Core Viewpoint - The company has approved a plan to utilize temporarily idle raised funds for cash management, allowing for investment in low-risk, liquid financial instruments [1] Group 1: Board Meeting and Approval - The company will hold its third board meeting on February 12, 2026, to review and approve the cash management proposal [1] - The maximum amount for cash management is set at RMB 100 million [1] Group 2: Investment Duration and Conditions - The investment period for the cash management plan is from April 14, 2026, to April 13, 2027, valid for 12 months [1] - The funds can be used in a rolling manner within the approved limit [1] Group 3: Investment Direction - The investment will focus on high-security, liquid financial products such as structured deposits, agreement deposits, notice deposits, time deposits, large certificates of deposit, and income certificates [1] - The funds are not permitted to be used for pledging or for securities investment purposes [1] - The cash management activities will not affect the progress of the fundraising investment projects or the company's normal operations [1]

Core Viewpoint - The company announced the conclusion of certain fundraising projects and the permanent allocation of surplus funds to working capital [1] Group 1: Project Conclusion - The company held its third board meeting on February 12, 2026, where it approved the conclusion of specific fundraising projects [1] - The projects concluded include the "Phase III clinical and post-marketing research project for Aibond® (Ainovelin tablets)" and the "Phase III/IV clinical project for ACC008" [1] - Both projects have reached the predetermined usable status as of the conclusion date [1] Group 2: Financial Details - As of December 31, 2025, the total surplus fundraising amount from the concluded projects is 36.4993 million yuan [1] - The company plans to permanently allocate the surplus funds to working capital [1] - Following the transfer of surplus funds, the company will cancel the corresponding fundraising special account [1]

不久前，《2025中国独角兽企业观察报告》发布，21城市观梳理创业邦旗下睿兽分析发布的2023—2025年《中国独角 兽企业观察报告》（下简称《报告》），一幅中国城市创新竞争力的"热力图"清晰展现。 2025年《报告》显示，中国现存509家独角兽企业，近八成密集扎堆在北京、上海、广东、江苏和浙江五地；从城市 分布看，北京（120家）、上海（98家） 的"创新双核"格局依然稳固，深圳（53家）、杭州（35家）、广州（26家） 排名其后。 数据来源：睿兽分析 制图：南方财经记者 针对上述问题，2026年重庆政府工作报告也明确了破局方向，如在独角兽企业培育上，明确提出要促进企业主导的产 学研融通创新，提质推进高新技术企业、科技型企业"双倍增"行动，大力培育科技领军企业、独角兽企业、专精特 新"小巨人"企业，着力补齐创新短板、激活创新动能。 在2026年成都两会上，创新也被置于突出位置，成为政府工作报告的核心关键词之一，明确提出 "坚持创新驱动、贯 通转化全链条"，将其作为2026年十大重点工作的第三位，强调要"始终把创新作为第一动力，加快建设全国重要的科 技创新中心和国家战略科技力量重要承载地"。 硬核"养兽"，合 ...

Group 1 - The bond market is experiencing a bullish trend supported by ample liquidity and institutional demand, with yields dropping below the critical 1.8% level as investors prefer bonds over other assets ahead of the holiday [1][3] - Major banks have become the primary buyers in the bond market, driven by a "deposit-loan mismatch" phenomenon, which has led to increased bond allocations since December [2][6] - The central bank's recent actions, including a net injection of 448 billion yuan into the market, have contributed to a favorable environment for bonds, with interbank liquidity remaining abundant [3][6] Group 2 - As of February 12, 2026, the yield on the 10-year government bond has decreased to around 1.77%, reflecting a broader trend of declining yields across various maturities [3][4] - A significant majority of bond funds have delivered positive returns since the beginning of 2026, with 3523 out of 3574 medium to long-term pure bond funds achieving positive returns [4][5] - The current market sentiment is optimistic, with expectations for a relatively mild bond market environment in 2026, as banks are likely to continue favoring long-term bonds due to improved cost structures and ample liquidity [7][8]

近日，抖音生活服务发布《守护烟火气——服务体验与治理这一年》数据报告（以下简称"报告"），全 面盘点2025年平台在提升消费者体验、助力商家健康发展、加强生态合规建设等方面的相关举措和阶段 性成果。 强化主动服务，升级特色权益 报告显示，抖音生活服务致力于为消费者提供安心省心的全流程服务体验，持续创新主动服务能力，提 升响应速度与问题解决效率。2025年，平台累计提供7.1亿次"极速退"保障，未使用团购可快速退款，降 低消费者等待成本。消费者权益保护专项资金累计支出2.7亿元，通过先行垫资等方式，帮助消费者应对 售后纠纷。 过去一年，平台为数亿消费者提供履约动态提醒，内容涵盖商家营业状态异常、极端天气、订单临期、 节日排队等不可控情况。针对跟团游等履约时间较长的商品，平台累计进行5400万次全程护航，为消费 者提供出行贴士、出团通知、一键理赔和投诉入口，发现问题主动提供帮助和理赔。 报告还显示，抖音生活服务持续迭代升级"安心"系列服务，推出多重高标准特色保障，构建全流程、全 方位、多层次的优质服务体验，让消费更安心、更省心。截至年底，"安心"系列已上线11个服务和13项 特色权益，累计已为1.8亿消费者提供高 ...

据央视新闻报道，1月28日至31日，英国首相斯塔默对中国进行正式访问。这是英国首相时隔8年再次到 访中国。在全球不确定性不断增加的背景下，中英经贸关系备受关注。 中国华南英国商会主席马克·柯雷顿（Mark Clayton）在接受南方财经记者专访时表示，此次访问恰逢其 时，因为"沟通和交流比以往任何时候都更加重要"。 深耕广东市场20余年，柯雷顿是中英经贸交流的重要参与者。柯雷顿称，中英企业之间的合作正在回 暖，而广东凭借高科技与先进制造业的完整生态，正成为英国企业布局中国内地的"首选落脚点"。 南方财经：英国首相斯塔默于1月28日至31日对中国进行了正式访问。你对中英经贸关系有何期待？ 更值得关注的是，人工智能正成为中英合作的新增长极。他透露，已有英国人工智能企业对深圳前海展 现浓厚兴趣，投资规模甚至以"十亿英镑"为单位。 中英经贸合作焕发新活力 英国企业看好广东AI产业 南方财经：你如何看待未来5年广东在科技创新、区域融合以及产业升级等方面的发展潜力？ 柯雷顿：我认为，广东未来的发展将更加鲜明地迈向高质量发展，并持续向更先进的制造业与生产力水 平迈进。以机器人产业为例，广东有望迎来新一轮快速增长。当前，广东 ...

Core Insights - JD Logistics has launched its first Airbus A330 wide-body cargo aircraft for international flights, enhancing the air freight network between China and South Asia [1] - The A330 cargo aircraft has a maximum payload of approximately 60 tons, nearly tripling the capacity of previous narrow-body aircraft, which supports cross-border e-commerce and bulk trade logistics [1] - The new international cargo route from Chongqing to South Asia is a significant step in establishing Chongqing as an international aviation hub, aiming for over 50,000 tons of cargo throughput by 2025 [1] Group 1 - The Chongqing to South Asia international cargo route aligns with local industrial needs, providing stable transport for domestic products like textiles and machinery to South Asia [3] - The route also facilitates the import of South Asian seafood, enriching consumer choices in Chongqing and serving the central and eastern regions of China [3] Group 2 - JD Logistics has accelerated its overseas expansion, operating over 130 overseas warehouses with a total management area exceeding 1.3 million square meters [4] - The launch of the A330 wide-body aircraft further enhances JD Logistics' cross-border fulfillment capabilities, contributing to a "2-3 day delivery" service in key global markets [4]

Core Viewpoint - Estée Lauder has filed a lawsuit against Walmart, accusing the retail giant of selling counterfeit products from its brands, including Aveda, Clinique, La Mer, Le Labo, and Tom Ford, through its official website [2][3] Group 1: Lawsuit Details - The lawsuit claims trademark infringement, sale of counterfeit goods, and false origin labeling by Walmart, which allegedly uses Estée Lauder's trademarks for search engine optimization to attract traffic and profit [2] - Estée Lauder has tested some of the suspected counterfeit products and confirmed they were not produced by the company, accusing Walmart of insufficient oversight of product authenticity on its website [3] - The company seeks unspecified economic damages and an injunction to prevent Walmart from selling the alleged counterfeit products [3] Group 2: Consumer Reactions - Many Chinese consumers have expressed dissatisfaction on social media, claiming to have purchased suspected counterfeit skincare products from Walmart and Sam's Club [4] - Some consumers reported buying products at prices lower than those at official stores, leading to suspicions of counterfeit goods [6] Group 3: Financial Performance - Estée Lauder's fragrance business is experiencing growth, particularly among Gen Z consumers, with a 6% increase in net sales to $4.2 billion in Q2 of FY2026, driven by skincare and fragrance categories [5] - The skincare segment, supported by brands like La Mer and The Ordinary, has the highest sales contribution, while the fragrance segment also saw a 6% increase, led by Le Labo and Tom Ford [5] Group 4: Impact on Brands - The presence of counterfeit products could divert target customers and impact the sales of genuine products, potentially diminishing the brand's established premium pricing [5][7] - Estée Lauder's sales are reliant on diverse channels, including Walmart, and the sale of counterfeit products by Walmart could significantly affect Estée Lauder's performance in overlapping markets [7] Group 5: Walmart's Business Overview - Walmart's retail business in the U.S. generated $462.4 billion in revenue, accounting for 67.9% of total revenue, with significant contributions from its Sam's Club segment [8] - Walmart's sales in China reached approximately $20.3 billion in FY2025, marking a new high, with Sam's Club contributing positively to this growth [8]

Core Insights - The article highlights the leadership of Sanqi Interactive Entertainment (三七互娱) in the gaming industry, both in the Greater Bay Area and globally, showcasing its journey from boutique development to worldwide distribution [1] - It emphasizes the integration of AI technology and digital entertainment innovation as key drivers of the company's success [1] Company Overview - Sanqi Interactive Entertainment is recognized for its ability to create blockbuster games, reflecting a strong creative logic behind its productions [1] - The company is positioned as a representative of China's gaming industry's robust capabilities and cultural integration [1] Industry Context - The article discusses the broader implications of technology and culture merging within the gaming sector, indicating a new productive force in the industry [1] - It suggests that the advancements in AI and digital entertainment are reshaping the landscape of the gaming industry, with Sanqi at the forefront of these changes [1]

超190亿元！主观领跑，私募分红大幅增长 21世纪经济报道记者李域 2025年，私募分红迎来爆发式增长，成为行业一大显著特征。 私募排排网数据显示，截至2025年底，有业绩显示的5777只产品中，主观私募旗下772只产品2025年合 计分红990次，分红金额高达114.69亿元；有业绩展示的587只量化产品，2025年度分红金额达75.76亿 元。合计分红金额突破190亿元大关，与2024年同期相比，大增超100亿元。 "公司去年分红次数超过百次。"天演资本相关人士表示，因业绩持续向好，公司多数资管产品顺利达到 可分红标准，全年参与分红的产品占比超80%。 排排网集团旗下融智投资FOF基金经理李春瑜认为，2025年以来，股票策略私募产品分红行为趋于活 跃，源于三方面因素共同推动。首先，出色的业绩表现是实施分红的重要基础。其次，管理人有意通过 分红调控产品规模。最后，分红也是提升投资者持有体验的关键方式。 谁在密集分红？ 2月11日，恒德资本发布基金分红公告。 头部集中特征明显 从管理人维度看，分红呈现明显的"头部集中"特征。 私募排排网数据显示，2025年主观私募中百亿私募分红金额约为23.60亿元，89只百 ...