这些不仅是市场关注的问题，也是政策研究部门关注的问题。 2026年两会前夕，在国家信息中心的支持下，《财经》将2026年初的一次算力政策讨论与意见征集，梳理出了七个关键问题。这次国家信息中心组织的讨 论主要聚焦"算力调度"对产业发展的价值，参与者以电信运营商、科研院所、咨询机构的专家为主。 国家信息中心是国家发展改革委直属事业单位，长期进行全国一体化大数据中心、"东数西算"工程、全国一体化算力网等政策研究。多年来，国家信息中 心在不断组织大型科技公司、创业公司、咨询机构、科研院所等进行算力领域的专题讨论和意见征集。 在历经多年的长期研讨中，各方对"算力调度"的理解不断深化，并逐渐达成了一些共识： 算力调度，是充分利用现有算力，减少闲置资源，实现合理配置的重要方法。算力调度的复杂度，要远超水电的调度。水电是同质的物理资源，但算力是 高度异构和非标准化的。全国算力调度"一张网"的建设，不能只靠行政指令推进，而是通过政府搭台、标准引领、市场运作的综合模式，让全国一体化算 力网真正高效运转起来。 中国算力产业布局中，产业政策一直发挥着重要作用。其中有两大关键节点——2022年2月，"东数西算"工程启动。2023年12 ...

Core Insights - The gaming industry is experiencing a shift during the Spring Festival, with a noticeable decrease in the launch of new blockbuster games compared to previous years [1][2][3] - Major companies like Tencent, NetEase, and miHoYo are focusing on retaining existing players rather than aggressively promoting new titles, indicating a strategic pivot towards "user retention" [1][5][27] Group 1: Market Trends - The number of new game launches during the Spring Festival is significantly lower, with established titles like "Sandstone Town Time" and "Little Nightmares" relying on their successful PC versions for traction [2][3] - The cost of acquiring new users has more than doubled compared to previous years, making it less viable to invest in new games during a highly competitive period [5][29] - The focus has shifted from attracting new users to enhancing the experience for existing players, with companies offering substantial in-game benefits and events [5][30] Group 2: Marketing Strategies - Major games are launching significant Spring Festival events to engage existing users, such as "League of Legends Mobile" offering new year benefits and "Honor of Kings" providing free skins and discounts [7][9][11] - Companies are extending their marketing efforts beyond online platforms to include offline activities, creating immersive experiences for players [12][16][18] - The trend of focusing on existing user engagement rather than new user acquisition reflects a more mature approach to sustainable growth in the gaming industry [31][32]

Core Insights - The release of GLM-5 marks a significant advancement in open-source AI, bringing it into the era of long-task capabilities [1] - GLM-5 has demonstrated its ability to perform complex engineering tasks, such as creating a Game Boy Advance emulator from scratch [2][7] - The model has achieved impressive results in various benchmarks, positioning it alongside proprietary models like Claude Opus 4.5 [10][12][18] - The emergence of GLM-5 signifies a shift in the SaaS industry, as it allows developers to create sophisticated applications without relying on traditional software solutions [29] Group 1 - GLM-5 can run code continuously for over 24 hours, performing 700 tool calls and 800 context switches, showcasing its stability and reliability [2][7] - The model's programming capabilities have been validated against established benchmarks, achieving the top score among open-source models [18][20] - Users have already begun to leverage GLM-5 for various applications, including a 3D version of Monopoly and an academic version of TikTok, with multiple apps submitted for App Store approval [24][29] Group 2 - The open-source nature of GLM-5 disrupts the market previously dominated by closed-source models, empowering developers with new tools [20][29] - The performance of GLM-5 has led to concerns in the SaaS sector, with significant stock declines for companies like FactSet and S&P Global as investors reassess the future of software sales [29] - The model's capabilities represent a transformation from AI as a mere assistant to an independent engineer, potentially reshaping the landscape of software development [29]

Core Viewpoint - The investment market is currently focused on the choice between "holding stocks during the holiday" or "holding cash during the holiday," with historical data suggesting a higher success rate for holding stocks post-holiday [1][12][13]. Market Trends - The stock index has begun a rebound, driven by AI catalysts, indicating a prelude to the Spring Festival market [2][11]. - The A-share market has shown a significant "pre-holiday effect," with trading volume decreasing to approximately 2.2 trillion yuan, and financing funds experiencing a net outflow for three consecutive weeks [2][18]. - The recent market volatility is attributed to a breakdown of short-term bullish trends and external pressures from commodity price fluctuations [3][4][5]. Investment Sentiment - There is a prevailing cautious sentiment among institutional investors, leading to reduced positions ahead of the long holiday to mitigate risks associated with overseas uncertainties [2][6]. - The recent adjustments in the market have created opportunities for recovery, with many institutions remaining optimistic about post-holiday performance due to unchanged core domestic fundamentals and policies [14][17]. Historical Performance - Historical data from 2017 to 2025 indicates that the average gain for the A-share market in the 10 trading days following the Spring Festival is 3.3%, compared to an average loss of -1.3% in the 10 days prior [13]. - The success rate for the A-share market in the first five and ten trading days after the Spring Festival is 78%, significantly higher than pre-holiday performance [13]. Sector Analysis - The recent market adjustments have led to a rotation among sectors, with notable performances in light communication, computing power chains, commercial aerospace, and cultural media [11]. - The AI sector remains a focal point, with significant developments such as the release of Seedance 2.0, which is expected to enhance the efficiency of AI-generated content production [24][30][32]. Liquidity and Fund Flows - Historical trends show that market liquidity typically contracts before the holiday due to increased cash withdrawal demands, but tends to rebound afterward [18]. - Recent data indicates that the outflow of broad-based ETFs has largely stabilized, with signs of net inflows emerging [7][8]. Future Outlook - The upcoming macroeconomic data releases from both China and the U.S. are anticipated to provide insights into the improvement of fundamentals, which could support market recovery [14]. - The potential for a "spring rally" remains, as historical patterns suggest that early-year market movements do not preclude continued upward trends in February and March [22][23].

商业世界始终向往"没有中间商赚差价"的理想状态。互联网的兴起曾带来这样的契机，它让商家与消费者得以直接相连。 然而，一个颇具讽刺意味的现实是，许多互联网平台自身，正逐渐演变为那个规模最大、利润最丰厚的"新中间商"。比如高德打车，它本身不直接拥有车 辆或雇佣司机，而是通过技术接口整合了多家独立的网约车服务商，为用户提供一个统一的叫车入口，并收取相应费用。 这种角色的转变伴随着巨大的代价——当平台掌控了流量入口与规则制定权，新的权力失衡与系统性矛盾便开始滋长。 一、司机之困：被层层抽佣的订单 新华社2月9日电，交通运输新业态协同监管部际联席会议办公室近日组织对高德打车进行约谈。约谈指出高德打车存在对合作网约车平台管理不到位、压 低运价、应急处置不当等突出问题。 这些问题的代价，最终往往被转嫁至产业链的最末端：司机与消费者。两者承受着压力与风险，成为高德打车生态失衡最直接的感知者。 "高德打车纵容旗下聚的出租小平台恶意欺压司机，在订单结束后以没有实用车为由，在免佣期间强行收取佣金，多次申诉却拒不承认错误。" "高德打车乱扣分，乱罚款。" "高德打车胡乱派单，什么都是司机的错。" 在黑猫投诉平台，关于高德打车的累计投 ...

Core Insights - The article discusses ByteDance's strategic shift in AI development, highlighting its transition from a "follower" to a "leader" in the AI cloud partnership space within a year [1][22] - The focus is on the organizational restructuring and technological advancements that have positioned ByteDance for significant growth in the AI sector [22][30] Group 1: Organizational Changes - Wu Yonghui's appointment led to the cancellation of quarterly OKRs for the Seed team, emphasizing a shift in focus from short-term goals to long-term strategic development [2][5] - The integration of various teams under a unified command structure aimed to eliminate internal competition and streamline efforts in AI development [5][6] - The restructuring was a rare move towards consolidation rather than expansion, aimed at strengthening the core capabilities of the organization [7] Group 2: Technological Advancements - ByteDance's AI model team experienced a doubling in the number of papers published at top international conferences in the first half of 2025, indicating a renewed focus on foundational research [8][9] - The introduction of features like multi-dialect voice recognition and enhanced task execution capabilities in the Doubao product reflects a commitment to improving user experience and accessibility [10][11][12] - The company adopted a "zone pricing" strategy to optimize costs associated with AI model usage, significantly reducing expenses for users [18][19] Group 3: Market Positioning - By the end of 2025, Doubao's daily token usage surged to over 50 trillion, marking a tenfold increase compared to the previous year, and establishing ByteDance's significant market share in the AI cloud service sector [21] - The decision to phase out older model versions in favor of the latest Seed series was a strategic move to unify technology and reduce operational costs [14][15][16] - ByteDance's approach to AI development is characterized by a commitment to continuous improvement and a focus on long-term sustainability in a competitive landscape [30] Group 4: Future Challenges - The company faces challenges in maintaining its closed-source model amidst a growing trend of open-source initiatives from competitors like Alibaba and Baidu [25][26] - The reliance on a single annual product release cycle tied to the Spring Festival could pose risks if future releases do not meet expectations [27] - Competitors like Tencent and Alibaba are also making significant advancements, which could impact ByteDance's market position if not addressed [29][30]

在养老护理中，排泄问题一直是个"隐秘的顽疾"：护理员忙于无休止的盲目排查，而老人则在"突然失禁"的恐惧中不敢出门、拒绝社交。这种高度依赖人 工经验的模式，不仅让人力成本居高不下，也让老人的尊严感处于被动。 就在大家还盯着"纸尿裤"做文章时，日本公司 Triple W 换了个思路：与其被动"吸"，不如主动去"测"。 它研发出的 DFree，是全球首款能"预知上厕所时间"的可穿戴设备。它 利用医用级超声波传感器监测膀胱变化，帮 B 端养老机构降低了"无效巡视"和"纸 尿裤浪费"；让失禁老人找回了"出门的勇气"和社交的自由。 这种看似"冷门"的刚需，正在全球范围内展现出惊人的商业爆发力。 Triple W 到底通过什么机制，把非标的"生理需求"变成了标准化的生意？它是如何让全球数百家机构买单的？作为"排泄预测"赛道的开创者，它的成功给 中国银发经济带来了哪些关于"尊严经济"的启示？ o1 产品重构：不是监测"尿湿"，而是预防"失禁" 在 DFree 出现之前，排泄护理市场长期停留在"事后处理"阶段：传感器只能在尿湿后报警，护工永远在疲于奔命地补救。 DFree 的核心差异化在于"事前预测"。它不依赖护工的直觉，而是 ...

Core Viewpoint - Tungsten, known as "industrial teeth," is experiencing a surge in demand and price due to supply constraints and strong market demand [1][2]. Group 1: Price Increases - The long-term procurement prices for tungsten products have significantly increased, with 55% black tungsten concentrate rising by 28.1% to 670,000 CNY/ton and 55% white tungsten concentrate increasing by 28.2% to 669,000 CNY/ton [2][3]. - Ammonium paratungstate (standard grade zero) long-term procurement price rose by 27.6% to 970,000 CNY/ton [2]. Group 2: Supply and Demand Dynamics - Domestic mining operations are conservatively producing, leading to a weak market increment expectation and further price adjustments for long-term contracts [2]. - The supply side is facing tightening due to stricter safety and environmental regulations, resulting in decreased production and shipments from some mines [2][3]. - Demand remains stable, primarily driven by essential purchases, particularly in the PCB tool sector [2]. Group 3: Future Price Outlook - Institutions are optimistic about the future price of tungsten, with expectations for continued strong performance and new highs [3]. - The global tungsten production is projected to increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a potential supply-demand gap [3]. Group 4: Stock Market Response - A-share tungsten concept stocks have reacted positively to the price increases and supply-demand changes, with several stocks hitting the daily limit [4]. - Notable performers include Xianglu Tungsten Industry and Zhangyuan Tungsten Industry, both of which saw significant price increases [4][5]. - Xianglu Tungsten Industry has achieved a cumulative increase of 166.32% this year, reflecting strong market interest [5].

Core Insights - ByteDance has officially launched Seedance 2.0, a video model that supports multi-modal input, marking its entry into the competitive landscape of video generation technology during the Spring Festival model battle [1][2]. Group 1: Product Features - Seedance 2.0 utilizes a unified multi-modal audio-video generation architecture, allowing inputs from text, images, audio, and video [2]. - The model supports mixed modal input, enabling users to input up to 9 images, 3 video clips, 3 audio segments, and natural language instructions simultaneously [3]. - Compared to its predecessor, version 1.5, Seedance 2.0 emphasizes improved generation quality, complex interactions, and high usability in dynamic scenes, adhering more closely to physical laws [6]. Group 2: User Experience - Users can generate a 5-second video in approximately 2 hours, with a deduction of 40 points from their account for each video generated, and the system offers two free acceleration opportunities [4]. - The model allows for video editing capabilities, enabling users to modify specific segments, characters, actions, or plots during the generation process [8]. - Seedance 2.0 supports the generation of multi-shot videos up to 15 seconds long, enhancing its applicability in film and advertising sectors while reducing content production costs [9]. Group 3: Performance Comparison - ByteDance claims that Seedance 2.0 significantly outperforms competitors like OpenAI's Sora 2 Pro and Kuaishou's Keling 3.0 in terms of stability, instruction adherence, and audio-visual synchronization [16]. - In multi-modal task performance, Seedance 2.0 excels in instruction adherence and multi-modal compliance, ranking among the top tier in the industry for editing consistency and dynamic quality [17]. - The model demonstrates strong performance in maintaining consistency in character representation and voice restoration, although there is still room for improvement in multi-character consistency and complex editing effects [18].

Core Insights - Runway, an AI video company, has shifted its focus to world models and has secured significant investment from Nvidia and AMD, indicating strong industry confidence in its new direction [1][2][12]. Company Overview - Runway was founded in 2018 by three art students and has undergone two major transformations, leading to a current valuation of $5.3 billion with only 140 employees [1][4]. - The company initially focused on video editing tools, gaining traction with its "green screen" feature, which led to early funding rounds totaling $200 million [6][8]. Recent Developments - Runway completed its Series E funding round, raising $315 million (approximately 2.17 billion RMB) to develop the next generation of world models [2][4]. - The latest funding round was led by General Atlantic, with participation from Nvidia and AMD, reflecting a strong belief in Runway's potential [2][12]. Valuation Growth - Following the recent funding, Runway's post-money valuation nearly doubled to $5.3 billion (approximately 36.58 billion RMB) [4][12]. - The company has seen a steady increase in valuation through its strategic pivots, particularly its entry into generative AI following the launch of ChatGPT [6][8]. Product Evolution - Runway's product evolution includes the introduction of the Gen-1 and Gen-2 models, with Gen-2 being the first commercially viable text-to-video model [8][10]. - The company has recently launched the GWM-1 (General World Models-1), which allows for interactive control and real-time image generation, marking a significant advancement in its technology [10][12]. Industry Context - The world model technology is gaining traction across various sectors, including autonomous driving, with companies like Tesla and Waymo developing their own models [13][17][22]. - Nvidia's investments in Runway and other companies utilizing world models highlight the growing importance of this technology in the AI landscape [12][22].