Core Viewpoint - The bond market shows slight differentiation in performance, with government bond futures experiencing a decline while interbank bond yields continue to decrease, indicating a "warm yet restrained" market sentiment ahead of the Spring Festival [1][4]. Market Performance - Government bond futures closed with half of the contracts down; the 30-year main contract fell by 0.03% to 112.7, while the 10-year main contract rose by 0.02% to 108.585 [2]. - Interbank bond yields generally decreased, with the 10-year government bond yield down by 1 basis point to 1.776% and the 30-year government bond yield down by 0.15 basis points to 2.2255% [2]. Overseas Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 6.41 basis points to 3.512% [3]. - In Asia, Japanese bond yields fell, with the 5-year and 10-year yields down by 0.4 basis points and 1.2 basis points, respectively [3]. - In the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all decreased, indicating a general trend of declining yields [3]. Liquidity Conditions - The central bank conducted a net injection of 448 billion yuan through reverse repos, with a total of 1665 billion yuan in 7-day reverse repos and 4000 billion yuan in 14-day reverse repos [4]. - The Shibor rates for short-term instruments mostly declined, with the overnight rate rising slightly by 0.2 basis points to 1.368% [4]. Institutional Perspectives - Citic Securities noted that while CPI remains low, PPI is steadily rising, which may have a marginal impact on bond market pricing; the sentiment-driven bond market may continue to show slight strength until the Spring Festival [5]. - Shenwan Hongyuan indicated that the bond market may enter a phase of compressed spreads, with ongoing market dynamics influenced by the balance of asset allocation and the potential for capital to flow from bonds to equities [6].

Core Viewpoint - The recent dramatic decline in COMEX silver futures, which saw a historic single-day drop of 35%, has abruptly ended a bullish market trend, with low probabilities of new highs in the short to medium term. However, many institutions remain optimistic about the long-term prospects of silver, advising caution in the short term [1][5]. Market Dynamics - The silver market experienced a significant surge, with prices rising by 300% in 2025, followed by a sharp decline shortly after the start of 2026. This volatility has led to substantial profits for some investors while others faced significant losses [2]. - The surge was driven by a combination of increased industrial demand and a correction in the gold-silver ratio, with large institutional players fueling the market and attracting retail investors [2][5]. - As prices rose, short positions were forced to cover, leading to a reversal in market dynamics where long positions began to liquidate, resulting in a sharp price drop exacerbated by regulatory measures that increased margin requirements [2][3]. Historical Context - Historical patterns indicate that major peaks in silver prices are often accompanied by increased margin requirements from exchanges. The recent adjustments by the CME to a percentage-based margin system have accelerated the deleveraging process in the silver market [3]. - The volatility in silver prices has been unprecedented, with significant fluctuations observed in a short time frame, making short-term predictions nearly impossible [3][6]. Long-term Outlook - Analysts maintain a bullish long-term outlook for silver, citing persistent supply-demand imbalances and geopolitical risks that support higher prices. Despite short-term volatility, the fundamental drivers for silver's long-term growth remain intact [5][7]. - UBS forecasts a significant shortfall in the silver market by 2026, with investment demand expected to exceed 400 million ounces, although high prices may dampen industrial demand [5][6]. - The recent price drop is attributed more to risk aversion than a collapse in fundamentals, suggesting that without sustained investment demand, silver prices may struggle to stay above $85 per ounce [6]. Investment Strategy - Financial institutions suggest that while the long-term trend for precious metals remains upward, the current market conditions warrant a cautious approach in the short term. Investors are advised to monitor volatility levels for potential re-entry points [7].

新华财经北京2月12日电（记者陆宇航）在2月12日举行的国新办新闻发布会上，自然资源部副部长庄少 勤表示，近期会同国家林草局出台了支持雄安新区高标准高质量建设现代化城市的有关政策。下一步将 在雄安新区试点基础上，在首都都市圈更大范围里开展自然资源领域的改革创新、先行先试，更好支持 首都都市圈发展。 （文章来源：新华财经） 二是支持三地探索建立跨区域的建设用地统筹机制。"我们推动结合《规划》实施，探索建设用地总量 按规划期管理，现在的管理是按年度来下指标。根据首都都市圈发展要求，可以按照区域来进行统筹， 给地方更大的调节空间。同时，依据国土空间规划，对建设用地在整个都市圈里进行跨区域统筹安排， 支持都市圈形态发展以及区域高质量发展的要求。"庄少勤说。 三是要支持探索建立重大项目的空间准入机制。庄少勤介绍，按照"项目跟着规划走、要素跟着项目 走"的要求，对已经纳入国土空间规划"一张图"、并且符合国土空间用途管制的重大项目，可以在项目 选址阶段明确给予空间准入，实现"多审合一""多证合一"，简化后续用地审批的程序，加快项目落地实 施。"此外，我们还支持三省市立足主体功能定位和本区域的资源禀赋、区位特点等，细化优化主 ...

非食品价格环比上涨0.5%，影响价格总水平上涨约0.42个百分点。其中，一般医疗服务价格环比上涨 14.9%，影响价格总水平上涨约0.12个百分点；进入假期，学生返乡和春节探亲客流集中释放，飞机票 价格环比上涨11.7%，影响价格总水平上涨约0.08个百分点；受国际金价上涨影响，本月黄金饰品价格 环比上涨7.1%，影响价格总水平上涨约0.05个百分点；根据近期国际市场原油价格变化情况，辽宁成品 油价下调，汽油下降1.3%，影响价格总水平下降约0.05个百分点。 （文章来源：新华财经） 新华财经沈阳2月12日电（记者李宇佳）记者从国家统计局辽宁调查总队了解到，2026年1月份，辽宁居 民消费价格（CPI）同比上涨0.8%，高于全国平均水平0.6个百分点；环比上涨0.6%，高于全国平均水平 0.4个百分点。其中，城市上涨0.7%，农村上涨0.6%；食品价格上涨1.2%，非食品价格上涨0.5%；消费 品价格上涨0.6%，服务价格上涨0.8%。 从同比看，八大类商品及服务价格变动呈"六涨二降"态势。其中，其他用品及服务类价格上涨18.5%， 生活用品及服务类价格上涨2.3%，食品烟酒及在外餐饮类价格上涨1.7%，医疗 ...

新华财经北京2月12日电科创50指数12日以0.58%的涨幅开盘，指数盘初震荡上扬一度涨逾1%，早盘盘 中波动回落，在平盘附近完成二次下探后，指数开始震荡上行，午后涨幅持续扩大，收盘时大幅上涨。 至收盘时，科创50指数报1480.99点，涨幅1.78%，成分股总成交额约693亿元，较上一交易日大幅放 量。 科创综指12日以0.43%的涨幅开盘，指数盘初冲高回落，早盘盘中的调整并未回补与上一交易日之间缺 口，午间收盘前震荡上扬，午后最大涨幅1.78%，尾盘有所回落，收盘时显著上涨。科创综指收于 1816.15点，涨幅1.56%，总成交额约2229亿元，较上一交易日显著放量。 个股表现方面，优刻得、赛恩斯收于约20%涨停，涨幅居前；易思维下跌14.19%，跌幅居首。 成交额方面，寒武纪成交额95.02亿元，位居首位；汉邦科技成交额1028.82万元，位居末位。 换手率方面，易思维换手率为46.73%，位居首位；威高骨科换手率为0.18%，位居末位。 （文章来源：新华财经） 当日，科创板个股涨多跌少，367股收涨，占比约60.86%。细分领域中，半导体股整体涨幅靠前，软件 服务、元器件、通信设备、电气设备、专用机械 ...

Market Performance - A-shares saw collective gains on February 12, with the Shanghai Composite Index rising 0.05% to 4134.02 points, while the Shenzhen Component Index increased by 0.86% to 14283.00 points, and the ChiNext Index rose by 1.32% to 3328.06 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain showed strong performance, with companies like Yuke Technology and Capital Online hitting the daily limit of 20% [1] - The CPO concept surged, with Tianfu Communication and Robot Technology reaching historical highs [1] - The electric grid equipment sector also performed well, with companies such as Siyuan Electric and Sifang Co. achieving new highs, while Wangbian Electric and Shun Sodium Co. hit the daily limit [1] - The non-ferrous metals sector continued its upward trend, with companies like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [1] - In contrast, the film and television sector saw declines, with Hengdian Film and Television, Jinyi Film and Television, and Bona Film Group all hitting the daily limit down [1][2] Institutional Insights - According to Jifeng Investment Advisory, the spring market rally has historical patterns and strong driving logic, suggesting that small-cap stocks will continue to perform well [3] - Huatai Securities noted that the recent procurement of 7GWh energy storage cell equipment by State Power Investment Corporation indicates strong downstream demand, with price recovery expected in energy storage capacity [3] - CITIC Securities projected that the animation industry will see accelerated growth by the end of 2025, driven by high-quality content supply and expanding commercialization opportunities [4] Policy Developments - The Chinese government is accelerating the construction of a modern capital metropolitan area, with multiple initiatives to support its implementation, including enhancing collaboration among Beijing, Tianjin, and Hebei [5] Automotive Industry - The China Passenger Car Association reported that in January, exports of new energy passenger vehicles reached 286,000 units, a year-on-year increase of 103.6%, accounting for 49.6% of total passenger car exports [6] - The average payment term for suppliers among major automotive companies has been reduced to 54 days, down approximately 10 days from the previous year, with most companies committing to a maximum of 60 days [7]

新华财经北京2月12日电（记者董道勇）今年以来，随着AI与数据中心需求增长，加剧全球存储芯片供 需失衡，存储芯片价格延续了2025年的上涨态势。在此背景下，市场对于视频压缩技术需求更为迫切， 多家视频压缩技术企业反映客户问询量出现明显增长。 视频压缩技术替代效应明显 为缓解存储芯片价格上涨带来的影响，企业积极采取各类措施进行应对。2025年年末以来，小米、 OPPO等品牌通过上调新机售价方式对冲成本压力。业内预测，2026年智能手机出货量可能会因价格上 涨而进一步下降。 与此同时，随着我国进一步明确煤矿、电力等领域视频图像信息存储时间及质量要求，相关领域存储需 求进一步提升。在预算有限的背景下，存储芯片价格上涨进一步放大了高清视频"存不下"的难题。 "解决视频存不下有两个办法，一个是买更多的存储设备；另一个是存储容量不变，但是通过高质量压 缩技术，让视频占据更小的存储空间。"杭州当虹科技股份有限公司产品总监陈文建表示，在存储价格 上涨背景下，客户对于公司视频压缩解决方案的咨询量和需求量大幅提升。 陈文建表示，当虹科技从源头上为摄像头拍摄的视频"瘦身"。基于BlackEye多模态空间大模型，公司迭 代了视频超级 ...

三是在改革开放上取得新突破。王昌林介绍，要大力推进重点领域、关键环节的改革创新。支持在天津 滨海新区开展具有牵引作用的综合改革，推进北京城市副中心探索土地管理制度改革等15项要素市场化 配置综合改革落地落实。要深化科技、金融、旅游等领域扩大开放，在已经实现京雄两地278个事项同 城化办理、209项资质资格互认的基础上，进一步扩大政务服务跨省通办、资质互认等事项范围，让企 业和百姓办事更便捷。 "四是在民生保障上展现新作为。"王昌林表示，针对关系百姓切身利益的教育、医疗等问题，推动京津 冀优质学校、医院通过建联盟、结对子等形式拓展多层次合作，共享优质资源。同时，加快构建更加优 美宜居的生态环境。 （文章来源：新华财经） 新华财经北京2月12日电（记者陆宇航）在2月12日举行的国新办新闻发布会上，国家发展改革委副主任 王昌林表示，为推进现代化首都都市圈建设，国家发展改革委将围绕加快构建更加紧密的协同发展格 局，与有关方面一道，重点在四个方面下功夫做好工作。 一是在优化首都功能上实现新提升。"聚焦全国政治、文化、国际交往、科技创新'四个中心'功能定 位，优化中央政务空间布局，进一步增强首都功能。高质量建设北京新的' ...

Core Insights - In January 2026, the Producer Price Index (PPI) in Liaoning decreased by 4.0% year-on-year, with the decline widening by 0.5 percentage points compared to the previous month [1] - The Industrial Producer Price Index (IPI) also saw a year-on-year decrease of 4.5%, with the decline expanding by 0.1 percentage points from the previous month [1] Group 1: Price Trends - The PPI for production materials fell by 4.0% year-on-year, with raw materials down by 6.7%, mining industry down by 3.8%, and processing industry down by 1.1% [1] - The PPI for living materials decreased by 4.4% year-on-year, with durable consumer goods down by 5.8%, food down by 4.1%, general daily goods down by 2.0%, and clothing up by 0.3% [1] Group 2: Raw Material Price Changes - In January, the prices of nine categories of raw materials showed a "two increases and seven decreases" trend year-on-year [1] - Prices for non-ferrous metals and wires increased by 7.5% and wood and pulp by 1.0%, while other industrial raw materials and semi-finished products decreased by 1.2%, textile raw materials by 1.4%, black metal materials by 2.0%, agricultural products by 3.8%, construction materials and non-metals by 4.3%, chemical raw materials by 7.8%, and fuel and power by 9.3% [1]

Core Viewpoint - The production of rebar steel in China has decreased for the second consecutive week, while both factory and social inventories have increased, indicating a decline in demand [1] Group 1: Production and Inventory - As of February 12, the national rebar steel production reached 1.6916 million tons, a decrease of 225,200 tons from the previous week, representing a decline of 11.75% [1] - The rebar steel factory inventory stood at 1.6359 million tons, an increase of 99,400 tons from the previous week, reflecting a rise of 6.47% [1] - The social inventory of rebar steel was recorded at 4.2323 million tons, which is an increase of 573,100 tons from the previous week, marking a growth of 15.66% [1] Group 2: Demand - The apparent demand for rebar steel was 1.0191 million tons, showing a decrease of 457,300 tons from the previous week, which corresponds to a decline of 30.97% [1]