她还表示也会与字节跳动沟通，努力改善此事。 据日本共同社，日本AI(人工智能)战略担当相小野田纪美13日在内阁会议后的记者会上，围绕中资AI视 频生成模型服务称"存在侵犯著作权和不妥影像的担忧声音"。她表示"将加快掌握实际情况"，透露政府 有意展开调查。 据悉，AI视频生成模型系指字节跳动公司开发的Seedance 2.0。由该AI制作的多段视频在社交平台(SNS) 上传播。 小野田表示已知晓传播的实际情况，并强调如果是未取得著作权所有者许可而使用着作物的情况，无法 视若无睹。 围绕生成式AI，除了上述服务外，其他服务也存在未获许可却使用既有角色或现实人物制作图像或视 频的情况，已成为社会问题。 来源：格隆汇 温馨提示：财经最新动态随时看，请关注金投网APP。 ...

央行称，该工具将于2026年第三季度启用，面向全球所有央行开放，但因洗钱、恐怖主义融资或国际制 裁等声誉问题被排除的央行除外。回购额度用于银行无法从市场获取融资的场景，允许金融机构以优质 资产为抵押，从欧洲央行借入欧元，并在到期时偿还本金及利息，新工具将提供最高500亿欧元的常态 化准入额度。 美股频道更多独家策划、专家专栏，免费查阅>> 2月15日，据市场消息，欧洲央行于当地时间周六公布计划，将其欧元流动性支持工具的准入范围扩大 至全球，并转为常态化机制，以提升欧元这一单一货币的国际地位。此前，这类回购额度仅对少数国家 开放，且主要为东欧国家。欧洲央行行长拉加德在慕尼黑安全会议上表示："欧洲央行必须为更动荡的 环境做好准备。" 责任编辑：山上 ...

格隆汇2月15日｜据每经，安徽证监局2月14日公布的行政处罚决定书显示，安徽证监局对*ST立方信息 披露违法违规行为进行立案调查发现，*ST立方通过开展代理业务、融资性贸易、虚假贸易大幅虚增营 业收入，2021年至2023年连续三年年度报告存在虚假记载。安徽证监局决定对公司责令改正，给予警 告，并处以1000万元罚款。公司同日收到深交所下发的事先告知书，深交所拟决定终止公司股票上市交 易。公司股票将于2月24日起停牌。 根据安徽证监局出具的行政处罚决定书，*ST立方通过开展代理业 务、融资性贸易、虚假贸易虚增营业收入、营业成本、利润总额，导致*ST立方披露的2021年至2023年 年度报告存在虚假记载。其中，2021年，公司虚增营业收入2.80亿元，2022年，公司虚增营业收入3.12 亿元，2023年，公司虚增营业收入4586.94万元。当事人辩称，不存在故意参与虚假贸易的情况，处罚 过重等，安徽证监局对当事人的申辩意见不予采纳。 *ST立方除收到千万罚单外，还拟被实施重大违法 强制退市。早前，公司多次发布风险提示公告，退市风险早有预兆。不过，*ST立方股价近期却连续暴 涨，自1月20日起至2月11日短短1 ...

Group 1: Industry Insights - The growth of online pharmaceutical sales is driven by the penetration of original research drugs and the outflow of prescriptions, with foreign companies increasing their presence in outpatient settings for innovative drugs [1] - Major pharmaceutical e-commerce and internet healthcare platforms are enhancing their product and service offerings around original research drugs, leading to a rapid increase in market share for medical e-commerce [1] - The long-term potential for online pharmacies is significant due to policy-driven factors such as online insurance and prescription outflow, highlighting the cost-effectiveness and convenience of online pharmacies [1] Group 2: Company Performance - Alibaba Health's self-operated revenue is accelerating, with self-operated business accounting for nearly 90% of total revenue, driven by the trend of original research drugs [2] - The number of self-operated SKUs increased by 99% year-on-year to 1.61 million, with revenue growing by 19% year-on-year to 14.38 billion yuan as of FY26H1 [2] - Alibaba Health is the largest online B2C healthcare retail platform in terms of annual GMV and has revised the upper limit of its advertising service framework agreement, which will significantly contribute to profitability [1][2] Group 3: Future Opportunities - The integration of AI in health management presents new opportunities for Alibaba Health, with the potential to enhance sales through the "Qianwen Super Agent" and related applications [2] - The company is exploring serious medical applications and has launched the medical AI assistant "Hydrogen Ion" App, which may lead to commercialization through partnerships with pharmaceutical companies [2] Group 4: Financial Projections - Revenue forecasts for Alibaba Health are projected at 34.594 billion yuan and 38.235 billion yuan for the fiscal years 26 and 27, respectively, with adjusted net profits expected to be 2.499 billion yuan and 3.026 billion yuan [2] - The pharmaceutical e-commerce business is assigned a 3X PS for FY26, while the healthcare and digital services business is assigned a 6X PS, leading to a target value of 7.39 HKD per share and a "Buy" rating [2]

Core Viewpoint - The company is positioned as a multinational health products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] Group 1: Market Position and Product Offerings - The company ranks first in Africa's baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6% respectively for 2024 [1] - By revenue, the company holds the second position in Africa's baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% respectively for 2024 [1] - The company focuses on creating differentiated products to meet diverse market demands, continuously iterating and upgrading its offerings [1] Group 2: Revenue Contribution and Growth - In the first four months of 2025, the revenue contributions from baby diapers, sanitary napkins, baby pull-ups, and wet wipes were $1.2 million, $0.3 million, $0.1 million, and $0.1 million respectively, accounting for 71.8%, 18.6%, 5.8%, and 3.9% of total revenue [2] - The compound annual growth rates (CAGR) for baby diapers, sanitary napkins, baby pull-ups, and wet wipes from 2022 to 2024 are projected at 16.8%, 34.1%, 8.6%, and 28.5% respectively [2] Group 3: Supply Chain and Production - The company has established a robust global supply chain with localized production to reduce costs, starting local production in Ghana in 2018 [3] - As of April 30, 2025, the company operates eight production facilities across eight African countries, with a total of 51 production lines for baby diapers, baby pull-ups, sanitary napkins, and wet wipes [3] - A new production facility in El Salvador is set to begin operations in August 2025, featuring a production line for baby diapers [3] Group 4: Distribution and Market Penetration - The company has built a wide distribution network, establishing 18 sales branches in 12 countries and a network of over 2,800 wholesalers, distributors, supermarkets, and other retailers [3] - The sales network covers over 80% of the local population in key operating countries, which is crucial for success in the baby and women's hygiene products industry in emerging markets [3] Group 5: Financial Forecast - Projected revenues for the company from 2025 to 2027 are $540 million, $640 million, and $740 million, representing year-on-year growth rates of 19%, 18%, and 16% respectively [4] - Expected net profits for the same period are $110 million, $140 million, and $170 million, with growth rates of 15%, 27%, and 18% respectively [4] - The company is rated as a premium leader in the hygiene products sector, with a favorable outlook for continued growth and expansion in products and markets [4]

Group 1 - MiniMax-WP (0100.HK) experienced a significant increase of over 15%, reaching 688 HKD, marking a new high since its listing, with a market capitalization surpassing 210 billion HKD [1] - The company officially launched its latest flagship programming model, MiniMax M2.5, which is designed for agent scenarios and is positioned as a production-grade model [1] - The M2.5 model features competitive coding and agentic performance, directly competing with international models like Claude Opus 4.6, and supports full-stack programming development across PC, App, and cross-platform applications [1] Group 2 - The M2.5 model is noted for its industry-leading capabilities in core productivity scenarios such as advanced Excel processing, in-depth research, and PowerPoint applications [1] - The model has an activation parameter count of only 10 billion, providing advantages in memory usage and inference efficiency, supporting over 100 transactions per second (TPS) with inference speed exceeding that of top international models [1]

Core Insights - The open-source project Clawdbot, now renamed openClaw, has gained significant attention in the tech community, with MiniMax providing foundational technical support for developers [1] - MiniMax's agent capabilities are highly regarded for their cost-effectiveness, particularly in comparison to similar products like Claude, leading to increased user satisfaction and a surge in token usage [9] Company Overview - MiniMax, established in late 2021, has served over 200 countries and regions, with more than 200 million individual users and over 100,000 enterprise clients [2] - The company generates 73% of its revenue from overseas markets, with significant contributions from Singapore and the United States [2] Product Performance - MiniMax's AI products, including Talkie (AI companionship) and Hailuo (AI video), contribute significantly to revenue, accounting for 29%, 33%, and 35% respectively [3][6] - The company reported a revenue of $30.52 million in 2024, with a projected increase to $53.44 million in 2025, reflecting a year-on-year growth of 175% [6] Technological Advancements - MiniMax has introduced the OctoCodingBench, enhancing the training of coding agents through process supervision, which has shown competitive success rates compared to established closed-source models [2] - The company is a pioneer in commercializing the MoE (Mixture of Experts) architecture, which improves scalability and efficiency while reducing computational costs [4] Market Position - MiniMax's M2.1 model has demonstrated superior performance in handling non-extreme full-stack tasks efficiently and cost-effectively, leading to a 64% year-on-year increase in token usage following the popularity of Clawdbot [9] - The company is positioned to capitalize on the growing demand for AI applications among small and micro enterprises due to its high cost-performance ratio and comprehensive multi-modal service offerings [8] Future Outlook - MiniMax is expected to see substantial revenue growth, with projections of $80 million, $190 million, and $395 million from 2025 to 2027, reflecting year-on-year growth rates of 173%, 129%, and 107% respectively [7] - The company aims to enhance its open platform's capabilities, which is seen as a core growth driver for future revenue [10]

瑞銀下調中移動目標價至81元：第二阻力位與大行看法關聯 截至2026年2月13日，中國移動（00941）股價78.05元，呈現窄幅待變格局。從市場新聞觀察，大行看法出現明顯分歧：野村於2月11日重申「買入」評級， 認為行業競爭加劇下中移動仍具防守優勢；惟瑞銀於2月8日將評級下調至「中性」，目標價大削至81元，直言股價缺乏重新估值催化劑，2025-2026年盈利 增長僅2-3%，股息率7-8%已充分反映在股價中。在「高股息」與「低增長」的論述角力下，技術位與衍生品條款的匹配，將是短線操作的關鍵依據。 技術分析與關鍵位置 2月13日的技術數據顯示，中移動呈現明確的「築底信號」與「均線壓制」並存格局。股價報78.1元，低於MA10（78.79元）、MA30（79.82元）及MA60 （82.61元），均線系統呈空頭排列。然而，多個震盪指標已發出強烈底部信號：RSI報42，處於中立偏超賣區間；CCI指標處於超賣區間並發出買入信號； VR成交比率指標顯示「嚴重超跌、可能築底」，買入信號明確。技術指標總結信號為「買入」，強度10，反映短線反彈動能正在積聚。 支持位方面，第一支持位看76.5元，此位置是2月上旬兩度下試的低 ...

在匯豐控股（00005）正股現價136.5元的技術框架下，市場當前呈現出明確的結構性特徵。技術分析顯示合理活動範圍介於134.8元至143.5元之間，技術支持區域落在 129.6元至134.8元，而技術阻力區域則位於143.5元至147.6元水平。此技術座標為認購證的行使價分布提供了重要的參考基準。 從行使價結構區間分析來看，市場產品分布呈現明顯集中態勢。價內主力區間（日常波段工具）共有26隻產品，行使價範圍118元至134.09元；深價內區間 （趨勢替代正股）擁有25隻產品，行使價86.797元至114.18元；遠價外區間（情緒尾部風險）則有23隻產品，行使價148元至192.08元。其餘輕微價內、貼近 平價和中價外區間產品數量相對較少，顯示市場產品布局主要集中於價內與遠價外兩個極端。 街貨分布分析揭示市場共識呈現明顯的兩極化特徵。深價內區間街貨量高達207.53億份，佔總街貨量的66.3%，顯示大量資金沉澱於深度價內區域。遠價外 區間街貨量45.1億份，佔比14.4%，價內主力區間街貨量49.23億份，佔比15.7%。這種分布表明市場存在單一區間過度集中現象，深價內區間街貨集中度顯 著偏高，反映投資者傾向 ...

机构：申万宏源研究 研究员：林起贤/夏嘉励 事件： 公司发布盈利预警：1）预计25 年调整后归母净利润为8-9 亿元，低于预期，较24 年调整后归母净利润 11.4 亿元（新丽传媒3.4 亿元，在线业务+阅文自有版权运营业务8 亿元）对应同比下滑21-30%。2）预 计25 年调整前归母净亏损为7.5-8.5 亿元，同比24 年亏损扩大；主要由于新丽传媒计提商誉减值约18 亿 元。 投资要点： 新丽传媒项目波动导致公司25 年利润下滑。一方面，部分剧集延期，25 年全年仅上线2部剧（《扫毒风 暴》《哑舍》）；另一方面，电影《情圣3》亏损，根据猫眼专业版，总票房仅4262 万。新丽传媒仍然 为国内头部剧集制作公司，26 年已上线剧集《年少有为》，关注后续项目排播。新丽传媒25 年已计提 剩余全部商誉减值，减值支出不影响调整后利润口径，不影响现金流。 在线业务及阅文自有版权运营业务25 年基本符合预期。阅文作为付费网文领军，在线业务预计平稳。 公司当前核心看点版权运营业务25 年增速较好，经营向上。衍生品、短剧、漫剧等更"短平快"的IP 变 现方式，可平滑长剧电影产品周期波动。 漫剧等有助于阅文从"爆款驱动"转向 ...