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].

Core Viewpoint - The Chinese automotive industry is shifting from "incremental competition" to "stock game," with a focus on technology, user experience, and value in the context of increasing penetration of electric vehicles [1] Industry Trends - The competition in the electric vehicle sector has evolved beyond price wars to include comprehensive assessments of technology, user operations, and brand strategies, particularly in the niche of "ice and snow travel" [1] - The implementation of a mandatory electric vehicle energy consumption limit standard starting January 1, 2026, will compel companies to upgrade their technologies and shift from a crude battery-stacking approach to refined cold-weather technology development [2] Company Initiatives - Great Wall Motors launched an "Ice and Snow Happy Week" in Harbin, addressing electric vehicle owners' concerns about winter driving through user engagement and the establishment of a rescue fund and warm service stations [1][3] - The company emphasizes a user-centered approach, with feedback from real-world experiences being crucial for product development and improvement [2][3] Technical Developments - The performance of electric vehicles in cold environments is a significant concern, with issues such as reduced battery activity and challenges in traction and stability on icy roads being highlighted [1] - Great Wall Motors is focusing on developing technologies tailored for cold weather, with its Hi4 technology system designed to enhance stability and safety on icy surfaces [3][4] Strategic Importance - The significance of the ice and snow travel sector has risen to a strategic level within the industry, driven by the vast market potential in northern regions and the technological advancements that can enhance the overall electric vehicle ecosystem [4] - Great Wall Motors has integrated its approach to ice and snow travel across research, production, and service, establishing a comprehensive framework for safety and performance standards [4]

本报记者 于宏 同时，券商还对多只个股给出了目标价，以供投资者参考。例如，天风证券给予华鲁恒升的目标价为46.37元/股，其最新 收盘价（2月9日收盘价，下同）为36.34元/股；华泰证券给予新和成的目标价为38.24元/股，其最新收盘价为29.83元/股。 此外，今年以来，有282只个股获得了券商的首次关注。其中，按券商家数排序，世纪华通获得5家券商的首次关注；日联 科技获得4家券商首次关注；悍高集团、锦华新材、西麦食品均获得3家券商的首次关注。 今年以来，随着A股公司2025年业绩预告、快报陆续披露，券商也在加速更新个股评级。Wind资讯数据显示，年内截至2 月9日（下同），券商已对25只个股上调评级；从另一个维度来看，券商对713只个股给出了"买入"评级，其中，电子、电力设 备、机械设备、汽车等板块较受关注。 在券商上调个股评级方面，上述25只个股中，有3只获得了"强烈推荐"评级。具体来看，方正证券对淮北矿业的评级由"推 荐"上调至"强烈推荐"；招商证券对中国中免、帝科股份的评级均由"增持"上调至"强烈推荐"；菜百股份、潍柴动力等22只个股 的评级，被券商由"增持"上调至"买入"。 在券商给予个股"买入 ...

Core Insights - The report reveals that 57 non-listed life insurance companies achieved a total insurance business revenue of 1.20 trillion yuan, marking a year-on-year growth of 12.0%, and a net profit of 666.24 billion yuan, which represents a significant increase of 162.4% [1] - The growth in insurance business revenue is attributed to operational model reforms, product structure adjustments, and a decrease in liability costs, while the net profit increase is driven by a recovering capital market, rising investment returns, and cost reductions from the "reporting and operation integration" policy [1][3] Revenue Performance - In 2025, major companies such as Taikang Life, China Post Life, and ICBC-AXA Life reported insurance business revenues exceeding 50 billion yuan, with figures of 238.66 billion yuan, 159.17 billion yuan, and 50.86 billion yuan respectively [2] - Out of the 57 companies, 42 reported a year-on-year increase in insurance business revenue, while 47 companies achieved profitability, totaling a net profit of 686.81 billion yuan, with 10 companies incurring losses amounting to 2.06 billion yuan [2] Profitability Analysis - The net profit of the leading companies includes Taikang Life, China Post Life, and China CITIC Prudential Life, with net profits of 271.59 billion yuan, 83.47 billion yuan, and 50.00 billion yuan respectively [2] - Experts indicate that the profitability growth is a result of overcoming market challenges through product structure and channel strategy adjustments, as well as optimizing asset allocation [2] Investment Returns - The average financial investment return rate for the 57 non-listed life insurance companies was 4.65%, reflecting a year-on-year increase of 0.35 percentage points, while the average comprehensive investment return rate was approximately 2.92%, showing a decline of 5.97 percentage points [4] - The disparity in investment return performance is attributed to accounting classification adjustments in bond investments and differences in market performance [4] Future Outlook - The predetermined interest rate for ordinary life insurance products has shown a declining trend, with the latest value at 1.89%, down from previous values of 2.34%, 2.13%, 1.99%, and 1.90% [5] - Experts suggest that insurance companies should reduce reliance on interest rate spreads and focus on value competition by developing dividend insurance and universal insurance, as well as leveraging technology for cost reduction and efficiency [5]

■苏向杲 但"机构化"并不完全等同于"长期化"。现实中，基于流动性管理或策略轮动的需要，若部分机构在ETF 投资上交易过于拥挤或同质化，也可能在特定时点放大市场波动。 近日，上交所ETF官方公众号"上交所ETF之家"发布的数据显示，2025年境内ETF(交易型开放式指数基 金)市场规模先后突破4万亿元、5万亿元、6万亿元关口，成为亚洲第一大ETF市场。 这一跨越具有里程碑意义，它既折射出监管部门一系列深化改革举措的成效，也印证了资本市场结构的 持续优化。指数化投资正成为市场发展的重要趋势。 当然，在肯定成绩的同时，也需要客观理性地看待——2025年境内ETF市场规模同比大增61.4%，除产 品份额提升外，也与资本市场整体回暖带来的净值修复密切相关。长远来看，我国ETF市场在服务资本 市场高质量发展、适配实体经济转型需求以及回应投资者长期理财痛点等方面，仍有较大的潜力和提升 空间。 笔者认为，站在6万亿元这一新起点上，境内ETF市场更需承担起"质量做强"的新使命。 其一，持续优化资金生态，从"做大ETF"转向"让ETF更好稳住市场"。 ETF的快速扩容，客观上改变了A股市场的资金结构。截至去年底，沪市ETF中机 ...

（文章来源：证券日报） 证券日报网讯 2月9日，有研新材在互动平台回答投资者提问时表示，截至2026年1月20日公司股东户数 为129222户。 ...