Core Viewpoint - The domestic non-ferrous metal market is experiencing significant differentiation, with basic metals like copper, aluminum, and zinc showing notable declines, while small metals such as tungsten and rare earths are performing strongly, indicating a distinct market trend [2][3]. Market Performance - Tungsten prices have reached historical highs, with black tungsten concentrate (≥65%, domestic) priced at 696,700.00 CNY/ton on February 11, 2026, up approximately 53.7% from 453,200.00 CNY/ton on December 31, 2025 [3]. - Ammonium paratungstate (88.5%, domestic) increased from 668,500.00 CNY/ton to 1,013,500.00 CNY/ton, a rise of 51.61% [3]. - Rare earth prices have also surged, with domestic praseodymium-neodymium oxide (≥99%, Nd2O3 75%) reaching 860,000.00 CNY/ton, a 39.3% increase from 617,500.00 CNY/ton [3]. Supply and Demand Dynamics - The supply of small metals is characterized by strong rigidity and superior demand structure, supported by policies such as export controls and environmental restrictions, which enhance their strategic attributes [2][5]. - The global mining sector is in a weak supply cycle with limited new capacity, while demand is bolstered by the green energy transition and advancements in production technology [5][9]. Investment Outlook - Companies in the small metal sector are expected to report positive earnings in 2025, with rare earths, antimony, and tungsten being particularly favored due to tight supply and emerging demand [2][7]. - Notable earnings forecasts include Northern Rare Earth's projected net profit of 2.176 to 2.356 billion CNY for 2025, a year-on-year increase of 116.67% to 134.60% [7]. Market Trends - The rare earth sector is anticipated to improve significantly in 2025, driven by sustained high prices, with neodymium oxide prices expected to rise by 58.29% [7][8]. - Analysts predict that tungsten prices will maintain a high level and show a strong upward trend due to ongoing supply-demand tightness and strategic importance [10]. Internal Market Differentiation - Despite the overall positive outlook for small metals, some segments, such as magnesium, are underperforming, with magnesium ingot prices showing only a 4.08% increase [6]. - Industry leaders are adjusting asset prices to alleviate operational pressures, reflecting the current challenges faced in the magnesium sector [6].

买断式逆回购净投放规模继续扩大。 2月12日，央行公告称，为保持银行体系流动性充裕，将于2月13日以固定数量、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，因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5000亿元，为6个月期买断式逆回购连 续第六个月加量续作。 此前，央行已于2月4日开展8000亿元3个月期买断式逆回购操作，结合当月7000亿元到期量，总体上2月 3个月期买断式逆回购为续作加量1000亿元。综合看，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。 "央行在节前大动作超量续作买断式逆回购，传递出保持流动性充裕、维护金融市场稳定的积极信 号。"董希淼表示，2月25日左右，央行还将开展MLF操作，预计仍然等量或加量续作。 "2月央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动性。这是2026年货币 政策延续'适度宽松'基 ...

聚焦科技创新与产业发展深度融合，国资央企再出重磅部署。 国资委党委日前召开专题党委会议，对国资央企科技创新工作作出新一轮部署，强调促进科技创新与产 业创新深度融合，发挥国资央企优势，以科技创新重塑产业链、以产业发展牵引创新链，加快向现实生 产力转化。 中国企业联合会特约高级研究员刘兴国对《华夏时报》记者表示，2026年国企改革将持续深化"三项制 度"改革，健全多元有效激励机制，完善创新体系、优化创新环境、创新发展模式，加快科技成果转 化，全面激发企业创新动能。同时，将针对科技型企业特点优化激励政策，让科研骨干共享发展成果， 持续释放创新创造活力。 近期密集召开的央企年度工作会议上，"科技创新"成为高频词与硬任务。 中国五矿集团2026年度工作会议强调，"十五五"高质量发展的成败关键在于科技创新，现代化产业体系 建设的关键在于科技创新，提质增效转型升级的机遇在于科技创新。国家能源集团总经理冯来法在2026 年全国能源工作会议上强调，强化创新驱动发展。充分发挥新组建的集团科研总院作用，突出企业创新 主体地位，推进科技创新与产业创新深度融合，加快高水平科技自立自强。 中国石油集团去年在科技创新方面着力高水平科技自立 ...

中汽协将下滑归因于三方面因素叠加：新能源汽车购置税政策技术指标调整、多地购车补贴进入年度交 替空窗期，以及2025年末消费需求提前释放。商务部此前披露，2025年,我国汽车以旧换新超1150万 辆，新能源汽车占比近60%。这一轮需求集中释放，直接稀释了今年1月的订单量。 值得一提的是，自主与合资呈现此消彼长态势。1月中国品牌乘用车销量132.9万辆，环比下降32.1%， 同比下降8.9%，占乘用车销售总量的66.9%，较去年同期下滑1.5个百分点。同期，主要外国品牌中，美 系品牌零售销量录得两位数增幅，德系、日系、韩系、法系品牌销量同比均呈不同程度下降。具体到企 业，广汽丰田销量同比增长近10%，日产中国单月销量守住5万辆关口。一汽-大众、上汽大众同比降幅 收窄，环比降幅低于自主品牌平均水平。 与合资品牌止跌回稳相比，新能源乘用车国内市场的降温幅度更为明显。1月国内销量58.3万辆，同比 下降22.9%，环比下降54.8%。分动力类型看，纯电动汽车国内销量同比下降，插电式混合动力汽车销 量微降，燃料电池汽车降幅较为明显。 作为对比，同期新能源汽车出口30.2万辆，同比增长100%，环比增长0.5%。其中新能源 ...

Group 1: Core Insights - Tongrentang Group is accelerating its capital deployment by planning to acquire Jiasitang for 1.461 billion yuan, aiming to fill its commercial distribution gap [2][3] - The group is also attempting to spin off Tongrentang Yiyang to the Hong Kong Stock Exchange, which would position it as the largest private traditional Chinese medicine hospital in China [2][6] - If both transactions are successful, Tongrentang will control five listed companies, creating a diversified capital structure across industry, commerce, and healthcare [2][3] Group 2: Financial Performance - Jiasitang reported a net profit of 161 million yuan in 2024, a decline of 35.75%, with revenue experiencing its first negative growth since listing at -19.93% [3][5] - Tongrentang's revenue and net profit both declined by 3.7% and 12.78% respectively in the first three quarters of 2025 [5] - Tongrentang Yiyang, despite being the largest private TCM hospital, has the lowest profitability within the group, with a gross margin of only 18.9% in 2024 [7][9] Group 3: Market Dynamics - The pharmaceutical industry is facing a slowdown, with revenue for major pharmaceutical manufacturing companies declining by 1.2% in 2025, prompting a trend of integration between manufacturing and distribution [6] - The merger between Tongrentang and Jiasitang is seen as a strategic move to enhance market coverage and operational synergy [6][5] - The integration of resources and optimization of management will be crucial for long-term success, as merely acquiring distribution channels may not suffice [6] Group 4: IPO Challenges - Tongrentang Yiyang has faced difficulties in its IPO process, having submitted its application twice without success, raising concerns about its independence and financial health [2][12] - The company’s profitability is heavily reliant on acquisitions, with a significant portion of its revenue coming from recently acquired assets [11][12] - The dual role of Tongrentang as both a supplier and a customer raises questions about the sustainability of its business model, which could hinder its IPO prospects [13]

Core Viewpoint - The recent announcement by Shenzhen Kangtai Biological Products Co., Ltd. regarding the termination of the concerted action agreement between its actual controllers, Du Weimin and Yuan Liping, has reignited concerns over the company's control stability and potential shareholder dilution following their high-profile divorce that split a market value of 23.5 billion yuan [3][5]. Group 1: Shareholder Dynamics - The termination of the concerted action agreement has resulted in Du Weimin's voting rights decreasing from 46.62% to 25.50%, while Yuan Liping now holds 17.07% [5]. - Yuan Liping has committed not to seek control of the company post-termination, aiming to alleviate market concerns regarding control instability [5]. - Since the divorce in 2020, Yuan Liping has reduced her holdings significantly, cashing out nearly 3 billion yuan, raising fears of further dilution of shares following the termination of the agreement [6]. Group 2: Operational Challenges - Kangtai Biological's core business includes the research, production, and sales of human vaccines, with key products such as the 13-valent pneumococcal polysaccharide conjugate vaccine and others [7]. - The company has faced significant operational challenges, including the resignation of a vice president and the termination of a joint venture with AstraZeneca, which was intended to invest approximately 2.76 billion yuan [8][10]. - The decision to terminate the joint venture was influenced by a rapidly changing market environment and increased risks associated with new investments in the vaccine industry [10]. Group 3: Financial Performance - Kangtai Biological's financial outlook is concerning, with a projected net profit for 2025 expected to decline by 63.80% to 75.70%, amounting to between 49 million and 73 million yuan [10]. - The company's performance has been volatile, with net profits peaking at 1.263 billion yuan in 2021, followed by a loss of 133 million yuan in 2022, and a recovery in 2023 and 2024, only to face another significant decline in 2025 [11]. - As of February 11, 2026, the company's stock price has plummeted nearly 90% from 146 yuan per share at the time of the divorce, reflecting a substantial decrease in valuation [11].

Core Viewpoint - Didi Chuxing anticipates a 45% increase in demand for intercity rides during the Spring Festival travel season, with a 40% rise in rides to major transportation hubs like airports and train stations [1] Group 1: Service Enhancements - Didi has optimized online guidance and offline signage at airports and train stations to improve the user experience during the Spring Festival [1] - The app now features automatic location detection for users at airports and train stations, along with step-by-step walking directions to designated pickup points [2] - Didi has established dedicated waiting areas at major airports and train stations, equipped with seating, charging stations, and WiFi to enhance passenger comfort while waiting for rides [8][10] Group 2: Innovative Features - Users can check real-time driver arrival information through screens in waiting areas, and some locations have implemented a "find the car" system using LED screens for vehicle identification [11] - Didi has deployed over 100 ride-hailing guides at popular airports and train stations to assist users with navigation and the ride-hailing process during peak travel times [15] Group 3: Expanded Services - Didi offers pre-booking options for airport and train station pickups, allowing users to input flight numbers for timely driver arrivals [18] - The company has launched enhanced rental services with guarantees and promotional activities, expanding its offerings to 226 popular routes across 55 cities [18] - Didi has implemented service upgrades in 313 airports and train stations across 165 cities, aiming to continuously improve travel experiences for users [18]

本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳摄影报道 近十年，我国人形机器人相关企业存量逐年增加。天眼查数据显示，截至2026年2月11日，国内在业存 续的人形机器人相关企业达870家，其中华东地区占比47.2%，华南地区占比23.6%。 就在这片热土上，深圳逐际动力（LimX Dynamics）于2026年2月2日宣布完成2亿美元B轮融资。这是今 年以来国内具身智能领域金额最高的一笔融资，资方名单中既有阿联酋磊石资本等国际财务投资人，也 出现了京东、上汽尚颀资本、蔚来资本等产业资本身影。 这家成立仅四年的公司，凭借"大小脑融合""具身Agentic OS""模块化通用基座"等技术标签，在资本寒 冬尚未完全退去的当下，获得了超预期加注。 然而，围绕逐际动力的行业评价远非一致叫好。《华夏时报》记者在为期一周的多方调查中发现，这家 被资本捧上浪尖的公司，正面临"业内认可、业外无感""技术领先、营销滞后""定价策略与市场预期错 位"等多重压力，有业内人士甚至直言："这个价格就没打算卖，说白了就是吸引融资圈钱。" 当人形机器人赛道从2024年的"百企争流"行至2026年的"分化淘汰"前 ...

参与发射任务的内部人士表示，此次试验的预定理论落点本来就不是平台，而是考虑回收成本等要素， 特意设计在了网系回收海上平台附近海域。 内部人士称，这展示了中国回收技术的精度，未来可实现精确操控火箭箭体落点。 此前报道： 据国防部网站消息，我国于2月11日在文昌航天发射场，成功组织实施了长征十号运载火箭低空演示验 证与梦舟载人飞船最大动压逃逸飞行试验。此次试验标志着我国载人月球探测工程研制工作取得重要阶 段性突破。 据中国载人航天工程办公室介绍，本次试验呈现"三新一回收"的亮点：采用了新型号火箭、新型号飞 船、新发射工位，并执行了火箭与飞船海上回收的新任务。参加试验的火箭和飞船均为初样状态。为开 展此次试验，相关产品均按可重复使用要求进行了适应性改造，发射场克服困难确保试验如期实施，着 陆场系统则针对飞船返回舱首次海上溅落回收进行了针对性演练。 11时00分，试验火箭点火升空。到达预定条件后，梦舟飞船成功接收逃逸指令并与火箭分离逃逸。随 后，火箭一级箭体和飞船返回舱均按计划受控安全溅落于预定海域。 据玉渊谭天消息，2月11日，我国在文昌航天发射场，成功组织实施长征十号运载火箭系统低空演示验 证与梦舟载人飞船系统最 ...

A股又现天价离婚！ 国产射频龙头卓胜微（SZ300782）2月11日晚间公告，公司于近日收到实控人之一许志翰的通知，其与ZHANG YU（张昱）经友好协商，已解除婚姻关 系，并就离婚财产分割事宜做出相关安排。 经许志翰和ZHANG YU（张昱）协商，许志翰拟将其直接持有的公司1715.2万股股票分割过户给ZHANG YU（张昱），占公司总股本的3.21%。 （文章来源：华夏时报） | 股东名称 | 本次权益变动前持有股份 | | 本次权益变动后持有股份 | | | --- | --- | --- | --- | --- | | | 股数 | 占总股本 | 股数 | 占总股本 | | | (股) | 比例 | (股) | 比例 | | 无锡汇智联合投资企业 (有限合伙) | 59,209,013 | 11.07% | 59,209,013 | 11.07% | | 许志翰 | 34,304,010 | 6.41% | 17,152,005 | 3.21% | | FENG CHENHUI (冯晨晖) | 38,887,861 | 7.27% | 38,887,861 | 7.27% | | YI GEBING ...