2月2日，A股上市药企白云山（证券代码：600332）发布公告显示，公司参与合作设立的广州广药广开创业投资基金合伙企业（有限合伙）（"广药广开基 金"）已于今年1月完成工商登记、取得营业执照，并在中国证券投资基金业协会完成备案手续。公告同时披露，广药广开基金首期实缴出资合计1.2亿元。 广药广开基金出资方及出资比例为广开基金占50%、广药二期基金占48.75%、广药资本占1.25%。其中，出资占比最多的广开基金为黄埔投资控股（广州） 有限公司和广州金控基金管理有限公司的合资公司。 白云山公告显示，近日该公司接到广药资本的通知，广药广开基金已于2026年1月30日在中国证券投资基金业协会完成备案手续，并取得了《私募投资基金 备案证明》。 根据备案信息，该基金名称为广州广药广开创业投资基金合伙企业（有限合伙），管理人名称为广州广药资本私募基金管理有限公司，托管人名称为招商银 行股份有限公司。 白云山在此次公告中表示，本次投资符合广药二期基金的投资方向，有利于扩大广药二期基金投资规模、分散投资风险及加快投资步伐、提高投资效率，将 加强白云山在创新药、现代中药、高端医疗器械等生物医药前沿领域的布局，通过"投早、投小、 ...

而在"小作文"流传仅4天以前，寒武纪刚发布了一份略低于预期的业绩预告。1月30日，寒武纪发布的 2025年度业绩预告显示，公司预计营收60亿元至70亿元，归母净利润18.5亿元至21.5亿元，这虽然意味 着，寒武纪将交出上市以来首份盈利年报，但同时也意味着寒武纪2025年第四季度的净利润环比出现下 降。在这份低于外界预期的业绩预告发布后，2月2日，寒武纪股价跌1.34%。 不过，仍有机构看好寒武纪未来走势。国联民生研报认为，寒武纪是国产AI芯片龙头，积极研发新一 代智能处理器微架构和指令集，推动智能芯片及加速卡在互联网、运营商、金融、能源等多个重点行业 持续落地。软件生态的持续完善，有望进一步提升公司在行业内的竞争力，助力公司长期发展。 2月3日寒武纪大跌主要受到一则与业绩相关的"小作文"影响，市场传闻称寒武纪在一次小范围中交流释 放了2026年较低的收入预期。当天中午，寒武纪即发布声明对这一传闻进行驳斥。 寒武纪在官方公众号"寒武纪科技"发布的《严正声明》显示，"公司关注到今日网络传播的关于公司近 期组织小范围交流等信息为不实信息，公司近期从未组织任何小范围交流，没有出具过任何年度、季度 营业收入指引数据， ...

2月3日，寒武纪发布声明称，网络传播的关于其近期组织小范围交流等信息为不实信息，"公司近期从 未组织任何小范围交流，没有出具过任何年度、季度营业收入指引数据，相关信息请以公司公开披露的 信息为准。公司目前研发进展顺利，经营稳步推进。"近日，有市场传闻称，寒武纪小范围交流给出 2026年营收200亿元的估计，远低于市场300亿元~500亿元的预期。 2月3日午间，寒武纪股价盘中大幅跳水，一度跌近14%，截至午间收盘，报1082.09元/股，跌幅达 12.88%，市值蒸发近700亿元，创下自2025年9月4日以来的最大单日跌幅。不过，在辟谣公告发布后， 其当日下午股价有所回升，截至收盘，寒武纪股价报1128元/股，跌幅为9.18%，总市值为4756.6亿元。 | 寒武纪-U 000 | | | --- | --- | | 688256 割 融 沪股通 刷 | | | 1128.00 = 1257.78 市值 475.6亿 单比 | 3.38 | | 1063.00 流通 4719.0亿 换 | 5.41% | | -114.00 -9.18% 开 1255.00 市盈 TM 253.44 额 256.23亿 | ...

寒武纪在官方公众号"寒武纪科技"发布的《严正声明》显示，"公司关注到今日网络传播的关于公司近 期组织小范围交流等信息为不实信息，公司近期从未组织任何小范围交流，没有出具过任何年度、季度 营业收入指引数据，相关信息请以公司公开披露的信息为准。公司目前研发进展顺利，经营稳步推 进。" 声明同时提醒广大投资者，"公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力， 不传播、不采信来源不明或未经核实的虚假信息。此外，对于任何捏造、散布传播不实信息的行为，公 司将保留追究相关人员法律责任的权利。" 值得一提的是，2025年期间，寒武纪股价曾多次在发布业绩后出现大幅上涨，折射出市场对国产AI芯 片商业化进程的高度关注。2025年半年报发布后，2025年8月27日盘中，寒武纪股价一度瞬时超越贵州 茅台，成为A股新的"股价之王"，2025年8月28日更是大涨15.73%；2025年10月17日，寒武纪发布2025 年第三季度财报后，股价再度迎来上涨，2025年10月27日一度涨至1560.01元高点，较2025年10月17日 收盘价累计上涨25%。在此之前，自公布财务数据以来，寒武纪一度长期亏损，直到2024年第 ...

Core Viewpoint - The company Baiyunshan has established a new venture capital fund, Guangzhou Guangyao Guangkai Venture Capital Fund, with a total initial capital contribution of 120 million yuan, aimed at enhancing its investment in innovative pharmaceuticals and medical devices [2][5]. Group 1: Fund Establishment and Registration - Baiyunshan announced the completion of the business registration and acquisition of a business license for the Guangzhou Guangyao Guangkai Venture Capital Fund in January 2026 [2][5]. - The fund has been registered with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [5]. Group 2: Investment Details - The total initial capital contribution for the fund is 120 million yuan, with Baiyunshan's subsidiary contributing 9.75 million yuan [3][6]. - The fund's capital structure includes 50% from Guangkai Fund, 48.75% from Guangyao Phase II Fund, and 1.25% from Guangyao Capital [5]. Group 3: Strategic Implications - The investment aligns with the strategic direction of Guangyao Phase II Fund, aiming to expand investment scale, diversify risks, and accelerate investment pace [5]. - Baiyunshan intends to strengthen its position in cutting-edge biomedicine fields through early-stage investments in promising companies, facilitating technological upgrades and extending its value chain [5]. Group 4: Overall Investment Situation - Baiyunshan's total investment in various private equity funds has reached 587 million yuan, with the largest investment being 390 million yuan in the Guangzhou Guangyao Chuantou Venture Capital Fund [6].

Group 1 - On February 3, the A-share gaming sector experienced a dramatic V-shaped reversal, with companies like Century Huatong (002602 SZ) initially seeing stock declines due to rumors of increased taxes on internet value-added services, but later rebounding after the rumors were debunked [1] - During the morning session on February 3, several A-share gaming stocks fell, with Century Huatong dropping over 8%, while other companies like 37 Interactive Entertainment (002555 SZ) and Giant Network (002558 SZ) also saw declines. However, by the end of the day, the gaming sector index rose over 3% [1] - The initial drop in stock prices was attributed to rumors suggesting that the financial and internet value-added services, including in-game purchases and advertising, might be targeted for tax rate adjustments, similar to the liquor tax rates [1] Group 2 - On January 31, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rates, increasing the rate for telecom services from 6% to 9%, which could impact the revenue and profits of telecom operators [2] - Various debunking messages emerged on February 3, clarifying that the definition of value-added telecom services excludes mobile data and broadband access services, and that the rumors about gaming tax rates aligning with liquor taxes were based on a misunderstanding of different tax types [3] - Game companies reported that they had not received any official documents regarding tax rate adjustments, and there were no recent meetings or discussions on the topic, indicating skepticism about the validity of the tax increase rumors [3]

Core Viewpoint - Guotou Ruijin Fund Management Co., Ltd. announced an adjustment to the valuation method for six silver futures contracts held by its Guotou Ruijin Silver Futures Securities Investment Fund (LOF), leading to a significant drop in the fund's net asset value by over 31% in a single day, raising concerns and controversies in the market [2][4]. Valuation Adjustment - The adjustment involves changing the valuation calculation for the six silver futures contracts (AG2604, AG2605, AG2606, AG2608, AG2610, AG2612) to reference the international market prices at 3 PM Beijing time, instead of the previous method based on the Shanghai Futures Exchange settlement price [4]. - Following this adjustment, the A-class share net value dropped from 3.2838 yuan to 2.2494 yuan, and the C-class share fell from 3.2621 yuan to 2.2290 yuan, both experiencing a decline of 31.5% [4]. Reasons for Adjustment - The adjustment was prompted by a significant drop in international silver prices, which exceeded normal fluctuations, while domestic markets were restricted by price limits, creating a disparity between domestic and international prices [5]. - Guotou Ruijin emphasized that continuing to use domestic settlement prices would misrepresent the fund's net value, leading to a "virtual high" perception of asset value [5][6]. Controversy Over Announcement Timing - The timing of the announcement, made after trading hours, has been a focal point of controversy. Guotou Ruijin explained that the international market prices needed for accurate valuation are only available after 3 PM, and that market conditions could change during trading hours [6][7]. - The company expressed concerns that an early announcement could be misinterpreted as an attempt to prevent redemptions, potentially leading to market panic and liquidity issues [7]. Market Reaction - The valuation adjustment led to a rapid response in the secondary market, with the fund's price hitting a trading limit down, closing at 4.722 yuan, while the adjusted net value was only 2.2494 yuan, resulting in a premium rate of 109.92% [8]. - To mitigate risks associated with high premiums, Guotou Ruijin issued a risk warning and announced a temporary suspension of trading for the fund [8].

此次人事调整，被视为对擎天租在组织建设与全国化运营能力上的重要补充。据了解，在中国互联网发 展史中，"中供铁军"以强执行力、强组织力和成熟的地面扩张方法论著称，团队经验曾深度影响多个平 台型公司的全国化布局路径。公开资料显示，滴滴创始人程维、前美团COO干嘉伟、前大众点评网 COO吕广渝等多位互联网行业知名管理者，均出身于这一体系。 智元系机器人租赁平台擎天租完成新一轮人事布局。2月3日，南都N视频记者了解获悉，阿 里"中供铁军"首任校长、资深渠道建设专家李立恒，与阿里"三板斧"管理哲学集大成者、商 业战略与组织变革专家王明峰正式加入，分别出任擎天租联席总裁与首席战略官（CSO）。 据了解，李立恒长期深耕于一线市场拓展与团队体系建设，他在人员招募、培训及实战管理方面的经 验，将直接服务于城市合伙人团队的搭建与运营；王明峰则在复杂业务场景下具备成熟的战略设计与组 织复制能力，他的加入将为擎天租全国网络的标准化运营与规模扩张提供系统方法论支持。 采写：南都N视频记者 林文琪 左一为王明峰、左二为李立恒。 源的企业，擎天租正在探索一条不同于单点交付的规模化路径。 此外，擎天租还官宣正式启动全国城市合伙人战略。该计划 ...

Core Viewpoint - Shenzhen's GDP is projected to reach 38,731.80 billion yuan in 2025, with a year-on-year growth of 5.5%. Meanwhile, Pingshan District is expected to achieve a GDP growth of 10.5% during the same period, aiming for a doubling of its GDP over the "14th Five-Year Plan" period with an average annual growth rate in double digits [1][3]. Economic Growth - Pingshan District's GDP is set to grow by 10.5%, with industrial added value increasing by 15.9% and retail sales of consumer goods rising by 10.2%. The total social R&D investment intensity is expected to reach 11.8%, with 98.39% of this investment coming from enterprises [3][5][8]. - The total foreign trade import and export volume is projected to grow by 13.7% [8]. Industrial Development - Strategic emerging industries account for nearly 90% of the total industrial output value, with industrial investment making up 54% of fixed asset investment. The district is focusing on building a modern industrial system characterized by "vehicle, medicine, chip, and intelligence" [5][9]. - Pingshan is home to over 1,300 biopharmaceutical companies, and a partnership worth 1.64 billion USD has been established in the CAR-T field, setting a record for external licensing transactions in China [5][9]. Innovation and R&D - The social R&D investment intensity is projected to reach 11.8%, with a high innovation index. The district is launching initiatives to enhance technological innovation and has established various platforms for industry-academia collaboration [9]. - Pingshan is developing the first public service platform for vehicle-grade chip standard verification and has built a comprehensive traffic testing base for intelligent connected vehicles [9]. Consumer Market - Retail sales of consumer goods are expected to grow by 10.2%, with overall commodity sales increasing by 28.5%. The district has implemented policies to stimulate consumption, including a "trade-in" subsidy program [11][12]. - The accommodation and catering sectors are also experiencing growth, with accommodation revenue increasing by 7.6% and catering revenue by 4.0% [14]. Service Industry Performance - The software and information technology service industry is showing strong growth, with revenues increasing by 39.4%. The cultural, sports, and entertainment sectors are also performing well, with a revenue increase of 19.0% [15].

Core Viewpoint - The implementation of the AI-generated synthetic content identification system since September 1, 2025, has gained widespread public recognition, establishing a comprehensive and innovative governance framework for AI safety in China [2] Group 1: AI Governance System - The AI identification system reflects a systematic approach to AI governance, building on previous regulations related to content generation and dissemination [2][3] - The system consists of a three-tier structure: a regulatory document, a mandatory national standard, and a set of practical guidelines, forming a "1+1+N" system [3] Group 2: Content Generation and Distribution - The AI identification system governs the entire content generation and distribution chain, requiring content creation platforms to embed identifiers and distribution platforms to verify and update these identifiers [3] - This collaborative approach addresses key questions regarding the origin and nature of generated content [3] Group 3: Innovation in Content Identification - The system introduces innovative explicit identifiers for text and audio content, such as corner marks for text and Morse code for audio, minimizing user disruption while enhancing identification [4][5] - Over 1.5 trillion pieces of text, images, and audio-visual content have been tagged with AI identifiers by major platforms, with over 1 billion files provided to users [5] Group 4: Public Awareness and Acceptance - A survey indicated that 76.4% of respondents noticed increased content identification on social media and news platforms, with 60% believing it aids in distinguishing AI-generated content [5] - The public has developed an awareness of "learning, recognizing, and using" identifiers [5] Group 5: Future Directions - Continuous efforts are needed to enhance the AI identification system, including experience accumulation, regulatory enforcement, public education, and fostering international consensus on AI governance [6]