一位是姚顺雨，从清华姚班到OpenAI，再到腾讯史上最年轻的首席AI科学家。 姚顺雨，腾讯史上最年轻的首席AI科学家 另一位是姚顺宇，从清华物理系特奖得主到Anthropic核心研发，又转投谷歌DeepMind。 2026年2月3日，姚顺雨发布了加入腾讯后的首个研究成果：CL-bench。这篇论文揭露了一个尴尬的事实 ——即便给全球最强的AI模型提供完整上下文，它们的任务解决率也只有17.2%。 作者 | 闰然 编辑 | 江江 视觉 | 顾芗 近期，AI圈被一个奇妙的巧合刷屏：两位名叫"Yao Shunyu"的清华人，同时站在了全球智能革命的风暴 眼。 他们都出生于1997年。 27岁的他曾说，AI接下来比拼的不是训练，而是"如何定义并评估真正有用的任务"。这句话既是他对行 业的精准研判，亦是其自身的真实写照，而这，正是腾讯对他寄予厚望的关键所在。 而此刻33岁的月之暗面创始人杨植麟，也站在聚光灯下。那个在清华组建摇滚乐队Splay、写过《一夜暴 富白日梦》的年轻人，如今更富了——最新的K2.5发布不到一个月，Kimi近20天累计收入已超过2025年 全年总收入。 这位曾经的"投流狂魔"正在证明，在DeepS ...

Key Insights - The report highlights the impact of the U.S. Supreme Court's decision to overturn President Trump's global tariff policy, leading to a new temporary tariff increase from 10% to 15% effective for 150 days, which may affect inflation and consumer prices in the U.S. [8][10] - The report suggests a balanced investment strategy focusing on sectors supported by policy and technological innovation, such as artificial intelligence, green energy, advanced manufacturing, and high-end consumption, while also considering defensive assets and high-quality bonds to enhance portfolio resilience [8][10] - The report notes that despite a slowdown in the U.S. economy in Q4 2025, the stock market showed resilience, with the Dow Jones Industrial Average rising by 230 points to close at 49,625 points [10] - The report indicates that significant capital outflows from U.S. equity products have occurred, with approximately $75 billion withdrawn over the past six months, indicating a shift towards emerging markets and Europe [10] Market Overview - The Hang Seng Index closed at 26,413.35, down 1.1%, while the Hang Seng Technology Index fell by 2.91% [14] - Notable stocks included China Petroleum (857) and Midea Group (300), which performed well, while JD Health (6618) and Alibaba (9988) faced declines [16] - HSBC is expected to announce a 16.6% increase in its interim dividend to $0.42 per share, which could enhance its capital replenishment efforts [12] Company Analysis - MicroPort Robotics (2252) is in a critical phase of commercialization, with a projected revenue increase of approximately 77% year-on-year for the first half of 2025, reflecting effective cost control and scale effects [19] - Standard Chartered (2888) reported a 5% year-on-year increase in operating income for Q3 2025, with a pre-tax profit growth of 9%, indicating improved profitability and capital returns [20] - Southern Company (SO) is projected to achieve a revenue of approximately $29.6 billion in 2025, with a year-on-year growth of about 10.6%, making it a suitable long-term income investment [22] - Philip Morris International Inc. (PM) continues to show strong growth in its transition from combustible products to smoke-free alternatives, with a projected net income exceeding $40 billion in 2025 [23]

根据Tr e n dFo r c e集邦咨询最新AI s e r v e r产业研究，为加速AI应用导入与升级，全球云端服务 供应商(CSP)持续加强投资AI s e r v e r及相关基础建设， 预计2 0 2 6年八大主要CSP的合计资本支 出将超越7 , 1 0 0亿美元，年增率约6 1%。 业者除持续采购NVIDIA（英伟达）、AMD（超威） GPU方案外，也扩大导入ASIC基础设施，以确保各项AI应用服务的适用性，以及数据中心建置 成本效益。 Feb. 25, 2026 Mi c r o s o ft看好大模型训练推理的长期需求，主要购置NVIDIA整柜解决方案支持其AI s e r v e r出 货 。 该 公 司 日 前 发 布 自 研 芯 片 Ma i a 2 0 0 ， 锁 定 高 效 率 AI 推 理 应 用 。 Or a c l e 则 因 应 St a rg a t e 、 Op e nAI等扩增AI数据中心项目，持续布局GPU整柜式方案。 分 析 中 系 CSP 动 态 ， 尽 管 By t eDa n c e （ 字 节 跳 动 ） 未 公 开 揭 露 2 0 2 6 年 资 本 ...

Group 1: Guizhou Moutai Price Adjustment - Recent rumors suggested that the factory price of Feitian Moutai increased from 1169 yuan to 1299 yuan per bottle, which attracted market attention [3] - Guizhou Moutai's representative denied the rumors, stating that any price adjustments would be disclosed as significant events [3] - The last official price adjustment occurred on November 1, 2023, with an average increase of about 20%, while the market guidance price remains at 1499 yuan per bottle [5] - Analysts believe that the price increase rumors may stem from stock market activities, as the date mentioned coincides with the first trading day of A-shares [6] - Feitian Moutai's revenue is crucial for the company's performance, accounting for 85.29% of total revenue in 2024, with a projected growth rate of 15.28% [6] Group 2: Shanghai Real Estate Policy Changes - On February 25, 2024, Shanghai's housing authorities announced new policies to optimize the real estate market, effective from February 26 [7] - The new policy reduces the social insurance or income tax payment duration required for non-local residents to purchase homes from three years to one year [11] - Non-local residents with a residence permit for over five years can now purchase one property in the city without needing to provide proof of social insurance or tax payments [11] - The maximum loan amount for first-time homebuyers using housing provident funds has been increased from 1.6 million yuan to 2.4 million yuan, with potential increases for families with multiple children [14] - In 2023, Shanghai's real estate market saw a decline in new housing starts by 31.8% and a decrease in residential sales area by 9.7% [14] Group 3: Luxury Car Price Reductions - The BMW 7 Series has seen a price reduction of approximately 270,000 yuan, trending on social media [15] - Luxury fuel vehicles are experiencing significant discounts, with brands like Mercedes-Benz and Audi offering substantial price cuts on various models [16] - The market share of fuel vehicles has decreased from 72% to 45% over the past three years, attributed to the rise of domestic electric vehicles [16] - Predictions indicate that luxury car prices may continue to drop by 10%-15% in the first half of 2026 due to competition from electric vehicles [17] Group 4: Yacht Industry Developments - Liu Qiangdong announced the establishment of a yacht brand, Sea Expandary, with a personal investment of approximately 5 billion yuan [19] - The brand aims to make yachts more accessible, targeting a price point of around 100,000 yuan for entry-level models [19] - The Chinese yacht market is rapidly growing, with new registrations accounting for 54.7% of the total number of yachts [20] Group 5: AI Industry Controversies - Anthropic accused three Chinese AI companies of conducting "distillation attacks" on its Claude model, claiming over 16 million interactions through 24,000 fake accounts [21] - The accusations have been met with skepticism, with critics questioning Anthropic's data sources and the legitimacy of its claims [22] - Elon Musk criticized Anthropic's allegations, suggesting that they themselves have engaged in data theft [23]

智通财经APP获悉，港股三大指数今日走势分化，恒指盘中一度涨近1%，恒科指数则冲高回落，尾盘 再度翻绿。截至收盘，恒生指数涨0.66%或175.4点，报26765.72点，全日成交额2367.65亿港元；恒生国 企指数涨0.3%，报9034.75点；恒生科技指数跌0.19%，报5260.50点。 天风证券指出，短期看，港股在前期估值修复后延续高位震荡格局，南向资金持续净流入与结构性活跃 度对市场形成一定支撑，指数仍具阶段性韧性与结构性机会。但外部环境约束仍然存在。中期维度下， 对港股整体判断维持谨慎乐观，结构优于指数的特征或仍将延续。 蓝筹股表现 2月25日，上海楼市"新七条"重磅发布，其中提到非沪籍家庭外环内购房社保年限缩短至1年，公积金贷 款最高额度提至240万元，成年子女唯一住房暂免房产税。中银国际认为，前防范地产及相关风险仍是 首位，市场的惯性下滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块 出现收益的机会较大，今年建议关注及配置。 3. 餐饮、体育用品等消费股走高。截至收盘，海底捞(06862)涨6.19%，报17.51港元；滔搏(06110)涨 6.53%，报3.1港 ...

每经记者｜杜宇 每经编辑｜何小桃 记者|杜宇 编辑|何小桃 杜恒峰 校对|段炼 | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 天数智芯 | | 237.800 | -7.61% | -19.600 | | 9903.HK | | | | | | 澜起科技 | | 192.100 | -7.11% | -14.700 | | 6809.HK | | | | | | 壁仞科技 | | 38.420 | -5.93% | -2.420 | | 6082.HK | | | | | | 爱芯元智 | | 28.300 | -5.79% | -1.740 | | 0600.HK | | | | | | 伟志控股 | | 0.940 | -5.05% | -0.050 | | 1305.HK | | | | | | 普达特科技 | | 0.290 | -4.92% | -0.015 | | 0650.HK | | | | | | 兆易创新 | | 412.600 | -4.53% | -19.600 | | 3986.HK | | | | ...

Core Insights - Alibaba's Qianwen 3.5 has topped the global open-source large model rankings, as reported by Hugging Face, the largest AI open-source community [1] - The model, which was open-sourced on New Year's Eve, has a total of 397 billion parameters, with only 17 billion activated, and its performance is comparable to Gemini 3, while its token cost is only 5% of Gemini 3's [1] - Notably, 8 out of the top 10 models in the rankings are from Chinese teams, including Alibaba, Zhipu, MiniMax, and Yuezhianmian [1]

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Index rising by 0.66% to 26,765.72, while the Hang Seng Tech Index fell by 0.19% to 5,260.50 [1][2] - The overall market showed signs of recovery after a significant drop the previous day, with the Hang Seng Index and the National Enterprises Index both posting gains of 0.66% and 0.30%, respectively [1] Sector Performance - Technology stocks showed a rebound, with Meituan rising by 1.6%, while Alibaba, Tencent, and JD.com also saw slight increases [4] - Real estate stocks surged following the announcement of new housing policy adjustments in Shanghai, with Country Garden and CIFI Holdings both gaining over 6% [5][6] - The construction materials sector also performed well, with Conch Cement rising over 5% [6][7] - Steel stocks experienced broad gains, with New Mining Resources up by 20% and Chongqing Steel rising over 8% [8] - Copper and aluminum stocks saw collective increases, with WanGuo Gold Group rising by 6.91% and China Gold International up by over 4% [9][10] - The gold and precious metals sector was active, with Long Resources increasing by over 13% [11] - The sportswear sector saw gains, with Tmall rising by 6.53% and Anta Sports up by 2.48% [13] - The restaurant sector collectively rose, with Haidilao increasing by 6.19% due to strong consumer demand during the Spring Festival [15] Weak Performers - Semiconductor stocks faced declines, with companies like Lattice Semiconductor and Aisino falling over 7% [16][17] - Paper stocks dropped, with Nine Dragons Paper down by 4.29% [18] - The electricity sector showed weakness, with Datang New Energy falling over 4% [19] - Automotive stocks declined, with Li Auto down by 3.71% and NIO down by 2.64% [20] - Education stocks performed poorly, with Chuanglian Holdings dropping over 5% [21] Capital Flow - Southbound funds recorded a net sell of HKD 4.057 billion, with the Shanghai-Hong Kong Stock Connect seeing a net sell of HKD 5.495 billion [23] Market Outlook - Huatai Securities noted increased market differentiation during the Spring Festival, with AI and internet giants showing diverging trends, while consumer data remained strong but did not significantly boost sector performance [23]

Market Performance - The Hong Kong stock market indices experienced a decline in the afternoon, with the Hang Seng Tech Index falling by 0.19%, while the Hang Seng Index and the National Enterprises Index rose by 0.66% and 0.3% respectively, halting the previous day's significant drop [1] Sector Performance - Major technology stocks showed signs of recovery, with Meituan increasing by 1.6%, and Alibaba, Tencent, and JD.com also experiencing slight gains. Tencent hit a recent low during the previous trading session [1] - The real estate sector saw a boost following Shanghai's new housing policy "沪七条," which further relaxed housing purchase restrictions, leading to a rally in domestic property stocks. Notably, Chongqing Steel surged by 27% at one point, ultimately closing up by 8.7% [1] - The non-ferrous metal sector, including copper, aluminum, and gold stocks, was notably active, with Lingbao Gold reaching a historical high. Major players like WISCO Resources, China Aluminum, and China Hongqiao all saw significant increases [1] - The restaurant sector performed well during the Spring Festival, with Haidilao leading the gains among restaurant stocks [1] Weak Performers - Semiconductor storage concept stocks, which had led the market in the previous day, mostly retreated, with Langqi Technology dropping over 7% and Zhaoyi Innovation falling by 4.5% [1] - Other sectors such as paper, automotive dealerships, electric power, water utilities, and automotive stocks showed weak performance [1]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.66% to 26,765.72 points, while the Hang Seng Tech Index fell by 0.19% to 5,260.5 points [1] - Major technology stocks had varied movements, with Alibaba up 0.2%, Tencent up 0.48%, and Meituan up 1.6%, while Xiaomi and NetEase saw declines of 0.39% and 0.61% respectively [1] Sector Highlights - The steel, non-ferrous metals, and rare earth sectors led the gains, with Chongqing Steel rising nearly 8% and China Aluminum up 5% [1] - The semiconductor sector weakened, with Lattice Semiconductor down over 7% [1] - The AI application sector experienced a pullback, with Zhiyun down 10.75% [1] Company-Specific Movements - Sinochem Fertilizer saw a rise of over 3% due to international phosphate prices exceeding $700 per ton [2] - Dongyue Group increased by nearly 7% supported by low refrigerant inventory and bullish price expectations [3] - Dazhu CNC rose over 5% after its laser drilling machine received certification from NVIDIA [4] - Huizhu Technology surged over 10%, reaching a historical high after raising HKD 1.635 billion [5] - Hongteng Precision increased over 6% as it transitions towards high-margin AI server interconnect and electric vehicle businesses [6] - Mingming Henan saw a rise of nearly 9% as its leading position in the industry was reaffirmed [8] Analyst Insights - Analysts from China Galaxy Securities highlighted three main themes for the Hong Kong market: rising geopolitical risks boosting precious metals, consumer policy driving low-valuation consumer stock recovery, and the release of valuation pressure in the tech sector [12] - Haitong International expressed optimism about the pharmaceutical sector, particularly Stone Pharmaceutical Group, expecting it to return to an upward cycle by 2026 [12]