2月12日，日韩股市高开，盘初均创历史新高。 其中，日经225指数升破58000点，创纪录高位。热门个股方面，资生堂大涨15%，据其最新财报，资生堂全年核心营业利润预期超出市场预期。 | W | | | 日经225(N225) | | | | --- | --- | --- | --- | --- | --- | | 02-12 09:32:51 | | | | | | | 57884.04 昨收 57650.54 | | | | 成交额 | 0 | | 233.50 0.41% | | 今开 | 57864.74 | 成交量 | 0 | | 上 涨 | 143 | 中 替 | 2 | 下 跌 | 80 | | 最高价 | 58004.72 | 市閣率 | 23.2 | 近20日 | 6.52% | | 最低价 | 57703.88 | 市净率 | 2.62 | 今年来 | 14.99% | | 分时 | 五日 | 日K | 間K | 月K 更多 © | | | 叠加 设均线 MA5:54648.72↑ 10:52661.71↑ 20:50989.66↑ | | | | | | | 60541.43 | | ...

Core Viewpoint - The recent management restructuring at Zheshang Securities involves the appointment of Cheng Jingdong as the deputy secretary of the party committee and a candidate for the president, which is seen as a recognition of his past performance and a move to enhance the company's strategic decision-making capabilities [2][5]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, allowing the current chairman Qian Wenhai to focus on his responsibilities [2]. - This management change is expected to inject new momentum into the implementation of the company's "14th Five-Year" strategy [2][6]. Group 2: Cheng Jingdong's Background - Cheng Jingdong has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing him with a comprehensive skill set [5]. - He has held significant positions in various financial institutions, including roles at Bohai Bank and Everbright Bank, and has experience in investment banking in Hong Kong [5][6]. Group 3: Performance and Achievements - Since Cheng's arrival at Zheshang Securities in April 2019, the investment banking division has seen a significant increase in underwriting performance, completing 64 equity financing projects and 1,537 bond underwriting projects from 2019 to 2025, with a total financing scale exceeding 740 billion yuan [6]. - In the first half of 2025, the company completed 169 underwriting projects, achieving a total financing scale of 54.369 billion yuan, with investment banking revenue of 287 million yuan, a year-on-year increase of 0.28% [6]. Group 4: Strategic Goals - Zheshang Securities aims to become a national comprehensive securities firm that matches the economic status of Zhejiang, with a vision to become a "first-class investment bank" and a strategic goal to "create another medium-sized securities firm" [8][9]. - The company plans to focus on three core tasks: steadily advancing the integration of Guodu Securities, striving for the goal of a "medium to large securities firm," and solidifying compliance and risk control foundations [9].

2月12日，智谱发布GLM Coding Plan价格调整函。 智谱表示，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速提升。为保障高负载下的稳定性与服务质 量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持 不变。 生效时间：2026年2月12日。 （文章来源：21世纪经济报道） ...

2月12日，黄金白银开盘冲高后短线下挫，截至7:45，现货黄金跌0.37%，报5065.4美元/盎司，现货白银跌0.74%，报83.6美元/盎司，此前白银跌幅一度扩 大至1.2%。 | < W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | 5065.440 #4 | | | 5084.123 总量 | | 0 | | -18.683 | -0.37% 十益 | | 5085.979 现手 | | 0 | | 最高价 | 5100.210 持 仓 | | 0 | 外 盘 | 0 | | 最低价 | 5052.080 | 增 仓 | 0 | 内 盘 | 0 | | 分时 | モ日 日K | | | 月K 車を | (0) | | 叠加 | | | 均价:0.000 | | | | 5116.166 | | | | 0.63% 卖一 5065.598 | | | | | | | 头一 5065.440 | | | | | | | 7:45 5064.600 7:45 5065.349 | 0 ...

Policy Developments - The National Health Commission and 10 other departments jointly issued the "National Basic Drug Directory Management Measures," which revises six key areas, including legal policy basis, directory structure optimization, management mechanism improvement, emphasis on clinical value, dynamic adjustment mechanism, and monitoring and evaluation enhancement [1][2]. Drug and Device Approvals - Hengrui Medicine announced that its injection of Rukang Qutuzumab has been included in the list of breakthrough therapy varieties, marking the 10th indication for this drug, aimed at treating locally advanced or metastatic non-small cell lung cancer patients with HER2 mutations [3]. - Shanghai Pharmaceuticals received approval for the listing application of the raw material drug Tamsulosin Hydrochloride, which is used for treating benign prostatic hyperplasia, with an investment of approximately RMB 1.5 million in its development [4]. Financial Reports - WuXi Biologics expects a 46.3% year-on-year increase in net profit for the full year 2025, projecting revenues of approximately RMB 21.79 billion and an adjusted net profit of about RMB 6.59 billion [5]. - Eucare Pharmaceuticals reported a 48.21% decline in net profit for 2025, with revenues of RMB 334 million, reflecting a 7.73% increase [6]. Capital Markets - Watson Bio plans to invest RMB 450 million to establish a biological industry investment fund with a target size of RMB 1 billion, focusing on synthetic biology and related sectors [7]. - Hite Bio intends to acquire a 23.08% stake in Beijing Shadong for RMB 62.02 million, increasing its ownership to 98.84% [8]. - Duorui Pharmaceuticals announced a partial tender offer to acquire 24.30% of its shares at a price of RMB 32.07 per share [9]. Industry Events - China's first C909 "airplane hospital" successfully completed its first in-flight surgery in Laos, providing medical services to over 600 patients since its launch [10]. - Researchers revealed the key mechanism of the "weight loss miracle drug" Semaglutide, showing its significant cartilage protection effects independent of weight loss, providing new drug development targets for metabolic osteoarthritis [11]. Public Sentiment Alerts - Shuyou Shen announced that its major shareholder, Xiangtang Group, has cumulatively reduced its holdings by 4.78 million shares, accounting for 1% of the total share capital [12].

Market Overview - US stock indices opened higher after the latest non-farm payroll data but turned negative during the day, with the Dow Jones down 0.13%, S&P 500 flat, and Nasdaq down 0.16% [1] Technology Sector - Major tech stocks showed mixed results, with Google and Microsoft down over 2%, Amazon down more than 1%, while Nvidia rose 0.78%, Tesla 0.8%, and Apple 0.67% [2] - Semiconductor stocks generally rose, with the Philadelphia Semiconductor Index up 2.28%, GlobalFoundries up over 16%, Micron Technology up nearly 10%, and NXP Semiconductors and Microchip Technology up over 5% [2] - AI application software stocks fell broadly, with Shopify down over 6%, Reddit down over 7%, and Adobe down nearly 3% [2] - There is a divergence in market opinions regarding the recent decline in software stocks, with Citigroup warning that software stocks have not "bottomed out," while JPMorgan suggests that fears of AI replacing software applications are overstated, recommending investors to buy on dips [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.65%, with notable declines in stocks such as Huya down over 5% and JinkoSolar down over 5% [2] - Conversely, Century Internet rose over 12%, and Kingsoft Cloud rose about 10% [2] Commodities - International gold prices rose over 1% to $5083.7 per ounce, with a peak of $5100 earlier [4] - Silver prices increased over 4% to $84.3 per ounce [4] - WTI crude oil futures rose 1.05% to $64.63 per barrel, while Brent crude oil futures rose 0.87% to $69.40 per barrel [5] Cryptocurrency - Major cryptocurrencies experienced declines, with Bitcoin dropping to $67,000, and over 135,000 individuals liquidated in the past 24 hours [6]

2月12日，有一只新股上市，为北交所的海圣医疗（920166.BJ）。该公司自成立以来持续深耕麻醉和监 护医用耗材的研发和制造，是我国较早从事麻醉和监护类医用耗材研发制造的科技型医疗器械生产企业 之一，是国家级专精特新"小巨人"企业，已搭建起麻醉类、监护类、手术及护理类三大类产品矩阵。 打新早知道 21峡i7 今日上市 920166.BJ 海圣医疗 发行价(元/股) 机构报价(元/股) 市值(亿元) 所属行业 医疗仪器设备及器 12.64 - l 械制造 发行市盈率 行业市盈率 可比公司 可比公司动态市盈率 维加图疗 17.72 20.22 三鑫医疗 13.99 42.95 天益医疗 256.14 业绩情况 3.5 20% 3.0 15% 2.5 10% 2.0 5% 1.5 0% 1.0 -5% -10% 0.5 0.0 -15% 2022年 2023年 2024年 注:机构报价为剔除无效报价和最高报价后,公募基金、社保基金、养老金、年金基金、保险资金和合格境外投 资者的报价中位数。 ■ 归母净利润（亿元） -- 营业收入（亿元） -- 归母净利润同比增长率 -- 营收同比增长率 在自主技术储备方面，海圣医 ...

Group 1 - The core message highlights the rapid advancements in AI models, particularly the launch of new models like GLM-5 by Zhiyu and updates from DeepSeek and MiniMax, indicating a competitive landscape in AI technology [1] - Zhiyu's GLM-5 model has gained significant attention by topping the popularity charts on OpenRouter, showcasing its market impact [1] - DeepSeek has expanded its context length support to 1 million tokens, a substantial increase from the previous 128,000 tokens, reflecting the trend towards more complex AI capabilities [1] Group 2 - ByteDance's Seedance 2.0 has gained immense popularity, demonstrating the ability to generate high-quality videos with minimal input, marking a significant leap in AI video technology [2] - The model allows users to create cinematic experiences with simple prompts, indicating a shift towards democratizing video production [2][4] - Seedance 2.0's capabilities in synchronizing audio and visual elements have set a new standard in AI-generated content, addressing previous challenges in the field [2] Group 3 - The evolution of Seedance 2.0 signifies the end of traditional production costs and methods, paving the way for widespread video creation and interaction [4] - The anticipated explosion of content creation will transform industries such as short films, animation, advertising, and gaming, leading to unprecedented levels of content availability [4] - Concerns about the blurring lines between reality and fabrication due to the realism of AI-generated videos have emerged, prompting restrictions on the use of real human faces in content creation [4] Group 4 - The arrival of AI technology signifies a shift in the video production landscape, where the barriers to creating high-quality content are lowered, leading to a more democratized production environment [5] - Industry professionals are urged to reconsider what constitutes a competitive advantage in a world where everyone can produce cinematic-quality videos [6] - The unique aspects of storytelling and aesthetic judgment remain critical, as technology can only replicate human imagination to a certain extent [6]

（文章来源：21世纪经济报道） 国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进"算力+电力"协同发 展，要持续攻关"大模型"技术，推动更多自主创新成果从样品变成产品、形成产业。 此外，要加快推动开源"焕新社区"迭代升级，推进"AI+"产业共同体建设。 ...

Core Insights - ByteDance's Seedance 2.0 model enables the generation of high-quality AI videos with simple prompts, marking a significant advancement in AI video technology [1] - The model allows users to create complex cinematic scenes without needing detailed instructions, thus democratizing video production [2] - The introduction of Seedance 2.0 is expected to lead to a content explosion across various industries, significantly lowering production costs and increasing efficiency [2] Group 1 - Seedance 2.0 can generate impressive video content with minimal input, such as "Sun Wukong battles Harry Potter," showcasing its advanced understanding of cinematic techniques [1] - The model excels in synchronizing audio and visual elements, addressing key challenges in AI video production [1] - Users can experience Seedance 2.0 on platforms like Jiemeng or Xiaoyunque, indicating its accessibility to the general public [2] Group 2 - The technology is predicted to transform the video industry by making video creation as easy as text output, thus lowering barriers for aspiring directors and editors [2] - The rise of Seedance 2.0 raises concerns about the blurring lines between reality and fabrication, prompting restrictions on the use of real human faces in generated content [3] - The shift towards democratized video production challenges industry professionals to focus on storytelling and unique aesthetics as the new competitive barriers [3]