Core Insights - Nvidia's CEO Jensen Huang reached a significant agreement with former President Trump in December, reigniting hopes for Nvidia's return to the Chinese market, which could reach an annual scale of $50 billion [1] - Despite Trump's approval for exports, the final approval for Nvidia's H200 AI chip sales to China remains unresolved due to ongoing "national security reviews" by the U.S. government [1][3] - The U.S. Department of Commerce has relaxed restrictions on H200 chip exports to China but requires reviews from the State Department, Defense Department, and Energy Department, with the State Department advocating for stricter measures [1][4] Group 1 - Nvidia has instructed its supply chain to increase H200 chip production in anticipation of high demand from Chinese customers, but the approval process has stalled, leading some suppliers to halt production of key components [3] - The agreement reached in December also applies to other AI chip companies like AMD and Intel, indicating a broader impact on the industry [3] - The approval process for export licenses has become more complex due to the unique approach taken by Trump, which involves agreeing to issue licenses before setting conditions [4] Group 2 - Concerns regarding the potential military use of the chips by Chinese companies are influencing the approval process, with significant risks highlighted by experts [4] - Huang expressed hope that China would allow the sale of H200 chips, noting that the decision now lies with Chinese authorities, who are still deliberating [4] - As of January 29, Huang indicated that Nvidia had not received any new orders for H200 chips from Chinese customers, despite the product being well-suited for the market [4]

Core Viewpoint - The 2026 Singapore Airshow marks a significant opportunity for COMAC to showcase its C919 and C909 aircraft, positioning itself as a competitor to Airbus and Boeing in the rapidly growing Asia-Pacific aviation market [1][5]. Group 1: Market Context - The Asia-Pacific region is experiencing pressure on airlines due to delivery delays from Boeing and Airbus, engine shortages, and broader supply chain issues, creating a demand for additional aircraft manufacturers [5][6]. - IATA reports that the wait time for new aircraft deliveries is longer than ever, leading to an increase in the average age of fleets and higher operational costs due to older aircraft consuming more fuel [5]. Group 2: Competitive Positioning - COMAC aims to compete directly with Airbus A320neo and Boeing 737 MAX, with a focus on expanding its market presence beyond China, particularly in Southeast Asia [1][5]. - Industry experts, including IATA's Director General Willie Walsh, predict that COMAC could become a significant player alongside Boeing and Airbus within the next 10 to 15 years [3]. Group 3: Production and Delivery Goals - COMAC is reportedly improving the production and delivery pace of the C919, with a target of delivering no fewer than 28 aircraft in 2026, aiming for a production rate of one aircraft every 10 to 15 days [6]. - As of now, COMAC has delivered over 200 aircraft and opened more than 800 routes, transporting over 36 million passengers [8]. Group 4: Regulatory Developments - The Civil Aviation Administration of China has proposed regulations allowing the C919 to operate on narrow runways typically used by smaller airports, which could enhance its competitiveness against Airbus and Boeing [9]. - The European Union Aviation Safety Agency (EASA) has begun flight evaluations of the C919 in Shanghai, indicating a positive outlook on the aircraft's performance and safety [8].

美国国务院的这种立场，让英伟达感到沮丧。"国务院让事情变得非常困难。"一名知情人士说道。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【文/观察者网 熊超然】去年12月，英伟达创始人兼首席执行官黄仁勋与美国总统特朗普达成一项突破性协议， 这让外界对于该公司即将重返黄仁勋口中"年规模可达500亿美元"的中国市场重燃希望。 然而，英国《金融时报》2月4日援引知情人士报道称，尽管特朗普已批准出口，但英伟达对华销售H200人工智能 （AI）芯片的最终批准事宜仍悬而未决。时间已过近两个月，美国政府仍然正在进行所谓的"国家安全审查"，之 后才会向中国客户发放许可证。 今年1月，美国商务部曾发布了一项规定，放宽了对H200芯片出口到中国的限制，但要求美国国务院、国防部和 能源部对所有许可证进行审查。一名知情人士称，美国商务部已完成其分析评估，但几名了解跨部门讨论的人士 披露，美国国务院正推动更严格的限制措施，宣称此举是为了"让中国更难以利用H200芯片损害美国国家安全"。 与此同时，知情人士还透露，在是否能够获得许可证以及许可证将附带何种条件尚不明确之前，中国客户并未向 英伟达的H200芯片下 ...

Core Insights - The current phase of the AI industry is shifting from a "technology parameter competition" to a focus on "application landing," emphasizing the creation of real value in sectors like healthcare, education, and government efficiency [1][2] - A "dual oligopoly" is emerging in the AI landscape, with the U.S. leading in foundational models and high-value software services, while China is advancing in large-scale applications and industrial empowerment [2][3] Group 1: U.S. and China's Competitive Landscape - The U.S. maintains an advantage in original innovation and high-value software services, while China is establishing barriers in large-scale applications and industrial empowerment [2][3] - Despite the U.S. leading in foundational model capabilities, China's models are proving to be cost-effective and competitive, closing the gap significantly in performance metrics [3][7] - The RAND Corporation's report indicates that the U.S. cannot solely rely on chip superiority to prevent Chinese models from reaching Tier-1 levels [3][6] Group 2: AI Application and Industrial Integration - China's AI applications are deeply integrated into core production processes, with a high adoption rate of 67% in manufacturing compared to the U.S.'s 34% [9][10] - Chinese companies are focusing on embedding cost-effective models into various smart hardware and industrial software, moving away from merely benchmarking against models like GPT-5 [9][10] - The integration of AI into industries such as steel and mining is transforming operational efficiency and safety, showcasing AI's role as a productivity tool rather than just a technological novelty [14][18] Group 3: Challenges and Opportunities - The transition of AI from theoretical applications to practical tools faces challenges, including unique industry scenarios, data accessibility, and the long value chain from technology validation to economic benefits [13] - Each industry challenge overcome can create unique competitive barriers, providing opportunities for China to build a robust AI ecosystem [13] - The development of domestic AI infrastructure, such as Huawei's CloudMatrix, is crucial for supporting complex AI applications and ensuring long-term operational stability [14][20]

【文/观察者网专栏作者 周德宇】 前几天有个朋友问我怎么看"牢A"，问我他里面说的很多惊悚的事情，比如吃人，到底是不是真的。我 本来想要找一找新闻和数据来更详细地讨论这件事，结果这两天美国司法部又公布了新一批爱泼斯坦档 案，我倒是省事了。 其实这些年来，爱泼斯坦档案断断续续公布了很多回，已经没太多新鲜东西了。但是对于中国人来说， 在去年经历了以"牢A"为代表的对美国社会的一系列"祛魅"之后，爱泼斯坦案倒是提供了更多新鲜素 材。 中国人终于开始意识到，爱泼斯坦案所反映的黑暗，不是一种可以被忽视或者仅仅被当做猎奇来看待的 异常，而是一种系统性的病态，是整个西方社会运行的常态。 然而这个所谓的当前世界上最发达的国家，正是建立在人人不平等的基础之上的。 正如同那个写下"人生来平等"的漂亮话的杰斐逊，自己就是个奴隶主一样，美国的建立与发展，整个西 方资本主义文明的进步与扩张，都是建立在这样一种虚伪之上。只要将一部分人开除人籍，那么当然就 能够实现另一部分人的"人人平等"。 美国为什么是最发达的国家？因为美国是这一套将人吃干抹净的系统的集大成者。从建国之初，美国就 是建立在屠杀原住民而夺来的土地之上，以及奴役黑人所建立的 ...

在美国司法部放出大量爱泼斯坦案档案，骇人听闻的案情和牵涉甚广的参与者引得全世界舆论哗然时， 马斯克在社交平台上表示："爱泼斯坦的客户们一个也没被逮捕。" 2月2日，社交媒体"X"上有网友表示："抱歉……可能是个蠢问题。但既然有与严重犯罪相关的爱泼斯 坦档案、视频和涉案人员名单，为什么至今还没有人被逮捕？ " 马斯克很快转发了该条贴文，并"看热闹不嫌事儿大"地表示："哇，爱泼斯坦居然在意识到自己'清白'之 前就'自杀了'，这也太离谱了。而吉斯莱恩·麦克斯韦尔（爱泼斯坦前女友，被指控协助爱泼斯坦性侵未 成年少女而被定罪）究竟又是因为什么入狱的呢？哦对了，爱泼斯坦地客户们被逮捕地数量仍然是0 诶。 " 在此之前，马斯克曾多次公开呼吁公开更多爱泼斯坦案相关档案。 不过，马斯克本人与爱泼斯坦也有着复杂关系。一份文件显示了爱泼斯坦和马斯克之间的电子邮件往 来，马斯克在邮件中感谢了爱泼斯坦邀请他前往小圣詹姆斯岛（所谓的"萝莉岛"）。"非常感谢您的邀 请，但我想要的恰恰不是宁静的岛屿体验，"马斯克在2012年圣诞节当天告诉爱泼斯坦，并抱怨最近很 忙。目前尚不清楚马斯克是否真的前往了爱泼斯坦的私人岛屿。 马斯克发送给爱泼斯坦的 ...

（文/解红娟 编辑/张广凯） 新鸿基地产深夜发声，回应沸沸扬扬的市场传言。 2月3日晚间，新鸿基回应，集团执行董事冯秀炎因健康原因已提出请辞，董事局接纳其辞任并即日生 效。公司表示已安排人员接替其职务，相关工作与日常运作均不受影响。 至于市场传言冯秀炎离职是因为与上海环贸iapm商场相关腐败问题深度关联，新鸿基方面并未正面回 应，仅表示，"公司正进行检视并会作出适当跟进。" 本文系观察者网独家稿件，未经授权，不得转载。 此前于2月2日，多家香港媒体报道冯秀炎疑因涉及上海环贸iapm商场相关贪腐问题已被停职，焦点集中 在商场营销活动招标、广告资源投放及品牌合作等业务环节。 公开资料显示，冯秀炎持有英国雷丁大学房地产管理理学士、美国东北路易斯安那大学工商管理硕士及 香港大学房屋管理硕士学位。她于1991年加入新鸿基地产，2022年8月起出任执行董事，负责集团在香 港、上海、南京、北京及杭州多个主要商场的策略规划与发展管理。根据公司2024/2025财年数据，其 年度薪酬合计约2426万港元。 此次事件涉及的上海环贸iapm商场是新鸿基地产在上海打造的高端商业项目，位于淮海中路陕西南路核 心地段，2013年开业，以 ...

对此，2月4日当天，微信安全中心解释称，1月29日，微信发布了《针对第三方违规行为的打击公告》，对以春节为主题集中爆发的过度营销、诱导分享等 违规行为进行打击。在此背景下，微信收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通过"做任务""领红包"等方式诱导用户高频分享链接到微 信群等场景，干扰平台生态秩序、影响用户体验、对用户造成骚扰。 临近春节，各大公司AI助手的运营团队发起了"红包大战"，其中腾讯元宝以链接跳转形式在各大微信群内传播。不过，2月4日，观察者网发现，微信群内的 元宝链接遭到了微信方面屏蔽，引发不少网友疑惑"自家产品为何会拦截自家？" 另一方面，腾讯元宝在其官方微博上也进行了回应，称正在紧急优化调整分享机制，我们将尽快上线，确保用户抢红包体验。 本文系观察者网独家稿件，未经授权，不得转载。 微信安全中心发布的"元宝违规案例" 微信表示，经研判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施即日生效。未来将持续关注各类春节营销活动的运行情况，结合 用户反馈，依据平台规则，切实保障用户体验。 ...

（文/陈济深 编辑/张广凯） "在中美AI的巅峰对决中，决定胜负的指标正从'参数高度'转向'民生厚度'。" 在报道中，全网拥有140万粉丝的东欧博主Julia发布的一段视频，成为了这一观察的注脚：身处上海的 她，在丈夫不在家、孩子突发红疹的紧急时刻，并未陷入语言不通或挂号排队的困境，而是通过一款名 为"蚂蚁阿福"的中国AI助手，瞬间完成了拍照识别与用药咨询。 视频评论区里，来自世界各地的网友发出了一连串追问："为什么在我的国家，问个健康问题还要付费 订阅？""这种专业的AI服务在中国竟然是免费的？" 正如外媒所评价的，这不仅是价格的胜负，更是一场关于AI究竟"为谁而造"的全球性博弈。 20美元的AI税：硅谷正在建造一堵隐形的墙 近日，美国科技媒体《互联网科技时代》（Tech Times）发表了一篇题为《中美AI竞争的关键：从 拼"参数"到拼"获得感"》的深度报道，在海外科技圈引发了广泛讨论。 文章尖锐地提出了一个概念——"AI税"（AI Tax），指出在硅谷精英们正忙于构建昂贵的"订阅围 墙"时，中国AI应用正凭借其"基础设施化"的特质，成为一张影响全球的新名片。 这篇报道敏锐地察觉到，当美国普通家庭正为每年 ...

Core Viewpoint - Changchun High-tech's 2025 performance forecast indicates a significant decline in key financial metrics, with net profit expected to drop by 91.48%-94.19% compared to 2024, reflecting ongoing challenges in the company's operations [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of 150 million to 220 million yuan for 2025, a drastic decrease from 2.583 billion yuan in 2024 [1][2]. - The non-recurring net profit is projected to decline by 82.09%-84.56%, with basic earnings per share shrinking from 6.42 yuan to between 0.37 yuan and 0.55 yuan [1][2]. - For the first three quarters of 2024, the company reported a revenue of 9.807 billion yuan, down 5.60% year-on-year, and a net profit of 1.165 billion yuan, down 58.23% year-on-year, indicating worsening performance in the fourth quarter [2]. Business Challenges - The decline in performance is attributed to multiple pressures, including pricing adjustments in the growth hormone business following its inclusion in the medical insurance catalog, ongoing losses from subsidiary Baike Biology, and high costs associated with R&D and new product market cultivation [2][3]. - The growth hormone business, which is a key revenue driver, faces significant profit margin compression due to new pricing policies and increased competition from generic drug manufacturers [5][6]. Market Dynamics - The inclusion of long-acting growth hormone in the national medical insurance catalog is seen as a double-edged sword; while it expands patient access, it also necessitates price reductions that adversely affect profit margins [5][6]. - The competitive landscape has intensified, with the market no longer dominated by JinSai Pharmaceuticals, leading to increased pricing pressure and reduced profit contributions from the growth hormone segment [6][12]. Innovation and Strategic Initiatives - Despite short-term pressures, JinSai Pharmaceuticals is advancing its innovation and internationalization strategies, with multiple new product approvals and collaborations aimed at expanding market reach [3][8]. - The company has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to enhance financing channels and support its growth strategy [11]. - Significant R&D investments are being made, with R&D expenses reaching 1.733 billion yuan in the first three quarters of 2025, representing a 22.96% increase year-on-year [9][12]. Future Outlook - The successful commercialization of innovative products, such as JinBeiXin® and MeiShiYa®, which have been included in the medical insurance catalog, is expected to drive revenue growth and offset declines in traditional segments [9][12]. - The internationalization strategy, including partnerships and market expansion efforts, is anticipated to open new growth avenues and enhance the company's competitive position in the global market [11][12].