蒙古焦煤就近期媒体报道发布澄清公告称，确认其营运附属公司ER及KEX已与蒙古国政府签署不具法 律约束力的谅解备忘录。根据备忘录，战略矿场的国家所有权权益要求将被豁免，改以与市价挂钩的特 别特许权使用费替代，蒙古国政府将享有矿场60%的累计经济利益。 蒙古焦煤(00975)盘中跌近18%，截至发稿，跌14.51%，报12.2港元，成交额2.59亿港元。 消息面上，据报道，近日，蒙古国总理赞丹沙塔尔与部分矿企签署收益分配初步协议，将乌哈胡达格、 纳林苏海特和巴鲁努纳兰(塔万陶勒盖矿区之一)以及额尔登特衍生铜矿的收益的60%，通过国家财富基 金以储蓄形式返还给蒙古国民众，切实履行企业社会责任，助力国家资源收益的合理分配。 ...

（原标题：A股收评 | 沪指蛇年涨25%！最牛股浮现） 蛇年正式收官！三大指数今日集体收跌。从全年来看，沪指累计涨幅超25%，创业板指累涨超58%。从个股角度看，剔除掉今年上市的新股之 后，蛇年最牛股票为上纬新材，累计涨幅超18倍。 今日盘面上，军工板块逆势走强，安达维尔、亚星锚链、航发动力等涨停。半导体板块拉升，微导纳米、富创精密涨超10%。机器人概念股表现 活跃，百达精工、天奇股份等涨停。下跌方面，CPO等算力硬件股调整，长芯博创跌超10%；太空光伏概念下挫，双良节能跌停。 展望节后市场走势，国信证券指出，由于春节假期A股休市较长，部分投资者为规避海外市场波动等可能发生的不确定事件，市场交投热度下 滑，而节前的清淡交易在节后往往得到逆转，春节后一周A股成交额较春节前一周平均放量22.3%。 光大证券认为，本轮春季行情仍然值得期待，后续市场无论是在政策方面，还是在基本面层面之上，未来几个月仍然会有利好消息的逐步验证。 华金证券同样看好春季行情延续，一是由于今年春节期间经济和盈利预期可能改善，包括春节出行、消费数据可能偏好；地产销售可能回暖；二 是春节期间流动性可能维持宽松；三是春节期间风险偏好可能维持中性。 ...

2026年1月份，由中国物流与采购联合会和林安物流集团联合调查的中国公路物流运价指数为105.9点，环比回升0.65%， 同比去年回升0.19%。从月内看，第一、二、三、四周运价指数环比回升，第五周运价指数环比回落。 表1 2026年1月中国公路物流运价指数表 | | 2026年累计 | | 2026年1月 | | 与上月比 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) | | | 中国公路物流运价指数 | | 105.9 | | 105.9 | | 0.65 | | 整车指数 | | 106.5 | | 106.5 | | 0.64 | | 零担轻货指数 | | 103.3 | | 103.3 | | 0.68 | | 零担重货指数 | | 106.6 | | 106.6 | | 0.66 | 分车型指数看，各车型指数环比有所回升，同比去年走势分化。以大宗商品及区域运输为主的整车指数为106.5点，比上 月回升0.64%，比上年同期回升0.32%。零担指数中，零担轻货指数为103.3点，比上月回升0.68%，比上年同期回落 0 ...

当地媒体去年报道称，公司曾考虑在泰国上市。相关数据显示，曼谷股市近年来表现不佳，2025年下跌 10%，2023年和2024年也有所下跌。泰国2025年IPO集资金额约3.59亿美元，是自2010年以来最低。 公司官网显示，Minor Food在24个国家拥有2,699家门店和80个品牌。 据媒体引述知情人士报道，泰国大型餐饮集团美诺国际(Minor International Pcl)正考虑分拆旗下餐饮业 务并在香港进行首次公开募股(IPO)。知情人士表示，汉堡王及DQ冰淇淋母企Minor Food正考虑最快今 年在港IPO，集资逾4亿美元。上市的讨论，包括规模及时间表仍未定。对此，美诺国际的代表拒绝置 评。 ...

香港联交所最新资料显示，2月10日，高丽减持飞扬集团(01901)2251.6万股，每股作价0.39港元，总金 额约为878.12万港元。减持后最新持股数目为8141万股，最新持股比例为8.15%。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau's EBITDA for Q4 2025 is expected to decline by 7% year-on-year to HKD 21.13 billion, aligning with the bank's expectations but falling 10% short of market forecasts, primarily due to a decrease in VIP and mass market win rates [1] Financial Performance - The property EBITDA margin contracted by 3.6 percentage points year-on-year to 28%, which also meets the bank's expectations [1] - The company has revised its capital expenditure guidance for 2026 from the previous range of USD 450 million to 500 million down to USD 400 million to 450 million [1] Operational Updates - The renovation of the Chairman's Club at Wynn Palace is expected to be completed before the Lunar New Year [1] - The company reported that business volume in January is comparable to that of Q4 last year [1]

西南证券发布研报称，商业航天正式迈入建设期，通信行业开启"星座级Capex"新周期，是2026年最具 确定性的核心主线。商业航天已从前期技术验证与主题探索阶段，进入以规模化星座部署为核心的建设 期。在国家战略高度持续提升、"十五五"规划明确指引的背景下，低轨卫星作为6G"空天地一体化"网络 的关键基础设施，其发展具备明显的政策刚性。同时，低轨轨道与频谱资源高度稀缺且不可再生，全球 可用容量有限，中国在发射与规划层面持续推进，行业具备"必须做、且要抢时间"的战略特征。由此， 商业航天投资逻辑由主题驱动，明确切换至以网络建设为核心的Capex周期。 当前阶段，火箭回收与发射体系完善推动发星成本下降、效率提升，使星座部署由"可行"迈向"可持 续";发射频率提升后，卫星通信质量与覆盖能力同步改善，带动应用场景向更多行业渗透;应用规模扩大 后，收入增长将反哺产业链，推动商业航天由主题投资向可验证的产业周期演进。阶段上看，前期市场 已更多关注"火箭回收"的降本逻辑，后续有望逐步向运载能力提升、发射基地配套及终端侧轮动。 高速光连接是AI算力基础设施升级的重要组成部分，确定性持续增强 随着算力集群规模扩大与通信带宽需求提升 ...

保险资金运用余额继续快速增长 1）2025年末保险行业资金运用余额达38.5万亿元，较年初+15.7%，较Q3末+2.7%，全年增速为2021年 以来最高水平，该行认为主要受负债端保费规模持续较快增长带动。2）人身险公司投资规模为34.7万 亿元，占行业的90.1%。投资规模较年初+15.7%，较Q3末+2.8%。财产险公司投资规模为2.4万亿元，占 行业的6.3%。投资规模较年初+8.8%，较Q3末+1.2%。 2025全年"股票+基金"增加1.6万亿，Q4单季增加1101亿 1）2025年末产、寿险公司"股票+基金"合计余额5.7万亿元，其中股票3.73万亿元，基金1.97万亿元。 2025年股票+基金规模较年初大幅增加1.6万亿元，其中股票增加1.31万亿元，基金增加2899亿元，该行 认为除新增资金外，股价上涨和基金净值提升也有较大影响。2）Q4单季"股票+基金"规模增加1101亿 元，其中股票增加1135亿元，基金减少34亿元。3）从占总投资规模比重看，2025年末股票+基金合计 占比15.4%，较年初提升2.6pct，但较Q3末下降0.1pct。其中，股票占比10.1%，较年初/Q3分别提升 2. ...

Group 1 - The core viewpoint of the article highlights the strong performance of Maoyan Entertainment (01896), with a notable increase in stock price and significant pre-sale ticket sales for the 2026 Spring Festival film season [1] - As of February 10, 2026, the pre-sale box office for new films during the Spring Festival has exceeded 100 million yuan, indicating strong audience interest [1] - According to a report from Galaxy Securities, all films in the 2026 Spring Festival season are domestic productions, including several high-value IP films, which are expected to drive the emergence of new excellent IPs [1] Group 2 - In the first half of 2025, Maoyan Entertainment achieved a record high in the number of films it controlled for promotion or distribution, with 29 domestic films and 9 imported films [1] - The company was involved in the distribution or production of a total of 24 films, with 4 films in development, marking a historical peak for the same period [1] - For the 2026 Spring Festival, the company is participating in the production of "Fast and Furious 3" among other films [1]

Core Viewpoint - Boreton (01333) has seen a stock price increase of over 5%, currently trading at 21.36 HKD with a transaction volume of 54.47 million HKD, indicating strong market interest amid geopolitical tensions affecting resource supply chains [1] Industry Summary - The mining machinery industry is expected to benefit from increased capital expenditure due to heightened global geopolitical disturbances, leading to sustained high demand in the sector [1] - Domestic mining machinery manufacturers possess competitive advantages in terms of cost-effectiveness and customized equipment design, suggesting significant potential for increased global market share as the trend towards self-sufficient resource supply chains continues [1] Company Summary - Boreton plans to launch a new generation of unmanned mining trucks by 2025 and expand into overseas markets such as Africa, indicating a strategic growth initiative [1] - The penetration rate of new energy engineering machinery is expected to rise, with Boreton's product iteration to the BRT970EV model and continuous market expansion [1] - The mining sector is identified as a key application area for autonomous commercial vehicles, with a projected penetration rate of 50% by 2030 [1] - Boreton has introduced the 9M145E model, an original unmanned mining truck equipped with a self-developed E2E intelligent driving system and smart scheduling platform, facilitating collaborative operations among multiple devices [1] - The company has a robust order backlog, having signed a procurement agreement for 1,000 units with Mingyang Mining and supplying 150 units to Fujian Rixin, indicating accelerated commercialization [1]