In terms of financial special projects and capital expenditure, R&D investment has become a critical flow of funds. The R&D expenditure in the fourth quarter reached RMB4.994 billion, and the total amount of RMB1.6496 billion for the whole year. These huge capital expenditures are not used for traditional fixed asset acquisitions but are instead heavily invested in the development of underlying agricultural technologies, the construction of digital infrastructure in the supply chain, and the overall upgrade of logistics networks in remote areas $拼多多(PDD)$  

Chinese media reports that the Chinese mini drama industry has begun to enter the era of AIization, and many mini drama platforms are promoting the " protagonist real person, supporting characters fully AI" model, and even "full-film AI, no real person," leading to a large number of supporting characters, dragon sets, and contract actors becoming unemployed, even the work of top mini drama actors has been greatly reduced, and film remuneration has been cut back. According to Sohu China, multiple short drama filming bases in Hengdian and Zhengzhou in China have seen a large number of actors unemployed. In January of 2026, the proportion of AI simulator skits jumped dramatically from 7% last year to 38%, and it is expected to be more than half or even higher. By comparison, the cost of live

Google drops [笑哭]

Jevons Paradox

Israeli official: IRGC Navy chief killed in strike, was responsible for Hormuz chokehold https://www.timesofisrael.com/liveblog_entry/israeli-official-irgc-navy-chief-killed-in-strike-was-responsible-for-hormuz-chokehold/

9992: The main business model is OEM production, and the main products of small household appliances include electric kettles, coffee machines, electric toothbrushes and hair dryers. Now they have entered the stage of large-scale stocking, with the target market planning being domestic before overseas.

Wang Ning, chairman and chief executive officer of Pop Mart (09992), said it would launch IP-centric derivatives of small home appliances in April and sell them on e-commerce platforms such as JD.com (09618). Mainland media quoted informed sources as reporting that the core contract manufacturing enterprise of Poppa Mart's small home appliances is A-share listed company Xinbao Shares (002705. SZ).

Labubu 4.0 will be launched in the second half of this year. Meanwhile, Labubu will make its World Cup appearance in June, and the family's 10th anniversary global tour continues to land in countries and regions.

Jeff Zhang, an analyst at Morningstar, believes that the sharp slowdown in the fourth quarter of last year has intensified market concerns about the sustainability of its main series

Chairman and President Wang Ning also used the "F1 race car" as an analogy yesterday, indicating that he hopes to "enter the pits and change tires" this year, without seeking radical growth and target revenue growth of no less than 20%. The market was greatly disappointed by this guidance

9992 revenue growth in the fourth quarter of last year has slowed rapidly

According to Goldman's latest quantitative model, every 10% increase in oil prices, mechanically pushes up the global CPI by about 0.2 percentage points. The impact is highly asymmetric: Central and Eastern Europe was the first to bear the brunt (approximately 0.45%), while the United States and Japan are only near the average, and China is even more marginal (0.1%). This means that the European Central Bank will face more painful pressure to raise interest rates than the Federal Reserve.

In the future, every engineer will have 100 AI agents. All questions that are too big, too complicated, too time-consuming, It's no longer a problem. Because AI will help you complete it. What's left over?  creativity. Future engineers, no longer just write code, But: Design ideas Establishing system architecture Defining specifications Manage AI teams (agents) Your real job will become: Define what is a "good outcome" Continuously iterating with AI brainstorm with AI Writing code, it's going to become a secondary skill. Thinking and creating are the core competencies. This is not a tool upgrade. It is a change in the nature of the work.

The transmission of this surge in commodities, particularly energy, to core PCEs will not be immediately apparent, and Goldman expects to peak in the fourth quarter of 2026 (about 0.35 percentage points). That means even if world peace is declared tonight, the lagging effect of inflation will keep the Fed on the pins for months ahead

This is the standard Trump negotiating art! Looking back in April 2025, Trump also started by shouting that the US and China were negotiating, which China immediately vehemently denied. As a result, just three weeks later, China and the US announced the first phase of a tariff agreement. This time Iran is playing games off the table while fighting a war of attrition to pressure the global energy market, and will definitely "deny the end" like China did back then before it was certain that it would gain real benefit. This 5-day ceasefire is not so much a glimmer of peace as a delaying strategy for both sides to re-press the pressure at the negotiating table.

American AI giant Anthropic has "war" with the US President Trump administration, accusing the Department of Defense of listing the company as the only domestic American enterprise in the United States that "national security supply chain risks." But the Defense Department's ban on Anthropic was not easy, and the U.S. airstrike against Iran required the use of the AI model Claude, developed by the company to assess the situation. Anthropic co-founder and CEO, Dario Amodei, insisted on setting a moral red line. He thanked his parents for instilling moral standards and joining the AI world also stemmed from the word "filial piety". Born in 1983, Amody comes from a working-class family whose father, Ricardo, was a leathersmith, who moved to the United States from Elba, Italy in the 1970s. His

Revenue growth is likely to be faster than profit growth in 2026 due to increased investment in new AI products. If we can meet our revenue growth target, we will be very satisfied. These new AI products represent new opportunities to expand business and provide new value to users. The enthusiasm of users for these products is a testament to the market. The next important thing is to really unleash product development, reach connectivity, and design the most exciting AI products. If you do all this well, you will consider how you can try to reduce the cost of reasoning. $騰訊控股(00700)$  

The unaudited financial results of the fourth quarter and full year of 2025 are seen by Futu Holdings with a sophisticated system based entirely on human instinct. The total revenue for the year reached 2.935 billion US dollars, soaring 68.1% year-on-year. Behind this figure is the astonishing total transaction volume of HK$14.68 trillion for the year, up 89.4% year-on-year. As long as funds continue to flow, as long as the public still play in the market, this machine is constantly extracting nutrients from energy. The annual brokerage commission and handling fee income reached $1.358 billion, a significant increase of 74.9% year-on-year. Interest income also climbed to $1.341 billion, an increase of 56.6%, mainly due to expansion of securities lending, bank deposits and margin trading an

Investors need to pay attention to risks: 1. The number of monthly active users (MAU) has fallen for three consecutive quarters. 2. Operating profit margin and non-GAAP net profit margin fell significantly in the fourth quarter. 3. The divident distribution amount and the distribution ratio both decreased. 4. Revenue growth was sluggish, with zero annual revenue growth, and the advertising and marketing revenue of non-Alibaba advertisers fell by 4%. $微博-SW(09898)$  

From 2006 to today in 2026, the weight of pure value stocks has shrunk sharply from 26% to 11%, while the weight of pure growth stocks including the tech seven (Mag 7) has skyrocketed to 46%! The S&P 500 Index has essentially become a 'growth stock carrier' highly bound with AI capital expenditure and tech giants' profitability. As long as the AI capital expenditure cycle is still there, the profits of the tech giants can offset the recession of the traditional industry under inflation.