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。 ...

Group 1 - In 2025, the total retail sales of consumer goods in China exceeded 50 trillion yuan for the first time, with a year-on-year growth of 3.7% [1] - The Yangtze River Delta region contributed a quarter of the total retail sales, with Jiangsu province achieving the highest retail sales at 46,394.2 billion yuan, marking its first time at the top nationally [1][2] - Shanghai experienced the fastest growth in retail sales at 4.6%, with an increase of 0.3 percentage points compared to the previous three quarters [1][2] Group 2 - Jiangsu's retail sales contributed approximately 55% to economic growth in 2025, driven by service consumption from cultural tourism and events [2] - The retail sales in Zhejiang reached 39,216 billion yuan, growing by 4.0% year-on-year, while Anhui's retail sales were 23,863.1 billion yuan, with a growth of 4.2% [1][2] - Hangzhou led the Yangtze River Delta with retail sales of 9,499 billion yuan, aiming to become the seventh trillion-yuan consumption city in the country [1][3] Group 3 - The outbound tax refund policy in Shanghai emerged as a new growth point for consumption, with the number of tax refund applications quadrupling compared to the previous year, and sales and refund amounts increasing by 80% [3] - Jiangsu's consumption of green and smart products grew by 15%, while Zhejiang's digital consumption increased by 12% through live e-commerce and instant retail [3] - In the Yangtze River Delta, cities like Suzhou and Hangzhou surpassed significant retail sales thresholds, with Suzhou reaching 9,092.22 billion yuan [3][4] Group 4 - The retail sales growth targets for 2026 have been generally lowered across many regions, with Jiangsu and Anhui setting their targets at around 5% and 4% respectively [7] - The focus on promoting consumption has intensified, with many provinces prioritizing consumption in their government work reports, emphasizing the shift from traditional goods to service consumption [7][8] - New consumption trends such as digital consumption, cultural tourism, and service-oriented consumption are being promoted, with initiatives to enhance the quality and variety of services offered [8]

ETF Industry News - The three major indices collectively rose, with the electronic sector ETFs leading the gains. The Kweichow Moutai ETF (588780.SH) increased by 4.43%, while the E Fund AI ETF (588730.SH) and Bosera AI ETF (588790.SH) rose by 4.20% and 4.15% respectively. Conversely, several bank sector ETFs declined, with E Fund Bank ETF (516310.SH) down by 1.52% [1] - CITIC Securities reported a continuous price increase trend in the electronic components industry, with recent price hikes observed in mid-to-low voltage MOSFETs, built-in storage SOCs, and LED drivers. The report suggests that the price increase trend will continue, particularly benefiting segments like storage, CCL, BT substrates, wafer foundry, and packaging [1] Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up by 0.05% to 4134.02 points, the Shenzhen Component Index up by 0.86% to 14283.0 points, and the ChiNext Index up by 1.32% to 3328.06 points. The highest daily increases were recorded by the Sci-Tech 50 and ChiNext indices, with daily gains of 1.78% and 1.32% respectively [4] - In terms of sector performance, the comprehensive, electronic, and power equipment sectors ranked highest, with daily increases of 5.31%, 1.73%, and 1.65% respectively. Conversely, the beauty care, commercial retail, and textile sectors lagged behind with declines of -1.77%, -1.57%, and -1.49% [7] ETF Market Performance - The overall performance of ETFs showed that the stock-themed ETFs had the best average daily increase of 0.92%, while cross-border ETFs had the worst performance with an average decline of -0.76% [10] - The top-performing ETFs today included the Kweichow Moutai ETF (588780.SH), the Kweichow Moutai ETF Guangfa (589210.SH), and the E Fund AI ETF (588730.SH), with returns of 4.43%, 4.28%, and 4.20% respectively [13] - The highest trading volumes were recorded for the A500 ETF Fund (512050.SH) at 12.228 billion, followed by the A500 ETF Huatai Bairui (563360.SH) at 9.240 billion, and the A500 ETF Southern (159352.SZ) at 7.004 billion [16]

Core Viewpoint - The central bank announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a focus on a six-month term [1] Group 1: Central Bank Actions - On February 12, the central bank issued a public market announcement for a reverse repurchase operation scheduled for February 13, amounting to 1 trillion yuan with a six-month term [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price levels [1] - An additional 500 billion yuan of six-month reverse repos will be conducted in February, following the maturity of 500 billion yuan of similar operations [1] Group 2: Market Impact - The operation is expected to help maintain a sufficient liquidity state in the banking system, control fluctuations in the funding environment, and stabilize market expectations [1]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 10 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system, with a six-month term starting February 13, 2024 [1][2]. Group 1: Reverse Repo Operations - The PBOC will conduct a buyout reverse repo operation of 10 trillion yuan, marking the sixth consecutive month of increased six-month buyout reverse repos, with an additional 500 billion yuan this month, which is 200 billion yuan more than the previous month [2]. - In January, the PBOC had already conducted an 800 billion yuan three-month buyout reverse repo, resulting in a total net injection of 600 billion yuan for that month, which was 300 billion yuan more than the previous month [2]. Group 2: Economic Support and Policy Stance - The primary reason for these operations is to ensure funding for major projects in key sectors and to support the ongoing economic recovery, with new local government debt limits for 2026 already issued [2][3]. - The PBOC's actions are aimed at stabilizing the liquidity environment ahead of the Spring Festival, facilitating government bond issuance, and supporting financial institutions' credit provision, reflecting a continued supportive monetary policy stance [3]. Group 3: Future Expectations - Looking ahead, the expectation is for further liquidity support through MLF and government bond trading tools in February, with 300 billion yuan of MLF maturing, which may also see equal or slightly increased renewals [3]. - The increased net injection from the buyout reverse repo in February suggests a reduced likelihood of a reserve requirement ratio (RRR) cut in the near term, as the monetary policy is currently in an observation phase following a structural policy package introduced on January 15 [3].

21世纪经济报道记者 杨娜娜 2月10日，睿远基金发布关于增加注册资本的公告。公告显示，公司注册资本由1亿元增加至1.0495亿 元，五家员工持股平台合计增资495万元。本次增资事项已完成，陈光明、傅鹏博等仍是持股比例居前 的股东。 睿远基金此次并非因经营承压让股东"输血"，而是通过内部员工持股平台让核心团队增持公司股权。 本次新增的495万元注册资本，均由睿远基金现有的员工持股平台以现金方式出资。参与增资的5位现有 股东分别为上海盈远企业管理中心（有限合伙）、上海洵远企业管理中心（有限合伙）、上海怡远企业 管理中心（有限合伙）、上海湛远企业管理中心（有限合伙）、上海瑛远企业管理中心（有限合伙）五 家企业。 其中，由公司实控人陈光明担任执行事务合伙人的上海瑛远在本次增资中出资最多。据天眼查数据，本 次增资前上海瑛远认缴的出资额为135.01万元，按本次增资后的出资额460.01万元计算，其新增出资额 达到325万元，为5位增资股东中最多的一家，占比超过65%。作为公募行业重量级人物的陈光明，也正 通过资本纽带将自身利益与公司命运更紧密地绑定在一起。 其中，由实控人陈光明执掌的上海瑛远出资最多，占增资总额65% ...

Core Insights - The launch of ByteDance's Seedance 2.0 marks a significant advancement in video generation technology, enabling the creation of high-quality videos from text or images, which could disrupt traditional video production processes [1][2] - The animation market is currently undergoing a transformation, with Seedance 2.0 expected to accelerate the shift towards AI-generated content, impacting traditional animation production [4][13] Group 1: Seedance 2.0 and Its Impact - Seedance 2.0 is described as the most powerful video generation model available, capable of creating cinematic-quality videos while maintaining consistency in scenes without manual editing [1] - The model addresses challenges related to physical laws and long-term consistency, providing creators with unprecedented freedom and meeting professional production standards [1] - Elon Musk commented on the rapid development of the Seedance 2.0 model, indicating its significant impact on the industry [2] Group 2: Animation Market Dynamics - The animation market is currently experiencing a reshuffle, with only 4 out of 26 domestic animated films released in 2025 surpassing 500 million yuan in box office revenue [6][8] - The overall animation market is facing challenges, with a reported 7.45% decline in the total viewership of animated programs on major streaming platforms in 2025 [9] - In contrast, AI-driven content, particularly AI dramas, is gaining traction, with production costs significantly lower than traditional animated films, leading to an increase in the number of production companies [10][13] Group 3: Future of Content Creation - The integration of AI tools in traditional animation production is expected to shorten production cycles while maintaining core artistic competencies [15] - The competition in the animation market is shifting towards intellectual property (IP) ownership, with major players like Tencent and ByteDance controlling significant IP assets [16][18] - Despite the dominance of large companies in technology and IP, there remains an opportunity for smaller content creators to innovate and differentiate themselves in the market [19]

十项举措覆盖五大领域，精准服务投融资改革 2月12日，上交所正式发布《上海证券交易所2026年为市场办实事项目清单》，该清单包括五个方面十 件"实事"，覆盖上交所上市审核、一线监管、产品创新、市场服务、投资者保护、信息技术等主要业务 领域，持续深化"开门办审核、开门办监管、开门办服务"工作。 一是优化信息公开渠道，提升信息获取便利性。将官网业务规则查询系统在线浏览功能拓展至全部业务 指南，实现规则指南目录动态化更新；整合同一发行人在上市审核、持续监管等阶段的信息披露内容， 便利投资者一站式查询；建立持有型不动产ABS（机构间REITs）证券信息披露专区，便利投资者查询 产品信息；升级上交所官网股票期权专栏，增加行权日历、波动率分析、期权策略回测等内容，为投资 者提供期权业务一站式服务。 二是提升监管服务质效，提高上市公司治理水平。完善ESG信息披露评价标准，通过走访座谈、发布最 佳实践案例，服务上市公司完整、准确披露ESG信息；拓展股东会"一键通"手机投票服务，新增投票结 果查询功能；董秘任职培训由线上调整为线上线下（300959）结合，增设现场讨论环节。 三是丰富指数化投资标的，更好满足多元投资需求。丰富" ...

21世纪经济报道记者 余纪昕 2月12 日，据新浪财经等多家媒体报道，美国资产管理公司Nuveen宣布，已同意以99亿英镑（约合135亿美元）的价格收购英国施罗德投资集 团，此次合并后，双方管理的资产总额将接近2.5万亿美元。 根据协议，施罗德的股东每持有一股将获得590便士现金，此外还可获得最高22便士的股息。 施罗德集团首席执行官理查德·奥尔德菲尔德在交易完成后将继续领导该集团，而伦敦将成为合并后集团的非美国总部所在地，两家公司表 示。 公开资料显示，施罗德于1804年创立于英国伦敦，在伦交所已连续上市66年。截至2025年10月，集团AUM（资产管理规模）约8167亿英镑 （折合人民币超过7.6万亿元）。其亚洲AUM为1180亿英镑，占比16%，为第三大利润池，仅次于欧洲和北美。新加坡管理规模约210亿英镑 想，占亚洲区18%，为区域运营与注册中心。 此后，施罗德不断深化在华布局：2019年，其在中国设立全资子公司以开展人民币基金业务；2022年，与交通银行合资成立的施罗德交银理财 有限公司正式开业，成为第三家中外合资理财公司；2023年6月，施罗德基金管理（中国）有限公司获批开业，成为外商独资公募基金 ...

南方财经2月12日电，荣耀前CEO赵明离开荣耀之后，其未来动向一直备受外界关注。2月12日，据悉， 荣耀前 CEO 赵明即将加入千里科技董事会。手机圈大佬扎堆汽车圈，再次搅动行业格局。 在深耕移动终端20余载后，赵明将加入千里科技可以视为其职业生涯的一次"再出发"。赵明曾在多个场 合坦言，自己在寻找一个值得再投入十年甚至更久的事业，而千里科技提供的"AI+终端"平台，正是他 认定的长期赛道。 手机圈大佬都进了汽车圈可能并非偶然。手机大佬们正追求将复杂的AI能力（如重构操作系统）植入 硬件。赵明在荣耀时期布局的"用AI重构操作系统"路径，与千里科技当前的产品路径高度契合。从荣耀 时期的"手机平台级AI"到如今千里科技的"AI商业闭环"，赵明的职业逻辑一脉相承。他坚信 AI 一定会 有全新的、更强大的硬件载体，而汽车正取代手机，成为未来 AI 最大的移动终端。 手机市场是竞争最惨烈的红海，从那里走出的领导者拥有最严苛的成本控制和商业落地意识。印奇与赵 明的联手，瞄准的是AI科技与商业体系的深度结合，一次行业维度的资源重组。 ...