隔夜美股收跌白银暴跌逾10%，韩股日股盘初大跌。港股三大指数大幅低开，恒指跌1.97%，国指跌 1.88%，恒生科技指数跌2.42%。权重科技股集体下挫，其中百度跌4.33%，阿里巴巴、快手跌近4%， 京东、腾讯跌超2%；金银价格再度迎来暴跌，黄金股继续跌势，中国黄金国际、灵宝黄金、山东黄金 均跌超5%。另外，新消费概念股继续活跃，沪上阿姨涨近5%，中药产业利好政策公布，中药股集体上 涨。(格隆汇) ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 百度、金蝶国际跌超4%。阿里巴巴、快手、哔哩哔哩、华虹半导体等跌超3%。 风险提示及免责条款 ...

| 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 盈富基金(02800) | -37.62 亿 | -16.47% | 27.000（+0.22%） | | 中芯国际(00981) | -15.84 亿 | -24.07% | 70.450（-2.42%） | | 阿里巴巴-W(09988) | -12.14 亿 | -6.84% | 161.000（-1.41%） | | 快手-W(01024) | -3.77 亿 | -7.36% | 73.450（-4.61%） | | 百济神州(06160) | -3.60 亿 | -32.55% | 205.800（+3.89%） | | 长飞光纤光缆(06869) | -1.87 亿 | -5.53% | 94.950（+12.23%） | | 中国宏桥(01378) | -1.62 亿 | -6.97% | 35.300（+1.26%） | | 中国太平(00966) | -1.49 亿 | -32.35% | 25.300（+2.51%） | | 长城汽车(02333) | -1.39 亿 ...

Core Viewpoint - The recent implementation of the "Network Transaction Platform Rules Supervision Management Measures" marks a significant shift in the e-commerce landscape, aiming to combat the malicious "only refund" practices that have plagued the industry, thus signaling the end of a chaotic era in e-commerce [1][8]. Group 1: Background and Evolution of "Only Refund" Mechanism - The "only refund" mechanism was introduced in 2021 to address the high logistics costs associated with returning perishable goods, allowing consumers to receive refunds without returning items, which initially reduced costs for both consumers and merchants [2][3]. - As the e-commerce industry shifted towards a focus on user retention, platforms began to excessively promote the "only refund" policy across all categories, leading to widespread misuse and a competitive race to offer the most lenient return policies [2][3]. Group 2: Impact on Merchants - Merchants have faced significant challenges due to the lack of oversight in the "only refund" process, with some consumers exploiting the system to obtain refunds without returning products, leading to substantial financial losses for businesses [3][4]. - The misuse of the "only refund" policy has created a detrimental ecosystem where dishonest consumers profit at the expense of honest merchants, forcing the latter to either cut costs or raise prices to compensate for losses [4][6]. Group 3: Regulatory Response and Platform Adjustments - In response to the escalating issues, major e-commerce platforms began to refine their "only refund" policies in late 2024, with initiatives aimed at enhancing merchant autonomy and reducing the incidence of malicious refund requests [6][8]. - The introduction of the "Network Transaction Platform Rules Supervision Management Measures" on February 1, 2026, explicitly prohibits platforms from forcing merchants to accept "only refund" requests, marking a pivotal regulatory intervention [8]. Group 4: Future Outlook - The ongoing regulatory efforts and platform reforms are expected to restore balance in the e-commerce ecosystem, fostering a healthier environment for both consumers and merchants, as evidenced by improved merchant sentiments regarding platform policies [8]. - The application of AI technology to detect fraudulent refund claims is also being implemented, further supporting merchants in combating abuse of the refund system [7][8].

去年十一月，保利诺受邀来到北京参加二〇二五世界中文大会，并在"数智时代本土中文教育体系构 建"平行论坛上发言。 受访者供图 路易斯·安东尼奥·保利诺教授，是巴西圣保罗州立大学孔子学院院长、世界银行高级顾问、巴西孔子学 院联盟首任主席。他曾担任巴西财政部特别顾问、巴西总统府政治协调和机构事务秘书处副秘书、巴西 体育部首席顾问等职，原孔子学院总部理事会理事。 2008年，保利诺牵头创办巴西首家孔子学院——圣保罗州立大学孔子学院，并持续担任巴方院长至今。 深耕中文教育与中巴人文交流十八载，他因贡献突出，于2023年获中国首届兰花奖"友好使者"奖，2024 年获颁世界中文大会"孔院之光"致谢铭牌。 读数十卷中国书 行万里中国路 保利诺认识中国的起点，是青年时代的一本葡语版《毛泽东选集》。"20世纪70年代，中国当时已经成 功反抗了帝国主义的压迫，正在建设社会主义。对于我们这些秉持社会主义理念的人来说，中国一直是 巨大的精神鼓舞。"保利诺说，这部伟人思想巨著，在他彼时20岁的心中埋下一颗兴趣的种子。 2003年，保利诺进入巴西总统府工作，出任政治协调与机构事务秘书处副秘书。一年后，在卢拉总统首 次访华后，他前往中国了解 ...

Core Viewpoint - The recent implementation of the "Network Transaction Platform Rules Supervision Management Measures" marks a significant shift in the e-commerce landscape, aiming to combat malicious "only refund" practices that have plagued the industry for years [1][8]. Group 1: Background and Evolution of "Only Refund" Mechanism - The "only refund" mechanism was introduced in 2021 to address the high logistics costs associated with returning perishable goods, allowing consumers to receive refunds without returning items [2]. - Initially intended as a consumer-friendly solution, the mechanism was misused as e-commerce platforms prioritized user retention and customer satisfaction, leading to its expansion across all product categories [2][3]. - The misuse of the "only refund" policy resulted in a surge of fraudulent claims, with consumers exploiting the system to obtain refunds without legitimate reasons [3][4]. Group 2: Impact on Merchants and Industry - The proliferation of malicious refund claims created a detrimental environment for honest merchants, forcing them to either cut costs, lower product quality, or raise prices, ultimately harming the overall market ecosystem [4]. - Reports indicate significant financial losses for merchants due to fraudulent activities, with some individuals exploiting the system to generate substantial profits through repeated "only refund" claims [4][7]. - The situation escalated to the point where the "only refund" mechanism became synonymous with legal exploitation, leading to a crisis in merchant trust and operational viability [4][5]. Group 3: Regulatory Response and Industry Adjustments - In response to the growing chaos, e-commerce platforms began to refine their "only refund" policies starting in late 2024, with measures aimed at protecting merchants and curbing fraudulent activities [6]. - The introduction of the "Network Transaction Platform Rules Supervision Management Measures" in February 2026 explicitly prohibits platforms from forcing merchants to accept malicious refunds, signaling a regulatory shift towards fairer practices [8]. - E-commerce platforms are now implementing new technologies, such as AI for detecting fraudulent claims, and enhancing merchant support systems to restore balance in the marketplace [7][8].

Core Viewpoint - The Hong Kong stock market showed signs of recovery with major indices turning positive, supported by domestic capital inflows and a mixed performance across sectors, particularly in technology and traditional industries [1][4]. Group 1: Market Performance - The Hang Seng Technology Index reached a new low during the day but closed up by 0.74% at 5406.13 points [2] - The Hang Seng Index and the National Enterprises Index increased by 0.14% and 0.5%, respectively [1] - Major tech stocks such as Xiaomi and Baidu rose nearly 3%, while Meituan increased by nearly 2% [1] Group 2: Sector Movements - Consumer sectors including dining, dairy, and beer stocks collectively rose, while telecommunications, biomedicine, home appliances, automotive, banking, and brokerage stocks also strengthened [2] - In contrast, sectors like gold and non-ferrous metals experienced downward volatility, with semiconductor and AI-related industries undergoing continued adjustments [3] Group 3: Trading Activity - The total trading volume for the Hang Seng Index reached 315.11 billion HKD, indicating a certain level of market activity [4] - Southbound capital saw a net purchase of nearly 25 billion HKD, becoming a key driver for market support [4] - Short selling reached a record high of 40.17 billion HKD, accounting for 12.75% of the trading volume, indicating ongoing market volatility [4] Group 4: Investment Trends - There is a notable shift in market focus from high-tech sectors like AI to more traditional industries [4] - Hedge funds are reportedly increasing short positions in software stocks, contributing to a significant sell-off in that sector [6] - Goldman Sachs forecasts a 3% appreciation in the nominal effective exchange rate of the RMB, which may benefit cyclical traditional industries [6] Group 5: Future Outlook - Analysts expect the market to maintain a volatile trend, with potential rotation in investment styles and themes [8] - The current valuation expansion space for Hong Kong stocks is limited, with earnings performance likely to dictate market trends [8] - A "technology + dividend" strategy remains effective in the short term, with an emphasis on defensive sectors such as banking, insurance, telecommunications, and utilities [8]

Core Viewpoint - Kuaishou is enhancing the Chinese New Year experience in 2026 by integrating online and offline activities, offering a diverse content matrix that includes traditional customs, family reunions, and entertainment events [1][5]. Group 1: Event Activities - Kuaishou will create a rich online and offline experience during the Spring Festival, featuring activities such as temple fairs, family dinners, and star-studded performances [1][5]. - The platform will sponsor special high-speed trains named "Old Iron Homecoming Special" to facilitate users' return home, with interactive events and gift distributions [2]. - A 12-hour immersive live broadcast titled "Immersive Northeast New Year" will take place, showcasing local customs and celebrations [2][3]. Group 2: Entertainment and Content - Kuaishou will host a special live broadcast featuring popular figures from "The Countrymen of Xiangyashan" to celebrate the small New Year [3]. - The platform will launch a series of live performances and cultural events, including traditional performances and a themed Spring Festival Gala [3][4]. - Kuaishou will release a new AI animated short film series titled "The Horse Adventure" to celebrate the New Year [6][7]. Group 3: Promotions and Engagement - Kuaishou will implement various red envelope activities from February 4 to 23, including cash rewards and interactive games to enhance user engagement [9]. - The platform will distribute over 10,000 movie vouchers and host more than 20 private screenings in six cities to promote a festive atmosphere [4]. - A series of social interaction activities will be launched, allowing users to engage with friends through challenges and themed decorations [10][11]. Group 4: Educational and Sports Initiatives - Kuaishou will offer a "Winter Break Interest Class" featuring live courses from renowned educators to support students' learning during the holiday [7]. - The platform will collaborate with sports figures to create viewing experiences for the 2026 Milan Winter Olympics and local winter sports events [7].

HONG KONG, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced the launch of its Kling AI 3.0 models — including Video 3.0, Video 3.0 Omni, Image 3.0 and Image 3.0 Omni — giving creators greater narrative control and stronger consistency in AI video generation. The model series features major upgrades in consistency, photorealistic output, extended ...

香港, Feb. 05, 2026 (GLOBE NEWSWIRE) -- 領先的內容社區及社交平台快手科技（「快手」或「公司」；港幣櫃台股份代號：01024 / 人民幣櫃台股份代號：81024）宣佈，可靈AI於2月5日正式全球上線3.0系列模型，包括可靈視頻3.0、可靈視頻3.0 Omni及可靈圖片3.0、可靈圖片3.0 Omni模型，為創作者帶來更強大的敘事控制力和更高的AI視頻生成一致性。該系列模型在一致性、照片級真實輸出、最長15秒視頻時長，以及多語言、方言與口音的原生音訊生成方面實現了重大升級。 可靈3.0系列模型基於All-in-One產品理念構建，支持涵蓋文本、圖像、音訊和視頻的全模態輸入與輸出，將視頻的理解、生成和編輯整合到一個高效、流暢的AI工作流中。模型將多項任務（包括文字轉視頻、圖像轉視頻、參考轉視頻以及視頻內編輯）統一融入單一的原生多模態架構，使其能夠遵循複雜敘事邏輯、實現精準鏡頭控制，並保持極高的提示遵循度。 可靈視頻3.0：電影級敘事與精準掌控視頻3.0版本通過改進元素一致性進一步提升創作控制，允許創作者上傳參考視頻和多張圖像參考，確保人物、物體和場景在各幀間保持視覺連貫。 可靈 ...