经济观察网 智能未来有限公司近期与博美集团签署换股交易协议，完成后成为其大股东，旨在强 化"医、药、险"生态布局。 行业政策与环境 工信部等八部门于2026年1月印发《"人工智能+制造"专项行动实施意见》，提出到2027年推广500个AI 典型应用场景。作为AI驱动的金融服务平台，智能未来可能间接受益于行业政策对AI技术落地的推 动。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司2025年中期财报显示营收为2.97亿元，净利润为-4.66亿元，同比由盈转亏。截至2026年1月7日，公 司总市值约为6385万美元，市盈率（静）为5.75。 ...

Core Viewpoint - The stock price of Intelligent Future fell to $1.68 on February 12, marking a 60-day low, primarily due to severe liquidity issues, heightened market risk aversion, and fundamental factors [1]. Stock Performance - The stock opened at $1.79 and closed at $1.68, resulting in a single-day decline of 6.15%, with an intraday low of $1.68 being a new 60-day low [2]. - The trading volume was extremely low, with only $1,700 in transactions and a turnover rate of 0%, indicating a severe lack of buying interest [2]. - Year-to-date, the stock has dropped by 37.31%, and over the past 20 days, it has declined by 38.46%, significantly underperforming the Nasdaq index, which rose by 0.25% during the same period [2]. Reasons for Stock Price Movement - The stock's low liquidity has amplified price volatility, with a total market capitalization of approximately $195 million and daily trading volumes often below $10,000, making the stock susceptible to significant price swings from minimal sell orders [3]. - On February 12, the Nasdaq index fell by 2.03%, reflecting a broader trend of risk aversion in technology stocks, as concerns over excessive investment in AI computing power intensified, leading to capital outflows from high-volatility small-cap tech stocks towards defensive assets [3]. - Despite a low price-to-earnings ratio of 0.15, the company has failed to attract investor interest due to a lack of recent catalysts and increasing competition, raising doubts about its growth sustainability [3]. Industry Context - The last trading day before the Spring Festival saw heightened risk aversion across the market, with over 3,200 stocks in the A-share market declining and leveraged funds continuing to exit [4]. - As a small-cap stock with poor liquidity, Intelligent Future is particularly vulnerable to sell-offs during periods of capital contraction [4].

广东是改革开放的排头兵、先行地、实验区。2025年广东高质量发展取得丰硕成果，科技创新和产业创 新深度融合，"深圳—香港—广州"创新集群跃居全球首位。改革动力开放活力不断增强，大湾区内地九 市获批要素市场化配置综合改革试点。"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发 力的关键时期，也是广东增创新优势、实现新突破的关键时期。 1月28日，广东省第十四届人民代表大会第五次会议召开地市专场记者会，邀请广州、深圳、珠海、惠 州、东莞等5个地市政府主要负责人围绕"增创新优势 实现新突破"主题回答记者提问。 广州市委副书记、市长孙志洋。 广州 硬联通+软联通+心联通 充分发挥大湾区核心引擎作用 "中央要求、湾区所向、港澳所需、广州所能。"发布会上，广州市委副书记、市长孙志洋围绕综合性门 户功能提升、新质生产力培育以及粤港澳大湾区市场一体化等核心议题，系统阐述广州发展路径。 他表示作为大湾区核心引擎，广州将以"6+4"城市性质和核心功能为主要牵引，通过强化交通枢纽等"硬 支撑"和制度环境等"软支撑"，发挥好市场、产业、创新、枢纽、开放以及场景等六大优势，全力建设 更具国际竞争力的世界城市，为大湾区建设注入强 ...

Core Viewpoint - The recent surge of AI companies going public in Shanghai reflects a well-structured ecosystem supported by strategic policies and a robust industrial foundation, indicating a significant growth trajectory for the AI sector in the region [1][10][16]. Group 1: Recent IPOs and Market Impact - MiniMax (稀宇科技) officially listed on the Hong Kong stock market on January 9, achieving a market capitalization of over 76.3 billion HKD, marking it as the largest IPO for an AI model company to date [1]. - Tian Shu Zhi Xin and Bi Ran Technology also recently went public, with Tian Shu Zhi Xin's stock price rising by 31.54% on its first day [1]. - In total, five AI companies from Shanghai have gone public within a month, showcasing the rapid growth and interest in the AI sector [1][10]. Group 2: Strategic Policy Support - The "Molding Shanghai" initiative, launched in late 2024, aims to create a world-class AI industrial ecosystem, focusing on foundational infrastructure, key productivity tools, and innovative applications [1][2]. - Shanghai's strategic agility and determination in supporting AI development are evident in its long-term planning and investment in foundational technologies like integrated circuits [5][16]. Group 3: Industry Growth and Ecosystem - The integrated circuit industry in Shanghai generated revenue of 391.2 billion CNY in the first eleven months of 2025, reflecting a year-on-year growth of 23.72% [5]. - Shanghai has established itself as a hub for AI innovation, with over 1,200 integrated circuit companies and approximately 40% of national talent in the sector [5][15]. - The "Molding Shanghai" initiative includes the establishment of public service platforms to support AI development, such as the Shanghai Intelligent Computing Public Service Platform [5]. Group 4: Technological Advancements - MiniMax is recognized for its comprehensive research in text, video, and voice modalities, boasting over 212 million users across more than 200 countries [7]. - The AI landscape in Shanghai features a development framework of "1 open-source base model + 3 commercial base models + N innovative models," positioning it competitively on an international scale [7][8]. - Companies like Yingxi Intelligent are leveraging AI for drug development, significantly reducing the drug discovery cycle from an industry average of 4.5 years to 12-18 months [8]. Group 5: Future Outlook - Shanghai's AI industry is projected to exceed 550 billion CNY in scale by 2025, with an expected growth rate of over 30% [16]. - The city is fostering a comprehensive ecosystem that integrates various sectors, ensuring a cohesive approach to AI development and innovation [16].

Group 1 - The emergence of the domestic large model DeepSeek has sparked a wave of investment in artificial intelligence (AI) in the capital market [1] - By 2025, the AI sector in China has seen significant breakthroughs in model performance and multimodal learning applications, driven by supportive policies and rapid development of computing infrastructure [1] - The AI index in A-shares rose by 31.09% in 2025, with a total transaction volume of 19.58 trillion yuan and a turnover rate of 950.41%, indicating high market attention and trading enthusiasm [1] Group 2 - UBS noted that DeepSeek has changed the perception of China's AI technology, with strong government support and capital expenditure from leading companies driving rapid innovation [2] - Concerns about an "AI bubble" have increased amid the global investment wave, which may affect investment judgments in 2026 [2] - Historical experience suggests that new technologies often experience speculative booms before significantly boosting labor productivity, but current high growth trends and liquidity make it premature to declare a bubble [2] Group 3 - Galaxy Securities highlighted the complex characteristics of the current AI market, where significant capital inflows reflect a consensus on technological breakthroughs and real application demands [3] - AI leading companies are achieving record high valuations, and capital expenditures across the industry chain are unprecedented [3] - The current AI capital market is more aligned with the early stages of an industrial revolution than the internet bubble of 2000 [3] Group 4 - The "14th Five-Year Plan" emphasizes the development of new productive forces, accelerating advancements in AI, advanced manufacturing, aerospace, renewable energy, and quantum technology [4] - Investment in AI hardware is expected to outperform application sectors, as the most advanced models have not yet reached AGI levels, indicating uncertainty in application deployment [4] - Continuous investment and upgrades in underlying AI hardware are essential for the sustained improvement of model capabilities [4] Group 5 - The manager of Ping An Technology Innovation Mixed Fund stated that AI infrastructure construction has not yet reached a stage where bubble discussions are warranted, with capital expenditure expected to reach $600 billion by 2026 [5] - The current scale of AI capital expenditure is still below historical peaks during previous productivity revolutions [5] - The AI ecosystem in China is developing in parallel with the U.S., with the U.S. leading in large model research while China shows stronger competitiveness in industry model applications [5] Group 6 - Huatai Securities anticipates that AI-related investments will maintain high intensity over the next 1 to 2 years, with tech giants continuing to increase capital expenditures [6] - There is still significant room for growth in AI application penetration [6] - While optimistic sentiment in the AI sector is supported by fundamentals, rising valuations may lead to increased volatility and sensitivity to interest rate changes [6]

Core Insights - The International Experience Design Conference (IXDC) reflects on the successful 2025 event focused on "Human-Machine Symbiosis," highlighting the participation of global designers and technology experts [3][4] - IXDC aims to continue exploring the theme of "Human-Machine Symbiosis: Creating Warm Intelligent Experiences" in 2026, addressing eight key topics including industry empowerment, product strategy, and ethical governance [4][5] Group 1 - The 2025 IXDC conference was marked by deep dialogues among participants from various countries, emphasizing the importance of human warmth in technology [3][4] - Feedback from attendees indicated high satisfaction with the conference's theme and guest speakers, showcasing the evolving nature of the experience design industry [3][4] - The conference featured discussions on how AI can empower experience transformation while maintaining a human-centric approach [4] Group 2 - IXDC's 2026 agenda will focus on creating intelligent experiences that understand human needs, promoting empathy in algorithms and respectful interactions [4][5] - The conference aims to build an open platform for cross-disciplinary collaboration, inviting contributions from various sectors including business, academia, and independent teams [4][5] - The organization encourages ongoing exploration of AI and human collaboration, aiming to drive social and commercial progress through design thinking [5]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | IZM | 拍明芯城 | 2.280 | 26.67% | +0.480 | 188.2万 | | ELOG | 东源全球股份 | 1.650 | 16.20% | +0.230 | 8420.39万 | | UPC | 大自然药业 | 4.285 | 14.88% | +0.555 | 46.74万 | | AIFU | 智能未来 | 2.900 | 14.85% | +0.375 | 22.31万 | | YOUL | 优蓝国际 | 1.620 | 14.08% | +0.200 | 27.7万 | 格隆汇12月25日｜中概股收盘涨幅居前的个股为：拍明芯城涨26.67%，东源全球股份涨16.2%，大自然 药业涨14.88%，智能未来涨14.85%，优蓝国际涨14.08%。(格隆汇) ...

Core Viewpoint - The article discusses the potential emergence of four new job roles in the age of artificial intelligence (AI), highlighting the opportunities that AI technology may create despite concerns about job displacement. Group 1: New Job Roles - The first potential job is "AI Interpreter," responsible for explaining complex AI algorithms to non-experts, such as managers and legal authorities, especially in critical situations like liability assessments in autonomous vehicle accidents [1]. - The second role is "AI Selection Consultant," who assists businesses in choosing the appropriate AI systems by evaluating different AI technologies and their applications, which is crucial for the success of AI implementation [2]. - The third emerging role is "AI Auditor" and "Cleaner," tasked with identifying and correcting misinformation generated by AI systems, ensuring fairness in outputs, particularly in sensitive areas like hiring and lending [3]. - The fourth potential job is "AI Trainer," who customizes training programs for employees based on their learning styles and paces, addressing the growing demand for AI education across various industries [4]. Group 2: Future Implications - The article suggests that these four roles may only be the beginning, as the integration of AI into society is likely to create even more job opportunities in fields that do not currently exist [4].

编辑丨刘雪莹 美东时间周四，美股三大指数集体高开，科技股普涨，美光科技股价狂飙，热门中概股多数上涨，黄金 白银短线走低。消息面上，美国11月CPI数据爆冷。 记者丨曾静娇 截至北京时间23:14，道琼斯指数涨0.51%，标普500指数涨0.78%，纳斯达克综合指数涨1.07%。 科技股普涨，美光科技狂飙，盘前涨幅最高达16%；闪迪大涨近7%，特斯拉涨超2%，英伟达、谷歌涨 超1%。 消息面上，据智通财经报道，美光科技第二财季营收展望为183亿至191亿美元，公司的最新业绩及业绩 指引均大幅超出分析师预期。今年以来，存储芯片需求居高不下推动美光股价一路走高，年内涨幅已高 达约160%。 | W | | | 美光科技(MICRON TECHNOLOG | | | | --- | --- | --- | --- | --- | --- | | | | | MU.O | | | | 249.180 | 量 2680.6万 | | 股本 | 11.24亿 市盈 " | 32.8 万得 | | 23.660 10.49% | 换 2.38% | | 市值 | 2801亿 市净 | 第二 4.76 | | A TERRY ...

Core Viewpoint - Smart Future (AIFU) experienced a stock price increase of 4.32% on December 15, closing at $3.14 per share, with a total market capitalization of $49.83 million [1] Financial Performance - As of June 30, 2025, Smart Future reported total revenue of 297 million RMB, representing a year-on-year decrease of 66.99% [1] - The company recorded a net profit attributable to shareholders of -466 million RMB, reflecting a staggering year-on-year decline of 7197.06% [1] Company Background - Smart Future Limited was founded in 1998 in Guangzhou and has developed into a leading independent third-party comprehensive financial services company in China [1] - The company offers a diverse range of financial and value-added services to both individual and corporate clients through its extensive business segments [1]