Core Viewpoint - The article discusses the recent performance and future plans of Zhiyuan Technology (智谱), highlighting its stock price surge, ongoing IPO processes, and financial challenges faced by the company. Group 1: Stock Performance - Zhiyuan's stock price rose by 13% to 217 HKD per share, with a total market capitalization of 95.5 billion HKD as of January 26 [1] - Following its IPO on January 8, 2026, Zhiyuan's stock opened at 120 HKD, initially rising 3.27% before closing with a 13.17% gain, resulting in a market cap of approximately 57.9 billion HKD [7] Group 2: IPO Progress - Zhiyuan is continuing its A-share IPO plans after its H-share listing, with the China Securities Regulatory Commission updating its IPO guidance progress [3] - The third phase of the IPO guidance report was submitted by CICC, indicating ongoing efforts to prepare for the A-share listing [5] Group 3: Financial Performance - Zhiyuan reported significant losses over three years, totaling over 620 million [9] - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were 57.4 million, 124.5 million, 312.4 million, and 190.9 million respectively, while net losses were 143 million, 788 million, 2.958 billion, and 2.358 billion respectively [11] - The gross profit margins for the same periods were 54.6%, 64.6%, 56.3%, and 50.0% [11] Group 4: Research and Development - Zhiyuan's R&D expenses surged, with 1.595 billion spent in the first half of 2025 alone, and the AI computing service costs reaching 1.145 billion [11] - The company plans to enhance its revenue from the MaaS platform while maintaining its local deployment revenue base [11] Group 5: Future Directions - In 2026, Zhiyuan aims to focus on launching the new model GLM-5, developing new model architectures, and exploring online learning and continual learning paradigms [12]

Core Viewpoint - The CEO of Li Auto, Li Xiang, emphasized the company's ambition to enter the humanoid robot market and outlined critical timelines for AI development, indicating a strategic shift towards becoming a leading AI company in the automotive sector [6][7]. Group 1: AI Development and Strategic Goals - Li Auto has set 2026 as the last year for companies aspiring to be AI leaders to enter the market, with Level 4 (L4) autonomous driving expected to be realized by 2028 [7]. - The company aims to position itself among the top three global firms in foundational models, chips, embodied intelligence, and operating systems [7]. - Li Auto plans to enhance its brand positioning in embodied intelligence, moving beyond just being a mobile home provider [7]. Group 2: Organizational Changes and Recruitment - To evolve into an embodied intelligence enterprise, Li Auto will undergo a reorganization of its R&D teams, categorizing them into foundational model teams, software teams, and hardware teams [8]. - The company is actively recruiting for various positions related to humanoid robotics, indicating a strong commitment to this new direction [8]. Group 3: Internal Challenges and Employee Sentiment - In 2025, Li Auto faced significant challenges, with annual delivery volumes dropping to 406,300 units, a year-on-year decline of approximately 19%, failing to meet revised sales targets [9]. - The company has experienced a wave of executive departures, marking one of the most challenging periods since its establishment over a decade ago [9]. - Employee feedback indicates confusion and concern regarding the focus on AI during the recent all-hands meeting, with some expressing a desire for more immediate strategic discussions [9].

记者丨 曹恩惠 编辑丨巫燕玲 时隔三年，光伏龙头天合光能（688599.SH）再次抛出涉及千人规模的股权激励。 | 归属期 | | 考核年度 | 业绩考核目标 | | --- | --- | --- | --- | | 首次授予的限制 | 第一个归属期 | 2026 年 | 2026年净利润不低于 2.00 亿元。 | | 性股票及预留授 | | | | | 予的限制性股票 (若预留部分在 | 第二个归属期 | 2027 年 | 2027年净利润不低于 32.00 亿元:或 2026年-2027年净利润累计值不低于 | | 公司 2026 年第 | | | 34.00 亿元。 | | 三季度报告披露 前(含)授予) | 第三个归属期 | 2028 年 | 2028 年净利润不低于 62.00 亿元:或 2026年-2028年净利润累计值不低于 | | | | | 96.00 亿元。 | | 预留授予的限制 | 第一个归属期 | 2027 年 | 2027年净利润不低于 32.00 亿元:或 2026年-2027年净利润累计值不低于 | | 性股票(若预留 | | | | | 部分在公司 2026 | | | ...

Core Viewpoint - The article discusses the competitive landscape of the AI model industry, highlighting the strategic moves of Jieyue Xingchen and its collaboration with Qianli Technology to accelerate the "AI + vehicle" strategy [2][4]. Group 1: Company Developments - Jieyue Xingchen announced the appointment of Yin Qi as chairman, who will oversee strategic direction and technology development [2]. - The company completed a B+ round financing of over 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [4]. - The financing will support foundational model research and the development of a top-tier base model, furthering the AI + terminal strategy [4]. Group 2: Strategic Partnerships - Jieyue Xingchen has formed deep collaborations with 60% of leading domestic smartphone brands, including OPPO and Honor, achieving a model installation volume of over 42 million units [5]. - In the automotive sector, Jieyue Xingchen partnered with Qianli Technology and Geely to launch the first end-to-end voice model in the AgentOS smart cockpit, with the Geely Galaxy M9 selling nearly 40,000 units within three months [5]. Group 3: Future Outlook - The company aims to deploy its large model in over one million vehicles this year [5]. - The core management team, including Yin Qi, CEO Jiang Daxin, and Chief Scientist Zhang Xiangyu, is expected to provide stronger leadership and direction for Jieyue Xingchen's next phase of growth [7]. - Qianli Technology is transitioning its core business towards smart technology, with a focus on AI integration in vehicles, which is seen as a significant growth area [8].

记者丨彭新 编辑丨巫燕玲 2026年春节前夕，面对C端AI应用战场，腾讯再次祭出"社交+撒币"组合拳。 1月25日，腾讯官方发布通知，宣布旗下AI助手应用元宝App将在2月1日上线春节活动，分发 10亿现金红包。紧随其后的1月26日，据记者了解，元宝App开启了名为"元宝派"的社交AI玩 法内测。 1 0亿红包导流，元宝内测A I社交 春节即将到来，红包大战依旧，腾讯率先打响"第一枪"。与往年不同，元宝App成为主角。 腾讯元宝的红包活动于2月1日正式开启。从玩法来看，元宝App设置了"预约"机制，用户需提 前预约锁定福利，将元宝更新至最新版本后，首页将展示"春节分10亿"预约卡片，点击卡片 即可进入预约页面。 腾讯向记者表示，"元宝派"是元宝全新的社交场景探索，用户可以选择创建一个"派"，或者加 入一个已有的"派"。在"元宝派"，用户可以体验各项全新社交玩法：用户可以在派内@元宝， 或引用元宝的话，让元宝AI总结派内聊天、创建健身、阅读等兴趣打卡活动，由元宝AI担 任"监督员"。用户还可以在派内进行"图片二创"，将一张普通的照片变成有趣的"梗图"或表情 包。 据了解，"元宝派"后续公测还将开放上线"一起看" ...

作者 丨叶映橙 见习记者林健民 编辑丨谢珍 近日，《21辟谣》注意到，有部分网友称中国食品安全报社与新东方教育科技集团总公司或其 下属机构存在间接股权投资关系的信息，引发舆论关注。 1月26日， 俞敏洪在社交平台上发布严正声明，称此事严重失实，纯属谣言。公司将采取法律 手段追究造谣者的法律责任。 公开资料显示，中国食品安全报社是我国食品安全领域国家级专业性新闻媒体，其前身为中国 食品质量报社，创立于1994年，2011年正式更名，创办人朱长学。2015年由国家事业单位转 为全民所有制企业单位，成立中国食品安全报社有限公司，组建中国食品安全报网传媒集团。 天眼查信息显示，中国食品安全报社由中国食品工业协会全资控股，报社持有北京中瑞源食品 工业有限公司51%的股份；而新东方教育科技集团有限公司的核心股东为北京世纪友好教育投 资有限公司。二者的股权结构及对外投资均无交集。 出品丨21财经客户端 21世纪经济报道 编辑丨金珊 见习编辑林芊蔚 肯德基外卖涨价 黄仁勋现身北京吃云南菜，此前在上海逛菜市场 首个拥有4个千万级机场的省份出现了 SFC 21君荐读 2 悦 读 · 智能 权 威 . r7 o 扫码点击下载 ...

Market Overview - The A-share market experienced fluctuations on January 26, with the Shenzhen Component Index and the ChiNext Index both declining over 1% during the day. The Shanghai Composite Index closed down 0.09%, the Shenzhen Component Index down 0.85%, and the ChiNext Index down 0.91% [1][2] - The total market turnover reached 3.28 trillion yuan, an increase of 162.5 billion yuan compared to the previous trading day, with over 3,700 stocks declining [1][2] Gold and Precious Metals - Gold prices surged, breaking the 5,100 USD/oz mark for the first time, reaching a high of 5,110.26 USD/oz. Silver also saw significant gains, with prices peaking at 109.453 USD/oz, marking an increase of over 51% in just 17 trading days [4][9] - The rising gold prices have led to a substantial increase in market demand for gold investment and storage, resulting in a booming demand for bank safe deposit boxes. For instance, at the Shenzhen branch of China Merchants Bank, all 8,000 safe deposit boxes are fully rented, with 500 to 600 customers waiting to rent a box, which could take 5 to 6 years based on the current turnover rate [4][9] Vaccine Sector - The flu vaccine sector saw a strong performance, with stocks such as Da An Gene, Hualan Biological Engineering, and Zhijiang Biological all hitting the daily limit. Yongshun Biological surged over 27%, while other companies like Oriental Bio and Zhongsheng Pharmaceutical also experienced gains [4][5] - The vaccine index rose by 6.79%, indicating a positive trend in the sector [5] Oil and Gas Sector - The oil and gas sector showed strength, with China National Offshore Oil Corporation reaching a historical high. Other companies like Intercontinental Oil and China Petroleum saw increases of over 5% [7] - The space photovoltaic sector also remained active, with stocks like Mingyang Smart Energy and Tuojin New Energy hitting the daily limit [7] Tencent Cloud and AI Applications - Tencent's cloud concept saw some activity, with stocks like Qunxing Toys hitting the daily limit and Ruijie Networks rising over 10%. Tencent announced the launch of a cash red envelope event for its AI assistant app, which is expected to drive engagement [7]

Core Insights - Gold and silver prices have significantly exceeded market expectations in 2026, with gold reaching a peak of $5111.17 per ounce and silver soaring to $109 per ounce, marking increases of over 18% and 51% respectively within a short period [1][2] Market Demand and Supply - The surge in gold and silver prices has led to a dramatic increase in investment and collection demand, resulting in temporary shortages of silver products at several banks, with some customers facing long wait times for safe deposit boxes [4][5] - Major banks, including China Merchants Bank and Agricultural Bank of China, report that their safe deposit boxes are fully rented, with waiting lists extending up to 5 to 6 years for new customers [4] - The annual fees for small and large safe deposit boxes range from 200 to 500 yuan and 1000 to 3000 yuan respectively [4] Investment Products and Trends - The market has seen a rise in structured deposit products linked to gold, with many banks launching these offerings, some of which sell out quickly [6] - At least 27 listed companies have disclosed investments in gold-related financial products, totaling approximately 1.73 billion yuan [6] Fund Performance - The Guotou Silver LOF fund, which primarily invests in silver futures, has seen its net asset value increase by 62.43% in the fourth quarter of 2025, with its total scale growing to 18.944 billion yuan, a 185.31% increase from the previous quarter [6] - Despite high premium rates, the fund's market price has surged over 70% since the beginning of 2026, indicating strong investor interest [6] Market Sentiment and Risks - Some investors, like David Bateman, have reported substantial gains from silver investments, while others, such as Canadian Imperial Bank of Commerce, have faced significant losses from short positions in silver [7][8] - Analysts suggest that the current market dynamics for gold and silver have deviated from traditional fundamental analysis, indicating a need for investors to adapt to new market conditions [8][9] Future Outlook - Experts believe that gold and silver will continue to play a crucial role in the global economy in 2026, with any temporary market weakness potentially presenting buying opportunities [11]

中国人民银行副行长 邹澜 摄/金颖 记者丨张伟泽 实习生金颖 周静仪 编辑丨和佳 1月26日，中国人民银行副行长邹澜在亚洲金融论坛上宣布，为更好满足市场需求， 人民银行 支持香港金管局将人民币业务资金安排规模由1000亿元增加至2000亿元。同时支持香港人民 币清算行通过发行同业存单，账户融资等多种方式，从境内市场获取不同期限人民币流动 性，多措并举提升香港离岸人民币流动性水平。 外基础设施托管行之间的联通合作，推动基础设施跨境监管资质互认，有序推动基础设施走 出去，跨境提供服务。 邹澜进一步表示，中国人民银行将增加离岸人民币国债供给规模，提高市场流动性，为满足 境外投资者对优质人民币资产配置的需要，人民银行将配合相关部门进一步增加离岸人民币 国债年度发行规模，建立完善离岸市场做实机制，活跃市场交易，提升人民币定价能力。 邹澜还称，支持香港黄金市场建设，增强香港离岸人民币市场功能。1月26日，香港与上海黄 金交易所签署有关黄金市场发展的合作协议。他表示，上海黄金交易所设立香港黄金交割库 及相关合约上市，进一步丰富了投资者在香港开展离岸的资产配置的选择。中国人民银行将 支持上海黄金交易所通过各种方式参与香港黄金 ...

Group 1 - KFC has made a slight price adjustment for its delivery products, with an average increase of 0.8 yuan, while dine-in prices remain unchanged [1] - The price adjustment is a response to changes in operational costs and is deemed a normal market practice to ensure healthy business operations [1] - KFC's promotional meal packages, such as "Crazy Thursday" and "Weekend Crazy Deal," will maintain their current prices [1] Group 2 - KFC entered the Chinese market in 1987 and is projected to exceed 12,600 stores by September 2025 [1] - The "KFC Coffee" brand has seen rapid growth, with over 1,800 locations [1] - The last price increase occurred approximately one year ago, with an average increase of 2% on December 24, 2024, ranging from 0.5 yuan to 2 yuan [1]