Group 1 - The core viewpoint of the article highlights that HashKey Holdings is expected to experience significant growth driven by institutional investment in digital assets in Hong Kong, with a projected compound annual growth rate of approximately 85% from 2024 to 2027 [1] - The company is anticipated to achieve a revenue growth rate of around 80% by 2026, indicating strong performance relative to industry averages [1] - As a licensed virtual asset trading platform in Hong Kong, HashKey holds a substantial market share of 75% in the local market, benefiting from its brand reputation, compliance capabilities, and product coverage [1] Group 2 - The article notes that the expansion of digital asset services in Hong Kong, including the introduction of more cryptocurrencies, potential crypto derivatives, and stablecoin-related services, will usher in a new development phase for the industry [1] - HashKey is positioned to capitalize on these opportunities as a compliant one-stop digital asset platform, which is expected to lead to a valuation premium over local comparable companies [1]

IBM表示，自2023年中期以来，IBM人工智能(AI)业务的订单额已超过125亿美元。这一数字高于此前财 报披露的95亿美元。首席财务官Jim Kavanaugh在接受采访时表示，略高于80%的订单来自咨询部门， 其余则来自软件部门。 虽然IBM的软件部门表现繁荣，但其咨询业务已连续数个季度面临压力。第四季度，咨询业务销售额增 长3%，至53.5亿美元，略低于华尔街预期的53.8亿美元。 由于该公司去年发布的最新大型机持续热销，基础设施部门营收达51.3亿美元，超过了平均预期。 "蓝色巨人"IBM(IBM.US)公布的季度销售额超过了分析师的预期，这主要得益于其备受关注的软件部门 的强劲增长。财报显示，IBM第四季度营收同比增长12%，达197亿美元，高于预期的192亿美元；非公 认会计准则下每股收益为4.52美元，超出预期0.23美元。 IBM第四季度业绩和下一财年的业绩指引均超过了华尔街的预期，股价在盘后涨超8%，截至发稿， IBM盘后涨8.33%，报318.68美元。 营收中占比最大的部分来自IBM的软件业务，该业务增长14%至90.3亿美元，同样高于预期。 通过对Red Hat、HashiCorp和 ...

本报记者 孟珂 近日，全国31个省（自治区、直辖市）2025年经济"成绩单"陆续出炉。在GDP总量方面，广东、江苏、山东跻身"10万亿 俱乐部"；增速方面，18个省份跑赢5%的"全国线"，其中西藏以7%的增速领跑全国。 川财证券研究所所长陈雳在接受《证券日报》记者采访时表示，2025年地方GDP呈现稳中有进、质效双升的态势，总量梯 队格局清晰。广东、江苏、山东稳居"10万亿俱乐部"，中西部及西藏等省区增速领跑，凸显后发优势。 广东GDP总量居首 整体来看，多个省份高新技术、数字经济、绿色经济等产业实现较快增长，新质生产力成为多地经济发展的关键驱动力。 以经济大省为例，2025年，江苏规模以上工业增加值同比增长6.5%，其中，装备制造业增加值同比增长8.8%，快于全部规 上工业2.3个百分点；对全部规上工业增长的贡献率为74.6%，比2024年提高13.4个百分点。2025年，广东纵深推进工业经济"头 号工程"，统筹推进传统产业优化提升、新兴产业培育壮大、未来产业超前布局，产业加快向新向优发展，全年规模以上工业 增加值同比增长7.6%，分行业看，装备制造业增加值增长11.4%，高于规模以上工业3.8个百分点。 ...

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) is experiencing significant stock price growth, with a reported increase of over 5% and a trading volume of 371 million HKD, driven by strong export performance and positive market outlook for heavy trucks in 2025 [1] Group 1: Export Performance - According to a report from Kaiyuan Securities, China National Heavy Truck is expected to export approximately 330,000 heavy trucks in 2025, setting a new historical record [1] - The export strategy has shifted from simple trade to direct investment and localized operations, with increasing demand for infrastructure in countries along the Belt and Road Initiative [1] - Non-Russian markets, particularly in Southeast Asia, the Middle East, and Africa, are seeing a significant increase in market share [1] Group 2: Financial Projections - UBS's report highlights the strong performance of China National Heavy Truck's export business, with an optimized product structure expected to drive profit growth in 2026 [1] - The management indicated that by Q4 2025, the company anticipates double-digit year-on-year sales growth, with exports accounting for over 50% of total sales [1] - The profit margin for exported heavy fuel trucks is notably higher, with gross margins exceeding domestic sales by 2 to 4 percentage points [1] Group 3: Production and Demand - The company currently has a full order book and has shifted to a double-shift production schedule to meet demand [1] - Based on the robust momentum in export business, UBS has raised revenue forecasts for China National Heavy Truck by 7% and 8% for 2026 and 2027, respectively, and net profit forecasts by 6% and 15% [1]

IT之家 1 月 27 日消息，欧洲汽车制造商协会（ACEA）当地时间周二发布的数据显示，2025 年欧洲新车注册量增长 2.4%，达到 1330 万辆，12 月份再度实 现反弹。尽管这一数据对饱受关税压力与竞争加剧困扰的行业而言是利好消息，但销量仍比疫情前水平低约 15%。 去年欧洲汽车销量增长部分得益于电动汽车销售的复苏。随着售价约 2 万欧元（IT之家注：现汇率约合 16.5 万元人民币）的更多车型上市，市场需求被有 效激活。这类车型包括 Stellantis 集团旗下的雪铁龙 ë-C3 城市车，以及比亚迪等中国品牌进口车型。纯电动汽车注册量激增 30%，该动力类型已占据整体市 场约五分之一的份额。 不过，这一表现仍略低于预期。由于欧洲充电基础设施尚不完善，许多消费者转而选择兼具电池与内燃机的混动车型。大众和保时捷均已调整其电动化战 略，以应对增长放缓的趋势，两家车企均计划推出更多混动车型。去年，插电式混合动力汽车销量增长 33%，成为该地区增长最快的动力类型。 彭博行业研究分析师吉莉安 · 戴维斯表示，受新补贴政策及多款新一代车型上市推动，欧洲汽车销量今年有 望继续增长。戴维斯在一份报告中指出，中国品 ...

Core Viewpoint - Global investment in power grid infrastructure is expected to grow over the next decade, with varying supply and demand dynamics across different regions [2][3] Regional Perspective - China: During the "14th Five-Year Plan" period, the power supply and demand are expected to become more balanced, leading to resilient grid investment [2] - United States: From 2025 to 2029, the compound annual growth rate (CAGR) for utility capital expenditures is projected to be 4.6%, with data centers being a significant contributor to power infrastructure investment due to supply bottlenecks [2] - Other Regions: Electricity consumption growth in Europe is expected to rise, while demand in emerging economies remains strong [2] Technical Perspective - The penetration rate of renewable energy continues to increase, with various grid technologies like STATCOM and flexible direct current starting to see wider adoption [2] - Green hydrogen and green alcohol are identified as long-term technological trends for deep decarbonization, with demand beginning to emerge under policy catalysts [2] Data Center Insights - Data centers are a key driver of power infrastructure investment globally, particularly in the U.S. [2] - The U.S. Department of Energy forecasts an additional load of 52 GW from data centers by 2030 compared to 2024, with some estimates reaching up to 109 GW [2] Supply Bottlenecks - The delivery cycle for power transformers remains high, currently exceeding 100 weeks [2] - Major companies are scheduling gas turbine production until 2028, driven by equipment replacement cycles, rapid expansion of AI data centers, and energy transition [2] Investment Recommendations - Power infrastructure investment remains robust, maintaining a "recommended" rating for the power equipment industry [4] - Focus on North American power equipment shortages, with key stocks including Siyi Electric (002028.SZ) and TBEA (600089.SH) [4] - Attention to new power supply technologies for data centers, with relevant stocks including Sifang Co. (601126.SH) and China XD Electric (601179.SH) [4] Power Trading Opportunities - Companies like Guoneng Rixin (301162.SZ) and Langxin Group (300682.SZ) are highlighted for their potential in the market-oriented transformation of the power industry and AI applications [5] UHV Investment - Investment in ultra-high voltage (UHV) grid infrastructure is expected to grow steadily, unaffected by external geopolitical risks, making it suitable for strategic allocation [5]

根据近期分析，关于人工智能是美国经济命脉的流行说法似乎有些夸大其词。 人工智能热潮重塑了市场估值，推动了大规模投资和创纪录的债券发行，用于资助数据中心建设，并对 国内生产总值（GDP）产生了重大影响，尤其是在2025年初。这使得许多经济学家和市场参与者认为， 人工智能投资是拯救停滞不前的美国经济的救星。 然而，MRB Partners美国经济策略师普拉贾克塔·比德（Prajakta Bhide）1月份发布的一份报告显示，消 费仍是去年美国GDP增长的最关键驱动力，这通常是经济扩张时期的情况。她表示，人工智能相关的资 本支出是第二大驱动力。 "人工智能是经济增长的重要组成部分，但并非全部。有一种说法认为，如果没有AI领域的资本支出， 去年的GDP就会下滑。但这根本不是事实，"比德周一接受采访时表示。"推动经济增长的仍然是美国消 费者。" 比德表示，由于大量高科技设备依赖进口，人工智能对GDP的贡献可能比人们预想的要小。GDP由四部 分组成：消费、投资、政府支出和净出口。由于GDP衡量的是国内生产总值，因此进口不计入GDP。 比德发现，如果不考虑进口因素，人工智能相关部分似乎在2025年第一季度至第三季度期间平均 ...

Core Insights - The event "Auto-First Annual Gala and 2025-2026 China Automotive Innovation Festival" highlights the significant transformation in the automotive industry, with a focus on the increasing dominance of Chinese brands and the shift towards intelligent and electric vehicles [1][3][35] Industry Overview - By 2025, China's automotive sales are projected to exceed 34 million units, with the penetration rate of new energy vehicles approaching 50%, indicating a pivotal moment for the industry [3] - The years 2026-2027 are anticipated to be critical for the industry, with leading companies showcasing their scale advantages and competition intensifying [3] Awards and Recognitions - The event recognized various segments, with Lynk & Co 900 winning "Luxury SUV of the Year" and Zeekr 9X awarded "Flagship SUV of the Year," reflecting the strong reputation of Chinese high-end electric brands [7] - SAIC Group was awarded "Car Company of the Year," while the Wuling Hongguang MINI EV was recognized as "National MPV of the Year," showcasing the diversity and innovation within the market [13][21] Market Trends - The penetration rate of new energy vehicles in China is expected to surpass 54% by 2025, with various technological routes such as plug-in hybrids, range extenders, and pure electric vehicles providing consumers with more choices [23] - Traditional joint venture and luxury brands are actively transforming, with models like the GAC Toyota Platinum 3X and Beijing Hyundai EO winning awards, demonstrating their adaptation to the trends of intelligence and electrification [25] Future Outlook - The automotive market in 2026 is described as a battleground for survival, where success will depend on a combination of technology, cost, and channel strength [35] - The industry is encouraged to focus on high-quality development, aiming to transition from being the largest in scale to being the strongest in capability on the global stage [35][36]

Core Insights - Shanghai's retail sales reached 1,660.093 billion yuan in 2025, marking a year-on-year growth of 4.6%, surpassing the national average growth rate [1][4] - The growth reflects the effectiveness of Shanghai's government policies aimed at boosting consumption and stabilizing economic growth, showcasing the city's resilience and innovative capacity in the consumer market [1][4] Economic Performance - The retail sales growth of 4.6% is seen as a significant achievement, boosting market confidence and indicating strong recovery potential in Shanghai's consumption landscape [4][5] - Fashion categories, including clothing and cosmetics, account for nearly 40% of total retail sales, reinforcing Shanghai's status as a "fashion consumption capital" [1][4] Policy and Measures - The Shanghai government has implemented various measures to stimulate service consumption and enhance the quality of services, indicating a systematic expansion of service supply to meet diverse consumer needs [5][10] - Policies such as "two new" initiatives (large-scale equipment updates and trade-in programs) have shown positive results, with significant growth in retail sales across various categories [7][10] Consumer Trends - The online consumption share increased from 45.3% in 2024 to 50.5% in 2025, highlighting the robust innovation in business models [4][11] - The "immediate purchase and refund" tax refund service for international tourists saw a remarkable growth of approximately 80% in sales, indicating its effectiveness in attracting inbound consumption [11] Future Outlook - In 2026, Shanghai aims to continue driving high-quality development in the business sector by aligning new demand with new supply, fostering a more vibrant consumer market [2][12] - The city plans to enhance its consumption ecosystem by optimizing supply, innovating consumption scenarios, and maintaining a dual-driven approach of policies and activities [14][15]

转自：衢州日报 会议期间，一场在衢州科技馆的视察活动，让科技的魅力可触可感，也激发了大家对于"创新驱动力"的 更多思考。"科技创新不仅要给产业赋能，更要把创新观念的种子，早早播撒到下一代心里。"市政协委 员、浙江晶泰玻璃科技有限公司总经理王建晓感慨。 他认为，创新是推动事物向前发展的力量。"创新不是偶尔搞个新技术，而是得一直坚持这么干。最后 东西好用了，竞争力就出来了，这才是实打实的效果。"在带领企业深耕特种玻璃研发领域中，王建晓 深切体会到，每一次技术突破，带来的不只是产品成品率的提升，更筑牢了企业发展的信心。 （来源：衢州日报） 记者 吴婧涵 两会热词：科技创新 近年来，衢州科技创新势能持续攀升，不仅首夺"科技创新鼎"，更跻身全国城市创新能力百强榜第49 位。今年市两会，"科技创新"作为关键词持续升温，成为代表委员们建言献策的焦点。 同样深入思考这一问题的，还有市人大代表、浙江天际互感器有限公司副总经理祝祺。她今年特别关注 人工智能与制造业的融合，并带来了相关建议。"以AI为代表的新技术，确实是产业升级的核心引擎， 但比技术本身更关键的是人与科技的共生共融、发展创新。" 在祝祺看来，制造业的跨越式发展，本 ...