当前，全球商业航天行业正迎来高速发展期，AI算力需求的爆发式增长更是为行业添上了一把火，太空数据中心成为备受关注的新赛道，而作为航天活 动中性价比最高的电源解决方案，太空光伏也随之迎来发展新机遇。 相较于地面光伏，太空光伏在光照、稳定性、土地利用等方面优势显著，技术路线也在不断迭代升级。 尽管目前太空光伏的市场规模仍较为有限，但随着发射成本的逐步下降，其远期增长潜力巨大，相关产业链企业也将迎来新的发展契机，成为新能源与商 业航天融合领域的优质投资赛道。 2025年上半年，全球商业航天高景气度延续，中国发射入轨卫星数量同比增幅达92%，远超全球平均水平。 国内政策对商业航天的支持力度持续加码，商业航天不仅被纳入"新质生产力"范畴，还连续两年写入《政府工作报告》，2025年国家航天局更是出台专项 行动计划，将空间能源技术列为核心突破方向，为太空光伏的技术研发和场景应用提供了明确的政策支撑。 同时，中国星网GW星座、垣信卫星千帆星座等低轨卫星计划加速推进，叠加2025年底中国向ITU申请的20.3万颗卫星频轨资源，未来几年国内卫星发射 数量将迎来大幅增长，直接带动太空光伏的需求提升。 01 商业航天高景气，政策+需 ...

图源：Pexels 奢侈品行业的寒意仍在发酵。 Gucci在奢侈品梯队的势弱，消费终端也感受明显。"店员告诉我之前某高端商场的Gucci巅峰时期有上亿元销售额，但去年只有几千万（元）了。门店业 绩在逐年下滑。即便这家Gucci位置在商场很不错。"一名Gucci消费者对时代财经指出。 Gucci的利润表现则更为惨谈。2025年，Gucci的持续经营利润约9.66亿欧元，对比2024年的16.05亿欧元下跌了四成。 2月10日，开云集团披露了卢卡·德·梅奥（Luca de Meo）出任集团CEO以来的首份年度答卷。 截至2025年12月31日，开云集团全年销售额为146.75亿欧元，同比下降13.03%；持续经营利润从2024年的24.40亿欧元降至16.31亿欧元，同比下滑33%； 归母净利润约7200万欧元，同比锐减超9成。 这已是开云集团销售额连续第三年下滑。回溯2022年，开云集团销售额达203.51亿欧元；持续经营利润55.89亿欧元；归母净利润达36.14亿欧元。三年过 去，开云集团的核心业绩指标大幅下跌。 奢侈品行业从疫情期间的非理性繁荣回归理性，叠加关税波动、全球消费结构变革等多重压力，这一法国老 ...

Core Viewpoint - Pan-Asia Environmental (0556.HK) is attempting a significant transformation by acquiring a 51% stake in Xilai Deer Brand Management (Guangzhou) Co., Ltd. for 1 yuan, which is seen as a strategic move towards a new business direction despite the abrupt nature of the acquisition [1][4][8]. Group 1: Acquisition Details - The acquisition of Xilai Deer, established in August 2025, involves a company that has invested in over 900 enterprises, averaging five new investments daily [1]. - The transaction is structured as a "1 yuan acquisition," but Pan-Asia Environmental will need to fulfill a capital contribution obligation of 5.1 million yuan post-transaction due to Xilai Deer's unpaid registered capital [7]. - The board of Pan-Asia Environmental believes that acquiring Xilai Deer will help expand its main business and create synergies around product and retail terminal development [8]. Group 2: Management Changes - The management structure of Pan-Asia Environmental was recently adjusted, with Jiang Quanlong, known as the "King of Rare Earths," stepping back from active roles, and his son Jiang Xin also resigning from key positions [2]. - Lin Jun was appointed as the new executive director and chairman of the board in December 2025, bringing a background in sales and market management, having previously achieved annual sales of 2 billion yuan [3]. Group 3: Financial Performance - Pan-Asia Environmental's financial performance has been relatively flat in recent years, with revenues of 156 million yuan, 220 million yuan, and 252 million yuan from 2022 to 2024, and a net profit fluctuating around breakeven [9]. - In the first half of 2025, the company reported revenues of 113 million yuan, a year-on-year decline of 1.8%, and a net profit of 5 million yuan, down 26.2% year-on-year [9]. Group 4: Background of Xilai Deer - Xilai Deer has gained attention for its rapid expansion, with plans to establish a presence in a thousand cities and aims for a Hong Kong listing by 2027, branding itself as "China's first craft beer stock" [16]. - As of February 9, 2026, Xilai Deer had invested in 952 companies, primarily with low registered capital, indicating a unique and aggressive expansion strategy [17][18].

Core Insights - C++ remains irreplaceable for achieving absolute control over performance, despite facing challenges from languages like Rust and the rise of AI programming [1] - The discussion highlights the complexities and vulnerabilities associated with modern coding practices, particularly in C++ [2] Group 1: Memory Safety and Vulnerabilities - Most memory safety vulnerabilities originate from newly written code rather than legacy systems, primarily due to the "code hardening" process that old code undergoes under security scrutiny [4][5] - New code lacks the maturity and scrutiny that older code has faced, leading to a higher incidence of vulnerabilities [6] - C++ still inherits many unsafe characteristics from C, making it difficult to eliminate memory-related vulnerabilities entirely [7][11] Group 2: Tools and Ecosystem - Despite the availability of advanced dynamic analysis tools, their adoption in the C++ ecosystem is limited due to high configuration costs and a lack of awareness among developers [8][9] - Even with the best practices enforced, significant memory vulnerabilities persist in C++ code, as evidenced by Google's findings [10][12] Group 3: Performance vs. Safety - C++ offers unmatched performance by allowing developers to take risks with undefined behavior, which is crucial in high-performance applications like high-frequency trading and gaming [13][15] - The historical inertia of C++ and the vast amount of legacy code contribute to its continued dominance in certain sectors, despite the emergence of safer languages [16][18] Group 4: AI in Programming - AI-generated code poses risks, particularly in C++, where it tends to produce less secure code compared to human-written code [35] - The reliance on AI tools necessitates careful review by developers, as AI-generated outputs can introduce significant errors [33][34] Group 5: Undefined Behavior and Future Proposals - Ongoing proposals aim to address undefined behavior in C++, with the introduction of concepts like "erroneous behavior" in future standards [38] - The evolution of CPU architectures allows for more efficient safety checks, suggesting a shift in how undefined behavior is perceived in the context of performance [40][42]

同时，中国证监会公布《关于境内资产境外发行资产支持证券代币的监管指引》（下称《指引》），进 一步为RWA代币化相关活动提供了较为明确的监管规则。 《通知》和《指引》被业内视为"RWA新规"。多位受访人士对《财经》表示，新规实际上为境内资产 通过RWA代币化业务实现跨境融资留下了一个"很窄的口子"。 境内资产有望通过合规通道赴港开展RWA代币化发行、交易。 近日，中国人民银行（下称"央行"）等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的 通知》（下称《通知》），明确了对虚拟货币和现实世界资产（RWA）代币化和相关业务活动的定 性，以及相关监管安排。 《通知》明令禁止在境内开展现实世界资产代币化活动，以及提供有关中介、信息技术服务等；同时也 明确，经业务主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动除外。 "《通知》把RWA代币化定义为一种新型证券活动，跨境RWA代币化即跨境证券活动。"江苏省金科数 字与科技金融研究院院长邹传伟对《财经》表示，这意味着在中国内地和香港都持牌的证券中介机构有 望受益。 而《指引》则被认为释放了监管层廓清灰色地带的信号。"监管不会放任'链上外衣'绕开证券、外 ...

【导读】就在刚刚，Anthropic发出最强预警：Claude模型已经达到ALS-4级风险，如果它自我逃逸，将引发全球的天网式崩盘。安全专家纷纷离职，预 示着2026年将成为人类命运的转折点，世界已处于危难边缘！ 就在刚刚，Anthropic发布53页报告，发出最强预警：如果Claude自我逃逸，将造成全球失控！ $\blacksquare$ 翻开这53页报告，每页上都满满写着两个字——「危险」！ 是的，世界处于危难之中，天网正在诞生。 在这份报告中，Anthropic认为：Claude Opus 4.6的风险已经逼近ASL-4，是时候拉响警报了。 他们提前预警了最可怕的情况：有朝一日，AI可能会秘密逃逸出实验室，造成全球大崩溃！ 这是因为，如今的AI已经太强，人们将释放出数百万个AI，赋予他们这样的目标：去生存，去升级，不惜一切代价去赚钱。 你知道，这些蜂群一夜之间会变得多么失控吗？ 它们会残酷无情地进化，进行弱肉强食地竞争，以超高速吞噬生态系统，占领互联网，然后入侵人类的物理世界。 历史一再证明，当危险技术逼近边界时，最先察觉的不是公众，不是媒体，不是资本市场，而是内部安全人员。 当他们离开时，就意味着内 ...

2月9日，"红果短剧春节档"正式上线。娱乐资本论观察发现，在一系列重点作品推荐片单中，出现了数部改编自番茄小说的作品。 其中，《穿书富家妯娌，我和闺蜜齐上阵2》《十八岁太奶奶驾到，重整家族荣耀第四部》（以下简称《十八岁太奶》）《东北年代之我的大腰子2》均改 编自番茄头部作品，在爆款前作的基础上，进行着系列化开发； 《春港夜雨》《知京冬风雪》《飞鸟之渊》则改编自番茄站内热度和口碑上佳的言情作品，尤其是《知京冬风雪》，未上线前红果站内预约人数已达81.9 万，预告片评论区中，不少读者慕名而来，表示"小说都会背了终于等来了改编"； 还有根据长生文《不死帝师》改编的同名短剧，作为春节档短剧的"排头兵"，2月9日一上线便引发了大量关注，有书粉盛赞"没想到能看到特效这么好的 仙侠短剧"…… 优质网文小说的"爆款潜力"再次凸显。"原本有很多有创意、优质表达的小说受限于规模、题材，遭遇影视化改编难题。但伴随短剧这一流行内容形态爆 发，越来越多小说成为了爆款故事的源头，并借助更为短平快的节奏、叙事让更多用户感受到其魅力。"资深网文编辑丛丛告诉小娱。 据去年红果创作者大会上披露的数据，2025年番茄小说有超过6700部作品进入短 ...

Core Insights - The competition among major players in the AI app market has intensified with the introduction of significant cash incentives, particularly during the Chinese New Year, leading to a surge in user engagement for various applications [1][3][4]. Group 1: User Engagement and Competition - Qianwen App's daily active users (DAU) surged from under 10 million to 73.52 million, nearing Doubao's 78.71 million, indicating the effectiveness of cash incentives [1]. - Doubao announced its cash incentive plan on February 10, with the distribution set for the CCTV Spring Festival Gala on February 16, suggesting a strategic delay in response to competitive pressure [1][3]. - The introduction of the Seedance 2.0 model by ByteDance has been a game-changer, with its capabilities being compared to a cash incentive of 1 billion, showcasing the importance of technological advancements in user retention [2][5]. Group 2: Technological Advancements - ByteDance has launched multiple AI models, including Seedream 5.0 and the upcoming Doubao 2.0, indicating a robust strategy to enhance product offerings alongside cash incentives [2][5][8]. - The Seedance 2.0 model has received acclaim for its superior performance in video generation, positioning it as a leader in the AI space [5][8]. - The integration of AI hardware into the cash incentive strategy reflects a shift towards a more comprehensive approach to user engagement, combining software and hardware solutions [12][15]. Group 3: Strategic Marketing and Positioning - The current cash incentive war is not just about monetary rewards but also about leveraging AI capabilities and existing business strengths to create a competitive edge [4][22]. - Companies are exploring new marketing strategies that integrate their traditional strengths with AI advancements, as seen with Doubao's collaboration with third-party hardware manufacturers [16][18]. - The competition is evolving into a multi-faceted battle where the effectiveness of AI models and user experience will play a crucial role in long-term success [22].

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]