《文艺报》社、《人民文学》杂志社、中国作家网承办，旨在为大众搭建起表达真情的 书写平台，让新大众文艺在烟火年味中绽放光彩。 据悉，抖音于2025年7月上线长图文功能，支持8000字创作、30张配图及背景音乐搭配，沉浸式的阅读体验让其成为连接专业创作与大众表达 的桥梁。自上线以来，莫言、余华等知名作家纷纷尝试这一新体裁的创作，"56岁阿姨祝薪雁重新养自己""张河清怀念大学室友刘一周"等素人 写作案例持续出圈，长图文约稿活动"用作文回顾我的2025"相关长图文播放量超过6亿，引发全网对抖音"白描文学""老辈子文学"等讨论。 本次大赛征稿时间为2026年2月7日至27日，面向全社会个人开放，无年龄、职业、地域限制。大赛要求作品为原创首发的非虚构写作，字数 800-1500字，严禁抄袭、洗稿及AI协助创作，发布时需添加#用一篇长文记录我的春节 #好好过年养好老己 两大话题词。参赛者可通过抖音电 脑端或手机端的长图文功能投稿，特邀作者可通过 ...

Core Viewpoint - The recent influx of southbound capital into the Hong Kong stock market, particularly in the technology sector, indicates a potential bottoming out despite ongoing market adjustments [1][5]. Group 1: Capital Inflow Trends - Southbound capital has seen a significant net inflow of 637 billion HKD over seven trading days, with notable daily net purchases exceeding 100 billion HKD [1][2]. - The primary sectors attracting this capital include information technology (71.24 billion HKD), financial services (60.84 billion HKD), non-essential consumer goods (51.41 billion HKD), and real estate (41.46 billion HKD) [2]. - Major stocks receiving substantial inflows include Tencent Holdings and Xiaomi Group, with net purchases of 60.77 billion HKD and 31.05 billion HKD, respectively [2]. Group 2: Market Sentiment and Valuation - Analysts suggest that the current valuation of the Hang Seng Technology Index is approximately 22.13 times earnings, which is at a historical low of 24.31% [6]. - Despite the influx of southbound capital, there remains a prevailing cautious sentiment in the market, as evidenced by a net outflow of 18.87 billion HKD on February 9 [5][6]. - The overall market is perceived to be in a deep value zone, with some analysts indicating that the market requires additional conditions to confirm a bottom [6][7]. Group 3: Investment Strategies - Investment strategies are focusing on a balanced approach, emphasizing both growth and value sectors, particularly in technology and high-dividend assets [7][8]. - Analysts recommend a selective investment strategy, highlighting opportunities in AI-related sectors, high-quality dividend stocks, and innovative pharmaceuticals [8]. - The importance of stock selection is increasing, with suggestions to adopt a phased investment approach while monitoring policy changes and global liquidity [8].

Group 1 - The core viewpoint is that China's commitment to openness and welcoming foreign investment is a fundamental reason for the trade growth between Guangdong and other APEC economies [1] - The construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area injects strong momentum into the growth of APEC's trade and economy [1] - The trade relationship between Guangdong and APEC economies has been continuously warming, becoming a highlight in regional economic cooperation [1] Group 2 - By 2025, Guangdong's import and export volume with other APEC economies is projected to reach 6.16 trillion yuan, an increase of 3.3% year-on-year [1] - The export of new driving forces such as integrated circuits, drones, and "new three samples" is experiencing rapid growth [1] - In 2025, private enterprises in Guangdong are expected to have an import and export volume of 3.77 trillion yuan with APEC economies, growing by 4.1%, while foreign-invested enterprises are projected to reach 2.17 trillion yuan, growing by 6.2% [1]

Core Viewpoint - The public fund market is actively launching new equity funds in anticipation of a favorable spring market, with a notable increase in the establishment of low-threshold initiator funds [1][2][5]. Fund Issuance Trends - As of February 9, 2026, a total of 62 fund products are scheduled for subscription this month, including 41 equity funds, 12 mixed FOFs, and 8 bond funds [5][6]. - The majority of the newly launched funds are equity funds, indicating a strong focus on this segment [5][6]. Initiator Funds - Among the seven newly established funds, four are initiator products with lower establishment thresholds, allowing for quicker fundraising and deployment [2][8]. - Since the beginning of the year, over 30 initiator funds have been established, primarily focusing on industry themes such as healthcare innovation, consumption, semiconductors, and technology [2][6]. Market Dynamics - The issuance of public funds is concentrated around the spring season, leveraging the influx of capital and positive policy expectations [5][10]. - Historical data suggests a "calendar effect" in the A-share market around the Spring Festival, with a tendency for market performance to improve post-holiday [11]. Investment Focus - Institutions are expected to focus on sectors such as technology, advanced manufacturing, and non-ferrous metals in February, with an emphasis on areas supported by performance fundamentals [12][13]. - There is a growing trend towards mixed FOFs, reflecting a shift in investor demand for diversified and sustainable long-term value [9].

当港股市场，尤其是科技板块迎来阶段性调整时，一股"热钱"却汹涌南下。 Wind数据显示，截至2月6日的7个交易日内，南向资金连续净流入，累计达637亿港元。其中，2月4日至2月6日连续三个交易日单日净买入额 均超百亿港元，2月5日更是录得250亿港元。近期，南向资金大手笔"抄底"科技与金融龙头，引发市场高度关注。 21世纪经济报道特约记者 庞华玮 在港股持续调整之时，近期南向资金超600亿港元的逆势涌入成为最瞩目的信号，港股市场底部之争再起。 格上基金研究员关晓敏指出，1月中旬以来恒生科技指数震荡下跌，2月初加速探底，而南向资金正是在加速下跌时期逆势大幅净流入。这一行 为表明南向资金对当前港股估值水平的认可。 从资金流向的结构来看，布局方向集中且明确。上一周（2月2日至2月6日，下同），南向资金净买入前四大行业分别为资讯科技业（71.24亿 港元）、金融业（60.84亿港元）、非必需性消费（51.41亿港元）和地产建筑业（41.46亿港元）。 个股方面，腾讯控股、小米集团-W分别获净买入60.77亿港元、31.05亿港元，成为最受青睐的对象。贝壳-W、工商银行、招商银行、华润置 地、美团-W等个股也获得了超过 ...

Core Viewpoint - The regulatory principles for Real World Asset (RWA) tokenization activities have been clearly defined, emphasizing a strict prohibition within China and stringent management for overseas activities [1][2]. Regulatory Framework - The People's Bank of China and other regulatory bodies have jointly issued a notification prohibiting RWA tokenization activities domestically while allowing regulated overseas operations under strict conditions [1][2]. - The China Securities Regulatory Commission has released guidelines requiring prior filing for RWA tokenization based on domestic asset ownership and income rights when conducted overseas, implementing a strict "filing system" [1][2]. Risk Management - The prohibition of domestic RWA tokenization aims to prevent potential financial risks associated with unregulated activities, which could lead to illegal fundraising and capital flight [3][4]. - The regulatory approach distinguishes between domestic and overseas activities based on risk transmission paths and the capacity of the financial system to absorb potential shocks [4][5]. Compliance and Innovation - The notification allows for a narrow pathway for compliant innovation, indicating that RWA tokenization can be a legitimate financing channel for domestic enterprises seeking overseas funding, provided they adhere to regulatory requirements [7][8]. - The guidelines emphasize that RWA tokenization does not fall under the category of virtual currencies, thus subjecting it to a different regulatory framework [7][8]. Market Examples - Notable examples of RWA tokenization include the issuance of RWA tokens by companies like Langxin Group and GCL-Poly Energy in Hong Kong, demonstrating the potential for domestic enterprises to access international capital markets [8][9]. Future Considerations - The regulatory framework aims to accumulate experience in RWA management while promoting the digitalization of financial infrastructure in China, enhancing its position in the global digital finance landscape [9][10].

Core Viewpoint - The public fund market is actively launching new equity funds in anticipation of a strong spring market, with a notable increase in the establishment of initiator funds that allow for quicker fundraising and strategic positioning [1][4][5]. Fund Issuance Trends - As of February 9, 2026, 62 fund products are scheduled for subscription, including 41 equity funds, 12 mixed FOFs, and 8 bond funds, indicating a strong focus on equity funds [4][5]. - The issuance of initiator funds has surged, with over 30 initiator funds established since the beginning of the year, primarily focusing on industry themes such as healthcare innovation, consumption, semiconductors, and technology [1][7]. Initiator Funds Characteristics - Initiator funds require a minimum investment of 10 million yuan from the fund company to establish, facilitating quicker setups and allowing companies to capitalize on market opportunities [1][7]. - In February, 7 new funds were established within a short timeframe, with 4 being initiator funds, highlighting the trend of rapid fundraising in the current market environment [5][6]. FOF Market Recovery - The FOF market is showing signs of recovery, with 3 new mixed FOFs launched in February, including two with issuance scales exceeding 2.4 billion yuan, indicating strong investor interest [8][9]. - The popularity of mixed FOFs reflects a shift in investor demand towards diversified, long-term value growth strategies [9]. Market Outlook - Analysts predict a favorable market performance for A-shares post-Spring Festival, with expectations of increased activity and potential for growth in small-cap and growth sectors [10][12]. - Key investment themes for February include technology, manufacturing, and non-ferrous metals, with a focus on sectors supported by strong earnings fundamentals [12][13].

"很长一段时间内，这个世界上可能少于1%的人相信我们四季度能盈利。"去年年中，蔚来创始人、董 事长、CEO李斌在一场小范围媒体沟通会上的这句话，道尽了这家初代新势力多年来被市场反复质疑的 处境。 成立11年，蔚来并不是新势力中跑得最快的那个，却是被质疑"能否活下去"最多的一家。2025年第四季 度能否实现盈利，更是成为外界对蔚来最后的耐心"通牒"。 这份答案，在 2026 年立春次日如约而至。蔚来发布的盈利预警，像一道划破长夜的曙光，照进了这家 常年被亏损阴霾笼罩的企业。官方公告显示，这家屡屡被追问"何时盈利"的公司，预计2025年第四季度 录得经调整经营利润介乎约人民币7亿元(约1亿美元)至人民币12亿元(约1.72亿美元)。此外，根据GAAP 指标，公司预计在2025年第四季度实现约2亿人民币（约2900万美元）至7亿人民币（约1亿美元）的经 营利润。 消息一出，蔚来美股股价应声大涨10%，资本市场用最直接的方式，给出了对这份盈利答卷的反馈。而 这份迟到了十一年的季度盈利，背后是销量增长、产品结构优化与全维度成本管控的三重合力，更是蔚 来从"靠情怀造车"到"靠精算经营"的彻底转身。 数字本身或许并不惊人， ...

Core Viewpoint - Nanotechnology, despite its minuscule scale of 10^-9 meters, holds the potential to break technological barriers and create new productive forces, serving as a cornerstone for advancements in AI, chips, and biomedicine [1] Group 1: Nanotechnology Applications - Almost all upstream industries can benefit from the application of nanomaterials and technologies [2] - The display industry has seen advancements with quantum dot technology, which enhances screen quality and reduces energy consumption [4] - Various products utilizing nanotechnology, such as AR glasses and rapid drug testing devices, are emerging, indicating the broad applicability of nanotechnology in daily life [6] Group 2: Industry Development and Goals - The Guangdong-Hong Kong-Macao Greater Bay Area is focusing on overcoming "bottleneck" technologies and building platforms for concept verification and pilot testing to bridge the gap between laboratory research and market products [1][7] - The goal is to accelerate the industrialization of high-end nanomaterials, supporting future industries like quantum information and precision medicine [7] - The establishment of a national-level innovation platform for nanotechnology aims to enhance collaboration among leading enterprises and support the innovation chain [9] Group 3: Research and Development Mechanisms - The Guangdong Nanotechnology Innovation Research Institute (广纳院) is shifting from a bottom-up approach to a top-down model, addressing industry needs directly to shorten marketization cycles [8] - The institute has developed various platforms for technology transfer, including clinical trial centers and performance testing centers, to support R&D and commercialization [9] - The institute has successfully nurtured several enterprises and raised significant funding, indicating a robust ecosystem for nanotechnology innovation [9]

在增长策略层面，京东买药秒送构建了覆盖"流量获取—转化促进—留存裂变"的全链路工具体系，助力 商家精细化运营。平台通过桃花岛共补、外场流量合作等方式拓展获客渠道，以新客首单包邮、门详弹 窗共建等工具提升转化效率，并借助搭配购、结算页顺手买等能力拉动客单增长。 此外，在平台政策层面，平台推出商家体检分评价体系，帮助门店快速定位经营短板。优质商家可获 得"精选"标识、补贴倾斜、流量加权等权益；新商家则享有专属商服指导、广告补贴、流量扶持三重保 障。2025年，超百家商家参与"商家激励计划"，实现了生意的有效增长。 品牌价值跃迁：从"卖产品"到"传递健康价值" 如果说对药店的赋能体现在"增量"上，那么对药企的价值则在于"增值"。京东买药秒送通过构建完整的 品牌增长路径，助力药企从"卖产品"升级为"传递健康价值"。 当前，健康消费正经历深刻的代际变迁。即时性、个性化、场景化的健康需求的快速增长，推动即时零 售从"风口"演变为医药健康行业的"新基础设施"。据商务部研究院发布的《即时零售行业发展报告 （2025）》预测，即时零售市场规模2030年将超2万亿元。其中，医药O2O赛道表现尤为亮眼，有望成 为药品零售的主要增长 ...