Core Viewpoint - The current spring market has entered its second phase, focusing on the valuation recovery of undervalued assets after a year-long market rally [1] Market Analysis - There is a strong demand for market rebalancing from a quarterly to a semi-annual perspective, indicating a shift towards undervalued assets [1] - Many sectors have completed their valuation uplift, and truly cheap assets are limited, suggesting a transition to the valuation recovery phase for undervalued segments [1] Investment Strategy - The fundamental performance is not the primary driver of the current market rally; instead, global macro narratives and technological advancements are leading the way [1] - The company suggests a barbell strategy for investment: one end focuses on traditional quality leaders with low valuations and high cost-performance ratios, while the other end targets the entire tech chain represented by AI [1] - The horizontal part of the barbell strategy includes consumer and cyclical assets [1]

具体投资方向上，张勋表示，AI基础设施领域关注算力、存储、AIDC等；AI应用领域刚刚起步，可关 注AI端侧、具身智能、AI编程、AI搜索等进展。 中证报中证网讯(记者王宇露)2月10日，鹏扬基金总经理助理、权益研究总监张勋在中国证券报"中证点 金汇"直播间表示，科技投资分为"0-1阶段"、"1-10阶段"、"10-N阶段"，当前，AI投资还处于较早期阶 段。国内外发展节奏也很不一样，国外目前处于上半场，即基础设施建设的"1-10阶段"，而国内刚刚完 成"0-1阶段"，AI投资的下半场还未开始，值得期待。 ...

具体来说，产业新兴阶段，更关注产业或技术的变化、研发实力、创业者背景、产品和市场空间的想象 力等；景气成长阶段，更关注的是产品力、产品迭代能力、行业渗透率、行业增长速度等；周期成长阶 段，则关注周期位置、竞争格局、核心竞争力、供应链配套能力、公司治理、财务指标(投资回报、现 金流)等；稳定成长阶段，则关注核心竞争力、公司治理、财务指标(投资回报、现金流、股息率)等。 中证报中证网讯(记者王宇露)2月10日，鹏扬基金总经理助理、权益研究总监张勋在中国证券报"中证点 金汇"直播间表示，在不同阶段筛选"真科技"公司时，应关注的核心指标有所不同。 ...

中证报中证网讯(记者王宇露)2月10日，鹏扬基金总经理助理、权益研究总监张勋在中国证券报"中证点 金汇"直播间表示，2026年周期性行业的投资机会值得关注。过去几年，随着地产、基建等下游环节走 弱，周期性行业盈利持续走低，现金流普遍不好，这使得过去几年行业整体都在控制资本开支，而目前 产业周期已经见底。随着"反内卷"政策的提出，竞争格局和经营思路有所改变，企业盈利回升。此外， 在上涨的市场中，周期性行业普遍处于估值低位，性价比相对较高。 ...

Core Insights - The Ministry of Agriculture and Rural Affairs emphasizes the importance of high-standard farmland construction and soil quality improvement, highlighting the significant role of Dayu Group in these areas [1][2] Group 1: Company Achievements - Dayu Group has made notable advancements in agricultural water-saving technologies and has been recognized for its continuous innovation in this field [2] - The company has developed an integrated service model that encompasses design, construction, and operation, aligning with the high-quality development requirements of high-standard farmland construction [2] Group 2: Industry Opportunities - By 2035, the goal is to establish approximately 1.5 billion acres of high-standard farmland, indicating a vast market potential and promising development prospects for the industry [2] - The discussions between Dayu Group and the Ministry focused on opportunities and challenges in farmland protection and agricultural engineering construction during the 14th Five-Year Plan period, emphasizing the need for standard system construction and technological innovation [1][2] Group 3: Future Contributions - Dayu Group aims to leverage its technological, brand, and full industry chain advantages to actively participate in national high-standard farmland construction, contributing to food security and agricultural modernization [2] - The company is committed to enhancing soil quality through continuous innovation and integration of its operational strengths, particularly in saline-alkali land management [2]

Core Viewpoint - DBS Group Holdings Limited reported strong financial performance for the year 2025, with significant growth in net profit and total revenue, driven by various business segments and effective management strategies [1] Financial Performance - The total profit before tax for 2025 reached SGD 13.1 billion, with a net profit of SGD 11 billion and total revenue of SGD 22.9 billion, resulting in a return on equity of 16.2% [1] - Net interest income for 2025 was SGD 14.5 billion, primarily supported by balance sheet hedging operations and deposit growth, which offset declines in overnight rates and foreign exchange impacts [1] Business Segments - Wealth management services contributed to record-high service fee income and sales to treasury clients, while market trading income reached its highest level since 2021 [1] - The cost-to-income ratio remained stable at 40%, indicating effective cost management alongside revenue growth [1] Dividend Distribution - The board proposed a final ordinary share dividend of SGD 0.66 per share for Q4 2025, with a total annual dividend of SGD 3.06 per share, including SGD 2.46 per share in ordinary dividends and SGD 0.60 per share in capital return dividends, amounting to a total payout of SGD 8.68 billion [1]

中证报中证网讯(记者孟培嘉)江苏省政府2月10日举办新闻发布会，介绍《关于进一步优化民营经济金 融服务的若干措施》(简称"《若干措施》")有关情况。 "江苏是民营经济大省，'十四五'以来全省民营经济增加值近8万亿元，占地区生产总值比重近六 成。"江苏省委金融工委副书记聂振平介绍，《若干措施》共20条，聚焦民营企业金融服务中的难点堵 点、迫切需求、核心关切，重点围绕五个方面破题解题，力求提供充裕多元、优质高效、价格合理、安 全稳健的金融服务。 一是聚焦打通融资对接环节，构建"快速通道"，通过线上线下（300959）"双线"发力，构建立体多元通 道，进一步打通融资供需对接路径。 二是聚焦丰富融资产品体系，突出"有的放矢"，围绕当前民营企业融资中的堵点难点，推动"股债贷保 担"联动，加快探索金融产品和服务模式创新。 随着新"国九条"、"科创板八条"、"并购六条"等政策的落地见效，资本市场在促进民营经济发展方面发 挥着更加重要的功能。江苏证监局副局长毕庆锋在回答中国证券报记者提问时表示，江苏证监局立足江 苏产业发展实际，积极配合落实好省委、省政府各项工作举措，持续强化资本市场功能，加力促进民营 经济发展壮大。 具体来 ...

据悉，此次云深处科技牵头申报的项目，主要针对四足机器人在废墟泥地、黑暗密闭、长走廊多楼层以 及高原高寒等复杂环境中面临的诸多挑战开展技术攻关。 截至目前，云深处科技自主研发的四足机器人产品已在多个行业场景实现规模化落地。云深处科技表 示，公司将继续深化在多模态环境感知、跨场景具身导航、感控融合运动控制等前沿方向的技术布局， 推动具身智能机器人在更多危险、复杂场景中实现广泛应用。 中证报中证网讯（记者 乔翔）记者2月10日从云深处科技获悉，2024年度浙江省科学技术奖获奖名单日 前公布，公司牵头申报的"复杂场景四足机器人关键技术及产业化"项目获浙江省科学技术进步奖一等 奖。该获奖项目由云深处科技牵头，联合浙江大学、卧龙电驱（600580）、中电科第二十一研究所、国 网智能、浙江工业大学、国网浙江超高压分公司共同申报。 ...

Core Insights - The Xinjiang Listed Companies Association held a successful meeting to enhance communication between listed companies and financial institutions, aiming to facilitate precise matching of funding supply and demand [1][2] Group 1: Meeting Overview - The meeting was guided by the Xinjiang Securities Regulatory Bureau and attended by over 120 participants, including executives from 50 listed companies and representatives from 10 financial institutions [1] - The meeting emphasized the importance of deepening core business, improving financing channels, maintaining compliance, and enhancing technological innovation [1] Group 2: Financial Institutions' Contributions - Financial experts from various institutions provided insights on macroeconomic trends and policy directions, offering practical strategies for listed companies to leverage capital tools for development [2] - Seven financial institutions presented tailored financing services and credit products to address the specific needs of listed companies, aiming to optimize their financing structures [2] Group 3: Future Initiatives - The Xinjiang Listed Companies Association plans to regularly conduct effective communication activities focused on the actual needs of listed companies, enhancing collaboration between capital markets and financial services to boost economic development in Xinjiang [2]

Group 1 - The core project "Rapid Confirmation and Precise Prevention and Control of Emerging Viral Infectious Diseases" won the second prize of Jiangsu Province Science and Technology Progress Award, highlighting the company's achievements in technological innovation [1] - The project was led by Jiangsu Provincial Center for Disease Control and Prevention, with the company contributing core technological innovations in the field of inactivated enterovirus vaccines [1] - The project addresses key challenges in the prevention and control of emerging viral infectious diseases, establishing an efficient response system [1] Group 2 - The company has developed bivalent and quadrivalent inactivated enterovirus vaccines (Vero cells), which received clinical trial approval from the National Medical Products Administration in February 2025 [2] - Currently, there are no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2] - Successful development of these vaccines will enhance the company's multi-valent vaccine portfolio, strengthening its core competitiveness and market position [2]