Core Insights - ByteDance officially launched Doubao-Seed-2.0, a significant upgrade to its AI model, which has evolved over the past year and a half, enhancing capabilities in text, multimodal understanding, deep reasoning, and agent execution [1][2] Model Features - Doubao-Seed-2.0 offers a full-stack model matrix, multimodal understanding, enterprise-level agent capabilities, and cost efficiency, positioning it among the global leaders in AI [1] - The flagship Doubao-2.0 Pro targets deep reasoning and long-chain task execution, directly competing with models like GPT 5.2 and Gemini 3 Pro [2] Model Variants - The Doubao-2.0 series includes Pro, Lite, and Mini versions, all featuring upgraded multimodal understanding and enhanced LLM and agent capabilities for real-world task execution [3] - The Pro version achieved top scores in various competitions, showcasing its advanced mathematical and reasoning abilities [3] Performance Metrics - Doubao-2.0 Pro excels in instruction following, tool invocation, and search agent evaluations, achieving a score of 54.2 in the HLE-Text test, significantly outperforming other models [4] - The model's pricing structure offers a competitive edge, with input costs at 3.2 yuan per million tokens for inputs under 32k and 16 yuan per million tokens for outputs, making it more cost-effective than competitors [4] Multimodal Understanding - The model's multimodal capabilities have been significantly enhanced, achieving top scores in visual reasoning, spatial perception, and long-context understanding tests [7] - Doubao-2.0's ability to process complex visual inputs and generate interactive content aligns closely with the advancements seen in Gemini 3 Pro [7][8] Strategic Positioning - The development of Doubao-2.0 reflects a broader industry trend towards creating AI that can understand and interact with the physical world, moving beyond mere language processing to executing complex real-world tasks [6][8]

目前，星火空间"烈焰-2号"电循环火箭发动机已完成首轮次点火试车，并通过电动泵取代传统的涡轮 泵，实现了该技术路线10吨级的推力。该公司称，试车过程中，发动机按照设计时序准确点火，点火器 和推力室压、振动等参数均维持稳定，并符合设计预期。 此外，基于中国更先进的电池技术产业基础，星火空间还将加速迭代优化新一代电循环发动机，并构建 国内首款电循环液体运载火箭"进化一号"。 当前，中国低轨星座组网迎来爆发，商业航天正迈向发展的新阶段。我国已申报了总规模超20万颗卫星 的频率与轨道资源。根据"先申报、先发射、先占用"的国际规则，须在一定期限内把一定比例的卫星发 上天。这意味着我国火箭运力、卫星产能、可回收技术急需实现迭代升级。 在这一背景下，国内一大批创业团队纷纷加速布局。合肥产投资本创业投资管理有限公司副总经理杨运 峰表示，电循环液体运载火箭未来将为卫星、小型航天器提供低成本、高可靠、快速响应的发射服务， 并支持商业卫星星座组网和补网发射。 2026.02.14 本文字数：1080，阅读时长大约2分钟 作者 | 第一财经 钱童心 2月14日，合肥星火空间科技有限公司宣布完成数千万天使+轮融资，累计融资超亿元。本轮 ...

2026.02.14 另外，4月1日起，奔驰与吉利合资公司smart全球首席营销官张明霞将出任奔驰销售公司销售执行副总 裁，奔驰汽车金融现任销售与市场营销负责人康毅将出任smart全球首席营销官，负责销售、市场及客 户运营业务。 微信编辑 | 格蕾丝 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：330，阅读时长大约4分钟 作者 | 第一财经 武子晔 2月14日，奔驰中国宣布重磅人事调整。段建军因个人原因离任奔驰销售公司总裁兼CEO，自2026年3月 1日起，奔驰销售公司销售执行副总裁李德思将接替这一职位。段建军将担任战略顾问，确保平稳有序 的工作交接，直至4月30日任期届满。 ...

（图片来源：Wind） 当地时间2月13日，现货黄金涨2.41%，重回5000美元上方，报5042.808美元/盎司，今年以来涨 16.78%；现货白银涨2.81%，报77.338美元/盎司，今年以来涨8.05%。 国际贵金属期货周五普遍收涨，Wind数据显示，COMEX黄金期货涨2.33%，报5063.80美元/盎司； COMEX白银期货涨2.10%，报77.27美元/盎司。 | | 国际贵金属 | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 5042.808 | 118.504 | 2.41% | 16.78% | | 伦敦银现 | 77.338 | 2.114 | 2.81% | 8.05% | | COMEX黄金 | 5063.8d | 115.4 | 2.33% | 16.10% | | COMEX白银 | 77.270d | 1.588 | 2.10% | 8.86% | 2026.02.14 本文字数：268，阅读时长大约1分钟 微信编辑 | 格蕾丝 第一财经持续追踪财经热点。若您掌握公 ...

2026.02.14 本文字数：1973，阅读时长大约3分钟 作者 | 第一财经 樊志菁 本周，市场对AI开支过高的担忧仍然挥之不去。投资者正强烈抵制科技巨头激进的人工智能投入计 划，导致 "七巨头"股价大幅下挫。亚马逊股价连续下挫，华尔街担忧大规模投入将使亚马逊在2026年 成为云业务巨头中首个出现自由现金流为负的公司。 首家自由现金流为负的云巨头？ 自上周发布财报以来，亚马逊股价已经连跌九个交易日，创2006年以来最长纪录，正式跌入技术性熊 市，即从重要高点下跌20%及以上。周五该股进一步失守200美元，较11月3日254美元的历史收盘价下 跌近23%。 亚马逊由此成为继微软之后，第二家跌入熊市的 "七大科技巨头"成员。微软股价在1月29日步入熊市， 此前一天该公司公布的Azure云业务增速不及市场预期。截至本周收盘，微软股价较10月28日542.07美 元的历史收盘价下跌超过1/4。 亚马逊规模庞大的人工智能投入计划并未获得投资者认可。尽管投资者对亚马逊AI战略与云业务增长 节奏不匹配的质疑从去年就已出现，但该公司仍加倍押注这一方向。在四大云服务巨头中，亚马逊、微 软、Meta与谷歌2026年AI资本开 ...

2026.02.14 本文字数：1770，阅读时长大约3分钟 作者 | 第一财经 樊志菁 周五美股涨跌互现，通胀数据降温支撑了市场对美联储降息的预期，科技股仍然面临AI 相关担忧引发 的剧烈波动。截至收盘，道指涨48.95点，涨幅0.10%，报49500.93点，纳指跌0.22%，报22546.67点，标 普500指数涨0.05%，报6836.17点。 本周道指累计下跌1.28%，纳指跌1.49%，标普500指数跌1.45%。 标普500指数本周录得去年11月以来最大单周跌幅，道琼斯工业平均指数也将迎来去年11月以来最深周 度跌幅。芝加哥期权交易所波动率指数（VIX）早盘一度触及 22.40 点高位，突破20的关键心理关口。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 49500.93 22546.67 | 6836.17 | | +48.95 +0.10% -50.48 -0.22% +3.41 +0.05% | | 【热门股表现】 明星科技股跌多涨少。特斯拉涨0.09%，微软跌0.13%，亚马逊跌0.41%，日线九连阴创近20年最差纪 录，谷歌，Meta跌超1%，英伟 ...

Core Viewpoint - Concerns over excessive AI spending have led to significant stock declines among the "Seven Giants," particularly Amazon, which is facing fears of becoming the first cloud giant with negative free cash flow by 2026 [1][2]. Group 1: Amazon's Stock Performance - Amazon's stock has fallen for nine consecutive trading days, marking its longest losing streak since 2006 and officially entering a technical bear market, down nearly 23% from its historical closing price of $254 on November 3 [2]. - The company's substantial AI investment plans have not been well-received by investors, leading to skepticism about the alignment of its AI strategy with cloud business growth [2][3]. Group 2: AI Capital Expenditure - Amazon, along with Microsoft, Meta, and Google, is projected to spend a total of $650 billion on AI capital expenditures by 2026, with Amazon's share being $200 billion, the highest among global cloud service giants [2]. - This unexpected capital expenditure has overshadowed Amazon Web Services' (AWS) impressive 24% growth in the fourth quarter, raising concerns that such large investments could result in negative free cash flow [2]. Group 3: Analyst Perspectives - Some analysts believe that the market's pessimism towards Amazon is overblown, arguing that the company is not becoming more capital-intensive but is instead investing in future cloud computing capabilities to drive digital transformation [3]. - Analysts from Deutsche Bank and William Blair acknowledge the risks associated with increased capital spending but suggest that it may reflect Amazon's inherent advantages in upgrading its existing AWS infrastructure [3]. Group 4: Support for Amazon - Notable investors, such as Bill Ackman's Pershing Square Capital, have disclosed holdings in Amazon, indicating confidence in the company's long-term prospects despite current market challenges [4]. - The fund's report highlights expectations for AWS to double its data center capacity by 2027, driven by demand from AI inference business expansion [4]. Group 5: Market Trends and Comparisons - The recent sell-off in tech stocks has highlighted a divergence in performance among the "Seven Giants," with concerns about AI spending impacting companies like Amazon, Microsoft, and Meta more severely than others like Google [5][6]. - The upcoming earnings report from Nvidia is anticipated to be a key catalyst for the AI sector, potentially revealing whether the AI boom is cooling and if Nvidia can deliver substantial returns on its large customer investments [6].

Core Insights - The recent surge in the space photovoltaic sector, driven by Elon Musk's comments on the potential of solar energy for AI, has led to significant market fluctuations, with the Wind Space Photovoltaic Index rising nearly 40% in January before experiencing an over 8% decline from its peak due to clarifications from multiple companies [2][3] - The concept of space photovoltaics, while not new, is gaining traction as advancements in launch technology and cost reductions from companies like SpaceX make large-scale deployment more feasible [4][6] - Industry experts express skepticism about the immediate commercial viability of space photovoltaics, emphasizing that ground-based solar power will remain the primary energy source for the foreseeable future [2][5] Industry Trends - The potential market for space photovoltaics is vast, with estimates suggesting that launching 10,000 satellites annually could create a market worth 200 billion yuan for solar wings, and long-term projections estimate the market could reach 5.6 trillion yuan [3] - The rapid increase in SpaceX's launch frequency, from 31 launches in 2021 to a projected 167 in 2025, is expected to significantly lower launch costs, thereby facilitating the growth of the space photovoltaic sector [4] - Despite the optimism surrounding space photovoltaics, the industry remains cautious, with challenges such as high certification times for aerospace clients and the need for standardized supply chains and quality control systems [5][6] Technological Developments - The industry is focusing on developing new technologies such as P-type ultra-thin HJT batteries and perovskite-silicon tandem batteries, which are seen as potential solutions for the challenges faced in space photovoltaic applications [7] - Perovskite tandem batteries have shown laboratory efficiencies exceeding 35% and are significantly cheaper than traditional gallium arsenide batteries, making them a promising candidate for future space applications [7][8] - The integration of solar technology with aerospace initiatives is viewed as essential for Chinese companies to leverage their existing advantages in the photovoltaic supply chain and to participate in the global space race [9]

此外，美团表示，为了应对2025年度行业空前激烈的竞争，集团已战略性地加大对整个生态体系的投 入，以增强核心优势并推动可持续增长。上述举措对核心本地商业分部2025年度的盈利能力造成了影 响。 美团表示，尽管受持续竞争影响，亏损趋势预计将在2026年第一季度延续，但截至本公告日期，集团的 经营状况维持稳健及正常，且集团拥有充足的现金以支撑业务的稳健发展。 2月13日晚，美团在港交所发布盈利预警。 美团称，集团预期于截至2025年12月31日止年度（2025年度）录得亏损约人民币23,300百万元至人民币 24,300百万元，相比之下，集团于截至2024年12月31日止年度（2024年度）录得溢利约人民币35,808百 万元。 美团表示，2025年度预期亏损主要是由于核心本地商业分部从2024年度约人民币52,415百万元的经营溢 利转为2025年度约人民币6,800百万元至人民币7,000百万元的经营亏损，同时集团进一步加大了海外业 务的投入。 二级市场上，美团今日盘中一度跌超4%，市值跌破5000亿港元。截至收盘，跌3.18%，总市值5021亿港 元。 编辑丨瑜见 ...

英集芯表示，该产品用于人体生物电信号的高精度测量，其适用于各种可穿戴式设备应用场景，技术路 线与当前国际上的侵入式脑机接口存在显著技术路径差异。截至本公告披露日，该产品在非侵入式脑机 接口领域尚处于市场培育期，尚未实现规模化销售，暂未对公司业绩产生重大影响，未来销售情况存在 不确定性。 据悉，1月6日，英集芯在上证e互动平台回复提问称，公司通过早期投资布局，已涉足脑机接口芯片领 域。英集芯表示，公司推出的IPA1299是一款8通道、低噪声24位ADC芯片，专用于人体生物电信号的 高精度测量，可适用于脑电信号采集等脑机接口相关场景。IPA1299芯片已量产出货，性能参数可媲美 海外头部芯片产品。 当日晚间，上交所紧急向英集芯下发监管工作函，处理事由为关于深圳英集芯科技股份有限公司E互动 回复内容的监管工作函。 1月7日早间，英集芯公告称，其IPA1299芯片系与参股公司精芯唯尔（常州）电子科技有限公司共同推 出，是一款支持8通道低噪声设计，24位同步采样模数转换器芯片（ADC），主要应用于脑电图 （EEG）、心电图（ECG）和肌电图（EMG），该产品主要特点在于可实现高精度信号采集功能，可 应用于非侵入式脑机接 ...