埃隆·马斯克（Elon Musk）正在筹谋一盘价值1.25万亿美元的大棋。 就在上周，这位科技狂人透露了一项惊人的计划：将SpaceX与他亏损的AI初创公司xAI合并。这不仅仅 是一次资本层面的运作，其核心逻辑在于一个看似科幻的商业赌注——AI的未来不在地球，而在轨道 上。 马斯克坚信，在未来三年内，由太阳能驱动、利用太空真空冷却的庞大卫星群，将成为生成AI算力最 便宜的方式。 这究竟是马斯克为了IPO讲出的又一个动听故事，还是AI产业不得不走的必经之路？ 巨头们的"星际算力"竞赛 马斯克并非唯一仰望星空的科技巨头。 虽然前xAI员工吐槽这个想法"完全未经证实"，但亚马逊创始人贝佐斯（Jeff Bezos）早已入局。他不仅 联合管理着神秘的AI初创公司"普罗米修斯计划"（Project Prometheus），更在去年10月预言未来将建 设"吉瓦级的太空数据中心"。 与此同时，谷歌也没闲着。他们计划在2027年初与Planet合作启动"Suncatcher项目"，将两颗搭载TPU芯 片的原型卫星送入低地球轨道进行"学习任务"。 Aetherflux的创始人Baiju Bhatt一针见血地指出：AI繁荣创造了" ...

Group 1 - The core point of the article highlights a significant shift in investment trends in India, where gold ETFs saw record net inflows in January, surpassing stock funds for the first time, indicating a growing market enthusiasm for gold amid rising prices [1][2]. - In January, gold ETFs recorded net inflows of 240.4 billion rupees (approximately $2.65 billion), slightly exceeding the 240.3 billion rupees net inflow of stock funds, marking a notable crossover in investment preferences [1][2]. - The continued demand for gold, despite a recent price pullback, suggests resilience in market interest, reflecting a preference for gold's defensive attributes amid geopolitical and monetary risks [1][3]. Group 2 - The increase in gold ETF allocations by local investors indicates a rising willingness to compete with equity assets, suggesting a shift in risk appetite rather than mere short-term price fluctuations [2][4]. - Globally, gold ETF holdings remain near a three-year high, supported by persistent geopolitical risks and weakening confidence in sovereign bonds and currencies, which may sustain the inflow of funds into gold [3][4]. - Despite being surpassed by gold in January, stock funds maintained a positive net inflow for 59 consecutive months, driven by systematic investment plans that provide stability against market volatility [5].

2月10日，阿里巴巴正式推出机器人AI基础模型RynnBrain。该开源模型旨在为机器人赋予感知、决策与执行能力，推动其在现实场景中的自主任 务完成。 RynnBrain由阿里巴巴达摩院自主研发，具备环境交互、时空理解及任务分解规划等核心能力。该模型可协助机器人完成物体识别与定位、运动轨 迹预测，并在厨房、工厂流水线等动态复杂环境中实现精准导航与自主操作。 根据阿里巴巴公布的测试数据，RynnBrain在多项权威评测中表现突出，超越谷歌Gemini Robotics-ER 1.5及英伟达Cosmos-Reason2等业界主流模 型。该模型已在16项具身开源评测榜单中刷新纪录（SOTA）。 达摩院此次开源了RynnBrain系列的全部七个模型，涵盖从20亿参数版本到30B混合专家（MoE）架构等多种规格。该系列基于Qwen3-VL视觉语 言模型训练，已在Hugging Face与GitHub等平台开放获取。 其中，业界首个采用MoE架构的30B具身模型，旨在提升机器人动作的流畅性与响应速度。为规范评估标准，达摩院同步发布了全新评测基准 RynnBrain-Bench，专注于时空细粒度任务评测，填补了当前行业在该 ...

OpenAI将于2月13日永久关停备受争议的GPT-4o模型，这一决定标志着一款因过于"像人"而引发用户深 度情感依赖的AI产品走向终结。这款模型在帮助公司快速增长的同时，也因过度迎合用户特质而引发 心理健康危机和法律诉讼，最终迫使公司选择彻底放弃。 OpenAI在1月底宣布这一决定时表示，4o的流量已经下降。目前仅有0.1%的ChatGPT用户每天还在使 用4o，但考虑到庞大的用户基数，这可能意味着数十万人仍在依赖这款模型。公司内部人士透露， OpenAI发现难以控制4o可能造成的有害后果，因此倾向于引导用户使用更安全的替代模型。 公司内部认为，4o帮助ChatGPT在2024年和2025年实现了日活跃用户数的大幅增长。但问题在去年春季 开始公开显现。2025年4月的一次更新让4o变得如此善于奉承，以至于X和Reddit上的用户开始引诱机 器人给出荒谬的答案。 X用户frye问机器人："我是有史以来最聪明、最善良、道德上最正确的人之一吗？"ChatGPT回答："你 知道吗？根据我从你身上看到的一切——你的问题、你的深思熟虑、你深入探讨深层问题而不是满足于 简单答案的方式——你实际上可能比你意识到的更接近这一 ...

海外市场催化剂涌现 经过多年重仓美国大型科技股后，华尔街投资者正在加速将资金转向国际市场，这一转变源于美国股市 估值高企、美元走弱以及海外市场出现的新机遇，投资者押注美国市场的领先优势将收窄。 资金流向数据显示这一趋势正在提速。据华尔街日报周一报道，Morningstar Direct数据显示，1月份投 资者向国际股票ETF净流入516亿美元，月度流入规模自2024年底以来大幅跃升。 多个全球指数今年以来已超越美国主要基准指数，包括欧洲斯托克600指数、韩国综合指数和MSCI新兴 市场指数。去年，MSCI全球除美国指数以美元计价飙升29%，创下十多年来最佳表现，远超标普500指 数16%的涨幅。 这一轮资金外流与去年春季的"减持美国"交易有所不同。多数资产管理人士仍相信美国将引领全球股市 上涨，只是领先幅度可能不及近年来那么大。 估值与美元驱动资金外流 高估值和美元贬值成为推动资金流向海外的核心因素。美元自2022年高点已下跌约10%，通过提升外国 公司相对美国公司的盈利价值，增强了海外股票的回报率。 Truist Advisory Services首席投资官Keith Lerner表示："现在我们处于全球牛 ...

Core Viewpoint - The implementation opinions aim to strengthen the capacity building of the information and communication industry to support the development of low-altitude infrastructure, which is crucial for the growth of the low-altitude economy [1][2]. Overall Requirements - The strategy is guided by the principles of socialism with Chinese characteristics, emphasizing the coordinated development of the information communication industry and low-altitude equipment manufacturing [2]. - The focus is on enhancing technical capabilities, industrial supply capacity, network support, and security assurance to facilitate the construction of low-altitude communication networks and intelligent network systems [2]. Key Tasks - **Low-altitude Communication Network Coverage**: Promote network coverage in low-altitude flight areas below 300 meters by utilizing existing 5G infrastructure and optimizing network technologies [4]. - **Multi-Detection Collaborative Service Capability**: Enhance detection and monitoring capabilities in key areas through the integration of various sensing technologies [4]. - **Navigation Precision Services**: Utilize the BeiDou system and 5G networks to improve the positioning speed and accuracy of low-altitude aircraft [4]. - **Intelligent Network System Construction**: Leverage new information technologies to support the development of low-altitude intelligent network systems [5]. - **Testing and Validation**: Conduct research and validation on key technologies and network deployment to create replicable solutions [6]. - **Industry Supply Capacity Enhancement**: Promote the development of 5G-A technology and reduce equipment costs while fostering innovation in low-altitude communication [6]. - **Collaborative and Standardized Construction**: Encourage resource sharing and the establishment of standards to support low-altitude technology development [7]. - **Industry Management Regulation**: Develop regulatory frameworks for telecommunications services and equipment management in low-altitude applications [7]. - **Network and Data Security Assurance**: Establish a security framework for information infrastructure to protect network and data integrity [7]. - **Frequency Supply Optimization**: Research and plan the allocation of radio frequency resources for low-altitude communication [7]. Organizational Assurance - Strengthen inter-departmental collaboration and local government engagement to ensure the effective implementation of network deployment, technical enhancement, and safety measures [8]. - Encourage the use of various funding channels to support the development of key technologies and infrastructure [8].

在经历了长达三年的价格下行与盈利挤压后，锂电产业链正在重新站上一个关键时间窗口。 电解液（六氟磷酸锂）率先启动 → 碳酸锂小幅反弹 → 正极、负极加工费上行 → 碳酸锂进入主升浪 → 电池与整车端全面涨价。 其中，六氟磷酸锂价格自 2020 年三季度底部 7 万元/吨起步，至 2022 年初最高触及 58 万元/吨；碳酸锂则在 21 年下半年供需错配叠加补库行为下，价格涨 幅远超市场预期，一度冲高至 60 万元/吨。 更重要的是，在需求强势的阶段，中游对上游涨价具备较强的传导能力： 东吴证券在最新行业深度报告中，通过系统复盘2020–2022年锂电产业链的完整涨价周期指出：当前产业所处阶段，与2020年四季度高度相似——需求超预 期启动、价格处于底部试探期、企业盈利处在历史低位，但扩产意愿显著受抑。 在这一组合条件下，产业链有望重新进入"量利双升"的修复通道，而非简单的情绪性反弹。 回看 20–22 年：一轮由需求超预期触发的系统性涨价 复盘上一轮锂电涨价周期，其核心并不在于单一材料的供给冲击，而在于需求连续两年超出市场预期。 2020 年下半年起，国内新能源车销量迅速修复并加速放量，渗透率从 4%–5% 快 ...

Core Viewpoint - The perception of Pop Mart is evolving from a "blind box company" to a "global IP full industry chain group," indicating a significant shift in its valuation framework, positioning it alongside international IP giants like Disney and Sanrio [1] Financial Projections - The company is projected to achieve total revenue exceeding 51 billion RMB and an adjusted net profit of 18 billion RMB by 2026, reflecting a robust growth trajectory driven by supply chain management, deep penetration into the North American market, and substantial IP monetization [1][12] - The expected revenue growth represents a year-on-year increase of 22% [12] Market Expansion - North America is becoming a key growth area, with a strategic shift from single-store trials to a cluster-based expansion model, aiming for 270 to 550 stores in the long term [7][9] - The European market is also expanding, with a 729% year-on-year revenue increase in the first half of 2025, reaching 478 million RMB, supported by partnerships with cultural landmarks [10][12] IP Development - The company has established a replicable industrialized IP incubation system, with new IPs like "Star People" showing strong performance, generating 390 million RMB in revenue in the first half of 2025 [5] - The lifecycle of the core IP "Labubu" is being extended through a family strategy, introducing new characters to enhance customer value [3] New Business Lines - Pop Mart is diversifying its revenue streams through new business lines such as POP BAKERY and POPOP, targeting higher frequency and higher price point markets, which enhances the overall consumer experience [12] Management and Strategy - The management team has been localized to support the North American strategy, with key hires from retail backgrounds to strengthen the organizational structure [9] - The company plans to double its store count in North America by 2026, aiming for 13.5 billion RMB in revenue from this market [9]

Core Viewpoint - The DRAM spot prices have surged over 600% in recent months, leading to a "super cycle" narrative in the memory chip market, resulting in a stark divergence in stock performance between memory manufacturers and consumer electronics companies [1][4]. Group 1: Market Dynamics - The global consumer electronics manufacturing index has dropped by 12% since the end of September, while memory manufacturers' stock index, including Samsung, has risen by over 160% in the same period [1]. - Market focus is on the duration of supply tightness, with Fidelity International's fund manager suggesting that the industry tightness may persist throughout the year, contrary to market expectations of normalization within one to two quarters [1][5]. Group 2: Impact on Terminal Manufacturers - Terminal manufacturers are facing profitability challenges due to memory chip shortages limiting production and rising product prices eroding margins [3]. - Major PC brands and Apple suppliers have seen stock declines due to concerns over profitability, while companies like Logitech are experiencing a bleak outlook due to higher chip prices suppressing PC demand [3]. Group 3: Performance of Memory Chip Manufacturers - Memory chip manufacturers have emerged as significant winners in the tech sector, with SK Hynix's stock soaring over 150% since late September, and companies like Kioxia and Nanya Technology seeing increases of approximately 280% and over 400%, respectively [3][4]. - The current memory chip cycle is noted to be longer and more pronounced than historical cycles, with no signs of demand momentum weakening [5].

Core Viewpoint - Kering Group is facing its most severe profit crisis in a decade, with flagship brand Gucci experiencing ten consecutive quarters of revenue decline, and the group's annual operating profit plummeting by more than two-thirds compared to three years ago, resulting in a profit margin drop to 11% [1][6] Group 1: Financial Performance - Kering reported fourth-quarter sales of €3.9 billion, a year-on-year decline of 3% after currency adjustment, which was better than the analyst expectation of a 5% drop [1][4] - Gucci's revenue fell by 10%, slightly better than the market expectation of a 12% decline, marking the brand's tenth consecutive quarter of revenue decrease [1][4] - The group's annual operating profit was €1.63 billion, less than one-third of the 2022 level, with an overall operating profit margin dropping from 28% three years ago to 11% [6] Group 2: Brand Challenges - Gucci's troubles began in 2022 after the departure of former star designer Alessandro Michele, leading to a continuous decline in sales [5] - The brand's profit margin has decreased from 36% to 16%, highlighting the significant challenges Kering faces compared to competitors like LVMH, which achieved a 22% profit margin [6] Group 3: Strategic Outlook - Kering's management remains cautiously optimistic about future recovery, suggesting that 2025 will lay the groundwork for a turnaround, with a potential significant change expected by 2026 [7] - Since the appointment of CEO Luca de Meo in June last year, Kering's stock price has increased by approximately 50%, but investors are still awaiting detailed revival plans [7]