Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

2月9日晚间，海口市商务局发布《海口市首批日用消费品免税店项目-成交公告》。其中，国贸商圈的日用消费品免税店经营主体为海口恒昇世纪贸易有 限公司，门店地址位于龙华区海垦街道海秀中路71号王府井海垦广场；城西商圈的日用消费品免税店经营主体为海南旺豪阳光实业有限公司，门店地址位 于龙华区金宇街道南海大道15号龙湖海口天街；西海岸商圈的日用消费品免税店经营主体为中免（海口）国际免税城有限公司，门店地址位于秀英区海色 路5号海口国际免税城。 同日晚间，三亚市商务局发布《关于三亚市首批日用消费品免税店项目竞争性谈判评审结果的公告》。当中提到，经评审，确定珠免集团（海南）免税品 有限公司为三亚市首批日用消费品免税店的"零关税"日用消费品经营主体，日用消费品免税店地址：三亚市天涯区三亚湾路8号三亚湾壹号【L1】层【L1- 11、L1-11-1、L1-12、L1-12-1】号铺位。 海南首批5家日用消费品免税店经营主体和具体门店地址揭晓。 洋浦经济开发区投资促进局发布了《儋州市岛内居民日用消费品免税夏日广场店经营主体遴选项目成交结果公告》。成交信息显示，供应商（成交单位） 名称为儋州夏日百货有限公司。 | 标题：儋州市岛内居 ...

Group 1 - Longfor Group reported a contract sales amount of 2.45 billion yuan in January 2026, along with the acquisition of two premium land parcels totaling 142,900 square meters at a land cost of 865 million yuan [1] - The company's operating revenue for January 2026 reached 2.43 billion yuan (including tax), reflecting a year-on-year growth of 5.1%, indicating sustained growth in its operational business [1] - Longfor Group's management emphasized that the continuous development of its operational and service business will be a key growth driver to navigate the challenges of the current market environment [1] Group 2 - The real estate industry is expected to shift towards high-quality development in residential projects and an increased focus on operational real estate as a mainstream trend [2] - Companies are anticipated to balance risks by investing in relatively stable operational real estate, enhancing their ability to withstand market cycles [2] - Major state-owned enterprises are likely to strategically increase their investments in operational real estate, transitioning towards a "development + holding" model [2]

Core Viewpoint - The company, Zhongke Shuguang, is raising up to 8 billion yuan through convertible bonds to fund advanced AI computing projects, marking a significant step in the domestic AI infrastructure development [2][5]. Group 1: Investment Projects - The advanced computing cluster system project for AI will receive an investment of 3.5 billion yuan, focusing on developing next-generation hardware systems and unified management of various computing hardware [3][5]. - The next-generation high-performance AI training and inference machine project will be allocated 2.5 billion yuan, consisting of four main modules aimed at integrating AI technology into the real economy [3][5]. - The domestic advanced storage system project will invest 2 billion yuan, based on domestic processor chips and core components [3][5]. Group 2: Strategic Importance - The refinancing initiative is expected to help the company leverage the latest trends in the AI industry, enhancing its technological and product leadership in the computing infrastructure sector [5][6]. - The company aims to accelerate the localization process in computing infrastructure, achieving high-level technological self-reliance and building a competitive edge in domestic computing capabilities [5][6]. Group 3: Recent Developments - Recently, the company launched the largest domestic AI computing pool, with three sets of supercomputing systems going live, marking a significant breakthrough in the practical application of domestic AI computing infrastructure [6][8]. - The company introduced the world's first single-cabinet 640-card super node, scaleX640, which is designed to lower the barriers for AI cluster development and promote a new ecosystem for computing that is both autonomous and open [8].

Core Viewpoint - The company aims to become a global leader in the supply of materials for the new energy and AI industries, driven by a dual strategy of "new energy + AI" [1] Group 1: Business Strategy and Goals - The company plans to enhance its core business in new energy by improving the competitiveness of lithium battery copper foil and expanding into solid-state battery lithium metal anode materials [1] - The company expects to achieve operating revenue of 9.5 billion to 9.75 billion yuan in 2025, representing a year-on-year growth of 45.65% to 49.49%, and a net profit of 50 million to 65 million yuan, marking a turnaround from losses [2] - The company aims to optimize costs and upgrade product structures to achieve profitability in 2025, despite challenges such as increased bad debt provisions and investment project impairments [2] Group 2: Market Trends and Opportunities - The lithium battery copper foil market is expected to see a significant demand growth rate of 30% in 2026, with potential supply shortages leading to increased processing fees and higher profits for related companies [3] - The company is strategically positioning itself in the solid-state battery market, which is anticipated to grow due to its advantages in energy density and safety [3] - The company has invested 5 million yuan in Shenzhen Lithium Silicon New Material Technology Co., which focuses on ultra-thin lithium metal anode materials for solid-state batteries [3] Group 3: AI Sector Expansion - The company plans to expand its business into the AI sector by investing in high-end PCB copper foil and optical modules, capitalizing on the growth of AI computing infrastructure [4] - The company intends to acquire a 13.59% stake in Wuhan Endatong Technology Co., which specializes in optical modules, to enter the optical module market [4] - The global demand for high-voltage low-profile (HVLP) copper foil is expected to exceed 80,000 tons by 2026, with a growth rate of 40%, providing a significant opportunity for the company [5]

再融资是健全投融资相协调的资本市场功能的重要组成部分，也是支持上市公司做优做强、优化资源配 置的重要工具。 2月9日，沪深北交易所宣布优化再融资一揽子措施，以进一步提高再融资灵活性和便利度，更好服务科 技创新和新质生产力发展。 纵观本轮优化措施，其精髓正是在于"让好企业能用到好政策"，进一步扶优、扶科。 例如，优化措施提出，进一步支持优质上市公司创新发展，允许募集资金投向与主营业务有协同整合效 应的新产业、新业态、新技术领域，用于符合新质生产力发展方向的第二增长曲线业务。 另一关键举措是，更好适应科技创新企业再融资需求，研究推出交易所主板上市公司"轻资产、高研发 投入"认定标准。 这一调整是回应了部分主板公司的需求。主板公司中不乏传统产业转型或技术密集型企业，它们同样面 临研发投入大、资产结构轻的特点。将科创板经验推广至主板，可以更好服务主板科技型企业，推动传 统产业转型升级与新质生产力培育协同发展。 此轮优化的深层逻辑在于，将优质上市公司的合理融资需求制度化、便利化，在提升审核效率的同时加 强有效监管。通过明确导向性的制度供给，实现精准扶优、扶科，将宝贵的资本资源引导至那些治理规 范、代表性强、有发展潜力的 ...

Core Viewpoint - The implementation plan aims to establish Shanghai as a global hub for green shipping fuel supply and trading, promoting a low-carbon transition in the shipping industry and contributing to China's dual carbon goals [1][3]. Group 1: Implementation Plan Overview - The plan was jointly issued by ten departments, including the Ministry of Transport and the National Development and Reform Commission, marking a significant step towards leading the global shipping industry's green transformation [1]. - By 2030, Shanghai aims to establish a green fuel supply and trading center, with LNG refueling capacity reaching one million cubic meters and green methanol and biofuels reaching one million tons [1]. Group 2: Green Fuel Supply System - Shanghai will develop a coordinated green fuel supply system that includes LNG, green methanol, and biofuels, transitioning from a single fuel supply to a diversified green service model [2]. - Key areas for green fuel production, storage, transportation, and refueling facilities will be established, ensuring a robust supply chain [2]. Group 3: Breakthrough Innovations - The plan includes four major innovations: a collaborative mechanism between national and local levels, innovative multi-scenario refueling service models, breaking production layout restrictions for green methanol, and creating a dual-driven model for refueling and trading [3]. - The establishment of a comprehensive support framework across five dimensions—capacity assurance, refueling services, policy incentives, trading services, and safety regulation—will enhance Shanghai's position as a leading international shipping center [3].

深圳："十五五"时期目标GDP超5万亿元 深圳将加快建设全球人工智能先锋城市，力争人工智能产业集群增加值增长10%以上。具体来看：深圳 将加强全栈自主可控人工智能软硬件生态建设，集中力量攻坚算法理论、模型架构、智算芯片、基础软 件等核心技术；深化拓展"人工智能+"，推动人工智能全域全时全行业高水平应用。 2026年APEC第三十三次领导人非正式会议落地深圳，成为城市提升国际化服务水平的重要契机。覃伟 中表示，深圳将坚定扛起APEC会议举办城市责任，乘势而上提升城市国际化水平和开放能级，众志成 城"办好APEC、当好东道主"。优化"买全球、卖全球"服务体系，创新发展服务贸易、数字贸易、绿色 贸易，持续开展跨境贸易便利化专项行动，培育壮大现代供应链企业、港口物流企业、外贸服务企业， 推动开放包容、充满活力的深圳市场"货通全球"。 2月9日，在深圳市第七届人民代表大会第七次会议上，深圳市市长覃伟中在作政府工作报告时表 示，"十四五"期间，深圳地区生产总值从2020年的2.83万亿元提高到2025年的3.87万亿元，年均增长 5.5%，增速居一线城市首位。综合考虑外部环境和深圳实际，深圳2026年经济社会发展主要预期 ...

近日，地方两会陆续召开，山西、安徽、江西、河南、湖北、湖南等中部六省的2026年政府工作报告已 全部出炉。根据六省的数据，2025年中部地区GDP总量逼近30万亿元。其中，河南以5.6%的增速领跑 中部，湖北、安徽、江西增速均超5%。同时，安徽、河南的规上工业增加值同比分别增长9.4%和 8.4%，凸显中部地区制造业底盘之稳。 上海证券报记者梳理中部省份2026年政府工作报告发现，"稳增长、扩内需"成为各省今年的重点工作之 一。依托地方资源禀赋及在新消费领域的洞察，中部省份在消费、投资两端同步发力，打造中国经济高 质量发展的"中部引擎"。 满足情绪价值 中部省份布局新消费 湖北将大力推进三峡水运新通道等新建续建项目建设，以有效投资的扩量提质助推全省高质量发展一路 前行。江西力争鄱阳湖水利枢纽工程等重大项目开工，浙赣粤运河等重大项目前期工作取得积极进展。 山西则持续开展重大项目建设年活动，推动骨干水网及县域配套工程等项目建设，加快黄河古贤山西水 资源配置工程等前期工作。 湖南提出，抓好总投资2万亿元的389个省重点项目。根据湖南省发展和改革委员会日前公布的名单，包 括梅山灌区、金塘冲水库等重大水利工程被列入今年 ...

Core Viewpoint - The launch of commercial real estate REITs marks a significant development in China's public REITs market, creating a new landscape alongside infrastructure REITs, with a total fundraising target of 37.7 billion yuan from 10 products [1][2]. Group 1: Market Response and Development - The commercial real estate REITs initiative has received a positive market response, with 10 products covering various asset types such as shopping centers, hotels, and office buildings [1]. - The total stock of commercial real estate assets in China has exceeded 40 trillion yuan, indicating a substantial market potential for these REITs [1]. Group 2: Characteristics of Commercial Real Estate REITs - The newly submitted commercial real estate REITs feature a diverse range of underlying asset types, including hotels, office buildings, and mixed-use developments, which expands beyond the previously listed consumption infrastructure REITs [2]. - The characteristics of the submitted REITs include a high proportion of mixed-use assets and a diversified asset portfolio, with many projects involving assets from multiple cities [3]. Group 3: Regulatory and Operational Efficiency - The application process for commercial real estate REITs is more efficient, as it bypasses the prior requirement for recommendations from provincial and national development reform commissions, allowing direct submission to the regulatory authority [3]. - The use of raised funds is more flexible for commercial real estate REITs, allowing net proceeds to be used for debt repayment related to main business operations, unlike the stricter regulations for infrastructure REITs [3]. Group 4: Investment Pricing and Value Discovery - The introduction of commercial real estate REITs aims to address liquidity issues and pricing inefficiencies in the real estate sector, providing a more market-oriented approach to value discovery [5]. - The REITs are expected to establish a more standardized investment pricing system based on long-term asset holding and stable operations, enhancing the quality of asset management [6]. Group 5: Transparency and Market Dynamics - REITs break the traditional reliance on large transactions by enabling continuous trading, allowing market supply and demand to determine prices, which aligns more closely with real market expectations [7]. - The mandatory disclosure of key operational data such as occupancy rates and cash flows will enhance transparency in the real estate investment process, addressing previous information asymmetries [7].