2026.02. 12 本文字数：3217，阅读时长大约5分钟 作者 | 第一财经 栾立 刚刚结束了2025年产季，哀牢山的冬日依然繁忙。这两天，褚橙接班人褚一斌正在忙着进行果园的 花期管理工作。一棵棵冰糖橙的枝头已经冒出了米粒大的花苞，再有十天八天，白色的橙花就将如雪 般覆盖在连绵的山头上，而这也将关系到今年的收成。 种植之变 在褚一斌看来，2025年无疑是褚橙最具挑战性的一年。秋后降雨连绵，降雨量创下了近二十年来的 纪录。冰糖橙是个非常敏感的品种，褚一斌用一个形象的比喻来解释："冰糖橙如同林黛玉，照顾好 了是绝世美女，稍微照顾不好就会崩溃。" 在农业领域，雨水过多往往意味着病害风险增加、果实糖度降低、外观受损。尤其在橙子种植中，果 园管理稍有疏忽，就可能果面染病、口感寡淡，一年的辛苦打了水漂。 但褚一斌表示，2025年公司对天气的预判较为准确，并借助数据化手段进行了大量提前准备，包括 对枝梢量的管理（保证通风、采光），以及营养和水分供给的管控。这也让褚橙在成品率下降的情况 下，口感反而有所提升。 在传统农业中，看天吃饭是常态。赣南脐橙贸易商李平告诉记者，在当地产区，一对老夫妻管理四五 百棵果树的情况并不少 ...

二级市场上，双良节能今日午后股价突然直线拉升涨停，截至收盘，报10.71元，成交额超17亿元。 | < W | 双良节能(600481) | | | --- | --- | --- | | 闭市 02-12 15:00:03 | | | | 10.71 | 额 17.6亿 股本 -- 市盈 -- 市盈 -- 15.0 万得 | | | +0.97 +9.96% 换 9.46% 市值1200亿 市净 4.86 | 盘口 | | | 双良转债 175.496 18.704 11.93% | 转股溢价 1.27% | | | 分时 | 五日 日K 周K 月K 更多 ◎ | | | 益加 | 均价:9.95 盘口 | 资金 | | 10.71 | 9.96% 卖5 | | | | ST4 323 | 0 0 | | | 32 | 0 | | 9.74 | 0.00% 卖1 | 0 | | | 10.71 217334 | | | | 10.70 | 2088 | | | 253 10.69 | 61 | | | 21.7 10.68 | 230 | | 8.77 | -9.96% 买5 10.67 | 23 | | ...

Core Viewpoint - The article highlights the significant challenges faced by the technology industry, particularly in the context of rising component prices, with storage prices increasing by 40%-50% in the last quarter and potentially doubling in the current quarter. This price surge is expected to impact the prices of PCs and smartphones, leading to a forecasted price increase of 15%-20% across the market [3][5]. Group 1: Financial Performance - Lenovo Group reported a revenue of 157.5 billion RMB for the third quarter of the 2025/26 fiscal year, representing a year-on-year growth of over 18% [5]. - Adjusted net profit reached 4.07 billion RMB, with a year-on-year increase of 36%, indicating that profit growth is outpacing revenue growth [5]. - AI-related revenue surged by 72% year-on-year, accounting for 32% of total revenue, with AI PCs, smartphones, and servers all showing significant growth [5]. Group 2: Business Segments - The IDG (Intelligent Devices Group) segment generated over 110 billion RMB, growing by over 14% year-on-year, despite rising core component costs [5]. - The ISG (Infrastructure Solutions Group) segment reported revenue of 36.7 billion RMB, a 31% increase year-on-year, with AI server business experiencing high double-digit growth [5][6]. - Lenovo's inventory increased to 9.077 billion USD, up from 7.924 billion USD at the end of the previous fiscal year, attributed to business growth and longer delivery cycles for cloud service provider orders [6]. Group 3: Supply Chain and Market Dynamics - The hardware industry is facing extreme tests of efficiency and resilience due to supply chain challenges, particularly driven by the high demand for AI training and memory [8]. - Lenovo's scale across PC, smartphone, and server businesses provides it with strong negotiating power with suppliers, allowing it to secure better costs and supplies [8][9]. - The company has established deep, trust-based relationships with upstream suppliers, ensuring priority access during supply shortages, with significant growth targets set for partnerships, such as with NVIDIA [9]. Group 4: AI and Future Outlook - AI is viewed as a critical growth driver, with the potential for significant value creation in enterprise and personal intelligence through the use of private data [9]. - Lenovo's strategy focuses on "hybrid AI," emphasizing the importance of data, computing power, and models in driving future market demand for intelligent terminals and AI infrastructure [9].

人头攒动的豫园商圈内，大量游客在观灯游览，而客单价最高且人气超旺的当数老庙黄金银楼，临近春 节，不少消费者作为新年礼物或悦己而购买黄金，当然也有"保值论"者购入黄金。 当黄金价格上下波动不断之际，究竟是存款还是买黄金保值？哪些人热衷炒黄金？第一财经记者近期进 行了多方调研采访。 一边打折、一边涨价 2026.02. 12 本文字数：3809，阅读时长大约6分钟 作者 | 第一财 经 陈杨园、陈姗姗、乐琰、宋婕 为了在春节期间吸引更多消费者，部分金店也开始了促销。近期，第一财经记者实地走访了多家品牌黄 金店发现，或许是因为春节即将到来，大部分金店内购买金饰品的客人不少，根据老庙黄金、周大福、 周生生和六福珠宝等门店人员的反馈，比起一度冲到1700多元的金饰品克金价格，近期的金价又回到 了1500多元，虽然也不算便宜，但已经相对降下来了，而为了能在春节前夕吸引更多消费者，打折策 略"必不可少"。 "从现在开始一直到月底，我们都有打折，金饰品的克金价格是减100元的，比如今天的金饰品挂牌价 格是每克1550元，但实际上我们就减100元。至于含工本费的一口价产品，我们直接打九折，这样计 算下来，有些金饰品可以便宜数百 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a significant liquidity injection through a 10 trillion yuan reverse repurchase operation to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance amid economic recovery efforts [3][6]. Group 1: Reverse Repo Operations - On February 13, the PBOC will conduct a 10 trillion yuan reverse repurchase operation with a six-month term, marking an increase of 5 trillion yuan compared to the previous month [5][6]. - The total mid-term liquidity injection for February is projected to reach 6 trillion yuan, the highest in three months, as the PBOC aims to stabilize the financial market ahead of the Spring Festival [6][7]. - The PBOC's actions reflect a continuous effort to support key sectors and projects, with an early allocation of new local government debt limits for 2026 [6][8]. Group 2: Economic Context and Implications - The increase in reverse repo operations is a response to heightened liquidity demand due to seasonal factors, such as increased cash withdrawals before the Spring Festival [7][8]. - Analysts suggest that the PBOC's strategy of using reverse repos and medium-term lending facilities (MLF) indicates a commitment to maintaining a moderately loose monetary policy [8][9]. - The larger scale of liquidity injection reduces the likelihood of an immediate reserve requirement ratio (RRR) cut, as the central bank opts for targeted liquidity measures instead [9][10].

Core Viewpoint - The article discusses the tightening of gold-related business by banks in response to recent volatility in gold prices and the upcoming Chinese New Year holiday, highlighting the need for investors to manage risks effectively during this period [3][4][6]. Group 1: Market Conditions - As of February 12, gold prices are experiencing high volatility, with London gold at $5063 per ounce and Shanghai gold at 1123 yuan per gram, while retail prices in major cities reach up to 1556 yuan per gram [3][4]. - The gold market has seen significant fluctuations, with prices peaking above $5600 per ounce at the end of January and then dropping below $4500, indicating a volatility of over 20% within three trading days [6]. Group 2: Bank Responses - Major banks, including China Construction Bank, Industrial Bank, and Bank of Communications, have raised margin requirements and implemented dynamic trading limits on gold transactions to mitigate risks associated with market volatility [4][5][6]. - The minimum investment amounts for gold accumulation products have been increased by several banks, with China Bank raising the threshold from 950 yuan to 1200 yuan, and Construction Bank increasing it to 1500 yuan [5][6]. Group 3: Investor Guidance - Analysts suggest that investors should be cautious about holding positions over the holiday, as the Shanghai Gold Exchange will be closed while international markets remain open, creating a "time difference risk" [6][9]. - For those considering gold as a long-term investment, a strategy of gradual buying and holding is recommended, with a suggested allocation of 5% to 10% of the investment portfolio to gold as a risk hedge [10].

女性的乳房不仅是美丽与自信的象征，更是孕育生命的源泉，它的健康关乎每一个家庭的幸福。然 而，中国女性的乳房健康问题越来越严峻。数据显示，中国是乳腺癌发病率增长最快的国家之一，发 病率正以每年约3%的速度递增，且发病年龄逐渐提前，当前，乳腺癌已成为威胁女性健康的首要恶 性肿瘤之一。我们如何正确认识乳腺癌？第一财经《名医面对面》邀请 复旦大学附属肿瘤医院乳腺 外科副主任医师 杨犇龙 为大家进行科普： 复旦大学附属肿瘤医院乳腺外科副主任医师 杨犇龙 Q:中国乳腺癌发病率呈现怎样的特征？ A: 发病率持续上升 ：中国每年乳腺癌新发病例超过50万例，并以每年3%的速度递增，增速是全球 平均增速的2倍，在全世界排第一； 城市地区发病和死亡例数明显高于农村 ：乳腺癌发病例数，城市地区约是农村地区的2倍；死亡例 数，城市地区约是农村地区的1.8倍； 发病年龄早 ：中国女性乳腺癌发病平均年龄比西方国家提早了10年，45-55岁的女性是乳腺癌高发 年龄。 包括饮酒，超重或肥胖，不运动，未生育，未母乳喂养，避孕，绝经后激素治疗，隆胸等，都会诱发 乳腺癌。 需要特别注意是， 乳腺癌是一个雌激素相关的肿瘤，如果长期暴露在高雌激素相关的 ...

Core Viewpoint - The A-share market shows a collective rise in the three major indices, indicating a strengthening of the short-term bullish pattern, with strong technical support at the 4100-point level and the 60-day moving average [5]. Market Performance - The A-share indices collectively rose, with the Shanghai Composite Index showing a bullish pattern supported by the 10, 20, 30, and 60-day moving averages [5]. - The market experienced a slight decline in risk appetite, with more stocks falling than rising, particularly in sectors like film and tourism, while small metals and semiconductors performed well [6]. Trading Volume - The total trading volume in both markets reached over 1 trillion, marking a 7.94% increase, although overall trading activity remains below pre-holiday levels [7]. - There is a structural increase in trading volume, with a higher proportion of transactions in high-growth sectors like AI applications and computing hardware, while traditional sectors like the photovoltaic industry and consumer goods saw a decrease [7]. Fund Flows - Main funds showed a net outflow, while retail investors experienced a net inflow, indicating a cautious yet optimistic sentiment among retail participants [8]. - Institutions are focusing on a balanced strategy of "offensive and defensive" by reallocating from high-position speculative stocks to high-growth sectors like AI computing and semiconductors, while also investing in low-volatility defensive sectors like banks and utilities [9]. Investor Sentiment - Retail investors are displaying a cautious optimism, actively seeking structural opportunities in high-growth sectors, particularly in AI applications and cultural media, while remaining vigilant about high-position speculative stocks [9].

近期，部分网络账号发布 AI 生成合成信息时，不添加 AI 标识， 存在 利用虚假不实内容欺骗误导公 众 的问题 ，破坏网络生态，造成恶劣影响。网信部门督促网站平台深入排查整治，依法依约处置账号 13421 个，清理违法违规信息 54.3 万余条。现将部分典型案例通报如下： 一、微博账号 " 澄馫 " 、快手账号 " 玲子爱狗狗 " 、哔哩哔哩账号 " 空空说电影 " 等，发布狗在高 铁站救下婴儿、狗拆炸弹救人、鳄鱼伤人等视频时，未添加 AI 生成标识，借虚构感人故事、猎奇事件 恶意博取流量。相关账号已被依法依约处置。 二、微信账号 " 浮萍 9419" 、 微博账号 " 乘风已归来 " 、快手账号 " 东东情感 " 等，以 AI 换 脸、声音克隆等方式，假冒运动员、演员、主持人、企业家等公众人物，发布不实言论，借此吸粉引 流，或未经授权，售卖 AI 生成的公众人物 " 送祝福 "" 拜年 " 等视频，从中不当牟利。相关账号已 被依法依约处置。 三、抖音账号 " 巷子里的鱼 "" 禾粟 " 、快手账号 " 朵姐正能量 "" 小猪猪 " 等，发布 AI 生成的虚 假火灾现场图片、视频，恶意编造、炒作火灾事故，混 ...

2026.02. 12 作者 | 第一财经 林志吟 本文字数：1099，阅读时长大约2分钟 2月12日，市场传出消息称，阿斯利康前全球执行副总裁、中国区总裁王磊被提起公诉。 第一财经记者向阿斯利康中国方面求证，但未获得回应。 阿斯利康在近日发布年报中曾提及称，2025年11月，深圳检方完成审查，并对阿斯利康中国、阿斯 利康一名前执行副总裁和一名前高级员工以涉嫌非法收集个人信息及非法贸易罪名提起公诉。该名前 执行副总裁和该名前高级员工还被追加医保诈骗罪名。 2025年4月，阿斯利康中国收到深圳市公安局宝安分局出具的《移送起诉告知书》，涉嫌非法收集 个人信息。 与此同时，2025年10月，阿斯利康中国也收到深圳海关的通知，告知阿斯利康中国未缴纳的进口税 总额为人民币2400万元（约350万美元）。评估意见中提到的进口税涉及度伐利尤单抗 （Imfinzi）、替西木单抗（Imjudo）和德曲妥珠单抗（Enhertu）这些药物。同月，阿斯利康自愿 全额预付补偿款。但若阿斯利康中国被判定为非法贸易责任人，其也可能被征收前述已支付进口税金 额一至五倍的罚款。 | China Personal Information | · ...