费品零售额增长4.1%，（下转A02版） ● 本报记者 连润 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。 新兴产业物流需求增速显著 工业品物流锚定高端化转型，支撑工业经济高质量发展。2025年，我国工业品物流总额同比增长 5.3%，对社会物流总额增长的贡献率达82%，核心支柱地位持续巩固。在工业经济结构升级的带动下， 装备制造业、高技术制造业物流需求成为核心增长点，2025年相关物流需求增速均超过9%。 单位与居民物流激活内需潜力，支撑消费市场持续复苏。2025年单位与居民物品物流总额同比增长 ...

● 本报记者 彭扬 畅通货币政策传导渠道 在把握好利率、汇率内外均衡方面，报告提出，深入推进利率市场化改革，畅通货币政策传导渠道。健 全市场化利率形成、调控和传导机制，发挥中央银行政策利率引导作用。引导短期货币市场利率更好围 绕央行政策利率平稳运行。稳步深化汇率市场化改革，完善以市场供求为基础、参考一篮子货币进行调 节、有管理的浮动汇率制度，坚持市场在汇率形成中起决定性作用，发挥汇率调节宏观经济和国际收支 自动稳定器功能。做好跨境资金流动的监测分析，坚持底线思维，综合施策，增强外汇市场韧性，稳定 市场预期，防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。 2月10日，中国人民银行发布的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形势和金融市场运行情况，把握好政策实施的力度、节奏和时机，持续营造 适宜的货币金融环境。 报告还明确，加强对银行体系流动性供求和金融市场变化的分析监测，综合运用多种货币政策工具，保 持流动性充裕。引导银行稳固信贷支持力度，保持金融总量合 ...

Group 1 - The core viewpoint of the articles highlights a significant shift in investor behavior towards more stable and diversified asset allocation, with a focus on risk control and long-term planning [1][3][4] - Investors are increasingly seeking personalized financial planning and investment advice, moving away from traditional methods of simply buying and selling products [3][4] - There is a growing reliance on professional advisory services, as investors recognize the importance of tailored strategies to meet their evolving financial goals [3][4] Group 2 - The trend of asset diversification is evident, with investors allocating funds into fixed-income products, index funds, and ETFs to mitigate risks [1][2] - The transformation of investor profiles is marked by a shift from active trading to a more passive investment approach, allowing individuals to focus on their professional and personal lives [2][3] - Financial institutions are adapting to these changes by enhancing their wealth management services, moving from a transactional model to a more comprehensive advisory approach [3][4]

Group 1 - The domestic consumption sector is experiencing a rebound as it approaches the Spring Festival holiday, with valuations at the bottom and a recovering environment [2] - A-share leading pet company Zhongchong Co., Ltd. announced that as of January 23, well-known fund managers have entered its top ten shareholders, with a combined market value exceeding 800 million yuan [2][3] - In the fourth quarter of 2025, some well-known active equity fund managers began to position themselves in the consumption sector, anticipating a moderate recovery in prices and improved market conditions [2][8] Group 2 - The four funds managed by Xie Zhiyu and Qiao Qian hold significant shares in Zhongchong Co., Ltd., with estimated market values of 503 million yuan and 313 million yuan respectively [3] - The recent recovery in the consumption sector has led to increased attention from the market, with expectations of a gradual improvement in price levels [8][9] - Fund managers are optimistic about traditional consumer stocks, noting that strong brand companies are seeing improved sales and reduced historical inventory levels [8][9]

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 [2][5]. Group 1: Stock Performance and Trading Suspension - From January 20 to February 5, *ST Lifan's stock price increased by 314.93%, triggering multiple instances of abnormal trading behavior [6]. - The company was suspended from trading on February 6 due to the substantial price increase that diverged from its fundamental performance [6]. Group 2: Financial Performance - For the period of January to September 2025, *ST Lifan reported a revenue of 203 million yuan, a year-on-year decrease of 0.44% [6]. - The net profit attributable to shareholders was a loss of 62.21 million yuan, compared to a loss of 51.59 million yuan in the same period last year [6]. - The company anticipates a net loss of 180 million to 210 million yuan for the full year of 2025 [6]. Group 3: Regulatory Issues - The company received a notice from the Anhui Securities Regulatory Bureau regarding potential administrative penalties due to suspected false financial reporting over three consecutive years from 2021 to 2023 [7]. - The reported revenue discrepancies for 2021 and 2022 exceeded 500 million yuan, constituting over 50% of the total reported revenue for those years, raising concerns of significant financial fraud [7]. - The company faces the risk of forced delisting due to these violations of the listing rules [7].

01 2月10日，影视板块爆发，影视ETF（159855）涨停，影视ETF（516620）盘中涨停。地产、卫星、光 伏相关ETF跌幅居前。 02 今日，A500ETF成交活跃，成交额位列前十的ETF中有两只股票型ETF，均是A500ETF产品。 今日，成交额位列前十的ETF中，多数是货币型和债券型ETF，仅有两只股票型ETF，均为A500ETF产 品。 前一个交易日（2月9日），多只宽基ETF和黄金ETF净流入额居前。 影视ETF领涨 2月10日，影视板块爆发，同花顺影视院线板块大涨11.31%。影视ETF（159855）涨停，影视ETF （516620）盘中涨停。此外，多只游戏ETF和传媒ETF涨超4%。 | 影视主题ETF大涨 | | | | | --- | --- | --- | --- | | 其余代码 | 其金简称 | 今日涨幅(%) | 近一个月涨幅(%) | | 159852 | 影视ETF | 8.98 | 19.37 | | 516620 | 影视ETF | 9.48 | 19.81 | | 159869 | 游戏ETF | 5.56 | 5.69 | | 516770 | 游戏ETF华泰柏 ...

金价剧烈波动后，投资者心态正悄然生变。买卖两旺的现象重现金市，但投资主线已经转向"防风险"。 2月10日虽然是工作日，但位于北京的菜百首饰总店依旧人头攒动。金价高位震荡下，大额套现频现，一位一次性卖出8公斤金条的女士吸引了众人的目 光。还有一部分投资者眼看金价稳住，也踊跃入市，虽然一次性买入几公斤金条的大户不在少数，但小克重金条才是大多数购金者的最爱。 投资者心态生变 "这8公斤金条是我这些年陆续买的。"王女士一边指着桌上的金条，一边翻动着手里的存单本，里面保存了她这些年来买的每一根金条的购买凭证、发 票、证书，整整齐齐，一目了然。但由于几十根金条要挨个拆开包装、称重、验金，工作人员花了一个多小时才办理好这笔业务。 最近几天金价进入高位震荡后，很多投资者又开始踊跃购买黄金。但为了控制风险，投资者更加青睐小克重金条。"10克的金条没有了，20克起卖。100克 工本费是每克13元，20克是每克18元，建议买大克重。"现场工作人员对排队的购金者反复提醒。 "这8公斤金条的回购价是1120元/克，扣除3.8元/克的手续费，一共套现近900万元。近期千万元级别套现的投资者每天都有，8公斤并不是最多的，他们大 多是前些年 ...

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形势和金融市场运行情况，把握好政策实施的力度、节奏和时机，持续营造适 宜的货币金融环境。 业内专家表示，2025年适度宽松的货币政策具有累积效应，存量政策效果还会持续显现。2026年初，央 行又推出了一揽子支持实体经济高质量发展的货币金融举措，这些增量政策也将与存量政策发挥协同效 应，进一步为实体经济平稳增长和物价合理回升营造适宜的货币金融环境。 要点速览： 推动落地各项金融支持服务消费政策 完善房地产金融基础性制度 引导短期货币市场利率更好围绕央行政策利率平稳运行 保持人民币汇率在合理均衡水平上的基本稳定 完善宏观审慎和金融稳定管理工具箱 充分发挥货币信贷政策导向作用 报告明确，加强对银行体系流动性供求和金融市场变化的分析监测，综合运用多种货币政策工具，保持 流动性充裕。引导银行稳固信贷支持力度，保持金融总量合理增长，使社会融资规模、货币供应量增长 同经济增长和价格总水平预期目标相匹配。 继续实施好 ...

Core Viewpoint - *ST Lifan has experienced significant stock price volatility, leading to a suspension of trading for verification, with a notable price increase of 314.93% from January 20 to February 5, 2025 [3] Group 1: Stock Trading and Regulatory Actions - The company announced that its stock will resume trading on February 11, 2025, after completing the verification process [1] - The Shenzhen Stock Exchange issued a risk warning regarding *ST Lifan's stock due to substantial price fluctuations and multiple triggers of abnormal trading standards [3] - The company confirmed that there are no undisclosed significant matters related to the company by its controlling shareholders and actual controllers, and they did not trade the company's stock during the period of abnormal fluctuations [3] Group 2: Financial Performance - For the period of January to September 2025, *ST Lifan reported an operating income of 203 million yuan, a year-on-year decrease of 0.44%, and a net profit attributable to shareholders of -62.21 million yuan, compared to -51.59 million yuan in the same period last year [4] - The company anticipates a net loss of 180 million to 210 million yuan for the full year of 2025, according to its annual performance forecast [4] - The company's internal control over its 2024 annual financial report received a negative audit opinion from Zhongxing Caiguanghua Accounting Firm [4] Group 3: Company Background and Legal Issues - *ST Lifan is a digital technology cloud service provider focused on new digital infrastructure construction, offering comprehensive services from software and hardware products to overall solutions for industry and government clients [5] - The company received a notice of administrative penalty and market entry prohibition from the Anhui Securities Regulatory Bureau, indicating that its financial data for annual reports from 2021 to 2023 may have involved false records, with over 500 million yuan in suspected false revenue for 2021 and 2022 combined [5] - The company is at risk of being forcibly delisted due to serious financial misconduct as per the regulations of the Growth Enterprise Market [5]

葛卫东、方文艳罕见同框！ 江淮汽车发布的定增公告显示，葛卫东和章建平的妻子方文艳同时出现在获配名单上，均获配10亿元。 葛卫东、方文艳携手出击 2月10日，江淮汽车发布的定增公告显示，葛卫东和章建平的妻子方文艳，同时参与该公司定增，均获配2004.81万股，获配金额均为10亿元。 除了葛卫东以外，深圳新思哲、中阅资本、杭州知春投资等私募基金也参与了江淮汽车的定增并获配。 | 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, 999, 972. 68 | 6 | | 2 | 深圳市新思哲投资管理有限公司-新思 | 4. 009. 623 | 199, 999, 995. 24 | 6 | | | 哲多策略母基金私募证券投资基金 | | | | | 3 | 中阅资本管理股份公司-中阅知行 2 号 | 2.004.811 | 99, 999, 972. 68 | 6 | | | 私募证券投资基金 | | | | | 4 | 广发证券股份有限公司 | 5, 21 ...