金融机构基础设施构建的新探索 当数字化迈入深水区，全域智能化成为行业共识。作为先行者，招行探索并率先自主研发大模型全 栈技术体系，为行业从"单点智能"迈向"体系智能"贡献实践范式与可复用方法论。 招商银行凭借全栈自研大模型技术体系荣获2025深圳金融创 新大赛一等奖，其"金融为民"的AI实践通过智能应用赋能业 务，提升金融服务普惠性。 封图：图片资料室 在近日落幕的2025深圳金融创新大赛中，招商银行凭借在大模型全栈技术体系与金融业务深度融 合方面的系统性创新，荣获大赛一等奖。据悉，该项目并非单一的技术突破，而是涵盖了从底层基 础设施到上层业务应用的全链条创新，展现了招行在数字金融领域的深耕成果。 在人工智能快速发展的背景下，招行所提出的"AI First"战略，围绕大模型全栈自研技术体系与全 业务场景深度融合两条主线，协同推进。在赋能自身高质量发展的同时，更着眼探索金融机构数智 化转型的实践范式，构建安全、可靠、高效的智慧金融样本。这一奖项背后，是招行近年来在金融 科技领域持续投入的一个缩影。与行业内常见的单点技术合作或场景试点不同，招行选择了一条更 为系统的路径：通过自主构建大模型技术体系，将人工智能能力 ...

都市圈的形成是核心城市发展到一定阶段的必然产物。当单一 城市的空间、资源和环境承载趋于饱和时，其中心城区发展便 会面临制约，必须通过与周边地区建立紧密协作、实现功能疏 解与再布局，才能获得新的增长动力。 作者：刘亚宁 封图：图虫创意 近日，《现代化首都都市圈空间协同规划（2023—2035年）》（以下简称《规划》）正式获批， 其空间范围涵盖北京市、天津市全域，河北省雄安新区及廊坊、保定、张家口的部分区县，总面积 约4.2万平方公里。 政研院制图 首都经济贸易大学特大城市经济社会发展研究院执行院长叶堂林对经济观察报表示，都市圈的形成 是核心城市发展到一定阶段的必然产物。当单一城市的空间、资源和环境承载趋于饱和时，其中心 城区发展便会面临制约，必须通过与周边地区建立紧密协作、实现功能疏解与再布局，才能获得新 的增长动力。如果都市圈尺度的协同仍不足，则需在更大的城市群层面寻求解决方案。因此，发展 都市圈是城市化进程中的关键一环。 在此背景下，首都都市圈的规划与建设被赋予了何种独特的定位与作用？这一新规划与已实施十余 年的"京津冀协同发展"战略是简单重复，还是在新的发展阶段的深化与聚焦？ 多圈层 自2014年"都市圈 ...

Core Insights - The article highlights a significant shift in China's internet interaction logic from "searching for information" to "AI delivering services," indicating the arrival of a new AI-driven lifestyle ahead of expectations [2][4][12]. Group 1: User Behavior and Adoption - During the first wave of the "Spring Festival 30 Billion Big Free Order" campaign, users made 41 billion requests to "Qianwen help me," with AI completing over 120 million orders across various services [2][4]. - Nearly half of the AI orders during this period came from county-level cities, showcasing the growing adoption of AI services among ordinary users, including 1.56 million users aged 60 and above who experienced food delivery for the first time [6][12]. - The Qianwen app achieved 73.52 million daily active users (DAU) within three months of its launch, positioning it as a leading AI application in China [7][12]. Group 2: AI as a Tool and Lifestyle - The transition of AI from a "toy" to a "tool" marks the beginning of the "AI shopping year," as it effectively assists users in making purchases and planning travel [10][12]. - The integration of AI into everyday tasks reflects a broader transformation in the commercial ecosystem, driven by Alibaba's comprehensive AI capabilities and extensive service network [12][15]. Group 3: Technological and Competitive Edge - Alibaba's full-stack AI capabilities, including self-developed chips and cloud services, provide the necessary computational power and support for the Qianwen app to understand complex user requests [15][16]. - The combination of AI technology and a robust commercial ecosystem creates a competitive advantage that is difficult for other AI companies to surpass [16][18]. Group 4: Strategic Vision - Alibaba's AI strategy emphasizes both technological advancement and addressing everyday needs, demonstrating a commitment to enhancing the convenience of life for ordinary consumers [18][19]. - The 120 million orders placed signify consumer trust in AI, indicating a shift in competitive dynamics where success depends on both intelligence and operational efficiency [18].

Core Insights - DeepSeek has undergone a significant upgrade with its flagship model, increasing the context window from 128K Tokens to 1M Tokens, representing an almost 8-fold capacity increase, allowing for better handling of long texts and complex coding tasks [2] - Users have expressed concerns that the new model sacrifices depth of thought and emotional understanding in favor of enhanced technical capabilities, leading to dissatisfaction with the changes in writing style and interaction [4][5] Summary by Sections Model Upgrade - The new model can process approximately 750,000 to 900,000 English letters or about 80,000 to 150,000 lines of code in a single interaction [2] - DeepSeek claims it can read and analyze the entire "Three-Body Problem" trilogy (approximately 900,000 words) within minutes [2] User Feedback - Users have reported a change in the model's writing style, describing it as more formal and less personal, which has led to feelings of loss regarding the previous interaction style [4][5] - There is a call among users for DeepSeek to maintain its focus on emotional understanding and text expression rather than solely enhancing technical skills [5] Current Model Limitations - The gray version of DeepSeek does not yet support visual understanding or multimodal input, focusing instead on text and voice interactions [3] - The current version is described as a "speed version," potentially sacrificing quality for performance ahead of the anticipated V4 release in February 2026 [5]

Core Viewpoint - The lithium battery industry in China is experiencing significant growth, with a projected total investment exceeding 820 billion yuan by 2025, marking a year-on-year increase of over 74% [1][2]. Group 1: Industry Expansion and Investment - By 2025, there will be over 282 publicly announced investment projects across the entire lithium battery supply chain in China, including lithium batteries, key materials, solid-state batteries, and sodium batteries [1][2]. - Major manufacturers like CATL and Guoxuan High-Tech are accelerating their expansion plans, with Guoxuan High-Tech aiming to raise 5 billion yuan for a 60GWh lithium battery capacity project [2]. - The overall capacity utilization rate in the lithium battery industry is expected to exceed 80% by Q2 2026, indicating a recovery from previous overcapacity issues [3]. Group 2: Market Dynamics and Supply Constraints - The supply of lithium battery cells is currently tight, with many manufacturers having initiated expansion plans that will come online in the latter half of 2025 [3][6]. - The demand for lithium batteries is projected to grow significantly, with total sales expected to reach 1,700.5 GWh in 2025, a year-on-year increase of 63.6% [7]. - The transition to larger cell formats, such as the shift from 300Ah to 314Ah cells, is underway, with future upgrades to even larger cells anticipated [11]. Group 3: Competitive Landscape and Technological Advancements - The iteration of battery cell production lines is becoming a core competitive advantage for manufacturers, with Guoxuan High-Tech benefiting from the introduction of its third-generation cells [8][9]. - The third-generation cells utilize a manganese iron phosphate chemistry, which can reduce costs by 10%-15% and improve low-temperature performance [9]. - The competitive landscape is intensifying as leading battery manufacturers strive to meet the growing demands of the market while optimizing their production capabilities [9]. Group 4: Cautious Outlook from Energy Storage Integrators - Energy storage integrators are approaching their battery expansion plans with caution, despite the increasing demand for storage batteries [14][15]. - Many integrators are facing challenges in securing battery supplies, leading to a reliance on high-priced purchases from external sources [15][16]. - The overall sentiment among energy storage companies is that while demand will continue to rise, the rapid increase in lithium battery production capacity may outpace demand growth, making further investments in battery production potentially unwise [16].

Core Viewpoint - The current decline in terminal demand is attributed not to a loss of consumer willingness but rather to a supply chain resource mismatch caused by the explosion of AI demand [3][5]. Financial Performance - In 2025, SMIC reported a record annual revenue of $9.327 billion, a year-on-year increase of 16.2%, and a net profit of $685 million, up 39.1% [2]. - The gross margin for Q4 2025 decreased by 2.8 percentage points to 19.2%, with guidance for Q1 2026 indicating a range of 18%-20% [2][9]. Supply Chain Dynamics - The memory chip market is experiencing price volatility, leading to heightened supply chain tensions, with memory prices significantly increasing in Q1 2026 compared to Q4 2025 [3]. - AI's strong demand for storage chips, particularly HBM and high-density DDR5, is squeezing the supply available for mobile and other applications [5][6]. Capacity Utilization and Market Trends - SMIC maintained a high capacity utilization rate of 95.7% in Q4 2025, but the revenue structure showed subtle changes, with the PC and tablet segment's revenue share slightly increasing to 15.2% [5]. - The company is shifting its production capacity towards high-demand areas such as data centers and automotive sectors, as orders for mid-range mobile and PC devices decline due to storage shortages [11]. Capital Expenditure and Depreciation - SMIC's capital expenditure reached $8.1 billion in 2025, exceeding initial expectations, primarily to meet strong customer demand and adapt to external changes [9][10]. - The company anticipates a 30% year-on-year increase in total depreciation in 2026 due to rising unit depreciation costs from new factory operations [9][10]. Future Outlook - For 2026, SMIC expects revenue growth to exceed the average of comparable peers, driven by internal efficiency improvements and high capacity utilization [14]. - The company is optimistic about navigating through the high depreciation phase and entering a phase of healthy development as capacity gradually releases and market demand rebounds [14][15]. Industry Trends - The semiconductor industry is undergoing a localization shift, with significant opportunities arising from domestic design companies capturing supply chain shares [16]. - As AI technology penetrates edge devices, there will be an upgrade in specifications for mobile and PC devices, leading to increased demand for higher-value chips [16].

近期，受海外仓低价爆雷影响，优质仓资源紧张，仓储费用上 涨，叠加备货周期长、资金占用大，中小跨境卖家面临严重的 资金压力。 作者：老盈盈 封图：图虫创意 近日，做跨境电商的陈女士正在寻找新的、合适的美国海外仓，她发现目前洽谈的海外仓服务商所 收取的订单操作费比她之前合作的要贵多了。 所谓海外仓，指物流公司设在海外的仓库。2025年底，一批收费便宜的海外仓纷纷爆雷，或资金 链断裂或违规被查。陈女士没想到海外仓爆雷这种事竟被自己遇上了。她对记者表示，去年底圣诞 节旺季销售，出了很多单，但是海外仓一直没有给她们发货，微信也找不到人，当时感觉这个海外 仓应该要"凉凉"了。 后来，陈女士去查了这个海外仓所属的国内公司的经营状况，发现该公司已经注销。此次海外仓爆 雷，陈女士损失了300多件货。好在当时做了两手准备，找了两个海外仓，不至于全军覆没。 陈女士称，这家爆雷的海外仓的收费在行业里算是比较便宜的，订单"一件代发"（从下单到出 货）服务的操作费用是1磅内0.5美元/件至0.6美元/件全包，她就是贪图小利，采用了这家海外仓 的服务，陷入了财货两失的局面。 近期，受海外仓低价爆雷影响，优质仓资源紧张，仓储费用上涨，叠加备 ...

2026年大量存款到期，低利率时代下，"固收+"产品或成资 金新去向，有望迎来爆发式增长。 作者：王海言 封图：图虫创意 随着2026年大量居民定期存款到期，以公募基金"固收+"为代表的中低风险资管产品将承接多少 到期的定期存款？ 1月15日，中国人民银行相关负责人在新闻发布会上表示，2026年将有规模较大的三年期及五年 期等长期存款到期重新定价。中金公司的研究报告指出，测算居民定期存款2026年到期规模约75 万亿元，其中1年期及以上存款到期约67万亿元，高于市场50万亿左右的测算；估算2026年居民 全部和1年期以上定期存款到期相比2025年增长分别为12%和17%，同比增加8万亿元和10万亿 元*。考虑到当前消费意愿仍相对偏弱以及房地产需求相对有限，预计上述活化资金或大概率将流 向投资领域，部分银行存款"搬家"或已成市场共识。 如果说宏观环境和风险偏好是部分存款资金流向"固收+"的重要动力，经过多年发展提升和投资者 教育，"固收+"的产品和理念被越来越多投资者接受，则是另一个水到渠成的因素。 2025年以来，在权益市场结构性机会显现、赚钱效应相对较不错的背景下，渠道端的银行理财子 公司与公募基金也积极推 ...

Group 1 - The article discusses the uncertainty surrounding the timing and outcome of the second round of negotiations between the US and Iran regarding the nuclear issue, highlighting the potential for military escalation if talks fail [1][9]. - President Trump has indicated the possibility of deploying a second aircraft carrier strike group to the Persian Gulf if negotiations do not succeed, signaling a heightened military readiness [2][10]. - The first round of negotiations, which took place on February 6, did not yield positive results, and subsequent US sanctions were announced, complicating the diplomatic landscape [4][5]. Group 2 - Israeli Prime Minister Netanyahu's visit to the US is aimed at urging Trump to intensify both diplomatic and military pressure on Iran, particularly regarding missile restrictions and support for regional proxies [5][6]. - Iran has signaled a willingness to negotiate on uranium enrichment and potentially expand discussions to other areas, such as missile limitations and oil cooperation, which could influence US military decisions [7][8].

启铼研究院首席经济学家潘向东表示，"最富五地"收入增速持续低于GDP增速，是宏观产出与微 观体感之间温差的量化体现。宏观层面，GDP反映的是地区总产出扩张，其增量可能更多来自资 本深化、技术进步、龙头企业利润等方面，因此在总量层面仍能保持韧性。而居民收入直接对应家 庭就业、薪酬、经营收益与财富收益，更贴近微观主体的真实获得感。当增长的增量主要沉淀在企 业利润、税收等项目，或者集中在资本回报更高的部门与主体时，向居民部门的传导就会偏弱，出 现GDP增速稳健、但居民增收乏力的分化。 潘向东认为，人均收入增速持续低于GDP增速现象不能简单归为自然演化，而应理解为"产出增长 结构"与"居民收入形成机制"之间存在阶段性偏离，后续需通过改善就业与收入预期、提高居民部 门在分配中的获得感来缩小差距。 人均收入增速持续低于GDP增速，并非单纯的经济发展自然规 律，本质上反映出居民收入增长面临更现实、更持续的挑战。 作者：田进 封图：图虫创意 近期，各省份陆续公布2025年经济数据。其中，上海、北京、浙江、江苏、天津五地居民人均可 支配收入（下称"居民收入"）增速均低于同期GDP增速，差距超过0.4个百分点。上述五地是中国 居 ...