在红包大战之外，大厂还在争夺终端入口。上海财经大学特聘教授胡延平认为，未来Agent（智能体）可能会接管手机、电脑等终端，实质是生成式AI技术 重构智能硬件与软件行业。2025年AI的范式、价值与能力已经得到充分确认，2026年将出现技术大投入、竞争大分化、市场大分流。 经济观察报 记者 钱玉娟 编者按：2025 年，科技互联网的齿轮转动得比以往任何时候都要快。在技术洗牌的前夜，没有人敢停下。 我们看到，大厂在算力和大模型应用里厮杀，电商在监管与合规的夹缝中重塑底线。做无人机的去卷扫地机器人，一批公司蜂拥去做智能眼镜，整个硬件圈 陷入了一种 " 无所不能 " 的集体幻觉与入口焦虑。 我们也看到，人形机器人刚踉踉跄跄地走出实验室，在车间干些零活，就迎来残酷的价格战；短剧告别了一夜暴富的粗放模式，漫剧直接降维打击，头部内 容公司既兴奋又不安。 这不再是写份 PPT 就能拿到千万融资的时代，技术、商业化场景和生态优势，丢了哪头都不行。活下去，并且要硬核地活下去，成了 2025 年 TMT 行业的共 识。 马年将至，腾讯、阿里巴巴和字节跳动等头部科技公司将AI竞争拉回了他们最熟悉的战场——流量战争。 腾讯元宝发放10 ...

Core Insights - The live e-commerce industry is entering a phase of value reconstruction, moving away from chaotic growth towards a more regulated and sustainable growth model as the "Live E-commerce Supervision Management Measures" come into effect [2] - The focus is shifting from sheer traffic and GMV (Gross Merchandise Volume) to trust and cognitive recognition as new growth engines in the industry [2] Industry Trends - The industry is transitioning from a traffic-driven model to a quality-driven approach, with brands like Li Jiaqi's adopting a "brand-driven, professional assistant" model to enhance professional barriers [3] - The complexity of managing multiple live streams requires a robust supply chain and quality control system to maintain user trust across various platforms [3] Business Strategies - The live e-commerce model is evolving into a C2M (Customer-to-Manufacturer) model, where real-time demand sensing and agile brand responses are becoming critical [4] - The company aims to deepen user experience, enhance digital efficiency in industry collaboration, and upgrade content value in response to stricter industry regulations expected in 2026 [4] Future Outlook - By 2026, the focus of competition in live e-commerce will shift from traffic scale and conversion efficiency to content innovation and value system strength [4] - The company plans to build an expert anchor matrix to enhance the content product attributes of live streams, aiming for professional, serialized, and IP-based content [5] Value Innovation - The company will leverage C2M collaboration, data-driven product selection, and comprehensive quality control to empower brand partners, aiming to provide consumers with a reliable and transparent experience [6] - The long-term vision is to establish the company as a trusted consumer partner, a deep collaborator with the industry, a builder of professional content, and a practitioner of benevolent commerce [6]

Performance Overview - In the 2025 performance forecast, the company expects a net profit attributable to shareholders of between 150 million to 190 million yuan, representing a year-on-year decline of 62.29% to 70.23%. However, the fourth quarter shows significant improvement with a net profit of 118 million to 158 million yuan. The company attributes the performance fluctuation mainly to the industry cycle in the first half of the year, while 2026 is anticipated to bring multiple growth opportunities driven by the gap in grandparent breeding stock, expansion of production capacity, and growth in the breeding pig business [1] Industry Conditions - Due to the impact of avian influenza overseas, the introduction volume of grandparent white feather broiler breeding stock in 2025 decreased by over 10% year-on-year, totaling only 620,000 sets, leading to a tight supply. The price of parent stock chick has been rising since September 2025, with the transaction price exceeding 53 yuan/set in January 2026, and further price increases are expected, benefiting the company's core business [2] Strategic Initiatives - The company plans to expand its production capacity over the next four years, increasing the parent stock inventory from 7 million sets to 10 million sets and the production capacity of commercial chicks from 600 million to 1 billion birds. This will be achieved through both self-construction and acquisitions to solidify its leading position in the industry [3] Business Development - The company has made progress in new business areas, with the research and development of new egg-laying chicken strains passing the pilot test, expected to receive certification in the first half of 2026, thereby enriching its product matrix. Additionally, the overseas strategy is advancing steadily, with agricultural and animal husbandry equipment already exported to Southeast Asia, and negotiations for the export of hatching eggs are underway to expand into international markets [4] Subsidiary Growth - As a core breeding farm for national pig breeding, the company's pig sales reached 98,400 heads in 2025, marking a year-on-year increase of 228.43%. The target for 2026 is to achieve sales of 150,000 heads, gradually contributing to sustainable revenue [5]

Group 1 - GSK and Ionis have achieved the primary endpoint in the Phase 3 clinical trial of Bepirovirsen for chronic hepatitis B, with plans to submit regulatory filings in Q1 2026 [1] - Merck's subcutaneous formulation of Pembrolizumab has received FDA approval for 2025, with a focus on transitioning patients from intravenous infusion to the new formulation in 2026 [1] - Guangsheng Pharmaceutical's innovative drug GST-HG141 has completed patient enrollment for Phase 3 clinical trials, while Alvotech and Teva's biosimilar Eylea (AVT06) is expected to launch in the U.S. in Q4 2026 [1]

Group 1: Stock Performance - Next Technology Holding Inc. (NXTT) experienced significant stock price volatility from February 7 to February 13, 2026, with a cumulative decline of 30.11% during the period from February 9 to February 12, and a price fluctuation of 32.26% [1] - The closing prices during this period were as follows: $3.14 on February 9 (down 15.59%), $3.03 on February 10 (down 3.50%), $2.96 on February 11 (down 2.31%), and $2.60 on February 12 (down 12.16%) [1] - In comparison, the Nasdaq index fell by 2.03% and the software services sector declined by 1.48%, indicating that NXTT's decline was significantly greater than both the sector and the overall market [1] Group 2: Financial Performance - The latest available financial data for NXTT, as of September 30, 2025, shows substantial operational pressure, with a net income of -$16.89 million and a net profit margin of -944.65% [2] - The return on assets was -16.88% and the return on capital was -19.82%, indicating ongoing losses and challenges in profitability [2] - Despite a significant year-over-year increase in cash and short-term investments by 1748.86% to $12.36 million, revenue was only $1.79 million, while operating expenses reached $45.13 million, resulting in a free cash flow of -$14.76 million [2] Group 3: Recent Events - In the past week, NXTT did not disclose any major company events or announcements, with stock price fluctuations primarily influenced by market sentiment and overall sector performance [3] - There were no specific positive or negative news drivers affecting the stock, and investors are advised to monitor upcoming financial reports and potential business developments [3]

公司2025年第三季度财报显示，尽管营业收入同比增长21.60%，但归母净利润亏损148.9万美元，净利 润同比下滑111.24%，净利率为-1.21%。资产负债率较高(64.12%)，且市盈率(TTM)为负值(-5.95)，反映 盈利能力疲软及财务结构压力。 经济观察网微宏控股(MVST.OQ)在2026年2月12日股价下跌4.92%，收盘报2.32美元，主要受以下因素影 响： 股票近期走势 当日开盘价为2.45美元，最高触及2.45美元，最低下探至2.30美元，振幅达5.94%。成交量为230.06万 股，成交金额约536.09万美元，换手率为0.70%。近5个交易日累计下跌2.93%，而年初至今跌幅达 17.14%，显示短期及中期均承压。 公司基本面 近期成交量相对清淡(如2月10日成交额仅332万美元)，低流动性环境下微量卖单易放大波动。此前三个 交易日(2月6日至9日)股价累计反弹约7.8%，2月12日的下跌可能包含短期获利盘了结的技术性回调。 以上内容基于公开资料整理，不构成投资建议。 市场环境 2月12日美股三大指数集体下跌，纳斯达克指数跌幅达2.03%，科技股普遍调整。尽管微宏控股所属的 汽车 ...

经济观察网近7天，特海国际港股(09658.HK)股价呈现波动上涨趋势。截至2月13日收盘，股价报13.79 港元，单日上涨3.30%，5日累计涨幅达5.35%。成交方面，2月13日成交量为400,880股，成交额约542万 港元，换手率0.06%。技术指标显示，MACD柱状图转正，KDJ指标处于高位，短期走势偏强。 机构观点 特海国际2025年第三季度业绩受到市场关注。根据2025年11月26日公告，第三季度收入为2.14亿美元， 同比增长7.8%；但归母净利润同比下滑90.4%至360.9万美元，主要因汇兑亏损净额增加3170万美元。经 营溢利1260万美元，同比减少15.4%，但环比大幅提升240.5%。运营指标方面，整体翻台率从3.8次/天 提升至3.9次/天，客流量超810万人次，同比增长9.5%。 以上内容基于公开资料整理，不构成投资建议。 机构对特海国际维持积极评价。2026年2月，5家机构发布观点，100%为买入或增持评级，目标均价 16.64港元(当前价13.79港元)。机构认为，公司品牌优势与本地化运营深化有望带动长期盈利改善，尤 其关注"红石榴计划"下多品牌矩阵的进展。 财报分析 ...

经济观察网联掌门户(LZMH.OQ)在2026年2月12日股价下跌7.94%，收盘价为1.16美元。当日美股市场 整体表现疲软，尤其是科技股板块出现显著调整。根据21世纪经济报道的统计，纳斯达克指数当日下跌 2.03%，信息科技服务板块整体下跌4.01%。个股方面，联掌门户成交量为36,536股，成交金额为43,597 美元，流动性较低可能放大价格波动。 以上内容基于公开资料整理，不构成投资建议。 ...

Company Status - There are market rumors that the company is considering a potential listing in Hong Kong as early as 2026, with management closely monitoring capital market changes, but no specific plans have been confirmed yet. If the listing proceeds, it may impact the company's capital structure and liquidity [2] Performance Strategy - The company has provided guidance for Q4 2025 revenue growth of 0% to 5% year-on-year, estimating a range of 33.2 billion to 34.9 billion yuan. However, due to the impact of warm winter weather and the later timing of the Spring Festival, actual growth may be closer to the lower end of the guidance. The Q4 performance is expected to be released in early 2026, and its actual results may trigger market reactions [3] Financial Movements - The company has committed to returning no less than 75% of its 2024 Non-GAAP net profit (approximately 900 million USD) to shareholders through dividends and buybacks in 2025. As of Q3 2025, over 730 million USD has already been returned to shareholders, and a similar policy may continue in 2026 [4] Business and Technology Development - The company is accelerating the application of AI, such as launching the AI fitting feature "Try It On," and exploring the use of AI agents in search recommendations and customer service to enhance operational efficiency. These technological advancements may have a long-term impact on user experience and cost structure [5] Business Condition - In November 2025, the company fully integrated with the China Quality Inspection Management Database to conduct individual inspections of luxury goods, aiming to strengthen the perception of authenticity. This move is intended to enhance trust in high-end products, but its effect on user growth needs to be observed [6] Industry Policy and Environment - The domestic policy to expand domestic demand in 2026 may support apparel consumption, but the e-commerce industry is highly competitive. The company needs to maintain its brand positioning in special sales to address these challenges [7]

股价与资金表现 经济观察网根据公开信息，康乃德生物(CNTB.OQ)股价在2026年2月12日出现下跌。行情数据显示，该 股当日收盘价为2.47美元，单日下跌7.84%。从市场表现看，当日美股生物技术板块整体微涨0.24%，但 纳斯达克指数下跌2.03%，显示科技成长股承压可能对个股情绪产生影响。 以上内容基于公开资料整理，不构成投资建议。 需要注意的是，该股票近期波动较大。在2月5日至2月11日的一周内，其股价振幅达到23.61%，并在2 月9日出现单日大涨11.93%后连续两日回调。2月12日的下跌可能包含部分技术性回调因素。同时，个 股换手率较低(0.20%)，流动性有限也可能放大了价格波动。 ...