Core Viewpoint - On February 13, a total of 3 companies had their restricted shares unlocked, with a combined unlock volume of 6.5482 million shares, amounting to a market value of 363 million yuan based on the latest closing price [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes are Zhongkong Technology, Nanjing Commercial Travel, and Hefei Gaoke, with unlock shares of 3.9774 million, 2.1975 million, and 373,300 shares respectively [1] Unlock Market Value - In terms of unlock market value, Zhongkong Technology, Nanjing Commercial Travel, and Hefei Gaoke lead with values of 333 million yuan, 24.5024 million yuan, and 5.5998 million yuan respectively [1] Unlock Ratio - The companies with the highest unlock ratios relative to total share capital are Nanjing Commercial Travel, Zhongkong Technology, and Hefei Gaoke, with ratios of 0.7%, 0.5%, and 0.41% respectively [1]

2月12日，黄金白银深夜重挫，现货黄金跌超3%，现货白银日内跌幅一度扩大至11%。13日开盘，黄金白银延续跌势，现货黄金一度向下跌破4900美元， 最新报4912.5美元/盎司。现货白银跌超0.6%，最新报74.7美元/盎司。 除金银外，敖翀认为铜因其兼具流动性驱动与潜在的供需格局改善潜力，中长期更为看好。而对于部分已累计一定涨幅的小金属品种，则需警惕其因投机 需求主导而可能面临的价格波动风险。 敖翀最后提醒投资者，有色金属板块遵循"高PE买入、低PE卖出"的特殊估值逻辑，与传统行业相反。在当前时点，他建议投资者采取"持有"与"部分获利 了结"相结合的策略，以平衡收益与风险。 近日，针对当前黄金市场的剧烈波动与后续走向，中信证券有色金属行业首席分析师敖翀向21世纪经济报道记者分析指出，当前黄金的上涨趋势尚未完 结，流动性预期是当下驱动黄金价格走势的核心力量。此外，持续的地缘政治冲突也为黄金提供了阶段性的避险动力。 敖翀进一步分析称，随着流动性的持续释放，中国和全球经济有望在未来6-12个月内出现阶段性回暖，带动市场需求回升。在叠加供给刚性的情况下，可 能使金属价格在调整后重获支撑，并存在再创新高的可能。 ...

21世纪经济报道记者闫硕 2月11日，国家卫健委等11部门联合印发《国家基本药物目录管理办法》（简称《办法》），正式替代2015年版管理办法。 新版《办法》在多个方面进行了修订，包括增加法律政策依据、优化目录结构、完善管理机制、突出药品临床价值、规范动态 调整机制及强化监测评价，以巩固完善国家基本药物制度，保障公民基本医疗卫生服务用药需求。 我国自1982年首次公布国家基本药物目录，2009年正式建立现代基本药物制度，历经十余载发展，基药制度在破除以药补医、 规范临床合理用药、降低群众用药负担等方面发挥了基础性作用。 现行2018年版国家基本药物目录收录685种药品，但距今已有8年，与近年来医药行业创新发展、临床疾病谱变化的需求存在差 距。与此同时，药品审评审批制度改革、集采常态化推进、医保支付方式改革等行业变革，也对基药目录管理提出了新的要 求。 金春林表示，基层用药建设，并非单纯解决缺医少药的问题，核心是优中选优。化药、生物药、中医药中，代表临床主流、技 术前沿的药品，都应纳入基药目录，而非只将低价药纳入。这样既有利于分级诊疗开展、生物医药产业发展，也能完善整体医 疗秩序，避免因基层开不出药，导致分级诊疗 ...

Policy Developments - The National Health Commission announced the initiation of HPV vaccination for eligible girls starting in late February, aiming to provide free vaccination services to prevent high-risk HPV infections and reduce cervical cancer incidence [2]. Drug and Device Approvals - Fosun Pharma's subsidiary received approval for clinical trials of HLX15-SC, a monoclonal antibody for multiple myeloma treatment, with a cumulative R&D investment of approximately RMB 191.53 million expected by January 2026 [4]. - Hanyu Pharmaceutical received FDA approval for its acetate glatiramer injection, which treats relapsing multiple sclerosis, enhancing its product pipeline in the U.S. market [5]. Capital Markets - Guangji Pharmaceutical plans to raise up to RMB 600 million through a private placement of shares to repay loans and supplement working capital, pending necessary approvals [7]. - Bonasia and Zhejiang Jingxin Pharmaceutical submitted applications for listing on the Hong Kong Stock Exchange, with respective sponsors [8][9]. Clinical Innovations - A successful brain-machine interface surgery was performed in Guangxi, marking a significant advancement in clinical applications of this technology, with the market projected to reach RMB 3.2 billion by 2024, growing at 18.8% [10]. Research Developments - Researchers from the Wuhan Institute of Virology reported that the oral nucleoside prodrug VV261 effectively inhibits Chikungunya virus replication, supporting its potential new indications [11]. - Northwestern University scientists developed an advanced human spinal cord injury organoid model, providing a platform for testing new regenerative therapies [12]. Public Sentiment Alerts - McAudie announced a lawsuit against Shenyang Sixth People's Hospital over a contract dispute involving over RMB 319.82 million, with the case currently accepted by the court [14]. - The National Medical Insurance Administration listed 153 companies as "discredited," which may face restrictions on their products and services based on their credit ratings [15].

Core Viewpoint - The People's Bank of China (PBOC) announced a 10 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a continued supportive monetary policy stance [1][4]. Group 1: Reverse Repo Operations - On February 13, the PBOC will conduct a 10 trillion yuan buyout reverse repo operation with a term of 6 months, marking the sixth consecutive month of increased operations [2][5]. - The operation will utilize a fixed quantity, interest rate bidding, and multiple price levels, with eligible collateral including government bonds, local government bonds, financial bonds, and corporate credit bonds [1][4]. - In February, there will be a 5 trillion yuan 6-month reverse repo maturing, resulting in a net liquidity injection of 5 trillion yuan [5][6]. Group 2: Market Liquidity and Economic Support - Analysts suggest that the PBOC's actions are aimed at ensuring funding for key projects and supporting economic recovery, especially with the early issuance of local government debt limits for 2026 [2][6]. - The combined net injection from the 6-month and 3-month reverse repos in January was 6 trillion yuan, a 3 trillion yuan increase from the previous month, reflecting a sustained effort to inject medium-term liquidity into the market [6][7]. - The PBOC's approach indicates a commitment to maintaining a stable and ample liquidity environment ahead of the Spring Festival, which is crucial for government bond issuance and financial institution credit support [3][7]. Group 3: Future Expectations - Looking ahead, the PBOC is expected to continue using reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity, with a potential 3 trillion yuan MLF maturing in February [7]. - The increase in net reverse repo injections suggests a reduced likelihood of interest rate cuts in the near term, as the monetary policy remains in an observation phase following a structural policy package introduced on January 15 [7].

今日关注 1、外交部发言人表示，元首外交对中美关系发挥着不可替代的战略引领作用。不久前，特朗普总统再次表达了4月访华的 愿望，中美就此保持着沟通。 2、2月12日，央行发布公告称，为保持银行体系流动性充裕，2月13日将以固定数量、利率招标、多重价位中标方式开展 10000亿元买断式逆回购操作，期限为6个月（182天）。2月有5000亿元6个月期买断式逆回购到期，意味着6个月期买断式 逆回购将连续第六个月加量续作，加量规模为5000亿元。继续保持流动性充裕状态。 6、据国家移民管理局预测，今年春节假期全国口岸日均出入境旅客将超过205万人次，较去年春节假期增长14.1%。 7、国务院国资委近日成立央企"AI+"具身智能产业共同体，牵头能源、制造、通信等11个重点行业可信数据空间建设，打 造超1000个应用场景，创建10万余个行业智能体应用，有效赋能行业高质量发展。 8、近日，北京市市场监督管理局约谈携程、去哪儿、飞猪、同程、美团、京东、航旅纵横、高铁管家、滴滴、高德地 图、百度地图、腾讯地图等12家涉及火车票网络销售业务的主流平台，明确提出禁止明示或者暗示消费者可通过付费服务 获得优先购票特权等误导性宣传。 投 ...

周四(2月12日)，美国三大股指全线收跌，道指跌1.34%，标普500指数跌1.57%，纳指跌2.03%。 科技股集体下跌，思科领跌，股价重挫超13%，最新财报显示，内存价格持续飙升令思科业绩承压，季度毛利率低于预期。此外，苹果跌5%，脸书跌近 3%，特斯拉、亚马逊跌超2%，英伟达跌逾1%。 CME"美联储观察"最新数据显示，美联储到3月降息25个基点的概率为7.8%，维持利率不变的概率为92.2%。美联储到4月累计降息25个基点的概率 25.3%，维持利率不变的概率为73.1%，累计降息50个基点的概率为1.6%。到6月累计降息25个基点的概率为49.9%。 据央视新闻报道，当地时间2月12日，美国总统特朗普表示，美国"必须"与伊朗达成协议，否则局势将"非常严重"。此外，特朗普称以色列总理内塔尼亚 胡"没有说过"要求停止谈判，双方也"没有讨论过"这一问题。他强调，"我愿意和他们(伊朗)谈多久就谈多久"，如果无法达成协议，"将进入第二阶段"， 而第二阶段"对他们来说会非常艰难"。特朗普称，如果伊朗不达成协议，"将会是另一种局面"，并警告未来一个月内局势可能迅速发展。特朗普表示，与 以色列总理内塔尼亚胡的会谈" ...

Market Overview - The U.S. stock market showed mixed results with the Dow Jones up by 0.46%, while the Nasdaq fell by 0.31% and the S&P 500 increased by 0.09% [1] - Major tech stocks experienced varied performance, with Nvidia rising by 0.7% and Amazon and Apple both declining by over 1% [3] Semiconductor Sector - Storage concept stocks continued to perform well, with Seagate Technology rising by 11%, Western Digital by over 8%, SanDisk by over 8%, and Micron Technology by over 3% [3] - Micron Technology announced that its new NAND flash wafer plant is on track to begin shipments in the second half of 2028, with HBM4 customer shipments expected to increase in the first quarter of 2028, one quarter ahead of schedule. The CFO indicated that market demand exceeds supply, and this tight supply situation is expected to persist until after 2026 [3] Retail Sector - Major U.S. retailers saw collective gains, with Walmart rising over 2% to reach a historical high, Macy's up nearly 4%, Kohl's up nearly 3%, and Ross Stores up over 2% [4] - McDonald's reported a 9.5% year-over-year revenue increase to $7 billion for the fourth quarter, with adjusted earnings per share of $3.12, exceeding expectations [4] Software Sector - Software stocks faced significant sell-offs, with Cisco's stock plummeting over 9%, marking its largest drop in 2023. Despite an increase in AI demand leading to an upward revision of annual guidance, the gross margin guidance for the current quarter fell short of expectations [4] - Other software stocks showed mixed results post-earnings, with Fastly surging over 60%, HubSpot up over 10%, and Applovin dropping over 14% [4][5] Chinese Stocks - Chinese stocks listed in the U.S. experienced a collective decline, with the Nasdaq Golden Dragon China Index falling by 1.4%. Tencent Music dropped nearly 6%, while other companies like Huya, Boss Zhipin, and Beike fell over 4% [6] Commodity Market - Precious metals saw a decline, with spot gold down by 0.37% at $5065 per ounce and spot silver down by 1.43% at $83 per ounce [8] - International oil prices also fell, with Brent crude futures down about 1% to $68.75 per barrel and WTI crude futures down about 1% to $63.99 per barrel [8] Cryptocurrency Market - The majority of cryptocurrencies saw an increase, with Bitcoin rising by 0.96%, remaining below $68,000. In the last 24 hours, 118,000 individuals experienced liquidations [10][11]

卢伯乐强调，过去12个月，投资者逐渐认识到，市场真正发生变化的是人工智能的好处不仅限于美国。 全球范围内人工智能投资规模如此之大，每个人迟早都会受益。而且美国的先发优势正在迅速消失。 展望未来，"中国科技公司在人工智能周期中处于有利地位。"卢伯乐认为，中国科技公司的商业模式与 美国不同，开放权重模型和巨大的国内市场将给中国公司带来很多好处，当前中国科技股的有利环境将 持续下去。 南方财经21世纪经济报道记者吴斌上海报道 中国企业尤为擅长AI应用，众多投资机会等待挖掘。瑞士百达资产管理首席策略师卢伯乐(Luca Paolini) 近日在接受21世纪经济报道记者采访时表示，看好中国科技领域。以DeepSeek为例，它能够以相对便 宜的成本，提供与美国相近的模型性能，这为中国带来了竞争优势。除了庞大的市场，中国还有一个很 大的优势：中国在电网开发和发电量的增长令人瞩目，而且几乎没有像美国或欧洲那样的重大限制。 ...

0:00 南方财经 21世纪经济报道记者吴斌 上海报道 如今市场正在变得更加挑剔。卢伯乐分析称，芯片制造商蓬勃发展，与谷歌相关的人工智能股票表现良 好，而与OpenAI相关的股票则略有挣扎，现在市场似乎在试图挑选赢家和输家。这意味着，一篮子人 工智能股票的表现将不如以前好，我们将看到更少的收益。投资者的关注点正在从"增长多少"转向"如 何实现增长"。例如，像甲骨文这样大量发债的公司就受到了市场的"惩罚"。 竞争仍在继续。卢伯乐认为，未来最重要的事情不仅是创造最好的语言模型，还要能够将人工智能的各 个方面整合到商业中，这几乎可以影响到任何行业——制药、法律、教育，潜力巨大。因此，重点将更 多地放在应用上，而不只是支持人工智能的语言模型。 2026年伊始，美股板块轮动趋势明显，科技股表现出现分化。 瑞士百达资产管理首席策略师卢伯乐（Luca Paolini）近日在接受21世纪经济报道记者采访时表示，在 去年10月之前，几乎所有与人工智能相关的科技股都在上涨，虽然速度不一样，但方向都是一样的。曾 经有一段时间，人工智能交易推动着一切，投资者会购买任何与人工智能相关的企业，而不管它们在做 什么。 ...