Core Viewpoint - The departure of Jiang Xiaoli, a key figure in Tianhong Fund's fixed income + sector, raises concerns about the company's future direction and management stability, especially given her significant contributions and the recent changes in the company's leadership structure [1][3][5]. Group 1: Jiang Xiaoli's Departure - Jiang Xiaoli announced her resignation from Tianhong Fund, citing personal reasons and the need for a break after 14 years without a long vacation [1]. - She managed over 300 billion yuan in assets before her departure, and her exit has drawn attention to the company's leadership, particularly to Ma Long, who has recently joined Tianhong Fund [2][3]. - Jiang was a pivotal figure in the fixed income + sector, having built the product line and served as the longest-tenured fund manager at the company [3][4]. Group 2: Impact on Tianhong Fund - Jiang's departure is expected to impact the management of fixed income + products, which are primarily managed by multiple fund managers, ensuring continuity in investment strategies [6][7]. - The company has expressed confidence in its research and investment framework, stating that the existing team will maintain the established investment goals and risk-return characteristics [5][7]. - Despite the overall growth in the fixed income + market, Tianhong Fund's product scale increased only by 94.3 billion yuan last year, indicating a decline in its competitive position [8]. Group 3: Recent Changes in Leadership - The company has seen significant personnel changes, including the appointment of new executives and fund managers, particularly in the equity investment sector, indicating a strategic shift in focus [9]. - The introduction of new talent, including those from other firms, suggests a move towards enhancing the company's capabilities in equity and innovative investment strategies [9]. - The overall non-monetary public fund management scale reached 4,853.31 billion yuan, reflecting a growth of 713.81 billion yuan, although the company's ranking has slipped [9].

目前，镓在全球科技和军事领域的应用无疑极为广泛。 镓经氮气和砷处理后可制成高性能半导体基板；在芯片领域，镓能承受高电流，且 比硅更耐高温和潮湿。除手机和笔记本电脑外，卫星也使用镓材料保护元件免受太空辐射的影响。 中国在镓生产领域拥有近乎绝对的优势地位，占全球原生产量的逾90%。而随着全球镓供需形势愈发趋紧，美国政府眼下也正表现出前所未 有的"紧迫感"。 过去几个月，美国政府已向美国本土及海外的工厂投入数亿美元，寻求建立自身的镓供应链，以减少对进口的依赖，并试图通过"海外布 局、跨国合作、国内回收"三管齐下的"掘镓"策略，彻底重塑全球镓供应链。 这些推动镓生产的举措是特朗普政府为国防、汽车和技术产业确保稀土及关键矿产努力的一部分。这些努力还包括提供数十亿美元的融资， 并帮助美国建立锂、钴和镍等产品的战略储备。 海外布局 特朗普政府重点扶持的项目之一位于西澳大利亚州(澳大利亚最大州)的Wagerup。自1980年代起，美国铝业公司在此运营的精炼厂通过处 理铝土矿生产氧化铝。由于铝土矿中含有微量镓元素，该公司计划新建工厂进行提取。 镓是一种奇特的银白色金属，熔点低到能在手掌中融化。而在过去两年，国际市场上镓价的涨势 ...

Core Viewpoint - SMIC announced a Q4 2025 sales revenue of $2.489 billion, a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2% and a capacity utilization rate of 95.7% [1] - For the full year of 2025, sales revenue is projected at $9.327 billion, representing a year-on-year growth of 16.2%, with a gross margin of 21.0%, an increase of 3.0 percentage points year-on-year [1] - The company expects Q1 2026 sales revenue to remain flat quarter-on-quarter, with a gross margin between 18% and 20% [1] Summary by Sections - **2025 Financial Performance** - Q4 2025 sales revenue: $2.489 billion, up 4.5% quarter-on-quarter [1] - Full year 2025 sales revenue: $9.327 billion, up 16.2% year-on-year [1] - Gross margin for 2025: 21.0%, up 3.0 percentage points year-on-year [1] - **2026 Outlook** - Q1 2026 sales revenue expected to be flat quarter-on-quarter [1] - Gross margin forecast for Q1 2026: between 18% and 20% [1] - The company anticipates that sales revenue growth in 2026 will exceed the average of comparable peers, with capital expenditures remaining roughly stable compared to 2025 [1]

下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 记者： 据报道，台军计划将"海马斯"系统前推至澎湖与东引，打击范围能覆盖福建、浙江等地解放军阵地。台学者透露台防务部门曾提出对解放 军"先制打击"构想。请问对此有何评论？ 蒋斌： 从前推武器部署到发动所谓"先制打击"，"台独"分子的想法越来越荒诞不经、自不量力。在解放军的强大实力面前，"台独"武装若胆敢挑起 战端，必遭灭顶之灾。 国防部新闻局副局长、国防部新闻发言人蒋斌大校就近期涉军问题发布消息。 ...

据 北京日报， 外交部发言人林剑主持例行记者会。 法新社记者提问，日本首相高市早苗昨天表示，对与中国对话持开放态度，会持续推进沟通。中方对此有何回应？是否愿意与高市对话？ 林剑表示，中方已多次阐明相关的严正立场，真正的对话应建立在尊重对方、恪守共识的基础上。"嘴里喊着对话，手上却忙着对抗，这样的对话没 人会接受。"林剑表示，日方如果真心想发展中日战略互惠关系，很简单也很明确，就是撤回高市涉台错误言论，恪守中日四个政治文件和日方作出 的政治承诺，以实际行动展现对话的诚意。 ...

财联社记者获悉，支付宝Robotaxi打车小程序于近日全新上线。 据官方客服，Robotaxi是支付宝出行频道提供的自动驾驶打车服务平台，目前聚合了小马智行等自动驾驶服务商，但尚未正式推出。 Robotaxi小程序运营区域目前包括广州、东莞、北京、武汉、深圳五个城市的部分地区，更多城市正在陆续接入中。 ...

Core Viewpoint - ByteDance's latest video generation model, Seedance 2.0, is currently undergoing a testing phase characterized by both high expectations and risks, generating significant discussion among creators and attracting widespread attention domestically and internationally [2]. Group 1: Model Capabilities and Market Reaction - Seedance 2.0 has been praised for its multi-modal input, strong reference consistency, and highly realistic generation effects, leading to a surge in interest among creators [2]. - The model has been described as the "strongest video generation model on the planet" by industry leaders, marking the end of the "childhood era" of AIGC (AI-Generated Content) [5]. - Following the anticipation of Seedance 2.0's impact on the film and media industry, the A-share market saw a significant rise in related stocks, with the film and media sector experiencing a surge of up to 11.62% [6][5]. Group 2: Controversies and Limitations - Despite its capabilities, concerns have been raised regarding potential trust issues and risks associated with identity misuse and content abuse due to the model's ability to blur the lines between virtual and real [5][7]. - In response to user feedback, ByteDance has implemented restrictions on the use of real human images or videos as reference materials during the testing phase to ensure a healthy and sustainable creative environment [7][8]. - The platform has established stricter controls on generating content involving real people, requiring live verification for such creations, which reflects a responsible approach to managing the technology's rapid advancement [9][13].

Core Viewpoint - Major online shopping platforms are announcing "no closure during Spring Festival," ensuring holiday delivery services while adjusting delivery fees to support frontline delivery personnel [1][2][4][7]. Group 1: Sam's Club - Sam's Club will charge an additional 3 yuan Spring Festival delivery fee from February 11 to February 24, 2026, to support delivery personnel during the holiday [2][4]. - The fee adjustment is aimed at ensuring online delivery services amid tight logistics capacity during the Spring Festival [1][2]. Group 2: Hema - Hema will implement a uniform delivery fee of 6 yuan per order for all users from February 14 to February 21, 2026, regardless of order amount, with additional charges for overweight items [4][5]. - The delivery fee structure will revert to the original rates after the holiday period [4][5]. Group 3: Dingdong Maicai - Dingdong Maicai will also charge an extra 3 yuan Spring service fee from February 15 to February 21, 2026, consistent with previous years [7][10]. - This fee is intended to address the increased demand and tight logistics during the Spring Festival [7][10].

Core Viewpoint - The article discusses the launch of the "Doubao New Year" event by Doubao, a ByteDance AI application, which aims to engage users through a combination of cash red envelopes and technology gifts during the Spring Festival [3][4]. Group 1: Event Details - The event will distribute over 100,000 technology gifts and cash red envelopes during the Spring Festival, particularly during the live broadcast of the Spring Festival Gala [3][4]. - Users can participate by opening the Doubao app and engaging in interactive activities, with opportunities to win cash prizes up to 8,888 yuan [6][13]. - The event is divided into two phases: the first phase focuses on AI-generated greetings and interactions starting on February 13, while the second phase coincides with the Spring Festival Gala on February 16 [13]. Group 2: Technology Gifts - The technology gift offerings include 17 products, such as robots, drones, and smart appliances, with notable items like the Audi E5 Sportback and Mercedes CLA available for use [14][15]. - These gifts are integrated with Doubao's large model capabilities, enhancing user interaction through advanced AI features [15]. Group 3: User Engagement Strategy - The event emphasizes low participation barriers and diverse reward forms, moving beyond traditional cash giveaways to include tangible tech experiences [18]. - Doubao has designed various AI interactive functions for the Spring Festival, allowing users to create personalized greetings and engage with AI as a "lifestyle assistant" [18]. Group 4: Industry Context - The article highlights a competitive landscape where multiple AI applications, including Tongyi Qianwen and Tencent Yuanbao, are also launching similar Spring Festival activities to attract new users [19]. - Industry experts suggest that the true measure of success for these activities will be user retention and engagement post-festival, rather than just immediate participation metrics [20].

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