谷歌去年12月份曾发布过具备"思考能力的Gemini，但Gemini 2.5系列模型则是谷歌挑战OpenAI"o 系列模型迄今最重磅尝试。其旗舰版本Gemini 2.5 Pro Experimental在多项基准测试中超越OpenAI、 Anthropic等竞争对手。 Gemini 2.5 Pro支持文本、图像、音频、视频及代码的多模态输入，上下文窗口达100万token（约75 万单词），可解析完整《指环王》系列文本，未来将升级至200万token。 谷歌表示，"推理"能力不仅仅指分类和预测，而是指系统分析信息、得出逻辑结论、融入上下文和 细微差别，以及做出明智决策的能力。 谷歌发布新一代推理模型反击OpenAI，单次可处理 百万token 3月26日凌晨，谷歌正式推出新一代人工智能推理模型Gemini 2.5，该模型基于多模态大语言框架升 级，显著增强了推理能力、多语言支持及长文本处理能力。 据官方介绍，Gemini 2.5通过优化算法架构，将响应速度提升40%，能耗降低25%。在关键指标测 试中，其复杂逻辑任务完成度较前代提升65%，尤其在医疗诊断辅助、法律文书生成等垂直领域展现出 更高精度。 Gemi ...

Group 1 - The core viewpoint indicates that the fundamentals are likely to continue supporting the relative performance of Hong Kong stocks, particularly in the internet sector, as evidenced by the rise of the Hong Kong Internet ETF (159568) and individual stocks like Kingdee International [1][2] - As of March 25, 2025, the Hong Kong Internet ETF has shown a maximum monthly return of 30.31% since its inception, with a historical one-year profit probability of 100% [1][2] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [2] Group 2 - The Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which consists of 30 listed companies involved in internet-related businesses [3] - The top ten weighted stocks in the CSI Hong Kong Internet Index account for 78.75% of the index, with major players including Alibaba, Xiaomi, and Tencent [3][4] - The current price-to-earnings ratio (PE-TTM) of the index is 24.21, indicating it is at a historical low compared to the past five years [2]

业界各类模型密集发布，科创AIETF(588790)低开高走涨近1%，恒玄科技、 云天励飞涨超3% 截至2025年3月26日 09:36，上证科创板人工智能指数(950180)强势上涨1.38%，成分股恒玄科技(688608)上涨3.88%，云天励飞(688343)上涨3.14%，天准 科技(688003)上涨3.07%，复旦微电(688385)，优刻得(688158)等个股跟涨。科创AIETF(588790)上涨0.99%，最新价报0.61元，盘中成交额已达3173.10万元， 暂居可比ETF1/5。 从资金净流入方面来看，科创AIETF近5天获得连续资金净流入，最高单日获得8768.16万元净流入，合计"吸金"2.68亿元，日均净流入达5354.61万元。 绝对收益方面，截至2025年3月25日，科创AIETF自成立以来，最高单月回报为15.59%，最长连涨月数为2个月，最长连涨涨幅为26.17%，涨跌月数比为 1/0，上涨月份平均收益率为15.59%，月盈利百分比为100.00%，月盈利概率为91.43%。 近日，腾讯混元正式推出自研深度思考模型混元T1正式版。通过大规模强化学习，并结合数学、逻辑推理、 ...

减持速报 | 安博通(688168.SZ)多高管拟集体减持， 立昂技术(300603.SZ)总裁周路计划减持 1. 读客文化(301025.SZ)：控股股东、实际控制人之一致行动人宁波读客企业管理合伙企业（有限 合伙）于2025年3月8日至2025年3月24日期间通过集中竞价、大宗交易累计减持5,277,700股，占公司总 股本的1.32%，减持后控股股东、实际控制人及其一致行动人合计持有公司股份比例由73.99%减少至 72.67%。 2. 广立微(301095.SZ)：持股5%以上股东北京武岳峰亦合高科技产业投资合伙企业（有限合伙）及 其一致行动人上海建合工业软件合伙企业（有限合伙）、常州武岳峰桥矽实业投资合伙企业（有限合 伙）自2024年12月3日起15个交易日后的3个月内通过集中竞价方式减持公司股份数量不超过1,570,000 股，即不超过公司股份总数的0.7967%，截至2025年3月25日，减持计划已实施完成。 3. 华骐环保(300929.SZ)：控股股东的一致行动人刘光春、兰萍计划在本公告披露之日起15个交易 日后的3个月内以集中竞价交易方式合计减持本公司股份不超过1,321,300股，即减持 ...

自由现金流ETF(159201)连续7天净流入，规模再创成立以来新高 截至2025年3月26日9:49，国证自由现金流指数(980092)下跌0.01%。成分股方面涨跌互现，凌云股份、可川科技、亚太股份等领涨；潍柴重机、淮河能源、 山鹰国际等领跌。自由现金流ETF(159201)多空胶着，最新报价1.03元，盘中成交额已达6060.00万元，换手率2.61%。 从资金净流入方面来看，自由现金流ETF近7天获得连续资金净流入，最高单日获得2.34亿元净流入，合计"吸金"7.79亿元，日均净流入达1.11亿元。份额方 面，自由现金流ETF最新份额达22.53亿份，创成立以来新高。规模方面，自由现金流ETF最新规模达23.23亿元，创成立以来新高。 国证自由现金流指数的长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2013/12/31以来，截至2024年底，国证自由现金流全收益指数累 计涨幅达633.08%，年化收益率为20.45%，领先于市场上主要自由现金流全收益指数。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | 区间收益率(年化) | 年化波动率 | Sharpe(年化) | | - ...

财说| 涨价逻辑蔓延到环氧丙烷，红宝丽真能受益吗？ 近期，原材料涨价成为贯穿市场的投资主线，其中包含环氧丙烷。 环氧丙烷是连接石油化工与精细化工的关键中间体，下游应用广泛，主要集中在聚氨酯产业链及精细化学品领域，例如家具海绵、建筑保温材料、防冻液 等。由于海外陆续出现产能退出情况，环氧丙烷价格变化加剧。 红宝丽是国内硬泡组合聚醚龙头企业，主营"环氧丙烷-聚醚多元醇/异丙醇胺"产业链，同时也是国内规模化全系列生产异丙醇胺的企业，主要竞争对手为陶 氏、巴斯夫等。 事实上，A股市场主要产品为环氧丙烷的公司有很多。万华化学（600309.SH）拥有超过40万吨/年的环氧丙烷产能，维远股份（600955.SH）则拥有30万吨/ 年的环氧丙烷设计产能，滨化股份（601678.SH）和航锦科技（000818.SZ）分别拥有27万吨/年以及10万吨/年的设计产能。作为对比，红宝丽当前有10万吨/ 年的产能，在A股众多同行中并不占优势。 在产能利用率及工艺方面，红宝丽同样处于劣势。维远股份30万吨/年的环氧丙烷采用双氧水直接氧化法（HPPO），属于国际主流环保工艺，符合国内"双 碳"政策导向；滨化股份27万吨/年的环氧丙烷采用 ...

Group 1 - The National Market Supervision Administration launched a unified platform for credit repair, facilitating efficient credit restoration for business entities [1] - The platform allows for "one-stop access" and cross-regional credit repair, enabling businesses to query and apply for credit repair services easily [1] - The platform aims to reduce the burden on businesses by allowing data to be processed more efficiently [1] Group 2 - The National Market Supervision Administration issued a trial guideline for the discretionary power of administrative penalties related to business concentration violations [2] - The guideline clarifies the basis and standards for penalties, aiming to protect the legitimate rights of businesses and enhance compliance awareness [2] - It promotes a comprehensive regulatory approach to business concentration, contributing to a market-oriented and law-based business environment [2] Group 3 - The Ministry of Natural Resources announced the selection of national-level green mines, emphasizing sustainable mining practices [3] - The selection will focus on independent mining enterprises that meet specific ecological and management criteria [3] - The Ministry prohibits third-party assessment agencies from charging fees to mining companies, ensuring fair evaluation processes [3] Group 4 - The National Medical Insurance Administration encourages drug manufacturers to upload traceability information to a unified platform [4] - Over 350 pharmaceutical companies have connected to the platform, enhancing supply chain management through traceability [4] - The platform provides free services for querying traceability information, benefiting the entire pharmaceutical supply chain [4] Group 5 - The Ministry of Commerce reported a stable development trend in the consumer market, supported by ongoing consumption expansion policies [5] - In the first two months of the year, retail sales reached 8.37 trillion yuan, a year-on-year increase of 4.0%, with a notable acceleration compared to the previous year [5][6] - The growth in retail sales was driven by positive performance across various product categories, particularly in the catering sector [6] Group 6 - In February, national lottery sales reached 41.855 billion yuan, marking a year-on-year increase of 15.3% due to a low base from the previous year [8] - Welfare lottery sales increased by 17.4%, while sports lottery sales grew by 14.2% [8] - Cumulatively, lottery sales for January and February totaled 90.374 billion yuan, reflecting a year-on-year decline of 3.7% [8] Group 7 - The National Energy Administration responded to public concerns regarding the price discrepancies in electric vehicle charging stations [9] - The competitive market structure allows for variations in charging fees based on location and operational costs [9] - The administration will monitor charging service prices to ensure fair practices and maintain market order [9]

电解液龙头新宙邦毛利率连续四年下滑 电解液龙头新宙邦(300037.SZ)去年净利再度负增长。 3月24日，新宙邦披露2024年年报，其去年实现营收78.47亿元，同比增加4.85%；净利润9.42亿 元，同比减少6.83%。 这是新宙邦连续第二年净利同比减少，但下降幅度已明显收窄。该公司2023年的净利润为10亿元， 同比减少42.5%。在此之前的2015-2022年，新宙邦连续七年实现净利增长。 值得注意的是，去年新宙邦毛利率为26.49%，连续第四年出现下滑，已较2020年的36%降低了近10 个百分点。 新宙邦毛利率的下滑，或与其电池化学品业务近年来的疲软相关。 成立于2002年的新宙邦，以新型电子化学品及功能材料的研发、生产、销售和服务为主营业务，主 要产品包括电池化学品、有机氟化学品、电容化学品、半导体化学品四大系列。 2024年，电池化学品、有机氟化学品、电容化学品三大业务为新宙邦贡献了总计94.44%的营收。 其中，电池化学品业务实现营业收入51.16亿元，同比增长1.24%，占总营收比例为65.19%，较上年同期 下滑超2个百分点。 新宙邦电池化学品系列的主要产品为锂离子电池电解液，是锂离子 ...

快手可灵AI开始赚钱了 摄影：范剑磊 界面新闻记者 | 肖芳 界面新闻编辑 | 文姝琪 在各个互联网大厂还在探索AI的商业化场景时，快手可灵AI已经开始赚钱了。 3月25日，快手发布2024年Q4及全年业绩显示，全年总营收同比增长11.8%至1269亿元，全年经调整净 利润同比增长72.5%达177亿元。其中，可灵AI自商业化以来到今年2月累计营业收入超1亿元。 2024年6月，快手推出视频生成大模型可灵AI。在商业化上，可灵AI推出了面向C端（用户）的会员收 费模式和面向B端（企业）的API订阅模式。其中，可灵AI的会员服务分为三个等级，价格分别为66 元、266元和666元。在去年11月的第三季度财报电话会上，快手CEO程一笑曾透露，可灵AI服务用户 已超500万，商业化单月流水超千万，2025年预计会大幅增长。 在API订阅上，可灵AI目前已与包括小米、亚马逊云科技、Freepik、蓝色光标等在内的数千家国内外企 业客户建立了合作关系。 在3月25日晚间的财报电话会上，程一笑称，快手正站在AI技术与视频大模型重塑产业格局的关键节 点，AI不仅是效率提升工具，更是驱动平台在流量增长的同时，创造更多商业生态 ...

Core Insights - ESR Group has made significant progress in its transformation strategy, focusing on logistics real estate, data centers, and infrastructure to achieve sustainable growth [3][4] - The company aims to optimize its balance sheet and streamline operations through the "One ESR" initiative, enhancing overall business resilience [3][4] - As of the end of 2024, ESR's total assets under management related to management fee income reached $71.4 billion, with approximately 60% coming from new economy businesses [3][4] Financial Performance - ESR raised $5.4 billion in funding in 2024, demonstrating investor confidence in a challenging financing environment, with over 75% of the total financing coming from core business contributions [3][4] - The company successfully broadened its investor base, raising $2.3 billion from new investors, accounting for 42% of the total fundraising [3][4] Asset Management and Sales - ESR completed over $1 billion in asset joint sales, including seed assets injected into the newly listed ESR C-REIT, with an additional $2.7 billion in assets earmarked for future sales [3][4] Market Position and Growth Strategy - ESR maintains one of the largest development project reserves in the Asia-Pacific region, valued at approximately $11.4 billion, enabling strategic space and investment solutions in large-scale logistics and data centers [4][5] - The company is accelerating its data center strategy, including the completion of the ESR Cosmosquare OS1 data center and a joint venture with CloudHQ [4][6] Operational Highlights - ESR's new economy asset portfolio has a rental occupancy rate of 87%, supported by the stabilization of large assets across multiple markets [5] - The weighted average rental growth rate increased to 12.6%, with Australia, New Zealand, and South Korea experiencing strong rental growth rates of approximately 26% and 27.9% respectively [5] Infrastructure Development - ESR has initiated 375 MW of construction projects in its data center business, with the first completed asset, OS1, part of a strategy to provide over 2 GW of secured land and power pipelines [6] - The company is actively building an infrastructure platform to offer investment solutions supported by assets, companies, or platform equity, focusing on decarbonization, data transmission, and supply chain efficiency [6] Long-term Vision - In the context of digital and low-carbon transformation, ESR's strategy in logistics real estate, data centers, and infrastructure lays the foundation for sustainable growth [7] - The company is committed to creating long-term sustainable value by strengthening its financial position, expanding its capital partner base, and reinvesting capital into growth opportunities [7]