Market Outlook - The A-share market is expected to experience a low-volatility trend with a long-term decline in market volatility [2] - The upward trend in the stock market is not yet over, indicating further potential for growth [2] - A-shares are anticipated to maintain a fluctuating upward trend, with the importance of fundamentals increasing after a valuation adjustment [2][3] Capital Flow - The demand for asset allocation among domestic residents has been activated by profit effects, with various medium- to long-term funds entering the market, suggesting an active capital flow in 2026 [2][3] - Incremental capital is expected to cover a broader range, driven by increasing motivation among individual investors to enter the market [3] - Public funds and insurance capital are likely to continue increasing their allocation to equity assets, reshaping global capital flow logic [4] Key Investment Sectors - Key sectors to focus on include: - Non-ferrous metals, chemicals, and new energy [2] - Technology growth, manufacturing expansion, cyclical consumption transformation, and U.S. stocks [2] - New energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, and machinery [3] - AI, new energy, military industry, innovative pharmaceuticals, price increase chains, and overseas expansion chains [4] - Technology innovation themes and consumption sectors [4] - TMT and advanced manufacturing sectors, with potential shifts towards cyclical and financial sectors [4]

Core Viewpoint - The tax authorities in Guangdong, Zhejiang, and Jilin have released typical compliance cases for enterprises in various industries, aiming to promote tax compliance and risk management among businesses, thereby fostering a fair tax environment and supporting high-quality economic development [1][4][7]. Group 1: Guangdong Electronic Information Industry - Guangdong's electronic information industry has been the largest in China for several years, contributing about one-quarter to the province's industrial economy, and is part of a trillion-yuan industrial cluster [2]. - The Guangdong Provincial Taxation Bureau has published typical compliance cases to provide practical references for electronic information enterprises, guiding them to enhance overall compliance levels [2]. - An example includes Fangbang Electronics, which integrated tax compliance requirements into contract reviews, ensuring clarity on tax obligations in contracts with foreign partners [2]. Group 2: Zhejiang Advanced Manufacturing Industry - Zhejiang's advanced manufacturing sector is supported by innovation and is crucial for building a modern industrial system, with tax compliance being a key factor for many enterprises [4]. - The Zhejiang Provincial Taxation Bureau has released five typical compliance cases from advanced manufacturing companies, including Sanhua Intelligent Controls, which has improved invoice review efficiency through a digital integration system [4]. - Sanhua Intelligent Controls reported a tax payment of 370 million yuan in 2025, showcasing the financial impact of their compliance efforts [4]. Group 3: Jilin Ice and Snow Industry - Jilin Province, located in a prime ice and snow region, is leveraging ice and snow sports and tourism to drive winter consumption and industrial upgrades [7]. - The Jilin Provincial Taxation Bureau has published five compliance cases in the ice and snow industry, promoting tax compliance awareness among businesses [7]. - Changbai Mountain Tourism Company, recognized for its compliance, provides tax guidance to its subsidiaries and conducts tax health checks to mitigate risks [7].

Group 1: St Barbara and Lingbao Gold Joint Venture - St Barbara Ltd (ASX: SBM) has confirmed a joint venture with Lingbao Gold Group Co., Ltd. for a cash investment of AUD 370 million to acquire a 50%+1 share in St Barbara Mining Pty Ltd, aimed at the Simberi gold mine expansion project [2][3] - The transaction is expected to close by the end of March 2026, coinciding with the final investment decision (FID) for the Simberi project [2][4] - Following the deal, Lingbao Gold will hold an 80% interest in the Simberi project, while Kumul Mineral Holdings will acquire a 20% interest for AUD 100 million, creating a non-corporate joint venture with an 80:20 ownership structure [3][4] Group 2: Project Details and Financial Implications - The Simberi expansion project has existing reserves of approximately 2.5 million ounces (Moz) and resources of about 5.8 Moz, with a competitive cost structure and long-term growth potential [4] - The project is expected to commence production as early as this fiscal year, with annual output projected to gradually increase to 200,000 ounces over five years [4] - The implied overall value of the Simberi project is estimated at around AUD 800 million, surpassing St Barbara's market capitalization of approximately AUD 600 million at the time [3][4] Group 3: Company Background and Market Context - Lingbao Gold is one of China's major gold producers, listed in Hong Kong since 2006, with a comprehensive business model covering exploration, mining, and trading [5] - Kumul Mineral Holdings, as a state-owned enterprise in Papua New Guinea (PNG), provides governmental support for the transaction, reflecting the PNG government's endorsement of the Simberi project [5] - St Barbara's market capitalization also includes other development projects in Canada, cash, gold inventory, and other investment assets, with the Simberi mining lease extended until 2038 [5]

推动人工智能加快赋能制造业，深圳又有新动作。 近日，深圳正式印发《深圳市"人工智能+"先进制造业行动计划（2026-2027年）》（以下简称《行动计划》）。 图片来源：深圳市工业和信息化局官网 《行动计划》明确，到2027年，在"人工智能+"先进制造业领域，建成国家人工智能应用中试基地（消费领域移动终端方向），建设工业智能体创新中 心，组建工业知识联盟，开放百个应用场景，打造百个垂直行业模型及工业智能体，推广百个示范应用，形成"一基地、一中心、一联盟、百场景、多应 用"的发展格局，推动传统产业焕新升级、新兴产业跃升领跑，助力新型工业化加快推进。 赋能八大重点产业集群 为加快人工智能技术与制造业全过程、全要素深度融合，《行动计划》提到，要打造两项重点支撑平台。 一是打造工业智能体创新中心，加快省级工业智能体创新中心建设，争取国家级制造业创新中心布局；二是发展工业软件及工业知识联盟，包括搭建工业 知识共建平台、建设开放社区平台等，提供工业知识共享、AI应用开发工具包等普惠服务，形成大中小企业融通发展生态。 《行动计划》明确，人工智能赋能的重点产业集群涵盖电子信息制造、半导体与集成电路、汽车制造、机器人、高性能材料 ...

Core Viewpoint - The article discusses the breakthrough in 3D printing technology through the development of "Digital Holographic Field" (DISH) technology by Tsinghua University's team, which significantly enhances both speed and precision in 3D printing, addressing the existing limitations in traditional methods [1][2]. Group 1: Technology Advancements - DISH technology improves the exposure speed of traditional volumetric 3D printing by several times, achieving a record exposure time of 0.6 seconds for complex structures at the millimeter scale, compared to the 30 seconds typical of traditional methods [2][3]. - The technology allows for the use of a wide range of materials, from low-viscosity solutions to high-viscosity resins, due to its short exposure time that minimizes the effects of material flow [2][3]. Group 2: Applications and Implications - DISH technology is expected to revolutionize various fields, including biomedical applications where it can print vascular models and in situ structures using biocompatible materials, thus opening new avenues for tissue engineering and high-throughput drug screening [3]. - In engineering manufacturing, DISH technology could be integrated into production lines for mass production of photonic devices and complex components, enabling the printing of parts with sharp angles and intricate surfaces [3].

Group 1 - Shenzhen's GDP is projected to exceed 3.87 trillion yuan by 2025, with an average annual growth rate of 5.5% during the 14th Five-Year Plan, leading the growth among first-tier cities [1] - The number of listed companies in Shenzhen has reached 600, comprising 426 domestic and 174 overseas companies, reflecting a strong regional business environment [1][3] - Shenzhen ranks third in the total number of listed companies among Chinese cities, but a more insightful metric is the "listing rate per 10,000 enterprises," which stands at approximately 2.12, the highest in the country [2] Group 2 - The industry distribution of Shenzhen's listed companies is concentrated in strategic emerging sectors such as electronic information, advanced manufacturing, digital economy, biomedicine, and financial technology, indicating a strong alignment with innovation-driven development [3] - Shenzhen's government supports companies seeking to go public through special funds, green channels, and collaboration with exchanges, which shortens the compliance and application cycle [3][4] - In 2025, listed companies in Shenzhen achieved a cumulative operating income of 5.20 trillion yuan and a net profit of 457.8 billion yuan, with year-on-year growth rates of 7.36% and 3.98%, respectively, surpassing the national average [5] Group 3 - The Shenzhen government aims to further develop emerging and future industries, including a target of over 10% growth in the value added by the artificial intelligence industry cluster [6] - Plans include the establishment of over 10,000 innovation and industry investment funds, with a total scale exceeding 10 trillion yuan, to support high-growth companies [7] - Shenzhen has 1,333 national-level specialized and innovative "little giant" enterprises, the highest among Chinese cities, indicating a robust support system for potential market leaders [7]

阿通社2月9日报道，阿联酋2025年工业出口额首次达到2620亿迪拉姆，同比增长25%，较2020年实现翻 番。其中，中高技术产品出口达920亿迪拉姆，提前完成2031年目标。迪拜酋长穆罕默德.本.拉希德表 示，强大的工业基础是国家竞争力核心。工业与先进技术部指出，"阿联酋制造"和国家本土价值(ICV) 计划有效提升产业附加值和供应链本地化水平，推动阿联酋向区域乃至全球先进制造中心迈进。 ...

2026.02. 12 本文字数：1655，阅读时长大约3分钟 作者 | 第一财经 林靖 近年来，教育行业受到学龄人口变化的影响明显，师范类高校加快转型调整。 2月7日，安徽师范大学宣布成立智能信息与先进制造学院、智能材料与未来能源学院、人工智能学 院等3个新工科学院，同时成立的还有旨在培养"懂科技、懂产业、懂资本、懂市场、懂管理"的复合 型科技产业组织人才的科技商学院。 揭牌仪式上，该校与奇瑞控股集团有限公司签署战略合作框架协议。未来，新工科学院学生将深度参 与企业研发和应用场景，在智能网联汽车、先进制造、新能源材料等领域实现"学业-产业-就业"无 缝衔接，打造校企共建学院的"奇瑞标准"和"师大样板"。 安徽师范大学党委书记蒋家平表示，新工科学院的成立，将为学校注入新的发展动能，促进该校从师 范教育为主向"师范底蕴+工科硬核"双轮驱动的深度转型，也将有助于破解师范院校在服务国家战 略、支撑地方发展与坚守师范主业之间可能出现的"两张皮"问题。 在高校专业结构优化调整的进程中，多地提出严格控制教育类专业的布点增设和招生规模，多所师范 类院校加快了新工科人才培养的布局。 例如，2025年9月4日，淮北师范大学人工 ...

Group 1 - The 2026 Zhangjiang Sci-Tech Financial Salon was held in Shanghai Zhangjiang Science City, focusing on enhancing Zhangjiang's role as a core engine for global innovation and capital aggregation [1] - Zhangjiang Science City is concentrating on three key sectors: artificial intelligence, biomedicine, and integrated circuits, with significant financing achievements in 2025 [1] - In 2025, 210 companies in Zhangjiang completed 237 financing events, totaling 27.8 billion yuan, with a 30% increase in the number of financing events and an 18% increase in disclosed amounts year-on-year [2] Group 2 - Zhangjiang accounted for 65% of the total financing events in the Pudong district and contributed 25% of the total corporate financing in Shanghai [2] - A total of 512 investment institutions participated in Zhangjiang's financing activities, indicating a more diversified capital structure [2] - The financing for the leading sectors (biomedicine, artificial intelligence, and integrated circuits) reached 91% of the total, up from 82% in 2024 [2] Group 3 - The financing stages in Zhangjiang showed a clear characteristic of "early, mid, and late-stage collaboration," with early-stage financing accounting for 64% of total financing [3] - 273 companies were awarded for their financing impact in 2025, covering the core sectors of artificial intelligence, biomedicine, and integrated circuits [3] - Zhangjiang aims to align with national strategies and enhance its innovation ecosystem to contribute to China's technological self-reliance and strength [3]

据曼谷邮报1月27日报道，泰国投资委员会周一称，2025年泰国的总投资申请 金额同比增长了67%，达到了602.3亿美元。这一增长主要得益于数字产业及先 进制造业的发展。委员会称，与2024年相比，投资申请的数量增长了11%。这 一增长主要得益于投资者的信心以及人们对高价值行业的青睐。 （原标题：2025年泰国投资申请的价值同比增长了67%） ...