2月5日(周四)亚市盘中，美元兑加元窄幅震荡于1.3665附近，隔夜依托美元指数反弹、原油小幅走弱延 续上行，美加货币政策分化、商品属性与技术形态共同主导汇价节奏。 日线级别汇价站稳1.3600强支撑，短期均线多头排列，形成清晰上行通道。上方关键阻力看1.3680，突 破后将上探1.3710阶段高点；下方核心支撑为1.3640(短周期布林中轨)，失守则转入震荡，次级支撑看 1.3600。 指标层面，MACD零轴上方金叉延续，红柱动能温和释放；RSI处于中性偏强区间，未现超买，多头势 能未消。60分钟周期汇价沿上轨震荡走高，回调空间受限，整体维持震荡偏强结构。 加拿大央行1月连续维持2.25%基准利率不变，声明指向国内经济增长停滞、通胀放缓，市场已定价年 内宽松预期，加元息差支撑薄弱；同时加拿大2026年GDP增速预期仅1.1%，内需疲软、失业率偏高， 进一步压制加元。 美联储1月会议纪要释放降息推迟信号，官员强调通胀未达标需保持政策谨慎，美加利差持续利好美 元；叠加WTI原油短线回落，削弱加元商品货币支撑，多重因素推动美元兑加元走强。 晚间聚焦美国初请失业金数据，数据走强将提振美元，助推汇价冲击1.3680阻 ...

Group 1 - The core viewpoint of the articles indicates that the US dollar index is maintaining a strong position due to cautious pricing of the Federal Reserve's monetary policy, with the index rebounding from a low of 95.36 to over 220 points, reaching a high of 97.605 before entering a consolidation phase [1] - The resilience of the US labor market and the slow pace of inflation decline have not yet reached the threshold for the Federal Reserve to consider easing, leading to a significant correction in previous rapid rate cut expectations [1] - The divergence in monetary policies among major global economies, such as the European Central Bank and the Bank of Japan, has contributed to the relative strength of the US dollar, highlighting its safe-haven attributes and yield advantages [1] Group 2 - From a technical perspective, the dollar index has established a critical support level at 97.00, which is reinforced by short-term moving averages and previous trading volume, indicating a significant bullish defense [2] - The short-term trading range is identified between 96.84 and 98.66, with the Bollinger Bands indicating a phase of consolidation, suggesting that a strong signal is needed to break the current pattern [2] - Key variables to monitor include upcoming US CPI and non-farm payroll data, which could solidify the high-rate maintenance logic, and the Federal Reserve's policy statements, which will influence market sentiment and the dollar index's trajectory [2]

Core Insights - The article discusses the transformation of digital retail through the integration of online and offline experiences, creating a seamless new retail landscape [1] Group 1: Challenges in Retail - The traditional "buying traffic-conversion" model is no longer sustainable for long-term growth, leading to increased customer acquisition costs and user asset dormancy [2] - The digital retail sector has faced unhealthy competition, with platforms transferring costs to merchants, increasing operational pressure [2] - There is an urgent need for innovative changes at the foundational level of business models in the industry [2] Group 2: Technological Integration - In August 2025, a partnership between Tengduoduo Digital Retail and Tencent Smart Retail was established to explore a comprehensive digital operating system [3] - By January 2026, further collaboration with Tencent Cloud aimed to leverage their ecosystem for better resource integration, empowering physical merchants [3] - Over 10,000 physical stores have successfully undergone digital upgrades through Tengduoduo's initiatives [3] Group 3: Community Commerce Activation - Tencent's "All-domain Operation New Engine Growth Plan" launched in October 2025 aims to support brands through a combination of competition mechanisms, resource investment, and benchmark building [4] - Tengduoduo's "Ten Thousand Community Store Plan" utilizes digital retail advantages to reshape community commerce relationships, enhancing transaction paths [4] - The model promotes community-centric consumption through green consumption points, benefiting both consumers and merchants [4] Group 4: AI Empowerment - Tengduoduo introduced the "Tengduoduo AI Touch" solution by the end of 2025, transforming AI capabilities into accessible productivity tools for merchants [5] - This innovation simplifies marketing content creation, allowing users to generate promotional materials effortlessly [5] - The AI system enables seamless cross-platform content distribution, enhancing operational efficiency for merchants [6] Group 5: Future of Digital Retail - The future of digital retail is characterized by the dissolution of online and offline boundaries, with personalized experiences becoming the norm [7] - The integration of AI and digital capabilities is creating a vast network that connects community commerce, enhancing operational potential [7] - Tengduoduo's initiatives are moving beyond conceptual stages, actively shaping a comprehensive digital ecosystem for retail [7]

Core Viewpoint - The glass market is experiencing stable prices in the short term, with a slight increase in futures prices driven by coal prices and production line maintenance expectations [3]. Group 1: Current Market Conditions - On February 4, the cash price for 5mm float glass in the Shahe market remained stable at 11.75 yuan per square meter, approximately 1006 yuan per ton [1]. - The national average price for float glass is around 1100 yuan per ton [1]. - The main futures contract FG605 increased by 3.36% to 1109 yuan per ton, although there was a slight decline in the night session [3]. Group 2: Supply and Demand Dynamics - As of January 31, there are 296 float glass production lines in China, with 213 currently in operation [2]. - The daily melting capacity of float glass was 151,000 tons, remaining stable compared to January 22 [2]. - The average operating rate for the float glass industry is 71.96%, with a slight increase of 0.34 percentage points [2]. - The average capacity utilization rate is 75.7%, remaining unchanged [2]. - The comprehensive production and sales rate for sample enterprises is around 80% [2]. Group 3: Inventory and Profitability - As of January 29, total inventory for float glass sample enterprises was 52.564 million heavy boxes, a decrease of 652,000 heavy boxes, or 1.22% [2]. - The average inventory days are 22.8 days, a decrease of 0.3 days from the previous period [2]. - Weekly average profits for float glass using natural gas as fuel were -155.12 yuan per ton, with a slight increase of 3.57 yuan per ton [2]. - Weekly average profits for float glass using coal gas were -68.50 yuan per ton, a decrease of 3.39 yuan per ton [2]. - Weekly average profits for float glass using petroleum coke were 1.07 yuan per ton, with an increase of 2.85 yuan per ton [2]. Group 4: Market Outlook - The glass market is currently characterized by low melting capacity and average utilization rates, with demand primarily driven by essential purchases as downstream enterprises conclude pre-holiday stockpiling [3]. - High inventory levels are suppressing further price increases, with a focus on the glass price stabilizing around 1000 yuan per ton [3].

Spot Market - On February 4, PTA futures experienced a slight increase, with a subdued trading atmosphere in the spot market and a strong spot basis. The trading range for prices was between 5080 and 5190, with some transactions occurring at -68 and 60 basis points for the 05 contract [1] Profitability - As of February 4, the PTA spot processing fee was around 405 yuan/ton, while the processing fees for TA2603 and TA2605 contracts were 489 yuan/ton and 439 yuan/ton, respectively [2] Supply and Demand - Supply: As of January 29, PTA operating rates remained stable at 76.6% - Demand: By January 30, with the approach of the Spring Festival, polyester production cuts increased, leading to a decline in overall load to 84.2% (a decrease of 2%). On February 4, the price of polyester yarn saw a local decline, and overall sales were weak. Despite a rebound in gold, silver, and stock markets, the macro atmosphere improved, and raw material prices slightly increased, factories were promoting sales, but the results were unsatisfactory. High yarn prices and the gradual holiday schedule for downstream sectors significantly affected stocking sentiment. Future attention will be on raw material price trends and factory maintenance plans for the Spring Festival [3] Market Outlook - After the release of cost-side risks, the chemical sector has seen some recovery from low levels. The trading atmosphere in the downstream has improved, and the PTA basis has strengthened. In February, there are no new maintenance plans for PTA, while demand is expected to decline around the Spring Festival, leading to a low point in polyester operating rates for the year and a weak supply-demand outlook for PTA, with expectations of significant inventory accumulation. Before the Spring Festival, PTA's self-driven demand is weak, but in the second quarter, a tighter supply-demand balance is anticipated, providing some support for low prices. The strategy suggests that TA05 will oscillate between 5100 and 5400 in the short term, with a rolling low-long operation; TA5-9 is expected to be in a low-position spread [4]

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近年来，人们对于春节的情感寄托愈发细腻而深沉。在生活与工作压力双重夹击下，"年味"不再只是红 纸灯笼的视觉符号，更成了可触摸、可兑现、可分享的情绪货币。同时，年轻消费者在市场中占比愈加 增大，他们对于春节的消费意愿更为突出。他们更追究"仪式感"和"情价比"，更希望消费带来的不只是 单纯的物质满足，而是情绪的即时回响，是情感共振与文化认同。 随着农历新年的脚步临近，一年中最为隆重的传统佳节即将到来。春节不仅凝聚着深厚的文化底蕴与情 感寄托，也在经济层面扮演着承前启后的重要角色。正因如此，春节市场历来是商家竞相布局的关键赛 道。 在酒水行业，这一现象尤为突出。饮酒习俗早已深深融入春节文化之中，无论是家庭团聚、亲朋走动， 还是宴请赠礼、个人小酌，酒都是不可或缺的情感载体。因此，每年春节前后，酒水市场总会迎来全年 最旺盛的销售高峰。深谙此道的百年糊涂，今年早早启动春节营销布局，推出多项迎新春活动。尤其是 百福6#"开盖扫码赢好礼"活动，以丰厚的奖项设置、直击人心的情绪价值以及过硬的产品品质，成功吸 引了大量消费者的关注与参与。 据悉，百福6#开盖扫码惊喜活动是在以往扫码赢奖基础上的升级版。活动期间，消费者购买百年糊涂 ...

智驾行业的成熟，必然要从"相关性依赖"迈入"因果性核心"。当下不少技术讨论仍停留在表面：某一方 法在特定场景见效、某一系统演示效果流畅，就被认定为最优方向，这种认知本质上是对技术的片面理 解。真正的技术突破，需要厘清因果逻辑：系统为何能应对复杂场景?换一场景能否持续稳定运行?唯有 掌握核心因果关系，才能跳出"名词迷信"，实现技术的可持续迭代。 在2025智驾天梯榜年度论坛上，行业核心观点迎来集中释放，文远知行创始人兼CEO韩旭也抛出重要观 点："数据已经没有那么值钱了。" 当前智驾行业正处于数据价值重构、技术路线理性回归、工程化落地深化，成为推动行业从"概念喧 嚣"走向"务实发展"的三大核心主线。而包括韩旭在内的行业人士普遍预判，自动驾驶系统能力全面超 越人类驾驶的时间窗口，将集中在2032—2033年。 数据价值的重构，成为智驾技术突破的重要支撑。韩旭在论坛上提出一个"炸场观点"： "过去大家觉得 数据是钻石，但是现在可以人工合成钻石了，有一些长尾效应的数据可能比较值钱，但是不需要那么多 了，数据已经没有那么值钱了。" 文远知行GENESIS的出现，实现了数据"以一当万"的效果，不仅能精准覆盖极端场景、长尾 ...

| 当日价 | 1570 | | --- | --- | | 日涨幅 | 4.81% | | 最高价 | 1570 | | 最低价 | 1484 | | 顶位差 | 0 | | 底位差 | 86 | | 平均值 | 1517 | 周生生黄金价格月度统计（2月2日-2月4日，单位：元/克） 2月4日，周生生黄金价格报1570元/克，与昨日（1498元/克）相比，上涨了72元/克，涨幅4.81%，与本 月初（1484元/克）相比，上涨了86元/克，涨幅5.80%。较本月最高价相差0元/克，较本月最低价相差86 元/克，均价1517元/克。 周生生 分时图 日K线 周K线 月K线 14.12 0.17 1.22% 3.37% 2.22% 1.15% 0.00% 1.15% 2.22% 3.37% 13.48 13.64 13.79 13.95 14.11 14.26 14.42 09:30 10:30 12:00/13:00 14:00 16:10 0 3万 5万 8万 摘要2月4日，周生生黄金价格报1570元/克，与昨日（1498元/克）相比，上涨了72元/克，涨幅4.81%， 与本月初（1484元/克）相比，上 ...