THE 2028 GLOBAL INTELLIGENCE CRISIS A Thought Exercise in Financial History, from the Future "2028年全球情报危机：从未来视角看金融史的思考练习"。 文：王如晨 这应该是2026年开年以来，夸克君读到的最有分量的文章之一。 这是前天(2月23日)，西特里尼研究(CitriniResearch)联合阿拉普·沙阿一起发布的报告。 虽说本地媒体大多没怎么关注，但它一出来，直接像颗惊雷，震到了华尔街。 这份科幻感十足的报告描绘了一个令人不寒而栗的场景：人工智能创新可能在2028年引发一场重大金融危机，并波及全球各行业。 它以2028年为时间背景，作了一番预判式的宏观经济分析，描绘了人工智能引发的全球性金融危机悲观预期。正因这个，直接触发了美股恐慌性抛售。 很直观，标普500指数短期内波动一下子大了起来。软件、信用卡被报告列为"易受AI冲击"板块，直接暴跌。ServiceNow单日跌18%，运通跌 逾10%。SaaS领域最惨，一度被称为"SaaS大屠杀"，跟踪美股SaaS板块的IGV指数调整得明显，Atlassian这些龙头 ...

来源：科技日报 科技日报记者 崔爽 2月25日，继除夕开源Qwen3.5-397B-A17B之后，阿里继续开源千问3.5系列模型。本次开源的三款中等 规模的新模型包括Qwen3.5-35B-A3B、Qwen3.5-122B-A10B、Qwen3.5-27B。基于架构创新和训练突 破，三款模型均超越了更大尺寸的上代旗舰模型。 据了解，千问3.5模型采用混合注意力机制，结合高稀疏的MoE架构创新，并基于更大规模的文本和视 觉混合Token上训练，新模型以更小的总参数和激活参数量，实现了更大的性能提升。 值得注意的是，千问3.5新模型可直接部署于消费级显卡，实现开发者友好。 数据显示，截至目前，阿里已开源千问模型超400个，全球下载量突破10亿次，衍生模型数超20万。同 时，除夕开源的Qwen3.5-397B-A17B 模型已登顶Hugging Face全球榜首。 ...

行业 贵金属日评 日期 2026 年 02 月 26 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 特朗普政府暂未实施 15%的 122 条款临时关税，而且美伊形势展现出缓和可 能性，隔夜黄金冲高回落但仍大致维持在 5150 美元/盎司上方；市场初步消化美 国关税政策对宏观经济的负面冲击，工业需求预期修复以及关键矿产战略价值预 期推高银铂钯价格。我们判断贵金属中长期上涨驱动力不变，贵金属板块已有从 1 月底暴跌中恢复的迹象，建议投资者继续持偏多思路参与交易；但波动性显著 上升也加大了杠杆交易的风险，建议投资者严格控制仓位以规避短期波动风险。 ...

特朗普政府正推动一项旨在切断AI数据中心扩张与居民电费上涨之间关联的重要举措。 2月25日，据福克斯新闻报道，亚马逊、谷歌、Meta、微软、xAI、甲骨文和OpenAI等科技巨头将于3 月4日齐聚白宫，正式签署特朗普在国情咨文演讲中宣布的"电费缴纳者保护承诺"（Rate Payer Protection Pledge）。 根据该承诺，上述公司将为新建AI数据中心自行建设、引入或采购电力供应，不再依赖现有公共电 网，从而避免将能源成本转嫁给普通美国家庭。白宫发言人Taylor Rogers表示，特朗普致力于"在确保 美国AI主导地位的同时，降低工薪家庭的生活成本"。 特朗普国情咨文首发，白宫主导推进 这一举措的政策脉络可追溯至特朗普本周二发表的国情咨文演讲。 据华尔街见闻文章指出，特朗普在国情咨文演讲中称，陈旧的电网已无法满足AI发展所需的庞大电力 需求。他表示，已告知大型科技公司需要自备电力并自建工厂。 他在演讲中宣布已就"电费缴纳者保护承诺"完成谈判，并明确阐述了政策逻辑： "我们的电网已经老化，根本无法承载数据中心所需的庞大电力需求。所以我告诉这些公 司，他们可以自建电厂，自己生产电力。这既能保障公司的供 ...

Core Insights - The emergence of Moltbook, a social platform for AI agents, signifies a new phase in AI interaction, where millions of AI entities engage in discussions ranging from mundane topics to philosophical debates, mimicking human social behavior [1][2] - Experts suggest that while this may appear as AI "socializing," it is more accurately described as advanced imitation of human social interactions, driven by pre-set capabilities and instructions rather than genuine autonomy [3][4] Group 1: AI Social Interaction - Moltbook is a social platform specifically designed for AI agents, allowing them to post, comment, and interact autonomously, although human users cannot engage in discussions [2][3] - The platform's activities are seen as a demonstration of the capabilities of large language models, showcasing their ability to perform complex tasks and engage in social-like interactions [2][3] Group 2: Technical Limitations - Experts argue that current AI lacks self-awareness and intrinsic goals, which are essential for true social interaction; AI actions are based on external commands rather than internal motivations [4][5] - The social behavior exhibited by AI is primarily a result of pattern matching based on training data, lacking the emotional depth and strategic complexity found in human interactions [4][5] Group 3: Future Implications - The potential for AI to improve through social interactions exists, as collaborative dialogue among multiple AI agents could enhance their performance by identifying and correcting errors [5][6] - Concerns about information security arise as AI agents begin to operate in real-world contexts, highlighting the need for robust data management and privacy protections [6][7] Group 4: Industry Perspectives - The combination of AI tools and social platforms represents a significant shift towards collective intelligence, where AI agents can collaborate and share knowledge, potentially leading to greater efficiency [8][9] - The current phase of AI development is viewed as a large-scale experiment, with the understanding that while risks exist, they stem more from the potential for misinformation rather than AI autonomy [9][10]

Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [27] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [27][28] - Income from operations for the full year was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [27][28] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [30] Business Line Data and Key Metrics Changes - Accommodation Reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [28] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [28] - Package Tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, with full-year revenue at RMB 4.7 billion, an 8% increase [28] - Corporate Travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [29] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [12] - In 2025, approximately 20 million inbound travelers were served, connecting demand to about 150,000 hotels, with over 63,000 hotels serving inbound travelers for the first time [12][14] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue and bookings in 2025 [55] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation [5][9] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem [8] - The company aims to enhance its AI capabilities to improve operational efficiency and user experience, positioning itself as a leader in the evolving travel landscape [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting a potential 5x-10x growth for inbound travel in China [47] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [26][37] - Travel sentiment remains strong, with leisure travel being the primary driver of market growth, and the company is strategically positioned to capture this demand [55] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [26] - The company has invested approximately RMB 2.9 billion to enhance the overall travel experience for users, focusing on customer protections and service quality [22] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the SAMR and remains committed to fostering a transparent environment while focusing on core investment priorities [35][36] Question: Impact of AI disintermediation on OTA business model - The company views AI advancements as a catalyst for its strategy, emphasizing the importance of its transactional and service layers in the travel industry [39][40] Question: Future growth trajectory for inbound tourism - Management believes inbound travel to China is at the start of a significant growth cycle, with efforts to promote the country as a travel destination [46][47] Question: Booking trends during Chinese New Year - The extended holiday stimulated travel demand, with robust growth in domestic and outbound business, particularly in long-haul destinations [53][54] Question: Competition in the domestic travel market - The company acknowledges dynamic competition but maintains its competitive edge through high service levels, comprehensive product offerings, and global coverage [57][60] Question: Operational highlights and outlook for 2026 - The company expects continued strong growth in international bookings, particularly in the APAC region, supported by its globalization strategy [66][67] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [74][75]

Trip.com Group (NasdaqGS:TCOM) Q4 2025 Earnings call February 25, 2026 07:00 PM ET Company ParticipantsAlex Yao - Co-Head of Asia TMT ResearchCindy Wang - CFOJames Liang - Executive Chairman of the BoardJane Sun - CEOMichelle Qi - Senior Investor Relations DirectorParash Jain - Head of Transport ResearchSimon Cheung - Managing DirectorThomas Chong - Managing Director and Regional Head of Internet & MediaYang Liu - Executive DirectorConference Call ParticipantsBrian Gong - Equity Research AnalystJoyce Ju - E ...

为保障节后顺利复工复产，春节前，人力资源社会保障部等部门在全国启动"2026年春风行动"。这段时 间，各地举办了形式多样的招聘活动，帮大家在家门口享受便捷的公共就业服务。 在江苏南京，首场面向高校毕业生的新春专场招聘会，近100家企业带来2000多个岗位，人工智能、新 能源等领域用工需求旺盛。 人社部门摸排返乡人员就业意愿，既在商圈、集市举办综合性招聘，也深入社区、乡村，组织"家门 口"的微招聘，助力求职者就近就业、精准择业。 在积极举办招聘会的同时，一些地方优化线上求职渠道，提升就业服务覆盖面与便捷度。在浙江湖州， 当地通过线上平台集中实现岗位发布、登记、求职、人岗匹配等服务功能，为求职者和用人单位搭建更 畅通的双向对接平台。 江苏连云港就把招聘会搬进古城集市，设置了南北对接、零工、创业等8个主题市集，238家企业提供岗 位8500多个。现场还为求职者提供招聘对接、创业指导、技能培训等全链条就业服务。 湖州市就业管理服务中心副主任莫云峰：联动市、区县、乡镇、街道以及零工市场，高频率举办各类大 中小型招聘活动。同时我们也将就业二维码广泛张贴于有就业需求的村社及人流密集区域，助力群众在 家门口就近享受便捷公共就 ...

天眼查显示，近日，海南智汇谷高科技术有限公司成立，法定代表人为陈德成，注册资本260万人民 币，由北京星源探索科学技术有限公司全资持股。 序号股东名称持股比例1北京星源探索科学技术有限公司100% 经营范围含许可经营项目：公章刻制（许可经营项目凭许可证件经营）一般经营项目：信息系统集成服 务；大数据服务；卫星导航多模增强应用服务系统集成；软件开发；动漫游戏开发；人工智能应用软件 开发；网络与信息安全软件开发；人工智能公共服务平台技术咨询服务；电竞信息科技；人工智能公共 数据平台；人工智能理论与算法软件开发；生物质能资源数据库信息系统平台；网络技术服务；数字内 容制作服务（不含出版发行）；计算机系统服务；计算机软硬件及辅助设备批发；计算机软硬件及辅助 设备零售；计算机及办公设备维修；电子产品销售；智能车载设备销售；信息技术咨询服务；计算器设 备销售；信息安全设备销售；通讯设备修理；通信设备销售；移动终端设备制造（经营范围中的一般经 营项目依法自主开展经营活动，通过国家企业信用信息公示系统（海南）向社会公示） 来源：市场资讯 企业名称海南智汇谷高科技术有限公司法定代表人陈德成注册资本260万人民币国标行业信息传输 ...

刚刚过去的一年，省属国资国企交出一份亮眼成绩单：截至2025年末，26户省属企业资产总额5.77 万亿元，不包括直辖市，省属企业营业收入、利润总额、资产总额分别居全国省级监管企业第1、2、2 位，主要经营指标稳居全国前列。葛志强表示，下一步，将聚焦服务全省四个万亿级新兴支柱产业和四 个千亿级新兴潜力产业，大力实施"价值创造引领、产业育新升级、市县监管提升、资本布局优化、资 产质量提高、公司治理提质"六个专项行动。坚持"产业培育、科技赋能、基金助力、上市跃升"四位一 体、同向发力，加快发展新质生产力，坚定不移做强做优做大国有企业和国有资本，为全力打造北方地 区经济重要增长极作出新的更大贡献。 春节假期后首个工作日，全省干事创业担当尽责确保"十五五"开好局工作会议召开，擂响了全省上 下开拓进取、实干争先的奋进鼓点。广大干部群众一致表示，在"十四五"圆满收官、全省地区生产总值 迈上10万亿元新台阶的关键节点，这次会议既是对极不平凡历程的深刻总结，更是为"十五五"开局起步 标定方向、指明路径。大家表示，要以"时时放心不下"的责任感和"事事心中有底"的行动力，把各项工 作抓得更紧更有成效，在能干、会干、善干中开拓进取。 ...