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].

Investment News - The Shanghai Stock Exchange is enhancing the "fixed income +" multi-asset index and ETF product system to provide diverse quality targets for wealth management and medium to long-term capital allocation, with an expected market benefit of approximately 1.113 billion yuan by 2026 [4] - Public fund issuance has exceeded 200 billion yuan this year, with 46 funds established on February 10 and 11 alone. Equity mixed funds have raised over 70 billion yuan, becoming the most prominent category, while mixed FOFs have raised over 45 billion yuan [4] - The China Securities Index Company announced the upcoming release of the CSI Hong Kong Stock Connect Robotics Theme Index and the CSI US Stock 30 Index on February 27, which includes major companies like Netflix, Goldman Sachs, Meta, Tesla, Amazon, Microsoft, Apple, and Nvidia [4] - The total margin financing and securities lending balance has increased by approximately 800 billion yuan over the past year, reaching 2.64 trillion yuan as of February 11, compared to 1.86 trillion yuan at the beginning of 2025 [5] Company Developments - BMW Group announced a global recall of several hundred thousand vehicles due to potential safety hazards in the engine start device [6] - Shuangliang Energy disclosed it received an order from SpaceX, leading to a stock price surge. However, the Shanghai Stock Exchange issued a regulatory warning due to insufficient risk disclosure regarding the order, which amounts to approximately 1.7 million euros and involves indirect supply [6] - ByteDance's Doubao video generation model Seedance 2.0 has been integrated into the Doubao App, computer, and web versions, with a significant upgrade expected on February 14. The model has gained international attention, including from Tesla's CEO Elon Musk [6] - Lenovo Group reported third-quarter revenue of 22.2 billion USD, a year-on-year increase of 18%, with AI-related revenue growing by 72%, accounting for 32% of total revenue. Net profit reached 545.5 million USD, with a gross margin of 15.1% [7] - Hua Hong Semiconductor anticipates a record high sales revenue of 659.9 million USD in Q4 2025, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 3.9%. The expected sales revenue for Q1 2026 is between 650 million and 660 million USD, with a gross margin of 13% to 15% [7] - Hermès reported a 9.8% year-on-year revenue growth in Q4, exceeding market expectations, with a 14.6% organic growth in its core leather and equestrian department. The annual operating profit reached 6.57 billion euros, with an operating margin of 41% [7]

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。 ...

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]