Core Viewpoint - Manycore Tech Inc. (群核科技) is progressing towards its overseas listing in Hong Kong, with plans to issue up to 312 million shares [1][2] Group 1: Listing Details - The company plans to issue no more than 312 million ordinary shares for its overseas listing on the Hong Kong Stock Exchange [2] - The company must report any significant events to the China Securities Regulatory Commission (CSRC) from the issuance of the filing notice until the completion of the overseas listing [2] - If the company does not complete the overseas listing within 12 months from the issuance of the filing notice, it must update its filing materials to continue the process [2] Group 2: Company Background and Financials - Manycore Tech is a leading provider of spatial intelligence services, focusing on accelerating the integration of artificial intelligence into the physical world [3] - The company has developed a business model around spatial intelligence technologies, which includes spatial editing tools, spatial data, and spatial large models, applicable across various industries [3] - As of June 30, 2025, the company achieved a net profit of 17.83 million yuan, indicating a turnaround to profitability [3] Group 3: Use of IPO Proceeds - The net proceeds from the IPO will primarily be used for international expansion, enhancing existing product functionalities, launching new products, supporting domestic sales and marketing, and investing in core technologies and infrastructure [3]

Core Viewpoint - *ST Lifan has been found guilty of significant financial misconduct, including inflated revenue and costs over three consecutive years, leading to severe penalties and potential delisting from the stock exchange [1][4]. Group 1: Financial Misconduct - *ST Lifan inflated its revenue and costs through agency business, financing trade, and false trade, resulting in false disclosures in annual reports from 2021 to 2023 [2][4]. - In 2021, the company inflated its revenue by 280 million yuan, accounting for 50.09% of that year's revenue, and inflated costs by 277 million yuan, which was 60.61% of the total costs [2]. - In 2022, the inflated revenue was 312 million yuan, representing 51.67% of the annual revenue, and inflated costs were 305 million yuan, or 53.54% of total costs [2]. - In 2023, the inflated revenue was 45.87 million yuan, making up 24.00% of that year's revenue, and inflated costs were 45.23 million yuan, which was 27.55% of total costs [2]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau has ordered *ST Lifan to correct its practices, issued a warning, and imposed a fine of 10 million yuan [3]. - The company has received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing due to the significant financial misconduct [4]. - The company has been warned about the risk of delisting, as the inflated revenue over two years exceeded 500 million yuan, which is more than 50% of the reported annual revenue for those years [4][5]. Group 3: Audit and Accountability - The accounting firm Zhongxing Caiguanghua has been placed under investigation for its role in the financial misconduct, indicating a broader accountability for the auditing process [6]. - The company plans to change its auditing firm to Younit Zhenqing Certified Public Accountants for the 2025 financial report, moving away from Zhongxing Caiguanghua [7]. - The 2024 internal control report from Zhongxing Caiguanghua received a negative opinion, highlighting ongoing issues with the company's financial practices [8].

春节即将来临，孩子们非常期待收到压岁钱。多家银行敏锐捕捉到这一热点，在春节期间推出压岁钱专 属产品，通过存款利率上浮、赠送权益等方式吸引客户。 业内人士认为，压岁钱专属产品既有利于缓解银行揽储压力，也可通过场景金融，深化客户的品牌认 知，增强客户黏性。看似不起眼的"小"压岁钱，撬动的是儿童金融与家庭财富管理的大市场。 多家银行推出压岁钱相关产品 记者走访银行网点发现，多家银行围绕儿童压岁钱推出了特色产品。 01 北京银行 北京银行推出了儿童专属银行卡——"小京卡"。（18岁以下可办理） 客户通过"小京卡"办理三年期定期存款，利率可达1.75%，较该行同期限一般存款利率有一定的上浮。 而且，"小京卡"相关存款产品的起存金额仅为1000元，较为灵活方便。 02 小俊的妈妈李女士表示，对于银行推出的压岁钱专属产品很满意，这类产品既有助于培养孩子的储蓄习 惯，也能带来一定的利息收益。 发力儿童金融增强客户黏性 对于压岁钱专属产品，业内人士认为，这既是银行应对揽储压力的营销手段，也是挖掘场景金融、增强 客户黏性的重要工具。 工商银行 工商银行内蒙古赤峰市某网点的客户经理表示，该行针对儿童压岁钱储蓄推出了"宝宝卡"。（1 ...

临近春节，不少小微经营者抢抓消费旺季、加紧筹备新春开工。近日，网商银行宣布，为缓解小微经营 者融资慢、融资难、融资贵的难题，在全国工商联指导下，将于2月17日正月初一启动2026年新春助微 行动，依托AI技术识别小微经营者开工真实状况，为其快速提供免息额度支持，助力全国小微经营者 稳开工、促发展。 然而，传统信贷模式下，审批环节多、周期长，且多依赖固定资产抵押，难以适配小微经营者"额度 小、用款急、频次高"的信贷需求，不少小微经营者因资金无法及时到位，只能推迟开工计划、缩减经 营规模，甚至错失新春消费旺季。网商银行此次启动新春助微行动，正是希望以AI科技、免息额度等 为突破口，切实为小微经营者纾困解难。 深耕普惠信贷、助力小微成长，一直是网商银行的目标与特色。据悉，自2020年以来，在金融管理部门 的支持下，全国工商联会同中国银行业协会及网商银行等一起发起"助微计划"，至今已有超120家金融 机构加入。6年来，从"无接触贷款"，支持小微经营者复工复产，到稳就业、振乡村、兴科创等，助微 计划的内涵不断升级。 中国社会科学院大学教授、金融研究中心原主任李永森表示，小微经营者的顺利开工与稳定营业，关联 着无数个家庭 ...

2023年11月9日、2023年11月13日、2023年11月20日，公司分别披露了《关于公司实际控制人、董事、 高级管理人员被采取强制措施的公告》《关于公司实际控制人、董事、高级管理人员被采取强制措施的 进展公告》《关于公司实际控制人、董事长兼总经理正常履职的公告》，公司实际控制人陈坚因涉嫌操 纵证券市场被公安机关采取指定居所监视居住措施，后被取保候审。 2025年前三季度净利润同比下滑 正元智慧2025年半年报显示，公司长期深耕教育信息化，是智慧校园整体解决方案提供商及综合服务运 营商。智慧校园充分运用新兴ICT技术，构建物联中台、数据中台、AI中台、支付中台、认证中台、协 同中台，推出"数字基座+场景应用"的产品体系，打造多技术融合、多主体协同、多场景应用的智慧校 园综合服务解决方案。 公司2025年三季报显示，2025年前三季度，正元智慧实现营业收入约7.68亿元，同比增长2.35%；实现 归属于上市公司股东的净利润约682.66万元，同比下降31.99%。 2月13日晚，正元智慧（300645）披露关于实际控制人诉讼事项的进展公告。公司实际控制人陈坚犯操 纵证券市场罪，被判处有期徒刑三年，缓刑三年六 ...

Core Insights - ByteDance has launched Doubao Model 2.0, enhancing its AI capabilities across video and image generation, marking a significant upgrade in its AI offerings [1] Group 1: Model Features and Upgrades - Doubao Model 2.0 includes three versions: Pro, Lite, and Mini, designed to cater to various business scenarios, with Pro targeting deep reasoning and long-chain task execution [1] - The model has achieved significant advancements in multi-modal understanding, enterprise-level agent capabilities, and reasoning code abilities, marking a qualitative leap since its initial release in May 2024 [2] - Doubao 2.0 Pro has excelled in benchmark tests, achieving top scores in visual reasoning, perception, and long-context understanding [2] Group 2: Performance Metrics - Doubao 2.0 has shown enhanced long-range task execution capabilities, outperforming competitors like GPT-5.2 and Gemini 3 Pro in various assessments, including SuperGPQA and HealthBench [2] - The model scored 54.2 in HLE-text evaluations, leading globally, and surpassed Gemini 3 Pro in the International Mathematical Olympiad assessments [2][3] - Doubao 2.0 has improved instruction-following capabilities, maintaining strong consistency and controllability in multi-step tasks [3] Group 3: Cost Efficiency and Market Impact - The model has reduced reasoning costs significantly, with token pricing lowered by approximately an order of magnitude, making it more competitive in handling complex real-world tasks [3] - ByteDance is expanding the influence of Doubao through marketing activities, including a Spring Festival "red envelope" campaign to engage users with AI functionalities [3] - By the end of 2025, Doubao Model is projected to reach a daily token usage of 63 trillion, with over a million enterprises utilizing its services through the Volcano Engine [3]

下一步，中国人民银行将加强与金融监管总局、中国证监会、农业农村部等部门的协同配合，及时总结 常态化帮扶和乡村振兴金融服务工作特色经验做法，加强统计监测与考核评估，创新乡村振兴投融资机 制，助力守住不发生规模性返贫致贫底线，推进乡村全面振兴。 附件： 为深入贯彻落实党的二十大和二十届历次全会精神，落实《中共中央国务院关于统筹建立常态化防止返 贫致贫机制促进乡村全面振兴的意见》和《中共中央国务院关于锚定农业农村现代化扎实推进乡村全面 振兴的意见》部署要求，深入学习运用"千万工程"经验，加快构建过渡期后常态化金融帮扶机制，持续 提升金融支持的力度、精度和实效，扎实推进乡村全面振兴，推动城乡融合发展。近日，中国人民银 行、金融监管总局、中国证监会、农业农村部联合发布《关于统筹建立常态化金融支持机制助力防止返 贫致贫和乡村全面振兴的意见》（以下简称《意见》）。 《意见》提出，要健全重点人群开发式金融帮扶长效机制,调整优化脱贫人口小额信贷,完善农户小额信 用贷款政策，常态化支持防止返贫致贫对象发展。发挥金融助力产业帮扶带动作用，鼓励金融机构开发 特色优势产业贷款，有条件的地区可提高创业担保贷款额度上限。建立分层分类的欠发 ...

2月14日，泉果基金官宣新任总经理、财务负责人、副总经理等管理层人选。 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证 | | | 券基金经营机构董事、监事、高级管理人员及从 | | | 业人员监督管理办法》等相关法律法规 | | 高管变更类型 | 新任基金管理公司总经理 | | | 新任基金管理公司副总经理 | | | 新任基金管理公司合规负责人、风控负责人 | | | 离任基金管理公司合规负责人、风控负责人 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 李云亮 | | 是否经中国证监会核准取得高管任职 | l | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2026-02-13 | | 过往从业经历 | 曾任重庆理工大学讲师,重庆证监局副调研员,西南证券股 份有限公司证券资管部总经理,金鹰基金管理有限公司副总 经理、督察长,深圳前海金鹰资产管理有限公司董事长,上 海东方证券资产管理有限公司合规负责人、首席风险官、首 ...

Core Insights - The future of robotics will focus on the capabilities of the "brain" rather than just the hardware, with companies like Yuanli Wuxian emphasizing the development of AI models and foundational platforms for embodied intelligence products [1][2] - Yuanli Wuxian has launched its first consumer-grade embodied intelligent robot, Xiaoyuanzi, which is designed to evolve continuously and features a universal peripheral interface for hardware upgrades [1][5] Group 1: Technological Development - The competition in robotics will increasingly center around software capabilities, specifically the "robot brain," as hardware becomes more standardized [2] - Yuanli Wuxian is focusing on three key dimensions to enhance robot performance: the ability to handle long-range tasks, the development of a self-learning multi-modal model (Hyper-VLA), and the creation of a causal world model for reasoning about unexpected physical events [2][3] - A recent paper by Yuanli Wuxian's research team proposes a new solution to the "catastrophic forgetting" problem, enabling robots to learn multiple complex tasks without losing performance on previous tasks [3] Group 2: Product Strategy and Market Position - Yuanli Wuxian has established a dual approach to product deployment, focusing on rapid commercialization in specialized scenarios while nurturing general-purpose applications over the long term [5] - The FORCE series robots have been deployed in over 100 scenarios across more than 20 cities, generating stable cash flow and demonstrating the company's ability to address real-world challenges [5][6] - The newly launched Xiaoyuanzi robot, priced in the tens of thousands, has already received over 100 blind orders on its first day, with projected sales of 500 to 1,000 units by 2026 [6] Group 3: Long-term Vision and Financial Outlook - The embodied intelligence industry is still in its early stages, akin to the mobile phone industry in the early 2000s, with a focus on achieving autonomous operation in everyday environments [7] - Yuanli Wuxian prioritizes long-term technological leadership over immediate profits, with most current revenues reinvested into R&D [7] - The company anticipates reaching over 100 million yuan in revenue by 2026, supported by significant financing rounds and partnerships with both social capital and local state-owned funds [7]

当前A股市场受多重因素交织影响，呈现估值驱动、结构分化的运行特征。日前，财信证券首席经济学 家袁闯接受中国证券报记者专访时表示，当前市场上行格局尚未改变，春节后A股有望延续震荡走强态 势，市场将向成长风格切换。后续核心投资逻辑将围绕"价值搭台、成长唱戏"的规律展开，建议聚焦五 大方向均衡配置，审慎应对海外扰动等潜在风险，把握结构性机会。 当前，A股市场受多重因素交织影响，整体格局复杂，核心特征表现为趋势清晰、短期扰动因素较多、 结构分化显著。 袁闯认为，市场自发向上的趋势构成核心驱动力，A股震荡上行的整体格局未发生改变。这一趋势与监 管层逆周期调节形成协同效应，监管部门有序化解杠杆风险、防范市场过热等举措，成为市场平稳运行 的重要保障，为居民财富保值增值、经济转型升级及科技自立自强营造稳健环境。 市场上行的核心支撑逻辑主要涵盖三方面。袁闯表示，一是企业盈利前景逐步改善；二是居民储蓄入市 意愿增强，为市场提供增量资金；三是反内卷相关政策持续推进，行业竞争格局不断优化，进一步夯实 企业业绩改善预期。 短期来看，假期效应带来阶段性市场扰动。袁闯表示，农历春节前夕，部分资金出于规避不确定性的需 求，选择落袋为安，导致 ...