千问（房煜摄） 1月15日，在阿里巴巴西溪园区的会议大厅，当两名淘宝闪购配送员提着40杯霸王茶姬走进大厅时，会 场有人禁不住给出了掌声。这是十几分钟前，千问C端事业群总裁吴嘉用千问下的订单。 不用问霸王茶姬在此处有没有植入，也不用计较用AI订奶茶是不是"小题大做"。毕竟之前谷歌就说过AI 可以实现购物功能。数日前，谷歌已经宣布与沃尔玛等零售商开始AI购物合作计划，但尚未实现。而 在中国，AI已经可以订机票、买奶茶，讲解作业、做PTT等任务。事实上，在过去AI大模型的发展中， AI帮助人类执行工作任务已经并不罕见。但是AI真正进入到电商话语体系中的交易环节，还是第一 次。 千问能够实现这一切，得益于阿里巴巴整个生态系统的支持。1月15日，千问App宣布全面接入淘宝、 淘宝闪购及支付宝系统，启动全球首个AI购物功能的公开测试。此次升级实现了从消费决策到交易完 成的全链路闭环，用户仅需通过一句话指令即可完成点外卖、选购商品等真实生活任务。基于阿里生态 的深度整合，千问App此次上线超过400项AI办事功能，标志着其从信息交互向任务执行的实质性跨 越。该功能目前处于测试阶段，逐步向所有用户开放，旨在探索AI助手在日常 ...

Core Viewpoint - Luanqi Technology has completed nearly 100 million yuan in Series B financing, led by Zhongke Chuangxing, with funds aimed at expanding production, increasing R&D investment, and developing new product lines [1] Group 1: Company Overview - Luanqi Technology was established in 2022, with core members having over 10 years of experience at leading global semiconductor and technology companies such as AMD, Samsung, and Huawei [1] - The company focuses on providing efficient storage testing equipment and services for the storage industry, addressing the critical issue of the lack of high-end domestic storage chip testing equipment [1][3] Group 2: Technology and Products - The core technology of the company is based on NAND Flash particle testing verification, filling a gap in the domestic high-end storage testing equipment market [3] - Luanqi Technology specializes in the R&D and sales of testing equipment for SSDs, UFS, and NAND particles, offering comprehensive testing solutions that cover all stages from R&D testing to mass production testing [3][5] Group 3: Market Potential - According to IDC and Expert Market Research, the global semiconductor testing equipment market for NAND Flash testing devices is expected to exceed 20 billion USD by 2025, with the global SSD market projected to surpass 175 billion USD, maintaining a 15% annual compound growth rate [5] - The high technical barriers in the storage field and the long-term monopoly by foreign manufacturers create a pressing demand for domestic alternatives, presenting significant growth opportunities for Luanqi Technology [5] Group 4: Investment Insights - Zhongke Chuangxing emphasizes that storage chips are the largest category of integrated circuit products and are crucial for the AI era, with the rise of domestic storage chip companies likely to foster the development of excellent domestic storage testing equipment firms [5][6] - Hetang Capital views Luanqi Technology as a leading domestic storage testing equipment manufacturer that has completed a technological and commercial closed loop, with a promising future ahead [6] - Yixin Capital notes that the demand for domestic storage testing equipment is significantly increasing, with new generation testing devices expected to see a growth cycle of 3 to 5 years starting in 2025 [7]

文 | 产联社CLS，作者 | 初一 继紫光股份（000938.SZ）紫光国微（002049.SZ）后，新紫光集团将迎来又一家半导体上市企业。 近日，陕西证监局披露了西安紫光国芯半导体股份有限公司（下称：紫光国芯）完成上市辅导的备案信 息。这家从一个外资研发部门成长为国内存储芯片领域的重要企业，正式启动IPO进程。 这一路，走过了二十余年。 脱胎于外资技术体系、历经多次资本重组与本土化整合，紫光国芯正凭借DRAM赛道火热的东风以及领 先的国产DRAM芯片设计技术，加速向资本市场迈进。 从外资技术分支到本土产业支柱 紫光国芯的起源要追溯到二十余年前。2004年，德国半导体企业英飞凌在西安设立研发中心的存储事业 部，专注于存储器研发，成为了紫光国芯的技术源头。 2006年，该部门分拆成为独立的奇梦达科技西安有限公司，首次以独立实体身份运营，继续开展存储器 设计与研发业务。 2009年全球半导体产业格局调整浪潮中，奇梦达科技被浪潮集团收购，转制成为国内公司并更名为西安 华芯半导体有限公司，自此从外资企业转变为本土企业，开启了本土化发展进程。 紫光国芯真正融入中国半导体产业体系的关键节点在2015年，紫光集团旗下紫光 ...

【钛媒体综合】国务院新闻办公室举行新闻发布会，中国人民银行有关负责人介绍，根据当前经济金融 形势需要，人民银行将推出8项政策措施，进一步助力经济结构转型优化。 一是下调各类结构性货币政策工具利率0.25个百分点。各类再贷款一年期利率从目前的1.5%下调到 1.25%，其他期限档次利率同步调整。 二是合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民 营企业再贷款，额度1万亿元，重点支持中小民营企业。 钛媒摘声： AI能否落地的关键往往不在于技术成熟度，商业化本质不是只是便宜就够，而要看行业政 策，配套是否成熟，是否威胁产业核心群体的既得利益。如果AI动了某个行业传统运行模 式的命脉，即使技术再成熟也很难迅速规模化落地，而这里的行规每个板块都不一样。所以 AI不是终局，把AI用在行业上才是。 ——3C AGI Partners创始人 王康曼 虽然目前的星舰是 人类设计，但预计从今年开始，AI 将在火箭工程中发挥实质性作用，例如帮助解决材料和 设计难题。而到2030年，AI的智能将超过全人类智能的总和。这标志着人类智能在地球总 智能中的占比将渐近线地趋向于0%，未来将是AI ...

Core Insights - A Chinese VC firm, 3C AGI Partners, has made significant investments in AI infrastructure, focusing on redefining AI factories and has successfully backed two prominent Silicon Valley startups, Cerebras and Groq, achieving substantial returns within two years [2][5][29] Investment Strategy - 3C AGI Partners aims to optimize AI factory computing power, focusing on inference chips, optical modules, and network interconnections, with Cerebras and Groq as key projects [23] - The firm is also exploring innovative solutions for AI factory infrastructure, including relocating data centers to space, exemplified by their investment in Starcloud, the first space-based data center company [23][24] - Additionally, 3C is seeking new energy sources for AI factories, investing in Type One Energy, a commercial nuclear fusion power plant [24] Notable Investments - Cerebras has partnered with OpenAI to provide 750 MW of computing power, with a contract value of $10 billion, and is planning to raise $1 billion at a valuation of $22 billion ahead of its anticipated IPO in 2026 [2][9] - Groq is expected to be acquired by NVIDIA for $20 billion, highlighting its value in the inference chip market [2][11] Founder's Background - Esther Wong, the founder of 3C AGI Partners, has a diverse background with 20 years of experience in investment banking and a significant role in the financing of SenseTime, leading to a deep understanding of the AI industry [4][18] - Wong emphasizes the importance of practical experience in investment, advocating for a focus on technology and market dynamics rather than just financial metrics [21][28] Market Trends - The AI chip market is evolving, with a shift towards specialized chips for training and inference, as demonstrated by the contrasting approaches of Cerebras and Groq compared to traditional GPU manufacturers like NVIDIA [8][15] - The acquisition of Groq by NVIDIA signifies a strategic move to enhance its capabilities in inference, indicating a growing recognition of the importance of specialized architectures in AI applications [14][17] Future Outlook - The potential for AI infrastructure investment remains significant, with ongoing developments in technology and market needs suggesting a long investment window [25] - The transition from AI 1.0 to AI 3.0 is anticipated to reshape application investments, with future applications likely to be driven by AI itself rather than human design [26][27]

2026年初，广州市地方金融管理局正式批复艺龙网信息技术（北京）有限公司全资受让广州市萤火虫小 额贷款有限责任公司100%股权，这一交易在小贷行业普遍"撤离潮"的背景下似乎有些"不合时宜"。在 央行与金融监管总局下发《小额贷款公司综合融资成本管理工作指引》，要求小贷公司新发放贷款综合 融资成本逐步压降，并最晚应于2027年底前降至1年期LPR的4倍以内（按2025年12月3%的LPR计算即 12%）的背景下，大量民企背景的小贷公司因盈利空间被挤压纷纷退出市场，此时，艺龙网的逆势收购 并非简单的战略扩张，更像是出于战略协同与合规布局的精准调控。 艺龙网的这场金融布局，手里究竟握着什么牌？ 艺龙网收购萤火虫小贷的核心逻辑在于同程系内部金融资产的优化重组，本质是通过"股权整合+牌照 协同"实现金融业务的合规升级与生态闭环构建，同时为旅游主业赋能，这一逻辑具有一定的合理性， 但也存在落地不确定性。 从合规角度看，2024 年底生效的《小额贷款公司监督管理暂行办法》对小贷公司股东资质、股权穿 透、关联交易等提出严苛要求，萤火虫小贷此前股权涉及多方间接持股，结构相对复杂。此次收购将股 权统一至同程全资控股的艺龙网名下，确 ...

从电影文娱行业到医药包材，从制片人到执行董事，听上去，巴特弗莱创始人高星宇的经历一点也不像 个"典型"创业者。 就连他押注的方向——无硅油高分子预灌封注射器，似乎也是一门"既难又慢"的生意。 过去几年里，创新药飞速发展，但作为主流药包材的中硼硅玻璃，技术更新却几乎停滞。再加上这套体 系本身存在的硅油、重金属、粘合剂等问题，以及叠加了供应链安全等风险，都让药企对更安全、更稳 定的解决方案有着迫切需求。 行业里长期存在的结构性矛盾，让高星宇和巴特弗莱联合创始人、生物医药背景的尹富民，意识到了机 会所在。 跨界创业的身份，反而让高星宇和尹富民跳出传统的思维定式，没有沿着行业固有的经验路径去创新， 而是另辟蹊径，以全新的设计、产品理念，做出了新一代更高性能的药包材。 作为传统行业的新入局者，对巴特弗莱而言，最快的成长路径，不是横向扩张，而是专注在自己擅长的 领域持续深耕；真正的行业壁垒，也不是某项单点技术，而是面对每一代创新药，都能给出最优解。 全文分享如下： Q：华创资本 A：巴特弗莱创始人高星宇、联合创始人尹富民 结构性矛盾 华创资本：过去几年，药包材行业发生了哪些变化，让你们意识到这是一个可以切入创业的方向？ ...

Core Viewpoint - The control change of *ST Yangguang (000608.SZ) marks the end of a significant chapter, with the exit of Jingji Group, previously seen as a "white knight," after five and a half years of involvement, selling its stake to a lesser-known individual, Liu Dan, for approximately 615 million yuan [2][4]. Group 1: Jingji Group's Exit Strategy - Jingji Group's exit is characterized as a strategic retreat, having initially invested 1.441 billion yuan at 6.6 yuan per share, but ultimately selling at a significant loss, with a total cash return of 615 million yuan, reflecting a more than 50% discount on its initial investment [4][5]. - The exit involved two transactions: selling 10% of shares at 2.42 yuan per share for 181 million yuan and the remaining 19.97% at 2.9 yuan per share for 434 million yuan, resulting in a total loss exceeding 800 million yuan [4][5]. - The exit is viewed as a calculated move within Jingji Group's broader capital strategy, particularly in light of a concurrent asset transaction involving Liu Dan, which allowed for a cash inflow of 650 million yuan from the sale of a loss-making hotel asset [5][6]. Group 2: Liu Dan's Acquisition - Liu Dan's acquisition of *ST Yangguang, involving an investment of approximately 615 million yuan, raises questions about her intentions, as she is a relatively unknown figure in the capital market [6][7]. - Liu Dan's background includes ownership of several companies, but her core business activities do not align with *ST Yangguang's existing operations, indicating a potential strategic motive behind the acquisition [6][7]. - The market speculates that Liu Dan may be interested in the company's listing status rather than its current operations, as *ST Yangguang faces significant financial challenges, including a cash balance of only 60.28 million yuan against liabilities of 415 million yuan [7][8]. Group 3: Market Reactions and Future Outlook - The market has reacted positively to the acquisition, with *ST Yangguang's stock experiencing multiple trading halts and a price increase of over 60% in a few months, reflecting investor expectations of potential capital operations [7][8]. - The future of *ST Yangguang remains uncertain, with the market awaiting Liu Dan's next moves and whether she can successfully navigate the company away from its precarious financial situation [8].

文 | 针探局，作者 | 曾可 脑机的伦理问题才是关键。 脑机接口，自踏入2026后，突兀的成为资本市场的新宠。 在部分证券软件统计的概念个股中，"人脑工程"已经有近50家相关企业，分别是涉及脑机安装的医疗器 材类公司、可能涉及脑机制造的消费电子类公司，甚至包括脑机内容提供商、一些软件和游戏公司。 更让人无语的是，连八字都没一撇的事儿，2026年九个交易日内整个板块已经实现超20%的涨幅。总市 值已经突破万亿人民币。 这和马斯克旧事重提有关——最近在一次访谈里，他直白地抛出了个想法：想改写人类的底层代码。他 甚至提出了一个惊人观点：人类有望实现"半永生"，只要能"改写"生命里的既定程序，就能活得更久。 在马斯克的逻辑里，这个"半永生"蓝图分两步走： 第一步靠Neuralink的脑机接口完成"意识捕捉"——往大脑里植入高密度电极阵列，采集神经元信号，最 终生成包含记忆、思维模式的"心智快照"，也就是传统意义上的灵魂。 第二步靠Optimus人形机器人当"意识载体"——让数字化的意识、也就是灵魂有个物理依托，从而实 现"意识转移"。 按照这个思路，等人类身体衰老到极限，就能通过"机械飞升"的方式，让意识以另一种形 ...

Core Viewpoint - The price of lithium carbonate futures has experienced a rapid increase, driven by multiple factors including policy adjustments, strong downstream demand, and supply disruptions, leading to significant impacts on the entire lithium battery supply chain [1][14]. Price Trends - Lithium carbonate futures prices rose from 130,000 yuan/ton on January 5, 2026, to a peak of 174,000 yuan/ton on January 13, 2026, marking a 33.8% increase within just eight trading days [1][3]. - From a low of 60,000 yuan/ton in the second half of 2025, prices have surged over 180% [3]. Policy Impact - The adjustment of the export tax rebate for battery products, effective April 1, 2026, from 9% to 6%, and its complete cancellation by January 1, 2027, has prompted downstream battery manufacturers to accelerate their procurement of lithium carbonate [6][14]. - This policy change is expected to create a concentrated demand surge before the tax adjustment, particularly benefiting the materials used in ternary batteries and energy storage [6]. Demand Growth - In 2025, China's retail sales of new energy passenger vehicles reached 12.809 million units, a year-on-year increase of 17.6%, with December exports soaring by 255% [8]. - Global sales of new energy vehicles are projected to reach 24.75 million units in 2026, continuing to drive demand for lithium battery materials [8]. - The new energy storage sector saw an addition of 34 GW/87 GWh in installed capacity in the first three quarters of 2025, reflecting a growth of over 65% [8]. Supply Disruptions - The cancellation of mining rights for 27 lithium mines in Yichun, Jiangxi, at the end of 2025 has raised concerns about short-term supply constraints, despite limited actual production capacity [9]. - Domestic lithium salt production decreased by 3.2% month-on-month in December 2025, coupled with maintenance at some enterprises, limiting supply growth [9]. Industry Chain Impact - The rise in lithium carbonate prices is expected to increase cost pressures on battery manufacturers, potentially leading to higher end-product prices for new energy vehicles [11]. - Midstream companies may enhance R&D investments to improve production efficiency and mitigate costs, while some smaller firms may face profit compression and exit the market [11]. - The overall market remains resilient, with consumer demand for new energy vehicles likely to continue growing despite price pressures [11]. Future Outlook - In the short term (Q1 2026), lithium carbonate prices are expected to remain high due to pre-export demand and post-holiday replenishment needs, with some forecasts suggesting prices could reach 180,000 to 200,000 yuan/ton [13]. - However, after the initial demand surge, prices may face downward pressure as inventory levels rise and production resumes [13]. - Long-term, the supply-demand gap is anticipated to widen due to slow new capacity releases, supporting a systemic increase in lithium prices [13].