Core Viewpoint - The Consumer Price Index (CPI) has shown a year-on-year decline in January 2026, primarily due to the impact of the Spring Festival timing and changes in international oil prices [1] Group 1: CPI Analysis - The year-on-year increase in CPI has decreased due to two main reasons: the high base effect from last year's Spring Festival and changes in food and service prices [1] - Food prices decreased by 0.7%, contributing approximately 0.11 percentage points to the decline in CPI year-on-year, while last month, food prices had a positive impact of about 0.21 percentage points [1] - Fresh vegetable prices increased by 6.9%, but the growth rate fell by 11.3 percentage points compared to the previous month, reducing its positive impact on CPI by approximately 0.27 percentage points [1] - Fresh fruit prices rose by 3.2%, with a decrease in growth rate of 1.2 percentage points from the previous month [1] - Pork and egg prices fell by 13.7% and 10.6%, respectively [1] - Service prices increased by 0.1%, contributing about 0.05 percentage points to the CPI year-on-year increase, but this was a reduction of approximately 0.20 percentage points compared to the previous month [1] - The prices of airline tickets, travel agency fees, and housekeeping services decreased by 14.3%, 7.7%, and 3.5%, respectively, collectively impacting CPI by approximately -0.16 percentage points [1] Group 2: Energy Price Impact - Energy prices fell by 5.0% in January, contributing approximately 0.34 percentage points to the decline in CPI year-on-year, with this downward impact increasing by about 0.06 percentage points compared to the previous month [1] - Gasoline prices decreased by 11.4%, with the decline rate expanding by 3.0 percentage points from the previous month [1]

新华财经北京2月11日电在金融监管部门规范理财产品估值的要求下，银行理财行业于2025年底全面完 成估值整改，进一步告别了依赖"收盘价调整""平滑估值"等技术的时代，步入"真净值"的深水区。市场 波动将更直接地传导至产品净值，如何在此背景下稳健运营、留住客户，成为所有理财公司面临的攻坚 课题。 行业能力重塑：投研驱动与精细运营是终极答案 估值体系的规范，如同一面镜子，照出了理财行业过往对"技术捷径"的依赖，也倒逼其必须夯实内功。 单纯依赖债券牛市或估值修饰维持吸引力的旧模式已难以为继。 市场观点普遍认为，单纯的"伪平滑"已无出路，行业竞争正加速回归资管本源。应对挑战的核心路径在 于双轨并行：一是在估值端，积极响应监管倡导，针对债券等大类资产通过多估值源交叉验证来提升净 值计量的公允性与可靠性；二是在能力端，从根本上重构以多资产配置为核心的投研能力与精细化的客 户管理，构建穿越周期的韧性。 估值体系重构：从"隐匿波动"到"公允透明"，多源校验成定盘星 过去，部分理财产品通过特定会计处理和估值技术，在一定程度上熨平了净值曲线，但也掩盖了底层资 产的真实风险。随着监管重拳整治违规估值行为，这类"伪平滑"操作已被彻底 ...

对于受投资者关注的控股股东减持问题，梁建华回应，此前为支持公司业务发展，作为控股股东，他本 人数次质押股权融资，质押比例一度高达70%。减持是为了解决高质押的问题，预计后续股权质押比例 将降至20%左右。 （文章来源：新华财经） 超讯通信是国产GPU制造商沐曦股份的特定行业全国总代理。从2019年起，超讯通信开始推进业务转 型，布局智算业务，经过几年拓展，目前该业务营收占比已达80%。据梁建华介绍，目前超讯通信与国 央企、研究机构都有合作，有大量需求方主动接洽，订单及潜力订单充足，业务推进符合预期。 该公司2025年业绩预告显示，将实现扭亏为盈，归母净利润为3600万元到5400万元，扣除非经常性损益 归母净利润为2100万元到3100万元，主要原因包括公司算力业务在报告期内达到验收条件，从而确认相 关项目的收入和利润。同时，公司加强了应收账款的催收力度，减值损失对利润的影响较去年同期有所 减少。 日前记者采访超讯通信董事长梁建华时获悉，超讯通信后续会持续加大在智算领域的布局，考虑参股平 台软件、智能器件等相关企业，布局更完整的产业生态。 ...

Group 1 - The fund has net assets amounting to $42.89 billion as of February 10, 2026 [2] - The fund was established on April 21, 2006, and is classified under the commodity asset class [2] - The fund is traded on the NYSE Arca and its reference benchmark is the LBMA Silver Price [2] Group 2 - As of February 10, 2026, the fund has 575.35 million shares outstanding and holds 16,216.45 tonnes of silver in trust [2] - The indicative basket amount is $45,302.00, with a closing price of $76.04 as of February 9, 2026 [2] - The fund's premium/discount was recorded at 4.38% as of February 10, 2026, slightly down from 4.43% on February 9, 2026 [2] Group 3 - The fund's daily trading volume was 88,229,115 as of February 9, 2026, with a 30-day average volume of 179,877,908 [2] - The 30-day median bid/ask spread was 0.01% as of February 9, 2026 [2]

新华财经北京2月11日电四大证券报内容精华摘要如下： 中国证券报 ·长钱拓展长投路径险资积极参与私募股权基金 天眼查信息显示，天津兰沁股权投资合伙企业（有限合伙）于近日成立，泰康人寿等多家险企现身其合 伙人行列。2026年以来，险资参与出资私募股权基金动作频频，中国人寿、新华保险等头部险企均有新 项目面世。业内人士表示，在政策持续鼓励长钱长投的背景下，险资正加速通过布局私募股权基金等方 式，深度参与国家战略性新兴产业以及与保险主业相协同的产业。这种现象背后，也有险资自身更加迫 切的资产负债匹配需求：在低利率环境下，私募股权投资可以帮助险企降低久期缺口，增加长期投资收 益来源。 ·超六成私募欲重仓过节看好A股后市表现 随着春节假期临近，近期A股市场成交缩量，部分资金从前期火热的科技成长板块流向消费、蓝筹等防 御性板块。本周，第三方机构进行的最新问卷调查显示，超过六成私募表示将选择重仓或满仓（仓位大 于八成）过节。此外，接受问卷调查的私募机构在春节假期的平均测算仓位达75.68%，进一步透露出 专业投资者对A股后市的积极预期。 ·公募频频加仓消费板块弹性可期 临近春节假期，消费板块迎来久违反弹。值得注意的是，近期 ...

截至2月10日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1079.32吨，较前一交易日减少 0.34吨。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价10日下跌36.3美元，收于每盎司5047.0美 元，跌幅为0.71%。 近期价格反弹后，短期交易者获利回吐，拖累当天黄金和白银价格走低。同时，在11日美国非农就业报 告和13日的通胀数据公布前，谨慎情绪也促使贵金属市场出现一些仓位调整。 虽然近期贵金属价格的大幅震荡令市场对其是否还能继续作为避险资产的属性产生担忧，但瑞银认为这 种担忧有些过头。该机构表示，即使经历了近期波动，黄金2026年迄今仍上涨了约16%，一直是地缘政 治不确定性的主要受益者。瑞银预计这种不确定性还将持续，同时 ...

Core Viewpoint - The A-share home appliance industry shows a mixed performance in the 2025 earnings forecasts, with 44 out of 103 listed companies having disclosed their projections, indicating both positive and negative trends in profitability [1][2]. Group 1: Positive Earnings Forecasts - Among the 44 companies that disclosed their 2025 earnings forecasts, 15 companies are expected to have positive performance, including profit increases, slight increases, turnaround from losses, and continued profitability [1][2]. - Specifically, 8 companies forecast profit increases, 5 companies expect to turn losses into profits, 1 company anticipates a slight increase, and 1 company expects to maintain profitability [2]. - Approximately 68.18% of the 30 companies that are expected to be profitable, with 2 companies, Sanhua Intelligent Controls and Ecovacs, projecting net profits exceeding 1 billion yuan [3]. Group 2: Leading Companies in Profit Forecasts - Sanhua Intelligent Controls is expected to achieve a net profit of 3.874 billion to 4.649 billion yuan in 2025, representing a year-on-year growth of 25% to 50% [7]. - The growth for Sanhua is attributed to its strong market position in the refrigeration and air conditioning components sector and its expansion in the automotive parts business [7]. - Ecovacs anticipates a net profit of 1.7 billion to 1.8 billion yuan, with a year-on-year increase of 110.90% to 123.30%, driven by product innovation and market expansion strategies [10]. Group 3: Negative Earnings Forecasts - A total of 14 companies are expected to report losses in 2025, with the top three companies projected to incur the largest losses being Deep Kangjia A, Qinsun Shares, and Marsman [11][13]. - Deep Kangjia A forecasts a net loss of 12.581 billion to 15.573 billion yuan, primarily due to significant impairment provisions and a decline in revenue from its consumer electronics business [13][14]. - Other companies like Marsman and Aishida are also expected to report substantial losses, indicating a challenging environment for certain segments within the home appliance industry [14].

Core Insights - The U.S. retail and food services sales for December 2025 were reported at $735 billion, showing no month-over-month growth, significantly below the market consensus expectation of 0.4% and the previous month's growth of 0.6% [1] - Excluding motor vehicles and gasoline, retail and food services sales also remained flat month-over-month, while the market consensus and the revised previous month's growth were both 0.3% [1] - Year-over-year, retail and food services sales in December increased by 2.4%, which is lower than the consumer price index increase of 2.7% for the same month [1] Group 1: Sales Performance - Sales in categories such as automobiles, furniture, electronics, clothing, and health and personal care products decreased month-over-month, while sales in building materials, gasoline, food and beverages, and sporting goods increased [1] - The K-shaped economy is highlighted, where high-income consumers are spending robustly, while middle- and low-income consumers are more cautious [1] Group 2: Economic Outlook - The weak retail data for December 2025 is not expected to undermine the performance of the fourth quarter of the previous year, but January 2026 consumption data may be weak due to extreme winter weather in many regions [2] - Analysts suggest that holiday shopping may have been pulled forward, and government tax refunds along with wealth effects are expected to continue supporting U.S. consumer spending [2]

【资讯导读】 ·联合国报告呼吁最不发达国家提高服务业生产率 ·美国2025年12月零售销售数据意外疲软 ·日本政府决定召集特别国会预计将进行首相指名选举 ·欧洲议会通过欧盟2040年温室气体减排90%目标 【市场资讯】 ·联合国贸易和发展会议10日发布报告指出，最不发达国家服务业虽在迅速扩张，但增长仍集中于维持 生计的低生产率活动，无法创造大规模繁荣。 ·美国达拉斯联储主席洛根表示，美联储的政策立场恰到好处；美联储的政策立场可能接近中性水平， 既不刺激也不抑制经济活动。未来几个月如果通胀回落、劳动力市场保持稳定，就不需要进一步降息。 克利夫兰联储主席哈马克表示，当前美联储目标利率"接近"中性水平；美联储的利率政策可能会"在相 当长一段时间内"保持不变。 ·美国2025年12月零售销售环比意外零增长，显著弱于预期值0.4%的增幅，前值为增长0.6%。核心零售 销售环比下降0.1%，预期为增长0.3%。主要依赖工资增长的低收入群体消费表现依然疲弱。 ·日本政府和执政党已决定将于18日召集特别国会。预计在特别国会召开期间，进行首相指名选举。鉴 于当前自民党在众议院掌握三分之二以上席位，高市早苗在首相指名选举中胜出几 ...