Market Performance - COMEX gold futures rose by 2.17% to $5050.50 per ounce, while COMEX silver futures increased by 1.98% to $77.180 per ounce [1] - The three major US stock indices closed mixed, with the Dow Jones up 0.10%, the Nasdaq down 0.22%, and the S&P 500 up 0.05% [1] - Major tech stocks like Apple and Nvidia fell over 2%, while Google and Meta dropped more than 1% [1] Domestic Metal Market - The domestic metal market saw a general decline before the Spring Festival, with significant drops in prices for tin and silver [3] - Shanghai gold futures fell by 1.61% to 1110.10 yuan per gram, while Shanghai silver futures dropped by 5.52% to 19782 yuan per kilogram [3] - The decline in gold and silver prices is attributed to weakened market sentiment and risk appetite, exacerbated by a significant drop in US stocks [3][4] Employment Data Impact - The US non-farm payroll data for January showed an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000 [4] - This strong employment data has reduced the perceived necessity for the Federal Reserve to lower interest rates in the short term [4] - However, the total projected job growth for 2025 was revised down by 898,000, indicating that one month's data may not reflect a complete turnaround in the job market [4] Market Sentiment and Future Outlook - Analysts suggest that the gold and silver markets are currently in a "rebalancing" phase, with prices expected to remain volatile in the short term [5] - Long-term factors such as high global debt, geopolitical tensions, and structural shortages in silver are expected to support higher prices after adjustments [5] - The upcoming release of key macroeconomic data during the holiday period is anticipated to significantly influence precious metal prices post-holiday [6][7]

Group 1 - The Shanghai Public Security Bureau's Minhang branch reported a false rumor regarding a ground subsidence incident near the Jia Min Line construction area in Jiading District, Shanghai, which was claimed to be the second occurrence in less than four months [1] - The individual responsible for spreading the false information, identified as a 49-year-old woman named Luo, used AI to generate and disseminate the rumor for the purpose of gaining followers and traffic [1] - The police have issued a warning that the internet is not a lawless space and will take strict action against those who fabricate false information and create disturbances for personal gain [1]

Core Viewpoint - Qiaoyin City Management Co., Ltd. is focusing on transforming urban services through innovative AI-enabled solutions and expanding its business across multiple provinces in China [1][2] Group 1: Business Expansion and Innovation - In 2025, Qiaoyin launched the "Embodied Intelligent Urban Comprehensive Governance Service" model, establishing a complete governance capability system that transitions urban services from "passive response" to "active decision-making" [1] - The company expanded its operations to 27 provinces, enhancing its service offerings in 75 cities, with a significant focus on high-quality regions in East and South China, where over 90% of new service orders are concentrated [1] - Qiaoyin is diversifying its business into property management, new energy logistics, and recycling resources, laying a foundation for sustainable development [1] Group 2: AI and Technological Development - The company is building an AI ecosystem and has initiated the first national committee for unmanned driving and sanitation robots aimed at urban services, established in Hangzhou [1] - Collaborations with national teams in robotics and cloud computing are underway to promote China's urban comprehensive service solutions globally, engaging with representatives from Saudi Arabia, the UAE, Uzbekistan, Indonesia, and Thailand [1] Group 3: Future Outlook - The year 2026 marks the beginning of the "15th Five-Year Plan" for the country and the debut of Qiaoyin's new model, focusing on seven key business sectors including urban management, environmental innovation, and circular economy [2] - The company aims to enhance its operational management capabilities while prioritizing the improvement of people's quality of life [2]

Core Viewpoint - The launch of QQ AI's new feature "QQ Brainstorm Show" on Yuanbao provides users with a novel personal creation platform, allowing them to generate animated short videos using their photos and various templates [1][2]. Group 1: Feature Overview - The "QQ Brainstorm Show" allows users to upload personal photos to create Q-version virtual images and produce animated short videos in a fun style [1][2]. - Users can choose from a variety of video templates that include humorous skits, fantasy stories, and Spring Festival greetings [1][2]. - The feature enables users to generate videos starring their 3D avatars with a single photo upload and offers options for users to describe their own storylines for more creative outputs [1][2]. Group 2: Sharing Capabilities - Generated videos can be easily shared within the Yuanbao community, allowing users to connect and share their creations with friends [1][2].

Group 1 - The core viewpoint of the news highlights the significant stock performance of Bojie Co., Ltd. (博杰股份) driven by the liquid cooling concept sector, particularly following the financial report of its supplier, Vertiv [1] - On February 12, 2026, Bojie Co., Ltd. reached its daily limit up, reflecting strong investor interest and confidence in the liquid cooling server concept [1] - The company has signed a three-year agreement with its controlling shareholder to maintain stable control, which is crucial for investor confidence [1] Group 2 - In the recent week, Bojie Co., Ltd. experienced notable stock price fluctuations, with a drop of 1.94% on February 11, followed by a 10% increase to 83.03 yuan on February 12, and a slight rise to 83.91 yuan on February 13 [2] - The stock showed active trading with a turnover rate of 9.44% and a transaction amount of 849 million yuan, indicating strong market activity [2] - On February 12, there was a net inflow of 111 million yuan from main funds, suggesting renewed investor interest [2] Group 3 - The company's 2025 annual performance forecast indicates a projected net profit of 130 million to 160 million yuan, representing a year-on-year growth of 484.16% to 618.97%, primarily driven by AI server and new energy vehicle businesses [3] - The Q3 2025 report shows revenue of 1.117 billion yuan, a year-on-year increase of 35.61%, with a net profit attributable to shareholders of 106 million yuan, reflecting a staggering growth of 6760.54% [3] Group 4 - Over the past 90 days, multiple institutions have rated Bojie Co., Ltd. as a buy, with target prices ranging from 90 to 100 yuan, driven by optimism regarding AI server testing orders and growth potential in the robotics business [4]

Group 1 - The core viewpoint of the article highlights that the AI wave is driving a super cycle, leading to a significant increase in the value of the memory industry, which is expected to reach $551.6 billion by 2026, more than double the value of the foundry industry at $218.7 billion [2] - The memory industry's growth is attributed to supply constraints and soaring prices, which are expected to continue impacting the market [2] Group 2 - The article forecasts that by 2026, over 60% of global shipments of optical transceivers will be 800G or higher, driven by Google's new high-speed interconnect architecture to meet AI's massive computing demands [5] - The global smartphone production is projected to decline by 10% in 2026, with total production expected to drop to approximately 1.135 billion units due to rising memory prices, which may further weaken terminal demand [8][9] - Sharp's Kameyama K2 factory is set to halt operations in August, which may impact Apple's supply of IT panels and electronic paper, as the factory has been a key supplier for Apple [11] - The HBM4 validation is expected to be completed by the second quarter of 2026, with major suppliers like Samsung, SK Hynix, and Micron anticipated to form a supply structure for NVIDIA's HBM4 needs [12]

Core Viewpoint - The company Han Yi Co., Ltd. (301270) has announced a profit forecast for 2025, expecting a net profit increase of 36.23% to 70.29%, while also completing a share reduction plan by its controlling shareholder, accelerating its transformation towards cultural consumption and AI sectors [1][2][3][4]. Financial Performance - The company forecasts a net profit attributable to shareholders of 12 million to 15 million yuan for 2025, representing a year-on-year growth of 36.23% to 70.29%. The net profit after deducting non-recurring gains and losses is expected to be 7.5 million to 10 million yuan, with a significant year-on-year increase of 159.60% to 246.13% [2]. - The performance improvement is primarily attributed to enhanced business efficiency, savings on leasing costs, and a reduction in share-based payment expenses [2]. Shareholder Activity - The share reduction plan by the controlling shareholder and concerted parties was completed on January 9, 2026, with a total of 2.94% of the total share capital (2.94 million shares) being sold through centralized bidding and block trading at prices ranging from 34.20 yuan to 39.24 yuan per share [3]. Strategic Development - The company is accelerating its transformation into the cultural consumption sector, having acquired a 39% stake in Shanghai Pi Dong Cultural Media Co., Ltd. for 102 million yuan in 2025, and is strategically investing in multiple AI projects (such as WorkMagic and ARKIE) to expand its IP business and AI technology applications [4]. Institutional Holdings Analysis - As of September 30, 2025, Huaxia Industry Prosperity Mixed A has entered the top ten circulating shareholders, holding 2.1103 million shares, which accounts for 2.23% of the circulating shares. The stock has shown active performance, closing at 42.07 yuan per share on February 12, 2026, with a net inflow of 2.3505 million yuan from main funds [5]. Recent Stock Performance - Since February 2026, the stock price has shown an upward trend, with a cumulative increase of 12.55% year-to-date as of February 12, 2026. However, it has experienced a 5.03% decline over the past 20 days, indicating fluctuations in market sentiment [6].

Group 1: Core Investment Strategy - Soros Fund Management significantly increased its exposure to core technology stocks, including adding 161,000 shares of Microsoft (MSFT.US), 118,000 shares of Nvidia (NVDA.US), and approximately 66,000 shares of Apple [1] - The fund also made moves in the software and mobility sectors, increasing positions in Atlassian (TEAM.US) by approximately 216,000 shares, Salesforce (CRM.US) by about 55,000 shares, and Uber (UBER.US) by around 119,000 shares [1] - In defensive and growth sectors, the fund increased its holdings in utility company Exelon (EXC.US) by approximately 488,000 shares and gaming giant Electronic Arts (EA.US) by about 318,000 shares [1] Group 2: Reduction and Caution - The fund reduced its positions in high-volatility and financial stocks, significantly cutting 168,000 shares of Snowflake (SNOW.US) and 151,000 shares of Circle Internet Group (CRCL.US) [2] - A notable reduction was also seen in Interactive Brokers (IBKR.US), with a decrease of 813,000 shares, indicating a cautious stance towards the financial brokerage sector [2] Group 3: New Positions and Exits - Soros Fund Management opened new positions in gold-related assets such as New Gold (NGD.US) and established positions in DigitalBridge (DBRG.US), Blue Owl Capital (OWL.US), Exact Sciences (EXAS.US), and Xcel Energy (XEL.US) [3] - The fund completely exited positions in KeyCorp (KEY.US), CareTrust REIT (CTRE.US), Cipher Mining (CIFR.US), and KKR & Co. (KKR.US), indicating a shift away from traditional banking and certain cryptocurrency mining stocks towards more stable or defensive sectors [3] - Overall, the fund's strategy reflects a clear intention to embrace AI and core technology assets while avoiding high-volatility cloud and data companies like Snowflake, and hedging against macroeconomic uncertainties by investing in gold stocks [3]

「 不在岸上，而在浪尖。 」 五年前，严力正处于他投资生涯中最具"进攻性"的时刻。 那时，钟鼎资本刚刚募完第六期人民币基金与第二期美元基金，资金规模跨过300亿人民币的门槛。他和 我们在上海夏天灼热的阳光里谈论着"钟鼎基本法"，讨论着如何从江湖走向文明，构建面向未来的平台 化治理。那是中国创投界，一个独特而精彩的、从边缘地带挺进主流战场的"逆袭"故事。 时代的变化总是令人难以预判，国内外环境变幻莫测，创投行业的范式也已然发生巨大改变。于钟鼎而 言，当外界看到高光的时刻，其内在新的变化也正在悄然酝酿。 当2025年末，严力再次坐在我们面前，已不再谈"钟鼎基本法"，放弃了当年对平台化的渴望，他的言语 中更多的是对环境变化的理解和应对，对生命的感悟，以及对AI和中国科技浪潮机会的探索与兴 奋；"AI"、"新范式的国际化浪潮"、"供应链重塑"，成为了他的全新关键词。 "过去我们希望从江湖走向文明，但今天这样的时代下，我们可能需要重新从文明回归江湖。"严力坦 言。 近几年钟鼎变得低调，外部能了解到的信息少之又少。坊间一直有着关于钟鼎人员规模缩减的传说。如 果走近一看， 钟鼎的转变绝非简单的收缩，是一场应对未来的变革，也 ...

Core Viewpoint - The article highlights the experiences of Dr. Amal Al-Badani, a Yemeni doctor in Yiwu, China, showcasing the city's rapid development and international appeal as a hub for trade and cultural exchange [1][11]. Group 1: Personal Background and Professional Journey - Dr. Amal Al-Badani has been in China since the 1990s, obtaining a clinical medicine doctorate from Zhejiang University and currently working as a general practitioner at the Fourth Affiliated Hospital of Zhejiang University in Yiwu [4][6]. - He expresses a strong connection to Chinese culture, particularly during the Spring Festival, which he believes has become a global celebration [17]. Group 2: Medical Advancements in China - Dr. Al-Badani notes significant advancements in China's medical technology, with hospitals equipped with smart devices that simplify the healthcare process for both patients and doctors [6]. - The integration of AI and advanced medical equipment has made healthcare more accessible and efficient, reducing the need for patients to queue for payments [6]. Group 3: Yiwu's Development and International Appeal - Yiwu is described as a "supermarket of the world," attracting a growing number of foreign traders and showcasing its rapid development and international charm [11]. - The city is characterized by its inclusivity and openness, with a vibrant international atmosphere and numerous business opportunities, especially in the context of the Belt and Road Initiative [11][15]. Group 4: Cultural Exchange and Community Engagement - Dr. Al-Badani co-founded the "Silk Road Cultural Club" in 2015, promoting cultural exchanges and participating in various public welfare activities [15]. - The Belt and Road Initiative has facilitated increased trade and cultural interactions between China and various countries, leading to a rise in Chinese language education in the Middle East [15]. Group 5: Unique Local Phenomena - A humorous incident involving a manufacturing error of a plush toy, which turned a "smiling horse" into a "crying horse," exemplifies the innovative spirit of Yiwu's local entrepreneurs [12].