Core Viewpoint - Recent media reports have raised concerns about Luzhou Bank (01983.HK) regarding shareholder reductions, capital adequacy ratios, and non-performing loans. However, a comprehensive examination of the bank's operational fundamentals, regional economic support, and strategic responses reveals that these concerns may be one-sided and do not fully reflect the bank's overall resilience and long-term value [1]. Group 1: Shareholder Reduction and Market Behavior - Shareholder reduction is a normal market behavior and should not be over-interpreted. After the reduction, FANYUE's shareholding dropped to 9.95%, still close to the 10% threshold, and as a financial investor, adjusting positions based on funding arrangements is typical [2]. - Stock price fluctuations are influenced by multiple factors, including macroeconomic conditions, industry cycles, and market sentiment. Luzhou Bank's price-to-book ratio (PB) is 0.49, lower than the industry average, reflecting the valuation pressure on regional banks rather than individual operational deterioration [3]. Group 2: Performance Growth and Cost Control - The bank has demonstrated resilience in profit growth, with a 18.5% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, achieved through effective cost control despite slight revenue fluctuations [4]. - Non-interest income has experienced volatility primarily due to capital market fluctuations, but as market conditions improve, the bank's potential in intermediary business and wealth management is expected to gradually be realized [5]. Group 3: Capital Adequacy and Supplementation Plans - Capital adequacy ratios are within safe ranges, with the core Tier 1 capital adequacy ratio at 8.01%, Tier 1 capital adequacy ratio at 9.82%, and total capital adequacy ratio at 12.66%, all meeting regulatory requirements [6]. - The postponement of the H-share capital increase proposal reflects the board's respect for shareholder opinions and governance procedures, indicating that capital supplementation is not hindered. The bank can supplement capital through internal profit accumulation and issuing subordinated debt [7]. Group 4: Asset Quality and Risk Management - The non-performing loan ratio has slightly increased from 1.18% to 1.29%, remaining below the industry average of approximately 1.6%, with the increase mainly influenced by a few large clients. The bank has made sufficient provisions, maintaining a robust risk resistance capability [8]. - The proactive disclosure of risks demonstrates transparency and a commitment to risk management. The bank plans to submit a restructuring proposal for a risk exposure of 818 million yuan, showcasing a responsible attitude towards risk [10]. Group 5: Regional Economic Support and Shareholder Background - The largest shareholder, Luzhou Laojiao Group, not only provides capital support but also brings quality customer resources through industrial chain collaboration. Luzhou City, as a key node in the Chengdu-Chongqing economic circle, offers a favorable environment for the bank's business development [11]. - The bank is gradually optimizing its credit structure, increasing investments in inclusive finance and green finance. Although the proportion of loans to the construction and real estate sectors is high, these projects are primarily focused on local key projects and quality enterprises, keeping overall risk manageable [12]. Group 6: Strategic Layout and Governance Optimization - The introduction of professional directors enhances governance capabilities, with new board members bringing expertise in risk management and governance, supporting strategic transformation and non-performing asset disposal [13]. - As the first listed bank in a prefecture-level city in the western region, Luzhou Bank has significant advantages in brand recognition, customer base, and channel networks in the local market, playing an irreplaceable role in regional economic development [14]. Conclusion - The challenges faced by Luzhou Bank are common phenomena for regional banks during economic transitions, rather than individual crises. The bank exhibits strong resilience in profitability, risk resistance, and corporate governance, with strategic adjustments and risk management measures being forward-looking and actionable. Investors and the market should focus on the improvement of fundamentals and the dual opportunities presented by regional economic recovery [15].

Group 1 - Gao Yi Asset holds shares in 13 companies in the US stock market, with a total market value exceeding $600 million, focusing heavily on Chinese companies listed overseas [1] - The top ten holdings of Gao Yi Asset include seven Chinese concept stocks, with Huazhu Hotels Group being the largest position, showing a strong preference for Chinese enterprises [1] - Huazhu Hotels Group reported a hotel revenue of 30.6 billion yuan for Q3 2025, a year-on-year increase of 17.5%, with over 12,000 hotels in operation and membership exceeding 300 million [1] Group 2 - Gao Yi Asset increased its holdings in several Chinese concept stocks, including Pinduoduo, Beike, and iQIYI, with Pinduoduo seeing an increase of 629,000 shares, nearly a 90% rise [1] - Another private equity firm, Jinglin Asset, also increased its holdings in Pinduoduo by over 600,000 shares during the same reporting period [2] - Pinduoduo reported Q3 2025 revenue of 108.28 billion yuan, a year-on-year growth of 9%, but faced pressure on operating profit margins due to intensified market competition and ongoing investments under its "billion support plan" [2]

中央气象台2月15日10时继续发布寒潮蓝色预警：受强冷空气影响，预计，2月15日14时至2月17日08 时，内蒙古东北部、黑龙江中北部、黄淮中南部、江淮、江汉、江南大部、西南地区东南部、华南北部 等地部分地区将先后降温6～10℃，其中，江南西部等地局地降温可达12℃以上。2月17日凌晨最低温度 0℃线将南压到江淮、黄淮南部、江汉中部至四川北部一带。 ...

有网友在社交平台提出疑问，SpaceX将重心从火星转移至月球，并计划在十年内建成月球自主发展城 市，但为何要做出这样的转变？马斯克对此回应称：需要明确的是，我们仍将推进火星计划。我认为此 次调整对火星城市实现自主发展的时间影响不超过五年，甚至可能加速火星开发进程。 ...

0:00 / 1:08 金融界 · 燕梳研究院 祝您平安到家 Al 生成 关键词阅读：AI视频 新春祝福 责任编辑：山上 ...

2月15日，北京市发布2026年小 客车指标配额和配置比例，2026年北京市常规小客车指标配额为10万 个，另外增发 新能源指标8万个。（新华社） ...

据猫眼专业版数据，电影《飞驰人生3》首映日预售票房破亿。 ...

2 月 15 日，彭博社昨日报道称，SpaceX 正考虑在计划年内进行的首次公开募股（IPO）中采用双重股 权结构，从而让公司创始人埃隆 · 马斯克（Elon Musk）能继续保有对公司决策的主导权。 这一做法与马斯克此前对特斯拉提出的设想相似：通过双重股权确保创始人可以长期推进其战略愿景。 该结构将赋予特定股东具有额外表决权的股票，使其主导公司决策，确保马斯克等内部人士能以少数股 权维持控制。 同时，SpaceX 还将扩充董事会成员，以推动 IPO 进程及落实超越核心业务的太空战略。SpaceX 拟通过 IPO 募集可能高达 500 亿美元（IT之家注：现汇率约合 3457.24 亿元人民币）的资金，用于建设太空 AI 数据中心及月球工厂。 在此之前，Meta、Alphabet 等美国科技企业已率先采用双重股权结构，旨在保障创始人长期愿景。该模 式通常赋予内部人士每股 10 至 20 倍表决权（普通股仅 1 票），而批评者认为其削弱了问责机制。对马 斯克而言，超级投票权股份可抵御激进股东干预公司决策。 马斯克也曾公开推崇分级股权结构，并提议特斯拉实施双重股权以保障其 25% 表决权，否则将另建 AI 与机器 ...

有网友提议在月球上建立永久基地，并从那里发射飞船到火星。对此，马斯克回应称：在月球上制造燃 料很困难，因为获取氢气和碳来合成甲烷（CH4）非常困难。在地球上则容易得多，因为甲烷储量丰 富。但也许当我们到达月球，城市开始运转时，情况就会有所改变。（格隆汇） ...

Core Insights - Bitcoin price briefly surpassed $70,000, indicating a significant surge in the cryptocurrency market [1] - Ethereum increased by nearly 2%, currently priced at $2,090.9 [1] - Dogecoin experienced a rise of nearly 10%, reflecting positive market sentiment [1] Market Activity - Over 90,000 traders faced liquidation in the past 24 hours, with total liquidation amounting to nearly $200 million [1]