Core Viewpoint - Longcheng Securities aims to integrate deeply with the national energy strategy, focusing on the energy sector to create a unique path in the capital market, emphasizing the importance of specialized financial services over mere scale imitation [1][3]. Group 1: Company Strategy - The company emphasizes the transformation of its resource endowment into irreplaceable professional value, particularly in the energy sector [3]. - Longcheng Securities is committed to a dual strategy of "industry securities + first-class investment banking," aiming for specialized and refined development [6]. - The establishment of a Group and Strategic Client Department aims to coordinate services for clients in the electricity and energy industry [6]. Group 2: Financial Services and Innovation - Longcheng Securities is actively involved in the national innovation system, focusing on creating a comprehensive service system that integrates green finance, technology finance, and industrial finance [4]. - The company has developed various financial products, including green bonds and rural revitalization bonds, to support diverse market needs [7]. - By 2025, the company plans to achieve a financing scale exceeding 600 billion yuan in the electricity and energy sectors [7]. Group 3: Industry Positioning - Longcheng Securities leverages its background as a state-owned enterprise to understand and integrate with the real economy, particularly in the energy sector [3]. - The company aims to build a closed-loop energy ecosystem service system by providing comprehensive capital services throughout the entire lifecycle of technology transfer [9]. - The focus is on enhancing risk management capabilities while promoting specialized development in the energy sector [9]. Group 4: Cultural and Ethical Commitment - Longcheng Securities is dedicated to upholding the core values of compliance, integrity, professionalism, and stability within the financial industry [9]. - The company aims to tell the "Great Wall story" by emphasizing its role in supporting the real economy and protecting investor rights [9][10].

春节临近，智能眼镜成为当下流行的新年货。全球智能眼镜市场迎来爆发，在这场智能穿戴的产业变革 中，扎根杭州余杭的杭州灵伴科技有限公司（Rokid）成为中国智能眼镜企业中的亮眼代表。 Rokid创始人兼首席执行官祝铭明近日在接受中国证券报记者采访时表示，2025年公司AI+AR智能眼镜 产品乐奇AI眼镜（Rokid Glasses）收获30万台订单，同时公司旗下各类智能眼镜产品在文旅、工业应用 场景不断拓展市场份额。上游供应链产能的突破是智能眼镜产业破局的关键，同时软件生态的构建将决 定智能眼镜的使用体验和未来市场空间。 智能眼镜悄然流行 春节前夕，无论在线下商场还是线上电商平台，智能眼镜成为今年流行的新年货。市场研究机构IDC预 测，2026年中国智能眼镜市场出货量将突破491.5万台，正式迈入规模化增长新阶段。 2025年，一次杭州余杭区政府内部沟通会，让智能眼镜公司Rokid走入大众视野。祝铭明戴着Rokid Glasses样机脱稿演讲的视频广为传播，为企业带来关注度与销量增长。"关注度变高，最直观的变化是 产品销量快速增长，促使生产节奏加快。"祝铭明坐在Rokid位于余杭的展厅内，回忆过去一年企业发展 历 ...

Group 1 - The core idea of the articles revolves around the increasing integration of humanoid robots into daily life and festive activities, particularly during the upcoming Spring Festival in Wuhan, where these robots are prepared for various performances and interactions [1][2][3] Group 2 - The humanoid robots at the 光谷人形机器人7S store are designed not only for festive services but also for daily companionship, showcasing their versatility in engaging with consumers [2] - The store operates under a "7S" model, which includes sales, parts, after-sales, information feedback, solutions, display, and training services, enhancing customer experience through interactive performances [2] - There is a growing demand for robot rental services during the Spring Festival, with hundreds of consumers visiting the store daily for interactive experiences, indicating a robust market interest [2] Group 3 - The trend of incorporating technology into consumer products is evident, with many consumers taking advantage of national subsidies to purchase smart home appliances as "electronic New Year goods" [3] - Sales of smart cleaning devices, such as automatic window cleaners and air purifiers, have seen a year-on-year increase of 55% since January 1, reflecting a strong demand for smart home technology during the festive season [3] - The integration of smart technology into household items has enhanced family interactions, making daily tasks more convenient and enjoyable, thus contributing to a new sense of "New Year flavor" [3]

按系统重要性得分从低到高分为五组：第一组11家，包括中国民生银行、中国光大银行、平安银行 （000001）、华夏银行（600015）、宁波银行（002142）、江苏银行（600919）、北京银行 （601169）、南京银行（601009）、广发银行、浙商银行（601916）、上海银行（601229）；第二组4 家，包括兴业银行（601166）、中信银行（601998）、浦发银行（600000）、中国邮政储蓄银行；第三 组2家，包括交通银行（601328）、招商银行（600036）；第四组4家，包括中国工商银行、中国银行 （601988）、中国建设银行（601939）、中国农业银行；第五组暂无银行进入。 记者梳理发现，与2023年发布的国内系统重要性银行名单相比，本次新增浙商银行。 中国人民银行、国家金融监督管理总局表示，下一步，将按照《系统重要性银行附加监管规定（试 行）》要求，发挥好宏观审慎管理与微观审慎监管合力，持续夯实系统重要性银行附加监管，促进系统 重要性银行安全稳健经营和健康发展，更好服务实体经济高质量发展。 中国人民银行2月13日消息，为构建覆盖全面的宏观审慎管理体系，强化系统重要性金融机构监管， ...

Core Viewpoint - The recent policy initiatives in China's pharmaceutical retail industry aim to promote high-quality development through industry integration, prescription outflow, and commercial insurance, signaling a transition towards a more structured and profitable market environment [1][2][3] Industry Transformation - The policy encourages horizontal mergers and acquisitions among pharmaceutical retail enterprises to enhance industry efficiency and service quality [2] - Local governments are optimizing the business environment, including streamlining the application process for drug operating licenses and allowing the continuation of existing medical insurance qualifications during transitions [2] - The retail pharmaceutical market in China is projected to grow from CNY 2.41 trillion in 2020 to CNY 2.95 trillion by 2024, representing a 22.4% increase [2] Shift to Health Services - The industry is transitioning from traditional drug sales to comprehensive health services, enhancing community health support and emergency supply capabilities [3] - Policies are designed to facilitate the transformation of retail pharmacies into health service hubs, encouraging the expansion of services such as health consultations and chronic disease management [3][6] Corporate Responses - Companies like YaoXingTang are actively responding to the new policies by exploring mergers and acquisitions to enhance their service offerings [4] - LaoBaiXing is focusing on improving the quality of its franchise and alliance businesses while identifying potential acquisition targets to strengthen its market position [4] - HeYe Health is developing an integrated service system combining medical, pharmaceutical, and insurance services, aiming to alleviate outpatient medication payment pressures [4] Benefits for Industry Leaders - The new policies are expected to provide long-term benefits to leading retail pharmacies, enhancing their ability to manage outpatient prescriptions and increasing their market influence [6][7] - The industry is moving towards a new profit ecosystem that includes diversified services such as chronic disease management and medication guidance, which will improve revenue sources and customer loyalty [6][7]

Core Viewpoint - In January 2026, Hainan Airlines Holding Co., Ltd. reported significant improvements in operational data, indicating a strong recovery in both regional and international flight operations compared to the previous year [1][2]. Group 1: Operational Data - The group introduced 1 A320NEO, 1 A320, and 1 B737-8 aircraft while retiring 2 B737-800 aircraft, bringing the total fleet to 360 aircraft by the end of January 2026 [2]. - Regional passenger capacity (measured in available seat kilometers) increased by 5.86% year-on-year, with revenue passenger kilometers rising by 33.54% and passenger transport volume increasing by 25.92%. The passenger load factor improved by 16.43 percentage points [2]. - International passenger capacity saw a modest increase of 0.66% year-on-year, with revenue passenger kilometers up by 3.38%, passenger transport volume rising by 2.44%, and a load factor increase of 1.91 percentage points [2]. Group 2: Cargo Operations - Regional cargo and mail revenue ton kilometers surged by 64.06% year-on-year, with cargo and mail transport volume increasing by 90.51% and a cargo load factor improvement of 6.92 percentage points [2]. - International cargo and mail revenue ton kilometers grew by 11.66% year-on-year, with cargo and mail transport volume up by 11.98% and a load factor increase of 3.65 percentage points [2].

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core driving force for the market's upward trend is the self-propelling nature of the market, supported by regulatory measures to mitigate risks and prevent overheating [1][3] - Key support for the market's upward movement includes improving corporate profit outlooks, increased willingness of residents to invest savings, and ongoing policies to optimize industry competition [1][2] Short-term Market Dynamics - Short-term market fluctuations are influenced by holiday effects, with some funds opting to secure profits before the Lunar New Year, leading to a temporary decrease in trading activity [2] - The performance of U.S. tech giants, Federal Reserve policy, and geopolitical events indirectly affect the rotation of A-share industries [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical price increases [5] - Five main investment lines are suggested: 1. AI industry chain focusing on application breakthroughs [5] 2. High dividend assets in stable cash flow sectors [5] 3. Anti-involution sectors benefiting from improved competition [5] 4. Core areas of domestic demand recovery, particularly in health and travel sectors [6] 5. Investment opportunities in strategic and industrial metals [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion due to the current market's performance being below historical averages [3] - The growth of the A-share market is anticipated to be independent of the overall yearly trend, with a focus on technology growth while balancing risks across multiple sectors [6]

● 本报记者 郑萃颖 春节临近，智能眼镜成为当下流行的新年货。全球智能眼镜市场迎来爆发，在这场智能穿戴的产业变革 中，扎根杭州余杭的杭州灵伴科技有限公司（Rokid）成为中国智能眼镜企业中的亮眼代表。 Rokid创始人兼首席执行官祝铭明近日在接受中国证券报记者采访时表示，2025年公司AI+AR智能眼镜 产品乐奇AI眼镜（Rokid Glasses）收获30万台订单，同时公司旗下各类智能眼镜产品在文旅、工业应用 场景不断拓展市场份额。上游供应链产能的突破是智能眼镜产业破局的关键，同时软件生态的构建将决 定智能眼镜的使用体验和未来市场空间。 智能眼镜悄然流行 春节前夕，无论在线下商场还是线上电商平台，智能眼镜成为今年流行的新年货。市场研究机构IDC预 测，2026年中国智能眼镜市场出货量将突破491.5万台，正式迈入规模化增长新阶段。 2025年，一次杭州余杭区政府内部沟通会，让智能眼镜公司Rokid走入大众视野。祝铭明戴着Rokid Glasses样机脱稿演讲的视频广为传播，为企业带来关注度与销量增长。"关注度变高，最直观的变化是 产品销量快速增长，促使生产节奏加快。"祝铭明坐在Rokid位于余杭的展厅内，回 ...

"未来，机器人本体制造或将逐步成为行业准入门槛，真正决定具身智能产品能力的将是大脑。"原力无 限联合创始人刘扬在接受中国证券报记者专访时表示，原力无限发力机器人大模型，探索机器人处理复 杂长程任务、持续学习、理解事件因果的能力并建设AI基础平台，以此提升更多类型的具身智能产品 在应用场景中的表现。 2月4日，原力无限发布了其首款消费级具身智能机器人小原子，提出打造能不断进化的生命体。小原子 在硬件层面打造了通用外设接口，使其能替换手部和其他关键部件，实现功能扩展，并在软件层面通过 官方OTA和开放平台持续升级。 ● 本报记者 王婧涵 方悦 攻坚具身大脑 "机器人未来的竞争本质是大脑的竞争。"刘扬认为，中国拥有强大的制造业基础，随着行业成熟，未来 机器人本体可能逐渐演变为标准化程度较高的硬件载体，而真正的技术能力差异将集中于软件能力也就 是所谓的机器人大脑层面。 他表示，原力无限自创立之初，便将研发重心押注于算法模型与AI基础建设平台（AI Infra）两大方 向。在算法模型层面，原力无限通过聚焦三大维度提升机器人在不同场景中的表现。 首先，聚焦处理长程任务的能力，即机器人能将笼统复杂的用户指令自动分解为一系列 ...

Core Insights - The recent policy initiatives from nine government departments aim to promote high-quality development in the pharmaceutical retail industry, focusing on industry integration, prescription outflow, and commercial insurance [1][2][3] - The pharmaceutical retail market in China is expected to grow from CNY 2.41 trillion in 2020 to CNY 2.95 trillion by 2024, representing a 22.4% increase [2] - The industry is transitioning from traditional drug sales to comprehensive health services, enhancing community health support and resilience in the health security system [2][3] Industry Transformation - The policy encourages horizontal mergers and acquisitions among retail pharmaceutical companies to enhance efficiency and service quality [3][5] - Local governments are optimizing the business environment for retail pharmacies, including streamlining the application process for drug operation licenses [1] - Jiangxi Province has reported an increase in the retail pharmacy chain rate from 50.2% in 2024 to 60.3% in 2025, surpassing the national average [1] Company Responses - Yao Yi Tang is committed to responding to the new policies by enhancing its community health service capabilities and improving consumer access to quality healthcare [3] - Lao Bai Xing is exploring merger and acquisition opportunities while maintaining communication with potential targets to strengthen its alliance business [3] Industry Leaders' Benefits - The policy is expected to provide long-term benefits to leading retail pharmacies, enhancing their ability to manage outpatient prescriptions and increasing their market position [5][6] - The industry is entering a critical phase of structural transformation, characterized by store closures, increased concentration, and a restructured profit model [4][6] - The focus on diverse services such as chronic disease management and medication guidance will create a new profit ecosystem combining drugs, medical devices, and health management [4]