【导读】千里科技（601777）将增设联席董事长，提名荣耀前CEO赵明为非独立董事候选人 2月12日收盘，千里科技A股股价报10.35元/股，跌2.08%，总市值为467.9亿元。 荣耀前CEO赵明加盟 或将担任联席董事长 2月12日，千里科技董事会审议通过了《关于增补董事暨提名第六届董事会非独立董事候选人的议 案》，同意提名赵明为非独立董事候选人。 简历显示，赵明出生于1973年3月，曾任华为技术有限公司3G研发工程师、NodeB PDT经理、 CDMA&Wimax&TD-SCDMA产品线总裁、全球无线行销部部长、意大利代表处代表、荣耀业务部总 裁、荣耀终端CEO等职务。 公告称，赵明执掌荣耀品牌10年，拥有逾25年的全球科技企业管理经验，在品牌重塑、大规模组织变革 及全球市场拓展方面具备卓越的领导能力。 在加入千里科技之前，赵明卸任荣耀CEO已有一年多时间，其下一步动向一直颇受外界关注。业内人士 表示，赵明或将出任千里科技联席董事长等职务。 2月12日晚间，千里科技发布公告称，公司拟增设联席董事长，并提名赵明为非独立董事候选人。 赵明曾任荣耀终端股份有限公司（以下简称荣耀终端）CEO。业内人士向中国基金报 ...

Core Viewpoint - The implementation opinion on promoting the high-quality development of low-altitude insurance has been released, emphasizing the importance of establishing a comprehensive low-altitude insurance system to support the safety and healthy development of the low-altitude economy [1][5]. Summary by Sections 1. Importance of Low-Altitude Insurance - Low-altitude insurance is crucial for ensuring the safety of low-altitude flight activities, providing risk protection for the manufacturing and operation of low-altitude aircraft, infrastructure construction, and various specialized services [4][10]. 2. Development Goals - By 2027, a preliminary mandatory insurance system for unmanned aerial vehicle (UAV) liability insurance will be established, with a continuous enrichment of low-altitude insurance products to meet diverse application scenarios [5][10]. - By 2030, a basic policy framework for low-altitude insurance will be formed, enhancing its role in ensuring the safety and health of the low-altitude economy [5][10]. 3. Policy Framework - The implementation opinion calls for integrating insurance into the overall planning and regulatory framework for low-altitude economic development, promoting the establishment of relevant laws and regulations [11]. - It encourages local governments to incorporate insurance into their low-altitude economic policies and to develop supportive measures tailored to local conditions [11]. 4. Insurance Mechanisms - The document advocates for the use of insurance mechanisms to enhance risk management within the low-altitude economy, particularly for manufacturers and operators of low-altitude aircraft [12]. - It emphasizes the need for major enterprises in the low-altitude industry chain to collaborate through insurance to reduce risk costs across the supply chain [8][12]. 5. Technological Integration - There is a push to utilize emerging technologies to facilitate convenient and intelligent online operations for insurance related to micro, light, and small UAVs [8][13]. - The establishment of a low-altitude insurance information platform is highlighted, aiming to integrate with low-altitude intelligent network systems for better data sharing and risk management [6][14]. 6. Service Optimization - The opinion stresses the importance of developing a comprehensive insurance product system covering the entire low-altitude industry chain, including research, manufacturing, and operational aspects [13]. - It aims to provide targeted insurance protection based on various application scenarios such as agriculture, logistics, and emergency management [13]. 7. Capacity Building - The document calls for enhancing the professional capabilities of insurance institutions to better identify and assess new risks associated with low-altitude operations [14]. - It encourages the cultivation of specialized talent within the insurance sector to improve risk assessment and product development [14]. 8. Organizational Coordination - A coordinated approach among relevant government departments is necessary to implement the low-altitude insurance initiatives effectively [16]. - The establishment of a regular communication mechanism is proposed to address challenges encountered during the promotion of low-altitude insurance [16].

【导读】央行将开展10000亿元买断式逆回购操作 中国基金报记者 张玲 2月12日，央行发布消息称，为 保持银行体系流动性充裕，2026年2月13日，中国人民银行将以固定数量、利率招标、多重价位中标方 式开展10000亿元买断式逆回购操作，期限为6个月（182天）。 数据显示，2月有5000亿元6个月期买断 式逆回购到期。由此，央行2月13日开展10000亿元买断式逆回购操作，意味着当月6个月期买断式逆回 购为加量续作，加量规模为5000亿元，为6个月期买断式逆回购连续第六个月加量续作，加量规模较上 月增加2000亿元。 综合来看，2月两个期限品种的买断式逆回购合计净投放6000亿元，净投放规模较上 月增加3000亿元，为央行连续第九个月通过买断式逆回购向市场注入中期流动性。 "从操作量看，本次 操作加量续作5000亿元，超过预期。本月央行买断式逆回购累计净投放6000亿元，为近三个月来最 高。"招联首席经济学家、上海金融与发展实验室副主任董希淼指出。 他分析称，2月仍然是银行信贷 投放较为集中的月份，叠加春节之前取现增多等因素影响，市场对流动性需求有所增加。央行在节前大 动作超量续作买断式逆回购，传递出保持 ...

【导读】影石创新年会走红，现场送出大湾区商品房、多辆汽车等奖品 "壕气冲天""壕无人性"！"别人家的公司"又在疯狂撒钱了！ （图片来自社交媒体，下同） 在年会现场，特别贡献奖的神秘面纱最终揭晓：送车方面，特别贡献奖包含保时捷、宝马、特斯拉、理想等品牌相关车型；送房方面，奖品为湾区一套商 品房，名额为5个，获奖员工可从两个环境优美、配套完善的高品质小区中自由选择。 据红星新闻报道，今年获得商品房大奖的均为"90后"，平均年龄不到32岁，没有高管，其中一名入职不到两年的年轻员工还穿着COS服上台领奖。 近期，影石Insta360在深圳举办年会，现场奖品阵容相当豪华，引发市场高度关注。 此前，影石创新已公布抽奖清单，除特别贡献奖、特别贡献大奖未公布外，特等奖为36克重的影石定制金纸，一等奖为iPhone 17 Pro手机、影翎 Antigravity A1、8克重的影石定制金纸，其他奖品包括iPad和飞天茅台等，奖品总价值超300万元，中奖率高达80%。 | 影石Insta360 | | | | --- | --- | --- | | 年会奖品 | | | | & 特别贡献大奖 } | | | | 今年还会发车吗? ...

消息面上，2月12日午后，双良节能官方微信公众号发布信息称，双良节能近日先后获得3个海外订单，共计12台高效换热器设备，将用于SpaceX星舰发 射基地扩建配套的燃料生产系统。这是继前期合作后，该产品再度应用于SpaceX星舰发射基地，充分印证了海外客户对双良节能产品可靠性的高度信 任。 【导读】获SpaceX星舰发射基地订单，双良节能午后直线拉涨停 一则消息引爆股价，双良节能（600481）午后直线拉涨停。 获SpaceX星舰发射基地订单 双良节能直线拉涨停 2月12日午后，双良节能股价异动，直线拉涨停。截至收盘，该股报10.71元/股，总市值为201亿元。 据悉，SpaceX正加速推进星舰发射能力建设，计划在佛罗里达州卡纳维拉尔角新建三座发射台，分别毗邻NASA肯尼迪航天中心LC-39A发射场及卡纳维 拉尔角太空军基地LC-37发射场。随着星舰发射频次持续提升，相关装备供应链迎来指数级增长机遇。 双良节能表示，该系列订单不仅体现了国际市场对双良节能技术实力与交付体系的高度认可，也为中国高端制造进一步融入全球商业航天产业链注入强劲 动力。未来，双良节能将依托高端装备硬核实力，持续加强与世界500强企业的紧密 ...

【导读】影石创新年会走红，现场送出大湾区商品房、多辆汽车等奖品 中国基金报记者 晨曦"壕气冲天""壕无人性"！"别人家的公司"又在疯狂撒钱了！近期，影石Insta360在 深圳举办年会，现场奖品阵容相当豪华，引发市场高度关注。此前，影石创新已公布抽奖清单，除特别 贡献奖、特别贡献大奖未公布外，特等奖为36克重的影石定制金纸，一等奖为iPhone 17 Pro手机、影翎 Antigravity A1、8克重的影石定制金纸，其他奖品包括iPad和飞天茅台等，奖品总价值超300万元，中奖 率高达80%。 | | 影翎 Antigravity A1 | 3 | | --- | --- | --- | | | 影石定制金钞 (8g) | 3 | | 二等奖 | Apple Watch Series 11 | 20 | | | iPad | 20 | | | 拓竹 P2S 3D 打印机器 | 20 | | | 西昊人体工学椅 | 20 | | | 影石 Insta360 Ace Pro 2 | 20 | | | 影石 Insta360 Go Ultra | 20 | | | 影石 Insta360 X5 | 20 | | ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan reverse repurchase operation on February 13, 2026, to maintain ample liquidity in the banking system [1]. Group 1: Reverse Repo Operations - The PBOC's operation will be a fixed quantity, interest rate bidding, and multi-price bidding method with a term of 6 months (182 days) [1]. - In February, 5 trillion yuan of 6-month reverse repos are set to mature, making the new operation an increase of 5 trillion yuan, marking the sixth consecutive month of increased reverse repos [5]. - The total net injection of liquidity through reverse repos in February will be 6 trillion yuan, which is an increase of 3 trillion yuan compared to the previous month, indicating a continued effort to inject medium-term liquidity into the market [5]. Group 2: Market Analysis - The increase in reverse repo operations signals a heightened demand for liquidity in February, particularly due to concentrated bank credit issuance and increased cash withdrawals before the Spring Festival [5]. - Analysts suggest that the PBOC's actions reflect a commitment to maintaining liquidity and stabilizing the financial market [5]. - There is a possibility of further operations, including the potential for equal or slightly increased amounts of Medium-term Lending Facility (MLF) as 3 trillion yuan of MLF is also set to mature in February [5]. Group 3: Monetary Policy Outlook - The increase in net reverse repo injections reduces the likelihood of a reserve requirement ratio (RRR) cut in the near term, especially before the Spring Festival [6]. - Despite the current liquidity measures, the option for a comprehensive RRR cut remains available, as the current weighted average reserve requirement ratio is 6.3%, indicating some room for adjustment [6].

Core Viewpoint - Dongwu Securities has received a no-objection letter from the China Securities Regulatory Commission (CSRC) regarding its plan to increase capital by HKD 2 billion to its wholly-owned subsidiary, Dongwu Securities (Hong Kong) [1][3]. Group 1: Company Actions - The capital increase of HKD 2 billion was approved by Dongwu Securities' board on April 24, 2025, and is pending approval from state-owned asset regulatory authorities before implementation [3]. - Dongwu Securities has previously increased the capital of Dongwu Hong Kong multiple times, raising its registered capital from HKD 1 million to HKD 7 million in 2018 and further increasing it by HKD 480 million in May 2020 [4]. Group 2: Business Development - Dongwu Hong Kong has been actively developing its brokerage business, focusing on high-net-worth client acquisition and expanding its services in Hong Kong and U.S. stock markets [5]. - As of the end of the reporting period, Dongwu Hong Kong had 9,536 active clients with a total custody share value of HKD 9.6 billion and executed HKD 13.5 billion in Hong Kong stock trading in the first half of the year [5]. Group 3: Financial Performance - In 2024, Dongwu Hong Kong reported a net loss of HKD 49.58 million, but by the first half of 2025, it achieved a net profit of HKD 42.04 million, indicating a turnaround [6]. Group 4: Industry Trends - The recent capital increases by multiple securities firms indicate a trend of accelerated internationalization in the industry, with firms like Huatai Securities and Guangfa Securities also announcing significant capital raises for overseas business development [7]. - The overall international business of mainland securities firms has seen a 20.45% year-on-year increase in total assets, reaching HKD 1.64 trillion as of mid-2025 [7]. - Analysts suggest that the internationalization of Chinese securities firms is shifting from scale expansion to value cultivation, with a focus on providing high-value comprehensive financial services [8].

Core Insights - The global AI industry is witnessing intense competition with the launch of new programming models, particularly MiniMax M2.5, which is designed for Agent scenarios and aims to set a price benchmark among high-performance AI programming models [1][6]. Group 1: Product Launches and Market Reactions - MiniMax launched its flagship programming model MiniMax M2.5 on February 12, becoming the first production-level model designed specifically for Agent scenarios [1]. - On the same day, MiniMax's stock price surged by 14.62%, closing at 588 HKD per share, with a market capitalization reaching 184.4 billion HKD [2]. - Other competitors, including Anthropic and OpenAI, also released new models, with Anthropic's Claude Opus 4.6 and OpenAI's GPT-5.3-Codex being notable mentions [1][5]. Group 2: Technical Features and Performance - MiniMax M2.5 is positioned against Claude Opus 4.6, supporting full-stack programming development across various applications, including advanced Excel processing and deep research [3]. - The model boasts a minimal activation parameter count of 10 billion, making it one of the smallest flagship models in the AI sector, which enhances its efficiency in private deployment and inference [4]. - MiniMax M2.5 achieves a transaction processing speed of 100 TPS, which is three times faster than Claude Opus 4.6, showcasing its superior performance [4]. Group 3: Competitive Landscape - The AI industry is experiencing a significant product competition, with MiniMax M2.5 aiming to provide the best cost-performance ratio in the market [5]. - The introduction of MiniMax M2.5 is expected to drive substantial advancements in Agent applications, positioning it as a key player in the evolving AI landscape [6]. - The competitive models from Anthropic and OpenAI also highlight advancements in speed and capabilities, with OpenAI's GPT-5.3-Codex showing a 25% speed improvement over its predecessor [5]. Group 4: Development and Investment - MiniMax has rapidly grown into a leading AI multimodal company within just four years, having invested approximately 500 million USD, compared to OpenAI's estimated expenditure of 40 to 55 billion USD [10].

【导读】本周以来，智谱股价接近翻倍；半导体板块今日受益上涨 多项独立测试显示，"Pony Alpha"在系统架构、能力边界上与智谱AI GLM系列高度一致：系统提示词测试中模型自述"I'm GLM"，分词器行为与GLM-4 完全匹配，且在复杂编程与智能体任务中展现显著突破。 港股市场今日承压，但不乏亮点：AI应用概念股活跃，大模型股智谱创新高，智谱宣布涨价助力算力产业链板块。 三大指数同日调整 2月12日，港股三大指数表现低迷，恒生科技指数盘中一度跌至2%。截至收盘，恒生指数下跌0.86%，恒生科技指数下跌1.65%，恒生国企指数下跌1%。 盘面上，大型科技股下跌拖累市场，大金融板块普跌令大市进一步承压，影视股、餐饮股等均下跌。 AI应用概念股活跃，大模型股智谱股价大涨；智谱涨价助力算力产业链板块，半导体芯片股上扬；电力设备、石油石化等板块收涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 27032.54c | -233.84 | -0.86% | 23 ...