【导读】平淡的夜晚，道指再创新高 大家好，今晚的消息面上略微平淡，我们简单看一下海外市场的表现。 2月10日晚间，美股三大指数震荡上涨，道指涨幅在200点到300点之间，再创历史新高，纳指跟标普指数微涨。 高盛、美国运通等金融股延续涨势。道指盘中第三次连续刷新历史纪录；而在上周，道指首次突破50000点大关。 大盘的支撑主要来自软件板块上涨：Datadog和ServiceNow分别反弹约14%和4%，Unity股价也上涨5%。 消息面上，Datadog业绩超预期，2025财年收入为34.3亿美元，同比增长28%；运营现金流达10.5亿美元，自由现金流达9.15亿美元。2025财年第 四季度收入同比增长29%，达到9.53亿美元；其中大型客户增长强劲，ARR超过100万美元客户达到603家，较上年同期的462家增长31%；推出了 Bits AI SRE Agent、存储管理、功能标志和数据可观测性产品，实现全面可用性。 | 12.01.129.40 取利：12.98 +12.91 +14.0170 | | | | | | | --- | --- | --- | --- | --- | --- | | 133.4 ...

Core Viewpoint - Yiyi Co., Ltd. has terminated its plan to acquire 100% equity of Hangzhou Gaoye Family, a pet food brand, after four months of negotiations due to changes in the target company's operating conditions in 2025 [1][2]. Group 1: Acquisition Termination - The decision to terminate the acquisition was made during the fourth board meeting held on February 10, 2026, where the company signed a termination agreement with the transaction counterpart [1]. - The reason for the termination was attributed to changes in the operating conditions of the target company, particularly adjustments in the sales model for cat litter during the 2025 Double Eleven shopping festival [2]. Group 2: Business Performance - Yiyi Co., Ltd.'s main business focuses on the research, production, and sales of disposable hygiene products, with over 90% of revenue coming from pet hygiene and personal hygiene products [2]. - Hangzhou Gaoye Family reported a revenue of 302 million yuan in 2023, with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1%. In 2024, revenue increased to 460 million yuan, with a net profit of 18.30 million yuan and a net profit margin of 4% [6]. Group 3: Market Dynamics - The company has seen significant growth in online sales, with over 120% year-on-year growth during the Double Eleven festival, particularly on platforms like Tmall and JD [3][5]. - Despite high sales volumes, the company faces pressure from price wars, leading to adjustments in sales strategies, such as introducing subscription-like sales models for cat litter [6].

Core Viewpoint - Yiyi Co., Ltd. has terminated its plan to acquire 100% equity of Hangzhou Gaoye Family, a pet food brand, after four months of negotiations due to changes in the target company's operating conditions in 2025 [1][2]. Group 1: Acquisition Termination - The decision to terminate the acquisition was made during the fourth board meeting held on February 10, 2026, where the company signed a termination agreement with the transaction counterpart [1]. - The reason for the termination was attributed to changes in the operating conditions of the target company, particularly adjustments in sales strategies during the 2025 Double Eleven shopping festival [2]. Group 2: Business Performance - Yiyi Co., Ltd.'s main business focuses on the research, production, and sales of disposable hygiene products, with over 90% of revenue coming from these products, including pet hygiene items [2]. - In 2023, Hangzhou Gaoye Family reported revenue of 302 million yuan and a net profit of 3.08 million yuan, resulting in a net profit margin of only 1% [6]. - The company's revenue is projected to increase to 460 million yuan in 2024, with net profit rising to 18.30 million yuan and a net profit margin improving to 4% [6]. Group 3: Market Dynamics - The company has experienced significant sales growth during the Double Eleven festival, with online sales for its brands increasing over 120% year-on-year across various platforms [3][5]. - Despite high sales volumes, the company faces challenges with profitability, as high prices have not translated into high margins [5]. - A price war has intensified in the market, with competitors adopting new sales models that may increase costs and complicate long-term pricing strategies [7].

Market Overview - On February 10, 2026, A-shares showed mixed performance with the three major indices fluctuating. The AI application and film sectors experienced a surge, while the photovoltaic, real estate, and consumer sectors weakened [1] - A total of 847 ETFs rose in the market, with the film and gaming ETFs seeing significant increases of 9.98% and 5.56%, respectively [1] ETF Performance - The top-performing ETFs included: - Film ETF (159855.SZ) with a rise of 9.98%, estimated scale of 270 million, and a turnover rate of 260.42% [2] - Gaming ETF (159869.SZ) increased by 5.56%, with an estimated scale of 139.25 billion [2] - Conversely, 468 ETFs declined, with the satellite, real estate, and photovoltaic ETFs leading the losses [2][3] Film Sector Insights - The film sector saw a remarkable rally, with the CSI Film Index (930781) soaring by 9.25%. Major stocks like Jiechuan Co. and Huayi Brothers hit the daily limit [5] - The Silver华 Film ETF (159855) reached its daily limit with a 9.98% increase, while the Guotai Film ETF (516620) rose by 9.48%. Both ETFs experienced significant capital inflows [5][6] Gaming Sector Insights - The gaming sector also performed well, with the Animation and Gaming Index (930901) rising by 5.26%. Key stocks such as Light Media and Aofei Entertainment reached their daily limits [12][13] - The top gaming ETFs included: - 华夏 Gaming ETF (159869) with a 5.56% increase and an estimated scale of 2.93 billion [15] - 华泰柏瑞 Gaming ETF (516770) with a 5.22% increase [14] Fund Flow Analysis - On February 9, the A-share market saw a strong rally, with a net outflow of over 28 billion across all stock ETFs. The top inflow sectors included the CSI 500 Index, which saw a net inflow of 27.3 billion [16] - The CSI 500 ETF was highlighted as a core broad-based index reflecting mid to small-cap stocks in the A-share market [19]

Core Viewpoint - The stock price of Jiamei Packaging has surged significantly, raising concerns about potential irrational market behavior and the need for regulatory scrutiny [2][4][5]. Group 1: Stock Performance - Jiamei Packaging's stock price has increased by 567.11% since December 17, 2025, closing at 30.42 yuan per share, with a market capitalization of 33.4 billion yuan [2]. - The company has issued multiple risk warnings regarding its stock price, indicating that further abnormal increases may lead to another suspension for regulatory review [4]. Group 2: Control Change and Share Transfer - The recent stock surge is linked to a planned change in control, where the controlling shareholder, China Food Packaging Co., Ltd., intends to transfer 279 million shares (29.9% of total shares) to Suzhou Zhuyue Hongzhi Technology Development Partnership [5][6]. - Following the transfer, the controlling shareholder will change from China Food Packaging to Zhuyue Hongzhi, with the actual controller shifting from Chen Min to Yu Hao, the founder and CEO of a high-end technology brand [6]. Group 3: Financial Performance and Future Outlook - Jiamei Packaging's financial performance is under pressure, with a projected net profit for 2025 expected to be between 85.44 million and 104 million yuan, representing a year-on-year decline of 53.38% to 43.02% [7]. - The company has stated that there has been no substantial progress regarding the control change, and the funding for the share acquisition remains uncertain [6].

【导读】葛卫东出手，10亿元认购江淮汽车定增股票，知名牛散章建平的妻子方文艳也出手 2月10日，江淮汽车披露定增发行情况报告书，公司合计发行了7016.84万股股份，发行价格为49.88元/股，募集资金总额约35亿元。 葛卫东斥资约10亿元认购 2月10日，江淮汽车披露定增发行情况报告书，公司向姚志超、葛卫东、方文艳等8名投资者合计发行了7016.84万股股份，发行价格为49.88元/股，募集资 金总额约35亿元。 根据投资者申购报价情况，本次向特定对象发行股份的发行对象共8名，广发证券、财通基金、知春投资、中阅资本等机构及自然人获配。值得注意的 是，私募大佬葛卫东也现身其中，耗资约10亿元认购了2004.81万股，另一自然人方文艳也获配了和葛卫东一样的股份数。 | 序号 | 发行对象名称 | 获配股数(股) | 获配金额(元) | 限售期 (月) | | --- | --- | --- | --- | --- | | 1 | 姚志超 | 2, 004, 811 | 99, 999, 972. 68 | 6 | | 2 | 深圳市新思哲投资管理有限公司-新思 | 4, 009, 623 | 199, 999, ...

【导读】上海小南国回应突然停业：策略性重整 2月10日晚间，上海小南国发布公告称，旗下十家餐厅暂时停止运营，是为了配合集团策略性重整，目前公司正在为顾客办理相关资金退还事宜，将确保 所有押金及预付卡妥善退还给顾客。 上海小南国成立于1987年，凭借精致本帮菜曾一度成为"上海人请客吃饭的排面"。但就在日前，该品牌突然被曝出"门店全部关闭"的消息。有媒体报道 称，上海小南国多家门店停业、总部人去楼空，有消费者收到年夜饭订金退款，但仍有不少消费者联系不到店家。 上海小南国表示，策略重整是集团持续进行的投资组合重组的一部分，亦是精简运营及重新分配资源至核心市场的策略举措。暂停运营反映中国内地餐饮 业务持续缺乏盈利能力，旨在减少艰难营商环境下的财务亏损。 2月10日，上海小南国股价大跌28.57%，收报0.025港元/股，总市值为6639万港元。 | 今开 | 0.034 | | 最高 | 0.034 | | 成交量 | 5072万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 0.035 | | 最低 | 0.025 | | 成交额 | 140 ...

【导读】香港单一家办为香港经济带来每年过百亿港元收益 （来源：《香港家族办公室市场研究》） 本次研究覆盖136名业界面谈者，包括85间单一家办、36间多家族办及相关专业服务提供者，结合数据推算，旨在清晰呈现行业发展全貌。 研究显示，香港家办呈现多元化发展特征。地域上，单一家办财富来源涵盖中国内地、中国香港、欧洲等，多家族办客户亦遍布全球；行业上，金融、工 业、房地产是主要财富来源领域，科技/媒体、医疗保健占比逐步提升。传承方面，逾半数单一家办仍由第一代主导，但40%已有第二代进入领导层，跨 代财富转移加速。运营上，近半单一家办在香港以外设点，部分小型家办借助多家族办提升运营能力。 2月10日，香港财经事务及库务局（以下简称财库局）与投资推广署联合宣布，投资推广署委托德勤进行的《香港家族办公室市场研究》显示，截至2025 年年底，香港的单一家族办公室（家办）数目已超过3380间，两年间增加约680间，升幅超过25%。 财库局局长许正宇表示，香港是全球资产及财富管理的领先枢纽，家办行业生态圈持续蓬勃发展。香港家办的数目持续增长，反映出政府在政策推动和制 度建设上的努力已取得实质成果。 香港资产及财富管理业韧性强劲 ...

Group 1 - Huatai Securities has completed the issuance of HKD 10 billion zero-coupon convertible bonds, which will be used to enhance its overseas business development and operational capital [2][4] - The bonds are set to mature in 2027 and will be listed on the Vienna MTF [2] - The company plans to increase its subsidiary Huatai International by up to HKD 9 billion to support overseas business growth [4] Group 2 - Dongzheng Securities has received approval from the China Securities Regulatory Commission (CSRC) to establish Dongzheng International Financial Holdings Limited in Hong Kong with a capital of HKD 5 billion [3][6] - The company is required to comply with local laws and regulations during the establishment of Dongzheng International [6] Group 3 - Huawan Securities has also received CSRC approval for a capital increase of HKD 5 billion to its Hong Kong subsidiary, Huawan Financial Holdings Limited [6][9] - The capital increase is aimed at supporting the subsidiary's operations in Hong Kong [9]

Core Viewpoint - *ST Lifan's stock will resume trading on February 11 after completing an internal review of stock price fluctuations, but the company warns that its stock price is significantly detached from its fundamentals, indicating potential risks of irrational market speculation and rapid price declines [2][4]. Stock Trading and Price Fluctuations - The stock price of *ST Lifan has experienced significant volatility, with a 314.93% increase over 10 trading days from January 20 to February 5, 2026, excluding 3 days of suspension [4]. - The company has triggered multiple abnormal trading conditions and may apply for suspension again if prices rise unusually [6]. Financial Performance and Risks - *ST Lifan faces the risk of being delisted due to major violations, as indicated by a notice from the China Securities Regulatory Commission, which highlighted false records in annual reports for 2021 and 2022, amounting to approximately 592 million yuan, representing 50.91% of the reported revenue for those years [7]. - The company anticipates a net loss of between 180 million to 210 million yuan for the year 2025, continuing a trend of consecutive annual losses [7]. Company Overview - *ST Lifan is a digital technology cloud service provider focused on new digital infrastructure, offering comprehensive solutions from software and hardware products to overall service packages for industry and government clients [8]. Market Capitalization - As of February 5, *ST Lifan's stock price was 1.03 yuan per share, with a total market capitalization of 1.8 billion yuan [9].