本文字数：2754，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 2月10日，随着新股电科蓝天（688818.SH）上市，科创板上市公司总数达到603家，总市值达到11.44万 亿元。 2026.02.10 截至目前，科创板逾390家公司以业绩预告或快报形式披露了2025年度预计业绩情况，占板块公司总数 的超六成；另有1家公司披露了科创板2025年度首份年报。从细分行业表现看，集成电路、生物医药行 业景气度回升。 科创综指为观察科创板整体情况和发展态势提供了全局性的视角。截至2月10日，科创综指样本数量达 580只，市值覆盖度超过90%，总市值高于100亿元的科创综指成份股权重占比较发布时提升15.1%。 东吴证券首席经济学家、研究所联席所长芦哲对第一财经称，预期未来3～5年，科创板总市值有望翻 倍，科创综指将同步成长为"万亿级产品规模、千亿级日成交"的核心宽基指数，不仅与沪深300、创业 板指并驾齐驱，更可能率先完成"本土指数—跨境ETF—全球定价"的三级跳，成为中国科技创新实力对 外展示的"首张名片"。 391家公司"交卷"，六成预增 目前，科创板上市公司数量合计603家，包括61家未盈利企业、9家特殊 ...

Core Viewpoint - The article discusses the high-level decline in the growth rate of household deposits in China by the third quarter of 2025, highlighting a shift in asset allocation towards wealth management and asset management products, which is a response to the declining interest rates and a more diversified financial market [2][3]. Group 1: Asset Management Products Growth - The scale of asset management products has been growing rapidly, with a total asset balance of 120 trillion yuan by the end of 2025, reflecting a year-on-year increase of 13.1% [3][4]. - The growth in asset management products is attributed to the marketization of interest rates, where investors are weighing returns against risks, leading to a shift from bank deposits to these products [3][4]. - By the end of 2025, over 80% of asset management products were allocated to fixed-income assets, with significant investments in interbank deposits and certificates of deposit [4]. Group 2: Changes in Deposit Structure - The report indicates that the rapid growth of asset management products has altered the structure of bank deposits, with a recent decline in the proportion of household and corporate deposits and an increase in interbank deposits [5][6]. - Even though some deposits are shifting towards wealth management and asset management products, a significant portion is still directed towards interbank deposits and certificates of deposit, which ultimately returns to the banking system [5][6]. Group 3: Liquidity Assessment - The overall liquidity in the financial system can be assessed by aggregating bank deposits and asset management products while excluding interbank transactions, showing a stable growth trend in liquidity over recent years [6][7]. - The central bank has effectively met the liquidity needs of the banking system through various tools, with a net injection of 6 trillion yuan in open market operations in 2025 [6][7]. - The current social financing environment remains relatively loose, supporting the real economy while allowing for a more diversified observation of asset and liability structures [7].

2月10日，中芯国际发布2025年第四季度业绩快报，报告期内，公司实现营业收入178.13亿元，同比增 长11.9%；归属于上市公司股东的净利润12.23亿元，同比增长23.2%；基本每股收益0.15元。 此外，中芯国际公告显示，2025年第四季度销售收入为24.89亿美元，环比增长4.5%，毛利率为19.2%。 2025年全年销售收入为93.27亿美元，同比增长16.2%，毛利率为21%。 展望2026年，综合各因素，公司给出的一季度指引为：销售收入环比持平，毛利率在18%-20%之间。 编辑丨瑜见 公司表示，业绩变动主要是由于本年晶圆销售量增加、产能利用率上升及产品组合变动。 | | | 甲山: 儿 中代:人民日 | | | --- | --- | --- | --- | | 项目 | 2025年第四季度 | 2024年第四季度 | 增减变动 幅度 | | | (10-12月) | (10-12月) | | | | | | (%) | | 营业总收入 | 17.812.776 | 15,916,850 | 11.9 | | 营业利润 | 2.114.049 | 2.746.202 | -23.0 | | ...

传媒板块大涨，数字王国大涨29%，阅文集团涨逾15%，大麦娱乐涨超6%。 | 名称 | 涨跌幅 ▼ | 现价 | | --- | --- | --- | | 数字于国 | 29.31% | 0.375c | | 毛记葵涌 | 21.92% | 0.890c | | 万咖膏联 | 20.00% | 1.560c | | 中国国家文化产业 | 18.18% | 0.780c | | 阅文集团 | 15.41% | 43.580c | | 环球数码创意 | 9.09% | 0.072c | | 普乐师集团控股 | 8.76% | 5.710c | | 橙天嘉禾 | 7.81% | 0.069c | | 大麦娱乐 | 6.12% | 1.040c | | 新传企划 | 5.71% | 0.370c | | 中国儒意 | 5.63% | 2.250c | | 柠萌影视 | 5.42% | 3.500c | | 乐思集团 | 4.81% | 1.090c | | 丰德丽控股 | 4.17% | 0.050c | | 稻草熊娱乐 | 3.75% | 0.415c | | 大象未来集团 | 3.72% | 2.230c | ...

创新，是国家兴旺发达的不竭动力，更是金融服务实体经济的核心引擎。党的二十大以来，创新驱动发 展成为时代共识，也对金融创新迭代与精准赋能提出了更高要求。 在这场关乎产业未来的创新浪潮中，平安国际融资租赁有限公司（下称"平安租赁"）始终坚守"服务实 体经济、推动行业进步、助力产业升级"的初心使命，紧跟政策导向、锚定产业需求，创新打造"产业租 赁、数字租赁、生态租赁、平台租赁"四张特色名片，将创新基因深度融入业务全链条，着力做好金 融"五篇大文章"。截至2025年底，平安租赁累计投放超万亿元资金支持实体产业发展，聚焦新质生产力 培育、产业数字化转型、普惠金融等核心领域，书写金融与产业共生共荣的创新篇章，为新质生产力发 展注入坚实租赁力量。 回望2025，恰逢平安租赁汽车融资租赁业务十周年，这是与汽车产业同频转型、深度绑定的十年，也是 平安租赁以持续创新破解行业痛点、赋能生态共赢的十年。十年间，平安租赁紧跟国家战略，建立起覆 盖汽车全生命周期的综合服务体系，打造出更适合中国国情的新型汽车消费模式，为企业、消费者提供 更高性价比、更方便快捷的一站式购车服务及用车新体验，以"金融+生态""金融+科技""金融+运营"的 融 ...

2026.02.10 本月初，因市场担忧美元可能面临更长期的贬值，美元指数曾跌至96附近。引发这些担忧的部分原因是 美国总统特朗普称，美元 "表现出色"，这一言论表明他对美元过去一年的走弱并不特别担忧。特朗普 此前曾提到美元走弱的好处，称这可以降低美国出口成本，让美国企业更容易在全球竞争中占据优势。 自特朗普上任以来，美元指数累计下跌超10%，美联储降息、财政信用恶化、去美元化加速及政治风险 等因素相互交织，推动美元进入趋势性走弱通道，与此同时，外界对美元是否可能失去全球储备货币地 位的质疑始终没有消失。 本文字数：1566，阅读时长大约3分钟 作者 |第一财经 樊志菁 本周首个交易日，市场对美元前景的担忧再度浮现。受日本议会选举结果及美债资产减持报道的双重影 响，美元指数承压走低。随着失守97关口，指数回落至2022年2月以来的低位区间。与此同时，贵金属 市场迎来强劲反弹，国际金价日内大涨超2%，重回5000美元关口。 美元低迷 导致美元走弱的因素之一是上周末日本议会选举结果 ——日本首相高市早苗领导的执政党赢得超多数 席位，消除了市场此前面临的一项不确定性。 另一影响因素是媒体援引匿名知情人士的报道称，美 ...

Market Overview - US stock market experienced a broad rally on Monday, with the Dow Jones Industrial Average closing at 50,135.87, up 20.20 points or 0.04%, the Nasdaq Composite rising 0.90% to 23,238.67, and the S&P 500 increasing by 0.47% to 6,964.82 [2][3] - The software sector rebounded with the S&P 500 Software Services Index up 1.07% after a significant decline the previous week due to concerns over AI's impact on competition and profit margins [2] Stock Performance - Major tech stocks showed mixed results: Microsoft rose 3.13%, Meta increased by 2.41%, Tesla gained 1.51%, Google was up 0.40%, while Amazon fell 0.76% and Apple dropped 1.17% [4][5] - The Philadelphia Semiconductor Index increased by 1.42%, with Nvidia's stock rising 2.50% ahead of its upcoming earnings report, which is highly anticipated by investors [4] Corporate Developments - Oracle's stock surged by 9.64%, marking its largest intraday gain since December, following an upgrade from Davidson Investment Bank from "Neutral" to "Buy" [5] - Kroger's stock rose 3.85% after appointing former Walmart executive Greg Foran as CEO [6] Investor Sentiment - Investors remain cautious despite the recent rally, particularly regarding the ambitious capital expenditure plans of major tech companies, which total approximately $650 billion aimed at dominating the AI sector [7] - Concerns persist about the sustainability of the market rebound, with tech stock valuations shifting from a 17% premium to an 8% discount compared to the past five-year average [7] Economic Indicators - Investors are awaiting the delayed January non-farm payroll report and the January Consumer Price Index, both of which are expected to provide insights into the economic outlook [8] - The New York Federal Reserve's survey indicated a slight improvement in consumer expectations regarding inflation and the job market, with the median inflation expectation for the next year dropping to 3.1% from 3.4% in December [8] Commodity Market - International oil prices saw a late rally, with WTI crude oil rising by 1.27% to $64.36 per barrel and Brent crude increasing by 1.45% to $69.04 per barrel [9] - Precious metals experienced a strong rebound, with COMEX gold futures rising by 2.01% to $5,050.90 per ounce and silver futures increasing by 6.95% to $82.065 per ounce [9]

Core Viewpoint - The article discusses the introduction of a comprehensive set of measures by the Shanghai and Shenzhen Stock Exchanges to optimize refinancing, focusing on enhancing support for high-quality listed companies and improving adaptability for technology innovation enterprises [2]. Group 1: Support for High-Quality Listed Companies - The measures aim to increase support for high-quality listed companies by optimizing refinancing reviews and improving efficiency, while emphasizing a selective approach to ensure quality [3]. - Adjustments have been made to the requirements for the use of raised funds, allowing high-quality companies to invest in new industries, new business formats, and new technologies that align with their main business [4]. Group 2: Introduction of "Light Asset, High R&D Investment" Standard - The Shanghai and Shenzhen Stock Exchanges plan to introduce a "light asset, high R&D investment" recognition standard for main board listed companies, following its successful implementation in the Sci-Tech Innovation Board [6]. - As of October 2024, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion, representing 37% of the number of companies and 76% of the financing amount for 2025 [6]. Group 3: Refinancing Interval for Unprofitable Enterprises - The new measures clarify that the refinancing interval for unprofitable companies is set at six months, allowing companies to initiate new rounds of refinancing once previous funds are fully utilized or unchanged in direction [8]. - This provision is particularly beneficial for technology companies that often face high R&D costs and uncertain profitability, providing them with a stable financing timeline [8]. Group 4: Strengthening Regulatory Oversight - The measures enhance regulatory oversight of refinancing processes, including stricter controls on refinancing plans and the use of raised funds, to prevent fraudulent activities and ensure compliance [10]. - Companies seeking to change control through refinancing must publicly commit to completing the issuance within the validity period of the approval, with increased penalties for non-compliance [9].

| 名称 | 涨跌幅 ▲ | 现价 | | --- | --- | --- | | 闪迪 | -4.55% | 570.725 | | 亚马逊(AMAZON) | -2.45% | 205.170 | | 超威半导体(AMD) | -1.92% | 204.435 | | 奈飞(NETFLIX) | -1.52% | 80.954 | | 谷歌(ALPHABET)-A | -0.88% | 320.030 | | 苹果(APPLE) | -0.60% | 276.200 | | 高通(QUALCOMM) | -0.12% | 137.180 | | 特斯拉(TESLA) | -0.26% | 410.060 | | 英伟达(NVIDIA) | -0.11% | 185.202 | | 微软(MICROSOFT) | 0.20% | 401.950 | | 博通(BROADCOM) | 0.11% | 333.290 | | 脸书(META PLATFORMS) | 0.56% | 665.160 | | 甲骨文(ORACLE) | 4.93% | 149.855 | 编辑丨瑜见 热门中概股集体下跌，纳斯达克中 ...

Core Viewpoint - The recent concerns regarding AI's potential to disrupt various industries have led to significant sell-offs in the stock market, particularly affecting software and wealth management stocks, as investors reassess the implications of AI advancements on traditional business models [1][3][6]. Group 1: Market Reactions - The sell-off was triggered by the launch of Altruist's new tool, Hazel, which aims to automate financial advisory services, raising fears about the efficiency of wealth management firms [3][4]. - Major wealth management firms experienced substantial declines, with Raymond James Financial down 8.8%, Charles Schwab down 7.4%, and LPL Financial down 8.3%, marking their largest single-day drops since April [3][4]. - The S&P 500 insurance index fell 3.9% on September 9, the largest single-day drop since October of the previous year, due to similar concerns in the insurance sector [3]. Group 2: AI Investment Trends - Analysts suggest a shift in AI investment focus from "AI enablers," which build the necessary infrastructure, to "AI beneficiaries," which are companies that will benefit from increased productivity and efficiency through AI [5]. - There is a belief that while AI may not completely disrupt certain industries, it will significantly enhance productivity and profitability in sectors that seem unrelated to AI [5]. Group 3: Broader Market Context - The overall market has seen a significant downturn, with the Nasdaq index down 1.8% for the week and the S&P 500 software and services index down nearly 8%, marking its worst weekly performance since March 2020 [6][7]. - The market's volatility is attributed to a combination of factors, including concerns over AI's impact, potential changes in Federal Reserve leadership, and high valuations in various asset classes [7][8]. - Despite the recent sell-off, some analysts view the market's reaction as an overreaction, suggesting that the fundamentals remain strong and that the current adjustments may set the stage for future growth [7][8].