同日，金融监管总局网站披露消息称，近日金融监管总局联合中国人民银行、中国证监会，在北京召开 第二次金融消费者和投资者保护监管联席会议，中央网信办、最高人民法院、公安部、市场监管总局等 应邀出席会议。会议通报了2025年金融消保和投保主要工作情况、联络员会晤机制运行情况，研判金融 领域投诉形势，会商交流跨市场消保问题等。 据金融监管总局网站2月13日消息，近日金融监管总局联合市场监管总局、中国人民银行，对携程旅 行、高德地图、同程旅行、飞猪旅行、航旅纵横、去哪儿旅行等六家出行平台企业进行约谈。 会议指出，金融监管总局、中国人民银行、中国证监会坚决贯彻落实党中央决策部署，共同推进金融消 保和投保工作协调机制务实有效运行，通过联络员定期会晤会商、联合出台消保政策文件、共同开展宣 传教育活动、日常共享监管信息等方式，促进金融消保和投保工作"一盘棋"理念不断深化，协同性和一 致性不断增强。推动协调机制省级全覆盖并向基层延伸，积极融入当地社会治理体系。聚焦跨行业金融 消保问题和人民群众反映事项，与金融管理部门之外的相关部委紧密协作，强化会商研判、共同施策， 助力金融市场秩序有序提升。 会议强调，金融监管总局要会同中国人民 ...

Core Insights - The A-share market experienced significant fluctuations and growth during the Year of the Snake, with major indices showing substantial increases in value [2][3]. Market Performance - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation Board Index recorded cumulative increases of 25.58%, 38.84%, 58.73%, and 64.20% respectively [3][4]. - The total market capitalization of A-shares reached a record high of 124.45 trillion yuan, an increase of 32.87 trillion yuan since the beginning of the Year of the Snake [3][5]. Trading Volume - The total trading volume for A-shares exceeded 482 trillion yuan, with an average daily trading volume of 1.89 trillion yuan, both figures marking historical highs [5][6]. Sector Performance - The non-ferrous metals and technology sectors led the market, with respective increases of 112.63% and 90.83% [12][13]. - A total of 776 stocks saw their prices rise by over 100%, with 198 stocks increasing by more than 200% [14][15]. Notable Stocks - The top-performing stocks included Shangwei New Materials, which surged by 1836.53%, and Tianpu Co., which rose by 942.69% [15][16]. - The number of stocks with a market capitalization exceeding 100 billion yuan increased from 128 to 185 during the Year of the Snake, indicating a significant expansion of the large-cap segment [17]. Financing and Investment Trends - The margin financing balance reached a record high of 26,293.37 billion yuan, with an increase of 8,640 billion yuan since the beginning of the year [9][10]. - The electronic, power equipment, non-ferrous metals, and communication sectors attracted net buying amounts exceeding 700 billion yuan [9].

公司发布风险提示称，截至目前，公司该产品在非侵入式脑机接口领域尚处于市场培育期，尚未实现规 模化销售，暂未对公司业绩产生重大影响，未来销售情况存在不确定性。该产品用于人体生物电信号的 高精度测量，适用于各类可穿戴式设备应用场景，技术路线与当前国际上的侵入式脑机接口存在显著技 术路径差异。 证监会2月13日消息，1月6日，英集芯在上证e互动平台人为策划"自问自答"，信息披露构成误导性陈 述。近日，证监会已对英集芯立案调查。 英集芯1月7日发布关于上证e互动平台有关问题回复的说明公告称，公司于1月6日在上证E互动平台就 投资者"脑机接口"相关问题作出回复，为保障广大投资者的合法权益，公司就相关业务情况补充说明， 并进行风险事项提示。 英集芯表示，公司与参股公司精芯唯尔（常州）电子科技有限公司共同推出的IPA1299，是一款支持8 通道低噪声设计、24位同步采样模数转换器芯片（ADC），主要应用于脑电图（EEG）、心电图 （ECG）和肌电图（EMG），该产品主要特点是可实现高精度信号采集功能，可应用于非侵入式脑机 接口领域。 证监会表示，下一步，将在全面调查的基础上依法处理，切实维护市场健康发展。 英集芯2月13日 ...

Group 1: Aerospace and Defense Sector Performance - On February 13, the A-share aerospace sector showed strong performance, leading to a rise in related ETFs, with five out of the top ten ETFs being aerospace-related [1][2] - The Aerospace ETF (563380) topped the gainers list with an increase of 2.3% [2][3] - Other notable gainers included military and semiconductor equipment ETFs, indicating a broader interest in these sectors [2] Group 2: ETF Trading Activity - As of February 13, the total trading volume of ETFs reached 386.196 billion yuan, a decrease of 67.372 billion yuan from the previous day [5] - Two ETFs tracking the CSI A500 index surpassed 10 billion yuan in trading volume, while the CSI 500 ETF (510500) and A500 ETF from Southern Asset Management exceeded 8 billion yuan [5][6] Group 3: Capital Flows into Hong Kong Stocks - Ahead of the Spring Festival, many investors are positioning themselves in Hong Kong stocks, as the A-share market will be closed for ten days [7] - On February 12, two ETFs tracking the Hang Seng Technology Index and one China concept internet ETF saw a combined net inflow of over 2.2 billion yuan [7][8] - The current valuation of Hong Kong stocks is at a historically low level, providing a favorable investment opportunity [8] Group 4: Market Outlook - The market is expected to gradually return to a focus on economic conditions, with potential for a rebound in February [9] - The rotation of sectors is anticipated to be a significant feature of the market, with growth sectors like AI and semiconductors showing clear upward trends [9]

编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第三十篇。 雄关漫道，星河璀璨。卅载风雨，铸就金融脊梁。自1995年于改革春潮中破土而生，长城证券 （002939）便如一道蜿蜒于资本市场的"金融长城"，以深圳为原点，将服务的脉络延伸至大江南北。 棋局新开 于产融共生中落子 善弈者谋势，不争一子之得失；善融者聚力，贵在全局之共生。长城证券正于产业金融的棋盘上，布下 一局共生共荣的大棋。 从首批综合类券商到深交所挂牌上市，其名"长城"，早已超越了地理符号，升华为一种深耕产业、固本 培元的战略定力。当"十五五"的号角吹响，金融强国建设的时代命题如巍峨关山矗立眼前，这家 ...

2月13日，记者从市场监管总局获悉，为支持和引导平台经营者有效防范反垄断合规风险，健全反垄断 合规管理制度，保护相关主体合法权益，维护市场公平竞争秩序，促进平台经济创新和健康发展，根据 《中华人民共和国反垄断法》（简称《反垄断法》）等法律规定，制定《互联网平台反垄断合规指引》 （简称《指引》）。 《指引》提出，鼓励平台经营者结合风险示例，主动开展风险评估自查，避免发生示例中提及的反垄断 合规风险。但认定一项行为是否构成《反垄断法》禁止的垄断行为，需要依据《反垄断法》及相关法规 规章，经过调查取证和分析论证方能得出结论。 《指引》列举了反垄断合规风险管理的有效措施，明确按行业领域等进行风险评估、按风险等级等采取 必要措施、按人员岗位等进行风险提醒；建议开展事前、事中、事后全链条风险防控；建议切实开展平 台规则审查、算法筛查；配合调查、合规整改、合规激励作出规定。 《指引》提出了反垄断合规保障机制。明确反垄断合规管理机构的设立和职能。鼓励平台经营者健全风 险闭环管理机制，建立健全合规汇报、合规培训、合规考核、合规监督、合规管理信息化等保障机制。 市场监管总局表示，近年来，我国平台经济快速发展，在提高社会资源配置效 ...

证监会2月13日消息，近日，证监会对天风证券（601162）股份有限公司为武汉当代科技产业集团股份 有限公司涉嫌违法提供融资及信息披露违法违规行为，作出行政处罚及市场禁入事先告知。 经查，2020年至2022年期间，天风证券违法为原第一大股东当代集团提供融资、未按规定披露与当代集 团的关联交易，当代集团与天风证券共同实施相关违法行为，严重违反证券法律法规。湖北证监局拟依 法对天风证券和当代集团合计处以2500万元的顶格罚款，对9名责任人员合计罚款3480万元，对当代集 团实际控制人艾路明、天风证券时任董事长余磊、时任副总裁兼财务总监许欣采取终身证券市场禁入措 施。对天风证券及有关人员在业务开展、内控合规等方面存在的违法违规行为，湖北证监局拟依法采取 暂停相关业务、责令处分有关责任人员、监管谈话等行政监管措施。上海证券交易所拟对天风证券、当 代集团及有关责任人员依规顶格作出纪律处分。 天风证券2月13日晚公告称，湖北证监局拟对天风证券采取暂停开展代销私募金融产品业务2年、责令处 分有关责任人员并报告结果、监管谈话的行政监管措施。 经查，天风证券存在以下问题：公司部分员工存在推介非公司代销的金融产品的情形；公司违 ...

2月13日，记者从市场监管总局获悉，为支持和引导平台经营者有效防范反垄断合规风险，健全反垄断 合规管理制度，保护相关主体合法权益，维护市场公平竞争秩序，促进平台经济创新和健康发展，根据 《中华人民共和国反垄断法》(简称《反垄断法》)等法律规定，制定《互联网平台反垄断合规指引》(简 称《指引》)。 《指引》共五章38条，针对互联网平台相关垄断风险识别、风险管理、合规保障机制等作出规定。 鼓励平台经营者主动开展风险评估自查 《指引》提出，鼓励平台经营者结合风险示例，主动开展风险评估自查，避免发生示例中提及的反垄断 合规风险。但认定一项行为是否构成《反垄断法》禁止的垄断行为，需要依据《反垄断法》及相关法规 规章，经过调查取证和分析论证方能得出结论。 《指引》列举了反垄断合规风险管理的有效措施，明确按行业领域等进行风险评估、按风险等级等采取 必要措施、按人员岗位等进行风险提醒；建议开展事前、事中、事后全链条风险防控；建议切实开展平 台规则审查、算法筛查；配合调查、合规整改、合规激励作出规定。 《指引》提出了反垄断合规保障机制。明确反垄断合规管理机构的设立和职能。鼓励平台经营者健全风 险闭环管理机制，建立健全合规汇报、 ...

Market Overview - On February 13, the A-share market experienced fluctuations, with the Shanghai Composite Index falling by 1.26%, the Shenzhen Component Index by 1.28%, the ChiNext Index by 1.57%, and the Sci-Tech Innovation Index by 0.38%. The total market turnover was approximately 2 trillion yuan. For the week, the Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index by 1.39%, the ChiNext Index by 1.22%, and the Sci-Tech Innovation Index by 3.17% [1]. Sector Performance - The military equipment, digital watermarking, and paper-making sectors saw significant gains, while previous hot sectors such as photovoltaics, small metals, and steel underwent adjustments. The digital watermarking sector surged, with related concepts like AI content review and AI fraud prevention also performing well. Notable stocks included Guoan Co., which hit the daily limit, and Hanbang High-Tech, which also reached the limit [3]. AI and Content Regulation - Recent reports indicated that some online accounts were publishing AI-generated synthetic information without proper AI identification, misleading the public and harming the online ecosystem. The internet regulatory authority has urged platforms to conduct thorough inspections, resulting in the disposal of 13,421 accounts and the removal of over 543,000 pieces of illegal information. The authority plans to maintain a strict stance against unmarked AI-generated misinformation [5]. AI Model Developments - On February 13, Huoshan Engine announced the launch of the Doubao image creation model 5.0 Lite, with API services expected to be available in late February. Additionally, Zhipu AI released its flagship model GLM-5, designed for complex system engineering and long-term tasks. ByteDance introduced the Seedance 2.0 AI video generation model, which quickly gained attention online. The rapid adoption of AI applications has raised concerns about compliance, authenticity, and safety, leading to a consensus that AI security has become essential [6]. Film Industry Insights - The film industry saw a notable increase in stock prices, particularly for film companies like Light Media, which rose over 15%. The pre-sale for the 2026 Spring Festival film season began on February 9, with Light Media's stock increasing by over 33% during the pre-sale period. As of February 13, the pre-sale box office reached 196 million yuan [10].

Group 1 - In January, the A-share market saw increased trading activity and risk appetite, with all three major indices achieving gains, notably the Shanghai Composite Index rising by 3.76% and the CSI 500 Index increasing by 12.12% [1] - The rise in cyclical industries such as precious metals, non-ferrous metals, chemicals, and oil and gas was driven by multiple factors including complex international dynamics, a weakening US dollar, and domestic industrial policy support, although there was significant volatility at the end of the month [1] - The technology sector, particularly AI applications, is expected to enter a critical validation window as large model technologies mature, with strong demand for computing power and investments in AI hardware like storage chips and semiconductor equipment [1] Group 2 - As of January 2026, the total number of bank wealth management products in the market reached 46,845, an increase of 553 from December 2025, with fixed-income products making up the majority at 43,215 [2] - In January, 2,969 new wealth management products were launched, a decrease of 305 from the previous month, with wealth management subsidiaries of banks accounting for 76.56% of the new issuances [2] - The overall risk level of wealth management products in January increased significantly, with 51 products rated as medium risk and 4 additional products rated as medium-high risk compared to the previous month [12] Group 3 - The asset allocation of wealth management products in January showed a high proportion of bonds and public funds, with a focus on cash, bank deposits, and short-term bond ETFs for liquidity and low risk [17] - Mixed wealth management products had diverse asset allocations, covering debt, convertible bonds, equity assets, and gold, with many products cautiously investing in gold ETFs to capture commodity investment opportunities [18] - The top five institutions accounted for 43.81% of the products listed, indicating a competitive advantage for state-owned and joint-stock bank wealth management subsidiaries [14]