近期，杭银理财历时半年多打造的直销新版本App上线运营。此次改版迭代秉承以客户为中心的设计理 念，围绕投前、投中、投后各项服务环节，进行全方面的功能升级，更加注重客户的交互体验，力争为 客户提供更为丰富、多元和便捷的服务质量。 投前：更为贴心和丰富的引导选择 推荐榜单专区。对于关注产品业绩的客户来说，新版App上线了推荐榜单功能专区，通过多维度、不同 视角，总结归纳杭银理财旗下表现优异的产品线。包括杭银以管理人视角优中选优的"优选榜"、近三个 月关注浏览度最高的"浏览榜"、从销售募集角度体现销售热度的"热销榜"、近三个月被客户主动分享最 多的"分享榜"等，帮助客户更为理性选择热点产品。 定投专区。杭银理财App推出理财产品定投功能，鼓励客户利用日常闲置资金积少成多，通过分期分批 的投资安排，平滑弹性产品的净值波动，降低尝试门槛，帮助客户画出属于理财产品的"微笑曲线"。杭 银理财根据旗下产品不同风险收益特征，精选近20只过往业绩优良、覆盖R1—R3风险等级的产品线， 客户可按不同频次、不同金额，基于产品过往业绩表现进行定投测算，让投资看得到、算得清。 财富账户一体化管理。杭银理财当前支持超170家银行卡的账户关 ...

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a correction and restatement of financial statements for 2023, 2024, and 2025 [1][4]. Group 1: Regulatory Actions - On February 11, the company received a notice from the CSRC regarding the investigation due to alleged information disclosure violations [4]. - The company is currently conducting its normal business operations, and the investigation is not expected to significantly impact its operations [4]. - The company has previously received corrective measures from the Guangdong Regulatory Bureau and warnings from the Shenzhen Stock Exchange for issues related to goodwill impairment testing and inaccurate financial accounting [5]. Group 2: Financial Performance and Projections - Tianji Co., Ltd. announced a projected net profit of between 70 million and 105 million yuan for 2025, a significant recovery from a loss of 1.361 billion yuan in the previous year [7]. - The anticipated improvement in financial performance is attributed to the rapid growth in demand for electric vehicles and energy storage, along with an increase in sales prices for its main product, lithium hexafluorophosphate, in the fourth quarter of 2025 [7]. - The company’s subsidiary, Changshu New Special Chemical Co., Ltd., is expected to contribute positively to overall performance due to improved market conditions and rising sales prices for its main product, sodium hypophosphite [7].

公用事业领域反垄断指南出台 记者2月11日从市场监管总局获悉，国务院反垄断反不正当竞争委员会近日印发施行《关于公用事业领 域的反垄断指南》，旨在预防和制止公用事业领域垄断行为，维护市场公平竞争，保护消费者利益和社 会公共利益。 定,国务院反垄断反不正当竞争委 员会出台《关于公用事业领域的反 垄断指南》。 制定背景 公用事业是为社会公众生产生活提 供必需的普遍性商品或者服务的一 系列行业的统称,包括供水、供 电、供气、供热、污水处理、垃圾 处理、公共交通等行业,多数具有 自然垄断环节。 当前,公用事业领域垄断行为较为多 发,公用事业经营者容易将其垄断优 势向上下游竞争性环节延伸或排除、 限制上下游竞争性环节市场竞争。 市场监管总局成立以来,认真落实 党中央、国务院决策部署,共组织 查处公用事业领域垄断案件43件, 依法规制垄断行为,维护市场公平 竞争和消费者利益。 由于公用事业的公共性、地域性、政 策性等特点,其垄断行为的类型、表 现和损害均呈现一定特殊性,有必要 聚焦公用事业领域垄断问题,制定专 门的反垄断指南。 进一步把握公用事业领域特点和市场 竞争规律,细化垄断行为认定规则, 增强反垄断执法的科学性、针对 ...

Core Viewpoint - The increasing trend of funds focusing on inquiry transfer projects, which offer shorter cycles and greater discounts, is aimed at enhancing capital utilization efficiency [1]. Group 1: Market Trends - Since 2026, 12 listed companies have conducted inquiry transfers, with notable participation from well-known public and private fund institutions such as E Fund, Huaxia Fund, and Nord Fund [1][2]. - The inquiry transfer of Guangdong Wannianqing Pharmaceutical Co., Ltd. involved a maximum transfer of 8 million shares at a price of 18.80 CNY per share, reflecting a discount rate of 91.66% compared to the closing price on the pricing benchmark date [2][3]. Group 2: Participant Analysis - Private and public funds are the main participants in inquiry transfers, with private funds having the highest subscription frequency from 2020 to 2025, totaling 577 times [3]. - Public funds led with 82 subscriptions among licensed financial institutions, followed by QFII and securities companies with 43 and 60 subscriptions, respectively [3]. Group 3: Performance Metrics - As of February 11, 2026, 11 out of 12 companies that conducted inquiry transfers had stock prices above the initial transfer price, with some institutions achieving floating profits exceeding 30% [4]. - For example, Jiangbolong's inquiry transfer price was 212.09 CNY per share, while its stock price reached 284.14 CNY, resulting in a floating profit rate of approximately 34% [4]. Group 4: Comparative Analysis with Private Placements - Inquiry transfers have shown superior returns and discount performance compared to private placements, with an average return of 49.52% for inquiry transfers in 2025, surpassing the 38.61% return from competitive private placements [4][5]. - The number of companies conducting inquiry transfers increased from 12 in 2021 to 180 in 2025, indicating a growing acceptance of this method [5]. Group 5: Strategic Insights - Inquiry transfers and private placements complement each other by offering different risk-return profiles, attracting various investment strategies [5]. - The focus on sectors such as semiconductors, AI hardware, and domestic software is expected to enhance the visibility and growth certainty of leading companies, making their equity attractive assets [5].

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to the company announcing corrections to its financial statements for 2023, 2024, and 2025 [1][3]. Group 1: Regulatory Actions - On February 11, the company received a notice from the CSRC regarding the investigation due to suspected violations of information disclosure laws [3]. - The company is currently conducting its normal business operations, and the investigation is not expected to significantly impact its operations [3]. - The company has also received corrective measures from the Guangdong Regulatory Bureau and warning letters from the Shenzhen Stock Exchange, citing issues such as improper goodwill impairment testing and inaccurate financial accounting [4]. Group 2: Financial Adjustments - The company announced that its board approved corrections and retrospective adjustments to its financial statements for the third quarters of 2023, 2024, and 2025 [3]. - The adjustments will not change the profit or loss nature of previously disclosed reports, nor will they result in negative net assets in the annual financial statements [3]. Group 3: Future Performance Expectations - The company forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders of between 70 million and 105 million yuan, compared to a loss of 1.361 billion yuan in the previous year [5]. - The anticipated improvement in performance is attributed to the rapid growth in demand for electric vehicles and energy storage, along with an increase in sales prices for its main product, lithium hexafluorophosphate, in the fourth quarter of 2025 [5]. - The company’s subsidiary, Changshu New Special Chemical Co., Ltd., is also expected to contribute positively to overall performance due to improved market conditions and increased sales prices for its main product, sodium hypophosphite [5].

Core Insights - The investment community is increasingly focusing on inquiry transfers as a means to enhance capital efficiency, moving beyond traditional fixed increase projects [1] - A total of 12 listed companies have engaged in inquiry transfers since 2026, with notable participation from various public and private fund institutions [3] Group 1: Market Trends - Inquiry transfers have seen significant participation from both private and public funds, with private funds leading in subscription counts from 2020 to 2025, totaling 577 instances [4] - The number of companies conducting inquiry transfers has surged from 12 in 2021 to 180 by 2025, indicating a growing trend in this investment strategy [6] Group 2: Performance Metrics - Many institutions participating in inquiry transfers have reported substantial floating profits, with some exceeding 30% [5] - As of February 11, 2026, 11 out of 12 companies that conducted inquiry transfers had stock prices above their initial transfer prices, showcasing strong market performance [5] Group 3: Comparative Analysis - Inquiry transfers have demonstrated superior yield and discount performance compared to fixed increases, with an average return of 49.52% for inquiry transfers versus 38.61% for competitive fixed increases by the end of 2025 [5] - The average discount for inquiry transfers was 84.34%, outperforming the 86.88% for competitive fixed increases, highlighting the cost-effectiveness of this approach [5] Group 4: Strategic Implications - Inquiry transfers and fixed increases serve complementary roles in the market, attracting different investment strategies due to their distinct risk-return profiles [6] - Future investment strategies are expected to focus on sectors such as semiconductors, AI hardware, and domestic software, where the performance visibility and growth certainty of leading companies are significantly enhanced [6]

本次发行的债券也是中国采矿类民企全国首笔境外高级无抵押债券，募集资金用于符合国家发展改革委 及兴业银锡《可持续金融框架》相关要求的境内外项目建设以及补充营运资金。 受海外资本市场环境和贵金属价格波动影响，近期境外债券市场整体波动较大，但兴业银锡在专业机构 的协助下制定了完备的发行计划并与海外投资人开展实地交流，向市场投资人展示了集团在战略发展、 业务运营、财务指标等方面的诸多亮点。同时，公司充分研究市场情况并精准把握发行窗口，此次发行 成功吸引众多海内外投资者参与。 展望未来，兴业银锡将继续坚持"根植内蒙，专注资源主业；面向全球，布局产业延伸"的战略方向，争 取成为主业领先、储备丰富、科技一流、国际知名的综合矿业企业，为股东创造更大的价值。 中证报中证网讯（记者 胡雨）2月10日，兴业银锡通过全资子公司兴业黄金（香港）矿业有限公司成功 发行3年期2亿美元高级无抵押可持续发展债券，发行结构为担保。担保方主体评级为中诚信亚太BBBg- （展望稳定），债项评级为中诚信亚太BBBg-。 据悉，自项目启动以来，在2025年12月至2026年1月期间，兴业银锡和兴业黄金管理层在多地进行了多 场非交易路演，会见了超过30家 ...

"AI+财富管理"业态升级再进一程。2月10日，盈米基金旗下投顾平台——且慢，完成了AI小顾的全新 升级，从"财富管理+AI"的1.0工具应用阶段，升级为"AI原生"2.0服务模式，实现从"AI工具"向"AI投资 顾问"、从"浅层技术赋能"向"全场景财富管理服务"的双重跨越，重新定义了智能投顾的产品形态。 所谓"AI原生"，是指产品的底层基础将AI能力作为核心，而非将AI作为附加功能，让AI与财富管理业 务进行深度融合，成为共生体。 作为国内证券行业较早推出的AI大模型投顾服务，且慢AI小顾自上线以来，累计帮用户解决数百万个 投资问题。为进一步提升和拓展AI小顾的服务能力、覆盖更多元的服务场景，且慢平台对其进行了底 层框架全面升级。 相较于此前一次只能解决单个难题的1.0版本，升级后的且慢AI小顾2.0配备了"总指挥中枢"，可动态规 划和调度多个领域专家代理（Agent），调用不同专业技能与工具（Skill/MCP）协同完成任务，既能更 灵活地应对复杂投资场景，也让回复更精准清晰、追问更连贯顺畅，让可靠信息更易查找、回溯与管 理。同时，通过专家代理与MCP工具的配置化接入，AI小顾未来可快速便捷地扩展新能力， ...

Group 1 - The resource sector, represented by non-ferrous metals, showed strong performance with multiple rare metal ETFs rising over 3% and mining, non-ferrous, gold, rare earth, and chemical ETFs generally increasing over 2% [1][2] - The Nikkei 225 theme ETF rose by 4.85%, with a premium rate increasing to 4.79%, while the Dow Jones ETF also saw a premium rate rise above 5% as the Dow Jones Industrial Average reached a new high [2][3] - Bond ETFs experienced significant trading activity, with total transaction volume increasing by over 90 billion yuan compared to the previous day, and the short-term bond ETF Hai Futong reached a historical high transaction volume of over 63 billion yuan [5][6] Group 2 - Recent market trends indicate a shift of funds from broad-based ETFs to industry-specific theme ETFs, with significant net outflows from the CSI 300 and CSI A500 theme ETFs, while the tourism ETF maintained a net inflow for 17 consecutive trading days, reaching a historical high in scale [7][8] - The film and media ETFs, which benefited from AI applications, experienced a collective pullback, with the film ETF dropping nearly 6% and the media ETF declining over 2% [3][4] - Fund managers are focusing on three key areas for investment: AI hardware driven by overseas trends, high-end manufacturing in new energy and innovative pharmaceuticals, and domestic price increase chains in chemicals, building materials, and steel [9]

春节前分红金额再创新高。中国证券报记者从证监会获悉，2025年12月至今年1月底，沪深北证券交易 所235家上市公司在春节前两个月实施春节前分红，金额合计3488亿元，已超2025年春节前分红总额 (3446亿元)。叠加今年2月分红，春节前分红金额还会继续增长。 业内人士认为，春节前分红，是上市公司持续强化投资者回报、提升投资者获得感的缩影。除了传统的 年度分红外，春节前分红、中期分红、季度分红、特别分红等方式逐渐普及，分红节奏更加贴合企业经 营与股东期待。 金融和大消费行业继续成为分红主力 大消费行业分红同样积极，贵州茅台（600519）、五粮液（000858）、海天味业（603288）等龙头春节 前合计分红448亿元。 南开大学金融学教授田利辉关注到，多家消费行业公司在春节前分红的同时，表示将持续提升公司内在 价值，持续深耕主业，不断做优做强，以更好的业绩表现进一步增强投资者信心，上市公司高质量发展 步入新阶段。 分红时点整体前移 春节前分红时点整体前移，"又好又快"回馈投资者。 相较2025年春节，今年春节前分红时点总体前移，2025年12月实施分红2647亿元，是2024年12月分红金 额的3.7倍， ...