第一财经

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This article analyzes the mechanism surrounding the upper and lower limits of social insurance contribution bases, with a focus on the actual effects of lowering the lower limit i…

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This news article focuses on the implementation of spring and autumn holidays for primary and secondary schools: 14 provinces across the country have already adopted this system. …

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Over the past week, two prominent figures in the tech industry from Silicon Valley—Amodei, CEO of Anthropic, and Sax, a technology advisor to the White House—engaged in a public d…

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The prices of new homes in Guangzhou have been rising month-on-month for the past five consecutive months, mainly due to the structural increase driven by the strong sales of high…

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This article, written by Zhang Wenyi, President of Visa Greater China, focuses on how AI is reshaping business. The core message is that AI doesn’t just change the way we pay;…

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Recently, two overseas women's sports brands—ALO and Nike SKIMS—have both made significant moves into the Chinese market: ALO has opened a flagship store on Tmall (the only offici…

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Recently, the topic "ban on feeding pigs with swill" has gained prominence on social media, but media reports have often exaggerated and misinterpreted the legislation. The Ecolog…

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From January to July this year, private investment nationwide decreased by 9.4% year-on-year (a larger decline than the overall fixed asset investment). This was mainly due to fac…

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Over the next five years, China's medical insurance system will promote the pharmaceutical industry into an "value-oriented" innovation cycle through comprehensive and systematic …

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Recently, the interest rates on long-term U.S. government bonds (such as 30-year bonds) have soared to their highest levels since 2007, acting like a “bomb” that has triggered a g…

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On August 19th, Yushu Technology went public on the STAR Market, becoming the "first stock in the A-share market for humanoid robots." On its first day of trading, the opening pri…

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This summer season, two blockbuster films, "The Dragon Restaurant" and "Odyssey," both surpassed the 1 billion yuan box office mark. Despite their distinct styles, both films shar…

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On August 18, 2026, Frequency-accurate Laser, a company specializing in high-end precision lasers, went public on the STAR Market with an issue price of 186.88 yuan per share, rai…

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Ant Health has acquired Fengshi Health, integrating the direct payment capabilities for commercial insurance at 1,500 private and public hospitals international departments covere…

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In July, several economic indicators (industrial production, consumer spending, and investment) declined, with insufficient domestic demand becoming the biggest challenge for the …

核心内容总结

Anthropic在冲刺IPO前披露了一系列亮眼财务数据（年化营收破650亿美元、企业市场份额超OpenAI、利润转正），试图打消资本市场疑虑；但同时也面临估值过高、算力成本飙升、闭源/开源竞争夹击等挑战，其高增长能否持续成为关键。

一、营收爆炸式增长：企业客户成绝对主力

Anthropic的年化营收运行率（ARR，简单说就是按一年算的稳定收入）从2025年底的90亿美元，短短半年多就涨到…

核心内容总结

2025年底，广东发电企业与售电公司签订“场外返利协议”：因当时煤价低、预期2026年电价下行，售电公司为抢客户，通过“场内按最低限价签约、场外补差价”的方式给用户让利，而发电企业为锁定全年发电量，同意给售电公司返佣。但2026年2月后，国际冲突推高煤价、用电需求激增，现货电价暴涨，电厂盈利被挤压，停止支付返利。售电公司拿不到钱，无法给用户兑付，现金流断裂，多家民营售电公司联合追讨甚至…

核心内容总结

港股“大模型双雄”智谱和MiniMax股价大幅下跌，背后是多重因素叠加：新发布的模型未达市场对“大参数旗舰”的期待、定价偏高且业绩不确定性大、行业竞争加剧导致稀缺性消失、估值逻辑从“稀缺溢价”转向“供给过剩下的分散选择”。这一现象反映了大模型行业从早期“稀缺红利”进入“拼硬实力+快速迭代”的新阶段。

1. 新模型没给市场惊喜：不是期待的“大个头”，只是小优化

智谱8月14日发布的GLM-5…

核心内容总结

职业背债是一种针对“征信白户”（没办过贷款/信用卡、征信空白的人）的骗局：中介伪造材料包装白户，骗银行贷款，背债人拿点好处费却要背巨额债务，中介卷钱跑路。国家和地方监管部门正重拳打击这种金融黑灰产，去年以来联合开展多轮集群打击，破获多起大案，但骗局模式也在变隐蔽（比如卷入民间资金、一房多抵），且存在“刑民交叉”（分不清是纠纷还是犯罪）的打击难点。参与者中，组织者可能坐牢，背债人若知情也…

核心内容总结

频准激光（688826.SH）8月18日登陆科创板，发行价186.88元/股，首日开盘大涨488.61%，盘中最高达1300元/股，中一签（500股）浮盈最高约55.66万元。这家由中科院上海光机所团队孵化的公司，主打量子科技和半导体领域的精准激光器，客户覆盖国内外高校院所、量子企业及半导体厂商。业绩增长快（2023-2025年营收复合增速68.2%），毛利率高（近70%），但存货周转…