（文/陈济深 编辑/张广凯） 观察者网获悉，阶跃星辰近期完成了超 50 亿人民币 B+ 轮融资。 阶跃星辰成立于2023年，创始人为前微软全球副总裁姜大昕，业内普遍将其与智谱、Minimax、月之暗 面、零一万物、百川智能并称为"大模型六小虎"。 值得注意的是，阶跃本次B+轮融资包含了上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁 溪基金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等投资方，对这些机构而言，阶跃星辰 不仅是其在大模型赛道的关键落子，更被视为目前的最重仓押注。 在融资的同时，阶跃星辰也有重磅人事变动：千里科技董事长印奇出任阶跃星辰董事长，与CEO姜大 昕、首席科学家张祥雨（ResNet作者）、CTO朱亦博（前字节AI Infra负责人）形成新的管理团队掌舵 阶跃星辰。 印奇将同时出任千里科技和阶跃星辰董事长，同时掌管主营AI智能汽车的千里科技和主营大模型的阶 跃星辰。 这也意味着，印奇这位AI 1.0时代的标志性创业者，正式在AI 2.0时代亮出底牌。 一位AI老兵的"蓄谋已久" 印奇加入后，将与CEO姜大昕、首席科学家张祥雨、CTO朱亦博组成1+3的核心管理团队。 观察者网获悉，印 ...

雅图高新距离登陆北交所的上市目标原本已近在咫尺。 然而，随着时间的推移，这家在去年9月通过北交所层面审核的公司成功上市的希望变得愈发渺茫。 雅图高新主营为高性能工业涂料业务。此前，这家公司已经两度转移上市目的地。对这家公司而言，此 次冲刺北交所可谓背水一战。2024年，这家公司年收入达7.42亿元，归母净利润提升至1.49亿元。但频 繁转道与这份冲刺答卷遭遇了市场和监管的诸多质疑。高速增长的俄罗斯收入、特殊的回款方式与研发 费用疑问是质疑的核心。 在质疑之下，雅图高新的IPO进度已经明显落后同期企业。 然而值得注意的是，雅图高新披露的俄罗斯市场收入，与俄罗斯税务局官网公示数据存在巨大差异。差 额最高达到101.66%。除收入外，据计算，2022年，雅图高新俄罗斯子公司的资产总额与俄官方数据差 异率达51.74%。 面对如此数据差异，公司以"部分收入为直接出口而非本地子公司实现"为解释，难以打消外界疑虑。 雅图高新的境外收入除境外子公司外，还包括直接出口至境外经销商的收入。高新雅图在监管问询函回 复中，披露包括俄罗斯OOO ZVEZDA EM、俄罗斯OOO"PRIMO KOLOR"在内的部分品牌商数据。 根据1 ...

Core Viewpoint - Tencent is launching a Spring Festival event on February 1, distributing a total of 1 billion cash red envelopes through the Yuanbao app, with individual envelopes worth up to 10,000 yuan [1][4]. Group 1: Tencent's Spring Festival Activity - The event will feature various forms of red envelopes, including a 10,000 yuan "Little Horse Card" and cash red envelopes, with users able to earn more through daily tasks [3][4]. - Users who successfully reserve their participation will receive an additional 10 chances to win on the event day [1][4]. - The cash can be directly withdrawn to WeChat from Yuanbao [1]. Group 2: AI Integration and Market Position - Tencent is reportedly preparing to introduce new AI features in Yuanbao, with a new tab labeled "Distribute" being tested [5]. - Yuanbao has seen significant growth since integrating with DeepSeek, with user engagement increasing over 100 times since early last year, positioning it among the top three native AI applications in China [8]. Group 3: Competitive Landscape - Other companies are also launching similar initiatives, with Baidu announcing a 500 million yuan red envelope campaign for the 2026 Spring Festival, emphasizing AI interaction [8][12]. - The trend of using AI as a core feature for red envelope distribution reflects a shift in the industry, as companies aim to enhance user engagement beyond mere cash incentives [13]. - The competitive landscape for Spring Festival red envelopes has evolved, with major players like Alibaba and ByteDance also participating, indicating a strategic focus on user retention and experience [13].

Core Insights - StepFun has completed a B+ round financing exceeding 5 billion yuan, setting a record for the largest single financing in China's large model sector in the past 12 months [1] - The company was founded in April 2023 by former Microsoft global vice president Jiang Daxin and is recognized as a leading startup in the AI large model field, alongside other notable companies [1] - StepFun focuses on the development of General Artificial Intelligence (AGI) and has released 22 self-developed foundational models, including significant models with hundreds of billions of parameters [1] Investment Details - The financing round included participation from several state-owned investment institutions, highlighting strong institutional support [3] - Shanghai Guotou Xiandai Private Equity Fund Management Co., Ltd. is a wholly-owned subsidiary of Shanghai State-owned Capital Investment Co., Ltd., focusing on early-stage investments in key industries [3] - China Life Equity Investment Co., Ltd. aims to leverage resources for long-term value investments, with a focus on the healthcare sector through its flagship fund [4] - Shanghai Pudong Venture Capital Co., Ltd. is the first venture capital institution in Pudong New Area, primarily investing in high-tech industries [4] - Shanghai Xuhui Capital Investment Co., Ltd. focuses on early-stage investments in AI and health sectors to support regional economic development [4] - Wuxi Liangxi Fund is a core platform for financial and industrial integration, with significant investments in AI and technology innovation [4] Company Background - StepFun is part of a group of emerging companies referred to as the "six small tigers" in the domestic large model sector, indicating its competitive positioning [1] - The core team includes top experts from the AI field, enhancing the company's research and development capabilities [1] - The company has successfully implemented its products in various industries, including telecommunications and finance, demonstrating its market applicability [1]

上海浦东创业投资有限公司成立于1997年1月9日，是浦东新区第一家创业风险投资机构，位于张江高科 技园区，注册资本1 亿元；股东包括上海张江高科技园区开发公司、上海浦东新区科技投资有限公司等 六家公司，主要从事高新技术产业及相关投资，提供技术开发、转让、咨询等服务，面向高成长性企业 提供投资与管理服务。 上海徐汇资本投资有限公司成立于2021年4月30日，由徐汇区国资委全资控股，是徐汇区国有资本投资 平台，以实业投资、资本投资、资产管理、投资管理为主营业务，围绕 "依托区域优势、对接产业发 展、遵循市场规律、助力卓越徐汇" 定位，聚焦人工智能、生命健康等先导产业，通过 "基金 + 直投" 形式投早投小投科技，助力区域经济高质量发展。 无锡梁溪基金是梁溪区打造的"金融+产业""基金+项目"核心平台，由无锡市梁溪科技城发展集团和无锡 市国企共同发起，总规模达200亿元，下设梁溪科创母基金（100亿元）与数字母基金（20亿元）；截至 2025年7月，已完成投资决策项目82个、专项子基金25个，投资额超百亿元，覆盖空天信息、智能制 造、人工智能、机器人等领域，赋能科技创新与产业集聚。 1月26日，阶跃星辰（StepF ...

作为国内黄金行业的重要参与者，公司业务覆盖金、锑、钨等多类矿产资源的采选与销售，形成了多元 化的产品矩阵。公司明确表示，2025年业绩大幅增长的核心驱动力，是金、锑、钨三大核心产品销售价 格同比上涨。 招金黄金则预计2025年实现归属于上市公司股东的净利润1.22亿元至1.82亿元，而上年同期该指标为亏 损1.27亿元，成功实现同比扭亏为盈。对于业绩变动远东，招金黄金指出，主营业务扭亏，子公司斐济 瓦图科拉金矿技改增产增效，叠加黄金价格上涨，毛利润大幅提高。 【文/羽扇观金工作室】 2025年国际黄金价格一路高歌猛进，持续刷新历史纪录，国内黄金行业景气度同步攀升。 1月25日晚间，湖南黄金（002155）与招金黄金（000506）双双披露2025年度业绩预告，前者净利润实 现50%-90%的高速增长，后者则成功扭亏为盈。 截至26日10点25分，贵金属板块大涨10%，其中湖南黄金、招金黄金、恒邦股份、四川黄金涨停，晓程 科技涨超17%，赤峰黄金、紫金矿业、山东黄金、山东国际、中金黄金均涨超7%。 | 第合屋 | 3237.51 ± 297.07 ± 10.10% | | --- | --- | | 3238. ...

租金上涨与法律红线，公益运营的双重枷锁 2006年，李亚鹏与王菲发起设立嫣然天使基金，2012年在北京望京租下近万平方米空间，创办嫣然天使儿童医院。最初十年，房东张毅以远低于市场价的 租金支持公益——每天每平方米仅2.65元，而当时周边商业物业普遍在5元以上。这份善意支撑了医院十余年免费为7000多名贫困唇腭裂患儿完成手术， 累计实施手术超1.1万台，按中国出生缺陷监测中心1.82‰的发病率计算，相当于为数千个家庭撑起希望。 但2019年底续租时，租金调整至5.24元/平方米/天，虽仍略低于商圈均价，却让本就依赖"高端门诊补贴公益"的脆弱模型雪上加霜。疫情三年，非急诊类 儿童专科门诊量锐减，医院收入断崖式下滑，而180位医护人员薪酬、医疗耗材、设备维护等固定成本并未减少，财务缺口持续扩大。 北京嫣然天使儿童医院的生存危机，在2026年初牵动了无数人的心。 截至1月22日，这家专注于唇腭裂儿童救助的非营利医院，因拖欠房东租金超3000万元，已被法院判令腾退，强制执行程序随时可能启动。不过，在这场 风波之中也有温暖的力量在涌动。 从最新进展来看，行政力量已经介入协调此事。1月21日，北京市朝阳区卫生健康委表示，已 ...

相关报告指出，人形机器人(Humanoid robot)是指在外观上模仿人类(具备躯干、头部和双臂等关键结 构)，并在功能上具备类人的感知、学习、决策与执行能力的机器人系统。人形机器人是具身智能通用 机器人的高阶形态，代表了机器人技术在形态通用性、任务泛化能力以及人机协同水平上的最高追求。 从行业方向上看，当前的人形机器人正由实验室验证向工程化落地过渡。本体、小脑(运动控制)、大脑 (认知与决策)协同发展，上肢系统的精细灵活性是核心突破点，下肢系统在通用能力与工程效率间寻求 平衡。模块化、轻量化设计提升系统稳定性与可部署性。大小脑融合的端到端具身智能大模型，实现多 模态感知、任务理解与动作执行闭环，推动复杂场景自主作业与人机协同。 从应用来看，文娱商演、教育科研、数据采集和导览导购是2025年主要落地场景；商业模式正由一次性 硬件销售向RaaS、运维服务和平台化生态演进，实现"产品+服务+生态"并行发展。 IDC预测，从全球市场来看，人形机器人产业正经历由"广泛参与"向"头部集中、梯队分化"的加速演 进。随着技术成熟度提升及应用场景快速落地，全球人形机器人市场正进入多场景商业化的加速阶段， 头部厂商与中小厂商 ...

Core Viewpoint - The resilience and security of supply chains have become core anchors of national economic competitiveness amid structural fluctuations, geopolitical tensions, and cost pressures. Companies like Jianfa Co., Ltd. are transitioning from passive risk management to proactive global resource allocation strategies, establishing themselves as benchmarks in this transformation [1]. Group 1: Domestic Trade and Supply Chain - Domestic trade circulation serves as a crucial economic artery, directly impacting the stability of livelihoods and operational efficiency of industries. Jianfa Co., Ltd. plays a key role in this sector by providing large-scale, specialized supply chain services to overcome regional circulation bottlenecks, ensuring the rapid and stable supply of essential materials [3]. - The company focuses on food security as a priority, particularly addressing the "north grain south transport" strategy, achieving over 10 million tons in domestic agricultural product operations in the last production season, thereby reinforcing the food security framework [3][5]. Group 2: Global Supply Chain Integration - Jianfa Co., Ltd. is advancing its global supply chain layout while deepening its domestic circulation network, aiming to stabilize domestic industries and livelihoods. The company targets key global production areas to ensure a steady supply of essential resources for domestic manufacturing and consumer sectors [6]. - The company has established over 70 overseas companies and offices, forming strategic partnerships with global suppliers to create a stable supply chain that meets domestic demands. This includes sourcing high-quality agricultural products from regions like South America and Europe [6][9]. Group 3: New Consumption Empowerment - Jianfa Co., Ltd. is leveraging its supply chain capabilities to support the growth of new consumption sectors, integrating domestic circulation experience with global resource capabilities. This dual approach aims to enhance the quality and expansion of the consumer market [10]. - The company's involvement in the coffee industry exemplifies its role in empowering new consumption, with significant growth in procurement and sales, achieving over 40,000 tons of coffee bean purchases and sales exceeding 700 million yuan, marking a year-on-year increase of over 120% [11]. - Collaborations with global dairy companies and technology firms further illustrate Jianfa Co., Ltd.'s commitment to enhancing product quality and market competitiveness through efficient supply chain management [12][14]. Group 4: Strategic Partnerships and Future Outlook - During the 2023 China International Import Expo, Jianfa Co., Ltd. signed agreements worth over 5.2 billion USD with seven global agricultural and trading firms, expanding its strategic layout in multiple agricultural categories [7]. - The company's comprehensive supply chain service system, which spans from livelihood protection to industrial support and consumption upgrading, positions it as a key player in stabilizing national supply chains and contributing to the resilience of the economy [10][14].

Core Viewpoint - The commercial space industry has transitioned from a state-controlled domain to a rapidly evolving commercial sector, with China positioned as a key player in this global trend [1][2]. Group 1: Current State of Commercial Space - The commercial space industry has reached a significant milestone, with the number of satellites launched annually expected to exceed 4,000 by 2025, compared to just over 1,000 active satellites currently [8]. - The establishment of the Commercial Space Administration by the National Space Administration signifies a major opportunity for the commercial space sector in China [8]. - The industry is moving from a research-focused phase to a commercial phase, as evidenced by the increasing discussions around satellite quantities and pricing at industry events [4][8]. Group 2: China's Position in Commercial Space - China is not merely a follower in the commercial space race but is among the few countries defining the rules, particularly in remote sensing and communication sectors [12]. - The successful launch of the "Hongtu-1" satellite, which utilizes an innovative four-satellite formation for global measurement, highlights China's leadership in SAR remote sensing technology [12]. - In communication, China's advancements in low-orbit broadband satellites have led to the development of satellites with capacities reaching 40 Gbps, showcasing international competitiveness [13]. Group 3: Key Challenges and Technological Breakthroughs - The commercial space industry faces challenges in supply chain expansion and technological innovation, with a focus on transforming space capabilities into societal industrial capabilities [16]. - The industry has seen a significant increase in suppliers, from around 100 in 2018 to over 1,000 by 2025, indicating a robust supply chain development [17]. - Key technological advancements include electric propulsion systems, flexible solar panels, and laser communication technologies, which are essential for the future of low-orbit communication satellites [19][20][21]. Group 4: Future Trends and Projections - By 2025, the total value of commercial contracts is expected to equal the total of the past five years, indicating a significant growth trajectory for the industry [24]. - The commercial space sector in China is anticipated to enter a phase of scale economy, with rapid increases in satellite launches and a shift towards a more competitive landscape [24][25]. - The integration of computing power into satellite technology is expected to create a new paradigm in space communication, enabling direct connections between mobile devices and satellites [25].