单卡可以买电影票了#】除了点餐饮、囤年货，千问免单卡又增加了新功能。2月14日，千问突然宣布免 单再加3天，推出超级免单卡，接入大麦、飞猪，邀请全国人民体验AI买电影票、门票。在第一波春节 活动中，用户说了41亿次"千问帮我"，千问完成下单超1.2亿笔。 0:00 【不只点餐饮、囤年货，#千问免 ...

记者｜余诗棋 编辑｜梁明 过去一周（2月9日—2月13日）的牛股榜中， 掌阅科技（603533.SH）以61.11%的周涨幅夺 魁。 公开资料显示，掌阅科技主营业务是互联网数字阅读平台服务、衍生业务、版权产品等。公司 的主要产品是互联网数字阅读平台。 二级市场方面， 公司股价过去一周强势走高斩获5连板 。截至2月13日，公司股价报收37.62 元/股，创下2023年以来新高，公司总市值突破165亿元。 公司近期亦获主力资金持续加仓，Wind显示， 本周主力资金已连续5日"加仓"掌阅科技，累计 净流入超12亿元，其中13日单日净流入超8亿元。 消息面上，字节跳动旗下视频生成模型Seedance 2.0正式发布，在全网快速出圈。 据21世纪经济报道，Seedance 2.0可根据文本或图像创建电影级视频，支持根据描述的情节自 动规划分镜和运镜，支持音画同步，支持多镜头叙事等复杂需求。Seedance 2.0会自动保持所 有场景切换中角色、视觉风格和氛围的一致性，无需手动编辑。 业内也"好评"频频。游戏科学创始人、CEO冯骥甚至在其微博上写道，"Seedance 2.0是当前地 表最强视频生成模型。"面对连日刷屏的 ...

Group 1 - The core viewpoint of the article is that AI, initially seen as a strong investment theme, has transformed into a threat, particularly impacting light-asset companies that may be replaced by AI rather than the tech giants developing it [1][6][7] - The S&P 500 index experienced its worst performance since November until a rebound on Friday due to mild inflation data, highlighting the widespread panic regarding AI disruption across various markets [2][4] - The profitability expansion accumulated by white-collar industries such as software companies, wealth management firms, and tax advisors over the past decade has been revalued within weeks, affecting even the private credit market that lends to these companies [3] Group 2 - Wall Street's previously confident bets have failed dramatically over six weeks, with cash allocations hitting a historical low and hedge positions at their minimum, leading to a collapse of consensus trades [5][8] - The sectors that have performed well include energy, consumer staples, and U.S. Treasury bonds, while the consensus bets on AI have faltered significantly [5] - Investors are questioning the return timelines of large capital expenditures by tech giants and whether remaining cash can continue to support stock buybacks, with more stocks being harmed by AI than helped [8][9] Group 3 - Two forces are exacerbating volatility in the U.S. stock market: low cash allocations and interconnected leverage networks that can trigger sell-offs across seemingly unrelated investments [12][13] - The VIX index recently surpassed the widely watched 20 mark, indicating rising market stress, even though it does not show panic, as the skew of put options remains historically high [18][19] - The performance of investment-grade bond ETFs relative to high-yield bond ETFs has improved, with the U.S. 10-year Treasury yield reaching a two-month low [20][21] Group 4 - Investors are adjusting their strategies, with the S&P 500 index still hovering near historical highs and credit spreads at ten-year lows, but there is an increase in hedging activities as indicated by the rising put-call ratio [22][24] - ETFs tracking companies with high shareholder returns attracted $3.6 billion in new funds this month, indicating a shift in investor focus [25] - Analysts suggest that if negative news regarding AI disruption subsides and volatility decreases, the U.S. stock market may support upward movement, but there is a conflict between market consensus and resilient economic indicators [26]

Core Insights - Algorhythm, an AI logistics company, announced a significant reduction in freight empty miles to below 10% and a tripling of labor productivity through its AI-driven automation platform [1] - The announcement caused a major impact on the U.S. logistics sector, with Robinson Global Logistics experiencing a nearly 15% drop in stock price, resulting in a market value loss of approximately 23.3 billion [1] - In contrast, Algorhythm's stock price surged, leading to a market value increase of about three times within two days [1] Industry Analysis - The logistics industry is witnessing a shift towards AI-driven solutions, as highlighted by Algorhythm's achievements in reducing operational inefficiencies [1] - The traditional logic of software development, which correlates labor expansion with output, is being challenged by AI technologies that enable exponential productivity leaps [1]

Investment Rating - The report recommends focusing on leading companies in the testing service industry, particularly those with strong capital, management, and research capabilities, such as Huace Testing, Guangdian Measurement, and Sutest [7] Core Insights - The testing service industry is closely related to macroeconomic growth, with significant market space and stable growth. The global testing service market is projected to reach approximately 2.3 trillion RMB by 2024, with a CAGR of about 6% from 2021 to 2024 [4][24] - China's testing service industry is expected to outpace GDP growth, with a projected market size of around 487.6 billion RMB in 2024, reflecting a CAGR of approximately 10.5% from 2015 to 2024 [5][24] - The industry is experiencing a structural shift, with emerging sectors such as AI, new energy vehicles, and commercial aerospace driving new demand for testing services [6][33] Summary by Sections Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors, including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16] - The demand for testing services is highly correlated with macroeconomic trends, with growth driven by global trade, increasing quality and safety standards, and stricter regulations [20][24] Market Performance - In 2025, the testing service sector in China reported revenues of 30.4 billion RMB, a year-on-year decline of 7%. Excluding companies with high medical testing proportions, the sector saw a 3% growth [5][57] - Leading companies like Huace Testing, Guangdian Measurement, and Sutest outperformed the industry average, with revenue growth rates of 7%, 12%, and 9% respectively in the first three quarters of 2025 [57][62] Emerging Opportunities - New technologies and industries, such as low-altitude economy and semiconductor sectors, are rapidly developing, creating new testing service demands. The investment threshold for laboratories in these areas is significantly higher than traditional sectors [6][33] - The report emphasizes the importance of focusing on leading companies that possess brand, capital, and management advantages to capitalize on these emerging opportunities [6][7] Competitive Landscape - The testing service market in China is characterized by a large number of small and medium-sized enterprises, with over 96% of testing institutions being micro-sized, which poses risks due to their limited capacity to withstand economic fluctuations [50][51] - The report predicts a trend towards consolidation in the industry, with resources increasingly concentrating in leading firms as smaller entities face challenges [50][51]

刚刚迎来140周年的"汽车发明者"，近日在财报会清晰描绘了未来发展路径。 这场财报发布会的一个重要看点，是集团董事会成员、负责大中华区业务的佟欧福（Oliver Thne）首次 在全球财报会上亮相并回应中国市场议题。他表示，中国仍将是奔驰全球战略的核心市场之一，面对中 国市场的激烈竞争和全球经济波动，奔驰将采取"精细的战略调整"，以长期投资和本土深度融合来提升 长期竞争力，而非短期的销量博弈。未来将100%聚焦本土需求为核心，持续深化本土化研发与生产， 加快人形机器人、AI、大数据等数字化技术在生产环节的应用，同时设立高端豪华专属品牌体验中 心，让中国市场成为奔驰全球高端豪华车型与新能源车型增长的核心阵地。 分析人士对《中国经营报》记者表示，在中国市场利润、销量承压的现实语境下，这次"首秀"被外界视 为奔驰对中国战略进行系统重构的重要信号。中国业务已被提升至董事会战略高度。在豪华品牌溢价承 压、智能化竞争加剧的背景下，本土化深度与技术融合速度将成为决定奔驰在华盈利能力的关键变量。 财报数据显示，奔驰2025财年营业额达1322亿欧元（约合人民币 1.084万亿元），2024财年为1456亿欧 元（约合人民币1 ...

子工程学院"侨批寻迹，AI复刻百年梦"社会实践队走进泉州法石社区。刘洋思咸 摄 活动中，团队成员走访了何氏兄弟故居，聆听何氏后人何建南先生讲述父辈下南洋谋生、心系桑梓的感 人往事，并深入博物馆、社区收集侨批资料。在此基础上，团队利用AI技术制作了系列数字影像，重 现当年华侨离乡拼搏、寄批回乡的动人画面，使历史文献可感可知，填补了相关影像空白。马来西亚留 学生也在实践中找到了与祖辈经历的共鸣，通过技术再现，深切体会到侨批所承载的家国情怀与文化血 脉。 此次活动不仅是一次专业实践，更是一场生动的文化传承。通过数字技术，百年侨批焕发新生，中马青 年学子在协作中深化了对华侨精神的理解，用当代科技讲述福建故事，增强了文化自信与认同。AI让 历史"活"了起来，也让侨批这条跨越山海的情感纽带，在新时代继续流淌、传续。(完) 黎明职业大学信息与电 中新网福建新闻2月14日电 (杨庆浈)为贯彻落实福建省委教育工委关于"追寻领袖足迹激发文化创新创造 活力"的部署，近日，黎明职业大学信息与电子工程学院"侨批寻迹，AI复刻百年梦"社会实践队走进泉 州法石社区，用数字光影共续家国情缘。 据此，该团队由本专科学生与马来西亚留学生共同组成 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve steady growth in its core business, driven by content expansion and AI applications [1][4] - In 2025, the company reported revenue of 7.76 billion yuan (down 2.4% year-on-year) and a net profit of 2.75 billion yuan (up 76.0% year-on-year), primarily due to improved profitability and a tax credit of approximately 680 million yuan [4][5] - The company anticipates a gradual increase in ARPU (Average Revenue Per User) driven by high-quality content, despite a short-term impact from changes in membership structure [4][5] Financial Summary and Valuation Metrics - Revenue for 2025 was 77.6 billion yuan, with a gross margin of 35.7% (up 2 percentage points year-on-year) [4][6] - The company achieved a net profit margin of 35.4% in 2025, with an expected net profit of 2.10 billion yuan for 2026 [6] - The projected P/E ratios for 2026, 2027, and 2028 are 15.0, 13.4, and 11.9 respectively, indicating a favorable valuation outlook [6]

Core Viewpoint - The article discusses a significant downturn in the U.S. stock market, particularly the S&P 500 index, which fell by 1.4%, marking its largest drop since November of the previous year. This decline is attributed to fears surrounding AI's impact on various sectors, raising concerns that AI may no longer be a growth engine but rather a "valuation crusher" [1][3]. Group 1: Market Reactions - The S&P 500 index experienced a notable increase in abnormal stock fluctuations, with over 40 stocks showing deviations exceeding three standard deviations, indicating a potential collapse of market confidence [3]. - The logistics sector was heavily impacted, with C.H. Robinson experiencing an eight-fold standard deviation drop, leading to a "death spiral" of automated stop-loss orders and panic selling [3]. - Major tech companies, including Apple, Amazon, Microsoft, and Meta, were significant contributors to the index's decline, with Amazon hitting a nine-day losing streak, marking its longest since 2006 and entering a technical bear market [3][4]. Group 2: AI's Impact on Employment and Market Sentiment - A statement from Microsoft's AI CEO suggested that most white-collar jobs could be fully automated within 18 months, causing immediate market panic and a sell-off of stocks related to potentially disrupted industries [4]. - The market's fear extends to the return on investment for massive capital expenditures by tech giants, with a combined projected spending of $650 billion on AI infrastructure by Google, Meta, Microsoft, and Amazon, raising concerns about their financial health [4]. Group 3: Competitive Landscape and Pricing Power - Chinese AI companies have made significant advancements, launching competitive products that challenge the pricing and performance of existing models, which could reshape global investor expectations [5][6]. - The emergence of low-cost AI solutions, such as MiniMax's M2.5 model, threatens the pricing power of established tech giants, leading to a reevaluation of their market positions and business models [8]. - The article highlights a shift from a positive growth narrative to a negative cycle of demand shrinkage and profit contraction, as AI efficiency gains may lead to reduced overall employment [7]. Group 4: Future Market Outlook - Goldman Sachs warns that if the S&P 500 index falls below 6707 points, it could trigger systemic sell-offs amounting to $80 billion, indicating a fragile market environment [8]. - The current market situation serves as a "stress test" for business models in the AI era, determining which companies can adapt and which may struggle to maintain their competitive advantages [8].

Core Insights - Wallen Technology is a leading domestic AI chip company focusing on GPGPU technology and related products, with a strong emphasis on innovation and market opportunities [1][2] Group 1: Company Overview - Founded in 2019, Wallen Technology has a diverse team with backgrounds from major companies like AMD and Huawei, and holds 1,158 global invention patents as of June 2025, ranking first among Chinese GPGPU companies [1] - The company primarily offers GPGPU, boards, modules, servers, and cluster products, projecting revenues of 336.8 million yuan in 2024 and 58.9 million yuan in the first half of 2025, indicating steady commercialization progress [1] Group 2: Product and Technology - Wallen Technology focuses on GPGPU architecture and is pioneering in Chiplet technology and optical switching, with the BR166 achieving double the computing and memory performance of the BR106, and a bidirectional bandwidth of 896 GB/s [2] - The hardware supports various deployment forms like OAM and PCIe, while the software platform is compatible with mainstream frameworks like PyTorch, showcasing the company's full-stack optimization capabilities [2] Group 3: Financial Performance - The company's gross margin is projected to be 76.4% in 2023, decreasing to 53.2% in 2024, and further to 31.9% in the first half of 2025 due to an increase in entry-level product sales [2] - Customer diversification is improving, with the top five customers accounting for 97.9% of revenue in the first half of 2025, and the largest customer contributing only 33.3% of total revenue, indicating reduced dependency on major clients [2] Group 4: Ecosystem and Supply Chain - Wallen Technology collaborates with companies like Xizhi Technology and ZTE to launch the LightSphere X optical switching super node, which supports large-scale deployments and adapts to the needs of large model training [3] - The company has achieved self-sufficiency in its supply chain, completing domestic replacements for key components, and plans to commercialize the next-generation BR20X architecture by 2026 without being affected by the BIS entity list [3] Group 5: Investment Outlook - Wallen Technology is rated as a "Buy," with projected revenues of 950 million yuan, 2.02 billion yuan, and 3.95 billion yuan for 2025-2027, and adjusted net profits of -830 million yuan, -630 million yuan, and 74 million yuan respectively [4] - The current market valuation corresponds to a price-to-sales ratio of 20x for 2027E, with a weighted average of 28x for comparable companies, reflecting the significant potential in domestic AI capital expenditures [4]