另一家机构投资者Discounter Seed HK也出现在A轮、A+轮、A++轮及B轮融资中。Discounter Seed HK 背后机构为启承资本，此前，启承资本还投资了半亩花田、钱大妈、袁记云饺、锅圈等多个消费品牌。 在IPO前，鸣鸣很忙的基石投资者阵容更是堪称豪华，腾讯子公司、淡马锡、贝莱德、富达基金、博时 国际、易方达、淡水泉、泰康人寿等头部机构，认购总额约1.95亿美元（约15.20亿港元）。基石投资者 是指在IPO前期签订认购协议并接受6到12个月锁定期的机构或个人投资者，大型机构的参与往往能为 投资者带来信心加持。 满足零食消费新需求 ● 本报记者 张舒琳 1月28日，"量贩零食第一股"鸣鸣很忙登陆港股，凭借清晰的下沉市场布局获得资本追捧。在融资初 期，鸣鸣很忙获得红杉资本、高榕创投等头部机构领投，IPO前更吸引了多家头部机构成为基石投资 者。 "量贩零食第一股"上市 街边常见的食品饮料连锁品牌上市之路一帆风顺。1月28日，"量贩零食第一股"鸣鸣很忙在港股上市， 首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点卖出，相较于招股价236.6港元，不计手 续费，每手最高可赚约2万港元。截 ...

1月28日，员工在位于浙江省杭州市萧山区瓜沥镇的杭州航民百泰首饰有限公司展厅整理黄金首饰。 新 华社图文 ...

Core Viewpoint - The A-share market has shown significant divergence in performance among major indices, with the CSI 500 index rising over 15% and the CSI 1000 and National CSI 2000 indices increasing by more than 10%, while the Shanghai 50 index only saw a slight increase of 0.97% and the CSI 300 index rose by 1.90% [1] Group 1: Market Dynamics - The recent divergence in the market is primarily driven by changes in the flow and risk preferences of incremental capital, with a notable shift towards small and mid-cap growth stocks that offer higher elasticity and potential [2][3] - The net redemption scale of broad-based ETFs represented by the CSI 300 has reached approximately 100 billion, putting pressure on the Shanghai 50 and CSI 300 component stocks [2] - The current market liquidity is very ample, leading to a preference for concept investments in sectors like commercial aerospace and AI hardware, which are attracting significant capital inflows [3] Group 2: Valuation Concerns - There is a growing concern about structural overvaluation in the market, with some private equity professionals noting that the valuation system may have reached historically high levels [4] - The total market capitalization of CSI 300 component stocks is comparable to that of over 5,000 other companies, but there is a significant profit disparity, indicating a clear overvaluation in some stocks [4] Group 3: Investment Strategies - Private equity firms are adopting a balanced "offensive and defensive" strategy, focusing on both growth and value investments to navigate the current market conditions [5][6] - Key investment focuses include sectors with global pricing attributes such as resources and cutting-edge technology, while also considering undervalued, high-dividend assets as a safety net [6][7] - The strategy emphasizes maintaining a diversified portfolio that includes growth stocks, resource stocks, and defensive high-dividend stocks to mitigate potential market volatility [7]

（5）商品ETF的交易效率较高 一方面，由于商品ETF直接跟踪商品价格，对基本面反应更直接。另一方面，根据现有交易所相关规 则，商品ETF二级市场交易实行T+0制度，即当日买入的商品ETF份额当日可以卖出，支持日内多次买 卖操作，较股票ETF交易效率更高。 （6）商品ETF连通证券、期货交易市场 对于证券基金市场，商品期货ETF丰富了投资品种和避险工具，打通了期货市场的投资路径，满足了投 资者抵御通货膨胀风险、大类资产配置等需求；对于期货市场，商品期货ETF的上市也能进一步推动交 易所基金市场与商品期货市场协同发展，优化期货市场的投资者结构，推进我国期货市场以及整个资本 市场机构化、专业化进程，增强资本市场服务实体经济的能力，促进资本市场高质量发展。 商品ETF还有以下特点： （7）商品ETF潜在套利机会较多 （4）商品ETF的投资成本较低 商品ETF高效的交易机制和独特的跨证券、期货市场联动允许市场开发更多成熟的套利策略，在活跃资 本市场的同时也能减小资产定价误差，反映商品真实价格。比如，T+0交易使得当日买入的商品期货 ETF当日就可以卖出，在进行套利时可以不等到收盘，直接在盘中平仓获得套利收益。 商品基 ...

● 本报记者 杨洁 增长2.9%、7.8%和4.9%。 移动物联网终端用户维持较快增长态势。截至2025年底，中国电信、中国移动和中国联通三家基础电信 企业发展移动物联网终端用户28.88亿户，全年净增2.32亿户，超过移动电话用户数10.61亿户，占移动 网终端连接数的比重达61.3%。 1月28日，工业和信息化部发布的2025年通信业统计公报显示，经初步核算，2025年电信业务收入累计 完成1.75万亿元，比上年增长0.7%，按照上年价格计算的电信业务总量同比增长9.1%。 公报介绍，我国通信业实现平稳增长，产业结构持续优化，用户规模实现量质双升，5G、千兆等新型 信息基础设施建设加快部署，高质量发展纵深推进。 新兴业务收入小幅增长 公报显示，截至2025年底，我国电话用户总数达到19.87亿户，全年净增3091万户。其中，移动电话用 户总数18.27亿户，全年净增3725万户，普及率为130部/百人，比上年末提高2.9部/百人。5G移动电话用 户达到12.04亿户，占移动电话用户的65.9%，比上年末提高9.2个百分点。 公报指出，2025年，我国电信业完成固定互联网宽带接入业务收入2896亿元，比上年 ...

● 本报记者 熊彦莎 连润 1月28日，云南、重庆进入两会时间。近日，多地陆续召开地方两会，纷纷定下各自的2026年经济发 展"路线图"。 中国证券报记者梳理发现，多地将2026年GDP增长预期目标定在5%左右。从重点目标任务看，扩大内 需，强化科技创新支撑引领、构建现代化产业体系等居于重要位置。各地对人工智能的部署更加注重数 据集建立、场景应用。 扩大内需潜力 2026年经济增长预期目标是各地两会颇受关注的内容。海南、新疆2026年地区生产总值增长预期目标分 别为6%左右、5.5%至6%；广东、山东、浙江、河南提出2026年地区生产总值增长预期目标分别为4.5% 至5%、5%以上、5%至5.5%、5%左右。此外，北京、天津、重庆提出2026年地区生产总值增长分别为 5%左右、4.5%和5%以上。 扩大内需成为各地2026年重点部署的任务之一。推动消费转型升级、拓展新型消费、释放服务消费潜力 成为地方两会出现的高频词。北京提出，加大对教育、健康、养老、托育等服务消费政策支持，鼓励平 台创新发展家政等服务业务。浙江提出，拓展消费新业态新模式新场景；加快发展数智消费、悦己消 费、银发经济等新型消费，扩大文旅、餐饮 ...

Group 1 - In 2025, the number of companies with a market capitalization exceeding 1 trillion yuan increased by 1, while those exceeding 100 billion yuan increased by 427, and companies with a market capitalization below 20 million yuan decreased by 379 [1] - The median market capitalization of listed companies reached 6.508 billion yuan, reflecting a nearly 30% year-on-year increase [1] - By the end of 2025, there were 5,477 listed companies in the domestic stock market, with 2,302 on the Shanghai Stock Exchange, 2,887 on the Shenzhen Stock Exchange, and 288 on the Beijing Stock Exchange [1] Group 2 - State-controlled listed companies accounted for 27% of the total, while privately controlled companies made up 63%, with manufacturing companies dominating at 3,743 [2] - The manufacturing sector saw a net increase of 91 companies, primarily in the electrical, electronic, and communication industries, while the real estate sector saw a net decrease of 6 companies [2] - By the end of 2025, the total market capitalization of listed companies in the domestic market approached 109 trillion yuan, marking the highest point in the last five years [2]

Core Insights - The article discusses the rapid evolution of artificial intelligence (AI), particularly focusing on the transition from conversational models to more capable agents that can perform complex tasks autonomously. This shift is expected to reshape technology development paths and business ecosystems by 2026 [1][2]. Group 1: AI Evolution and Capabilities - The daily consumption of tokens by large language models has surged over 300 times in a year and a half, indicating a significant increase in AI processing capabilities [1]. - Major companies in China, such as Alibaba, Kimi, and DeepSeek, are launching new generation large models that emphasize native agent capabilities rather than just parameter size, marking a shift from "chatting" to "doing" [2]. - The introduction of models like Alibaba's Qwen3-Max-Thinking, which features over a trillion parameters and enhanced agent capabilities, sets a new benchmark in AI model development [2]. Group 2: Industry Impact and Applications - AI technology is penetrating various industries, becoming a key driver for cost reduction and efficiency improvement, with applications in sectors like steel, power, and telecommunications [4]. - The AI market in China is projected to grow significantly, with estimates suggesting that the number of AI companies will exceed 6,000 and the core industry scale will surpass 1.2 trillion yuan by 2025 [4]. - Companies like Zhiyuan and MiniMax have reported substantial revenue growth, with Zhiyuan's revenue compound annual growth rate reaching 130% from 2022 to 2024 [5][6]. Group 3: Governance and Challenges - The rise of AI agents presents challenges in governance, necessitating the development of appropriate regulatory frameworks to ensure sustainable growth in the AI industry [6][7]. - Concerns about security risks associated with AI agents have been raised, highlighting the need for improved governance to address issues related to network security and information privacy [7]. - Experts emphasize that the focus of governance should be on enhancing systems and regulations rather than restricting technology itself, ensuring that AI evolves in a beneficial and safe manner for society [7].

● 本报记者 刘丽靓 "2026年，国务院国资委将以高质量编制实施'十五五'规划为契机，接续推动中央企业加快布局新兴产 业，抢占未来竞争主动权。"1月28日，国务院国资委科技创新局局长张剑龙在国新办举行的新闻发布会 上透露，国务院国资委正在研究起草关于推动中央企业培育新兴支柱产业的工作文件。 中国证券报记者还从上述新闻发布会获悉，下一步，国务院国资委将扎实做好新央企组建和战略性重 组，深入推进专业化整合，支持中央企业开展高质量并购。同时，国务院国资委将更大力度推 进"AI+"专项行动，聚焦具身智能、能源电力等重点领域，探索组建"AI+"产业共同体。 实施更精准的分类考核评价体系 截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额2.5万亿元，完成固定资产投资 5.1万亿元，研发投入1.1万亿元……一组组跃动的数据勾勒出2025年中央企业高质量发展的坚实轨迹。 在规模实力稳步攀升的同时，中央企业的发展结构正发生深刻变化：数据显示，2025年，中央企业完成 战略性新兴产业投资2.5万亿元、占总投资的41.8%。 这份成绩单，来自改革深化所释放的制度红利。 "国有企业改革深化提升行动的主体任务 ...

10万亿元 "十四五"时期，税务部门累计征收税费超156万亿元，累计新增减税降费退税超10万亿元。 此外，会议要求，科学精准加强税收监管和税务稽查，切实维护法治公平的良好税收生态。突出引导合 规遵从，持续构建市场化、法治化、国际化税收营商环境。坚决扛牢管党带队政治责任，为做好税务工 作提供坚强保证。 从2025年税收情况来看，税务部门征收各项税费33.1万亿元，其中税收收入17.8万亿元（未扣除出口退 税），同比增长2.7%，考虑价格因素与经济增长基本同步。同时，服务发展大局持续加力，落实支持 科技创新和制造业发展的主要优惠政策减税降费退税超2.8万亿元，纠治违规招商引资涉税问题和"开票 经济"深入推进，离境退税"即买即退"在全国推广，"一带一路"税收征管合作机制建设不断深化，加大 跨境涉税争议协商力度，帮助企业消除国际重复征税超30亿元。 ● 本报记者 熊彦莎 中国证券报记者从国家税务总局获悉，1月28日，全国税务工作会议在北京召开。会议明确，在完善对 重点领域和关键环节支持政策的基础上，加力推进规范税收优惠政策。 数据显示，"十四五"时期，税务部门累计征收税费超156万亿元，约占全口径财政收入的80%，为 ...