农历腊月二十二，阳光洒满上海淮海中路，一串串红灯笼沿街悬挂。春节临近，年味渐浓。位于淮 海国际广场31楼的光大证券淮海中路营业部，仍有一拨拨投资者前来办理业务。 刚在该营业部办理完业务的陈先生告诉中国证券报记者，他做投资已有十多年的时间，在经历过几 轮市场周期后，心态发生了明显转变。他说："以前总想着追涨停、博短期高收益，现在无论是买股票 还是买理财产品，都更注重资产的保值增值和风险控制。"目前，陈先生配置的固收类产品占比过半， 权益类投资兼顾科技成长与高股息蓝筹，且通过ETF工具分散投资风险。 在王海的建议下，周磊的配置逐渐有了变化，以货币基金作为"安全垫"，新增"固收+"、多元资产 组合等中低波动产品，并通过ETF和可转债间接参与权益市场。"回撤小、睡得着，年化收益反而比以 前强。更关键的是，我再也不用天天盯盘，也能把精力放到本职工作及陪伴家人上，这才是双赢。"如 今，周磊成了王海所在营业部的"义务宣传员"，常带同事来咨询资产配置方案。 光大证券淮海中路营业部相关负责人告诉记者，近年来，居民理财意识普遍增强，更加追求资产多 元化配置，对基金、股票、保险等多种金融产品有配置需求。个人投资者对专业理财服务的依 ...

Market Performance - The Dow Jones Industrial Average reached a new all-time high, peaking at 50,512.79 points during the day, closing with a slight gain of 0.1% [2] - The Nasdaq and S&P 500 indices turned negative, with declines of 0.59% and 0.33% respectively [2] - Large-cap tech stocks showed mixed results, with Tesla rising nearly 2%, while major players like Microsoft, Apple, Nvidia, Amazon, and Meta experienced declines [4][5] Chinese Stocks - The Nasdaq Golden Dragon China Index saw a continuous rise for four trading days, increasing by nearly 1% [5] - Notable Chinese stocks such as Shengda Technology and Dingdong Maicai surged over 7%, while Hesai Technology and Zai Ding Pharmaceutical rose over 6% [5][6] Precious Metals - International gold prices fluctuated around $5,000 per ounce, while silver prices hovered near $80 per ounce [8] - As of February 11, gold futures and spot prices fell by 0.6% and 0.71%, respectively, while silver futures and spot prices dropped over 2% and 3% [8] - Analysts suggest that while gold remains at high levels, silver still has relative upside potential, although caution is advised due to high volatility [10] Oil Market - International oil prices experienced slight declines, with NYMEX crude futures and ICE Brent futures reported at $64.19 per barrel and $69.01 per barrel, respectively [8]

2月10日晚间，江淮汽车披露定增情况报告书，公司向姚志超、葛卫东、方文艳等8名特定对象，合计发行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。 其中，葛卫东、方文艳各认购2004.81万股股份，均耗资约10亿元，是江淮汽车本次发行获配股份最多的两个发行对象。根据相关《验资报告》，目前本 次发行的保荐人国元证券已收到发行对象缴纳的认购资金。 Wind数据显示，截至2月10日收盘，江淮汽车股价报54.61元/股，最新市值为1193亿元。 葛卫东与方文艳进入前十大股东 江淮汽车定增情况报告书显示，本次发行对象共有8名，包括"私募大佬"葛卫东、方文艳、姚志超、深圳新思哲、中阅资本、杭州知春投资、广发证券、 财通基金等。公开资料显示，方文艳系知名牛散章建平的妻子。 | 结果 | di | | | | --- | --- | --- | --- | | . | F | . | . | | 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 ...

重要新闻提示 央行：继续实施好适度宽松的货币政策，发挥增量政策和存量政策集成效应 中芯国际：2025年第四季度净利润12.23亿元，同比增长23.2% 嘉美包装：如未来股票价格进一步异常上涨，可能再次向深交所申请停牌核查 今日提示 2. 工业和信息化部网站2月10日消息，工业和信息化部等五部门发布《关于加强信息通信业能力建设支 撑低空基础设施发展的实施意见》。其中提到，综合采用地面移动通信、卫星通信与其他通导监技术等 多元化技术手段，支撑低空应用发展。 北交所新股通领科技（申购代码：920187）今日申购，发行价为29.62元/股 科创板新股易思维（688816）今日上市 国家统计局今日公布1月CPI、PPI 今日央行有750亿元7天期逆回购到期 国新办今日举行新闻发布会，介绍2026"乐购新春"春节特别活动、保障春节市场供应有关情况 海口、三亚、儋州日用消费品免税店，2月11日开业 财经新闻 1. 中国人民银行2月10日发布的2025年第四季度中国货币政策执行报告提出，继续实施好适度宽松的货 币政策，发挥增量政策和存量政策集成效应。把促进经济稳定增长、物价合理回升作为货币政策的重要 考量，根据国内外经济金融 ...

Core Insights - The investment mindset of individual investors is shifting towards risk control and asset preservation rather than chasing high short-term returns [1][3] - There is a growing demand for personalized financial planning and investment advice among individual investors, reflecting a deeper reliance on professional wealth management services [3] Group 1: Changing Investor Behavior - Investors are increasingly focusing on diversified asset allocation, with a significant portion of their investments in fixed-income products and low-volatility options [1][2] - The trend shows a decline in the number of investors seeking specific product inquiries, while more are looking for comprehensive investment strategies [1][3] Group 2: Role of Financial Advisors - Financial advisors are becoming essential as investors seek tailored investment solutions and guidance to navigate the complexities of the market [3] - The transformation of brokerage services is evident, moving from traditional product sales to providing high-quality wealth management services that include ongoing personalized adjustments [3] Group 3: Long-term Investment Planning - There is an increasing awareness among investors about the importance of long-term financial planning, including retirement and education funds [4] - Investors are learning to adopt a patient approach to investing, valuing stability and peace of mind over constant market monitoring [4]

Core Viewpoint - *ST Lifan has completed its stock suspension review and will resume trading on February 11, following significant stock price fluctuations and regulatory scrutiny [1][3]. Group 1: Stock Performance and Regulatory Actions - From January 20 to February 5, *ST Lifan's stock price increased by 314.93%, triggering multiple instances of abnormal trading behavior [3]. - The Shenzhen Stock Exchange has implemented self-regulatory measures, including trading suspensions, due to the unusual trading activities [3]. - The company confirmed that there are no undisclosed significant matters related to the stock price fluctuations, and neither the controlling shareholder nor the actual controller engaged in stock trading during this period [3]. Group 2: Financial Performance - For the first nine months of 2025, *ST Lifan reported an operating income of 203 million yuan, a year-on-year decrease of 0.44% [4]. - The net profit attributable to shareholders for the same period was a loss of 62.21 million yuan, compared to a loss of 51.59 million yuan in the previous year [4]. - The company anticipates a net loss of between 180 million and 210 million yuan for the full year of 2025 [4]. Group 3: Company Background and Legal Issues - *ST Lifan specializes in digital infrastructure construction and provides comprehensive services, including software and hardware solutions for digital transformation [5]. - The company received a notice from the Anhui Securities Regulatory Bureau regarding administrative penalties due to suspected false financial reporting over three consecutive years, with the total amount of falsely reported revenue exceeding 500 million yuan [5]. - The company faces potential forced delisting due to serious financial misconduct as per the regulations of the Growth Enterprise Market [5].

临近春节假期，国内消费板块在估值底部与复苏环境下迎来久违的反弹。 值得注意的是，A股宠物龙头公司中宠股份1月30日发布的《关于回购股份事项前十大股东和前十大无 限售条件股东持股情况的公告》显示，截至1月23日，知名基金经理谢治宇管理的兴全合润、兴全合宜 以及基金经理乔迁管理的兴全商业模式优选、兴全新视野，均新进成为公司前十大股东。按该股1月23 日收盘价计算，四只基金合计持股市值超8亿元。 早在2025年四季度，部分知名主动权益基金经理以及"固收+"基金经理就已经开始"埋伏"消费板块。部 分机构提示，市场对今年物价修复水平存在分歧，而物价温和回升是市场的一致预期，若今年实质性政 策继续推出，有望带动物价水平明显改善，消费板块弹性值得重视。 兴全组队增持中宠股份 中宠股份披露的公告显示，截至1月23日，谢治宇管理的兴全合润、兴全合宜，乔迁管理的兴全商业模 式优选、兴全新视野四只基金分别持有中宠股份643.14万股、373.18万股、356.69万股、275.68万股，均 位列前十大股东。按照1月23日中宠股份的收盘价估算，谢治宇、乔迁管理的基金分别持有中宠股份的 市值达5.03亿元和3.13亿元，合计超8亿元。 ...

人形机器人驶入量产前夜，但要真正地大规模"进厂"，还有不少约束条件待突破。"业内都在做端到 端，期望以大语言模型的技术底座实现人形机器人通用智能的'ChatGPT时刻'。但这个技术还未收敛， 或者VLA（视觉-语言-动作）技术本身还有一定问题。供应链成熟度和智能制造水平都有待提升，特别 是高可靠、轻量化的材料。目前机械激光雷达还是很大，期待固态激光雷达早日问世。"冯振宇说。 人形机器人赛道你追我赶，新品迭出。成立仅一年多，四川具身人形机器人科技有限公司（简称"具身 科技"）已发布两款自研的工业级人形机器人产品"天行者"，以及一款情感交互人形机器人"爱湫"。 "整个行业蓬勃发展，但对中西部地区的人形机器人公司而言，很难在资源、资金、人才等方面追平沿 海地区的头部企业。公司最重要的生命力就是充分发挥效率，加速奔跑。"近日，具身科技CEO兼CTO 冯振宇接受中国证券报记者专访时表示。 研发实力深厚 化身热情好客的"小话痨"，与参会嘉宾互动；作为"观察员"，它主动发问，探寻人类眼中的未来；作 为"被访者"，它热情揽客，畅谈AI发展的温度……近日，具身科技自研的情感交互人形机器人"爱湫"在 成都市"两会"现场频抢风头。 ...

Core Insights - The new round of national centralized procurement for medicines has resulted in 4,163 products from 1,020 companies being shortlisted, covering 316 commonly used drugs across 26 therapeutic areas [1][2] - The procurement results are expected to be implemented by the end of March 2026, with the procurement cycle lasting until the end of 2028 [1] - The procurement process has seen a high participation rate from qualified companies, with an overall selection rate of 93%, indicating a diverse market supply and rich clinical choices [1] Group 1 - The centralized procurement is the first nationwide continuation of chemical drug procurement organized by the state, led by the medical insurance bureaus of Jiangsu, Henan, and Guangdong provinces [1] - The procurement rules have been standardized and unified across provinces, significantly reducing bidding costs for companies [1] - The clinical demand matching rate for the reported brand names reached 88%, with a high retention rate of previously selected products at 98%, which helps avoid medication replacement [1] Group 2 - The qualification threshold for bidding has been raised, with stricter quality requirements, including the need for companies to have experience in producing similar types of drugs and no violations of production quality management standards in the past two years [2] - The procurement adopted a pricing inquiry method based on previous winning prices, allowing companies to accurately calculate cost-benefit ratios and rationally quote prices, leading to stable selection prices and industry expectations [2]

2月10日，中国物流与采购联合会发布的数据显示，2025年全国社会物流总额368.2万亿元，按可比价格 计算，同比增长5.1%，全年社会物流运行保持平稳态势。其中，2025年一、二、三、四季度全国社会 物流总额分别增长5.7%、5.5%、5.2%、5.0%，全年各季度物流需求增速保持稳定增长，物流对实体经 济的拉动作用强劲。 中国物流信息中心表示，2025年物流需求规模稳步扩张、结构优化的同时，物流供给主动适配新质生产 力发展与产业转型等升级需求，推动经济运行中的物流效率持续改善，社会物流总费用与GDP比率降至 历史最低水平，物流对经济发展的支撑效能不断增强。 "进口物流稳定恢复为缓解国际局势的不确定性影响、助力产业链平稳运转提供了坚实支撑。"中国物流 信息中心表示。 新质生产力不断发展壮大，全链条物流需求逐步成型。"新质生产力相关物流需求围绕产业链上下游逐 步形成紧密的循环带动格局。"中国物流信息中心表示，新兴产业物流需求增速显著，2025年工业机器 人物流量同比增长28%，新能源汽车物流量同比增长25.1%。 物流相关基础设施投资保持稳定 2025年，全国社会物流总费用19.5万亿元，同比增长3.0%，年 ...