Core Viewpoint - The alternative investment landscape among securities firms in China is experiencing a significant divergence, with some firms retracting while others are expanding their investments [2][5]. Group 1: Firms Retracting - Firms like Caida Securities and Dongxing Securities are reducing their capital in alternative investment subsidiaries due to poor financial performance, with Caida's subsidiary reporting a revenue of -1.19 million yuan and a net loss of 2.47 million yuan for the first nine months of 2025 [2][3]. - Northeast Securities' alternative subsidiary reported a total revenue of -1.84 million yuan and a net loss exceeding 16 million yuan in 2024, leading to a capital reduction to 1 billion yuan [3]. - The overall trend shows that many smaller securities firms are facing capital pressure and liquidity risks due to the requirements of the Sci-Tech Innovation Board's co-investment system, which mandates a 2%-5% co-investment ratio and a 24-month lock-up period [3][6]. Group 2: Firms Expanding - In contrast, firms like Caitong Securities and Guohai Securities are increasing their capital in alternative investment subsidiaries, with Caitong planning to raise up to 2 billion yuan to enhance its capital strength [5][6]. - Guohai Securities announced a 500 million yuan capital increase, citing rapid growth in investment business and the need to bolster capital for competitive advantage [5]. - Other firms, such as Zhongtai Securities and Nanjing Securities, are also focusing on alternative investments, targeting specialized and innovative enterprises, indicating a shift from passive co-investing to proactive investment strategies [5][6]. Group 3: Industry Trends - The divergence in strategies reflects a broader shift in the industry from a focus on scale to a more refined approach to capital management, emphasizing project selection, post-investment support, and exit management [6]. - Experts suggest that the current environment necessitates a transition from "broad arbitrage" to "meticulous cultivation," focusing on precise project screening, risk control, and efficient capital turnover [6]. - The changes in capital allocation strategies among securities firms highlight the industry's adaptation to regulatory changes and market conditions, with a growing emphasis on professional capabilities and risk management [6].

Core Insights - The event "马上发财书店许愿局" organized by China Fund News in collaboration with Southern Fund and Bosera Fund aimed to integrate financial literacy with reading culture, providing an immersive experience for investors to learn about asset allocation for 2026 [1][9] Group 1: Event Overview - The event featured a blend of online and offline interactions, including a wish wall where investors expressed their financial aspirations, highlighting the public's urgent need for scientific financial management [2] - The event's theme focused on guiding investors on how to effectively allocate their assets in the new year, transforming abstract investment concepts into tangible learning experiences [1][2] Group 2: Professional Insights - Two fund managers provided in-depth market analysis, discussing domestic economic outlooks and industry opportunities, emphasizing a positive trend in corporate profits and inflation for 2026, particularly in the consumer sector [3][4] - The fund managers also cautioned investors about the volatility associated with hot assets like AI and gold, advising a rational approach to market sentiment and the importance of diversified asset allocation [4][5] Group 3: Educational Resources - A new reading list was introduced to bridge investment education and reading, featuring books suitable for both novice and advanced investors, thereby fostering a culture of continuous learning [6] - The reading list included titles that cover fundamental investment strategies and classic investment philosophies, aiming to enrich investors' understanding of market dynamics [6] Group 4: Investor Education Initiatives - The China Fund News Investor Education Base was introduced as a public, open platform aimed at enhancing financial literacy and promoting rational investment concepts, with over 14 million followers across its platforms [7] - The education base collaborates with over 180 financial institutions to conduct public educational activities, reaching more than 10 million users and focusing on the needs of younger investors [7] Group 5: Interactive Engagement - The event included a Q&A session where fund managers addressed specific investor queries, enhancing the relevance of the educational content and correcting common misconceptions about investment strategies [8] - This interactive format allowed for a direct connection between fund managers and investors, facilitating a better understanding of market dynamics and investment decision-making [8]

2月13日上午，A股三大指数低开低走。 从市场结构看，油气资源、小金属、光伏设备等板块跌幅居前；而半导体设备、商业航天板块逆市走强。 截至午间收盘，沪指报4105.04点，跌0.7%；深证成指跌0.67%，创业板指跌0.96%。科创综指逆市涨0.34%，北证50涨0.86%。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | -28.98 -0.70% -95.55 -0.67% +6.14 +0.34% | 4105.04 | 1822.29 | | 万得全A | 创业板指 | 北证50 | | 6800.24 3295.99 1546.37 | | | | -33.64 -0.49% -32.07 -0.96% +13.20 +0.86% | | | | 沪深300 | 中证500 | 中证A500 | | 4681.92 | 8368.43 . | 5874.09 | | -37.66 -0.80% -55.14 -0.65% -49.05 -0.83% | | | | 中证1000 | 深证100 | 中证红利 | | 8279.14 | 5823.76 | 5 ...

触发情形描述更具体、更严谨。二稿要求以下五种情况发生时，证券公司应当及时开展压力测试： 一是交易结算系统重大变更或主要功能变化（是指经证券公司自行评估，可能影响信息系统安全稳定运 行的系统变更，包括但不限于技术架构调整、信息技术服务机构更换）； 【导读】中证协再向行业征求意见 中国基金报记者获悉，近期，中国证券业协会下发了第二版《证券公司交易结算系统压力测试指引（征 求意见稿）》（以下简称《测试指引》）。 随着证券市场交易量快速放大，证券公司交易系统性能不足的问题频发。去年9月，中证协组织起草了 第一版《证券公司交易结算系统压力测试指引》，并向行业内征求意见。 中证协在结合前期反馈意见的基础上，对2025年9月下发的《测试指引》初稿进行了修改完善，形成第 二稿。 记者对比前后两稿发现，二稿在原有框架的基础上，对测试频率、环境要求、责任归属、监管联动等核 心环节进行了多项重要修订与补充，大幅细化了操作层面的要求，强化了监管报送和自律管理，体现了 监管机构对证券行业交易结算系统稳定性保障从"合规性管理"向"实质性风险防控"的更高要求。 触发机制重大调整 二稿中最大的变化是新增了"关键信息基础设施单位"的压力测试。 ...

（文章来源：中国基金报） 美国常驻联合国副代表塔米·布鲁斯：我们强调联合国核查与核查机制的重要性，所有驶往也门胡塞武 装控制港口的船只，包括那些从中国港口出发的船只，都应该遵守其程序。 傅聪：我想强调以下，中国严格遵守并执行安理会决议，严格履行应尽的国际义务，中国在军品出口方 面，一向采取谨慎、负责任的态度，严格管控军民两用物项的出口。同时，中国企业有权按照世贸规则 和市场原则，同各国开展正常的经贸合作，我对美方代表在没有提供任何证据的情况下，含沙射影，对 中方进行无理指责表示遗憾和反对。 当地时间2月12日，在联合国安理会也门问题公开会上，美国代表在没有提供任何证据的情况下，含沙 射影对中方进行无理指责，中国常驻联合国代表傅聪大使当场予以驳斥。 ...

当地时间12日，美国总统特朗普宣布美国环境保护署2009年的"温室气体危害认定"正式撤销。 这项认定是美国温室气体排放政策的基石。一旦废除，意味着美国对温室气体监管的法律基础失效，标 志着特朗普政府推行的气候政策出现大倒退。 美国前总统奥巴马12日表示，特朗普政府撤销"危害认定"将削弱对汽车尾气排放和电厂排放的监管基 础。他称，此举将使美国"更不安全、更不健康"，并削弱应对气候变化的能力，同时令化石燃料行业获 利更多。 （文章来源：中国基金报） 特朗普表示，环保署废除了美国气候监管的基础，此举将节省1.3万亿美元的监管成本。环保署的行动 将有助于降低汽车价格。 这项被称为"危害认定"的命令是时任总统奥巴马于2009年发布的。该认定指出，汽车、发电厂和工厂等 来源的温室气体排放会导致气候变化，并可能对公众健康构成风险。 ...

Market Overview - The A-share market opened lower and then fluctuated upward, with the Shanghai Composite Index down 0.36%, Shenzhen Component Index down 0.42%, and ChiNext Index down 0.7%, while the Sci-Tech Innovation Board Index rose by 0.37% [2] - The aerospace and military industry sector saw a rapid rise, while sectors such as maritime transport, oil and gas, and CPO experienced fluctuations [2] Aerospace and Military Sector - The aerospace and military sector rebounded, with companies like Andavil (300719) and Hangcai Co. showing significant gains [6] - Multiple new-generation rockets are expected to successfully launch, with over 100 launches anticipated in 2026, including models like Tianlong-3 and Lijian-2, which may challenge reusable rocket technology [7][8] Cybersecurity Sector - Cybersecurity stocks performed actively, with Green Alliance Technology (300369) hitting a 20% limit up, and other companies like Guotou Intelligent (300188) and Zhongxin Saike (002912) also showing strong gains [4] - The market saw significant increases in stock prices, with Green Alliance Technology up by 19.96% and Guotou Intelligent up by 10.15% [5] Key Company Performances - Tencent Music saw a decline of 8.77%, with a market cap of 183.7 billion [3] - Baidu Group decreased by 4.00%, with a market cap of 369.9 billion [3] - Bilibili dropped by 3.90%, with a market cap of 99.5 billion [3] - Meituan fell by 3.30%, with a market cap of 501.5 billion [3] - Alibaba decreased by 2.40%, with a market cap of 2,956.6 billion [3]

（原标题：美方称有船只从中国驶往也门胡塞武装控制港口，中方驳斥：严格管控物项出口，美方含沙 射影无理指责） 中国驻日大使：当前中日关系陷入邦交正常化以来最严峻困难局面，责任完全在日方 来源：@CCTV国际时讯 傅聪：我想强调以下，中国严格遵守并执行安理会决议，严格履行应尽的国际义务，中国在军品出口方 面，一向采取谨慎、负责任的态度，严格管控物项的出口。同时，中国企业有权按照世贸规则和市场原 则，同各国开展正常的经贸合作，我对美方代表在没有提供任何证据的情况下，含沙射影，对中方进行 无理指责表示遗憾和反对。 当地时间2月12日，在联合国安理会也门问题公开会上，美国代表在没有提供任何证据的情况下，含沙 射影对中方进行无理指责，中国常驻联合国代表傅聪大使当场予以驳斥。 美国常驻联合国副代表塔米·布鲁斯：我们强调联合国核查与核查机制的重要性，所有驶往也门胡塞武 装控制港口的船只，包括那些从中国港口出发的船只，都应该遵守其程序。 ...

一、微博账号"澄馫"、快手账号"玲子爱狗狗"、哔哩哔哩账号"空空说电影"等，发布狗在高铁站救下婴 儿、狗拆炸弹救人、鳄鱼伤人等视频时，未添加AI生成标识，借虚构感人故事、猎奇事件恶意博取流 量。相关账号已被依法依约处置。 来源：网信中国 近期，部分网络账号发布AI生成合成信息时，不添加AI标识，存在利用虚假不实内容欺骗误导公众的 问题，破坏网络生态，造成恶劣影响。网信部门督促网站平台深入排查整治，依法依约处置账号13421 个，清理违法违规信息54.3万余条。现将部分典型案例通报如下： 四、哔哩哔哩账号"真难我知道"、抖音账号"小奥特曼大智慧"、百度账号"清崽影视"等，借AI魔改未成 年人喜爱的动画角色，制作刀切小马宝莉头部、奥特曼怀孕等视频，传播低俗惊悚、血腥暴力内容，宣 扬不良价值观，侵扰未成年人身心健康。相关账号已被依法依约处置。 五、小红书账号"浪淘达人""南坤的店"等，发布"豆包图片去水印神器"等内容，分享去除AI标识教程、 软件，淘宝、闲鱼、拼多多店铺"浙江智意AI""鼎建祥旗舰店"等，售卖去AI标识教程、软件及服务。相 关账号已被依法依约处置，违规商品已下架。 下一步，网信部门将对无AI标识的虚 ...

近几个月来，印度空军的战斗机中队规模已经萎缩至29个，远低于核定的42个。其主力机型米格-21已 于去年9月退役，米格-29早期型号、英法联合研发的"美洲虎"攻击机和法国的"幻影"-2000战斗机也将在 未来几年逐步退役。 印度斯坦航空有限公司目前已接到近180架"光辉"MK-1A改进型战斗机的国内订单，但由于美国通用电 气航空航天公司的发动机供应链问题，迄今尚未开始交付。 据路透社2月12日报道，据印度媒体报道，印度国防采购委员会12日通过一项初步提案，拟斥资3.25万 亿卢比（约合358亿美元）从法国达索飞机制造公司采购114架"阵风"战斗机。 长期以来，新德里的武装部队一直依赖进口机械设备和武器装备，但印度总理莫迪近期采取的举措推动 了本土制造业的发展。 报道称，对印度空军而言，国产战机时代始于20世纪80年代，但直到最近十年，"光辉"战斗机入役并逐 步替代苏制米格-21战斗机，才算真正取得成果。 （原标题：印度要买114架"阵风"） 来源：参考消息 凌晨突发，重挫670点！黄金白银，闪崩暴跌 ...