在股价大幅波动的背景下，摩尔线程交出了一份"喜忧参半"的 成绩单。在预告2025年营收大幅增长的同时，该公司预计 2025年归属于母公司所有者的净利润为亏损9.5亿元至10.6 亿元。 作者：郑晨烨 封图：图虫创意 1月21日晚间，国产GPU第一股摩尔线程（688795.SH）披露了多份公告，其中有两份较为关 键，一份是2025年度业绩预告，另一份是《关于增加部分募投项目实施主体及调整拟投入募集资 金金额的公告》（下称"调整募投公告"）。 在二级市场上，截至1月21日收盘，摩尔线程每股服价为627.3元，总市值2948亿元。2026年1 月以来，该公司股价涨幅为6%，而在去年12月上市初期，其股价盘中最高一度触及941.08元/ 股。 相关公告显示，该公司预计2025年度实现营业收入14.50亿元至15.20亿元，同比增长超过 230%。但在营收大幅增长的同时，该公司预计2025年归属于母公司所有者的净利润为亏损9.5亿 元至10.6亿元。 调整募投公告则显示，摩尔线程首次公开发行股票的实际募集资金净额为75.76亿元，低于招股书 中相关项目计划的80亿元投资总额。对于这4.24亿元的资金缺口，摩尔线程在公告 ...

特殊需要信托适用范围不只局限于心智障碍特殊群体，还可进 一步延伸至独居老人、单身群体等更广泛的受众群体。 作者：老盈盈 封图：图虫创意 从儿子两岁被确诊孤独症起，黄女士便为孩子的未来思虑了18年。如今儿子已20岁，因属于无民 事行为能力人，偶尔会情绪失控，让照护他的阿姨手足无措。 虽然照顾大龄孤独症患者，就像管理一个充满未知变量的项目，但大部分时间黄女士对孩子的未来 都有着明确的规划。随着自己的年纪迈入50岁关口，黄女士开始思考这样一个问题：当自己和孩 子的爸爸渐渐老去，丧失行动能力甚至离世之后，儿子的人生该如何继续？ 在黄女士看来，把这个问题拆解之后，解决的方案无非是人、钱、地三方面的规划。其中，钱的问 题尤为重要，需要确保孩子在父母身故后，在有生之年始终拥有充足的经济来源，而信托计划是目 前黄女士认为较为可靠的金融和法律工具。她也正在咨询专业人士，打算设立一个专项信托计划， 确保财产能按她的意愿进行分配，长期且稳定地用于孩子未来的生活，而不被挪用或转移。 记者注意到，近日多家信托公司相继落地了首单特殊需要信托。事实上，该类服务信托的适用范围 不只局限于心智障碍特殊群体，还可进一步延伸至独居老人、单身群体等 ...

以台美协议的落实为标志，在台湾的经济版图中，半导体的分 量一定是会持续下降的。与此形成鲜明对比的是，台湾的军工 复合体正在野蛮生长。 作者：王义伟 封图：本报资料室 彼时的卢特尼克，真是得意洋洋。 因为，包括台积电赴美建厂在内，台湾方面承诺的对美投资金额高达5000亿美元。卢特尼克还 称，这只是头期款，如果台湾不兑现，来自台湾的电子产品（芯片）将被课以重税。 在笔者看来，作为特朗普政府的内阁成员，卢特尼克有失风度。他上述言语中表现出的对台湾的轻 视、蔑视，深深地刺痛了岛内蓝营。连日来，蓝营高层和蓝营媒体纷纷发表看法和评论，批评赖清 德当局出卖台湾利益。 1月21日，台湾《联合报》发表社论，题目是《卢特尼克三个大巴掌，打在谁脸上？》。 该社论也认定卢特尼克的表现是"得意洋洋"，并指出"卢特尼克接受财经媒体CNBC专访，解读美 台关税谈判结果，得意洋洋道出血淋淋的谈判真相，结结实实打了赖政府三个大巴掌"。这三个巴 掌分别是：让特朗普开心、确认美国独赢、顺手搬走5000亿美元头期款和台积电四成先进产能。 岛内绿营，一方面对卢特尼克的言论装作听不见，一方面对台美协议进行粉饰。台湾行政部门负责 人卓荣泰说，台美达成共识 ...

Core Viewpoint - The article discusses the speculation surrounding Chen Qiming's potential departure from Huafu Fund, following a series of personnel changes and the company's restructuring efforts [2][4]. Group 1: Personnel Changes - Chen Qiming, a "Double Ten" fund manager with over 10 years of experience and an annualized return exceeding 10%, has been rumored to leave Huafu Fund since late 2025 [2][3]. - On January 17, 2026, Huafu Fund announced changes in fund management, including the appointment of new co-managers for several funds previously managed by Chen Qiming, further fueling speculation about his departure [4][5]. - Chen Qiming resigned as Vice General Manager of Huafu Fund on December 23, 2025, citing "personal reasons," which has led to increased market speculation regarding his future [2][4]. Group 2: Company Restructuring - Huafu Fund has experienced frequent personnel changes since 2025, including the resignation of key executives and adjustments in its internal structure [7][8]. - The company has seen the departure of its chairman and two vice general managers within a year, raising concerns about the stability of its core investment research team [8]. - Huafu Fund's largest shareholder, Huazhong Securities, is planning to increase its stake to gain control, which may influence the company's strategic direction [9]. Group 3: Fund Performance and Management - Chen Qiming managed 10 funds at Huafu Fund, with a peak management scale of nearly 5 billion yuan in Q2 2022, which has since decreased to 1.8 billion yuan by Q3 2025 [5]. - His performance has been notable, with returns of 47.87%, 50.30%, and 16.58% over the past one, two, and three years, respectively, all outperforming the CSI 300 Index [5]. - Huafu Fund has a total of 23 fund managers, with only Chen Qiming and another manager meeting the "Double Ten" criteria, indicating a potential gap in experienced leadership following his departure [5].

Core Viewpoint - Modern philanthropy is a complex social engineering task that requires top-tier management, financial, project, and communication talents. To address the most challenging social issues, competitive salaries that match their professional capabilities and responsibilities are necessary [1][14][15]. Group 1: Salary and Compensation in Philanthropy - The recent controversy surrounding Chen Xingjia's salary of over 700,000 RMB at the Shenzhen Henghui Foundation has sparked discussions about the reasonableness of compensation for philanthropic workers [2]. - Chen Xingjia announced his transition to a consulting role with New Oriental Education, with an annual salary of 1.5 million RMB, while committing to donate at least 1 million RMB annually to the Henghui Public Welfare Foundation [2]. - The Henghui Foundation's funding sources include monthly donors, corporate donations, and government partnerships, with a focus on maintaining a stable and sustainable funding model [12]. Group 2: Mental Health and Support for Public Servants - Chen Xingjia emphasizes the need for a social support system for public servants, particularly those at the grassroots level, to address their mental health issues, which directly impact social governance effectiveness [7][8]. - Establishing a supportive organizational culture, professional psychological services, and regular mental health screenings are essential for the well-being of public servants [8]. Group 3: Philanthropy's Role and Challenges - The Henghui Foundation allocates over 60% of its funds to the "Lianai Project," focusing on major illness assistance for disadvantaged children, which is seen as a critical social issue with significant long-term impact [13]. - The foundation's approach to transparency includes publicizing management salaries and ensuring that compensation is fair and justifiable, which is crucial for maintaining public trust [14][15]. - The current challenge in the philanthropy sector has shifted from financial transparency to demonstrating the effectiveness and impact of projects, necessitating a focus on "extreme transparency" and professional evaluation [16]. Group 4: Future of Philanthropy - The future of the Henghui Foundation is envisioned as a provider of comprehensive solutions to social problems, aiming for professionalism, efficiency, and transparency [26]. - The Chinese philanthropy sector is expected to become more professional, diverse, integrated, and rational, with a growing emphasis on measurable outcomes and effective project implementation [26]. - New project selection criteria for the foundation will focus on social pain points and the organization's capabilities, ensuring that initiatives align with its core mission and can be scaled effectively [27].

Core Viewpoint - The article discusses the penalties imposed on Pinduoduo for failing to comply with tax information reporting regulations, highlighting the potential for more severe consequences if similar issues arise in the future [1][2]. Group 1: Regulatory Compliance - Pinduoduo was fined 100,000 yuan for not submitting tax information as required by the "Internet Platform Enterprises Tax Information Reporting Regulations" [2]. - The company failed to correct its reporting issues within the stipulated timeframe, leading to the fine imposed by the Shanghai tax authority [2]. - If Pinduoduo encounters similar compliance issues again, it may face more serious penalties, including a business suspension and fines ranging from 100,000 to 500,000 yuan [1][2]. Group 2: Broader Implications - The introduction of the tax information reporting regulations is part of a broader effort by the government to enhance the regulatory framework for platform economies [3]. - Over 7,000 domestic and foreign platforms have complied with the tax information reporting obligations as of November 2025, indicating a significant level of adherence within the industry [4]. - The penalties against Pinduoduo serve as a warning to other platform enterprises, emphasizing the importance of legal compliance to foster fair competition and a healthy industry environment [3].

Core Viewpoint - The image of public welfare practitioners should be reshaped, emphasizing that choosing to engage in public welfare stems from a sense of mission and does not necessitate living a life of poverty [1][5]. Group 1: Salary and Transparency - Chen Xingjia's pre-tax total income from the Henghui Public Welfare Foundation for 2024 is 730,000 yuan, which is significantly higher than his income during his political career [2]. - The management expense ratio of the foundation is 8.7%, which is below the 10% threshold set by the Charity Law of the People's Republic of China [2]. - The average annual salary for the foundation's 12 full-time staff members is approximately 327,548 yuan, which is considered decent in first-tier cities like Shenzhen [2]. Group 2: Professionalism in Public Welfare - Modern public welfare is evolving into a specialized field requiring professional skills and systematic methods to address social issues, such as major illness treatment, child rescue, elderly care, and services for disabled individuals [3]. - The core value of public welfare is likened to the saying "teaching a man to fish is better than giving him a fish," focusing on long-term capacity building [3]. Group 3: Accountability in Donations - An example from 2011 illustrates the importance of accountability in donations, where Cao Dewang donated 200 million yuan with strict execution conditions, including a management fee cap of 3% and a requirement for precise identification of beneficiaries [4]. - This case highlights that effective public welfare requires professional teams to ensure funds reach those in genuine need, which involves certain operational costs [4][5]. Group 4: Changes in Leadership and Collaboration - Chen Xingjia has announced his decision to step down and will no longer receive income from the foundation, while also collaborating with Yu Minhong, who will donate at least 1 million yuan annually to the foundation [6]. - This partnership reflects a creative solution to the income controversy surrounding Chen and demonstrates the wisdom of entrepreneurs in addressing social issues [6].

Core Viewpoint - The article discusses the launch and significance of PixVerse R1, a universal real-time world model developed by Aishi Technology, which is seen as a transformative moment in the AI video industry, akin to a "DeepSeek moment" for AI video [1][2]. Group 1: Product Features and Innovations - PixVerse R1 allows users to generate videos without inputting prompts, automatically creating content in real-time, which represents a shift in video generation logic [2][6]. - The model utilizes an Omni native multimodal architecture, integrating text, images, audio, and video into a unified processing framework [5]. - PixVerse R1 employs autoregressive flow-based generation, enabling it to reference previously generated content and maintain "long-term memory" of user inputs [6]. - The model's instant response engine compresses the traditional sampling steps from over 50 to just 1-4, significantly enhancing computational efficiency and enabling real-time video generation [6]. Group 2: Market Impact and Collaborations - Aishi Technology secured a strategic investment of $14.2 million from Chinese Ru Yi, which will facilitate copyright sharing and collaboration in film, streaming, and gaming sectors [8]. - The partnership aims to explore innovative applications of AI technology in the film industry, indicating significant potential for PixVerse R1 in transforming content creation [8][9]. - The article highlights that PixVerse R1's capabilities position Aishi Technology as a leader in the real-time video generation and world model sectors, with no other companies having launched similar products [9][10]. Group 3: Future Prospects and Industry Implications - The real-time generation capabilities of PixVerse R1 could lead to the development of AI-native games and interactive films, where narratives evolve based on user interactions [10][11]. - The article suggests that the boundaries between video production and consumption are blurring, allowing users to become co-creators of content in real-time [9][14]. - Aishi Technology's rapid growth and technological advancements have positioned it among the top players in the global AI video market, with significant user engagement and revenue growth [13][14].

Core Viewpoint - The article emphasizes that while personal passion can ignite hope in charitable healthcare, sustainable success requires professionalization, institutionalization, and alignment with broader social systems [1][21]. Summary by Sections Charitable Hospitals and Their Nature - Charitable hospitals differ from general non-profit hospitals by having a unique charitable mission, relying heavily on social donations and volunteer support, and serving specific vulnerable groups without denying service due to payment ability [4][5]. Development Paths of Charitable Hospitals - The article outlines three distinct models of charitable hospitals: 1. The Rockefeller model, which emphasizes systematic and professional planning for long-term social impact [7]. 2. The Tzu Chi model, which focuses on community roots and spiritual support for sustainable development [8]. 3. The Yanran model, which leverages personal influence for rapid resource mobilization but faces governance challenges as it matures [9]. Governance Challenges Faced by Charitable Hospitals - Charitable hospitals often struggle with the conflict between founder charisma and institutional governance, leading to potential crises when founders exit [11]. - There is a tension between emotional mobilization and professional operation, where reliance on public attention can lead to instability in funding and operational sustainability [12]. Solutions for Sustainable Operation - Charitable hospitals should transition from charismatic governance to legal governance structures to ensure long-term viability [13]. - They must develop professional medical service capabilities and explore innovative models that combine public welfare with market mechanisms to diversify income sources [13]. - Integration into the national healthcare system and collaboration with public hospitals and social forces are essential for sustainable development [13]. Addressing Funding and Operational Costs - The article highlights the need for policies that recognize the operational costs of charitable hospitals and allow for fundraising for these expenses [17][18]. - It suggests exploring light asset operations and professional collaborations to reduce dependency on independent operations [18]. Enhancing Social Support and Transparency - Charitable hospitals should seek diverse support beyond funding, including professional management and financial planning assistance [19]. - Establishing transparency in operations and financial reporting can help build public trust and respect within the healthcare community [19].

嫣然医院在1月13日发布《关于房租债务的回应》，称由于2020年以来房租翻倍，加上医院经历 了三年新冠疫情的特殊时期，医院面临巨大经营困难，欠缴了2020年以来上涨一倍租金的部分。 这则回应提到，作为中国第一家民办非营利儿童医院，嫣然医院已完成唇腭裂手术超过1.1万例， 为超过50万人次儿童提供门诊服务。在发布回应的同一时刻，该院就有五台唇腭裂救助手术正在 进行。当天，嫣然医院法定代表人李亚鹏转发这则回应，并称："嫣然天使儿童医院也许会成为历 史，但我们会站好最后一班岗。" 1月19日，嫣然医院一位工作人员告诉经济观察报，最近医院正处于手术量高峰期，很多外地孩子 会在寒暑假来嫣然医院看病。"寒假这两个月，已经有将近200个孩子约了唇腭裂手术。"该工作 人员说，这些孩子将分批次接受手术，术后需要住7天院，目前平均每天有20名左右患儿住院。 多名受访医护人员提到，嫣然医院还有很多孩子在等待手术，每天都得有四五台手术。另外，嫣然 医院目前有100余名员工，虽然长期欠租，但没有出现过欠薪情况，每月10日前都会正常发薪。 张贴着告知函的嫣然医院门口，有人正在直播 嫣然医院一位工作人员告诉经济观察报，最近医院正处于手术 ...