◎记者 王乔琪 黄河之滨，天地之中。郑州——这座坐拥千年商都底蕴、素有"九州腹地，十省通衢"之称的国家中心城 市，因商贸而兴，因交通而盛。 在数字经济时代，郑州锚定全国重要"数仓、数纽、数港"定位，以算力为笔，绘就新时代高质量发展的 中原图景，完成从"千年商都"到"算力之城"的历史性跨越。 "郑州历史悠久、活力涌动、开放包容、实力强劲，在推动城市数字化转型和产业数字化升级深度融合 上具有良好基础。"河南省委常委、郑州市委书记安伟表示，当前，郑州以智慧城市建设为牵引，全力 构筑算力支撑新底座，聚力打造产业集聚新高地，着力拓展融合发展新场景，倾力营造一流营商新环 境，努力在新一轮科技革命和产业变革中赢得主动、赢得未来。 算力何以成为郑州"必答题" 在全球数字经济浪潮和人工智能革命的背景下，算力已成为继热力、电力之后的关键生产力。中国信通 院测算显示，算力每投入1元，可带动3到4元的GDP增长，其对产业转型、科技创新的驱动作用日益凸 显。这场关乎未来的竞赛，郑州坚定参与，更志在领跑。 这是服务国家战略的"郑州担当"。作为建设中的国家中心城市、国家新一代人工智能创新发展试验区， 郑州肩负着在中部地区探索数字化转型路径 ...

Group 1 - The core viewpoint of the news is the release of the "Traditional Chinese Medicine Industry High-Quality Development Implementation Plan (2026-2030)" by the Ministry of Industry and Information Technology and seven other departments, which outlines a five-year development blueprint for the TCM industry, including the establishment of 60 high-standard TCM raw material production bases and the construction of five TCM industrial innovation centers by 2030 [1][2] - The implementation plan emphasizes the need for a collaborative development system across the entire TCM industry chain, enhancing the stable supply of key TCM raw materials, and achieving breakthroughs in critical technologies [2][6] - The plan includes six key focus areas for promoting high-quality development in the TCM industry, such as improving raw material quality and supply, collaborative innovation, manufacturing capacity enhancement, revitalizing the national medicine industry, promoting famous TCM products, and cultivating outstanding enterprises [2][4] Group 2 - Leading companies like Guangzhou Pharmaceutical Group are already implementing the policy by establishing standardized TCM material planting bases in various regions, which helps drive local industry development [3][6] - The plan encourages diversification in the TCM industry by promoting the development of health products, natural cosmetics, and specialty daily chemicals, thereby broadening the industry's boundaries and solidifying its foundation [3][4] - The plan aims to protect intellectual property rights for traditional crafts and well-known brands, while also identifying and nurturing new TCM products with significant clinical value [4][5] Group 3 - The implementation plan outlines 15 tasks to enhance the digital and green transformation of TCM manufacturing and to expand the international market for TCM [6][7] - The focus on intelligent upgrades and international expansion is highlighted as a key strategy for many TCM listed companies, with an emphasis on collaborative and intelligent-driven industry upgrades [6][7] - The establishment of "smart factories" and "green factories" is expected to facilitate the transition from traditional manufacturing to scientific production, ensuring product quality and standardization [7]

数据显示，2026年以来，已有5家证券投资咨询机构因业务违规收到行政监管措施决定书，违规行为普 遍涉及营销误导、直播管控缺失、内控不严等问题。业内人士认为，这意味着对投顾行业的整治已步入 常态化。 九方智投控股被罚 九方智投控股公告显示，上海九方云智能科技有限公司在展业过程中，部分营销宣传内容存在误导性， 直播营销内容存在虚假不实信息，公司合规管理和风险控制机制不健全。此外，部分未在中国证券业协 会登记为证券投资顾问的员工向投资者提供了投资建议。上述行为违反了《证券投资顾问业务暂行规 定》的相关条款。 据此，上海证监局向该附属公司出具行政监管措施决定书，责令其改正，并自收到决定书之日起暂停新 增客户3个月。在此期间，公司不得签约新客户，也不得以"投资者教育"等名义变相开展投资咨询业 务，同时需每月向上海证监局提交书面整改报告。 九方智投控股在公告中表示，公司高度重视监管所指出的问题，已立即制定并推动落实全面整改方案。 整改措施主要包括：严肃处理涉及违规的个别人员，并加强全员合规培训；全面强化营销宣传全流程管 控，遏制误导性宣传；强化直播内容管理，确保信息真实可靠；健全合规风控体系，优化管理制度与技 术防控；明 ...

2025年，沪市公司经营韧性与结构亮点进一步显现，在"质"与"量"的双重维度上，助力中国经济破浪前 行。数据显示，截至2月9日，271家沪市主板公司发布2025年业绩预告，其中168家预增、85家预计扭 亏。391家科创板公司以业绩预告或快报形式披露了2025年业绩情况，近六成公司预计净利润实现同比 增长，其中39家预计净利润同比倍增、51家预计扭亏为盈。 一幅稳增长、优结构的沪市公司全年发展图景徐徐展开。记者关注到，业绩突出的公司主要集中在有色 金属、电子等行业。有色金属受产品价格与产销量共同驱动，电子行业在AI需求带动下维持较快增 长。与此同时，一批龙头公司预计盈利规模仍处于高位，持续发挥沪市主板"压舱石"作用。 有色金属行业发展尽显韧性 2025年，在全球地缘政治摩擦多发和主要经济体降息预期的推动下，黄金的避险与货币属性愈加显现， 黄金价格屡创新高，直接增厚了拥有巨量黄金储备企业的利润。 有色行业规模以上企业工业增加值增长6.9%，高于全国规上工业增加值增速1.0个百分点，十种有色金 属产量首次突破8000万吨大关。规模以上企业实现利润总额5284.5亿元，同比增长25.6%，创下历史新 高。下游新兴产 ...

Group 1 - MSCI announced the results of its February index review, adding 37 stocks to the MSCI China Index, including notable A-shares and Hong Kong stocks [1] - The MSCI China Index is significant as it is part of the MSCI Global Standard Index series, which means stocks included will attract substantial passive fund tracking [1] - The adjustments are based on objective quantitative indicators such as market capitalization and liquidity, with four annual reviews scheduled [1] Group 2 - The MSCI Global Standard Index added 63 stocks and removed 61, with the largest new additions being AST SpaceMobile, Coherent Corp, and FTAI Aviation [2] - Adjustments will take effect after the market closes on February 27, 2026, with passive funds likely to adjust their positions at the end of the trading day to minimize tracking error [2] - Historical data shows that newly added A-shares to the MSCI China Index typically achieve stable excess returns between the announcement and the effective date of the adjustments [2] Group 3 - Institutions expect international funds to further increase their holdings in Chinese assets in 2026, with a slight increase in the overweight level of Asian investment funds towards Chinese stocks [3] - UBS identified that 143 out of 800 tracked active overseas funds had no exposure to Chinese stocks as of Q4 2025, indicating potential inflows of $16 billion if these funds reallocate to benchmark weights [3] - Active foreign institutional investors are selectively buying sectors such as internet, insurance, renewable energy, and industrials, while showing caution towards automotive and healthcare sectors [3]

Core Viewpoint - The State Administration for Market Regulation has issued the "Antitrust Guidelines for the Public Utilities Sector," aimed at clarifying antitrust enforcement and compliance in the public utilities sector to prevent monopolistic behaviors and maintain fair market competition [1][2]. Group 1: Guidelines Overview - The guidelines consist of seven chapters with 50 articles covering general principles, monopolistic agreements, abuse of market dominance, operator concentration, fair competition review, abuse of administrative power to eliminate competition, and applicable legal responsibilities [1]. - The identification of market dominance in the public utilities sector will consider the natural monopoly characteristics and franchise operating models, focusing on the operators' control over physical networks or other critical infrastructure [1][2]. Group 2: Monopolistic Behaviors - The guidelines detail common monopolistic behaviors in industries such as bottled liquefied gas, and the public utilities sectors (water, electricity, gas, heating) that often involve restrictive trading, bundling, and unreasonable trading conditions [2]. - The guidelines emphasize that public utility operators may extend their monopolistic advantages to competitive sectors, which necessitates a systematic approach to enhance the scientific, targeted, and effective nature of antitrust enforcement [2]. Group 3: Compliance and Risk Management - The guidelines encourage public utility operators to strengthen antitrust compliance frameworks, establish effective management systems to identify potential antitrust legal risks, and implement corresponding preventive and remedial measures [3].

上海证券报记者从中国证监会有关部门获悉，A股上市公司春节前分红金额再创新高。数据显示，2025 年12月至2026年1月底，沪深北交易所共有235家上市公司实施春节前分红，金额合计3488亿元，已超过 2025年春节前3446亿元的分红总额。 业内专家在接受上海证券报记者采访时表示，分红时点整体前移，体现出公司回馈投资者"又好又快"， 这有利于投资者提前收息，在享受货币时间价值的同时更好规划新年现金流。 在田利辉看来，春节前大规模分红释放三重信号：一是实力信号，企业现金流健康、盈利韧性增强，是 经济复苏的微观印证；二是制度信号，传递稳增长信心，提振市场预期；三是生态信号，引导长期资金 入市，优化资本结构。整体看，大规模分红释放出强化价值投资的信号，有利于营造良好的市场生态。 （文章来源：上海证券报） 从行业来看，金融和大消费行业继续成为春节前分红主力。数据显示，上市银行春节前分红2434亿元， 占比近七成。其中，招商银行、兴业银行首次加入春节前分红大军，大手笔派发共375亿元"红包"。上 市险企合计分红54亿元，11家上市券商合计分红55亿元。茅台、五粮液、海天味业等大消费龙头合计分 红448亿元。此外，部分 ...

Core Viewpoint - The article highlights the significant role of financial support in boosting consumer spending during the Spring Festival, with a focus on the "old-for-new" subsidy program and innovative financial products like "Guo Bu Loan" [1] Supply Side - The "Guo Bu Loan" has been introduced to alleviate the financial pressure on merchants, allowing them to increase inventory levels for the Spring Festival [2] - Easy Information Technology Co., a long-established 3C retailer, has benefited from the "old-for-new" policy, which offers a subsidy of up to 15% on 3C products, but faces challenges with upfront funding [2][3] - The company secured a loan of 3 million yuan through the "Guo Bu Loan" with an annual interest rate of only 1.5% to 2%, which has helped stabilize cash flow and increase inventory [3][4] - As of now, over 800 million yuan in credit has been issued through the "Guo Bu Loan" program, significantly improving merchants' cash flow and operational efficiency [4] Demand Side - The demand side is seeing a surge in consumer spending driven by low-interest and interest-free installment options, which are becoming key financial tools for enhancing mid-to-high-end consumption [5][6] - The Ministry of Commerce and the People's Bank of China have encouraged merchants to offer more low-interest and interest-free installment promotions, extending support for credit card installment payments until the end of 2026 [5][6] - The integration of national subsidy policies into installment payment scenarios has led to over a 20% increase in transaction volumes across various sectors, including apparel and home appliances [6][7] - Platforms like Taobao and JD.com are actively promoting products eligible for national subsidies, resulting in increased consumer engagement and spending [6][7] Financial Innovations - The introduction of AI-driven solutions for invoice management is enhancing consumer engagement by transforming invoices into versatile consumption vouchers, thereby maximizing the impact of government financial support [8] - Financial institutions are leveraging their extensive service networks to ensure that both merchants and consumers benefit from the available financial products, particularly during the peak consumption period of the Spring Festival [8]

人工智能浪潮奔涌，河南应如何发展相关产业？多位专家在接受上海证券报记者采访时表示，河南发展 人工智能的核心优势在于其深厚的传统产业基础，应摒弃同质化思维，走一条培育特色生态的务实道 路。 "未来五年是人工智能深度重构千行百业的关键期，也是各地产业竞争力重排座次的特殊时间窗口 期。"新能源算力智能经济产业联盟常务副理事长、中国电子商会元宇宙专委会副理事长邢杰表示。 多位专家认为，河南发展人工智能产业的最大机遇，蕴藏于其作为传统产业大省的场景资源中。 清华大学人工智能国际治理研究院副院长、公共管理学院教授梁正表示，河南发展AI算力的关键不在 于盲目追逐尖端模型的研发，而是在于充分发挥其制造业、农业、商贸物流等领域的深厚基础优 势。"人工智能+"的意义重大。用人工智能去改造传统产业，是提升效率、推动转型升级最有力的工 具。丰富的产业应用不仅能提升效能，更能反向催生适用于垂直领域的专用AI模型，从而孵化出本土 新兴赛道。 西南财经大学教授吴垠表示，河南已在中西部地区率先构筑了"算力中枢+制造底座+人口与区位"的综 合优势，其"7+28+N"重点产业链群与龙头企业生态，为深度融合工业大模型与产业大脑提供了独特土 壤。 ...

Core Viewpoint - The banking industry is intensifying its marketing efforts for the upcoming Spring Festival, focusing on attracting customers through various promotional activities and tailored financial products aimed at year-end bonuses and traditional "lucky money" [1][2][4]. Group 1: Marketing Strategies - Banks are leveraging both online and offline channels for marketing, with mobile apps featuring festive themes and special investment links, while physical branches are decorated and hosting engaging activities [2][4]. - The marketing campaigns are primarily targeting year-end bonuses and "lucky money," with banks creating specialized financial products and services to cater to these seasonal funds [2][3]. Group 2: Product Offerings - Financial products designed for year-end bonuses include short-term, high liquidity, and stable return options, with some products offering annualized returns 0.3 to 0.8 percentage points higher than regular offerings [2][4]. - For "lucky money," banks are promoting children's exclusive bank cards and educational savings accounts, along with low-threshold fund investment plans [3]. Group 3: Industry Challenges - The current banking environment is characterized by declining interest rates and a scarcity of quality assets, leading to increased competition for "quality liabilities" [4]. - Banks are facing dual challenges of rising liability costs and profitability pressures, as the macroeconomic transition has made stable, high-return assets scarce [4]. Group 4: Investment Recommendations - Suitable short-term investment options for the Spring Festival include money market funds, government bond reverse repos, and bank cash management products, each with varying risk and liquidity profiles [5]. - Investors are advised to focus on product risk levels, asset allocation clarity, and redemption rules to ensure effective fund utilization during the holiday period [6][7].