炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：cici 汤姆猫，这家以"会说话的汤姆猫"家族IP闻名的上市公司，其核心本质上是一家移动广告公司——通过 旗下大量休闲手游的页面广告获取收入。然而，近年来其财务表现却深陷泥潭，继2023、2024年连续两 年巨亏超8亿元后，2025年预计亏损额进一步扩大至11亿-14亿元，核心广告业务也面临行业性下行压 力。 （资料来源） 然而值得关注的是，覆盖如此众多前沿科技概念的汤姆猫，每年的研发甚至不足2亿元。2021年-2024 年，公司的研发开支分别为1.19亿元、1.83亿元、2.24亿元 、1.93亿元。2025年前三季度，公司研发开 支仅为1.27亿元。不足2亿研发开支下，汤姆猫是如何获得这些高端前沿科技概念加持的呢？ 与惨淡业绩形成戏剧性对比的，是其在资本市场上拥有的华丽"科技外衣"。从区块链、元宇宙到 ChatGPT、脑机接口，汤姆猫精准踏中了过去数年几乎所有科技风口，身上叠加了超过三十个前沿概 念。但支撑这些"高端"叙事的研发投入，每年却不足2亿元，概念与实质业务间的巨大鸿沟，使其"科技 底色" ...

Nvidia Stock Gains. How China and OpenAI News Could Break It Out of Its Rut. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Nvidia Stock Gains. How China and OpenAI News Could Break It Out of Its Rut.By [Adam Clark]ShareResize---ReprintsIn ...

Financial Performance - Goldman Sachs reported a net earnings increase of 12% year-over-year, achieving a profit of $4.62 billion, or $14.01 per share [1] - Morgan Stanley's earnings reached $4.4 billion, or $2.68 per share, compared to $3.71 billion, or $2.22 per share from the previous year [1] Investment Banking Trends - Goldman Sachs experienced a 25% year-over-year increase in investment fee revenues, while Morgan Stanley saw a 47% increase in its investment banking division [3] - Both banks indicated a significant increase in their investment fee backlog, suggesting a rise in pending deal-making activity [3] Market Environment - The Trump administration's deregulatory policies have positively impacted Wall Street, encouraging corporations to pursue mergers and acquisitions [2] - There has been a notable surge in investor interest in artificial intelligence companies and those benefiting from technologies like ChatGPT [2]

Core Insights - Wall Street's two major investment banks, Goldman Sachs and Morgan Stanley, reported significant profit increases in the fourth quarter, with Goldman Sachs earning $4.62 billion (up 12%) and Morgan Stanley earning $4.4 billion (up from $3.71 billion) [1][4] Group 1: Financial Performance - Goldman Sachs reported a net earnings increase of 12% year-over-year, translating to a profit of $4.62 billion or $14.01 per share [1] - Morgan Stanley's earnings rose to $4.4 billion or $2.68 per share, compared to $3.71 billion or $2.22 per share a year earlier [1] - Investment fee revenues at Goldman Sachs increased by 25% year-over-year, while Morgan Stanley saw a 22% increase in its investment banking revenue [3] Group 2: Market Conditions - The Trump administration's deregulatory policies have positively impacted Wall Street, encouraging corporations to pursue mergers and acquisitions [2] - There has been a surge in investor interest in artificial intelligence companies and those benefiting from technologies like ChatGPT [2] Group 3: Investment Banking Activity - Both Goldman Sachs and Morgan Stanley reported a significant increase in their investment fee backlog, indicating a robust pipeline of pending deals [3] - Goldman Sachs agreed to sell its Apple Card credit card portfolio to JPMorgan Chase, marking its exit from consumer banking [5]

Domestic Market Overview - The market experienced a mixed performance on January 14, with the Shanghai Composite Index closing at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose 0.56% to 14248.6 points. The STAR 50 Index increased by 2.13%, and the ChiNext Index rose by 0.82%. The total trading volume of the A-share market reached 39,869 billion yuan, continuing to rise from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 16 sectors saw gains, with comprehensive finance, computer, and media sectors leading the increases. In contrast, the banking, non-bank financial, and real estate sectors experienced significant declines [1][4][9] Overseas Market Overview - On January 14, all three major U.S. stock indices closed lower, with the Dow Jones down 0.09%, the S&P 500 down 0.53%, and the Nasdaq down 1%. Notably, Amazon and Microsoft both fell over 2%, leading the decline in the Dow [2][4] Key News - The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development announced the extension of the personal income tax refund policy for residents changing homes until the end of 2027. This policy allows taxpayers who sell their homes and purchase new ones within one year to receive a tax refund on the income tax paid on the sale [3][11] - The Shanghai and Shenzhen Stock Exchanges have raised the financing margin ratio from 80% to 100% for new financing contracts, aimed at stabilizing the market and protecting investors' rights [10][12] - In December, China's exports (in RMB) increased by 5.2% year-on-year, while imports rose by 4.4%. The trade surplus was 808.77 billion yuan [13] - In 2025, China's automobile production and sales both exceeded 34 million units, setting a new historical high and maintaining its position as the world's largest automobile market for 17 consecutive years [14]

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results. The documents primarily focus on market performance, sentiment, capital flows, ETF premiums/discounts, block trades, and institutional activity, without delving into quantitative investment models or factor analysis. [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.31% closing at 4126.09 points, while the Shenzhen Component Index rose by 0.56% to 14248.60 points. The ChiNext Index increased by 0.82% to 3349.14 points. Overall, 2742 stocks rose and 2591 fell, with a total trading volume of 39,414 billion yuan, an increase of 2,904 billion yuan compared to the previous trading day [1][13]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Computer, Comprehensive, Communication, Media, and Electronics, with gains of 3.42%, 2.90%, 1.91%, 1.55%, and 1.36% respectively. Conversely, the Banking, Real Estate, Non-bank Financials, Transportation, and Food & Beverage sectors experienced declines of 1.88%, 1.18%, 0.84%, 0.76%, and 0.73% respectively [1][13]. Concept Sectors - The top-performing concept sectors today included Pinduoduo partners, Xiaohongshu platform, ChatGPT, AIGC, stablecoins, Kimi, intelligent agents, data elements, e-commerce, WEB3.0, big data, cloud computing, digital government, Douyin Doubao, and live streaming sales [2][11].

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 1.09% to close at 4165.29 points, the Shenzhen Component Index rising by 1.75% to 14366.91 points, the Sci-Tech 50 up by 2.43% to 1511.84 points, and the ChiNext Index gaining 1.82% to 3388.34 points [1][10] - Overall, 4141 stocks rose while 1179 stocks fell, with a total trading volume of 3601.4 billion yuan, an increase of 478.7 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Media, Computer, National Defense and Military Industry, Social Services, and Communication, with respective increases of 7.80%, 7.26%, 5.66%, 3.21%, and 2.74% [1][14] - Conversely, the Oil and Petrochemical, Coal, and Real Estate sectors experienced declines, with decreases of 1.00%, 0.47%, and 0.29% respectively [1][14] Concept Sectors - The top-performing concept sectors today included Kimi, Pinduoduo partners, Xiaohongshu platform, Satellite Internet, ChatGPT, Intelligent Agents, Virtual Humans, DeepSeek, Chinese Corpus, AIGC, Internet Celebrity Economy, Douyin Doubao, Multimodal Models, WEB3.0, and Commercial Aerospace [2][12]

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 0.92% to close at 4120.43 points, and the Shenzhen Component Index increasing by 1.15% to 14120.15 points [1] - The ChiNext Index rose by 0.77% to 3327.81 points, while the Sci-Tech 50 Index increased by 1.43% to 1475.97 points [1] - Overall, 3918 stocks rose, while 1344 stocks fell, with a total trading volume of 31,227 billion yuan, an increase of 3,224 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, sectors such as Media, Comprehensive, National Defense and Military Industry, Computer, and Nonferrous Metals led the gains, with increases of 5.31%, 3.60%, 3.29%, 2.90%, and 2.78% respectively [1] - Conversely, the Banking and Non-Banking Financial sectors experienced declines of 0.44% and 0.20% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Pinduoduo partners, Xiaohongshu platform, Kimi, Douyin Doubao, WEB3.0, Virtual Humans, ChatGPT, AIGC, Internet Celebrity Economy, Rare Metals Selection, Multimodal Models, Short Drama Games, Intelligent Agents, Chinese Corpus, and Live Streaming E-commerce [2] - In contrast, sectors such as Silicon Energy, Power Equipment Selection, Photovoltaic Glass, Insurance Selection, and Banking Selection saw a pullback [2]

法院认为，结婚登记员并非婚礼主持人，而是代表国家履行法定婚姻登记职责。依据荷兰民法典，准夫 妻须在登记员和证人在场的情况下，郑重作出接受彼此为配偶并履行婚姻相关法律义务的声明，婚姻关 系方可成立。法院指出，ChatGPT撰写的结婚证词未包含相关法律声明，因此判定该婚姻无效。 这对夫妻称错失原定登记日期给他们造成情感冲击，请求法院允许仍按2025年4月19日登记结婚，但法 院未予受理。 新华社海牙1月7日电（记者邵海军）荷兰上艾瑟尔省法院日前作出判决，一桩婚姻因使用人工智能 （AI）工具撰写的结婚证词不符合荷兰法律而被认定无效。 判决书显示，2025年4月19日，这对准夫妻在上艾瑟尔省兹沃勒市登记结婚。为营造轻松浪漫的婚礼氛 围，两人邀请一名熟人在婚礼上担任结婚登记员。该登记员使用ChatGPT撰写结婚证词，内容包括"你 们是夫妻，是搭档，是疯狂的伴侣，彼此相爱，彼此是家"等表述。 ...