Core Viewpoint - NetEase's Q4 2025 financial results showed a revenue of 27.5 billion RMB, a year-on-year increase of 3%, but a net profit attributable to shareholders of 6.2 billion RMB, down nearly 30% from 8.8 billion RMB in the same period last year, falling short of market expectations [3] Financial Performance Summary - For Q4 2025, NetEase's total revenue was 27.5 billion RMB, with a net profit of 6.2 billion RMB, which is a significant decline compared to the previous year's 8.8 billion RMB [3][5] - The total revenue for the year 2025 reached 112.6 billion RMB, representing a year-on-year growth of approximately 7%, while the net profit attributable to shareholders was 33.8 billion RMB, up 13.8% [5] - The increase in sales and marketing expenses in Q4 2025 was approximately 1.07 billion RMB, reaching 3.89 billion RMB, and overall investment losses amounted to 1.67 billion RMB, a significant increase of about 1.2 billion RMB [3][5] Business Segment Performance - The core gaming and related value-added services generated revenue of 22 billion RMB in Q4 2025, a year-on-year increase of 3.4%, accounting for 80% of total revenue [5][6] - New game launches, including "Yanyun Sixteen Sounds" and "Marvel Showdown," contributed to revenue growth, while established titles like "Fantasy Westward Journey" and "Identity V" supported the performance [6] - Other business segments showed varied performance, with NetEase Youdao's revenue increasing by 16.8% to 1.6 billion RMB, while NetEase Cloud Music's revenue rose by 4.7% to 2 billion RMB, and other innovative businesses saw a decline of 10.4% to 2 billion RMB [6] Management Insights - NetEase's management discussed the impact of AI on the gaming industry, emphasizing that while AI lowers the entry barrier for game development, it raises the success threshold for high-quality products [6][7] - The management believes that the true potential of AI lies in creating new entertainment types distinct from traditional games, although current AI models are not yet suitable for conventional gaming [7] Cash Flow and Financial Health - As of December 31, 2025, NetEase's net cash balance was 163.5 billion RMB, up from 131.5 billion RMB in 2024, with net cash flow from operating activities amounting to 50.7 billion RMB, compared to 39.7 billion RMB in 2024 [7]

2026.02. 11 本文字数：2386，阅读时长大约4分钟 作者 | 第一财经 钱小岩 时隔两年半后，盖茨基金会主席比尔·盖茨再次回到中国。 盖茨此次行程首先抵达中国海南，参观、了解中国在农业领域的创新进展，随后抵达上海，关注于传 染病防控和母婴健康，上述三大领域都是盖茨基金会（以下简称"基金会"）关注的重点。2月11日 傍晚，盖茨还意外在上海张江现身，出席一场名为"行动创造希望"的活动。 在行程间隙，盖茨接受了第一财经记者的专访。在专访中，盖茨就对华合作、人工智能潜力乃至围绕 其个人声誉的争议，都进行了坦诚和系统的回应。这是盖茨在2023年6月到访北京后的首次访华。 在过去30年中，盖茨到访中国20多次。 始终看好中国创新 "中国在过去三代人的时间里，积累了大量的农业发展和教育改善的经验，其实可以问问你们的祖父 母，在（中国）取得这些成功前，是什么样子的"，在专访伊始，盖茨就以此称赞中国在短期内实现 现代化的成绩。 对于时下热门的人工智能，盖茨表示希望未来将培育出能够理解个体兴趣与追求的"人工智能老 师"。它不仅能够承担教育职责，更能洞察学习者困惑与挫败的深层原因，相当于一对一的家庭教 师。为此，盖茨透 ...

Core Viewpoint - The article highlights that the mysterious model "Pony Alpha," which topped the popularity chart on the global model service platform OpenRouter, is actually the new model GLM-5 developed by the company [1]. Group 1 - The new model GLM-5 has been launched on the chat.z.ai platform [2]. - The stock price of the company surged significantly following the news of the mysterious model's popularity [3]. - Insiders confirmed that the mysterious model is indeed the upcoming GLM-5 [3].

2026.02. 11 本文字数：892，阅读时长大约2分钟 作者 | 第一财经 林靖 民政部最新公布的数据显示，2025年全国结婚登记676.3万对，离婚登记274.3万对。 与2024年相比，结婚登记增加了65.7万对，增长10.76%。 近年来，我国大力提倡适龄婚育，构建、完善全社会的婚育支持体系。婚姻登记的便利度大幅提升。 理结婚登记的人数总体较2024年增长约38.7%。 2025年5月10日起，新修订的《婚姻登记条例》实施，婚姻登记地域限制取消，新人领证不再需要 户口本，婚姻登记全国各地通办。政策实施后，全国"跨省通办"婚姻登记量已显著上升，在部分流 动人口集中的城市，增长幅度较大。 从各地来看，目前已有上海、广东、福建、江西、四川、湖北6个省份公布了2025年结婚登记数 据。一些外来人口流入较多的地区结婚登记增幅较大。 例如，2025年广东结婚登记61.4万对，比上一年增加10.2万对，增幅达到19.92%。2025年，上 海全市共办理婚姻登记175092对，其中结婚登记125102对、离婚登记49990对。2025年上海办 多个城市也公布了去年的结婚登记数据。其中，多个人口流入较多的城市去年结 ...

来源｜新华社 编辑 ｜瑜见 （封面由AI生成） 国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进"算力+电力"协同发 展，提升全链条数据治理能力，不断夯实人工智能产业基础底座。 记者11日获悉，国务院国资委日前召开中央企业"AI+"专项行动深化部署会。此次会议上，国务院国资 委提出央企要强化自主创新，着力突破关键核心技术，持续攻关"大模型"技术，推动更多自主创新成 果从样品变成产品、形成产业；要强化场景培育，加强人工智能与主责主业、产业需求的精准对接，在 高适配、高价值、高可靠上下更大功夫，推动人工智能规模化落地应用。 此外，国务院国资委要求中央企业强化开源开放协同，加快推动开源"焕新社区"迭代升级，努力成 为"赋能型企业"，推进"AI+"产业共同体建设，不断涵养互利共赢的产业生态。 近年来，国务院国资委全力推进中央企业"AI+"专项行动，推动中央企业找准与人工智能技术和产业发 展趋势的结合点和突破口，实现高价值应用场景加快落地、数据集共建共享稳步推进、智能算力供给能 力持续提升、自主可控模型构建加速突破、开源开放产业生态不断完善，发展人工智能产业取得了明显 成效。 ...

Core Viewpoint - The article discusses the investment strategy of holding stocks versus holding cash during the upcoming long Chinese New Year holiday, with a prevailing sentiment among institutions favoring "holding stocks" due to expectations of a spring market rally post-holiday [3][10]. Market Performance - A-shares are currently in a state of consolidation, with the Shanghai Composite Index and Shenzhen Component Index showing slight increases of 2.89% and 2.43% respectively from February 3 to February 11 [5]. - On February 11, the Shanghai Composite Index rose by 0.09% to close at 4131.99 points, while the Shenzhen Component Index fell by 0.35% to 14160.93 points [6]. Historical Trends - Over the past decade, the Shanghai Composite Index has experienced 6 increases and 4 decreases on the first trading day after the Spring Festival, with notable declines in 2017 and 2020 [7]. - The average increase for the Wind All A-shares index in the first 10 trading days after the Spring Festival from 2017 to 2025 is 3.3%, compared to an average decline of 1.3% in the 10 trading days before the holiday [8]. Investment Strategies - The strategy of holding stocks during the holiday is supported by several analysts, citing factors such as a potential recovery in market sentiment and government policies aimed at boosting domestic demand [10][11]. - Analysts suggest that the technology sector, particularly TMT (Technology, Media, and Telecommunications), tends to perform better post-holiday, with a high success rate in the first 5 and 10 trading days after the Spring Festival [8][13]. Sector Focus - Key sectors to watch include materials such as non-ferrous metals, basic chemicals, and construction materials, as well as technology fields like semiconductors and artificial intelligence, which are aligned with the "14th Five-Year Plan" [12].

此次访问是盖茨继2023年6月之后，时隔约两年半再次到访中国。 记者｜钱小岩 编辑 ｜瑜见 2月11日傍晚，盖茨基金会主席比尔·盖茨意外现身上海张江，出席了一场名为"行动创造希望"的活 动。 该活动聚焦全球健康与发展议题，期间盖茨还与纪录片导演周轶君展开对话。 据第一财经从盖茨基金会获悉，盖茨此次访华旨在了解中国合作伙伴在传染病防控、母婴与儿童健康、 农业等关键领域的最新进展，并探讨如何将相关经验与技术更好地应用于以中低收入国家为主的国际社 会，以推动全球健康与发展取得切实成果。 ...

两年股价暴涨逾4倍的江淮汽车（600418.SH），在股价高位发行定增股份，仍然吸引了众多机构 及牛散的热情认购。 2026.02. 11 本文字数：1973，阅读时长大约4分钟 作者 | 第一财经 魏中原 江淮汽车2月10日晚发布的公告显示，参与此次定增股份认购的机构包括广发证券、财通基金等，牛 散葛卫东、知名牛散章建平的妻子方文艳各斥资10亿元认购2000余万股。 自2024年以来，江淮汽车股价已累计上涨260%，机构与牛散在高位仍积极认购，引发市场对"为何 高位追涨"的热议，关注焦点自然落到了江淮汽车未来的增长空间上。 牛散与机构高位追涨 根据公告，江淮汽车此次定增价格为每股49.88元，发行股份7016.84万股，募资总额约35亿元， 扣除发行费用后将全部用于高端智能电动平台开发项目。 引人注目的是认购方阵容。葛卫东、方文艳分别认购2004.81万股，各出资10亿元，获得最多配售 股份；配售比例第三高的是杭州知春投资管理有限公司-知春精选一期私募证券投资基金，获配 1202.88万股，即6亿元；广发证券、财通基金的认购规模在2亿元左右。 值得注意的是，江淮汽车第九大股东葛贵莲，其与葛卫东均为上海混沌投 ...

Core Viewpoint - Playboy's strategy in the Chinese market has shifted from aggressive brand licensing to a more controlled approach, as evidenced by the sale of a 50% stake in its Chinese operations to UTG Group for $122 million, aiming to address brand dilution and operational challenges [3][5]. Group 1: Brand Licensing Challenges - Playboy experienced rapid expansion in China through extensive brand licensing, leading to a high market penetration but also to brand dilution and confusion among consumers due to the proliferation of counterfeit products [3][4]. - The brand's image has deteriorated over time, with quality issues arising from licensed manufacturers seeking to cut costs, resulting in products being perceived as low-quality or "street goods" [4][5]. - Ongoing disputes with licensing partners have further complicated the brand's operations, highlighting the challenges of maintaining brand integrity in a fragmented market [5]. Group 2: Market Dynamics and Consumer Trends - The initial success of Playboy in China was attributed to its early entry into the market when competition was minimal and consumer interest in foreign brands was high, but this advantage has diminished as local brands have emerged and consumer preferences have shifted [5]. - The brand has struggled to connect with the younger generation (Gen Z), leading to a continuous loss of market share as consumer tastes evolve [5]. Group 3: Future Prospects with UTG Group - The acquisition by UTG Group, which has experience managing international brands in China, is seen as a potential turning point for Playboy, with hopes of consolidating brand management and addressing the issues of unauthorized licensing and counterfeit products [5]. - The transition from merely licensing the brand to actively managing it will require time and effort to restore Playboy's reputation and market position in China [5].

Core Viewpoint - The article discusses the recent shift in market sentiment and fund flows in the A-share market as the Spring Festival approaches, highlighting a recovery in ETF investments and a renewed interest in small-cap stocks and thematic sectors, particularly in technology and AI [3][4]. Fund Flow Changes - In January, the A-share market experienced significant outflows from broad-based ETFs, with over 1 trillion yuan exiting, particularly from the CSI 300 ETF, which saw a net outflow of over 580 billion yuan [5]. - As of February 10, the market saw a net subscription of nearly 20.6 billion yuan in ETFs over the past week, indicating a clear trend of capital returning, with stock-based ETFs net inflows reaching 2.69 billion yuan [5][6]. - The CSI 1000 ETF attracted 2.731 billion yuan in net inflows, while the CSI 500 and CSI 2000 ETFs also saw significant investments of 640 million yuan and 1.633 billion yuan, respectively [6]. Thematic Investments - The chemical, semiconductor, and satellite sectors have emerged as key areas for capital allocation, with several thematic ETFs, such as the Penghua CSI Chemical Industry ETF and the Guotai CSI Semiconductor Materials and Equipment ETF, attracting over 10 billion yuan each [6]. - Cross-border ETFs have been particularly strong, with a net inflow of 10.985 billion yuan in the past week and a total of 58.258 billion yuan year-to-date, bringing the total size of cross-border ETFs close to 1 trillion yuan [6]. Market Activity and Sentiment - Despite the increase in fund inflows, the trading activity of ETF products has cooled, with stock-based ETF trading volumes hitting a year-to-date low of 120.591 billion yuan, a decline of nearly two-thirds from the peak [7]. - The A-share market indices showed mixed performance, with the Shanghai Composite Index closing slightly up by 0.09%, while trading volumes fell below 2 trillion yuan for the first time in 31 trading days [9]. Future Outlook - Analysts predict a potential recovery in the A-share market over the next 1-2 months, driven by improved risk appetite and clearer earnings signals, particularly for small-cap growth and AI-related sectors [10]. - The market is expected to benefit from a reallocation of funds from insurance, bank wealth management, and household savings, with a positive long-term outlook for domestic and Hong Kong assets [10]. - The technology and emerging growth sectors are anticipated to maintain their leading position, although increased volatility and rapid rotation of market hotspots may pose challenges for investors [11].