2026年1月16日，招商银行"招银金葵号"和浦发银行"浦银数智"卫星成功发射入轨。 作为低轨窄带卫星物联网星座"天启星座"一期组网后发射的增强星，上述两颗银行系卫星在引人遥望之 余，留下更多讨论——银行为何开始发射卫星了？ 事实上，无论是在联名合作的台前，还是在为商业航天产业发展提供金融支持的背后，都不乏银行的身 影。这种看似遥远的"跨界"，实则蕴含着更为深层的联结：银行的数字金融基建版图借力航天技术 向"天空"拓展，商业航天产业因金融"燃料"补给而获得腾飞的动力。 银行业多路径"揽星" 记者从招商银行、浦发银行了解到，此次发射升空的"招银金葵号"和"浦银数智"卫星，由北京国电高科 科技有限公司（以下简称"国电高科"）设计研发。 这并非银行与商业卫星公司合作发射卫星的首例。在此之前，招商银行与低轨宽带卫星互联网星座"千 帆星座"合作，先后于2024年、2025年发射"招银1号""招银2号"两颗低轨宽带卫星；平安银行于2020 年、2022年就与国电高科合作，先后发射同隶属于"天启星座"的"平安1号""平安2号"，成为最早参与发 射卫星的商业银行。 依托低轨卫星，银行的金融资产管理、金融风控、金融应急通信等业 ...

Core Insights - The Ministry of Industry and Information Technology (MIIT) has announced the establishment of a national computing power interconnection node system to enhance the efficiency and service level of public computing resources, promoting high-quality development in the computing power industry [1][2] - The policy aims to optimize the layout of computing power, alleviate supply-demand imbalances across regions and industries, and stimulate demand along the industry chain, presenting tangible growth opportunities for related listed companies [1][2] Policy Framework - The national computing power interconnection node system consists of one national node and multiple regional and industry nodes, providing comprehensive support services for interconnection and monitoring [2] - The establishment of a "1+M+N" system is designed to break down barriers between different types of computing power, improving resource utilization efficiency and supporting high-quality industry development [2][3] Industry Trends - The computing power sector has seen a surge in policy initiatives aimed at accelerating high-quality development, with various local governments actively promoting interconnection efforts [3] - The demand for computing power is increasing due to rapid advancements in AI models and commercial aerospace, pushing companies to enhance their technological capabilities and service efficiency [3][4] Market Dynamics - As of December 2025, the consumer scale of computing power internet users in China is approaching 10 million, with the public intelligent computing service market exceeding 130 billion yuan [4] - The application of computing power is expected to penetrate multiple scenarios, including manufacturing and agriculture, fostering a multi-layered computing ecosystem that lowers innovation barriers for enterprises [4] Technological Innovations - Companies in the computing power industry are focusing on technological innovations in areas such as computing scheduling and large model training to seize development opportunities [5][6] - Significant breakthroughs have been achieved in domestic computing training efficiency, with improvements in training efficiency for various models, marking a substantial advancement in the domestic computing platform [5][6] Strategic Focus - Companies are encouraged to enhance quality and efficiency while collaborating within the ecosystem, focusing on high-demand areas such as liquid cooling and optical modules [6] - Leveraging the computing power interconnection nodes, companies aim to optimize resource scheduling and application scenarios, creating differentiated solutions to capture niche markets [6]

Core Insights - The AI toy industry is experiencing significant growth, driven by emotional interaction and advanced technology, particularly in Yiwu, China, which has become a global hub for smart toys [1][2][7][10]. Group 1: Industry Trends - The demand for AI toys has surged, with a 125% increase in search queries on e-commerce platforms like JD.com during the New Year shopping season [2]. - AI toys are evolving from traditional playthings to emotional companions, catering to both children and adults, thus expanding their market reach [2][4]. - The global market for AI toys is projected to exceed 100 billion yuan by 2030, with a compound annual growth rate of over 50% [10]. Group 2: Technological Advancements - AI toys have undergone multiple iterations, improving their interaction capabilities significantly, allowing them to understand and respond to user emotions [3][5][6]. - The latest AI toys incorporate multi-modal sensing and offline content, enhancing emotional interaction with users [5][6]. - The integration of AI technology into traditional toy manufacturing is transforming the industry, shifting from a product-driven to a demand-driven approach [6]. Group 3: Market Dynamics - The export value of Yiwu toys reached 21.81 billion yuan in the first ten months of last year, with smart toys being a key growth driver [9]. - Companies are increasingly focusing on developing AI toys for international markets, adapting products to meet diverse cultural and consumer needs [7][8]. - The AI toy sector is attracting significant investment, with a notable increase in funding events and amounts in recent years, indicating strong market interest [10][11]. Group 4: Consumer Insights - The primary consumers of AI toys are children, but there is a growing interest among young adults seeking emotional companionship [15][17]. - There is an emerging market for AI toys tailored to the elderly, addressing their emotional and entertainment needs [15][17]. - Consumers are looking for AI toys that offer rich interactive experiences, combining various sensory inputs beyond just voice interaction [15][16].

2月10日，中电科蓝天科技股份有限公司（以下简称"电科蓝天"）正式上市，作为电能源产业的"国家 队"、科创板新晋"硬科技"企业，电科蓝天凭借深厚的技术积淀和全产业链优势，在宇航电源、特种电 源、新能源应用及服务领域大放异彩。 在全球航天产业高度活跃、国内商业航天快速发展的背景下，电科蓝天董事长郑宏宇向《证券日报》记 者讲述，这家深耕电能源领域数十年的企业，正以"深空探测+商业航天"双轮驱动为抓手，向"市场化龙 头"迈进，借助资本市场力量拓宽发展边界，兼顾国家战略与市场活力。 拓宽发展边界 虽然对于大多数人而言，电科蓝天是陌生的。但是，公司研制的宇航电源产品贯穿中国航天发展史，自 1970年为我国第一颗人造卫星"东方红一号"提供电源产品以来，电科蓝天已为神舟飞船、天宫空间站、 北斗卫星、嫦娥月球探测器、天问火星探测器、高分卫星等多个国家与国防重大工程的700余颗卫星、 飞船、探测器、空间站提供了优质可靠的电源产品。 "50%以上"，这是2024年电科蓝天在国内宇航电源产品市场的覆盖率，能在这个领域"执牛耳"并非偶 然，而是电科蓝天数十年技术深耕与体系化布局的必然结果。郑宏宇告诉《证券日报》记者，公司在电 能源领 ...

近期，AI漫剧概念在资本市场持续升温。业内认为，AI漫剧已成为当前微短剧行业增长最迅猛的板 块，预计将成为AI应用重要的商业化落点之一。 例如，2025年以来，欢瑞世纪（000892）联合股份有限公司(以下简称"欢瑞世纪")核心业务结构持续优 化，短剧、AI漫剧、互动影游等新业务布局实现突破性进展，公司战略转型已逐步转化为实质性成 效，在影视行业中走出一条可持续发展之路。 业内认为，这种变革不仅降低了创作门槛，更高度契合当下碎片化的消费趋势，有望通过内容裂变实现 快速扩张。 艾媒咨询发布的《2025—2026年中国AI漫剧行业趋势白皮书》数据显示，2025年中国动画微短剧市场 规模达到189.8亿元，同比增长276.3%，预计2030年这一数字将突破850亿元。其中，AI漫剧作为微短剧 新兴细分赛道，商业潜力显著。 AI技术的深度介入彻底改写了漫剧的生产逻辑，并带来显著的降本增效成果。 "从创作端看，AI重构漫剧的核心非常明显，就是降本增效。一方面，它能将短剧类内容的成本降低 70%到80%，制作周期也能压缩到按天计算。"广州艾媒数聚信息咨询股份有限公司CEO张毅对《证券 日报》记者表示，另一方面，AI也带来 ...

Group 1 - The financial data for January is expected to show a significant increase in new RMB loans and social financing compared to December, with estimates suggesting new loans could reach 5 trillion yuan, an increase of approximately 4 trillion yuan month-on-month, but a decrease of about 100 billion yuan year-on-year [1] - Analysts predict that the new social financing in January will be around 7 trillion yuan, with bond financing expected to be a major support factor, indicating a stable overall performance in credit and social financing [2] - The growth rates of various loan balances, social financing, and M2 (broad money) are anticipated to slightly decline, yet remain significantly above the nominal GDP growth rate, reflecting a continued supportive monetary policy stance [2] Group 2 - The chief economist at Zheshang Securities forecasts a potential reduction in reserve requirement ratios by 25 to 50 basis points and a 10 basis point interest rate cut in 2026, alongside ongoing structural monetary policy tools aimed at supporting sectors like technology innovation and small to medium enterprises [2]

开年以来，多地将夜间经济写入地方政府工作报告，通过政策工具箱激活夜间消费潜力，使其成为服务 消费扩容提质的重要抓手。 记者注意到，已有地方推出了支持夜间经济发展的专项方案。比如，《南京市进一步促进夜间经济发展 的若干措施》(以下简称《若干措施》)提出，南京将按照示范性强、特色鲜明、持续创新的原则，全力 打造具有国内外知名度的夜间消费地标，打造活力明显、集聚度高的夜间消费集聚商圈(步行街)，以及 零售餐饮、文化娱乐、阅读健身等夜间消费特色场景。重点培育老门东市集等特色项目，推出夜间消费 电子地图，持续提升"夜金陵"品牌影响力和辐射力。 此外，《若干措施》还提出，将加大对夜间经济发展的政策支持力度，在消费新业态新模式新场景试 点、国际化消费环境试点建设中，强化夜间消费项目支持。 宋向清认为，夜间经济正迈入文旅融合、业态多元的高质量发展阶段，成为城市新名片。 那么，未来各地发展夜间经济有哪些着力点？朱华雷建议，可以发展夜间演艺、沉浸式展览、非遗工 坊、夜跑赛事等多元场景；同时，结合本地文化资源，打造"小而美"、有记忆点的特色IP。 "发展夜间经济需以特色化、体验感为核心抓手，聚焦'小而美'消费新场景打造，深挖本土文 ...

本报记者 王宁 2月9日，中国期货业协会（以下简称"中期协"）发布数据显示，以单边计算，1月份全国期货市场成交量为9.12亿手，成交 额达100.26万亿元，同比分别增长65.09%和105.14%。 对此，安粮期货研究所负责人赵肖肖向《证券日报》记者表示，1月份期货市场活跃度显著提升，主要在于以下几方面原 因：一是市场板块轮动效应凸显，大宗商品受各类资金青睐，资产配置价值进一步凸显，吸引资金持续流入；二是避险与资产 配置需求显著提升，受海外市场地缘风险影响，投资者积极增配黄金等避险资产，推动贵金属板块交易活跃；三是部分品种价 格波动加大，交易活跃度提升，吸引了套期保值资金入场；四是年初季节性效应显现，机构资金布局意愿增强。 浙商期货相关负责人告诉记者，1月份期货市场成交量和成交额同比显著增长，核心原因在于年初增量资金集中入场，客 户权益显著提升，流动性持续充裕。同时，贵金属、有色金属等板块波动加大，吸引机构与产业客户积极参与套期保值。综合 来看，多因素共振推动了成交规模与活跃度同步走高，期货市场功能得到有效发挥。 另外，按成交额统计来看，各商品期货交易所排名前三的品种分别为上海期货交易所的白银、黄金、铜；郑 ...

Core Viewpoint - The upcoming Chinese New Year has led to increased consumer activity in the Shenzhen Luohu Shuibei market, the largest gold and jewelry trading hub in China, despite rising gold prices and associated challenges for jewelry companies [1]. Group 1: Market Activity - The Shuibei market is bustling with both wholesale and retail customers, with gold prices displayed at 1292 yuan per gram [2]. - Consumer enthusiasm remains high, with individuals like Ms. Lu purchasing gold jewelry as a reward for their hard work, indicating a positive sentiment towards gold investment despite higher prices compared to last year [2]. - Retailers are adapting to changing consumer preferences, with a focus on smaller weight gold jewelry and innovative designs, such as gold phone stickers featuring popular motifs [2]. Group 2: Challenges Faced by Businesses - The significant fluctuation in raw material costs poses a major challenge for market dealers, prompting a shift from traditional inventory models to new strategies that reduce operational risks [2][3]. - Companies are facing doubled funding requirements for inventory, necessitating improved cash flow management and inventory optimization to alleviate financial pressure [3]. Group 3: Industry Responses - Companies in the gold jewelry sector are employing hedging strategies, product innovation, and channel expansion to capitalize on market opportunities amid fluctuating gold prices [4]. - Hedging has become a standard tool for larger listed companies to mitigate risks associated with gold price volatility, with firms like Beijing Caishikou Department Store engaging in hedging aligned with their business scale [4]. - Product innovation is crucial for maintaining competitiveness, with companies like Zhou Dasheng introducing lightweight and personalized gold products aimed at younger consumers [4]. - Channel development is essential, with companies like Chao Hong Ji actively pursuing an omnichannel strategy and expanding internationally, particularly in Southeast Asia [4].

本报记者 张晓玉 当前，中国汽车行业正由"增量竞争"深度转向"存量博弈"。在新能源汽车渗透率持续攀升的背景下，行业竞争已从单纯的 价格战，全面升级为技术、体验与用户价值的综合较量。尤其在"冰雪出行"这一细分赛道，竞争维度已不再局限于传统的性能 测试与冬季营销，而是演变为涵盖技术实力、用户运营与品牌战略的多维比拼。如今，冰雪环境不仅成为检验产品可靠性的天 然试炼场，更已成为车企构建品牌差异化优势的新高地。 近日，长城汽车在黑龙江哈尔滨启幕冰雪欢乐周，以技术"暖实力"直面新能源车主冰雪焦虑，长城汽车董事长魏建军在现 场与车主深度互动、倾听一线用车反馈，宣布设立救援基金与暖心驿站，将"以用户为中心"的理念深植冰雪出行全场景。 魏建军对《证券日报》记者表示："在造车这条路上，我们始终不忘初心、坚守底线，坚持长期主义。我们将持续把安 全、耐久、耐用放在首位，努力为用户创造更多价值，尽可能减少使用中的麻烦。为此，我们会持续提升产品质量与可靠性， 真正走进用户、深入基层，尤其重视与车主面对面交流，认真听取大家的一手建议。" 冰雪出行对新能源汽车的性能考验，体现在续航、操控、安全等全维度，也是当前北方用户的核心用车痛点。低温 ...