Core Viewpoint - The People's Bank of China released financial data for January, indicating that the broad money supply (M2) reached 347.19 trillion yuan at the end of January 2026, with a year-on-year growth of 9.0%, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1] Group 1 - The year-on-year growth of M2 in January shows an increase compared to the previous month, indicating a positive trend in the capital market at the beginning of the year [1] - The growth in M2 is partly attributed to a base effect, as January 2025 saw an increase of approximately 5 trillion yuan, which is considered a relatively low base compared to recent years [1] - As the base effect diminishes, the M2 growth trend is expected to stabilize [1]

2026.02.13 本文字数：1066，阅读时长大约2分钟 作者 | 第一财经 钱童心 当地时间2月12日，法国制药巨头赛诺菲宣布不再延长现任CEO韩保罗（Paul Hudson）的任期，并任命 65岁的现默克CEO、西班牙人葛丽鹤（Belén Garijo）为CEO。葛丽鹤也将成为赛诺菲史上首位女性 CEO，她将于2026年4月29日集团年度股东大会结束后正式履职。 不过在这一消息公布后，当天赛诺菲股价下跌4.5%。 一位医药行业高管对第一财经记者表示："赛诺菲的新任命让市场不解，这是公司股价下跌的原因，市 场可能期待一位更激进的管理者。" 葛丽鹤于2021年出任默克CEO，她还是法国化妆品巨头欧莱雅的董事会成员。去年，默克集团宣布，葛 丽鹤将按计划在2026年4月底完成任期。在加入默克前，葛丽鹤在赛诺菲工作了15年，当时她是欧洲和 加拿大制药业务副总裁兼执行委员会成员，主要工作包括整合赛诺菲在美国的罕见病药物部门。 投行杰富瑞在一份致客户的报告中表示，她可能不会出现在很多CEO潜在继任者的名单中，她在默克的 业绩没有达到前任高管的水平。 即将上任的葛丽鹤预计将面临来自投资者的巨大压力。由于过去几年赛诺菲 ...

2月13日，香港恒生指数收跌1.72%，恒生科技指数跌0.90%。 | 名称 | 涨跌幅 - | 现价 涨跌 | | --- | --- | --- | | 腾讯音乐-SW | -9.23% | 59.000c -6.000 | | 美团-W | -3.18% | 82.150c -2.700 | | 百度集团-SW | -3.07% | 135.800c -4.300 | | 理想汽车-W | -2.23% | 72.300c -1.650 | | 昨日昨日 | -2.20% | 240.600c -5.400 | | 携程集团-S | -2.10% | 419.800c -9.000 | | 阿里田-W | -2.02% | 155.400 c -3.200 | | 京东集团-SW | -1.85% | 106.400 c -2.000 | | 快手-W | -1.58% | 68.450 c -1.100 | | 商汤-W | -1.49% | 2.640c -0.040 | | 小鹏汽车-W | -1.00% | 69.350c -0.700 | | FMW HAND | -0.81% | 97.75 ...

即将上任的葛丽鹤预计将面临来自投资者的巨大压力。由于过去几年赛诺菲的药物研发管线停滞不前， 加之美国反疫苗政策的影响，过去一年赛诺菲股价下跌超过25%。 当地时间2月12日，法国制药巨头赛诺菲宣布不再延长现任CEO韩保罗（Paul Hudson）的任期，并任命 65岁的现默克CEO、西班牙人葛丽鹤（Belén Garijo）为CEO。葛丽鹤也将成为赛诺菲史上首位女性 CEO，她将于2026年4月29日集团年度股东大会结束后正式履职。 不过在这一消息公布后，当天赛诺菲股价下跌4.5%。 一位医药行业高管对第一财经记者表示："赛诺菲的新任命让市场不解，这是公司股价下跌的原因，市 场可能期待一位更激进的管理者。" 葛丽鹤于2021年出任默克CEO，她还是法国化妆品巨头欧莱雅的董事会成员。去年，默克集团宣布，葛 丽鹤将按计划在2026年4月底完成任期。在加入默克前，葛丽鹤在赛诺菲工作了15年，当时她是欧洲和 加拿大制药业务副总裁兼执行委员会成员，主要工作包括整合赛诺菲在美国的罕见病药物部门。 不过葛丽鹤在默克任职期间，该公司在新药开发方面遭遇了许多挫折，仅三款新药进入市场。此外，尽 管她在不同领域有着广泛的经验，但市 ...

Core Insights - The AI video generation model Seedance 2.0 from ByteDance and the new model GLM-5 from Zhiyu have sparked ongoing excitement in the market, leading to significant stock price increases for related companies [2] - The demand for computing power has surged, with the semiconductor equipment index rising by 2.02% and specific companies like Fuchuang Precision and Jingyi Equipment seeing gains of 11.6% and 5.92% respectively [2] Group 1: Market Reactions - On February 13, cultural media theme index saw Light Media rise by 15.3% and Zhangyue Technology by 10%, while AI application index recorded Shen Technology up by 10.02% and Fengyuzhu up by 9.98% [2] - Despite declines in the Hang Seng Index and Hang Seng Tech Index, Zhiyu and MiniMax saw stock increases of 13.78% and 9.86%, with Zhiyu's market capitalization reaching a new high since its listing [2][3] Group 2: Pricing Strategies - Zhiyu announced a price increase for its GLM Coding Plan subscription service, with an overall price hike starting from 30% due to strong market demand and the need for enhanced service quality [4] - The CEO of ListenHub noted that the price increase reflects the growing scarcity and value of tokens as model capabilities improve, confirming earlier expectations of rising costs [5] Group 3: Model Advancements - The GLM-5 model has doubled its parameters from 355 billion to 744 billion and increased its pre-training data from 23 terabytes to 28.5 terabytes, enhancing its capabilities significantly [5] - Multi-modal models like Seedance 2.0 and Nano Banana Pro are consuming tokens at rates far exceeding pure text, indicating a substantial increase in demand for computational resources [6] Group 4: Competitive Landscape - The recent advancements in domestic models like Seedance 2.0 and GLM-5 indicate a shift towards practical applications in work and life, with a focus on video generation and coding [8] - Zhiyu's GLM-5 is directly competing with Anthropic's Claude Opus 4.5, although it still lags behind in certain advanced capabilities [9] - Chinese AI models are rapidly closing the gap with their U.S. counterparts, with significant contributions from companies like DeepSeek and Alibaba, showcasing strong global competitiveness [9]

2026.02.13 本文字数：1558，阅读时长大约3分钟 作者 | 第一财经 刘晓洁 封图 | AI生成 北京时间2月13日，OpenAI强有力的竞争对手Anthropic宣布完成G轮融资，共筹集300亿美元，投后估值 达3800亿美元（约合人民币2.6万亿元）。 支撑Anthropic高额估值的是旗下大模型Claude及其带动的业务增长。Anthropic在2023年3月推出Claude 模型，一直以来在编程、数学等领域性能领先。官方披露，自成立以来至今不到三年时间，Anthropic 就实现了140亿美元（约合人民币967亿元）的年化收入。过去三年，这一数字每年都增长超过10倍。 这是目前大模型行业第二大规模的融资，仅次于OpenAI 去年历史性的400亿美元交易，也使得 Anthropic成为全球第二家2万亿级AI独角兽——OpenAI的最新估值为5000亿美元。 去年9月，Anthropic才宣布完成 130 亿美元的F轮融资，估值为1830亿美元，这轮融资后Anthropic估值 也成功实现翻倍。按这一估值计算，Anthropic在全球上市公司中能排进Top30。 Anthropic本轮融资的明 ...

2026.02.13 本文字数：2338，阅读时长大约4分钟 作者 | 第一财经 王方然 封图 | AI生成 企业不得违规开展黄金预定价交易、杠杆交易、延期交易等非法黄金交易活动，以及以黄金托管、租 赁、回购等为名、承诺"保本付息"固定收益回报的非法集资行为。2月13日，深圳市地方金融管理局发 布关于进一步规范黄金市场经营行为的公开提示（下称"提示"），2月13日。 第一财经此前曾连续独家报道，深圳水贝的一些贵金属企业，以黄金交易为名，行"类期货交易"之实。 投资者仅需支付低至2.4%的定金即可参与高杠杆交易。（详见报道）部分料商平台还将此类业务向散 客开放。通过社交平台引流、在群聊中安插"托儿"制造虚假交易氛围，诱使大量不具备风险认知能力的 普通投资者卷入其中。（详见） 近期，多家黄金预定价平台相继出现兑付困难。第一财经独家报道，杰我睿平台出现大规模兑付困难， 部分业务即涉及黄金预定价交易，（详见） 业内分析认为，该类预定价模式此前常借"黄金实物交易"之名运作，定性难度较高。伴随近期金价波动 加剧，相关风险加速暴露，监管从严已成必然趋势。 剑指黄金预定价交易等多项非法活动 深圳市地方金融管理局提示称，企业不 ...

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau has issued a public notice prohibiting illegal gold trading activities, including gold price reservation trading, leveraged trading, and deferred trading, as well as illegal fundraising activities disguised as gold custody, leasing, and repurchase with promises of fixed returns [1][2][3] Group 1: Regulatory Actions - The notice explicitly states that enterprises are not allowed to engage in illegal gold trading activities through various online platforms, including WeChat groups and apps, under the guise of gold recovery and price reservation [2][3] - The regulatory body has clarified the illegal nature of these activities, marking a shift towards stricter oversight of gold price reservation trading and related financial activities [5][6] Group 2: Market Practices - Some gold traders in Shenzhen have been found to operate under the pretense of gold trading while actually engaging in futures-like price reservation trading, allowing investors to lock in gold prices with minimal deposits [2][5] - The recent volatility in gold prices has exposed significant risks associated with these trading models, leading to difficulties in repayment for several gold price reservation platforms [1][3] Group 3: Legal Implications - The regulatory framework will focus on two main areas: price reservation trading (futures-like activities) and financing activities based on gold, both of which exhibit strong financial characteristics [6] - Violations of these regulations may result in the revocation of business licenses and administrative penalties for responsible parties, with potential criminal charges for entities engaging in fraudulent practices [6]

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in the Shenzhen market, with a significant number of companies distributing cash dividends as a sign of confidence in their financial performance and commitment to returning value to shareholders [2][3]. Group 1: Dividend Distribution Trends - Since the release of the new "National Nine Articles," listed companies have consistently raised their dividend levels, with multiple distributions per year becoming the norm [2]. - As of December 2025, nearly 120 companies in the Shenzhen market have implemented profit distributions, totaling over 37.5 billion yuan [2]. - In 2025, Shenzhen companies distributed a total of 547.56 billion yuan in cash dividends, marking the second consecutive year exceeding 500 billion yuan [2]. Group 2: Performance and Profitability - As of January 31, 2026, 1,714 out of 2,866 Shenzhen companies pre-disclosed their 2025 operating performance, with nearly 60% reporting improved results [2]. - The pre-disclosed companies collectively achieved a net profit of 82.01 billion yuan, an increase of 155.67 billion yuan year-on-year [2]. - Among the top 100 companies by market capitalization in Shenzhen, 40 reported pre-disclosed operating performance, all of which are expected to be profitable with a projected growth of over 60% [2]. Group 3: Private Enterprises and Dividend Policies - Approximately 60% of the companies that distributed dividends since December 2025 are private enterprises, indicating a strong presence in the dividend distribution landscape [3]. - Leading companies like Luxshare Precision and Tianshan Aluminum have shown confidence in their growth by announcing substantial dividend payouts [3][4]. - Tianshan Aluminum committed to a minimum cash dividend of 50% of its net profit for 2025, up from 41% in 2024, positioning itself as one of the highest dividend-paying companies in the non-ferrous metal sector [4]. Group 4: Long-term Dividend Strategies - Companies are revising their articles of association and establishing long-term dividend plans to enhance transparency and predictability in dividend distributions [5]. - Yilian Network, a typical "cash cow" among growth enterprises, has maintained a high dividend payout ratio, distributing 5 yuan per 10 shares in 2025, which accounted for over 50% of its net profit for the first half of the year [5]. - The company has a policy mandating that at least 20% of its distributable profits be allocated as cash dividends, ensuring a stable return for investors [5]. Group 5: Shareholder Return Planning - GoerTek implemented a cash dividend of 1.5 yuan per 10 shares for the first three quarters of 2025, totaling approximately 521 million yuan [6]. - The company has established a rolling and periodic review mechanism for its shareholder return plan, ensuring long-term stability in its dividend policy [6].

2025年由第一财经、上海市融资租赁行业协会和上海交易集团联合打造的"融资租赁产融讲坛"系列公益 活动，获得业内关注和租赁机构积极参与，全年围绕跨境租赁、资产证券化、生物医药、文旅产融租 赁、低空与航空租赁、科创租赁认股权等主题，尝试助力融资租赁公司破解业务痛点、难点，促进产融 对接，也为全国融资租赁公司与产业方提供了深度交流平台，切实推动租赁业高质量发展的业务探索。 详情及合作咨询 CONTACT INFORMATION 首场讲坛启动 聚焦地缘变局下的航运业（船舶资产）风险与机遇 2月5日，"融资租赁产融讲坛"特邀全球历史最悠久、最具影响力的海事航运资讯机构——Lloyd's List Intelligence，在上海举办《全球变局之下的航运企业应对之策》专题闭门沙龙，围绕全球海域地缘政治 冲突升级对航运贸易链的冲击展开深入探讨，并从船舶运营风险识别持续深入，全球海事领域权威媒体 《劳氏日报》主编沈慈晨深入解读国际制裁政策要点，为航运企业合规经营提供权威指引。洲际船务发 展（新加坡）有限公司副总经理张骏从实务角度分析航运业务风险与机遇，分享了一线操作经验。上海 四维乐马律师事务所李迎春律师，以第三方视角剖析 ...