Core Viewpoint - By 2025, the paradigm, value, and capabilities of AI will be fully confirmed, leading to significant technological investments, competitive differentiation, and market segmentation in 2026 [1][3]. Group 1: Industry Trends - The technology and internet sectors are experiencing rapid changes, with major companies competing fiercely in computing power and large model applications [2]. - Companies are shifting from a focus on technology arms races to defining scenarios for technology application, emphasizing the need to reconstruct existing business loops or create new interaction entry points [5]. Group 2: Major Company Strategies - Tencent, Alibaba, and ByteDance are heavily investing in AI, with Tencent's annual investment reaching hundreds of billions, Alibaba planning to invest 380 billion over three years, and ByteDance's capital expenditure projected to increase from 150 billion in 2025 to 160 billion in 2026 [3][4]. - Alibaba is developing its own AI chip and deploying large-scale clusters to serve over 400 clients, while Tencent is procuring GPUs and establishing AI research centers [3][4]. Group 3: Market Dynamics - The competition is intensifying, with companies like ByteDance developing their own AI chips and achieving significant daily usage metrics for their models [4]. - The narrative around computing power is shifting, with a focus on achieving greater value from lower energy costs, as exemplified by Alibaba's cloud initiatives [4]. Group 4: Future Outlook - 2026 is anticipated to be a watershed year, with the emergence of multi-modal foundational models leading to a Matthew effect, where only a few general intelligent agents will prevail [5].

Core Viewpoint - The article discusses the inherent instability and tension within historical orders and structures, emphasizing that disruptions and reorganizations are the norm rather than the exception, contrasting with the rare periods of mutual prosperity known as "Pareto improvements" [1][23]. Group 1: Historical Context and Analysis - The article reflects on the changes and uncertainties experienced in the first quarter of the century, highlighting the need for individuals to find new footholds amidst shifting ground [2]. - It mentions the significance of reading as a means to gain insights into these changes, suggesting that literature serves as a product of examining transformations [2]. - The narrative intertwines the lives of Churchill and Orwell, illustrating their roles as solitary figures who opposed the prevailing narratives of their times, ultimately contributing to the salvation of Europe during crises [7][8]. Group 2: Political Dynamics - The article outlines the contrasting views within Churchill's camp, where some extreme right conservatives viewed lower classes as threats while others were disillusioned with democracy and found solace in the efficiency of fascist regimes [7][8]. - It highlights Churchill's awareness of Nazi ambitions and his belief that confronting fascism early would mitigate greater losses, contrasting with Orwell's recognition of the dangers of Stalinist totalitarianism [8][9]. - The text also discusses Gandhi's and Churchill's opposing views on colonial governance, with Churchill believing in the civilizing mission of British rule in India, while Gandhi represented a push for independence [9][12]. Group 3: Contemporary Implications - The article posits that the current global landscape is marked by significant upheaval, including the rise of AI, climate change, and increasing nationalism, which collectively signify a "chaotic" period between two major historical trends [23][24]. - It notes the resilience of global political and economic systems in the face of challenges, suggesting that interconnectedness has provided a buffer against widespread disruption [24]. - The conclusion emphasizes the ongoing quest for a stable new order in a world characterized by disorder and reorganization, suggesting that historical patterns of division and unity continue to play out [24][25].

站在2026年的开端，面对黄金市场突如其来的大波动，投资者心中有着相同的困惑：当下还能投 资黄金吗？应该选择怎样的投资方式才能趋利避害？高位回调之后，黄金市场蕴藏更多的是机会还 是风险？ 投资者众生相 黄金市场的这波持续上涨行情，牵动着无数投资者的神经。从2025年一路高歌到2026年初冲高回 落，金价每一次跳动都关乎普通投资者的收益与决策，有人借势资产翻倍，有人高位入场陷焦虑， 也有人因犹豫错失良机，演绎着迥异的投资境遇。 站在2026年的开端，面对黄金市场突如其来的大波动，投资 者心中有着相同的困惑：当下还能投资黄金吗？应该选择怎样 的投资方式才能趋利避害？高位回调之后，黄金市场蕴藏更多 的是机会还是风险？ 作者： 陈姗 封图：图虫创意 刚刚过去的2025年，无疑是黄金闪耀的年份——伦敦现货黄金收官于4300美元/盎司附近，全年上 涨65%，创1979年以来的最大年涨幅。黄金的"硬通货"魅力在这一年展现得淋漓尽致。 2026年伊始，黄金价格继续加速上行，伦敦现货黄金一路冲高，不断刷新市场对金价的认知，最 高接近5600美元/盎司的历史天价。但1月29日金价触顶之后，便迎来大幅坠落，随后在5000美元/ 盎 ...

Core Viewpoint - The emergence of Qijing Automotive represents a significant exploration in the intelligent and high-end development path of the Chinese automotive industry during a critical period of transformation [1][26]. Group 1: Strategic Shift from Electrification to Intelligentization - By the end of 2025, the penetration rate of new energy vehicles in China is expected to approach 60%, indicating that the electrification phase is nearing completion, while the intelligentization phase is just beginning [2][6]. - The automotive industry is undergoing a structural transformation, with a shift in competition from mere electrification to intelligentization, as evidenced by the increasing demand for smart, personalized vehicles [6][8]. - Over 80% of automotive companies have initiated AI pilot projects, but only 15% have achieved large-scale application, highlighting the transition from "whether to do" to "how to do it right" in intelligentization [2][8]. Group 2: Challenges in Intelligent Transformation - The transition to intelligentization presents significant challenges, including the need for comprehensive capabilities in data collection, processing, and system integration [16][17]. - Companies must prepare for the responsibilities associated with Level 3 automation, requiring robust safety and quality management systems throughout the product lifecycle [16][20]. - The collaboration model in the intelligent era necessitates deep integration of hardware, software, algorithms, and data, moving beyond traditional supply chain relationships [17][20]. Group 3: Qijing's Unique Position and Strategy - Qijing is positioned as a strategic player in the intelligentization arena, focusing on redefining what constitutes a high-quality vehicle in the smart era [14][26]. - The collaboration between Qijing and Huawei is characterized by "embedded collaboration," allowing for joint product logic definition and system performance validation [16][20]. - Qijing aims to leverage its partnerships to create a new value benchmark in the high-end market, combining technology, luxury, and reliability [26][31]. Group 4: Value Transition of Chinese Brands - Chinese automotive brands are experiencing a value transition, with Qijing positioned to capitalize on this shift by enhancing product quality, user experience, and redefining value in the high-end market [24][26]. - The traditional dominance of luxury brands is declining, with Chinese brands making significant inroads into the high-end market through advancements in electric and intelligent technologies [24][26]. - Qijing's strategy emphasizes a comprehensive user experience and a differentiated dealer network, reflecting growing confidence in Chinese high-end intelligent automotive brands [26][31].

大众点评页面显示，目前上海的上海小南国门店均处于歇业关闭或暂停营业状态。无锡尚有两家上 海小南国正常经营，记者从接电话的前台处得知，这两家是无锡的加盟店，实行独立经营，只需向 上海小南国支付品牌使用费。目前，他们也无法联系到上海总部。 上海市商务委员会相关工作人员对经济观察报称，上海市、区 商务部门已召集相关行业协会和上海小南国方面，开展事件情 况排查，推进问题协调解决，目前协调工作仍在进行中。 作者：郑淯心 封图：图虫创意 闭店前，上海小南国肇嘉浜路均瑶店的厨师未收到任何通知。一位厨师向经济观察报记者透露，2 月5日他还在正常上班，店内一切如常，很多服务员和厨师都不知道即将闭店的消息。然而，2月6 日店铺就突然停业了，他也是通过新闻报道才得知，上海小南国所有上海门店都已闭店。 2月10日晚间，上海小南国控股有限公司（下称"上海小南国"，03666.HK）发布公告称，公司旗 下上海小南国品牌10间餐厅暂时停止运营，目的是配合集团的策略性重整。 上述厨师对策略性重整并不了解，他只清楚上海小南国还拖欠他两个月零三天的工资，累计两万多 元。 2月13日，上海市商务委员会相关工作人员对经济观察报称，上海市、区商务部门 ...

Core Viewpoint - The article discusses the intense shareholder meeting of Zhenxin Technology, highlighting the ongoing power struggle within the company and the recent election of a new board of directors amid significant shareholder tension [1][5][16]. Group 1: Shareholder Meeting Dynamics - The shareholder meeting on February 12, 2026, was marked by a heated atmosphere, with nearly a hundred attendees and emotional speeches questioning the qualifications of the new board candidates [1][2]. - Zhenxin Technology announced the results of the board election after the meeting, revealing a significant shift in board composition [3]. Group 2: Background of Shareholder Disputes - The company has a long history of shareholder disputes, particularly between the actual controller He Yan and other major shareholders, including Mo Xiaoyu [9][10]. - He Yan's control over the company was solidified after a series of legal battles, culminating in a court ruling that allowed him to regain control of Zhenxin Technology [12][11]. Group 3: Board Election Results - In the recent board election, candidates nominated by He Yan secured five out of eight board seats, indicating a shift in power dynamics within the company [15]. - The newly elected board members are expected to bring professional expertise and experience to lead Zhenxin Technology towards future growth [16]. Group 4: Market Reaction - Following the announcement of the board election results, Zhenxin Technology's stock price fell by 6.14%, closing at 26.92 yuan per share, with a total market capitalization of approximately 15.3 billion yuan [16].

Core Viewpoint - The article reflects on the changes and uncertainties experienced in the first quarter of the 21st century, emphasizing the importance of reading as a means to find stability and understanding in a rapidly changing world [2][4]. Group 1: Reflections on Literature and History - The author highlights a personal focus on literature and history in 2025, particularly works related to Zhang Ailing and Shen Congwen, indicating a deep engagement with these authors' contributions to modern Chinese literature [5][9]. - The book "Becoming Zhang Ailing" by Huang Xincun is noted for its unique perspective and thorough research, showcasing the author's dedication to exploring Zhang Ailing's life and works [8]. - Zhang Xinying's works on Shen Congwen are recognized for their emotional depth and ability to resonate with readers, contributing significantly to the understanding of Shen's literary impact [12][13]. Group 2: Historical Insights - The book "The Deadlock of the Jin Dynasty" by Shen Gang is praised for its clear structure and accessible language, providing a comprehensive overview of the political history of the Jin Dynasty [14][18]. - The author expresses a sense of fatigue when reading historical accounts due to the overwhelming nature of the events described, reflecting on the brutality and chaos of historical conflicts [19]. - The work "Dream Awakening" by Shen Aidi is highlighted for its focus on the life of Liu Dapeng, a common person whose diary offers insights into the struggles and experiences of ordinary individuals during significant historical upheavals [21][25]. Group 3: Broader Historical Context - The book "Collapse" by Bo Zhengmin introduces a new perspective on the fall of the Ming Dynasty, linking it to environmental factors and societal pressures, emphasizing the importance of understanding historical context [30]. - The author notes that the examination of historical events can provide a sense of perspective and calm amidst contemporary uncertainties, suggesting that history can serve as a guide for navigating current challenges [28][30].

150年前，时任陕甘总督的左宗棠正忙于平定西北，当他从甘肃前往新疆时，途经如今的定西市等地，为当时此地的土地瘠薄、民不聊生而痛心，写下 了"陇中苦瘠甲于天下"的奏章。 150年后，这座位于兰州市与天水市之间的小城，有一个名字很响亮的高铁站——定西北，那些缺水少粮的苦日子早就翻篇了，多年来形成的独特"甘 味"正在召唤着外出的游子不远千里赶回家过年。 高铁一路向西，走走停停，窗外景致从平畴沃野，渐次铺展成连绵的沟壑与苍劲山脊。海拔缓缓抬升，耳膜泛起细微的嗡鸣。这一声轻嗡，便是千里归 途最笃定的信号——家，终于近了。 一路奔波的焦灼与归乡的兴奋激烈交织，我忍不住轻轻抖起腿来。驶过西安之后，便彻底放下手机，盯着沿途一座座城市默默倒数，等再经过宝鸡、天 水，就离定西越来越近。当列车广播响起"定西北站就要到了"时，我倏地站起身，拉着大包小包守在车门旁。车窗外一闪而过的每一寸土地，都是我阔 别一整年的故土。 车站外等候的父母忍不住与等候的人群开启了随机聊天，戴着口罩都遮掩不住笑眯眯的神态。"我是来接娃娃的。""我也是。"他们在深沉的夜色里等待 着，从北京、上海等地驶来的列车，载着他们许久未见的"娃娃"。 在甘肃定西，年轻人 ...

年在，故乡在，情感也在。祝你一路平安。 作者： 社论 封图：视觉中国 这是一年中最特别的时刻：大城市通勤的洪流倏然退去，空旷的安静弥漫开来。从南到北，从东到 西，人流像推倒的多米诺骨牌。广袤的县乡道路开始变得拥堵。市场被喜庆的色彩包围，超市循环 播放"我恭喜你发财"，灌香肠的摊主忙得头都抬不起来。 中国年的脚步越来越近。过去一年，大多数A股"冲浪者"还在期待属于自己的财富故事。此时此 刻，所有被工作业绩和人际关系耗尽了心神的瞬间都可以丢在脑后了。生活进入抢票模式，那颗叮 叮当当的心终于找到了安放之所。 祝你一路平安。 对于"年"的期冀藏在父母深深期待的目光里，那些欲说还休让我们无法躲闪。想象中的故乡总会带 来很多惊喜，特别是久别重逢。但是，或许不用几天甚至几个小时，各种家长里短的关切问询，比 如何时带男朋友或者女朋友回来，何时成家生孩子……一系列"灵魂拷问"会把所有对团聚的渴望逼 入死角。 在城市，一个人活得既像一支军队，又像一座孤岛。回到家，浓烈的情意会将在外打拼的游子笼 罩，也会把他们拉进一个久未更新的脚本反复锤炼。毫无悬念，只有春节才会将遮挡了一整年的纠 结推到前台。归乡路就此变得漫长。 那位32岁的女 ...

更多中小机构增资，是在行业竞争日趋激烈的大环境下，依靠 股东 "输血" 保障持续运营。 作者：陈姗 封图：图虫创意 （有限合伙）、上海湛远企业管理中心（有限合伙）、上海瑛远企业管理中心（有限合伙）以现金 出资方式，向公司增资合计495万元。本次增资事项已完成，公司股东不变，上述新增注册资本均 已实缴。 本 次 增 资 后 ， 睿 远 基 金 创 始 人 陈 光 明 为 公 司 第 一 大 股 东 ， 出 资 4991.98 万 元 ， 持 股 比 例 为 47.57%；公司副总经理傅鹏博出资1200万元，持股比例为11.43%；公司董事长刘桂芳、副总 经理林敏、董事总经理赵枫分别出资720万元、499万元、499万元，持股比例分别为6.86%、 4.75%、4.75%；上海盈远企业管理中心（有限合伙）等7家员工持股平台合计出资2585.02万 元，持有余下合计约24.63%股权。在业内人士看来，睿远基金此次增资或与实施股权激励、稳固 核心团队有关。 2月10日，睿远基金公告称，已完成注册资本变更，员工持股平台通过现金增资495万元，使公司 注 册 资 本 从 1 亿 元 提 升 至 1.0495 亿 元 。 ...