极视角为中国AI计算机视觉解决方案提供商，公司财务呈现营收稳步增长但盈利与现金流承压的特征。2025年前三季度，公司营收1.36亿元，同比增长 71.6%；净亏损3629.6万元，同比扩大33.73%。 截至招股书发布日，公司累计完成11轮融资，合计融资逾3.8亿元，2024年11月D轮融资后投后估值约23.1亿元。股权结构上，公司创始人团队及一致行动人 合计控股29.84%，为单一最大股东团体。 AI视觉方案收入持续增长大模型方案首年营收占比超两成 根据招股书，极视角核心业务包括AI计算机视觉解决方案及大模型解决方案。计算器视觉解决方案是一种仿真人类视觉系统，能使计算器从图像或视频中 提取信息，并基于该信息进行分析、决策及交互的技术解决方案。大模型解决方案是指基于大模型功能构建的应用，以及相关配套服务。 公司搭建了极星算法推理及部署平台、极栈算法训练及管理平台等基础设施。截至2025年9月30日，其算法商城已展示逾1500种算法，累计服务客户超3000 家，交付项目逾6000个，产品复购率超过80%，并建立了由数十万个AI算法开发者组成的全球社区。 根据弗若斯特沙利文的资料，按2024年中国新兴企业级计算器 ...

新华财经上海1月27日电（记者王淑娟）2025年，银行理财市场规模突破30万亿元，达到33.29万亿元的 历史新高。与规模扩张形成鲜明对比的是，理财产品平均收益率连续三年下降，2025年已罕见地跌破 2%关口。最受普通投资者关注的收益率"三连降"后，银行理财产品还有吸引力吗？ 约1800万新投资者"跑步"进场 银行业理财登记托管中心日前发布的《中国银行业理财市场年度报告（2025年）》（以下简称《报 告》）显示，截至2025年末，银行理财市场存续规模33.29万亿元，创下历史新高，同比增长3.34万亿 元，增幅达11.15%。 规模增长的背后是近1800万投资者"跑步"入场，截至2025年末，持有理财产品的投资者数量达1.43亿 个，其中个人投资者数量较2024年初新增1769万个。 兴业研究银行业高级研究员吕爽表示，银行理财规模持续增长的原因，一是存款利率下行，银行理财产 品较存款相比仍有一定收益优势；二是低波稳健的固收类理财产品契合投资者"存款替代"的低风险偏好 诉求；三是理财市场数字化赋能与营销渠道"下沉"共同提高理财产品的覆盖面。 近年来，存款利率持续下行，2025年末，国有大行三年期整存整取的存款挂 ...

Core Insights - Shanghai's computing power scale has surpassed 120,000 PFLOPS, with nearly 20,000 PFLOPS managed by the municipal computing power scheduling platform, indicating significant resource aggregation effects in the city [1] - The city is actively implementing the "Artificial Intelligence +" initiative to lead the digital transformation of the manufacturing industry, with a focus on enhancing computing power applications in key sectors [1] - The Shanghai Computing Power Industry High-Quality Development Initiative has been launched to promote the construction of next-generation computing centers and a high-level cloud service system [2] Group 1 - Shanghai is advancing the construction of computing infrastructure and accelerating the large-scale deployment of domestically produced chips [1][2] - The city aims to create a self-controllable computing industry and establish a "national chip, model, and cloud" system to enhance the Shanghai brand in computing power [1] - The computing power industry is transitioning from "facility scale" to "comprehensive efficiency," with efforts to upgrade infrastructure and develop a domestically controllable ecosystem [2] Group 2 - The "Computing Power Economy Empowerment Co-Creation System" has been launched to address the challenge of converting computing resources into economic value [2] - A "Scientific Intelligent Open Community Computing Support Plan" has been signed, focusing on building computing infrastructure and cloud services for global scientists [2]

新华财经北京1月27日电（记者陆宇航）国家统计局27日发布的数据显示，2025年，全国规模以上工业 企业实现利润总额73982.0亿元，比上年增长0.6%。较1-11月回升0.5个百分点，连续5个月保持正向改 善。 回顾2025年变化，温彬认为，2025年工业企业利润总额同比增长0.6%，高于2024年的-3.3%，呈现"前低 后高、震荡波动"走势。"上半年受关税冲击、利润率收缩、工业品价格下行等因素影响，工业企业利润 增速在一季度阶段性改善后持续回落，6月录得-1.8%的年内低点。进入下半年，随着稳增长政策效应逐 步显现、'反内卷政策'持续加力，企业库存和产能利用率改善、部分行业盈利修复，利润增速止跌回 升。但四季度受高基数效应和盈利波动影响，增速有所回落。总体来看，全年利润增速波动较大，但中 长期向好趋势未变，企业盈利基础仍在稳步修复。" 分门类来看，国家统计局工业司首席统计师于卫宁表示，2025年，装备制造业、高技术制造业等新动能 支撑作用明显，传统产业利润结构持续优化，工业经济发展质效不断提升。 值得一提的是，12月，规模以上工业企业利润同比上涨5.3%。由上月的-13.1%回升至5.3%，大幅增加 ...

Group 1 - The core viewpoint of the articles highlights that the Chinese market remains a crucial battleground for global brand growth, with Tmall International reporting a significant increase in the number of overseas brands entering the market [1][2] - By 2025, a total of 2,415 overseas new brands are expected to open their first stores in China through Tmall International, achieving double-digit growth year-on-year, averaging over 6 new brands daily [1] - The fourth quarter saw a notable acceleration in brand entries, with a record addition of 691 new brands in a single quarter, marking the peak for the year [1] Group 2 - The top three new imported brands in 2025 are COVERNAT from South Korea, herbs of gold from Australia, and Weverse Shop, a brand associated with Korean celebrities [1] - New brands are emerging from 52 countries and regions globally, with the highest numbers from the United States, Japan, and South Korea, while France, New Zealand, and Australia are the fastest-growing sources [1] - The platform has welcomed brands from Cuba, Chile, and Lithuania for the first time, indicating a continuous expansion of its global network [1] Group 3 - In terms of industry dimensions, health, beauty and personal care, and maternal and infant sectors are the most densely populated areas for overseas new brand entries [2] - There is a shift in brand strategies from general demand fulfillment to more refined positioning, particularly in the maternal and infant sector, where new brands in baby food surged by 128% [2] - The fastest-growing categories on Tmall International include toys, outdoor equipment, baby food, fashion cosmetics, and pet health, all achieving double-digit growth, reflecting consumer preferences for both personal and family-oriented products [2] Group 4 - Tmall International currently hosts over 40,000 brands from more than 110 countries and regions, enhancing its infrastructure for cross-border recruitment, supply chain, and product authenticity [2] - The platform is facilitating efficient market entry and sustainable growth for various overseas brands in China [2]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 402 billion yuan, resulting in a net injection of 78 billion yuan after 324 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 4.90 basis points to 1.3710%, while the 7-day Shibor increased by 2.10 basis points to 1.5640% [1][2] - The weighted average rates for overnight and 7-day repurchase agreements (R007) rose slightly, while the rates for DR001 and R001 fell, indicating a mixed trend in the interbank pledged repo market [5] Group 2 - The interbank funding market showed a balanced state, with overnight rates fluctuating between 1.55% and 1.58% in early trading, and later stabilizing around 1.50% to 1.53% [9] - Trading sentiment for interbank certificates of deposit remained positive, with yields for various maturities continuing to rise, particularly for 1-month and 3-month maturities [10] - The People's Bank of China reported that the balance of RMB loans from financial institutions reached 271.91 trillion yuan by the end of Q4 2025, reflecting a year-on-year growth of 6.4% [12]

Core Viewpoint - The bond market is experiencing a consolidation phase, with fluctuations in long-term bonds and stability in medium-term bonds, while the focus is on supply and demand dynamics affecting yield rates [1][7]. Market Performance - Government bond futures closed mostly flat, with the 30-year main contract down 0.33% at 112.09, while the 10-year, 5-year, and 2-year contracts remained unchanged [2]. - The yield on the 10-year government bond increased by 0.55 basis points to 1.8305%, and the 30-year bond yield rose by 1.55 basis points to 2.2575% [2]. International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield down 0.99 basis points to 4.211% [3]. - In Asia, Japanese bond yields mostly increased, with the 10-year yield rising by 4.5 basis points to 2.285% [4]. Primary Market - Agricultural Development Bank's 91-day and 5-year financial bonds had winning yields of 1.4896% and 1.7023%, respectively, with bid-to-cover ratios of 3.56 and 3.08 [5]. - The China Development Bank's 2-year, 5-year, and 10-year financial bonds had winning yields of 1.4877%, 1.7273%, and 1.9366%, with bid-to-cover ratios of 4.23, 3.24, and 2.45 [5]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation with a total of 4020 billion yuan at a rate of 1.40%, resulting in a net injection of 780 billion yuan for the day [6]. - Short-term Shibor rates mostly declined, with the overnight rate down 4.9 basis points to 1.371% [6]. Institutional Insights - Institutions highlight that the primary focus in the market is on the supply pressure of government bonds and the supply-demand dynamics, rather than just the central bank's liquidity measures [7]. - The current downward trend in interest rates is driven by a widening supply-demand gap, with banks increasing their allocations in the secondary market [8].

（文章来源：新华财经） 欧洲央行经济学家安东·纳科夫和巴塞罗那国际经济研究中心研究员米歇尔·加西布在发布于欧洲央行官 网的文章中写道，这是因为冲击会通过供应链产生连锁反应（一家企业的产出成本即是另一家企业的投 入成本）。他们指出，当冲击较大时，这种连锁反应会呈不成比例地扩大。重大干扰（如生产率大幅下 降或全球大宗商品价格持续跃升）可能会波及整个经济领域。这一发现有助于解释为何俄乌冲突导致能 源成本飙升后，欧元区通胀率攀升至10%以上。欧洲央行官员当时低估了对物价的影响。 新华财经北京1月27日电欧洲央行的研究发现，如果一个相对可控的价格冲击波及到紧密联系的企业网 络，就可能引发大规模通胀事件。 ...

Group 1 - The core viewpoint is that global economic growth is expected to remain strong in 2026, with potential short-term increases in equity markets. However, investors should consider combining stock and bond portfolios or increasing bond holdings for global diversification [1] - The impact of technological advancements, particularly artificial intelligence, will lead to significant differentiation among industries and companies, benefiting those that adopt new technologies while others may fall behind [1] - Global monetary and fiscal policies are anticipated to diverge, with the influence of fiscal policy increasing as monetary easing reaches its limits. Bonds are highlighted as having solid and lasting investment value, with higher initial yields providing a strong foundation for active investors [1] Group 2 - Investors are encouraged to utilize global diversification to mitigate risks and seize opportunities for attractive returns across different markets. In a late-cycle credit environment, a focus on high-quality selection strategies, liquidity, and credit quality is essential [1]

（文章来源：新华财经） 新华财经北京1月27日电中国外汇投资研究院金融分析师张正阳表示，从目前看，日本央行的理想路径 是将政策利率稳步提升至对经济既无刺激亦无抑制作用的中性利率水平。然而，中性利率本身是一个无 法精确观测的理论概念，对日本而言，人口老龄化、潜在增长率低迷都是潜在难题，加息节奏将极度依 赖数据。日本央行承诺会谨慎推进，任何一项数据疲软都可能导致加息暂停。 短期看，加息通过抑制日元贬值，有助于缓解输入性通胀，为物价稳定创造外部条件。但长期而言，物 价的真正稳定，依赖于薪资与物价形成可持续的良性循环以及企业生产率的提升。加息只是为这一循环 创造一个汇率不过度扭曲、通胀预期稳定的宏观环境。若加息过程操之过急，扼杀了内需复苏，可能导 致经济再度陷入停滞。从当下视角评估，未来加息或出现在2026下半年。 ...