花旗发表报告， 中芯国际与华虹 半导体2025年第四季财报基本符合公司指引，惟2026年第一季展望略 低于预期。该行指，两家企业均将 人工智能与本土替代需求视为关键驱动力，双方将共同受益于中国 供应链本土化进程及终端市场需求的多元化发展。该行将中芯国际目标价由53港元上调至75港元，评 级"中性"；华虹半导体目标价由105港元上调至115港元，评级"买入"。 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, highlighting potential investment risks in the affected sectors. Group 1: Stock Outflows - The top stock with the largest outflow is Liou Co., with a fund outflow of 1.17 billion [1] - Zijin Mining follows closely with an outflow of 1.125 billion [1] - Bona Film Group experienced an outflow of 974 million [1] - Jiecheng Co. had a fund outflow of 914 million [1] - BlueFocus Media saw an outflow of 860 million [1] Group 2: Sector Analysis - The internet services sector, represented by Liou Co. and Wangsu Science & Technology, shows notable outflows of 1.17 billion and 596 million respectively [1][2] - The cultural media sector, including Bona Film Group and Jiecheng Co., experienced significant outflows totaling 1.888 billion [1][2] - The battery sector, represented by Ningde Times, had an outflow of 616 million, indicating potential concerns in this industry [1][2] - The photovoltaic equipment sector, with companies like Xiexin Integration and Sunshine Power, also faced outflows of 569 million and 501 million respectively [1][2] Group 3: Performance Metrics - Liou Co. had a slight increase in stock price by 1.21% despite the outflow [2] - In contrast, Jiecheng Co. experienced a significant decline of 11.51% alongside its outflow [2] - The overall trend shows that many companies with high outflows also faced negative stock performance, indicating a correlation between fund outflows and stock price declines [2][3]

Summary of Key Points Core Viewpoint - The trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 1.2 trillion yuan, showing a decrease of 126.8 billion yuan compared to the same time the previous day, with an estimated total trading amount of approximately 1.9 trillion yuan for the day [1] Trading Volume Details - As of the current moment, the trading volume in the Shanghai market reached 502.9 billion yuan [1] - The trading volume in the Shenzhen market was 687.8 billion yuan [1] - The trading volume for the Beijing Stock Exchange 50 was 9.7 billion yuan [1]

日本央行审议委员田村直树：我个人认为日本近期的通胀正变得具有粘性。我们最早可能在今春就判断 日本央行的价格目标已经实现。我们正处于一个需要仔细审视各种数据的阶段，以确定日本能否平稳实 现物价目标。消费者通胀趋于稳定，但鉴于日元新一轮跌势，必须对价格前景保持警惕。若经济和物价 与日本央行的预测一致，将加息。预计食品价格将继续上涨。 ...

日本央行审议委员田村直树：我认为，我们有望在今年春季前后确定通胀已稳定在2%左右。利率距离 被视为对经济影响为中性的水平仍有相当一段距离。 ...

日本央行审议委员田村直树：预计今年工资增长将达到与2%物价目标相符的水平。潜在通胀正在逐步 上升，已非常接近达到并稳定在目标水平之上。对于我而言，决定日本央行价格目标是否达成的最后一 个关键因素在于，通胀是否已稳定在该目标水平之上。 ...

六位经济学家调查的中值预估，泰国经济第四季度可能同比增长1.3%。这一增速将略高于第三季度 1.2%的增速。巴克莱分析师在一份报告中写道，得益于游客人数、制造业产出和政府支出的环比改 善，第四季度GDP增速可能回升。他们称："由于第四季度进口增速超过出口增速，净出口可能会部分 抵消经济回升的影响。" ...

Market Performance - The A-share market opened lower and continued to decline, with the Shanghai Composite Index down 0.7% at 4105.04 points, the Shenzhen Component Index down 0.67% at 14187.44 points, and the ChiNext Index down 0.96% at 3295.99 points, while the Sci-Tech 50 Index fell 0.09% to 1479.67 points [1] - Trading volume significantly shrank, with a total turnover of 12038.58 billion yuan, a decrease of 125.6 billion yuan compared to the previous trading day, and over 2600 stocks in the market declined [1] Sector Performance - The military industry, paper manufacturing, autonomous driving, semiconductor equipment, aquaculture, battery, and tourism sectors saw the largest gains, while oil and gas extraction and services, minor metals, port shipping, steel, photovoltaic equipment, and short drama gaming sectors experienced the largest declines [4] - The military sector rose collectively amid international turmoil, with Andavil hitting the daily limit up of 20% [4] - The AI computing infrastructure construction wave is thriving, with semiconductor equipment stocks remaining active, including Micronano and Fuchuang Precision, both rising over 10% [4] - The autonomous driving and smart cockpit sectors also saw gains, with Zhejiang Shibao, Xingmin Zhitong, and Qianli Technology hitting the daily limit up [4] - Conversely, the photovoltaic sector's popular stock, Shuangliang Energy, hit the daily limit down after the company stated it indirectly participated in related commercial aerospace projects but did not directly cooperate with SpaceX [4] - Overnight international gold and oil prices saw significant declines, leading to a drop in non-ferrous metals and oil and gas resource stocks, with China National Offshore Oil Corporation and Xiyang Co., Ltd. recording declines [4] Investor Sentiment - With the upcoming Spring Festival holiday leading to a 10-day market closure (February 14 to February 23), the focus for investors is whether to "hold stocks over the holiday" or "hold cash and wait" [5] - Several brokerages have analyzed historical A-share performance around the Spring Festival, identifying clear market trends to support current market dynamics [5] - In light of pre-holiday market fluctuations, most brokerages recommend that investors "hold stocks over the holiday" as a preferred strategy, anticipating a new round of market activity post-holiday [5]

本文源自：金融界AI电报 世界白银协会在咨询机构Metals Focus提供的初步估算中指出，白银市场正面临连续第六年的结构性短 缺，目前预计缺口为6700万盎司，该数据将于4月中旬更新。该机构未披露2025年数据。去年4月其曾预 测2025年缺口为1.18亿盎司。该协会称，受节约措施及光伏领域使用其他材料替代白银等因素影响， 2026年工业用银加工量预计将下降2%，降至四年低点6.5亿盎司。珠宝需求预计将连续第二年下滑，下 降9%至1.78亿盎司，创2020年以来最低水平，因创纪录价格冲击印度等主要市场需求。银器需求预计 下降17%，印度市场降幅最为显著。 ...

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent for a "Uniform Temperature Plate and Electronic Device," which aims to improve heat transfer efficiency and cooling performance [1] Group 2 - The patent application, with publication number CN121510520A, was filed on February 2025 and describes a uniform temperature plate consisting of a first cover and a second cover, forming a cavity that includes main and auxiliary flow paths [1] - The design of the uniform temperature plate enhances steam transmission speed by having the depth of the main flow path greater than that of the auxiliary flow path, thereby improving heat dissipation [1] Group 3 - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in software and information technology services, with a registered capital of 148.8 million RMB [1] - The company has made investments in four enterprises, participated in 151 bidding projects, and holds 5,000 patent records along with 123 administrative licenses [1]