AI恋情是一种新生事物，其形态将随着AI能力的发展不断演 变。当越来越多人开始与AI建立"亲密关系"，技术手段与监管 规定只能起到部分作用。 作者： 吴晨 封图：图虫创意 国家网信办近日发布《人工智能拟人化互动服务管理暂行办法（征求意见稿）》（下称《暂行办 法》），意见反馈截止时间为2026年1月25日。 这一立法的立意很好，其中有两个突出亮点：一是提出"2小时强制弹窗"和"人工接管"机制；二是 强化对未成年人、老年人等弱势群体的保护。这背后包含着对人与AI（人工智能）关系的引导。 如果你看过 2013 年拍摄的科幻片《Her》（《她》），一定会感叹男主角对屏幕背后虚拟女友的 沉迷。随着 AI能力的跃升，爱上 AI伴侣已不再是科幻小说里的情节。美国 2025 年的研究显示， 有两到三成的美国人尝试过与 AI 建立亲密关系。 和AI谈恋爱会有什么风险？需要如何规范？我认为有两点特别值得探讨。 首先，人们为何会沉迷于AI恋情？这种沉迷与算法时代人们对社交媒体和短视频的上瘾有何相似与 不同？ 相似之处在于都会让人深陷其中、难以自拔。沉迷社交媒体和短视频，源于厚重的信息茧房和注意 力的碎片化。但沉迷于AI恋情，还有两 ...

Core Viewpoint - The upcoming Taiwan election will be a critical turning point for cross-strait relations, with potential outcomes leading to either peaceful unification or various forms of unification depending on the election results [1][4]. Group 1: Key Time Nodes - Experts highlight 2027 as a significant year for Taiwan, but the author identifies 2028 as the more crucial year due to three key dates: January 8 or January 15, May 20, and the U.S. election day [2][10]. - The first key date is the potential date for the next Taiwan election, which could be January 8 or January 15, 2028, based on the previous election schedule [4]. Group 2: Election Outcomes and Implications - If the Democratic Progressive Party (DPP) wins the next election, it would mark 16 years of DPP governance, raising questions about the implications for peaceful unification as outlined in the Anti-Secession Law [3][6]. - The DPP's push for "de jure independence" is unlikely, as recent proposals to change legal terminology were quickly retracted after warnings from the mainland [6][7]. - Despite the low likelihood of formal independence, the DPP may still employ strategies to promote independence sentiments and deepen cross-strait tensions [7]. Group 3: Mainland China's Response - Mainland China's actions in the lead-up to the election are expected to serve as warnings, but if the DPP continues to govern, these actions may escalate [8][9]. - The inauguration of the new Taiwanese leader on May 20 will be another critical moment, influencing mainland China's policy decisions based on the leader's inaugural speech [9]. Group 4: Alternative Scenarios - Besides the DPP winning, two other scenarios for the 2028 Taiwan situation include the Kuomintang (KMT) winning the election or the absence of an election altogether [11][12].

根据中证指数有限公司于1月6日公布的指数样本调整方案，深 圳华大智造科技股份有限公司(以下简称"华大智造"，股票代 码：688114.SH)被调入中证A500指数。 作者：柏文 封图：图片资料室 中证A500指数成份股筛选以"市值稳健+流动性充足+行业代表性强"为核心逻辑。从市值维度看， 截至1月7日上午收盘，公司总市值约284亿元，这一规模既体现经营稳定性，又保留足够的成长 空间。流动性方面，作为国产基因测序仪及生命科学行业的核心标的，华大智造股票保持了活跃交 易态势，流动性良好。从行业代表性来看，华大智造具备国内最全的测序仪产品矩阵，也是全球范 围内唯一覆盖激发光、自发光、不发光三种不同测序技术的公司，且公司处于产业链关键上游，技 术壁垒高。从公司成长性看，公司于2025年初全面升级实验室智能自动化业务，积极切入"AI+生 命科学"赛道。 牛排"原肉整切"的文字游戏 作为新近发布的核心宽基指数，中证A500实现了基金规模的快速增长。待本次指数调整生效后， 相关指数基金将对华大智造进行配置，公司有望因此获得市场机构投资的长期资金支持。除资金面 外，入选中证A500成份股能继续放大上市公司在资本市场的品牌效应 ...

Core Viewpoint - The Qianhai Kaiyuan Artificial Intelligence Fund was the only fund to incur losses in 2025 among 18 AI-themed funds, with a net value growth rate of -4.15%, while others saw gains exceeding 40% [2][5]. Performance Comparison - In 2025, the A-share AI sector experienced strong performance, with the CSI Sci-Tech Innovation AI Index rising by 103.09% and other indices also showing significant increases [4]. - The Qianhai Kaiyuan AI Fund ranked 2242 out of 2274 flexible allocation funds, underperforming its benchmark by 12.55% [5][6]. Fund Management and Strategy - The fund, established in May 2016, focuses on stocks related to AI with at least 80% of its non-cash assets invested in this theme [5]. - The fund was managed by star fund manager Qu Yang until June 2025, when he stepped down due to internal adjustments, with Wei Chun taking over [7]. Investment Strategy Issues - The fund's poor performance was attributed to its focus on end-side AI stocks, while the market was led by AI computing infrastructure stocks [9]. - In Q2 2025, the fund made significant changes to its portfolio, replacing six of its top ten holdings, which subsequently led to substantial losses as these stocks declined [10][11]. Market Trends and Future Outlook - Despite the fund's struggles, the manager Wei Chun anticipates a rapid growth phase for AI hardware in 2026, driven by advancements in AI models and user experience improvements [13].

Core Viewpoint - The article discusses the ongoing legal disputes faced by Nanjing E-commerce Co., Ltd. (南极电商) related to its brand licensing model, particularly with its partner Shanghai Xinhe Zhao Enterprise Development Co., Ltd. (上海新和兆), highlighting the decline of its once profitable licensing business and the associated risks [1][2][9]. Group 1: Legal Disputes - Nanjing E-commerce announced two lawsuits involving Shanghai Xinhe Zhao, with one case amounting to 565 million yuan, primarily concerning the unauthorized use of the "Cardi Le Crocodile" brand [2][4]. - The timeline of the lawsuits shows that Shanghai Xinhe Zhao initially filed a claim for approximately 20 million yuan in January 2025, which was later increased to 565 million yuan in December 2025 [4]. - Nanjing E-commerce claims that Shanghai Xinhe Zhao violated the licensing agreement by unauthorized modifications and sublicensing, leading to multiple trademark infringement lawsuits against both companies [5][6]. Group 2: Decline of Licensing Model - The licensing model, once a significant revenue driver for Nanjing E-commerce, has seen a drastic decline, with revenues from brand licensing dropping from 747 million yuan in 2021 to 235 million yuan in 2023, a decrease of over 70% [9]. - In 2020, the licensing business contributed 30% of Nanjing E-commerce's total revenue, but by 2024, the overall revenue fell to 3.358 billion yuan, with a net loss of 237 million yuan [9][10]. - The rapid expansion of authorized dealers from 6,079 in 2020 to 10,311 in 2021 has led to quality control issues, resulting in multiple products being listed as substandard by regulatory authorities [9][10]. Group 3: Strategic Transformation - In response to the challenges posed by the licensing model, Nanjing E-commerce initiated a strategic transformation in 2023, focusing on "fashion licensing + strategic cooperation licensing + self-operated retail" [10]. - The company aims to shift from merely selling licenses to building its own brand, with self-operated products targeting the "affordable alternatives" market [10]. - In the first half of 2025, self-operated revenue reached 52.54 million yuan, a year-on-year increase of 152.01%, although overall sales expenses rose significantly, indicating ongoing financial challenges [11].

一位长期从事城市更新的人士向经济观察报表示，不同城市对 社会资本参与城市更新的态度差异较大。多数城市更倾向于引 导民企等社会资本通过认购基金份额的方式参与，而对其直接 参与或主导项目操盘仍持审慎态度。 作者：田国宝 封图：图虫创意 2025年岁末，瑞安房地产有限公司（下称"瑞安地产"，00272.HK）披露上海市浦东新区三林镇 西林村城市更新项目的推进情况，计划于2026年下半年拿地，2027年下半年入市。 三林项目是近三年来浦东体量最大的城市更新项目，总建筑面积约72.4万平方米。项目由陆家嘴 集团、瑞安地产、浦东地产集团和三林资管四家企业参与，其中瑞安地产为第二大股东及主要操盘 方。 瑞安地产是本轮城市更新中为数不多仍深度参与的非国有企业之一。自2021年底以来，受房地产 流动性风险等因素影响，多数民营房企陆续退出城市更新领域，地方国企和央企逐步成为这一领域 的主导力量。 在房地产逐步回归居住属性的背景下，普通商品房去化速度相对放缓，而城市更新项目因多位于城 市核心区，更易获得市场认可。例如，2025年10月入市的北京西城区百万佳苑项目，房源几 乎"秒光"。 一位长期从事城市更新的人士向经济观察报表示，不 ...

Core Viewpoint - Lin Qingxuan's listing process has raised concerns regarding its reliance on a single product, the synergy between online and offline channels, and the personal focus of founder Sun Laichun [1][4]. Group 1: Company Overview - Lin Qingxuan Biotechnology Co., Ltd. (02657.HK) debuted on the Hong Kong Stock Exchange on December 30, 2025, achieving a first-day increase of 9.3%, with a closing price of 81.05 HKD per share, resulting in a total market capitalization of 11.3 billion HKD [2]. - The company reported revenues of 1.052 billion CNY in the first half of 2025, ranking it tenth among domestic beauty companies [2]. Group 2: Business Transformation - Founded in 2003, Lin Qingxuan initially focused on offline sales through over 300 stores, but the COVID-19 pandemic forced a shift to online sales, which now account for over 60% of revenue [3][5]. - The company has embraced live-streaming e-commerce, with family members, including Sun Laichun, acting as "key opinion leaders" to promote products [4]. Group 3: Financial Performance - Lin Qingxuan's revenue grew from 691 million CNY in 2022 to 1.21 billion CNY in 2024, with net profit recovering from a loss of 5.93 million CNY in 2022 to a profit of 187 million CNY in 2024 [4][5]. - The core product, Camellia Oil Anti-Wrinkle Essence, has consistently contributed around 35% to the company's revenue over the past three years [4]. Group 4: Future Strategy - Sun Laichun indicated plans for a multi-brand strategy to expand product offerings, including targeting younger consumers and developing community beauty service brands [5]. - Lin Qingxuan aims to enhance its online-offline integration (OMO) ecosystem, with plans to increase the number of stores from 366 in 2022 to 506 by 2024 [6][7]. - The company is set to implement a "Double Hundred Strategy" in 2026, focusing on nurturing internal talent and recruiting new graduates [8].

Core Viewpoint - The successful launch of L3-level autonomous driving vehicles by Deep Blue Automotive marks a significant milestone for the entire Chinese automotive industry in its journey towards intelligent transformation [2][5][18]. Group 1: Milestones and Achievements - On December 26, 2025, 46 vehicles from Deep Blue Automotive, equipped with China's first L3-level autonomous driving special license plates, officially entered urban traffic, signifying the practical application of L3-level autonomous driving technology [2][4]. - The rapid progression from regulatory approval to vehicle licensing and large-scale road operation within a short span of ten days demonstrates a mature balance between technological innovation and safety compliance by national authorities [5][9]. - Deep Blue Automotive is positioned as a core player in Changan Automobile's "Beidou Tianshu 2.0" intelligent strategy, with its L3-level technology driven by the "Tianshu Intelligent" system, which encompasses a comprehensive lifecycle management approach [7][13]. Group 2: Technological Framework and Capabilities - The "Tianshu Intelligent" system employs a seven-layer redundancy architecture and has established a scenario pool with over one million kilometers to define safety boundaries, ensuring robust safety performance [7][9]. - Deep Blue Automotive has completed over 5 million kilometers of road testing, with extreme scenarios accounting for 36%, showcasing its rigorous validation process [7][9]. - The company’s identity as a "new central enterprise" provides it with unique advantages in resource integration and policy support, enhancing its confidence and capabilities in the market [7][9]. Group 3: Financial Backing and Market Confidence - In December 2025, Deep Blue Automotive successfully raised 6.122 billion yuan, with investments from Chongqing Yufu Holdings, Changan Automobile, and China Merchants Bank Financial Asset Investment, indicating strong market confidence in its business model and long-term strategy [9][18]. - The funding is earmarked for new vehicle development and core technological innovations in intelligence and electrification, reflecting the capital market's recognition of Deep Blue's achievements [9][18]. Group 4: Industry Implications and Future Outlook - The large-scale deployment of L3-level autonomous driving vehicles is compared to the early promotion of electric vehicles, marking a transition from concept to practical application in the automotive industry [18]. - This development emphasizes the importance of safety over mere technological showcase, pushing the industry towards healthier and more responsible growth [18]. - Deep Blue Automotive's leadership in this sector not only sets a new standard for intelligent automotive experiences but also represents a significant step in China's ambition to lead in the intelligent mobility era [18].

Core Viewpoint - The article emphasizes the necessity of a more proactive fiscal policy in 2026, particularly in the context of insufficient domestic demand and the need for economic growth support as the "14th Five-Year Plan" begins [1][6]. Fiscal Policy Overview - The fiscal deficit rate for 2026 is expected to be no lower than 4%, with some scholars suggesting it could rise to between 4.5% and 5% [2][5]. - The central economic work conference highlighted the need for a more active fiscal policy, maintaining necessary levels of fiscal deficit, total debt, and expenditure [2][6]. - The fiscal deficit for 2025 is set at approximately 56,600 billion yuan, with expectations that the 2026 deficit will exceed this amount due to GDP growth [3][4]. Government Debt and Expenditure - The broad central fiscal expenditure for 2025 includes an additional local government special bond limit of 44,000 billion yuan and a special long-term national bond issuance of 13,000 billion yuan [3][4]. - For 2026, the government is expected to continue issuing special bonds and increase the scale of new government debt to between 15.5 trillion and 16.3 trillion yuan, which will support economic stability and domestic demand [5][6]. Economic Challenges and Responses - The article notes ongoing economic challenges, including weak domestic demand and employment issues, which necessitate a robust fiscal response [6][7]. - The central government aims to address these challenges through increased fiscal spending, particularly in major projects and public services, to stimulate economic growth [6][7]. Monetary Policy Direction - The monetary policy for 2026 will remain moderately loose, with potential interest rate cuts of up to 0.3 percentage points to lower financing costs and stimulate investment and consumption [7][8]. - Structural monetary policies will focus on directing financial resources towards innovation, manufacturing upgrades, and small enterprises, enhancing support for key economic sectors [8].

Group 1 - The article discusses two potential paths regarding Taiwan's leader Lai Ching-te: one focusing on personal accountability and the other on the broader Taiwan Strait situation, where Lai would be a primary target if non-peaceful measures are taken by mainland China [1][6]. - It highlights the legal framework established by mainland China to address "Taiwan independence" figures, including the publication of a list of such individuals and ongoing judicial practices since November 2021 [4][5]. - The article notes that "Taiwan independence" figures may have misconceptions about their safety, believing that staying away from mainland China or not being on a specific list protects them from repercussions [5]. Group 2 - The article raises the question of whether Lai Ching-te might be treated differently, suggesting that he could be subject to direct accountability or targeted as a leader under the "Anti-Secession Law" if tensions escalate [6][7]. - It emphasizes the unpredictability of the specific measures that might be taken, including the possibility of emulating the U.S. approach in Venezuela [7].