上海交通大学安泰经济与管理学院副教授胥莉告诉记者，跨境支付机构收购当地支付牌照，一方面 是合规运营的需要，另一方面是借此构建境内外一站式支付结算服务体系。收购后，如何快速促进境内 支付业务与境外支付业务产生协同效应是关键。首先技术和数据要在合规下实现快速整合，在实现技术 与数据资源合规共享的基础上，提供数据增值服务，发现市场趋势，不断优化产品和服务。 2026年开年以来，第三方支付机构延续了在海外"拿牌"的热潮。现代化企业金融服务平台Airwallex 空中云汇 (下称"空中云汇") 近日宣布，已收购韩国持牌支付公司Paynuri Co. Ltd.，成功获得韩国支付网 关、预付费电子支付工具及外汇业务相关资质。 跨境支付市场近年来迎来新一轮争夺浪潮，包括连连数字、PingPong、派安盈（Payoneer）、空中 云汇、万里汇、贝宝支付（PayPal）、XTransfer、寻汇SUNRATE在内的跨境支付玩家均已在国内取得 支付牌照。同时，Payoneer、蚂蚁国际、PingPong、寻汇、移卡、空中云汇、新大陆等支付机构积极在 海外拿牌。 "在政策支持鼓励与全球经济日益深化背景下，跨境支付市场已成为支付机构 ...

法巴天星财险表示，开业后，公司将聚焦发展前景广阔且与股东业务协同紧密的新能源汽车保险领 域，围绕新能源汽车生态深耕专属车险产品，并将持续优化理赔流程，切实提升新能源汽车车主服务体 验。未来，法巴天星财险也将进一步丰富业务矩阵，强化差异化优势。 又一家财险公司开业！ 1月22日，北京法巴天星财产保险股份有限公司（下称"法巴天星财险"）正式宣布开业，将全面进 入中国财产保险市场。 回溯来看，2024年10月17日，法巴天星财险获批筹建；次日，金融监管总局局长李云泽在2024金融 街论坛年会上宣布了这一消息。时隔一年后，2025年10月17日，法巴天星财险获批开业，并接受北京金 融监管局的属地监督管理；10月24日，法巴天星财险获得保险许可证。 作为一家股东背景多元的创新保险企业，法巴天星财险由法国巴黎保险集团、四川银米科技有限责 任公司及大众汽车金融服务海外股份公司共同发起设立，注册资本为10亿元。其中，法国巴黎保险集团 出资4.9亿元，持股49%；四川银米科技有限责任公司出资3.3亿元，持股33%；大众汽车金融服务海外 股份公司出资1.8亿元，持股18%。 公开资料显示，法国巴黎保险集团是法国巴黎银行集团成员之 ...

自去年1月重返白宫以来，美国总统特朗普推翻了美国数十年的贸易政策，在曾经开放的经济体周围筑 起关税壁垒。 他对几乎所有国家的进口商品征收两位数的关税，扰乱了全球贸易，并给世界各地的消费者和企业预算 造成了压力。 特朗普称，他征收的高额进口税是必要的，这些关税将缩小美国持续数十年的贸易逆差，并将制造业带 回美国。他还曾多次声称，美国征收的关税将由其他国家或出口商负担。 当下，特朗普又为格陵兰岛相关议题对欧加征关税施压。 施压欧洲 特朗普近日威胁称，由于丹麦、挪威、瑞典、法国、德国、芬兰、英国和荷兰支持格陵兰岛的主权，将 从2月1日起对来自这些国家的进口商品征收10%的关税，并补充道，从6月1日起，关税将提高到25%， 并将一直有效，直到相关方就美国"全面、彻底购买格陵兰岛"达成协议。 欧盟是美国最大的单一贸易伙伴，占美国进口总额的近20%。去年，美国对欧洲进口商品征收15%的关 税，不过加上豁免条款，实际关税税率约为11%。10%的普遍关税将使关税压力翻倍，而额外加征25% 的关税将使名义税率达到40%。 高盛估计，受影响的欧洲国家实际GDP将下降0.1%至0.2%。德国受到的冲击最大，如果美国对所有商 品征收 ...

智能手机赛道早已进入"存量搏杀"时代。 近日，国际数据公司（IDC）发布的最新手机市场跟踪报告显示，2025年全年，中国智能手机市场出货量约2.84亿台，同比 下降0.6%。 IDC数据指出，上半年伊始，"国补"叠加春节销售旺季推动市场增长明显，但后继乏力。下半年随着部分市场需求提前释 放，多地"国补"资金提前用尽以及成本持续上升等因素影响，市场继续保持同比下滑趋势。面对存储价格预计仍将大幅上 涨的态势，手机厂商的成本压力将进一步加剧，IDC预计，2026年中国智能手机市场出货量或将出现较明显回落。 然而，排位的更迭难以掩盖整体市场的寒意。2025年，尽管华为凭借4670万台出货量重回第一，但同比仍下滑1.9%；而昔 日冠军vivo则遭遇重创，出货量同比下降6.6%，在头部阵营中表现垫底。 相比之下，小米、苹果及OPPO实现了出货量的小幅增长。IDC指出，从全年来看，苹果以并列第二的市场份额，终结了此 前连续三年的出货量下滑趋势，实现触底回升。其中，iPhone 17 Pro Max仍是最畅销机型，进一步扩大了苹果在800美元以 上高端市场的优势。全面升级的iPhone 17系列显著提升了产品吸引力，获得消费 ...

Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," is experiencing significant growth in revenue driven by the booming AI industry and strong demand for high-performance GPUs, despite still facing net losses in the upcoming years [1][2]. Group 1: Financial Performance - Moore Threads reported a stock price of 628.6 CNY per share and a total market capitalization of approximately 295.5 billion CNY as of January 22 [1]. - The company forecasts its 2025 annual revenue to be between 1.45 billion CNY and 1.52 billion CNY, representing a year-on-year growth of 230.70% to 246.67% [1]. - The expected net loss for 2025 is projected to be between 950 million CNY and 1.06 billion CNY, with a reduction in loss compared to the previous year by 34.50% to 41.30% [1][3]. Group 2: Business Segments - The primary revenue sources for Moore Threads are AI computing, professional graphics acceleration, desktop graphics acceleration, and SoC-related businesses, with AI computing products becoming the main revenue pillar [3]. - In 2024 and the first half of 2025, the revenue share from AI computing products is expected to reach 77.63% and 94.85%, respectively, driven by demand for large model training and GPU cloud services [3]. Group 3: Market Position and Growth Potential - The global GPU market is projected to reach 36,119.74 billion CNY by 2029, with China's GPU market expected to grow to 13,635.78 billion CNY, increasing its market share from 30.8% in 2024 to 37.8% in 2029 [2]. - Moore Threads has successfully launched its flagship MTT S5000 GPU, achieving market-leading performance and has begun large-scale production [4]. - The company aims to achieve profitability at the consolidated level by 2027, contingent on successful R&D and market expansion [3].

Core Insights - Baidu has launched the official version of its native multimodal large model, Wenxin 5.0, which features 2.4 trillion parameters and supports various forms of input and output, including text, images, audio, and video [1] Group 1: Model Technology - Wenxin 5.0 utilizes a unified autoregressive architecture for native multimodal modeling, allowing for joint training of multiple data types within a single framework, enhancing the integration and optimization of multimodal features [1] - The model employs a large-scale mixture of experts (MoE) structure with ultra-sparse activation parameters, activating less than 3% of parameters, which improves inference efficiency while maintaining strong model capabilities [1] - The model's training incorporates long-term task trajectory data and end-to-end reinforcement learning based on thinking and action chains, significantly enhancing its agent and tool invocation capabilities [1] Group 2: Application Development - Baidu has developed matrix and specialized models based on the Wenxin foundational model, with matrix models aimed at product-level applications and general scenarios, while specialized models target industry applications and vertical scenarios [4] - Three technological breakthroughs were highlighted: an end-to-end synthesis model based on voice tokens, a technology that surpasses human live streaming in 5 minutes, and real-time interactive digital human technology [4][5] - The real-time interactive digital human technology employs a three-state token linkage architecture for streaming control of text, voice, and video, allowing for automatic action transitions and low-latency, high-expressiveness video output [5] Group 3: Platform and Agent Development - Baidu's Qianfan platform has developed over 1.3 million agents, with daily tool invocation exceeding ten million times, showcasing the platform's extensive application and integration capabilities [6] - The platform offers comprehensive support for enterprise operations across multiple scenarios, significantly lowering the innovation threshold for enterprise agents [5][6]

据中国铁路上海局集团有限公司消息，长三角铁路2026年春运方案近日出台，春运40天预计发送旅 客首次突破1亿人次，达到1.03亿人次，日均发送旅客257.5万人次，较去年春运增长4%，创历年新高。 长三角铁路部门在启用高峰运行图的基础上计划增开旅客列车437.5对，高峰期单日最高将开行旅客列 车超1700对。 今年铁路春运自2月2日起至3月13日止，共计40天。随着春节9天假期公布，旅客出行出游需求将充 分释放，长三角地区客流整体呈现出学生流、务工流、探亲流和旅游流交织叠加态势，形成以返乡返 校、探亲访友、短途通勤等刚性需求为主，假期文旅出游等个性化需求为辅的春运客流格局。 ...

1月21日，黄金等贵金属价格持续上涨，截至发稿，现货黄金价格维持在4860美元/盎司附近，现货白银 价格则在94美元/盎司附近。此外，沪铝、沪铜价格均在近期创下新高。 商品价格的大涨，吸引了二级市场资金的关注。数据显示，截至1月20日，今年以来单只股票型ETF （交易型开放式指数基金）最高净流入达108.61亿元，属于1只有色金属ETF。 近期，AI（人工智能）相关赛道热度不减，大宗商品价格持续创新高也吸引了较高关注。 实际上，去年有色板块已走出了一波强势表现，今年热度不减，相关ETF继续攀升。在众多基金经理看 来，这与当下AI算力对相关商品的需求激增相关。但也有基金经理提醒，结构性行情延续意味着内部 分化加剧，想再赚超额收益，难度将明显提高。 有色ETF净流入第一 AI行情持续，贵金属价格大涨。数据显示，截至1月21日，现货黄金最新价格站上4800美元/盎司，直逼 4900美元大关；现货白银最新价格则突破了90美元/盎司。此外，国内市场的碳酸锂期货价格也在近期 创下新高，突破17万元/吨，最新价格在16.67万元/吨；沪铝、沪铜此前亦刷新高点，近几日小幅回落。 去年单只有色ETF最高涨超100%，多只涨幅逾 ...

Core Insights - The article highlights the transformation of the Chinese automotive industry, particularly focusing on SAIC Motor Corporation's impressive performance and strategic shift towards high-quality development [2][4][6]. Sales Performance - In 2025, SAIC is projected to sell 4.507 million vehicles, a year-on-year increase of 12.3%, with retail sales reaching 4.67 million units [4]. - The sales of new energy vehicles (NEVs) are expected to reach 1.643 million units, marking a significant year-on-year growth of 33.1% [4]. - Overseas sales are anticipated to be 1.071 million units, reflecting a 3.1% increase compared to the previous year [4]. Profitability - SAIC forecasts a net profit attributable to shareholders of 9 to 11 billion yuan, representing a staggering year-on-year increase of 438% to 558% [6]. - The non-recurring net profit is expected to be between 7 to 8.2 billion yuan, showing a growth of 229% to 251% year-on-year [6]. Strategic Transformation - The company has undergone a strategic overhaul, shifting from a scale expansion model to a value creation approach, focusing on comprehensive reforms to unlock structural benefits [6][7]. - SAIC has broken down traditional departmental barriers, creating a more agile and efficient operational system that enhances user demand responsiveness [7]. Technological Investment - Over the years, SAIC has invested more than 150 billion yuan in electrification and intelligence, resulting in nearly 26,000 effective patents and a robust technical framework covering electric, hybrid, and hydrogen vehicles [11]. - The company has developed advanced technologies such as the DMH engine, achieving a thermal efficiency of 46.3%, and has introduced innovative battery technologies [14]. Product Strategy - SAIC's product strategy emphasizes a user-centric approach, moving from a manufacturing giant to a user-oriented enterprise, with a focus on creating a diverse product lineup that meets various market segments [17]. - The successful launch of models like the Zhiji LS6 and LS9 demonstrates the effectiveness of this strategy, with significant sales growth and market penetration [18]. Ecosystem Collaboration - The company is actively building an ecosystem that enhances user experience through collaborations with tech firms like Huawei and Momenta, integrating cutting-edge technologies into its products [19]. - This collaborative approach aims to provide comprehensive smart mobility solutions, enhancing the overall value proposition for users [19]. Marketing Innovation - SAIC has reformed its marketing strategies to improve direct engagement with consumers, utilizing innovative methods such as pop-up stores and real-time feedback collection to enhance product development [20]. - The marketing efforts for models like the MG4 and Zhiji LS6 focus on translating complex technologies into relatable benefits for consumers, fostering emotional connections with the brand [20]. Future Outlook - Looking ahead, SAIC aims to solidify its position as a leader in the global smart electric vehicle market, continuing to deepen reforms and accelerate technological advancements [21]. - The company's transformation journey serves as a valuable example for traditional automotive giants seeking sustainable growth through self-innovation and user-centric strategies [21].

Group 1 - The cryptocurrency market experienced a corrective downturn after a significant recovery, with Bitcoin peaking near $98,000 before falling to $88,900, reflecting a 4.66% drop in 24 hours [1][2] - Ethereum also faced a decline, dropping 7.98% in the same period, while other cryptocurrencies like BNB and Solana saw similar downturns [2] - The primary driver of this downturn is attributed to external macroeconomic factors, including a recent escalation in the US-EU tariff conflict and a significant drop in major US stock indices [2][4] Group 2 - The recent surge in Bitcoin's price was largely influenced by an improved macroeconomic environment in the US, including a more dovish stance from the Federal Reserve and the initiation of a Reserve Management Plan [4] - The current market phase is characterized by a digestion of previous gains, with institutional investors adjusting their positions based on risk assessments rather than emotional trading [5][6] - Bitcoin's volatility is heightened due to its reliance on institutional capital and the constraints imposed by global liquidity conditions, making it less of a pure safe-haven asset compared to gold [6]