Core Viewpoint - The article discusses the regulatory measures taken by various municipal market supervision departments in China to curb unhealthy competition in the food delivery industry, particularly during the Spring Festival period. It emphasizes the need for compliance and stability in the market by discouraging low-quality, low-price competition and promoting fair practices among food delivery platforms and merchants [3]. Group 1: Regulatory Measures - Multiple cities, including Xinyang, Nanyang, Bengbu, Shantou, Wenchang, and Liaoyang, have issued guidelines to food delivery platforms to stop "involutionary" competition characterized by low-quality and low-price strategies [3]. - The guidelines prohibit platforms from organizing malicious subsidies and price dumping to maintain order in the Spring Festival food delivery market [3]. - There is a focus on regulating promotional activities, with clear prohibitions against forcing merchants to participate in promotions through unfair practices such as lowering search rankings or imposing unreasonable thresholds [3]. Group 2: Industry Response - Some regional catering industry associations have called for enhanced self-regulation to halt low-quality, low-price competition. For instance, the Gansu Catering and Cooking Industry Association issued a statement urging the industry to stabilize market order [3]. - The association highlighted that the subsidy wars in 2025 shifted competition from quality and service to capital endurance, negatively impacting the pricing power and bargaining ability of small and medium-sized merchants [3]. - The call for action aims to address the detrimental effects of "involutionary" competition on the profitability of offline businesses [3].

Core Viewpoint - The article highlights the transformation of Zhejiang's private enterprises towards brand development, showcasing their resilience in the face of global challenges and emphasizing the importance of brand building for long-term competitiveness [4][6][11]. Group 1: Brand Development in Zhejiang - Zhejiang has the highest number of brands (29) recognized in the 2025 China Consumer Brand List, reflecting the province's strong emphasis on brand development amid a complex global environment [4][6]. - The shift from OEM to self-branded exports by companies like Wang Xiaonan's brand demonstrates a proactive approach to market changes, enhancing their resilience against uncertainties such as U.S. tariffs [3][4]. - The local private economy's growth and the government's supportive policies are crucial for fostering brand development, with a focus on innovation and market responsiveness [5][8]. Group 2: Government Policies and Support - The Zhejiang government aims to cultivate around 50 "Zhejiang Quality" brands by 2027 and 100 by 2030, with initiatives to enhance innovation and set industry standards [8][12]. - Policies include establishing a directory of consumer brands and organizing supply-demand matching events to promote regional industries transitioning to brand-oriented models [12]. - The government encourages the use of modern marketing techniques, such as social media and storytelling, to enhance brand visibility and consumer engagement [12]. Group 3: Market Dynamics and Challenges - The demand for branding in Zhejiang is driven by market mechanisms, with companies motivated to enhance their products' value through branding as they gain market traction [7][11]. - The rise of young entrepreneurs in the e-commerce space is reshaping brand strategies, emphasizing the need for long-term investment in brand building rather than seeking quick success [11]. - Companies are increasingly looking to acquire international brands to enhance their competitiveness, although geopolitical tensions may pose challenges to this strategy [11].

2026.02. 12 本文字数：2499，阅读时长大约4分钟 作者 | 第一财经 林志吟 近日，1至8批国家集采药品新一轮接续采购已诞生拟中选结果，共有1020家企业的4163个产品获 得拟中选资格，涉及316种常用药品，覆盖抗感染、抗肿瘤、降血糖、降血压、降血脂、神经系统、 呼吸系统、消化系统等26个治疗领域。 从这接续采购的316种药品来看，据第一财经记者统计，有原研药中标的品种共有21个，整体占比 不到一成。 不到一成的原研药中标 国家药品集采，针对的仿制药以及过了专利保护期的原研药这两大类产品，一方面，挤掉药价虚高的 水分，降低患者用药负担；另外一方面，通过集采节省下的医保资金，转向支付临床价值显著的创新 药，满足临床亟需，鼓励药企研发创新。 本次是针对1-8批国家集采药品新一轮接续采购，由江苏、河南、广东三省医保局联合牵头，各省份 全部参与，实现了采购规则规范统一。企业只需在线投标一次，中选即可实现全国销售。具备投标资 格的企业绝大多数参与投标报价，整体中选率高达93%，每个品种平均14家企业中选。 本次接续采购，国内药品上市许可持有人（含药品注册批件持有人）、境外药品上市许可持有人及其 境内责任 ...

Market Overview - On February 12, US stock indices opened higher, with the Nasdaq up 0.38%, the Dow Jones up 0.36%, and the S&P 500 up 0.34% [1][2]. Chinese Stocks Performance - Chinese concept stocks collectively declined, with the Nasdaq China Golden Dragon Index down 0.4%. Notable declines included Ctrip Group down over 4%, Tencent Music and Beike down over 2%, and Pinduoduo, Li Auto, Dingdong Maicai, and JD Group down over 1%. Alibaba fell nearly 1% [2][3]. Storage Sector Performance - Storage concept stocks continued their upward trend, with Seagate Technology and Western Digital both rising over 9%, and SanDisk increasing over 8% [4][5]. Technology Stocks Performance - Technology stocks showed mixed results, with AMD, Tesla, and NVIDIA rising over 1%. However, Cisco experienced a significant drop of over 6%, and Netflix fell over 2% [5][6].

2026.02. 12 本文字数：2679，阅读时长大约5分钟 作者 | 第一财经 杜川 春节临近，人民币汇率一路"昂首向上"。2月12日，在岸、离岸人民币对美元汇率盘中双双升破6.9 整数关口，并创下阶段性新高，成为节前金融市场的一大亮点。 同日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对 人民币6.9457元，相较前一交易日中间价6.9438，调贬19基点。 多位市场分析人士认为，本轮人民币走强得益于外部环境改善、美元走弱、企业结汇需求释放、市场 情绪升温等多重利好因素共振，与此同时，人民币对美元中间价持续向偏弱方向调控，意在引导市场 预期，防范短期内人民币过快升值。 随着9天春节长假临近，春节期间汇率将如何演绎？是否适合持汇过节等问题也成为当前市场关注的 焦点。 节前人 民币走强 最近一段时间，人民币汇率保持韧性，在岸与离岸联动走强，趋势高度一致，是内外部环境、跨境资 金流入、市场预期共同作用的结果， 数据显示，人民币汇率自2025年12月底升破7.0关口后，2026年初延续升值趋势。 "近期人民币对美元持续升值，延续了2025年12月以来的偏强走势。"东方金诚首 ...

联邦调查局文件显示，爱泼斯坦身亡当天，大批媒体记者聚集在管教中心外。 这名狱警称，为"蒙蔽媒体"，相关人员用纸箱和床单拼凑出一具形似人体的假尸体。假尸体被装上一 辆白色法医用车运走，随后引来大批记者尾随。 而真正的遗体则通过一辆黑色车辆"神不知鬼不觉地"运走。 报道称，这份审讯摘要文件并非爱泼斯坦死亡事件的官方档案，其内容无法得到完全证实。 联邦调查局文件还显示，爱泼斯坦在身亡前一天曾与母亲通电话。据称因为获准拨打电话，他当时显 得"很开心"。 报道称，这一说法出现在一份对狱警的访谈摘要中，该摘要来自近期公开的爱泼斯坦案相关文件。此举 意在确保爱泼斯坦的遗体能够顺利、不受干扰地被送往法医办公室。 相关新闻： 据德新社2月11日报道，一份联邦调查局（FBI）文件称，性犯罪者杰弗里·爱泼斯坦身亡后，美国司法 部官员曾使用一具假尸体，试图以此转移媒体注意力。 长期操控性剥削团伙的爱泼斯坦于2019年8月被发现在纽约大都会管教中心的牢房内死亡。官方称其 为自杀。 编辑 ｜瑜见 （封面来自央视新闻） 涉爱泼斯坦案，6名富豪被"点名" 爱泼斯坦文件中，特朗普名字出现超过一百万次 来源｜参考消息 ...

Core Viewpoint - The article discusses the implementation of policies across various cities in China that promote the exchange of old homes for new ones and the acquisition of second-hand homes for use as affordable rental housing, signaling a shift in the real estate industry from "incremental development" to "stock operation" [3][10]. Group 1: Policy Implementation - In early 2026, policies for "exchanging old for new" and acquiring second-hand homes for affordable housing are being rolled out in multiple cities [3]. - The first batch of second-hand homes acquired in Shanghai will be used for affordable rental housing, targeting new citizens, young people, and university graduates [5]. - Three districts in Shanghai, including Pudong, Jing'an, and Xuhui, are set to pilot these initiatives, with a focus on properties that are well-located, have clear ownership, and are small-sized [5][6]. Group 2: Market Trends - The shift towards acquiring second-hand homes is a response to the challenges faced by homeowners in selling their old properties, which has disrupted the housing exchange chain [9]. - The national housing market is experiencing a fundamental change, with a decrease in new home transactions and an increase in second-hand home transactions, indicating a rising substitution effect of second-hand homes for new ones [9][10]. - The demand for small-sized rental units is high, with 78.2% of rental demand in Shanghai for one- and two-bedroom apartments, particularly in core districts [11]. Group 3: Implications for Stakeholders - The policies align with the central government's macroeconomic goals to stabilize the real estate market and encourage the acquisition of existing properties for affordable housing [10]. - Local governments and state-owned enterprises are expected to transition from being "land suppliers" to "market stabilizers" and "housing resource operators" [10]. - The collaboration between real estate companies and local state-owned platforms in the acquisition and operation of second-hand homes may become a new business direction for these entities [10].

Core Viewpoint - The beauty industry, particularly nail services, is experiencing a significant surge in demand leading up to the Chinese New Year, with consumer interest and spending increasing dramatically during this peak season [3][10]. Group 1: Industry Trends - The demand for beauty services such as nail art, hairdressing, and eyelash extensions has seen a remarkable increase, with search volumes for these services rising over 90% in the two weeks leading up to the New Year [3]. - Nail service demand has doubled in the same period, indicating a strong consumer trend towards beauty services as part of New Year celebrations [3][8]. - The beauty industry is categorized as one of the "Four Major Consumption Categories" during the festive season, alongside home cleaning services, reflecting a cultural emphasis on celebration and aesthetics [10]. Group 2: Operational Adjustments - Beauty salons are adapting to the increased demand by modifying their operational hours and staffing, with many salons extending their hours and increasing the number of service stations by 3 to 5 per location [7][8]. - Nail technicians are experiencing a significant increase in workload, with daily customer service numbers rising from an average of 5-6 to over 10 during peak times, leading to longer working hours and higher earnings [5][7]. - The average consumption of nail polish has increased, with technicians using up to 2-3 bottles in two days compared to one bottle per week under normal circumstances [6]. Group 3: Customer Demographics and Preferences - A notable shift in customer demographics has been observed, with new customers making up 50% of the clientele, including a wide age range from children to seniors, indicating a broader appeal of beauty services [10]. - Customers are increasingly opting for more complex and expensive nail designs during the festive season, with service times extending to 2-3 hours for intricate styles [10][11]. - The trend of pre-booking appointments has intensified, with many customers reserving slots 1-2 weeks in advance, reflecting a shift in consumer behavior towards planning for beauty services [6][8]. Group 4: Revenue Growth - Beauty technicians' earnings have seen a substantial increase, with reports indicating income growth of nearly 100% compared to the previous year during the peak season [12]. - The overall transaction volume for beauty services has surged, with major cities like Shanghai, Shenzhen, and Beijing leading in consumer demand, contributing to the industry's growth [11].

报道援引美军南方司令部发言人伊曼纽尔·奥尔蒂斯的话说，"阿利·伯克"级驱逐舰"特拉克斯顿"号和 一艘在加勒比海执行集结任务的海军补给船在海上补给期间相撞，造成2人轻伤。"目前伤者情况稳 定，两艘舰船均报告能够继续安全航行。" 据美国《华尔街日报》12日报道，美国海军两艘舰船11日在加勒比海进行舰对舰补给作业时发生碰 撞。 来源｜新华社 编辑 ｜瑜见 奥尔蒂斯说，目前正对事故进行调查，碰撞原因尚不明确。报道说，碰撞发生的具体地点没有公布。 近来，美国以"缉毒"为由，在加勒比海域部署多艘军舰。"阿利·伯克"级驱逐舰是美国海军当前主力战 舰。 ...

Core Viewpoint - The article discusses the increasing popularity of government bond reverse repos as a method for investors to manage idle funds during the upcoming Spring Festival holiday, highlighting the operational details and market conditions affecting returns [3][6]. Group 1: Government Bond Reverse Repo Operations - Investors can engage in 1-day government bond reverse repos on February 12, allowing them to earn interest for 11 days, with funds available for trading on February 13 [5][6]. - The operation is characterized as a short-term loan where investors lend money against bond collateral, offering flexibility, safety, low fees, and simplicity [6][7]. - The trading window for optimal returns is emphasized, with February 12 identified as the best day for transactions before the holiday [7]. Group 2: Market Conditions and Interest Rates - This year's pre-holiday funding rates are notably lower compared to previous years, indicating a more relaxed liquidity environment, which diminishes the potential returns from reverse repos [8][10]. - Historical trends show that funding rates typically rise before holidays due to increased cash demand, but this year, the central bank's liquidity support has kept rates low [9][10]. - As of February 12, the 1-day government bond reverse repo rates were reported at 1.27% and 1.21% for Shanghai and Shenzhen exchanges, respectively, reflecting a downward trend [10]. Group 3: Central Bank Actions - The central bank announced a significant reverse repo operation of 1 trillion yuan to maintain liquidity, indicating a continued supportive stance towards monetary policy [11]. - The expectation of further liquidity support through various tools, including medium-term lending facilities and government bond transactions, is anticipated in the coming months [11].