展望未来，杨海平认为，2026年，在低利率环境和股市结构性行情背景下，理财市场或呈现以下特点和 趋势：其一，由于当前的货币政策走向及宏观调控导向，固收类资产的收益率受到压制，以固收类产品 为基本盘的银行理财产品，其收益率整体上仍将呈现承压状态；其二，理财公司积极升级投研体系，以 此为基础探索增加权益类理财产品供给，或者在"固收+"及混合类理财产品项下，增配权益类资产、其 他大类资产，以此改善理财产品的收益率表现；其三，理财业务的收入结构将发生变化，理财公司将更 加注重提升服务，与服务内容、服务质量相挂钩的收入占比将提升；其四，理财市场整体规模将稳中有 升。 2026年首月，银行理财市场告别了对规模"开门红"的单一关注。华西证券（002926）发布研究称，今年 1月份最后一周(1月26日至1月30日)，在回表的驱动下，银行理财规模再度承压，为33.18万亿元，环比 下降1788亿元。从1月全月来看，在去年12月份理财规模回表5100亿元背景下，今年1月份银行理财规模 并未如市场预期那样回升，而是继续呈缩量态势，月度环比降幅为1142亿元。此外，回溯近四年(2022 年至2025年)1月份银行理财规模变动情况，除 ...

Core Viewpoint - The logistics sector in China is projected to maintain stable growth, with a total social logistics volume of 368.2 trillion yuan by 2025, reflecting a year-on-year increase of 5.1% at comparable prices, indicating strong support for the real economy [1] Group 1: Overall Logistics Growth - The total social logistics volume is expected to grow steadily across all quarters in 2025, with quarterly growth rates of 5.7%, 5.5%, 5.2%, and 5.0% respectively [1] - During the "14th Five-Year Plan" period, the average annual growth rate of social logistics volume is projected to be 5.7%, outpacing GDP growth [1] Group 2: Industrial Logistics - The logistics volume for industrial products is anticipated to grow by 5.3% in 2025, contributing 82% to the overall growth of social logistics [2] - The demand for logistics in equipment manufacturing and high-tech manufacturing is expected to exceed 9%, indicating a shift towards high-end and intelligent logistics [2] Group 3: Consumer Logistics - The logistics volume for units and residents is projected to increase by 5.1%, supported by policies enhancing urban-rural consumption collaboration [2] - Online retail sales of physical goods are expected to grow by 5.2%, accounting for 26.1% of total retail sales, reflecting a stable release of consumption logistics demand [2] Group 4: International Logistics - The logistics volume for imports is expected to grow by 0.5%, with a notable increase to 8.5% in December, indicating a gradual recovery in international logistics [2] Group 5: New Quality Productivity - The logistics volume for industrial robots is projected to grow by 28%, while logistics for new energy vehicles is expected to increase by 25.1%, highlighting the rise of low-carbon and green products [3] - The total logistics volume for recycled resources is expected to grow by 13.2%, maintaining a high growth rate throughout the year [3] Group 6: Logistics Costs and Efficiency - The total logistics costs are projected to reach 19.5 trillion yuan in 2025, with a year-on-year increase of 3.0%, while the ratio of logistics costs to GDP is expected to decline to 13.9% [3] - The logistics industry is expected to generate total revenue of 14.3 trillion yuan, reflecting a growth rate of 4.1%, aligning with logistics demand growth [4] Group 7: Policy and Market Environment - Various departments are implementing supportive policies to enhance logistics efficiency and resource allocation across regions [4] - The logistics industry is expected to maintain a favorable business climate, with an average logistics industry prosperity index of 50.8% in 2025 [4] Group 8: Future Outlook - The logistics sector is anticipated to benefit from favorable market conditions and resilient economic fundamentals, although challenges remain due to structural adjustments and international uncertainties [5] - Continued efforts are needed to lower logistics costs and enhance service quality through innovation and infrastructure improvements [5]

截至目前，顺丰控股股份有限公司（以下简称"顺丰"）、京东物流股份有限公司（以下简称"京东物 流"）、圆通速递股份有限公司等物流企业相继宣布春节服务"不打烊"，部分企业还动态调整了春节期 间的快递服务费。 新春将至，年味渐浓。自1月下旬开始，全国网上"年货节"拉开帷幕，预计将持续至3月初。这场电商大 促活动，在激活市场潜力的同时，也使物流业面临较大业务峰值压力。 1月27日，国家邮政局印发《2026年春运期间寄递服务保障工作方案》，强调要全力保障春节前人民群 众年货寄递服务，有效保障春节假期基本寄递服务需求，有序组织节后行业恢复生产运行。邮政企业、 快递企业要聚焦节前人民群众购置年货需求，及时揽收并按约定提供寄递服务。 全链路"科技味"十足 除服务升级外，快递企业亦加大了科技投入，从前端需求预测、中端智能分拣到末端无人配送，全链路 赋能春节物流。 在杭州市上城区，杭州迅蚁网络科技有限公司（以下简称"迅蚁科技"）新春年货无人机配送服务已投入 运行。在吴山广场起降点，一架架无人机在工作人员引导下完成装货、起飞、降落的标准化流程。市民 通过"闪送"小程序下单后，糕点、生鲜等年货被快速打包送上"空中专线"。以吴山广场至 ...

Core Viewpoint - Changan Automobile and CATL have launched a global sodium battery strategy, introducing the world's first mass-produced sodium battery passenger vehicle, set to be released in mid-2026, marking a significant step towards the commercialization of sodium batteries [1] Group 1: Sodium Battery Development - Sodium batteries utilize sodium ions as charge carriers and offer advantages over lithium batteries, including abundant resources, lower extraction costs, wider temperature ranges, fast charging capabilities, and lower thermal runaway risks [1] - By 2025, China's sodium-ion battery production is expected to reach 3.45 GWh, a 96% year-on-year increase, with total production of sodium battery cathodes projected to be 11,000 tons, up 101% [1] - CATL plans to apply sodium batteries on a large scale in various sectors, including battery swapping, passenger vehicles, commercial vehicles, and energy storage by 2026 [1] Group 2: Industry Insights - EVE Energy has successfully transitioned its first large-capacity sodium-ion battery energy storage system into commercial operation, marking a key breakthrough in new energy storage technology [1] - EVE Energy's sodium battery headquarters project is set to commence in December 2025, aiming to become a leading sodium battery industrialization base in China, with a 2 GWh production capacity to address market supply gaps [2] - The sodium battery industry is currently in the late stage of commercialization, moving towards growth, with completed technical validations and rapid capacity expansion [2][3] Group 3: Market Dynamics - The rising prices of lithium battery materials are a core driver for the development of sodium batteries, with expectations that sodium battery costs could drop below 0.40 yuan/Wh by 2026, nearing the price level of lithium iron phosphate cells [3] - Sodium batteries are expected to find significant applications in energy storage due to their wide temperature range, high safety, and low cost advantages, particularly in low-end applications where energy density requirements are not high [3] - Despite entering the commercialization phase, the sodium battery industry faces challenges related to technology, costs, supply chains, and market recognition, including high costs of core materials and a lack of unified manufacturing standards [3]

Group 1 - The core viewpoint of the news is that the optimization of refinancing measures by the three major exchanges aims to enhance market transparency and trust, while addressing issues related to the misuse of control rights in listed companies [1][2][4] - The new regulations require listed companies and issuers to publicly commit to completing the issuance within the validity period of the approval, which aims to prevent indefinite delays and ensure efficient transactions [2][3] - The adjustments in rules are expected to shift the focus from financial speculation to industrial integration, encouraging potential acquirers to participate as "industrial integrators" rather than merely seeking short-term price differences [3][4] Group 2 - The optimization of refinancing rules reflects the regulatory authority's determination to combat market irregularities and establish a solid foundation for high-quality development in the capital market [4] - The new standards for selecting shareholders will prioritize those who can create long-term value, favoring strategic investors with industrial backgrounds and technological expertise over financial speculators [3] - The reforms are anticipated to enhance resource allocation efficiency, facilitating a virtuous cycle where quality listed platforms and industrial capital align, thereby driving capital into industrial upgrades and technological innovation [4]

其中，新晋"百亿元级私募阵营"的腾胜投资是一家外商独资机构。该机构自2019年9月份完成备案后管 理规模持续增长，先后于2021年突破20亿元、2022年突破50亿元，并在2026年1月底突破百亿元。至 此，百亿元级外资私募机构已增至2家，另一家为桥水(中国)投资管理有限公司。 从投资策略类型来看，上述122家百亿元级私募机构中，股票策略机构最多，共有86家；多资产策略、 债券策略、期货及衍生品策略私募机构分别为16家、8家和4家；另有部分私募机构尚未公开披露具体投 资模式。 值得一提的是，截至2月10日，已有40家百亿元级私募机构获得香港证监会核发的9号(提供资产管理)牌 照，这些机构可直接投资海外权益类资产及衍生品，有助于构建更多元化的投资组合。 今年以来，"百亿元级私募阵营"持续扩容。据私募排排网最新统计数据，截至2月10日，管理规模为100 亿元以上的私募证券投资基金管理人总数已攀升至122家，创下历史新高。这一数字较2025年末的112家 净增10家，也突破了2022年3月份116家的前期高点。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜在接受《证券日报》记者采访时表示， 百亿元级私 ...

2月10日，北京人形机器人创新中心正式发布新一代通用机器人平台具身天工3.0，该款机器人是行业内 首个实现触物交互式全身高动态运动控制的全尺寸人形机器人。 在人形机器人技术不断突破的同时，行业也迎来资本化加速期。近期，多家人形机器人企业推进上市流 程，行业加速从技术研发向商业化落地冲刺。南开大学金融学教授田利辉在接受《证券日报》记者采访 时表示，人形机器人企业纷纷启动上市，标志着行业从技术验证进入商业兑现阶段。 企业扎堆上市 据工业和信息化部数据，2025年国内人形机器人整机企业数量超140家，发布人形机器人产品超330款。 如今，我国人形机器人已经能够站得住、走得稳、跑得快，正加速从"舞台上动起来，赛场上跑起 来"向"家庭里用起来，工厂里干起来"转变。 与此同时，人形机器人企业的上市筹备工作也在紧锣密鼓推进。今年1月份以来，具身智能星海图(北 京)人工智能科技股份有限公司、深圳市众擎机器人科技股份有限公司、北京松延动力科技集团股份有 限公司等纷纷完成股改。近期，魔法原子机器人科技(无锡)有限公司联合创始人顾诗韬也表示，公司正 按最快时间表推进上市进程。 赴港上市同样热闹非凡。据记者梳理，截至2月10日，深圳 ...

（文章来源：证券日报） 证券日报网讯 2月10日，华密新材发布公告称，公司2025年实现营业收入436944322.03元，同比增长 6.44%；归属于上市公司股东的净利润42895207.50元，同比增长10.86%。 ...

Group 1 - The core viewpoint of the article highlights that Sanan Optoelectronics has successfully achieved mass production of silicon carbide products for data center and AI server power supply applications [2] - The company has established partnerships with leading clients such as Delta, Lite-On, Vertiv, Great Wall, and Flex [2]

Core Viewpoint - Taiping Bird announced that as of the date of the announcement, the total external guarantees provided by the company amount to 1 billion yuan, which represents 22.20% of the company's most recent audited net assets [2] Group 1: External Guarantees - The total external guarantees amount to 1 billion yuan, which is 22.20% of the company's latest audited net assets [2] - The actual balance of external guarantees is 550 million yuan, accounting for 12.21% of the company's most recent audited net assets [2] - The company has no overdue external guarantees [2]