第一，格斗赛事成为技术实战化的硬核试炼场，实现从"表演验证"到"实战锤炼"的跨越。 2月9日，首届全球人形机器人自由格斗联赛（URKL）发布会正式举行，众擎机器人推出价值1000万元 的纯金腰带作为冠军奖励，旨在以赛事推动技术从实验室走向实战场景。 在笔者看来，这一举措与此前加速进化机器人足球联赛的商业成功形成呼应。格斗联赛的诞生，让人形 机器人产业实现了技术实战化、商业多元化、生态协同化的三重突破，是我国人形机器人产业商业化落 地的全新探索。 从春晚舞台的"秀技术"到格斗赛场的"练实战"，人形机器人产业的发展正逐步回归商业化落地的核心逻 辑。格斗联赛的推出，不仅让机器人在对抗中锤炼出更贴合真实场景的技术能力，更开辟了赛事商业化 的新赛道，构建起产业协同创新的新生态。这场以"战"为核心的竞技，本质上是人形机器人产业从技术 验证向商业闭环迈进的重要标志。 当前，全球人形机器人市场已进入快速增长期，我国在本体制造、运动控制等领域已具备全球竞争力。 格斗联赛等赛事的兴起，将进一步推动技术实战化、商业多元化、生态协同化，助力我国人形机器人产 业在万亿元级赛道上，实现从"技术展示"到"场景落地"的跨越。 如果说央视春晚 ...

Core Viewpoint - The significant capital expenditure of $660 billion planned by Amazon, Google, Microsoft, and Meta for data centers and chip development by 2026 reflects a strategic commitment to the AI era and indicates a profound shift in industry development logic [1] Group 1: AI Valuation Logic - The valuation logic of AI is being restructured, shifting from "technological imagination" to "commercial realization" as capital expenditures rise [2] - Investors are increasingly focusing on the quality of growth rather than just the speed, emphasizing the need for tech giants to integrate AI capabilities into existing business models to offset high infrastructure costs [2] Group 2: Competitive Landscape - The $660 billion investment raises the entry barrier for general model development, concentrating the market among financially robust tech giants while not completely excluding smaller firms [3] - Smaller companies may find opportunities in vertical models, edge AI, and application layer innovations, suggesting a need for a collaborative ecosystem between leading platforms and niche players [3] Group 3: Energy Management - The exponential growth in AI computing power brings to light the physical constraints related to energy consumption and supply, which could limit the industry's expansion [4] - Companies are exploring new energy solutions like nuclear power and microgrids, indicating a proactive approach to potential energy constraints [4] Group 4: Long-term Implications - The high capital expenditure by tech giants is a necessary step towards the intelligent phase of the global tech industry, positively impacting related hardware supply chains [5] - The focus for the AI industry should be on developing a sustainable path that balances computational power and application, rather than merely chasing scale and parameters [5]

作为强化IPO全链条监管的重要手段，现场检查非常有必要。对资本市场而言，通过现场检查与日常监 管联动，加大违法违规行为监管惩处力度，确保IPO企业质量，在为资本市场带来更多优质的源头活水 的同时，也推动了"不敢造假、不能造假、不想造假"良性生态的形成；对拟上市企业而言，现场检查 让"闯关心态"彻底失灵，推动企业将合规经营内化为发展底色，让实力成为真正的通关"密码"；对中介 机构而言，"看门人"的责任被进一步强化，在执业过程中更加勤勉尽责、审慎执业；对投资者而言，现 场检查有效过滤了"带病企业"，降低了投资风险。 同时，我们也要清醒认识到，IPO企业现场检查仍面临一些问题和挑战。监管部门需要进一步科学统筹 现场检查覆盖面与有效性，坚持精准监管、协同发力、长效约束，走出一条"严而有效、严而有方、严 而有度"的监管路径，不断提高拟上市企业申报质量，持续提升市场各方获得感和投资者权益保护水 平。比如，扩大高风险行业、高风险企业的检查覆盖面，聚焦核心领域，提升检查的精准度和穿透力； 进一步用好大数据、人工智能等技术手段，实现"科技赋能监管"，破解核查难题。 资本市场的健康发展，始于入口、成于规范。IPO现场检查不是终点 ...

Group 1 - The core viewpoint of the article highlights a significant trend in the A-share market, where nearly 302 listed companies are set to distribute cash dividends totaling 389.68 billion yuan, reflecting a year-on-year increase of approximately 13.34% [1] - The robust performance of cash dividends is attributed to three main factors: the resilience of corporate profits, regulatory policy guidance, and improvements in corporate governance, indicating a profound shift in the A-share market from "heavy financing" to "heavy returns" [1][2] - The banking sector is a major contributor, accounting for about 70% of the total dividend amount, supported by the recovery of the real economy and improved asset quality, showcasing the sector's stable profitability and ample cash flow [1] Group 2 - Regulatory policies have played a crucial role in promoting cash dividends, with the new "National Nine Articles" emphasizing the strengthening of cash dividend supervision for listed companies, particularly targeting those with low or no dividends [2] - The enhancement of corporate governance has further ensured the compliance and sustainability of dividend distributions, with many companies incorporating cash dividends into their long-term plans [2] - The normalization of dividends is reshaping the market ecosystem, subtly driving a transition towards a "value-oriented" market, which injects momentum for long-term healthy development [2][3] Group 3 - Stable cash dividends enhance investor sentiment and attract long-term funds, creating a virtuous cycle of improved corporate profitability, stable dividends, and sustained corporate development [3] - Active dividend distribution can elevate a company's valuation and market recognition, compelling firms to enhance operational management and capital efficiency [3] - The recent surge in dividends before the Spring Festival serves as a vivid reflection of stable corporate profits and responsible governance, while also promoting the deepening of value investment concepts [3]

本报记者 彭衍菘 临近春节假期，公募基金市场的申赎格局呈现出罕见的分化图谱。一边是货币市场型基金、债券型基金等低风险产品密 集"闭门谢客"，另一边则是部分权益类基金悄然"开门纳新"。这一现象，不仅是基金管理人应对长假的常规流动性管理举措， 更折射出不同类型资产在当前市场环境下的定位与预期差异。 具体来看，2月11日，64家基金管理人集中发布了近200只基金的申购赎回调整公告。其中，债券型、货币市场型基金合计 150只，占比高达75%。据公告，自2月12日起，将有96只债券型基金新设单日申购限额，24只固收类产品直接暂停申购，直至 2月24日节后恢复。 对此，深圳市前海排排网基金销售有限责任公司公募产品经理朱润康向《证券日报》记者解释说，长假期间固收产品仍正 常计息，若放任大额资金节前集中涌入、节后快速撤离，短期套利资金将显著摊薄存量持有人收益，并可能迫使基金经理在无 法交易底层资产的情况下被动应对赎回，放大净值波动。因此，通过限购"锁住"规模，是保护持有人利益的常规且必要的手 段。 以工银中证同业存单AAA指数7天持有为例，该基金自2月12日起将大额申购限额调降至5万元，待2月24日假期结束后再恢 复至常规的 ...

本报记者 昌校宇 另有部分公募机构虽未直接表态支持持股过节，但对市场中长期机会普遍看好。永赢基金权益投资部联席总经理李文宾告 诉《证券日报》记者："2026年A股市场有望继续走强。与2025年科技和周期板块主导的结构性行情不同，2026年可能出现中国 资产整体性价值重估。"东方红资产管理公募权益投资一部基金经理郭乃幸对2026年权益市场持谨慎乐观态度，预计市场将维 持震荡向上的趋势。 关于持股过节应聚焦哪些方向，基金经理普遍将科技与内需价值视为两大核心主线。 汪立建议关注内需价值与新兴科技两大方向。其中，内需板块的市场预期与持仓目前基本处于"底部"，可关注食品、零 售、旅游服务、酒店等受益于春节消费的领域，以及原油、有色、化工等具备长期涨价逻辑的资源品。科技领域可关注互联 网、计算机、机器人、电子、军工，以及储能、电网等"出海"制造板块。 在公伟看来，节后"红包行情"值得期待。他解释称："马年春节假期较长，大概率会带动消费数据走强，叠加节后资金集 中入场及政策预期升温，市场活力有望持续提升。建议重点关注商业航天、AI（人工智能）应用等新质生产力主题。" 每逢春节临近，A股市场总会掀起一场"持股还是持币过节"的 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing targeted monetary policies to support the stable and healthy development of the real estate sector, particularly through the promotion of affordable housing and urban village renovations [1][2]. Group 1: Monetary Policy Measures - The PBOC's report outlines the implementation of a re-loan policy for affordable housing, with a target balance of 1 trillion yuan by the end of 2025 [1]. - In May 2025, the PBOC reduced the re-loan interest rate by 0.25 percentage points, and in July, it expanded the scope of the re-loan policy to enhance coordination with relevant departments [1]. - By December 2025, the interest rates for newly issued corporate loans and personal housing loans are expected to be around 3.1%, marking a decline of 2.5 and 2.7 percentage points respectively since the second half of 2018 [2]. Group 2: Demand and Market Conditions - The reduction in housing loan interest rates and down payment ratios in 2025 is expected to significantly lower purchasing costs, thereby increasing the willingness of buyers to enter the market [2]. - The PBOC is guiding localities to implement more flexible credit policies, with moderate easing in core cities and comprehensive easing in more small and medium-sized cities, leading to improved market expectations [2]. Group 3: Future Financial Support - There is considerable potential for future financial support for the real estate sector, as indicated by ongoing pilot projects in cities like Shanghai, which involve state-owned enterprises acquiring older properties [3]. - The use of Real Estate Investment Trusts (REITs) is encouraged to revitalize existing real estate and attract more social capital into the sector [3].

Core Insights - The integration of the New Third Board and regional equity markets has created a clear "fast track" for specialized and innovative enterprises to go public, effectively supporting national strategies and regional economic development [1][2] Group 1: Green Channel Mechanism - By the end of 2025, the National Equities Exchange and Quotations (NEEQ) has signed green channel regulatory cooperation memorandums with 33 regional equity markets [1] - In 2025, NEEQ opened green channels for seven regional markets, resulting in 101 enterprises from these markets applying through the green channel, which accounted for over 30% of the total applications for the year [1] - The efficiency of the green channel has been validated, with average review cycles for green channel enterprises significantly shorter than the overall level, leading to a substantial increase in listing efficiency [1] Group 2: Impact on Enterprises - Listing on the New Third Board allows enterprises to "pre-study" the strict requirements of public companies, enhancing their governance structure and innovation capabilities [2] - The deepening integration of the third and fourth boards is a significant breakthrough in the construction of a multi-level capital market, systematically incorporating regional enterprise cultivation into a unified national system [2] Group 3: Future Development - Recommendations for future development include transitioning from "channel construction" to "ecological empowerment" and innovating financial tools such as equity incentives [3] - NEEQ plans to further implement the "14th Five-Year Plan" to enhance the unified national market and optimize regional economic layouts, while continuing to leverage the advantages of the third and fourth board integration [3]

公开资料显示，通达股份是国内主要的特高压、超高压工程用线缆生产供应商之一，在我国特高压导线 领域主要的钢芯铝绞线产品细分行业的市场竞争中处于优势地位。 公告显示，此次通达股份中标的品类为35kV—500kV铝包钢绞线、35kV—500kV钢芯铝绞线、35kV— 500kV铝包钢芯铝绞线、35kV—500kV铝包钢芯耐热铝合金绞线（含耐热金具）。 通达股份表示，以上项目在正式中标后，其合同的履行预计会对公司未来经营活动及经营业绩产生积极 的影响，有利于公司电线电缆板块业务的提升，有助于公司盈利能力和核心竞争力的增强，但不影响公 司经营的独立性。 本报讯 2月11日晚间，河南通达电缆股份有限公司（以下简称"通达股份"）披露预中标公告显示，公司 为南方电网公司2025年主网线路材料第二批框架招标项目的中标候选人。据测算，公司预中标物资总价 值共计1.2亿元，占公司2024年度营业总收入的1.93%。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Tianjin Wanzhao Huigu Real Estate Co., Ltd., a major shareholder of Oujing Technology, has reduced its stake by selling 404,000 shares, which represents 0.21% of the total share capital [2] - After the reduction, Tianjin Wanzhao Huigu holds 26,874,983 shares, accounting for 13.97% of the total shares [2] - The share reduction plan is not yet fully implemented, indicating potential further changes in shareholding [2]