Core Viewpoint - The demand for MLCCs is surging due to the AI boom, leading to significant price increases and a positive market response, particularly for high-end products [1][2][5] Group 1: Price Trends and Market Response - Korean MLCC spot prices have risen nearly 20%, with expectations for continued increases in the short term [1][2] - Major MLCC manufacturers like Samsung Electro-Mechanics have seen stock prices rise significantly, with increases of over 11% this year [2] - The revenue of Samsung Electro-Mechanics reached a record high in Q4 2025, with a 22% year-on-year growth in its components division, which includes high-voltage and high-capacity MLCCs [3] Group 2: Supply and Demand Dynamics - The explosive growth in AI server demand is driving the need for high-end MLCCs, which are essential for stabilizing power supply and filtering interference signals in electronic devices [2][6] - High-end MLCCs are in short supply, with manufacturers like Murata Manufacturing and Samsung Electro-Mechanics operating at over 80% capacity [2] - AI servers require 3 times more MLCCs than standard servers, leading to a significant increase in demand [2][6] Group 3: Competitive Landscape - The top five global MLCC manufacturers, including Murata, Samsung Electro-Mechanics, and Taiyo Yuden, hold over 80% of the market share [4] - Chinese manufacturers have established a relative advantage in the mid-to-low-end MLCC market but are lagging in high-end product development [4] - Domestic companies like Sanhua Group and Fenghua Advanced Technology are accelerating their entry into the high-end market, focusing on sectors such as 5G, AI servers, and automotive electronics [4] Group 4: Industry Outlook and Segmentation - The MLCC industry is currently in an upward cycle, with a historical cycle lasting about 4 to 5 years [5] - The demand for high-end MLCCs is expected to explode due to AI applications, while traditional consumer electronics are facing a downturn [6] - The market for AI servers is projected to grow at an annual rate of 30%, with the MLCC market for AI servers expected to reach 3.3 times its 2025 size by 2030 [6][7]

生物制造是国家战略科技力量重要组成部分，也是推动产业绿色低碳转型的核心引擎之一。作为A股合 成生物学龙头，凯赛生物深耕该领域二十余年，凭借核心技术与产品构筑竞争优势。 凯赛生物总裁杨晨日前在接受中国证券报记者专访时表示，生物制造的核心价值是用绿色高效工艺打破 传统石化路径局限。凯赛生物自成立以来，专注于以生物技术开发化学品，打造低成本、高性能生物基 新材料，赋能下游产业升级，联动构建产业协同生态，推动生物制造产业规模化发展。 助力下游产业实现绿色变革 凯赛生物始终以生物技术和工艺开发化学品，其商业价值核心是通过生物制造工艺路线打造低成本的同 类化学产品。 "与传统石化工业及产品不同，生物制造以生物转化为核心生产过程，不仅反应温和、处于常温常压条 件，且无需使用重金属催化剂，同时可采用可再生植物或生物质废弃物作为原料，这不仅极大降低了对 石油、煤炭等不可再生化石资源的消耗，生产过程也更具低能耗、绿色环保、可持续的优势。"杨晨表 示。 谈及产品布局，杨晨表示，公司开发的系列生物法长链二元酸、生物基戊二胺产品，是生物制造行业的 典型。依托两大核心单体，公司延伸开发的系列生物基聚酰胺及复合材料承袭了生物制造的综合优势 ...

《银行保险机构资产管理产品信息披露管理办法》将从9月1日起施行，理财行业由此迎来一轮调整 业绩比较基准的浪潮。近期，多家理财公司将旗下多款产品的业绩比较基准类型由原先的区间型转换为 挂钩指数型，旨在推动业绩比较基准更及时地反映市场变化，减少未来因市场波动引发的被动调整。然 而，如何在有限的时间内完成大量产品的业绩比较基准重构？如何让普通投资者理解并接受从"直观区 间"到"动态指数"的转变？在这场转型中，理财公司面临着系统、人力资源、信息披露与投资者教育的 多重考验。 理财产品密集"换锚" 招银理财、兴银理财、恒丰理财等多家理财公司近日密集调整旗下多只理财产品的业绩比较基准， 将原本的区间型基准替换为挂钩指数型基准，涉及产品包括日开型、滚动持有型、最短持有期型、定开 型等类型固收类理财产品。 例如，招银理财于2月5日发布公告称，将"招睿日开30天滚动持有1号"的业绩比较基准，从年化收 益率2.00%-3.70%，调整为"30%×中国人民银行活期存款利率+70%×中债0-3个月国债财富（总值）指数 收益率"，变更将从3月10日起生效。 针对这一调整，招银理财在公告中给出了详细测算说明：以产品投资固定收益类资产不低 ...

连续6年稳居河北省内公司债券承销规模榜首，积极助力地方金融结构完善与实体经济血脉畅通，资产 管理业务与财富管理业务不断发力优化居民财富配置……在辽阔的燕赵大地上，财达证券（600906）正 以实际行动，书写金融报国、助力区域经济高质量发展的答卷。 "作为河北省本土上市券商，服务河北既是财达证券与生俱来的责任和使命，也是公司战略聚焦的核心 能力与独特优势。"日前在接受中国证券报记者专访时，财达证券党委书记、董事长张明向记者详细介 绍了公司以党建为引领、以报国为使命、以特色求发展的战略思考与实践方向。 回首近24年的发展之路，财达证券通过发挥在债券承销、资产管理及财富管理等领域的专业优势，以创 新投融资工具驱动传统产业升级，扎实服务发展新质生产力的国家战略；展望"十五五"这一推进中国式 现代化、加快建设金融强国的关键时期，财达证券将继续以金融报国的初心、专业专注的恒心和改革创 新的决心，全面提升服务实体经济的效能，以昂扬的姿态奋力开创高质量发展新局面。 ● 本报记者 胡雨 党建引领文化聚力 凝心铸魂共谋发展 火车跑得快，全靠车头带。从注册资本2.3亿元的河北财达证券经纪有限责任公司起步，经过近24年发 展，如今的 ...

Core Viewpoint - WoKe FeiFan Technology Co., Ltd. is a cross-border new retail enterprise focusing on Southeast Asia, emphasizing full-chain digital capabilities and selling products in categories such as 3C accessories, small home appliances, and home improvement materials [1][2]. Group 1: Business Overview - The company aims to establish influential product brands and a supply chain ecosystem in Southeast Asia through an efficient cross-border retail platform and digital retail operations [2]. - WoKe FeiFan offers high-cost performance products to small and medium-sized retail enterprises and end consumers in the region through its own and partner brands [2]. - The core product range includes 3C accessories like power banks, charging cables, and Bluetooth speakers, as well as small appliances such as blenders, ovens, and air fryers [2]. Group 2: Market Position and Financial Performance - As of September 30, 2025, WoKe FeiFan's platform connects over 40,000 small and medium-sized retail enterprises, positioning it as a leading cross-border brand owner in Indonesia for 3C accessories and small home appliances [2]. - According to Frost & Sullivan, WoKe FeiFan ranks first among Chinese cross-border companies in the 3C accessories category and sixth in the small appliances category in Indonesia based on retail sales value for 2024 [2]. - The company reported revenues of 908 million yuan, 1.049 billion yuan, and 881 million yuan for the years 2023, 2024, and the first three quarters of 2025, with gross profits of 305 million yuan, 373 million yuan, and 325 million yuan, and gross margins of 33.6%, 35.6%, and 36.9% respectively [2]. Group 3: Market Dependency and Expansion Strategy - Indonesia is the largest and most strategically significant market for WoKe FeiFan, with sales from this market accounting for 95.9%, 95.8%, and 94.1% of total revenue in 2023, 2024, and the first three quarters of 2025 [3]. - The company acknowledges that its business operations and financial condition could be significantly adversely affected by any unfavorable changes in the Indonesian market due to its heavy reliance on this single market [3]. - Future growth is highly dependent on deepening market penetration in existing regions and expanding into new Southeast Asian markets, primarily through the expansion of sales and distribution networks [3].

重要新闻提示 沪深北交易所宣布优化再融资一揽子措施 中科曙光：拟发行可转债募资不超过80亿元，用于面向人工智能的先进算力集群系统等项目 宁德时代：拟实施2026年A股员工持股计划 今日提示 今日央行有1055亿元7天期逆回购到期 财政部、海关总署、税务总局联合印发《关于河套深港科技创新合作区深圳园区货物进出口有关税收政 策的通知》，今日起实施 财经新闻 1.2月9日，沪深北交易所宣布优化再融资一揽子措施。在进一步支持优质上市公司创新发展方面，沪深 北交易所明确，对经营治理与信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审 核，进一步提高再融资效率。同时，为更好适应科创企业再融资需求，沪深交易所已修订上市公司"轻 资产、高研发投入"规则，明确主板企业认定标准。沪深北交易所存在破发情形的上市公司，可以通过 定增、发行可转债等方式合理融资，募集资金需投向主营业务。此外，沪深北交易所还明确提升再融资 灵活性、便利度，加强再融资全过程监管。详情可见：优化再融资一揽子措施！交易所出手 2.商务部网站2月9日消息，商务部召开汽车企业座谈会，研究汽车流通消费有关工作。商务部副部长盛 秋平表示，我国超大规模市场 ...

当地时间2月9日，美股三大指数全线收涨，道琼斯工业指数创历史新高。美股大型科技股多数上涨，万得美国科技七巨头指数涨超1%，微软涨超3%。芯 片股多数上涨，超威半导体、博通涨超3%。 大宗商品方面，贵金属市场延续反弹趋势，其中伦敦现货黄金突破5000美元/盎司关口，盘中一度涨超2%，伦敦现货白银涨超7%。布伦特原油期货主力合 约涨超1%。 美股三大股指全线收涨 Wind数据显示，当地时间2月9日，截至收盘，道琼斯工业指数涨0.04%，创历史新高；纳斯达克指数涨0.9%，标普500指数涨0.47%。 美股大型科技股多数上涨，万得美国科技七巨头指数涨1.02%。个股方面，微软涨超3%，英伟达、META涨超2%，特斯拉涨逾1%；苹果跌超1%。 芯片股多数上涨，费城半导体指数涨1.42%。个股方面，超威半导体、博通等涨超3%，应用材料涨超2%，台积电涨超1%。 中概股涨跌不一，纳斯达克中国金龙指数涨0.12%。个股方面，万物新生涨超6%，世纪互联、亚朵、阿特斯太阳能、大全新能源涨超5%。 欧洲三大股指全线上涨。截至收盘，法国CAC40指数涨0.6%，英国富时100指数涨0.16%，德国DAX指数涨1.19%。 截至北京 ...

Core Viewpoint - WoKe FeiFan Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on cross-border new retail in Southeast Asia, particularly in 3C accessories, small home appliances, and home improvement materials [1] Group 1: Business Overview - WoKe FeiFan is a cross-border new retail enterprise with a core focus on full-chain digital capabilities, targeting the Southeast Asian market [1] - The company aims to establish influential product brands and a supply chain ecosystem in Southeast Asia through an efficient cross-border retail platform and digital retail operations [2] - Core products include 3C accessories such as power banks, charging cables, and Bluetooth speakers, as well as small appliances like blenders, ovens, and air fryers [2] Group 2: Market Position and Financial Performance - As of September 30, 2025, WoKe FeiFan's platform connects over 40,000 small and medium-sized retail enterprises, positioning it as a leading cross-border brand owner in Indonesia for 3C accessories and small home appliances [2] - According to Frost & Sullivan, WoKe FeiFan ranks first among Chinese cross-border companies in the 3C accessories category and sixth in the small appliances category in Indonesia based on retail sales value for 2024 [2] - The company reported revenues of 908 million yuan, 1.049 billion yuan, and 881 million yuan for the years 2023, 2024, and the first three quarters of 2025, with gross profits of 305 million yuan, 373 million yuan, and 325 million yuan, respectively, and gross margins of 33.6%, 35.6%, and 36.9% [2] Group 3: Market Dependency and Growth Strategy - Indonesia is the largest and most strategically significant market for WoKe FeiFan, with sales from this market accounting for 95.9%, 95.8%, and 94.1% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [3] - The company acknowledges that its revenue is highly dependent on Indonesia, and any adverse changes in this market could significantly impact its business operations and financial condition [3] - Future growth is contingent on deepening market penetration in existing regions and expanding into new Southeast Asian markets, primarily through an expanded sales and distribution network [3]

列出改革时间表 近期，多地2026年政府工作报告明确，将深化农信社改革。其中，甘肃、宁夏均提出组建省级统一法人 农村商业银行。其他已取得阶段性改革成果的地方则表示，改革仍在进行时，将围绕省级农商行深化发 展、农村中小银行改革化险等工作持续推进。中国证券报记者梳理各地表态发现，农信社省级整合与改 革化险进入集中落地期，未来农信社改革将围绕风险化解、资本补充、机构整合等工作不断深化。 近年来，按照"一省一策"的思路，各地持续深化农信社改革。今年年初，尚未完成农信社改革的甘肃、 宁夏、云南等地披露了本年改革时间表。 2025年12月，贵州农商联合银行获批开业。在2026年贵州省政府工作报告中，该省提出稳妥推进市 （州）农商银行组建，稳妥推进中小金融机构改革化险的任务。国家金融与发展实验室副主任曾刚表 示，贵州具有县域分散、农信机构差异较大的特点，该省选择联合银行模式，有助于实现分步化险。在 省级法人机构搭建治理架构、风控体系和资源平台的基础上，接下来贵州省或对高风险机构实施更有针 对性的重组、增资或退出安排。 在2026年各地政府工作报告中，"深化改革""减量提质"等表述高频出现。如云南省政府工作报告提出， 强化具 ...

中国证券报记者2月9日从国家税务总局获悉，国家税务总局税收大数据分析显示，近年来，我国产业、 能源和交通运输结构持续优化，减排节水效应显现；清洁能源发电销售收入占比稳步提高，风力、太阳 能发电销售收入"十四五"期间年均增长25.4%。 中国人民大学财政金融学院教授朱青认为，我国绿色转型的扎实成效，是政策引导与经营主体协同发力 的结果。绿色产业的蓬勃增长与转型红利的持续释放，不仅筑牢了生态安全屏障，更推动我国经济发展 向绿色低碳转型，为高质量发展注入可持续动能。 （文章来源：中国证券报） 从交通运输结构看，新能源汽车产业发展势头强劲，铁路、水路货运量占比提升。新能源汽车销量保持 较快增长。近年来，我国新能源车产业从无到有、由小到大，产销量连续10年居全球首位。机动车销售 统一发票数据显示，2025年，国内新能源车销量同比增长25.9%。 从减污控排效应看，环境保护税政策释放减税红利，减污控排效应不断显现。2018年环境保护税开征以 来，全国累计落实环境保护税优惠减免1110.6亿元，其中促进集中处理、提高治污效率减免599.45亿 元，促进清洁生产、减少污染排放减免243.7亿元，促进综合利用、提升治理效益减免 ...