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]

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 [1] - For the week, the Shanghai Composite Index increased 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, minor metals, and steel underwent adjustments [1] - The digital watermarking sector surged, with related concepts like AI content review and AI fraud prevention also performing well. Notable stocks included: - Guoan Co., Ltd. (000839) reached a daily limit up, marking its fourth day of gains [1] - Hanbang High-Tech (300449) hit a 20% limit up [1] - Other stocks like Electric Science Network Security (002268), Green Alliance Technology (300369), and People’s Daily also saw increases [1] AI and Content Regulation - Recent reports highlighted issues with AI-generated synthetic information being disseminated without proper identification, leading to public deception and negative impacts on the online ecosystem. Regulatory bodies have urged platforms to address these issues, resulting in the identification of 13,421 accounts and the removal of over 543,000 pieces of illegal information [3] - The regulatory environment is tightening, with a focus on ensuring that AI-generated content is properly labeled to prevent misinformation [3] AI Industry Developments - Significant advancements in AI applications were noted, including the launch of the GLM 5 model by Zhipu AI, which is designed for complex systems engineering and long-term tasks [4] - ByteDance introduced the Seedance 2.0 AI video generation model, which quickly gained attention online [4] - The market is observing a shift where AI security becomes essential, with a focus on AI content verification, deep forgery detection, and cybersecurity protection [4] Film Industry Insights - The film industry saw a rise in stock prices, particularly in the cinema chain sector, with Light Media increasing over 15% and other companies like Hengdian Film and China Film also experiencing gains [4] - As of February 13, the pre-sale box office for the 2026 Spring Festival film season reached 196 million yuan, indicating strong consumer interest [7]

光谷人形机器人7S店的店长胡龙丹介绍，7S店是在传统4S店包含的销售、配件、售后、信息反馈服务 的基础上，增加解决方案、展示、培训三项服务。 比如，演出活动就是"一条龙"服务，专业操作员会提前编排好打鼓、跳舞等动作，将指令"传授"给机器 人，在台下助力机器人表演多种才艺。 "临近春节，很多地方希望在春节演出活动中加入科技元素，店里的机器人租赁业务火爆。同时，每天 都有数百名消费者到店进行交互体验，人形机器人研学活动已举办三期，每期都有80多名学生参 加。"胡龙丹告诉中国证券报记者，由于人形机器人租赁和体验服务需求旺盛，门店自2025年11月开业 至今，营业额已经超过60万元。 从人形机器人上春晚，到人形机器人运动会举办，再到商圈开设机器人交互体验门店，人形机器人从实 验室跑进赛场、走进生活，和消费者的距离更近了。 春节消费的"科技范儿"不仅体现在酷炫的人形机器人上，也体现在更广泛的智能产品消费中。在新一 轮"国补"的加持下，不少消费者在春节前利用"国补"购置智能家电等"电子年货"。 在湖北武汉的光谷人形机器人7S店，带着黄鹤楼图案印记的人形机器人手执毛笔，挥毫书写"福"字。展 示台上，一排机器人整装待发，等待 ...

环比方面，国家统计局数据显示，一二三线城市商品住宅销售价格环比降幅总体收窄。1月份，一线城 市新建商品住宅销售价格环比下降0.3%，降幅与上月相同。其中，上海持平，北京、广州和深圳分别 下降0.3%、0.6%和0.4%。二线城市新建商品住宅销售价格环比下降0.3%，降幅收窄0.1个百分点。三线 城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。 1月份，一线城市二手住宅销售价格环比下降0.5%，降幅比上月收窄0.4个百分点。其中，北京、上海、 广州和深圳分别下降0.2%、0.4%、0.7%和0.6%。二、三线城市二手住宅销售价格环比分别下降0.5%和 0.6%，降幅分别收窄0.2个和0.1个百分点。 同比继续下降 国家统计局2月13日发布数据显示，2026年1月份，70个大中城市商品住宅销售价格环比降幅总体收窄。 环比降幅总体收窄 值得注意的是，2026年1月份多个重点城市二手房市场成交同比有所回暖。 "2026年开年，重点城市二手房市场延续'以价换量'特征。"中指研究院表示。 中指研究院数据显示，1月纳入统计的20个重点城市二手住宅共成交11.8万套，环比微降3.1%，同比增 长15.3%，市场交易 ...