连续两年多，金银经历了一大波大涨和高位史诗级暴跌。见证历史后，一则关于"中财期货精准做空白银，三天爆赚36亿"的消息在市场流传。这家公司背 后被称为"北京大空头"的神秘人到底是谁？ 文丨金融八卦女频道 作者：兴华 连续两年多，金银经历了一大波大涨和高位史诗级暴跌，尤其是白银，冲破120美元/盎司的新高之后，连续3个交易日暴跌40%。 见证历史后，一则关于"边锡明中财期货精准做空白银，三天爆赚36亿"的消息在市场流传。 这位边锡明就是中财期货的实控人，被外媒起了外号"北京大空头"。 · · · 一轮金银暴涨暴跌，金店经历了排队买金，到排队回收。 而股市和期货市场，才是真的血雨腥风，有人在金银铜行情中爆赚百亿，有人在股市中坐看身价翻番。 有的人出身实业做期货，有的人出身期货转行股市投资化身牛散，顶级交易员们在市场中，又又又刷新了历史。 1. / 一轮行情爆赚百亿， 神秘"北京空头"到底是谁/ 据测算，中财期货席位在近期白银价格崩盘前建立了大规模空头头寸，这笔逆势布局的收益已超过5亿美元（约合36亿元人民币）。 最近三年内，中财期货席位连续做多黄金、铜，做空白银，已经赚了将近40亿美元（约280亿人民币）。 不过， ...

选中沐曦股份这棵"幼苗"的领投方，是南创投旗下的和利智芯基金。此后，南创投另两只子基金经纬创 壹号基金、创鼎铭和基金，先后在沐曦股份发展的不同阶段加码。五年多的追投与陪伴，南京市、区两 级基金通过南创投子基金累计投资沐曦股份约8亿元。 南创投组建七年以来，已助力157家科技型企业登陆资本市场。直投项目包括科创板上市的药康生物、 磁谷科技、茂莱光学、晶升股份；创业板上市的汉桑科技；港交所上市的荃信生物、药捷安康等。 培育一批"幼苗"成长为扎根资本市场的"大树"，南创投又瞄准了新一批"幼苗"，成为他们科创道路上 的"长跑"合伙人。在南创投的已投项目中，南京江北新区的芯德半导体已递交港股上市申请；六合区引 进的星河动力项目已在北京证监局完成上市辅导备案。 ◎钱佳滢 记者 仲茜 2月9日，总规模100亿元的紫金山国际科创母基金在2026紫金山创投大会上正式发布。这一基金由南京 市创新投资集团（下称"南创投"）联合"紫金山国际科创基金街区"的三大主承载区共同发起设立。 在支持科技创新的过程中，"耐心资本"在不同环节各司其职。南创投作为南京市委、市政府在2018年批 准组建的专业化创业投资平台，聚焦以实体经济为导向的科技 ...

Market Overview - A-shares experienced a slight fluctuation today, with the Shanghai Composite Index rising by 0.13% to close at 4128.37 points, and the Shenzhen Component Index increasing by 0.02% to 14210.63 points. However, the ChiNext Index fell by 0.37% to 3320.54 points. The total trading volume in the Shanghai and Shenzhen markets was 21,249 billion, a decrease of 1,455 billion compared to the previous day [3][4]. Key Market Trends - The core focus of the market today was on the film and television sector, driven by two main factors: the optimistic expectations for the Spring Festival box office and the launch of ByteDance's Seedance 2.0 software, which has made significant advancements in video production technology. The market anticipates that strong box office performance could lead to further gains in the sector post-holiday, while underperformance could result in substantial corrections [4][5]. - The cultural media, gaming, education, internet services, and software development sectors saw significant gains, aligning with market expectations for a surge in AI applications around the holiday period [5]. Sector Performance - The precious metals and new energy sectors experienced notable adjustments. The precious metals sector's decline is attributed to profit-taking following recent price rebounds in gold and silver. The new energy sector, including solar, energy metals, batteries, and wind power, also saw weakness after previous gains, particularly following a short-term surge in the solar sector [6]. - The financial sector showed mixed performance, with the banking sector rising by 0.20%, the securities sector increasing by 0.38%, and the insurance sector declining by 0.43%. This indicates that the financial sector remains a potential stabilizing force in the market [6]. Technology Sector Insights - There was a significant divergence within the technology sector, with some stocks like Tianfu Communication reaching new highs, while others like New Yi Sheng showed downward trends. This divergence is largely due to changes in order dynamics within the chip industry, leading to increased caution among investors [7]. - The Hong Kong market also reflected a similar trend, with the Hang Seng Index and Hang Seng Technology Index experiencing gains followed by declines, primarily influenced by the performance of major stocks like Tencent Holdings, which fell by nearly 1.88% [7]. Competitive Landscape - The ongoing "red envelope war" among major internet companies is intensifying, with platforms competing for AI traffic. Stock performance among these companies has shown clear differentiation, with Alibaba rising by 1.45% and Baidu by approximately 0.9%. This competition is not just a short-term marketing strategy but is expected to significantly impact the future market positioning and industry landscape of these platforms [8].

Group 1 - MiniMax-WP and Zhizhu have experienced significant stock price increases, with Zhizhu rising by 24% and MiniMax by 11% following a report from JPMorgan recommending investors to buy these emerging AI model developers' stocks [1] - Both companies have emerged as stars in the Chinese tech boom driven by DeepSeek technology breakthroughs, with MiniMax's stock price increasing by approximately 230% and Zhizhu's by over 170% in just over a month since their listings on the Hong Kong stock market [1] - JPMorgan analysts emphasized that MiniMax and Zhizhu are "core targets to capture the next wave of global AI value creation," highlighting their roles as prominent independent large language model developers accelerating their global business expansion [1] Group 2 - JPMorgan's "overweight" rating marks a significant authoritative response from Wall Street to the new wave of Chinese AI companies going public, with Goldman Sachs also initiating "buy" ratings for chip designers Shanghai Birun Technology and Muxi [2] - JPMorgan estimates that MiniMax's revenue growth will be particularly steep, with most sales coming from overseas markets, projecting a compound annual growth rate of 138% from 2025 to 2030; Zhizhu's sales growth is expected to reach 127%, with both companies likely to achieve profitability by 2029 [2]

这两家公司是过去一年因DeepSeek技术突破引发的中国科技热潮中脱颖而出的最新明星企业。今年早 些时候，二者相继登陆港股，乘势于香港股市强劲的AI投资热潮实现股价飙升——MiniMax在短短一个 多月内涨幅高达约230%，智谱同期涨幅更突破170%。 摩根大通分析师在最新研报中强调，MiniMax与智谱是"捕捉全球AI价值创造下一波浪潮的核心标的"。 报告指出，这两家企业作为最具辨识度的独立大型语言模型开发商，正加速推进全球化业务布局。 MiniMax-WP(00100)与智谱(02513)在香港股市迎来大幅上涨行情，此前摩根大通发布研报力推投资者买 入这两家新兴人工智能模型开发商的股票。具体来看，智谱股价盘中最高飙升24%，MiniMax亦录得 11%的涨幅。值得关注的是，摩根大通分析师奥利维亚.徐(Olivia Xu)团队首次对这两家企业进行评级覆 盖，均给予"增持"评级。 此次摩根大通的"增持"评级，标志着华尔街对新一轮中国AI企业上市潮的首批权威回应。值得注意的 是，本周高盛集团亦同步跟进，首次给予芯片设计商上海壁仞科技(06082)和沐曦股份(688802.SH)"买 入"评级，核心逻辑同样指向A ...

2026年是"十五五"开局之年，起步之时当有关键作为。1月起，地方省级两会密集召开，从因地制宜发展新质生产 力到持续释放内需潜力，从改革攻坚到民生改善，各地正把中央部署转化为"施工图""任务书"，以实干奋力跑出 高质量发展加速度。 人民网推出地方两会观察系列报道，聚焦各地区锚定目标任务、扎实推动高质量发展的有力举措和积极探索，记 录各地干部群众推进中国式现代化建设的坚实步伐，展现新征程上奋楫争先的地方实践。 眼下，京津冀商业航天势头正劲，天兵科技攻坚"一箭36星"技术；长三角AI产业亮点纷呈，岁末年初上海5家硬核 企业登陆资本市场；大湾区创新活力迸发，深圳"6个90%"格局亮眼……这些鲜活场景，正是中国科技企业以创新 引领经济发展的生动注脚。 2025年底召开的中央经济工作会议明确提出，"建设北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创 新中心"，明确"强化企业创新主体地位"，将北京、上海国际科技创新中心分别拓展至京津冀、长三角四省市，为 企业创新搭建起更广阔的舞台。 2026年1月以来，地方省级两会密集召开，各地代表委员围绕政策精准赋能、资源高效对接、协同机制完善等议题 各抒己见，为企业如何在创新 ...

作者｜张楠 来源｜锦天城律师事务所郇海亮团队 二、监管逻辑：锁定期优先看"身份"；没有"身份"再看"排名" 之所以产生上述关于锁定期的误解，系源于对《<首次公开发行股票注册管理办法>第十二条、第十三条、第三十一条、第四十四条、第四十五条和<公开 发行证券的公司信息披露内容与格式准则第57号——招股说明书>第七条有关规定的适用意见——证券期货法律适用意见第17号》（以下简称"《17号意 见》"）规定的理解不充分。《17号意见》规定，发行人控股股东和实际控制人所持股份自发行人股票上市之日起36个月内不得转让；发行人没有或者难 以认定实际控制人的，发行人股东应当按持股比例从高到低依次承诺其所持股份自上市之日起锁定36个月，直至锁定股份的总数不低于发行前股份总数的 51%。 根据交易所与证监会的监管要求，对锁定期的核心判断是"是否构成控制或一致行动"，而非"持股排名"或"表决权是否达到一定比例"： 因此，公司存在实际控制人的情况下，即便实际控制人表决权未达30%，第二大股东甚至第三大股东只要属于财务投资人，仍可适用12个月锁定。 三、实务启示：财务投资人如何"干净"锁定12个月？ 在A股IPO的语境里，"第一大股东表 ...

Summary of MetaX (688802.SS) Conference Call Company Overview - **Company Name**: MetaX (688802.SS) - **Industry**: Technology, specifically in GPU manufacturing and AI computing solutions - **Market Cap**: Rmb205.1 billion / $29.6 billion - **Target Price**: Rmb811.00, current price Rmb512.62, implying an upside of 58.2% [1][6] Core Insights - **Growth Projections**: MetaX's AI training/inferencing GPU business is expected to grow at an **88% CAGR from 2025 to 2030**. This growth is driven by: 1. Increased **China Cloud Capex spending** due to the ramp-up of AI infrastructure following the launch of local foundation models in late 2024. 2. Market share gains in China through a competitive price-to-performance ratio and government support for local AI chips. 3. Launch of upgraded AI chips, specifically the **MetaX C600** in October 2025, which enhances computing power and performance. 4. A full-stack solution and expanding ecosystem to facilitate clients' AI deployment. 5. Expansion of advanced node capacity in China to support local AI chip production [1][2][37]. - **Revenue Forecast**: Expected revenues are projected to reach: - Rmb1,699.3 million in 2025 - Rmb4,687.9 million in 2026 - Rmb10,585.8 million in 2027 [6][16]. - **Profitability Outlook**: - EBITDA is expected to turn positive in 2026, reaching Rmb531.9 million by 2027. - Net income is projected to turn positive in 2026, growing to Rmb6.4 billion by 2030 [6][40]. Competitive Landscape - **Market Concerns**: There are concerns regarding local foundry capacity and competition. However, the company does not anticipate fierce pricing competition due to the large and growing market and high entry barriers in AI chip design [2][20]. - **Competitive Advantages**: 1. General-purpose GPUs based on in-house architecture and IP. 2. The **MXMACA ecosystem** to support client migration and deployment. 3. Strong partnerships with industry clients for large-scale computing clusters [2]. Financial Highlights - **Key Financial Ratios**: - P/E ratio is not applicable (NM) for 2024-2026, but expected to be 39.6 in 2027. - Gross margin is expected to decline from 56% in 2025 to 52% in 2030 due to larger client exposure [12][40]. - Free cash flow is expected to turn positive in 2028, reaching Rmb4.2 billion by 2030 [40]. - **Cash Flow Projections**: - Cash flow from operations is expected to improve significantly, with net income projected to reach Rmb6.4 billion by 2030 [46]. Risks and Challenges - **Key Risks**: - Slower-than-expected growth in China Cloud Capex. - Increased competition in the AI chip market. - Constraints in advanced node foundry capacity [20][47]. Conclusion - **Investment Recommendation**: The company is initiated with a **Buy** rating, supported by strong growth prospects in the AI GPU market and a favorable valuation based on projected future earnings [1][47].

投资界消息，2月9日，2026紫金山创投大会在南京隆重启幕。会上，百亿紫金山国际科创母基金重磅发布。据悉，该母基金总规模达100亿元，由南京市 创投集团联合建邺区、栖霞区、江宁区共同发起设立，投资布局锚定江苏1650产业体系及南京1026先进制造业集群，构建"概念验证-天使-VC-PE-并购"全 链条基金矩阵，子基金投资比例不低于80%，直接投资比例不高于20%。南京将以更有力的政策、更开放的姿态，引导资本集聚，推动产业创新。该母基 金设置20年超长投资期限，以更长远的投资视角、更从容的退出安排，谋求推动资本与产业深度绑定、协同发展，重点培育一批具有长期核心竞争力和可 持续成长能力的优质企业。 产业培育的累累硕果，在一组组数据中清晰映现。截至2025年底，南京市创投集团通过子基金及直跟投方式累计对外投资超2300家企业，其中投资南京企 业近800家，累计支持南京高新技术企业超320家、专精特新企业超160家，并陪伴近150家独角兽、培育独角兽及瞪羚企业成长壮大。 会上，国央企基金、省级基金、各类合作基金密集落地，大会揭牌、发布和签约基金总规模超700亿元。除中国国新两只百亿基金外，还有5只国央企基金 签约落地 ...

高盛给予壁仞科技和沐曦股份首次买入评级，并称中国云计算资本开支上升、先进制程产能扩张等料驱 动其业务增长。高盛预计壁仞科技在2025–2030年间的AI训练/推理GPU业务将实现101%复合年增长 率，AI芯片出货量料从2025的3万片增长至2030年的90万片。预计沐曦股份的AI训练与推理GPU业务将 在同期实现88%的复合年增长率。壁仞科技12个月目标价定为54港元，沐曦股份则定为811元人民币。 本文源自：金融界AI电报 ...