大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【字节跳动、阿里巴巴将于春节前后推出新的人工智能模型】 中国科技巨头字节跳动与阿里巴巴集团正准备在即将到来的农历新年期间推出新一代人工智能模型，这一举动 标志着双方在争夺中国AI领先地位及未来云市场主导权的战役中进入白热化阶段。 据知情人士向媒体透露，字节跳动计划于下月发布三款新模型，涵盖大语言模型、图像生成及视频生成领域， 旨在利用其快速增长的云服务业务挑战阿里巴巴的市场地位。这一发布时间点选在2月中旬的春节假期，意在 利用假期这一关键的用户流量窗口。 阿里巴巴亦不甘示弱，据知情人士向媒体称，其将在同一时期推出旗舰模型Qwen 3.5，该模型据称具备强大的 数学和编码能力。此外，阿里计划对其面向消费者的Qwen AI应用进行大规模假日营销推广，意图正面挑战目 前用户量最大的豆包聊天机器人。此次交锋正值DeepSeek等竞争对手也计划发布新模型的时刻，凸显了中国 科技企业争夺用户注意力和构建AI超级应用的紧迫性。 这场竞争不仅关乎谁能打造出中国最受欢迎的AI消费级应用，更将决定未来数年的中国AI云市场的格局归 属 ...

Core Viewpoint - The article discusses the financial crisis faced by Shenzhen Jie Wo Rui Jewelry Co., highlighting the emotional and financial turmoil experienced by investors and consumers due to the company's inability to fulfill its payment obligations [5][34]. Group 1: Investor Experiences - Lin Wei invested over 5 million yuan in Jie Wo Rui, which included her savings, borrowed money, and funds from her parents, leading to a complete loss of hope when the company faced payment difficulties [8][18]. - Cai Lin, a recent graduate, lost 185,000 yuan, which she had saved from part-time jobs and early withdrawals from fixed deposits, due to the company's failure to deliver promised services [20][22]. - Both investors were drawn to Jie Wo Rui by attractive promotional activities and perceived security, only to find themselves trapped in a financial crisis [25][28]. Group 2: Company Operations and Issues - Jie Wo Rui's operational model involved two main segments: ordinary trading customers seeking to liquidate gold and high-leverage investors engaging in pre-agreed price transactions [43][45]. - The company introduced multiple apps for different services, which allowed for internal fund and asset transfers, increasing operational risks [47]. - As the crisis unfolded, the company proposed two repayment plans: one offering 20% of the principal in a lump sum and another providing 40% in installments, both requiring investors to sign non-disclosure agreements [48][52]. Group 3: Response and Aftermath - Following the crisis, many investors gathered at Jie Wo Rui's physical locations, expressing their desperation and frustration as they sought answers [56][58]. - Official reports indicated that the company was under scrutiny for operational irregularities, but investors remained skeptical about the recovery of their funds [66][68]. - The emotional toll on investors was significant, with many experiencing anxiety and disrupted lives as they awaited resolution [64][69].

Core Viewpoint - Tesla's delivery volume is no longer a key focus for the market, as confidence in the company remains high despite declining sales figures. The company reported its first annual revenue decline since its inception, with a 3% drop in revenue for both the fourth quarter and the full year of 2025 [6][11]. Financial Performance - In Q4 2025, Tesla's revenue was $24.9 billion, down 3% year-over-year, with a full-year revenue of $94.8 billion, also down 3% [6][8]. - Tesla's GAAP net profit for Q4 2025 was $840 million, a significant drop of 61% year-over-year, while the non-GAAP net profit was $1.76 billion, down 16% [6][8]. - The automotive revenue decreased by 11% year-over-year to $17.69 billion in Q4 2025, with a full-year automotive revenue of $69.5 billion, marking a 10% decline [8][11]. Delivery and Production - Tesla's total vehicle deliveries in Q4 2025 were 418,227, a 16% decrease year-over-year, with an annual total of 1.636 million vehicles delivered, down 9% [8][15]. - Production of Model 3/Y in Q4 2025 was 422,652 units, reflecting a 3% decrease year-over-year, while total production was down 5% [9][10]. Market Reaction - Despite disappointing financial results, Tesla's stock price remained resilient, closing at $430.46, only a slight drop of 0.1% [11]. - Analysts noted that Tesla is perceived more like a high-risk startup rather than a stable company, as it continues to attract investor interest despite declining revenues and profits [11][12]. Future Plans and Investments - Tesla announced a record capital expenditure plan of $20 billion for 2025, focusing on AI, autonomous driving, and robotics [11][26]. - The company plans to build six new factories, including those for lithium refining and battery production, and aims to produce 1 million units of its Optimus robot annually [26][29]. Autonomous Driving Vision - Elon Musk emphasized that Tesla's future lies in autonomous driving, with plans to produce vehicles designed solely for this purpose, such as the CyberCab [19][23]. - Tesla's Full Self-Driving (FSD) subscription model will replace the one-time purchase option, with nearly 1.1 million global paid users reported [24][23]. Competitive Landscape - Musk acknowledged that competition in the humanoid robot space is significant, particularly from Chinese companies, but asserted that Tesla's Optimus will outperform others [28][29]. - The company is also planning to establish its own semiconductor manufacturing facility to support its AI and autonomous driving initiatives, addressing potential supply chain constraints [29].

Core Viewpoint - The article discusses the emerging trend of "medical tourism" in China, where foreign visitors are increasingly seeking medical services alongside traditional tourism activities, driven by cost-effectiveness and efficiency in healthcare services [3][10]. Group 1: Medical Tourism Trends - The initial "must-visit" attractions for foreign tourists in China included online payment systems, high-speed trains, and hotel robots, which have now evolved to focus on dental, ophthalmological, and traditional Chinese medicine treatments [5][6]. - In 2024, Shenzhen is expected to provide medical services to 770,000 foreign patients, including 640,000 from Hong Kong and Macau, with the remainder from countries like the USA, Canada, and Japan [8]. - Shanghai's designated hospitals treated nearly 270,000 foreign patients, marking a 15% increase year-on-year, while the total number of international patients in key hospitals across China reached 1.28 million, a 73.6% increase compared to three years ago [9]. Group 2: Cost Comparison - The primary reason foreigners seek medical treatment in China is the significantly lower costs compared to their home countries. For instance, a routine heart check costs $75.4 in China, while in the US, it can range from $10,000 to $20,000 without insurance [15]. - An X-ray in China costs $19, which is notably cheaper than similar services in the US, where the costs can be exorbitantly high [16]. - The total cost for emergency services in China can be as low as $144, while in the US, ambulance services alone can start at $30,000 to $50,000 [18]. Group 3: Efficiency of Healthcare Services - The efficiency of healthcare services in China is a significant draw for foreign patients. For example, a patient can see a doctor within minutes of registering, and comprehensive health checks can be completed in just a few hours [32][30]. - The article highlights the stark contrast in waiting times for medical appointments between China and countries like the UK, where patients may wait months for consultations and treatments [25][28]. Group 4: Emerging Medical Tourism Packages - The new "China tourism three-piece set" includes dental care, eye care, and traditional Chinese medicine, appealing to tourists looking for affordable healthcare options [35][46]. - Many foreign visitors are now incorporating dental check-ups and treatments into their travel itineraries, with dental services in China being significantly cheaper than in their home countries [42][45]. - The trend reflects a broader consumer behavior shift towards seeking value and cost-effective solutions in healthcare, particularly among the global middle class [51]. Group 5: Impact on Local Healthcare Resources - Concerns about foreign patients occupying local healthcare resources are largely unfounded, as regulations limit the proportion of international medical services to 10% of total hospital services [54]. - Foreign patients typically pay higher fees for services compared to local patients, which can be 6-12 times more for registration and 8-12 times more for examinations and hospital stays [56][57]. - The increase in foreign patients is seen as a new revenue stream for the domestic healthcare system rather than a strain on resources [58].

Core Insights - The article discusses the significant developments in the AI industry in 2025, highlighting the emergence of Chinese AI companies like Deepseek, Manus, and Qwen, which are gaining global recognition and challenging the dominance of Silicon Valley giants [7][8]. Group 1: Key Events in AI Development - The Chinese AI company Deepseek made a notable impact during the Spring Festival of 2025, showcasing engineering capabilities that impressed Silicon Valley [10][11]. - Manus secured a $75 million investment from Benchmark, raising its valuation to $500 million, indicating a growing interest from U.S. investors in Chinese AI projects [13][15]. - The emergence of the "Reverse CFIUS" regulation has created a cautious environment for U.S. investments in Chinese AI companies, leading to a "chilling effect" among investors [18][19]. Group 2: Investment Trends - The AI application era has officially begun, with U.S. venture capitalists becoming more active in funding Chinese AI projects, driven by the success of models like Deepseek and Qwen [16][22]. - The article notes that investments exceeding $100 million require a clear separation from Chinese affiliations, as U.S. funds navigate the complexities of geopolitical tensions [23][24]. - The sentiment in the Chinese primary market is optimistic, with significant cash flow observed in the embodiment intelligence sector, driven by government support and market demand [30][33]. Group 3: Challenges and Opportunities - The article highlights the challenges faced by Chinese entrepreneurs in Silicon Valley, including cultural differences and the need for patience in adapting to the U.S. market [25][26]. - The success of Hygen, a Chinese AI startup, illustrates a potential pathway for other entrepreneurs, emphasizing the importance of capital isolation and market focus [27][28]. - The article discusses the rapid changes in the AI landscape, where the window for securing top projects is shrinking, making it increasingly difficult for investors to identify and fund disruptive innovations [50][51]. Group 4: Competitive Landscape - The competition among major AI players, particularly between OpenAI and Google, is intensifying, with both companies striving for dominance in the foundational model space [58][59]. - The article notes that NVIDIA continues to play a pivotal role in the AI ecosystem, forming strategic partnerships and acquiring key assets to maintain its competitive edge [62][64]. - Meta's recent acquisition of Manus reflects a strategic shift towards building strong AI agents, indicating a potential new direction for the company amidst its challenges in foundational models [70][71].

Core Viewpoint - Leica is reportedly considering selling its shares, valued at approximately €1 billion, which raises questions about the timing and implications of such a sale given its recent success in the luxury camera market [5][9]. Group 1: Current Situation of Leica - Leica's ownership structure consists of the Kaufmann family holding 55% and Blackstone Group holding 45% [7]. - Blackstone's decision to sell its 45% stake is driven by the belief that the company is at its peak, having recently reported record revenues close to €600 million [9][10]. - The sale is seen as a strategic move to capitalize on the high valuation, as Blackstone has held its stake for over a decade [10]. Group 2: Historical Context and Brand Transformation - Andreas Kaufmann played a crucial role in Leica's turnaround by shifting its focus from mass-market cameras to luxury products, thus redefining its brand identity [11][12]. - The transformation involved eliminating lower-end products and emphasizing the M series, which helped establish Leica as a luxury brand in the photography market [12][14]. - The brand's repositioning has led to its current status as a prestigious name in the camera industry, akin to Rolex in watches [14]. Group 3: Potential Buyers and Market Dynamics - Several potential buyers for Leica have been mentioned, including private equity firms like Altor Equity Partners and Sequoia China [16]. - Xiaomi has been frequently discussed as a potential acquirer due to its successful collaboration with Leica on smartphone cameras, which has significantly enhanced its imaging capabilities [18][19]. - However, acquiring Leica may not be beneficial for Xiaomi, as it could disrupt the successful brand partnership that relies on mutual respect and brand positioning [20][21]. Group 4: Risks of Acquisition - The partnership between Xiaomi and Leica is based on leveraging Leica's brand prestige, which could be compromised if Leica were to be fully owned by a tech company [23][25]. - The article argues that Leica's value lies in its cultural and brand heritage, which may not align with the fast-paced nature of technology companies [23][25]. - The ideal future for Leica may involve remaining with private equity firms or family funds that respect its brand identity and operational independence [27].

Core Insights - The article discusses the future of AI and its implications for investment opportunities, emphasizing that the current technological explosion is just the beginning of a significant societal transformation [4]. - It highlights that while the U.S. has led the AI technology in the first half of the cycle, China is expected to gain an advantage in the latter half, particularly through the integration of AI with hardware [4]. - The competition between the U.S. and China in AI will ultimately hinge on two critical factors: energy and data, with the nation that secures a long-term advantage in these areas likely to emerge victorious [4]. Group 1: AI Development and Investment Logic - The current AI wave is unprecedented, with four major historical peaks, including breakthroughs in facial recognition, AlphaGo, AI in drug discovery, and the rise of large models [7][10]. - The article outlines a clear pattern where each AI breakthrough coincides with structural changes in relevant industries, leading to significant investment opportunities [10]. - The investment logic in the AI era will shift from a focus on technological innovation to practical applications that generate revenue, particularly in the latter half of the technology cycle [23][28]. Group 2: China's Strategic Opportunities in AI - AI combined with hardware presents a strategic opportunity for China, leveraging its manufacturing capabilities to achieve industrial transformation and upgrades [4][38]. - The article emphasizes that China's strong supply chain and technological advancements in sensors, chips, and algorithms position it well to capitalize on AI applications [40][44]. - The development of AI hardware is seen as a critical area for China, with the potential for significant advancements in various industries through the integration of AI and manufacturing [38][46]. Group 3: Macro Outlook for 2026 - The article predicts a strategic window for China as the U.S. reduces its military presence globally, allowing China to enhance its international influence and pursue international business opportunities [52][54]. - It discusses the potential for the Chinese yuan to appreciate, driven by a shift in the structure of foreign trade towards high-value products, although it will not experience a dramatic increase [55][56]. - The competition between the U.S. and China will increasingly focus on data governance, with the nation that effectively manages and utilizes data likely to gain a competitive edge in the long term [62][68].

Core Viewpoint - The prevalence of hyperuricemia among the Chinese population has significantly increased, with rates rising from 8.5% in 2001 to 18.4% in 2017, indicating a public health concern that requires attention [4][6][10]. Summary by Sections Prevalence of Hyperuricemia - A study involving over 2 million participants revealed that the prevalence of hyperuricemia in mainland China for individuals aged 15 and above increased from 8.5% in 2001 to 18.4% in 2017, more than doubling in less than two decades [6][10]. - A national survey in 2022 estimated the overall prevalence of hyperuricemia among adults aged 18-59 to be 15.1%, suggesting that 1 in 20 adults is affected [6]. Regional Differences - The prevalence of hyperuricemia varies significantly across different regions in China, with the southern regions, particularly Guangdong, showing the highest rates at 42.2% [7][9]. - The study categorized mainland China into seven regions, with hyperuricemia rates of 25.5% in South China and 21.2% in Southwest China [7]. Contributing Factors - The increase in uric acid levels is attributed to various factors, including genetic predisposition, lifestyle changes, and dietary habits [12][15]. - Genetic studies indicate that 25% to 60% of the variance in uric acid levels can be attributed to hereditary factors, with specific genes identified in the Han Chinese population that may contribute to hyperuricemia [16][17]. Dietary Influences - Certain foods, particularly those high in purines, such as seafood, red meat, and alcohol, are linked to increased uric acid levels. The consumption of animal products has risen significantly, with a 33% increase in seafood consumption over the past decade [21][22]. - The intake of red meat and sugary beverages has also increased, with red meat consumption rising by 134.3% since 2002, contributing to higher hyperuricemia risks [22]. Lifestyle Factors - Insufficient hydration and lack of physical activity are common issues, with over one-third of adults not meeting the recommended daily water intake and a rising percentage of adults engaging in inadequate physical activity [23][24]. - The lifestyle changes, including increased consumption of high-purine foods and decreased physical activity, are believed to exacerbate the hyperuricemia epidemic [24]. Societal Implications - The rising levels of uric acid and associated health issues reflect broader societal trends, including aging populations and changing dietary patterns, necessitating public health interventions [50][52]. - Addressing hyperuricemia requires a multifaceted approach, including dietary modifications, increased physical activity, and potential medical interventions for those at risk [50].

Core Viewpoint - The recent outbreak of Nipah virus in West Bengal, India, has led to significant market reactions, particularly in vaccine and diagnostic testing sectors, but the initial enthusiasm has waned as the actual impact on China appears minimal [2][5][26]. Group 1: Nipah Virus Overview - Nipah virus is not new; it was first identified in 1998 in Malaysia and has since been reported in several countries, including India and Bangladesh [7]. - The virus is primarily carried by fruit bats and can be transmitted to humans through contaminated food or direct contact with infected animals, with a high fatality rate exceeding 40% [7]. - The World Health Organization (WHO) classifies Nipah virus as a high-priority pathogen due to its severe health risks and lack of effective treatments or vaccines [7][8]. Group 2: Market Reactions - Following the outbreak news, A-share markets saw significant movements in vaccine and diagnostic testing stocks, with several companies experiencing price surges [3][4]. - However, as the Chinese health authorities confirmed no cases of Nipah virus within the country, the related stocks experienced substantial corrections [5][11]. Group 3: Industry Performance - The medical testing industry, which had thrived during the COVID-19 pandemic, is now facing significant performance pressures as demand for testing declines [15]. - Companies like Da An Gene, Saint Shine, and others that previously reported strong earnings are now forecasting losses for 2025, indicating ongoing financial strain [16][18]. - The vaccine sector is also under pressure, with many companies reporting losses and declining revenues due to intense competition and market saturation [19][20]. Group 4: Company-Specific Insights - Companies such as Cap Bio and Zhi Jiang Bio, which have developed Nipah virus testing products, have not reported significant new orders, suggesting limited market impact from the outbreak [18]. - The vaccine market is characterized by fierce competition, with companies like Zhifei Biological and Watson Bio facing challenges in maintaining profitability amid price wars and declining demand for core products [21][24]. - The overall sentiment in the market indicates that while the Nipah virus has raised awareness, it is unlikely to provide a sustainable boost to the financial performance of the medical testing and vaccine sectors [26].

出品 | 妙投APP 作者 | 段明珠 编辑 | 丁萍 头图 | 视觉中国 本周大A连续3天非典型暴力洗盘，指数走得看似很稳，但个股跌得稀里哗啦。 是因为大资金在"出逃"吗？ 近7个交易日，几乎每天都有约800亿的资金从各个宽基ETF中流出，总计流出额已达到5000亿左右；且时不时出现权重 股尾盘被巨额压单，前有中信证券的14.5亿压单，后有招商银行尾盘压单超65亿，1月26日紫金矿业尾盘压单超40.7亿 元，连一直跌跌不休的贵州茅台也难逃被压单的命运。 以下文章来源于妙投APP ，作者段明珠 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 和去年4月7日汇金大举入市托底一样，大资金此次卖出应是希望市场看到。 为何要选择这个时点卖出？资本市场会怎么走？普通投资者又应该怎么办？ 为何选择这个时点？ 首先，大家心知肚明的是，大资金这样做是为了 给市场降温 。 到1月12日，大盘难得走出"17连阳"，不仅时隔10年重新站上4100点大关，还刷新上证指数历史连续阳线纪录；量能连 续多日超过3万亿元，多只股票单日成交额超过100亿元，更别提热门题材中赚钱效应好到爆炸。 如 ...