中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开 发和设计，需要光模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交 付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的合格供应 商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改 变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组 装厂生产的情形。 CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 这一网络"小作文"，引发市场对光模块龙头企业的担忧，2月11日收盘，中际旭创、新易盛、光库科技 等光模块概念股的股价均有不同程度下跌。其中，"被点名"的中际旭创下跌4.28%。 就此，有投资者问在互动易向中际旭创提问，请董秘尽快出来辟谣。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中 际旭创），通过下单给上游的激光设备公司Lumentum，再经Lumentum指定 ...

Group 1 - The steel sector experienced a midday rally, with Baodi Mining hitting the daily limit up, followed by gains in major companies such as Dazhong Mining, Ordos, Guangdong Mingzhu, and New Steel [4][5] - Key stocks in the sector included Baodi Mining at 8.71, up 9.97%, Dazhong Mining at 32.72, up 7.24%, and Ordos at 15.94, up 5.28% [5] - The overall steel index rose by 1.73%, indicating positive market sentiment in the sector [5] Group 2 - The stock of Taihe New Materials increased by 10.00% to 13.64, reflecting strong performance among component stocks [4] - Other notable gainers included Tongkun Co. at 23.85, up 7.24%, and Xin Fengming at 22.05, up 6.52% [4] - The market is advised to closely monitor intraday hot spots and sector movements to capture signals of fund flows [6]

Market Overview - The A-share market continued to experience sideways fluctuations, with the oil, petrochemical, and non-ferrous metal sectors recovering, leading to a relatively strong performance of the Shanghai Composite Index, which closed at 4137.55 points, up 0.22% [2] - The Shenzhen Component Index fell by 0.07%, while the ChiNext Index and the Sci-Tech Innovation Index dropped by 0.91% and 0.48%, respectively [2] Chemical Sector Performance - The chemical sector showed significant activity, with Baichuan Co., Ltd. (002455) hitting the daily limit for the fourth consecutive trading day, achieving a year-to-date increase of 107% [4] - Other chemical stocks such as Sanfangxiang, Vinegar Chemical, New Jinlu, and Jinniu Chemical also reached their daily limits, contributing to a more than 2% rise in the Shenwan Basic Chemical Index [6] Baichuan Co., Ltd. Insights - Baichuan Co., Ltd. responded to institutional research regarding the price trend of TMP (Trimethylolpropane) products, which have increased from over 8000 yuan/ton at the end of 2025 to 15000 yuan/ton currently [5] - The company has a domestic total production capacity of approximately 200,000 tons for TMP, with strong overall demand [5] - The recent price increase is attributed to many manufacturers facing pressure and adjusting production lines or exiting the market, leading to a tight supply of TMP [5] Industry Outlook - According to Zhongyin Securities, the chemical industry is expected to accelerate the elimination of backward production capacity under stricter energy consumption, carbon emission, and safety process standards, transitioning from scale expansion to high-quality growth during the 14th Five-Year Plan period [8] - The demand for chemical products is anticipated to maintain good growth, supported by the steady implementation of domestic demand expansion policies and the rapid development of downstream industries such as new energy, AI, semiconductors, and humanoid robots [8] Commercial Aerospace Sector Activity - The commercial aerospace sector saw localized movements, with companies like Zhaobiao Co., Ltd., Zhongcai Technology, and Jiuding New Materials hitting their daily limits, while others like Hailanxin and Zhaobiao Co., Ltd. rose over 10% [10][11] - A significant milestone was achieved with the successful implementation of the Long March 10 rocket system low-altitude demonstration verification and the escape flight test of the Dream Boat manned spacecraft, marking an important breakthrough in China's manned lunar exploration program [12]

Group 1 - The core message of the article highlights the launch of the "Lego New Spring" special event aimed at boosting consumption during the upcoming nine-day Spring Festival holiday, with significant policy incentives introduced by the Ministry of Commerce and nine other departments [1] Group 2 - The first major initiative is a trade-in program, with a total of 62.5 billion yuan allocated for subsidies to encourage consumers to exchange old products for new ones during the holiday [1] - The second initiative involves a prize invoice program, where 10 billion yuan in rewards will be distributed during the nine-day holiday for consumers who obtain invoices over 100 yuan in designated cities [1] - The third initiative focuses on financial support, with the People's Bank of China and financial regulatory authorities guiding financial institutions to offer various discounts across multiple consumer sectors, including airports, hotels, and attractions [1]

Group 1 - The A-share PCB concept sector experienced a strong rally in the morning session, with International Composite Materials (301526) hitting the daily limit up of 20% [1] - Other companies such as Jin'an Guoji, Honghe Technology, Zhongcai Technology, China Jushi, and Shandong Fiberglass also reached the daily limit up, indicating a broad positive sentiment in the sector [1] - Stocks like Changhai Co. and Lite Optoelectronics saw significant gains, contributing to the overall upward trend in the PCB sector [1] Group 2 - The short drama game and film theater sectors faced a decline at the beginning of the trading session, with Hengdian Film and Jin Yi Film hitting the lower limit [5] - Following the initial drop, the lower limit was lifted, but companies like Xingfu Lanhai saw a decline of over 5%, while Baida Qiancheng and Huace Film experienced notable losses [5] - The overall performance of the short drama game and film theater sectors indicates a challenging market environment [5]

2月10日，Seedance概念股多股涨停。这场由字节跳动掀起的文生视频革命，其真实价值在于重构内容 产业的成本曲线与生产范式。当电影级短片可由AI一键生成，哪些赛道将迎来变革？谁又能真正接住 这场技术红利？且看机构最新研判。 从技术演进看，Seedance 2.0的核心突破在于其"可控性"的大幅提升。传统AI视频生成存在"抽卡"痛 点，即多次生成才能获得可用画面，导致成本高企。Seedance 2.0通过多模态参考、角色一致性保持、 智能分镜与音画同步，显著降低了重复生成次数。据机构测算，即便在保守情景下，其也可降低总生成 成本约5%，若抽卡频率减半，成本降幅可达37%。 从落地场景看，Seedance 2.0最直接利好影视与漫剧板块。该模型可实现"单张角色图生成剧情视频"， 大幅降低传统影视IP开发的时间与资金门槛；AI漫剧制作成本有望从万元级降至千元级，用户规模也将 大幅提高。同时，多模态生成能力的提升也有望赋能营销、电商、游戏等内容创作环节，推动AI在广 告素材、短视频营销、互动叙事等场景的规模化应用。 从产业趋势看，2026年被视为AI应用商业化拐点年。一方面，北美云服务厂商（CSP）持续上修资本开 ...

Group 1 - The U.S. stock market showed mixed results on February 10, with the Dow Jones reaching a new closing high, while technology stocks mostly declined, including Intel dropping over 6% and Micron Technology falling more than 2% [1][9] - Despite the Federal Reserve signaling stable policies and tech giants advancing AI applications, concerns over persistent inflation, a weakening labor market, and regulatory uncertainties have made investors cautious about high-valuation tech stocks [1][9] - The market is shifting towards sectors less impacted by AI trading, with materials and utilities performing well recently [1] Group 2 - MSCI announced its quarterly index adjustments on February 11, which will take effect after the market closes on February 27, 2026, adding 63 stocks to the global standard index and removing 61 [2][3] - The MSCI China A-share index will include 33 new stocks while excluding 9, with the inclusion of stocks in this index also meaning entry into the MSCI global standard index series, attracting significant passive fund tracking [3][6] - Notable new additions to the MSCI global stock index include AST SpaceMobile, Coherent Corp, and FTAI Aviation, while the emerging markets index will see additions like Hongqiao Group and Century Huatong [3]

Core Viewpoint - The joint implementation opinion by five government departments aims to enhance the capabilities of the information and communication industry to support the development of low-altitude infrastructure, targeting a nationwide ground mobile communication network coverage of no less than 90% by 2027 [1][2]. Group 1: Network Support Capability - The opinion emphasizes utilizing existing 5G mobile communication infrastructure to promote low-altitude mobile communication network coverage, particularly in areas below 300 meters and low-altitude application hotspots [2]. - It suggests a combination of ground mobile communication, dedicated networks, and satellite communication to meet diverse business needs across different flight ranges and heights [2]. Group 2: Industry Supply Capability - The opinion advocates for the advancement of 5G-A industry development, enhancing existing ground station functionalities, and accelerating the maturity of integrated sensing technologies while gradually reducing equipment costs [2]. - It encourages the integration of low-altitude equipment with information communication, promoting the adaptation verification of 5G/5G RedCap modules with low-altitude aircraft [2]. Group 3: Safety Assurance Capability - A key focus of the policy is the construction of a regulatory framework for low-altitude applications, including telecom business access, equipment management, service supervision, and emergency communication [2]. - The opinion introduces the "one machine, one code, one number" requirement for drones, establishing a binding relationship between device identity, communication identifiers, and operational entities, enhancing traceability and control throughout the drone lifecycle [3]. Group 4: Industry Impact - The introduction of the "one machine, one code, one number" system is expected to create a regulatory framework that allows for real-time monitoring of drone flight trajectories, communication data, and operational entities, thereby improving safety and management [3]. - The joint issuance of this opinion marks a new phase in the coordinated advancement and standardization of low-altitude economic infrastructure, laying a solid policy foundation for the rapid development of related industry chains [3].

自2025年1月20日正式发布以来，上证科创板综合指数(简称"科创综指")已平稳运行一年。作为刻画科 创板"全景图"的指数，科创综指在表征市场整体表现与引导长期资金配置方面的作用日益凸显。 数据显示，截至2月10日，科创综指样本数量达580只，市值覆盖度超过90%，总市值高于100亿元的科 创综指成分股权重占比较发布时提升15.1%，成长效应显著。 科创板自设立以来，先后推进试点注册制、"科创板八条""科创板1+6"三轮系统性改革，着力提高资本 市场制度包容性、适应性。截至2月10日，科创板累计支持61家未盈利企业、9家特殊股权架构企业、7 家红筹企业、23家第五套标准企业上市。未盈利上市企业中22家上市后成功盈利"摘U"。 科创板公司坚持创新驱动发展，持续加大创新要素投入力度，创新成果积极涌现。2025年前三季度，科 创板公司研发投入总额达1328.64亿元，是板块净利润的2.7倍；研发投入占营业收入比例中位数为 12.5%，远高于A股其他板块。 并购重组市场日益活跃，自"科创板八条"发布以来，板块新增并购交易170余单、金额超900亿元，交易 达成率近七成；2025年以来发布重大资产重组39单，数量超过前 ...

春节是阖家团圆的时刻，但有这么一群年轻人，忙碌得顾不上买一张回家过年的车票。他们远离家乡， 正在岗位上抓紧演练和测试，为春节假期前重要的商业航天发射做准备。仰望星空，心系卫星，这些年 轻人被亲切地称为新一代"牧星人"。 就像牧羊人管理羊群一样，"牧星人"是指从事卫星测运控工作的工程师和技术人员，他们负责监控、管 理和控制太空轨道上一颗颗卫星的运行。"我们会有自己的星链"，这已经成为年轻"牧星人"坚定的信 念。 呵护卫星太空旅程 作为时空道宇星座全球测运控中心的一线测运控工程师，来自宁夏的"90后"小伙子田劼双眼时刻紧盯监 测屏幕上卫星的运行轨迹和重要参数，一丝不苟。 对"牧星人"而言，卫星在太空中所面对的环境非常复杂，会遇到各种各样的突发情况。为确保万无一 失，时空道宇测运控团队日夜排班，对在轨卫星进行7×24小时监控。当太空中突发情况发生的时候， 地面上的"牧星人"就要立刻反应过来，并且迅速给出一个有效的解决方案。 火箭点火升空，星箭成功分离，卫星的遥测数据接收……在火箭发射的一系列过程中，田劼等"牧星 人"的角色不可或缺。 牧羊人要防范野狼偷袭羊群，"牧星人"则要时刻预防太空异物撞击卫星，因为哪怕一块看似 ...