相对收入的增长，公司更加关注收入质量的提升。报告期内，公司主动优化业务结构，将资源进一步聚 焦到核心产品线，对非核心、非战略且亏损的产品线进行战略性收缩。这一举措为公司未来增长积聚动 能。 报告期内，公司收入下降约12.08%，成本下降约13.12%，实现成本降幅超过收入降幅，同时公司联营 企业相关的投资收益增加。 格隆汇1月26日丨恒生电子(600570.SH)公布，预计2025年年度实现归属于上市公司股东的净利润约12.29 亿元（人民币，下同），同比增加17.83%左右。其中：2025年年度实现的归属于上市公司股东的扣除 非经常性损益的净利润约10.05亿元，同比增加20.45%左右。2025年年度公司实现营业总收入约57.86亿 元，同比下降12.08%左右。 ...

Market Overview - The three major A-share indices collectively declined today, with the Shanghai Composite Index down 0.09% to 4132 points, the Shenzhen Component Index down 0.85%, and the ChiNext Index down 0.91%. The total market turnover was 3.28 trillion yuan, an increase of 162.5 billion yuan compared to the previous trading day, with over 3700 stocks declining [1]. ETF Fund Flow - According to Zhongtai Securities, there has been a significant outflow of funds from "Huijin" ETFs following regulatory signals aimed at cooling down the overheated A-share market. From January 15 to January 23, approximately 12 ETFs heavily weighted by Huijin experienced a total outflow of 559.09 billion yuan, averaging nearly 80 billion yuan per trading day. The outflow was primarily concentrated in the CSI 300 (59% of outflows) and the CSI 1000 index (16% of outflows) [2][3]. Market Structure and Style - Despite the outflow of ETF funds, there has not been a significant risk-averse sentiment in the market. The trading activity and thematic trading remained active, indicating that the market temperature is still relatively high. The large-cap indices faced pressure, while smaller-cap stocks showed resilience, with funds shifting towards smaller market capitalization segments [3][4]. Individual Stock Impact - Value stocks have been notably impacted by the outflows, particularly in the CSI 50 sector, which faced dual pressure from both the CSI 300 ETF and the CSI 50 ETF redemptions. In contrast, thematic hot stocks remained largely unaffected, suggesting that low turnover and low heat value sectors experienced the most significant impact [3][4]. Regulatory Environment - Current market sentiment remains on the warmer side, indicating strong speculative inertia. Financial regulatory authorities are likely to continue and strengthen their "cooling" approach to mitigate localized overheating risks. Investors are advised to reduce exposure to crowded and overvalued thematic assets until a clear signal of market style change emerges [4].

但张涛在演讲中警示，人工智能与数字金融在带来效率提升和市场整合机遇的同时，也对金融稳定构成 多维度挑战。在市场层面，人工智能驱动的快速交易可能加剧短期价格波动，而代币化资产在市场承压 时的快速流转，可能引发流动性紧张，破坏市场秩序；在操作层面，相关技术对少数专用硬件、云计算 服务提供商及数据供应商的高度依赖，以及数字金融领域共享平台的系统重要性，使其面临的运营中 断、网络攻击等风险可能扩散至整个金融体系；在风险传播层面，同质化的人工智能模型与决策规则会 增强机构行为的关联性，代币化平台构建的跨市场依赖关系，可能加速风险传染，放大冲击效应。此 外，技术变革还提升了风险的复杂性，给监管机构的风险识别与管理工作带来巨大考验。 面对跨司法管辖区运作的技术服务与各国分散的金融稳定责任之间的矛盾，张涛强调国际合作的必要 性。他指出，构建涵盖问责制、风险管理、监督等要素的全球治理框架是关键，需重点解决人工智能领 域的数据治理、第三方依赖，以及数字金融和代币化过程中的准入安排、运营责任界定等问题。作为国 际央行合作的重要平台，BIS正通过搭建交流渠道、支持学术研究、运营创新中心等方式，促进各国央 行协作，并联合金融稳定理事会 ...

消息面上，1月26日下午，在今日正在召开的腾讯年会上，腾讯董事会主席马化腾提及AI应用元宝即将 展开的春节分10亿元现金活动，表示希望重现当年微信红包的盛况。此前，2015年微信支付凭借春 晚"摇一摇"发放数亿现金红包，收割海量用户，成功将数亿用户绑定至其生态之下，完成对用户支付习 惯的一次闪电式改造。今年2月1日，元宝将上线春节活动，用户上元宝App分10亿元现金红包，单个红 包金额可达万元。 1月26日，人工智能+方向临近尾盘快速拉升，低费率创业板人工智能ETF华夏（159381）翻红，截至 14：34，涨超1%，持仓股网宿科技20cm涨停，锐捷网络、光环新网、联特科技、润泽科技、铜牛信息 等多股走强。 低费率创业板人工智能ETF华夏（159381）助力布局创业板AI主业公司。资料显示，该ETF跟踪指数一 半权重在AI硬件算力（CPO），一半权重在AI软件应用（计算机、传媒、电子、军工），具备较高弹 性和代表性。目前该ETF场内综合费率仅0.20%，位居同类最低。场外联接（A类：025505；C类： 025506） 云计算ETF华夏（516630）跟踪云计算指数（930851），是跟踪该指数费率最低的ET ...

瑞和数智(3680.HK)午后大幅拉升，盘中一度飙涨约60%，现报1.4港元。消息上，瑞和数智公布，配售 1.58亿股新股，占扩大后股本约16.65%；每股配售价0.783港元，集资1.24亿港元。公司拟将所得净款项 1.23亿港元中，70%用于偿还集团借款及补充公司一般营运资金，余下30%则用于战略投资，不包括直 接或间接投资于加密货币或其他基于加密货币的资产投资。 公开资料显示，瑞和数智已与超过100家机构及大型企业建立合作，其中头部银行覆盖率达80%，累计 落地800多个成功案例。公司连续三年位居IDC中国银行业智能营销解决方案市场份额榜首，并多次入 选IDC中国FinTech50强、赛迪顾问金融科技先锋企业等权威榜单，行业口碑卓著。 ...

作为业内率先将AI技术落地金融投研场景的先行者，讯兔科技核心产品Alpha派深度嵌入机构投研工作 流，累计服务了超7万名专业人士，当前产品路径已从辅助听会等效率环节，延伸至个股与行业的深度 研究，并持续拓展AI赋能投研的边界。 2025年12月底，讯兔科技创始人兼CEO李罗丹接受中国基金报记者专访，详细阐释了金融AI的发展趋 势和讯兔的发展之道。 李罗丹认为，金融AI正在从"助理时代"向"师徒时代"演进；到2027年左右，Alpha派或将初步具备基金 经理助理的能力，全新的全球AI代理系统，将成为AI时代的"金融基础设施"。 【导读】讯兔科技创始人兼CEO李罗丹：金融AI正在从助理时代向师徒时代演进 中国基金报记者 尹振茂 在投研圈，最值钱的资产往往不是随处可见的公开数据，而是藏在"老司机"脑子里那些只可意会不可言 传的经验与逻辑。能否把这类隐性知识变成可复用的能力，是AI触达投研核心的一道门槛。 AI投研未来：从"助理时代"向"师徒时代"演进 中国基金报：你最近提到未来投研AI将从"助理关系"走向"师徒关系"，能否具体阐释一下？ 李罗丹：我想表达的是一个本质差别：助理解决的是你不想干的活，徒弟解决的是如何做 ...

【导读】讯兔科技创始人兼CEO李罗丹：金融AI正在从助理时代向师徒时代演进 在投研圈，最值钱的资产往往不是随处可见的公开数据，而是藏在"老司机"脑子里那些只可意会不可言 传的经验与逻辑。能否把这类隐性知识变成可复用的能力，是AI触达投研核心的一道门槛。 作为业内率先将AI技术落地金融投研场景的先行者，讯兔科技核心产品Alpha派深度嵌入机构投研工作 流，累计服务了超7万名专业人士，当前产品路径已从辅助听会等效率环节，延伸至个股与行业的深度 研究，并持续拓展AI赋能投研的边界。 2025年12月底，讯兔科技创始人兼CEO李罗丹接受中国基金报记者专访，详细阐释了金融AI的发展趋 势和讯兔的发展之道。 李罗丹认为，金融AI正在从"助理时代"向"师徒时代"演进；到2027年左右，Alpha派或将初步具备基金 经理助理的能力，全新的全球AI代理系统，将成为AI时代的"金融基础设施"。 AI投研未来：从"助理时代"向"师徒时代"演进 中国基金报：你最近提到未来投研AI将从"助理关系"走向"师徒关系"，能否具体阐释一下？ 李罗丹：我想表达的是一个本质差别：助理解决的是你不想干的活，徒弟解决的是如何做得更像你。 所以，我用" ...

Group 1 - The Hong Kong Investment Promotion Agency (IPA) assisted 560 overseas and mainland enterprises to establish or expand their businesses in Hong Kong in 2025, marking an increase of over 4% compared to 2024, and setting a new record [1] - These enterprises are estimated to bring nearly HKD 69.4 billion in investment to Hong Kong, representing a growth of approximately 2% from 2024, and are expected to create 10,748 new jobs across various sectors in their first year of operation [1] - Approximately 20% of the new jobs will be in management or professional levels, with a growth of over 57% compared to 2024 [1] Group 2 - The Secretary for Commerce and Economic Development expressed satisfaction with the IPA's achievements, highlighting the record number of companies and startups in Hong Kong, which reflects strong global investor confidence [2] - Hong Kong's unique advantages under the "one country, two systems" framework and its role as a business and investment hub are emphasized, particularly in relation to the Greater Bay Area development and the Belt and Road Initiative [2] - The IPA received 2,852 applications under the new Capital Investment Entrant Scheme, expected to bring over HKD 85.5 billion in investment by the end of 2025 [3] Group 3 - The IPA aims to align with the national 14th Five-Year Plan and strengthen collaboration with other cities in the Greater Bay Area, while also focusing on attracting high-growth potential enterprises to Hong Kong [3] - The agency plans to leverage tailored incentive policies to enhance Hong Kong's role as a cross-border collaboration platform [3]

Group 1 - The number of companies with parent companies based outside Hong Kong reached 11,070 in 2025, an increase of 1,110 companies or 11% compared to 2024 [1][2] - The number of startups in Hong Kong rose to 5,221 in 2025, marking a historical high with a year-on-year growth of 11% [2][3] - The employment figures for companies with parent companies outside Hong Kong reached 509,000, reflecting a 3% increase year-on-year [2] Group 2 - The majority of the 11,070 companies are engaged in import and export trade, wholesale, and retail, totaling 5,100 companies, followed by the financial and banking sector with 2,390 companies [3] - Startups in Hong Kong employed 19,753 people in 2025, which is a 12% increase compared to the previous year [3] - The sectors represented by startups include fintech, information technology, biotechnology, education, and healthcare [3]

1月26日，香港恒生指数开盘涨0.35%，恒生科技指数涨0.05%。 | 代码 | 名称 | 现价 涨跌 涨跌幅 | | | --- | --- | --- | --- | | HSI | 恒生指数 | 26844.04c 94.53 | 0.35% | | HSTECH | | 5801.15c 3.14 0.05% | | | HSBIO | 恒生生物科技 | 15924.23c -12.84 - -0.08% | | | HSCEI | 恒生中国企业指数 | 9188.19c 27.38 0.30% | | | HSCI | 恒生综合指数 | 4135.95c 13.37 0.32% | | | 代码 | 名称 | 规价 | 浙先 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 9868 | 小鹏汽车-W | 73.750 | -3.050 | -3.97% | | 9888 | 百度集团-SW | 155.100 | -5.400 | -3.36% | | 9626 | 哔哩哔哩-W | 253.800 | -8.800 | -3.35% | | 1024 | ...