活动开启不久，已有超过10张价值万元的"小马卡"被用户抽中。据悉，用户将元宝App更新至2.55.0及 以上版本，即可通过首页入口进入活动主会场。整个活动将持续至2月17日，设有"主会场抽红包"与"祝 福语红包"两大板块，用户最高有机会获得万元现金红包。在主会场，用户每日可获5次抽奖机会，完成 指定任务还可额外增加40余次机会。奖品除现金红包外，还包括万元小马卡、红包膨胀卡、分享红包、 各类权益及新春祝福等。 在移动支付时代通过红包创造增长奇迹的腾讯，如今正试图以同样手法为其AI产品"元宝"打开市场入 口。 2月1日零时，腾讯"上元宝，分10亿"春节红包活动正式上线。 来源：北京日报客户端 大手笔发红包，对腾讯不是第一次。2015年，微信支付凭借与央视春晚合作的"摇一摇"红包，在短时间 内实现互动110亿次，红包收发总量突破10亿次，成功切入当时由支付宝主导的移动支付市场，自此春 节红包成为互联网行业的重要竞争场景。实际上，腾讯公司董事会主席兼首席执行官马化腾在内部会议 上表示，希望借此唤起11年前微信红包成功破局的市场效应。 值得注意的是，今年春节红包战况依然激烈。百度也于近期宣布投入5亿元开展春节红包活动 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The competition for AI traffic entry among internet giants is intensifying, with multiple business lines integrating and collaborating. AI empowerment is expected to drive performance and valuation. The demand for AI cloud services is anticipated to continue growing, supported by the rapid growth of domestic AI chips. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary [5][41]. - The Moltbot, a significant breakthrough in the AI Agent sector, is gaining market attention. It is positioned as a personal AI assistant capable of executing real tasks, with features such as local deployment and persistent memory. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a key observation target due to its leading position in the market [6][20][23]. Summary by Sections Internet Sector - The competition for AI traffic entry is intensifying among internet giants, with AI empowerment likely to become a key driver for performance and valuation. The demand for AI cloud services is expected to validate continuously, and the rapid growth of domestic AI chips is notable. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary. The second-hand housing market in core cities is showing a downward trend in listings, with Beike-W recommended [5][13][41]. AI Sector - The Moltbot is emerging as a significant player in the AI Agent market, characterized by its ability to perform real tasks. It has gained substantial attention since its GitHub release, with over 9,000 stars. The technology used is not groundbreaking, but it effectively presents concepts like Agent and skills. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a leading observation target due to its extensive network and security capabilities [20][22][23]. Weekly Data Update - The Hang Seng Index increased by 2.4%, outperforming major global markets. The real estate sector saw significant gains, with the Hang Seng real estate index rising by 6.11% [31][32].

Group 1 - The core viewpoint emphasizes that the ultimate answer to embracing AI lies not in the technology itself but in returning to human qualities such as curiosity, imagination, emotional connection, and critical thinking [2][5] - Jack Ma suggests that in the age of AI, the focus should shift from whether to use AI to how to teach children to use it effectively, indicating a need for education to foster creativity and unique thinking rather than rote memorization [2][4] - Dr. Zhang Wenhong expresses caution regarding the integration of AI into core medical processes, arguing that it may hinder young doctors' necessary diagnostic training and their ability to independently identify AI errors [2][3] Group 2 - The discussion highlights a fundamental question: as tools become more powerful, what should be preserved for humans and the training systems for future generations? This underscores the importance of ensuring that technology enhances human capabilities rather than leading to a decline in core skills [3][4] - It is crucial to establish clear principles and boundaries in human-AI collaboration, with the consensus that the ultimate goal of technology application is to empower humans, and that humans must remain the final decision-makers and bear responsibility [3][5] - The article points out that in education, the introduction of AI has not necessarily reduced the burden on students or encouraged unique thinking, as some teachers rely entirely on AI for grading without human review, leading to a lack of critical judgment development in students [4][5]

Economic Data - China's January Manufacturing PMI is expected to be 50.1, indicating a slight recovery in manufacturing activity [3] - Eurozone's January Manufacturing PMI final value is reported at 49.4, showing continued contraction [3] - The US ISM Manufacturing Index for January is anticipated to rise to 48.3 from 47.9, suggesting a potential stabilization in manufacturing [3] Central Bank Decisions - The Reserve Bank of Australia is expected to raise its policy rate to 3.85% from 3.6% [4] - The European Central Bank and the Bank of England are both expected to maintain their current interest rates during their upcoming meetings [9] Major Corporate Earnings - Key earnings reports are expected from major companies including Disney, Pepsi, Merck, and Pfizer, with a focus on their performance in the current economic climate [4][26] - Tech giants like Google and Amazon will report on their cloud business growth, which is critical for assessing AI monetization capabilities [6][26] Geopolitical Events - Ongoing tensions in Iran are highlighted, with the US increasing military presence in the region, which may impact global markets [12] - Japan and Thailand are set to hold significant elections on February 8, which could influence regional political stability [15][17] IPOs and Market Movements - Muyuan Foods is set to launch its IPO in Hong Kong, potentially raising up to 14 billion HKD (approximately 1.8 billion USD) [28] - The Shanghai Futures Exchange has adjusted the trading limits and margin requirements for silver futures, reflecting a tightening in trading conditions [11] Commodity Market Changes - CME has raised the margin requirements for gold from 6% to 8% and for silver from 11% to 15%, indicating a move to reduce leverage in the precious metals market [10] - The Chinese government has implemented a temporary 5% import tax on whiskey starting February 2 [19]

美国就业指标能否改善 受特朗普言论影响，美元指数本周一度跌至四年低点，随后有所反弹，市场注意力现已转向美国核心就业数据。1月美国非农就业人口月度数据将于周五发 布，该数据将为判断劳动力市场健康状况及货币政策后续走向提供关键线索。美联储此前在连续三次降息后宣布维持利率不变，并称劳动力市场正开始企 稳。若数据表现疲软，则可能再度引发市场对降息的猜测。 荷兰国际集团ING经济学家詹姆斯·奈特利在报告中表示："市场仍对就业市场的走势持谨慎态度，并未受美联储偏乐观表态的影响，目前仍在定价今年两次 25个基点的降息预期。" 下周谷歌、亚马逊将发布业绩；多家央行将公布利率决议；贵金属市场能否企稳。 本周国际市场风云变幻，美联储按兵不动，美国总统特朗普提名下任美联储主席人选。美股涨跌互现，道指周跌0.42%，纳指周跌0.21%，标普500指数周涨 0.34%。欧洲三大股指分化。英国富时100指数涨0.79%，德国DAX 30指数跌1.45%，法国CAC 40指数跌0.20%。 下周看点颇多，投资者正评估美联储下一次降息的可能时点，美国就业数据重回市场焦点。经历了周五的跳水后，贵金属期货能否企稳同样受到关注。欧洲 央行、英国央 ...

Core Viewpoint - The Hong Kong stock market demonstrated strong resilience in January 2026, with significant net inflows from southbound funds driving the Hang Seng Index up by 6.85% to 27,387.11 points, marking a nearly 7% monthly increase [1][2]. Fund Flow Analysis - In January, southbound fund flows exhibited clear phase characteristics, with net inflows exceeding 50 billion HKD on multiple days in early January due to favorable domestic policies, RMB appreciation, and AI industry valuation recovery expectations [2]. - Mid-January saw a temporary decline in fund accumulation due to rising geopolitical risks and valuation corrections in certain sectors, leading to net sell-offs in cyclical stocks like China Mobile and Zijin Mining [2]. - By late January, the Hang Seng Index successfully broke through the 27,000-point mark, supported by surging AI computing demand and better-than-expected earnings from leading consumer companies, with daily net inflows from southbound funds exceeding 30 billion HKD [2]. Industry Performance - The Hong Kong stock market in January reflected a "high prosperity track and policy dividend sector resonance" pattern, with the technology sector leading the gains [3]. - Notable performers in the technology sector included Longi Green Energy, which surged by 61.90% due to increased global AI data center demand, and Zhiyuan AI, which saw a 94.66% increase post-listing [3]. - In the consumer sector, new consumption leader Mingming Hen Mang rose by 73.71%, supported by store expansion and improved profitability, while Pop Mart benefited from a surge in demand for IP derivatives, increasing by 19.13% [3]. - In the financial and real estate sectors, China Life surged by 27.39% due to governance optimization and improved capital expectations, while China Jinmao and New World Development rose by 42.98% and 56.53%, respectively, benefiting from policy optimizations [3]. Fund Outflow Insights - The materials and telecommunications sectors faced significant pressure, with Zijin Mining experiencing a net sell-off of 4.565 billion HKD and China Mobile declining by 2.33% due to intensified industry competition, leading to a total southbound fund reduction of over 16.9 billion HKD [5]. Institutional Perspectives - Multiple institutions noted that the performance of the Hong Kong stock market in January validated the logic of "fundamental recovery + liquidity resonance," with expectations for continued structural rebounds in February [6]. - Everbright Securities highlighted that the current market is in an "earnings vacuum period," with high growth expectations in new economy sectors supported by policy catalysts [6]. - CITIC Securities advised monitoring the potential impact of a peak in lock-up expirations on liquidity in February, while emphasizing the allocation value of quality leaders like Tencent and Alibaba [6]. - Huatai Securities pointed out that Hong Kong stock valuations remain low globally, with a risk premium rate of 3.99% for the Hang Seng Index, significantly higher than the S&P 500, suggesting a dual drive of "profit growth + valuation enhancement" as southbound and foreign fund inflows become more balanced [6]. IPO Market Activity - The IPO market in Hong Kong remained active in January, with 12 companies listed by January 26, raising a total of 34.747 billion HKD, a year-on-year increase of 480.87% [7]. - Notable listings included domestic GPU company Birun Technology and AI model company Zhiyuan, attracting long-term investments from international funds [7]. - The market anticipates that the IPO fundraising scale in 2026 could exceed 300 billion HKD, with hard technology enterprises continuing to dominate the listing trend [7].

（来源：法治日报） 转自：法治日报 "我只是上个厕所 为什么需要向老板解释？ 老板是怀疑我'摸鱼'吗？" 1月26日 曾在北京一家互联网公司工作的 王女士告诉记者 她曾因上厕所离开岗位20分钟 被公司发邮件要求解释这段时间的去向 "我们这层楼只有一个公用厕所 有时要排队，也可能去其他楼层 20分钟我觉得也正常。" 工作时间上厕所本是人之常情 劳动争议案件时有发生 近期就有几个法院审理 并宣判了此类案件 上班期间因如厕 短暂休息等原因离岗 能否成为公司解雇的理由？ "合理生理需求"与"摸鱼" "违纪脱岗"的边界在哪里？ 一起来看 然而记者注意到 员工因如厕离岗被解雇的 案例二 李某是北京一家食品公司的消防中控员，2022年11月值班期间因腹痛如厕3分钟，公司以"工作时间擅自 离岗，违反规章制度"为由将其解雇。李某认为，自己的离岗行为并不违反公司纪律，公司解除劳动关 系的行为违法，要求公司支付违法解除赔偿金。 法院判决 北京市顺义区人民法院审理认为，李某脱岗理由正当、时间短暂，属正常生理现象，且微信记录显示其 曾多次联系同事顶岗，已经尽量避免脱岗行为发生，不存在故意或重大过失。最终，法院判决公司支付 李某违法解除 ...

今天分享的是：2026年中国投资展望：过弯加油，马年牛腾；东升西不落——政策利好有望超预期 报告共计：132页 中银国际发布2026年中国投资展望报告，题为"过弯加油，马年牛腾；东升西不落——政策利好有望超预期"。报告认为，随着 地方政府权责重构进入收尾阶段，宏观政策具备从"防御"转向"进取"的制度基础，2026年有望迎来政策层面的超预期利好。在 经济层面，报告预计全年实际GDP增速约为4.7%，CPI有望回升至0.5%左右，内需对增长的贡献将进一步上升。财政与货币政策 预计保持适度宽松，以支持经济平稳过渡与结构升级。 报告指出，2026年是"十五五"规划的开局之年，经济发展将更注重内需拉动与结构优化。新旧动能转换持续深化，以AI、半导 体、生物医药为代表的战略新兴产业，将成为推动经济高质量发展的核心引擎。与此同时，传统产业如房地产仍处于调整阶 段，但对整体经济的影响边际减弱。在外部环境方面，中美经贸关系预计呈现阶段性缓和，为出口与科技合作提供相对稳定的 窗口期。 在产业展望部分，报告强调科技制造、生物医药、绿色能源以及品牌文娱等领域具备较高的成长潜力。其中，AI技术不仅是提 升生产效率的关键工具，也是推动产 ...

新浪科技讯 2月1日上午消息，月之暗面Kimi于微博发文求助称："有人能帮忙 at 一下百度的同学吗？刚 才试了试，前 4 个写着 Kimi 的网站都不是 Kimi。" 据其配图内容，于百度搜索"Kimi官网"，最先展示的几条检索链接均为百度推荐的广告内容，并非kimi 官方网站。 对此，Kimi方面表示，"网站标题中写'Kimi 官网'太容易误导用户了。"也有网友表示道："理论上可以 找百度投诉（特别是用自己的商标投诉），至少是标题里kimi标红的都可以投诉下架，实际操作上比较 费时且可能其他家又上了这个广告了。" 新浪科技发现，目前百度方面已优化搜索结果，搜索"Kimi官网"关键词后百度搜索最先展示内容已经变 为Kimi官方网站。不过对于月之暗面Kimi网络求助一事，百度方面并未回应媒体问询。 责任编辑：江钰涵 责任编辑：江钰涵 新浪科技讯 2月1日上午消息，月之暗面Kimi于微博发文求助称："有人能帮忙 at 一下百度的同学吗？刚 才试了试，前 4 个写着 Kimi 的网站都不是 Kimi。" 据其配图内容，于百度搜索"Kimi官网"，最先展示的几条检索链接均为百度推荐的广告内容，并非kimi 官方网站 ...

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