Core Viewpoint - The article emphasizes the significance of Alibaba's in-house chip company, Pingtouge, in the context of AI model training and application, highlighting its competitive edge against external chip suppliers like Nvidia [1][9]. Group 1: Pingtouge's Development and Market Position - Pingtouge, a subsidiary of Alibaba, has developed the high-end AI chip "Zhenwu 810E," which directly competes with Nvidia's H20, achieving a shipment volume of several hundred thousand units [2][7]. - The company has transitioned from being viewed as a cost center for Alibaba to potentially becoming a profit center, especially if it successfully goes public [3]. - Pingtouge's chips, including the "Zhenwu 810E," have gained traction in the market, with over 400 external clients, including major companies like State Grid and Xpeng Motors [9][11]. Group 2: Strategic Importance of Chip Development - Alibaba's chip development strategy is driven by the need for computational freedom, as the company faces high demand for AI capabilities across its vast ecosystem [5]. - The establishment of Pingtouge aligns with Alibaba's broader AI strategy, which includes significant investments in AI and chip technology, amounting to 380 billion yuan [11]. - The launch of the "Zhenwu 810E" marks a pivotal moment for Pingtouge, indicating its readiness to compete in the commercial market and signaling a shift in its operational focus [11][12]. Group 3: Competitive Landscape and Future Outlook - The AI chip market is expected to see a shift in market share, with local Chinese manufacturers, including Pingtouge, anticipated to increase their presence significantly by 2026 [11]. - Despite the promising developments, Pingtouge faces challenges related to advanced manufacturing processes, which could impact its growth and market positioning [12]. - The article suggests that Pingtouge's ability to build a robust ecosystem around its PPU architecture will be crucial for its survival and success in the competitive landscape [12].

本文与今日头条头条精选项目联合呈现 未经许可禁止转载 知情者介绍，除放纵亲属子侄攫取巨额利益之外，易炼红本人 周边也常年围绕着一些商人。其中典型代表之一，就是他的涟 源同乡肖玉军。 作者： 李微敖 封图： 中国江西网 十四届全国人大财政经济委员会副主任、浙江省原省委书记易炼红，涉嫌严重违纪违法，接受中央纪委国家监委纪律审查和监察调查。 2026年2月10日，中央纪委国家监委官方公布了上述消息。 2024年11月，已满65岁的易炼红离任浙江，改任全国人大财政经济委员会副主任委员。 熟悉易炼红的数位知情者告诉经济观察报记者，至少在任长沙市委书记期间，"易炼红就大肆提拔亲信，放纵家人，同时排斥同僚，打击异己。" 易炼红之子易世威，曾在湖南一家省属国有控股金融企业工作。与易世威有交集的湖南政商界人士向经济观察记者介绍，易世威为人张扬高调，被视 为湖南官场"七公子"之一。而且，易世威利用乃父的影响力，攫取项目，"轻轻松松从那些项目中获得的奖金，动辄超过千万元"。 数位政界人士对经济观察报记者介绍，易炼红是在2026年2月7日于长沙被带走调查的；与此同时，易炼红的多位家人也一同被查。而在2026年1月下 旬，一位与易炼红 ...

在全国范围内，禁止摩托车上高速的省份不在少数，2025年9 月，江苏省对《江苏省高速公路条例》进行修改，明确禁止摩 托车进入高速公路。截至目前，全国已有浙江、上海、山东、 河南、四川、福建、江西、海南、宁夏、青海、甘肃、陕西等 13个省份，明确全域禁止摩托车上高速。 作者：周信 封图：图虫创意 2026年2月9日，中国摩托车商会发文称，已于近日致函湖南省人民代表大会常务委员会，就该省 摩托车禁止上高速公路相关政策提出优化建议，审慎研究调整现有"一刀切"禁止措施，探索科学 管控路径。 2025年11月27日，湖南省十四届人大常委会第十九次会议初次审议《湖南省高速公路条例（修订 草案）》，明确禁止摩托车驶入高速公路。截至目前，该条例尚未通过二次审议，也未明确公布或 施行日期。 对于禁止摩托车上高速的原因，湖南省交通运输厅微信公众号"湖南交通运输"援引有关负责人解 释称，国家上位法没有明确规定不能禁止摩托车上高速，大多数省份已作规定禁止摩托车上高速， 个别未禁止省份，近年来因摩托车导致的高速交通事故大幅增加，存在极大的安全隐患。 此外，该负责人还表示，湖南的高速公路九成是双向四车道，而且弯多、坡长、桥梁和隧道多，一 ...

Core Viewpoint - The article emphasizes the evolution of consumer needs in China over the past century, transitioning from basic availability to a focus on quality and personalization, indicating a shift towards a "life economy" where individual preferences drive demand [1][41]. Group 1: Historical Context of Consumer Needs - In 1927, the emergence of modern department stores in Shanghai marked the beginning of a new consumer culture, showcasing the initial signs of modern needs [2][6]. - The 1960s saw a focus on basic needs, with a notable example being a popular cookbook that sold 1.9 million copies, reflecting the scarcity and basic demands of the time [12][14]. - The 1980s introduced foreign brands like Coca-Cola, KFC, and McDonald's, which sparked consumer excitement and marked a significant shift in the availability of diverse products [21][22][26]. Group 2: Evolution of Consumer Preferences - The article highlights that consumer preferences have evolved from merely having access to products ("有没有") to questioning their quality ("好不好") [31][37]. - The rise of e-commerce and social media platforms has transformed shopping habits, making it easier for consumers to express their needs and preferences [35][36]. - The "life economy" is characterized by a focus on personalized and diverse consumer demands, as seen in the case of brands responding to specific user needs [40][41]. Group 3: Future Trends in Consumer Behavior - The "2026 Life Economy Report" indicates a need for businesses to adapt to insufficient domestic demand and to cater to the increasingly complex and individualized consumer preferences [33][35]. - The future commercial ecosystem will prioritize diversity and the ability to meet varied consumer needs, moving away from traditional mass production models [39][40]. - The ultimate goal remains centered on human needs, emphasizing that the pursuit of a better life continues to evolve with changing consumer expectations [42].

当中国制造业开始重新讲述自己的故事时，一场从"世界工 厂"到"世界创新源"的变革已在语言层面悄然发生。 作者：谢泓 封图：图虫创意 失语 企业一般习惯投资"看得见"的东西。在贴牌制造的黄金年代，企业的经营逻辑非常清晰：参加展会接到订单，回厂生产并按时交货，最终收回货款。 在这个模式下，企业的核心能力是生产。只要生产线够先进、品质管控够严格、交期够准时，订单就会源源不断。于是，那个时代的企业家形成了一套 根深蒂固的投资逻辑：投资厂房，看得见，摸得着；投资设备，有参数，能对比；投资生产线，产能提升立竿见影；投资质量管理，有认证，有背书。 这些投资的共同特点是：有形、可见、可量化、投入产出关系明确。 但当企业从"代工模式"转向"自主品牌"时，游戏规则彻底变了。企业需要的不再是更大的厂房、更先进的设备，而是新的能力。 现在的企业必须明确做什么市场、服务什么客户、如何实现差异化竞争；必须具备品牌建设能力，让市场认识你、记住你、信任你、愿意为你的品牌溢 价买单；需要有营销能力，找到客户、触达客户、说服客户、转化客户、留住客户；需要有组织能力，从生产型组织转向市场型组织，建立新的激励机 制和人才体系。这些能力的共同特点是： ...

作者：张淼 封图：图片资料室 液奶在北京市场份额稳居第一；同时，低温鲜奶北京市场占有率超过 50%且持续增长，亦在北京 市场份额稳居第一……2025年，北京三元食品股份有限公司（下称"三元食品"）交出了一份亮点 纷呈的年度业绩答卷。 与此同时，三元食品坚持"有利润的收入、有现金流的利润"的经营理念，2025年，公司预计实现 营业收 63.5亿元左右。尤为值得一提的是，在剔除长期股权投资减少等相关影响因素后，公司预 计归母净利润约为2.60亿元至3.18亿元，同比大幅增长374%至480%，反映出核心乳业经营韧 性凸显，实际经营质量的显著提升。 2025年，三元食品交出亮眼年度业绩答卷：液奶与低温鲜奶 （市占率超50%且持续增长）在北京市场均稳居份额第一。 2025年作为"十四五"收官与"十五五"奠基的关键节点，三元 食品通过"轻装上阵、聚焦主业"的战略改革，其成效已在市场 表现与财务数据中得到验证，为高质量发展筑牢基础。 2025年以来，三元食品的一系列战略改革成效，已在市场表现与财务数据两个维度获得扎实验 证，形成了从战略定调、坚定执行到成果显现的完整闭环。与此同时，三元食品的三季度财务报表 也反映出改革对 ...

当丙午马年的春节脚步渐近，白酒行业在深度调整中迎来关键转折点。据行业报告，白酒产业正经 历"五底阶段"，资本市场呈现"三低一高"态势，市场普遍预期行业拐点将至。在这充满挑战与机 遇的时刻，剑南春以"家国同春 福马临门"为主题，展开了一场精彩纷呈的春节营销战役，通过文 化创新、场景融合与渠道赋能三个维度，成功绘制出一幅春节市场热销画卷。 在白酒行业从高速增长转向高质量发展的过程中，那些能够真 正理解并满足消费者精神需求、构建深刻文化连接的品牌，将 在下一轮行业竞争中占据先机。 作者：周远 封图：图片资料室 文化破局与产品创新双轮驱动 文化破局为产品赋予了深厚的内涵，而优质且富有特色的产品又进一步支撑了文化营销的开展，二 者相辅相成，共同为剑南春在马年春节市场抢占先机。 2026年春节前的白酒市场环境复杂而严峻，行业正处于深度调整期。行业内部预测生肖酒市场规 模虽超200亿元，但增速较去年同期下降5.3个百分点，以收藏增值为目的的消费者比例正逐步下 降。然而，剑南春选择以文化为突破口，将"家国情怀"融入春节营销的每一个环节。正如中国酒 业协会专家所言："白酒行业正从物质消费向精神消费转型，文化共鸣成为消费者选择的 ...

Core Viewpoint - The regulatory framework is not targeting a specific technology but is centered around three fundamental lines: monetary function, financial activity attributes, and cross-border accountability [1][8]. Regulatory Developments - The issuance of Document No. 42 marks a significant regulatory restructuring in the digital asset space, coinciding with the launch of interest-bearing digital RMB [3][4]. - Document No. 42 defines the tokenization of real-world assets (RWA) and integrates it into a systematic regulatory framework, expanding the regulatory focus from "virtual currency speculation" to the entire chain of "asset tokenization" [4][5]. Compliance and Exceptions - Activities related to RWA tokenization within the domestic market are generally prohibited unless approved by relevant authorities, while exceptions exist for specific financial infrastructure [5][6]. - The document explicitly prohibits any entity from issuing RMB-linked stablecoins abroad without approval, emphasizing the importance of monetary sovereignty [5][12]. Comparative Regulatory Approaches - In contrast to the mainland's "principle of prohibition," Hong Kong is accelerating RWA tokenization, with a regulatory framework that encourages the tokenization of government bonds, carbon credits, and other assets [6][11]. - The regulatory landscape in Hong Kong is designed to facilitate compliance and innovation, while the mainland focuses on maintaining financial security through a negative list approach [6][12]. Market Dynamics and Opportunities - The market is reassessing the viability of RWA from three dimensions: structural asset selection, geographical strategy, and deeper monetary competition logic [10][12]. - The global trend favors the tokenization of standardized financial assets like money market funds and bonds, while non-standard assets like real estate have seen limited success [10][11]. Future Outlook - The regulatory framework allows for "controlled pilot" possibilities, indicating that compliance pathways exist but are not automatically accessible to all market participants [13][16]. - The emphasis is on ensuring that any digital asset initiatives do not mimic monetary functions, act as financial intermediaries, or create unaccountable cross-border financial flows [12][17]. Conclusion - The regulatory environment is shifting towards a more structured approach, where the focus is on compliance and accountability rather than outright prohibition, creating a landscape for potential innovation within defined boundaries [18].

Core Viewpoint - The article discusses the emergence of a new wave of technology-driven small and medium enterprises (SMEs) in China, which are leveraging innovative technologies and unique market scenarios to address unprecedented challenges and opportunities in various industries [3][5]. Group 1: Industry Trends - A significant number of new technology SMEs are being established by founders with extensive experience from large state-owned enterprises, research institutions, or leading private companies, indicating a shift from being followers to innovators in the market [2][5]. - The establishment of a supportive ecosystem for technology SMEs, including favorable policies, funding mechanisms, and market access, has created a conducive environment for these companies to thrive [3][6]. - The market is witnessing a re-evaluation of the value of Chinese technology, leading to increased investment interest from traditional listed companies in technology SMEs [6][7]. Group 2: Application Scenarios - Many technology companies are focusing on specific application scenarios rather than just funding or land, with regions like the western part of China providing unique opportunities for testing and deploying new technologies [9][10]. - The shift in comparative advantages between eastern and western regions is highlighted, with western regions offering lower costs and abundant application scenarios, while eastern regions focus on complete supply chains and large consumer markets [10]. Group 3: Entrepreneurial Maturity - Recent entrepreneurs are noted to be more mature and rational, with a clearer understanding of business models, financing, and market positioning compared to previous generations [12][14]. - The emphasis on core technology and application capabilities over mere scale has become a new standard for evaluating enterprises, reflecting a shift in the entrepreneurial landscape [13][14]. - Local governments are also adapting to the changing environment, recognizing that not all industries are suitable for local development and focusing on aligning with local strengths [14].

从这笔资金的投向，或可"管窥"当前的算力市场正在发生什 么。 作者：郑晨烨 封图：图虫创意 2月9日晚间，超算龙头中科曙光（603019.SH）披露《向不特定对象发行可转换公司债券预 案》，拟募集资金总额不超过80亿元。 从这笔资金的投向，或可"管窥"当前的算力市场正在发生什么。 80亿元资金投向 根据预案，本次募集资金在扣除发行费用后，将用于三个核心项目：面向人工智能的先进算力集群 系统项目（拟投入35亿元）、下一代高性能AI训推一体机项目（拟投入25亿元），以及国产化先 进存储系统项目（拟投入20亿元）。 其中，拟投入资金最多的是"面向人工智能的先进算力集群系统项目"，占总募资额的43.75%。 那么，这笔资金具体将投向何处？2月5日在郑州上线的国家超算互联网核心节点提供了一个具体 的参照。 经济观察报记者在采访中了解到，该核心节点上线的3套scaleX万卡超集群由中科曙光提供，是目 前接入国家超算互联网的最大单体国产AI算力资源池。该集群可全面覆盖万亿参数模型训练、高通 量推理以及AI for Science（科学智能）等大规模场景。 从该节点的情况看，在高密度计算环境下，除了芯片本身的支出之外，冷却、 ...