印度汽车经销商协会联盟（FADA）：1月整体 汽车零售同比增长17.61%。 ...

近日，花旗集团大中华区首席经济学家余向荣在2026年中国首席经济学家论坛年会上，从外资视角、新 经济趋势、就业挑战应对等多维度，分享了对中国经济未来五年发展的判断。其观点显示，2025 年已 成为中国叙事的转折之年，"中国资产不可回避" 成为海外投资共识，而人工智能引领的新经济赛道， 正迎来机遇与挑战并存的发展新阶段。 "2025 年是中国叙事的转折之年，海外投资者对中国资产的认知已发生根本性转变。" 余向荣指出，过 去流传的 "中国不可投资论" 已被 "中国资产不可回避" 的共识取代，2025 年成为海外资本对中国的 "警 醒之年"。这一转变的驱动力来自两方面：一方面，以 DeepSeek 为代表的突破性科技成果横空出世，叠 加中国在国际交往中展现的战略定力，让全球资本重新评估中国的核心竞争力；另一方面，2025 年作 为 "十四五" 规划与 "中国制造 2025" 的收官之年，海外机构经全面评估确认，中国设定的各项战略目 标均已圆满实现。"中国通过一个又一个五年计划稳步推进长期战略的执行力，是外资重新定价中国价 值的关键考量。" 余向荣补充道，随着海外投资者对中国政策框架与约束条件的理解不断加深，其对短 ...

Core Insights - The demand for computing power driven by generative AI is pushing the limits of chip packaging, leading to a shift from traditional organic substrates to glass substrates, which offer superior flatness, thermal stability, and insulation properties [1] - 2026 is identified as a critical year for the transition of glass substrates from small-scale validation to mass production [1] Industry Dynamics - Intel is advancing its glass substrate commercialization plans and showcased a large glass chip substrate prototype at a recent exhibition in Japan, targeting mass production post-2026 [2] - Samsung is actively pursuing glass substrate development, announcing a joint venture and a commercialization roadmap, while also investing in building a glass substrate ecosystem [2] - Companies from Japan and mainland China, such as BOE and Lens Technology, are making significant progress in glass substrate technology, with predictions of over 10% annual growth in semiconductor glass wafer shipments from 2025 to 2030 [2] Technical Challenges - The main hurdle for the commercialization of glass substrates, particularly for advanced semiconductor packaging, lies in the TGV (Through Glass Via) process, which requires creating micro-sized vias in thin glass and perfect metallization [3] - The current process heavily relies on hydrofluoric acid, posing safety and environmental compliance challenges, prompting experts to explore alternatives like high-temperature alkaline solutions [3] Competitive Advantages - Chinese companies, exemplified by Woge Optoelectronics, are leveraging their extensive experience in chemical management to overcome challenges associated with TGV processing, significantly reducing initial investment and operational costs [6][7] - Woge Optoelectronics has developed a comprehensive management system for handling hazardous chemicals, allowing for a smoother transition to TGV production lines [6] Future Prospects - Woge Optoelectronics is leading the development of GCP (Glass Circuit Board) technology, which is becoming a crucial component in the global electronic information supply chain [7] - The commercialization wave of glass substrates is gaining momentum, with Chinese firms poised to leverage their unique advantages in core processes to compete in the high-end semiconductor packaging materials market [8]

算力（核心股）概念股同样表现不俗，大位科技走出2连板，特发信息封死涨停，亚康股份、光环新网 等跟涨。国金证券指出，全球数字化与智能化转型的底层逻辑依然坚固，AI的产业渗透远未到达终 点，算力作为数字时代的核心基础设施，其长期成长逻辑清晰，是资金持续涌入的坚实后盾。 盘面上，传媒（核心股）板块持续走高，读客文化、捷成股份、荣信文化、横店影视（核心股）、上海 电影、博纳影业、中国电影、光线传媒等多股涨停。分散染料（核心股）概念反复活跃，海翔药业3连 板，华尔泰触及涨停。PCB概念震荡拉升，南亚新材、宏和科技双双创历史新高。下跌方面，商业航天 概念震荡走弱，飞沃科技、顺灏股份、西部材料大跌 机器人（核心股）概念活跃，春晚效应持续发酵 机器人（核心股）概念早盘集体走强，埃夫特大涨超10%，天奇股份、绿的谐波等跟涨。消息面上，魔 法原子、银河通用、宇树科技等4家具身智能企业登上2026年央视春晚舞台，创下机器人品牌集中亮相 的新纪录，这一里程碑事件持续催化着相关产业链的热度。 2月10日，A股三大股指早盘冲高回落午前集体翻绿，市场在节前效应下呈现出明显的结构性分化特 征，截至午间收盘，沪指跌0.02%报4122.34点 ...

Core Viewpoint - The integration of AI technology in Yihua Group's operations enhances production safety and efficiency, particularly through the implementation of intelligent inspection systems and AR technology for comprehensive safety management [1][9]. Group 1: AI Implementation in Production - Yihua Group utilizes AI-driven intelligent inspection systems to monitor over 700 key points across seven core production segments, achieving an overall detection accuracy exceeding 90% [6]. - The AI systems are designed to identify safety hazards such as powder leakage, liquid spills, and smoke, thereby ensuring continuous production and safeguarding personnel and equipment [6][8]. - The deployment of AI technology has significantly reduced the need for manual inspections, allowing a single team to conduct centralized inspections, which enhances risk identification and response speed [8]. Group 2: Monitoring and Safety Management - Hikvision has installed intelligent monitoring systems on over 100 key points of belt conveyors in Yihua's phosphate chemical company, addressing issues like belt misalignment and blockages that can disrupt production [3][5]. - The AR-based management system at Xinyihua Chemical provides a unified visual interface that integrates environmental monitoring data and hazard information, improving safety management efficiency and response times [9]. - The shift from traditional manual inspections to AI-driven monitoring represents a significant advancement in operational efficiency, allowing for better resource allocation and risk management [11].

微软在不到一周时间内遭遇两次股票评级下调。上周晚些时候，Stifel下调其评级，对Azure云计算业务 增长速度提出警告。周一，Melius Research将微软评级从"买入"下调至"持有"，理由指向资本支出压力 以及Copilot系列产品的发展隐忧。Copilot是微软面向办公人群推出AI软件工具的核心载体。 彭博追踪的分析师数据显示，仍有96%的分析师建议买入微软股票，其余均给出"持有"评级，暂无分析 师给出"卖出"评级，平均目标价略高于600美元。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 Melius分析师Ben Reitzes在研报中写道："由于Anthropic的Cowork等产品的出现，微软强大的365套件可 能面临挑战，甚至可能不得不免费提供Copilot才能保持相关性，这将损害其最赚钱的生产力部门的增长 和利润率。而为了适配免费Copilot的大规模推广，微软可能需要调用Azure的内部资源用于相关技术支 持与算力供给，从而限制该业务的业绩超预期空间。" 在Reitzes看来，微软正处于进退两难的局面：为跟 ...

泰国SET指数上涨0.8%，至1412.32点，创下自2024年12月17日以来的最高水平。 ...

Maybank Securities 分析师Chak Reungsinpinya在一份研究报告中写道，在执政党赢得选举胜利后，对政 治稳定的预期可能会支撑泰国股市。选举结果显示，自豪泰党以较大优势获胜，这赋予其强大的执政授 权。Maybank现在预计泰国 证券交易所2026年底的目标为1,500点。该分析师表示，预期的政治稳定将 有助于推动股票价值重估，一系列政策支持将从下半年及以后提振经济增长。泰国证交所指数最新收于 1,400.89点。 ...

Core Viewpoint - The trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 1.2 trillion yuan, showing a decrease of 92.3 billion yuan compared to the same time the previous day, with an estimated total trading amount of approximately 2.1 trillion yuan for the day [1] Summary by Relevant Categories Trading Volume - The trading volume in the Shanghai market reached 500.2 billion yuan [1] - The trading volume in the Shenzhen market reached 690.5 billion yuan [1] - The trading volume in the Beijing Stock Exchange (北证) was 10 billion yuan [1]

隔夜shibor报1.3620%，上涨9.20个基点；7天shibor报1.5310%，上涨2.60个基点；14天shibor报 1.6040%，上涨2.00个基点；1月shibor报1.5510%，上涨0.10个基点；3月shibor报1.5800%，与前一交易 日持平。 ...