Core Viewpoint - The beauty industry, represented by L'Oréal, is increasingly focusing on sustainability as a core aspect of its operations, driven by a commitment to environmental responsibility and innovation [1][2]. Group 1: Sustainability Commitment - L'Oréal has a long-standing commitment to sustainability, which is integrated into its business model through the "dual excellence" philosophy, aiming for financial growth while creating positive environmental and social impacts [2]. - The company addresses sustainability challenges through four pillars: leading climate transition, protecting natural ecosystems, advocating for a circular economy, and empowering community development [2]. Group 2: Innovation and Collaboration - L'Oréal has launched a Sustainable Innovation Accelerator plan, committing to invest €100 million over five years to identify and scale innovative solutions in sustainability [3]. - The company emphasizes the importance of collaboration with startups and existing R&D systems to ensure rapid implementation of innovative technologies [3]. Group 3: Global Perspective - L'Oréal views China as a future-oriented market, highlighting the potential of technology and collaborative thinking to shape a more sustainable and inclusive beauty industry [4].

Core Insights - The article discusses the recent launch of the GLM-5 model by Zhipu, which has received positive market feedback, with a stock price increase of 28.68% on its first trading day [4] - The GLM-5 model features significant updates, including an increase in pre-training data from 23 trillion to 28.5 trillion and the introduction of a new "Slime" framework to support larger model scales and complex reinforcement learning tasks [4][5] - The article highlights the evolving consensus in the industry regarding large models, indicating a shift from basic coding to more complex engineering tasks [5] Company Developments - Zhipu's GLM-5 model has achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely matching the performance of Claude Opus 4.5 in real programming scenarios [5] - The model's agent capabilities enable various applications, including end-to-end application development and general agent assistance, showcasing its versatility [5] - Other models released around the same time include Step 3.5 Flash by Jieyue Xingchen, Qwen3-Coder-Next by Alibaba, and MiniMax-M2.5, indicating a competitive landscape in AI model development [6] Industry Trends - The updates from multiple model manufacturers reflect a focus on inference efficiency, long context, multimodality, and cost reduction [6] - Technologies such as the MoE architecture and FP8 precision are being implemented, significantly lowering the cost of model calls from "yuan" to "fen" and "li" [6] - DeepSeek's recent updates have increased context length support to a maximum of 1 million tokens, a significant improvement from the previous version's 128,000 tokens [6]

Core Viewpoint - The introduction of commercial real estate REITs in China is seen as a significant step towards optimizing resource allocation and providing a transparent pricing mechanism in the real estate market, which has historically lacked such features [1][3]. Group 1: Regulatory Framework - As of February 11, 2025, there have been 12 commercial real estate REITs applications submitted and accepted by the Shanghai and Shenzhen stock exchanges, with 10 already accepted and 2 still in the application process [1]. - Compliance remains a fundamental requirement during the review process of commercial real estate REITs, balancing the need for inclusivity and adaptability in the regulatory framework [1]. - The regulatory authorities emphasize the importance of providing feasible compliance solutions for projects facing obstacles, aiming to guide market participants towards meeting compliance requirements [1]. Group 2: Market Dynamics - The complexity of commercial real estate REITs, including lengthy construction and operation cycles, necessitates extensive compliance procedures, often involving numerous regulatory steps [2]. - The launch of the pilot program for commercial real estate investment trusts by the China Securities Regulatory Commission (CSRC) on December 31, 2025, marks a significant regulatory development [2]. - The first batch of commercial real estate REITs products was reported to have been submitted and accepted by the CSRC and exchanges by the end of January 2026, indicating a growing interest in this financial instrument [3]. Group 3: Investment Opportunities - Commercial real estate REITs are expected to revitalize a large volume of social stock assets, enhancing resource allocation efficiency and serving as a key financial infrastructure for economic growth and transformation [3]. - The transition of the real estate industry towards asset management and service provision is facilitated by commercial real estate REITs, which provide developers with crucial capital recovery channels [3]. - The introduction of commercial real estate REITs is anticipated to establish a "pricing anchor" in the market, addressing the long-standing lack of a transparent price discovery mechanism in the domestic commercial real estate sector [3]. Group 4: Investor Sentiment - The ongoing low-interest-rate environment is shifting the underlying logic of asset allocation, with institutional investors increasingly seeking stable, long-term, and inflation-resistant yield assets [4]. - Commercial real estate REITs offer high dividend payouts and low correlation with stocks and bonds, aligning well with the investment needs of long-term capital [4]. - The current market cycle adjustments have led to attractive valuation levels in certain areas of the commercial real estate market, highlighting the safety margin for potential investments [4].

Group 1 - Major tech stocks in Hong Kong experienced a decline, with notable drops of approximately 4% for companies such as NetEase, Meituan, Bilibili, and Trip.com, while Baidu and Tencent fell over 3% [1][2] - The Hang Seng Index saw a broader market downturn, with a decline of 1% and the Hang Seng Tech Index dropping by 1.87% [2] - Specific stock performance included Kingdee International down by 4.98%, NetEase down by 4.15%, and Meituan down by 4.11%, among others [3]

近日，北京市市场监督管理局组织携程、去哪儿、飞猪、同程、美团、京东、航旅纵横、高铁管家、滴 滴、高德地图、百度地图、腾讯地图等12家涉及火车票网络销售业务的主流平台，重点围绕群众反映强 烈的网络销售火车票突出问题召开行政约谈会。 ● 四是认真做好明码标价,显著提醒 增值服务内容和价格,及时整改因 增值服务提示不醒目导致火车票展 示价格和实际支付费用不一致问 题,切实保障消费者的知情权。 下一步,北京市市场监督管理局 将持续加大监管执法力度,依法严厉 打击虚假抢票、诱导交易、价格欺诈 等违法行为。同时，欢迎广大群众加 强对第三方火车票网络销售平台服务 的监督,共同推动行业规范健康发 展,维护公平竞争市场秩序。 来源｜北京市市场监督管理局公众号 编辑｜钉钉 メチ、同领寺旦传, 汇泪负百庆以 为平台与 12306存在特定业务合 作; ...

Core Viewpoint - Moore Threads has successfully completed the full-process adaptation and verification of the new generation large model GLM-5 on its flagship AI training and inference GPU MTT S5000, which is designed for large model training, inference, and high-performance computing [1] Group 1 - The MTT S5000 is a fully functional AI computing card based on the fourth-generation MUSA architecture "Pinghu" [1] - The MTT S5000 offers a maximum AI computing power of 1000 TFLOPS per card [1]

2月12日，智谱发布GLM Coding Plan价格调整函称，近期，GLM Coding Plan市场需求持续强劲增长， 用户规模与调用量快速提升。为保障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投 入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体 系进行结构性调整。调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调 整，整体涨幅自30%起；已订阅用户价格保持不变。生效时间为2026年2月12日。 （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：322，阅读时长大约1分钟 微信编辑 | 夏木 2026.02.12 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com ...

闻泰科技发布关于荷兰企业法庭就安世半导体案件最新裁决的声明。闻泰科技注意到今日荷兰阿姆斯特 丹企业法庭针对安世半导体案件做出最新裁决。企业法庭并未撤销此前的错误决定，未能解除对安世半 导体实施的临时措施，亦未能恢复闻泰科技作为安世半导体股东的合法控制权。企业法庭同时裁定对安 世半导体启动调查程序。公司对这一裁决表示极为失望与强烈不满。 微信编辑 | 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 2026.02.12 本文字数：288，阅读时长大约1分钟 ...

2026.02.11 本文字数：2737，阅读时长大约5分钟 作者 | 第一财经 乐琰 小城酒店涨价20倍，一线城市酒店降价 春节出游，酒店和交通费用一般会有所上涨，但涨幅高达10倍甚至20多倍的实属少见。 第一财经记者今天在查询携程等在线旅游平台后发现，汕头大量酒店在春节假期的价格都大幅上涨，涨 幅从4倍到20多倍不等。比如，汕头特维纳酒店（汕头小公园店）平日房价为每晚94元～119元不等，而 春节假期的价格上涨到了每晚1400多元，2月19日的房价更是高达每晚2450元，相当于平日价的20多 倍。汕头万象城华山南路亚朵酒店的平日价每晚580多元，而春节假期的价格上涨到了每晚3577元，相 当于平日6倍左右的价格。汕头月色美宿（龙眼南路美食街店）平日价从每晚100多元～450多元不等， 而春节假期的价格涨到了每晚1208元，涨了3～8倍。维也纳国际酒店（汕头高铁站东广场店）平日房价 为每晚260多元～400多元，而春节假期价格涨到了每晚1500多元，相当于平日价的4～6倍。 不仅是汕头，揭阳、潮州、厦门等地的酒店价格也是水涨船高，比如全季酒店（揭阳楼店）平日价格为 每晚302元～458元不等，而春节期间价格 ...

2026.02.12 本文字数：580，阅读时长大约1分钟；封图非新闻中楼盘 然而，由于黄金价值增长远高于房价跌幅，业主实际资产反而增值约25万元。这一结果被业内视作一次 被动的"资产对冲"：业主在购房时不自觉地构成了"房产+黄金"的组合，意外分散了单一资产贬值的风 险。 网友评论 微信编辑 | 夏木 来源 | 广州日报综合自都市快报、网友评论 据都市快报2月11日消息，浙江杭州一楼盘两年前"买房送黄金"促销，如今房价虽跌，金价却大涨，意 外为业主实现资产增值，上演一幕现实版"资产对冲"。 2023年6月，杭州临安区一楼盘推出"买房送黄金"活动，根据不同户型赠送700克至1000克不等的黄金。 以当时金价每克约450元计算，购买119平方米、总价约250万元的房源，可获得价值约45万元的1000克 黄金，相当于房价优惠约18%。活动因关注度过高，不久后被叫停。 两年半后，市场情况发生戏剧性变化。国际金价持续上涨，至今已升至每克约1120元，较2023年涨幅近 149%。业主当年获赠的黄金大幅升值——1000克黄金市值从约45万元涨至约112万元。 与此同时，临安区域房价明显回调。该楼盘所在板块单价从约2.2万 ...