Core Viewpoint - The article highlights the successful launch of Zhipu's new model GLM-5, which has received positive market feedback, evidenced by a 28.68% increase in stock price on its first trading day [5]. Group 1: Model Features and Updates - Zhipu's GLM-5 model has enhanced programming and agent capabilities, increasing pre-training data from 23 trillion to 28.5 trillion [6]. - The model introduces a new "Slime" framework to support larger model scales and complex reinforcement learning tasks, along with an asynchronous reinforcement learning algorithm for continuous learning from long-term interactions [6]. - GLM-5 has achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely matching the user experience of Claude Opus 4.5 in real programming scenarios [6]. Group 2: Applications and Integrations - Typical applications of GLM-5 in agent engineering include end-to-end application development, general agent assistants, and direct output of office documents [7]. - The model can be integrated into the popular open-source AI agent system OpenClaw, allowing users to have a smart intern for various tasks such as web searching and programming [7]. - Zhipu has also launched an AutoGLM version of OpenClaw, enabling seamless integration with Feishu robots [7]. Group 3: Industry Trends - The article notes that multiple model updates are occurring in the industry, focusing on inference efficiency, long context, multimodality, and cost reduction [7]. - Other models released around the same time include Step 3.5 Flash, Qwen3-Coder-Next, and MiniMax-M2.5, all emphasizing similar advancements [7]. - DeepSeek's recent updates have increased context length support to 1 million tokens, a significant improvement from the previous 128,000 tokens [8].

Core Viewpoint - The launch of the national overseas comprehensive service platform aims to provide a "one-stop" public service for 52,000 overseas enterprises and hundreds of thousands of foreign trade entities, reflecting a systematic response to the changing internationalization development stage of Chinese enterprises [3][5]. Group 1: Complex Needs of Overseas Expansion - The scale of Chinese enterprises going overseas has been expanding, leading to a significant increase in demand for high-quality, specialized overseas comprehensive services [5]. - The external environment for cross-border operations has become increasingly complex, necessitating enhanced service guarantees to help enterprises manage risks [5]. - The internal logic of overseas expansion for Chinese enterprises has shifted from merely seeking cost advantages to ensuring supply chain security and long-term sustainability in response to external uncertainties [5][6]. Group 2: Systematic Support and Risk Mitigation - The new platform integrates policy information, institutional rules, and risk alerts, providing systematic and authoritative public service support to reduce information and adaptation costs for enterprises entering new markets [6][8]. - The platform aims to transition from merely providing information to offering institutional safeguards, thereby changing the operational landscape for enterprises abroad [7][8]. - By offering systematic rules and compliance guidance, the platform enables enterprises to prepare in advance for market entry, shifting from passive to proactive responses [8]. Group 3: Enhancing Corporate Capabilities and Credibility - The guiding opinions emphasize the need for enhancing the cross-border operational capabilities of enterprises and improving compliance levels in overseas operations [11]. - Normative operations can translate into "market recognition" and improve the credit profile of enterprises in international markets, which is crucial for attracting partners and financial institutions [11][12]. - The transformation of compliance capabilities is a long-term process, requiring consistent performance across multiple markets and projects to solidify market evaluations into recognizable credibility advantages [11][12].

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

2月12日，港股早盘震荡下挫，截至发稿，恒指跌幅扩大至1%，恒生科技指数跌1.87%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 恒生指数 | 26985.33 | -281.05 | -1.03% | 1156亿 | | 恒生科技 | 5397.29 | -102.70 | -1.87% | 324亿 | | 恒生生物科技 | | 15889.51 - -163.37 - -1.02% | | 47亿 | | 恒生中国企业指数 | 9165.20 | -102.98 | -1.11% | 416亿 | | 恒生综合指数 | 4133.60 | -42.31 | -1.01% | 773亿 | | 名称 | 现价 | 涨跌 | 涨跌幅 ^ | | --- | --- | --- | --- | | 金蝶国际 | 11.070 | -0.580 | -4.98% | | 网易-S | 186.900 | -8.100 | -4.15% | | 美团-W | 85.200 | -3.650 | -4.11% | | 哔哩哔哩-W ...

《指南》共五章28条，主要包括以下五方面。 市场监管总局今天（12日）发布《汽车行业价格行为合规指南》（以下简称《指南》），以贯彻落实 党中央、国务院关于 整治"内卷式"竞争决策部署，进一步规范汽车行业价格行为 ，促进汽车市场健康 有序发展。 汽车产业是国民经济的重要支柱，产业链长、覆盖面广，与消费者生活密切相关。当前，汽车行业存在 不按规定明码标价、价格欺诈等违法行为，损害消费者和经营者利益，破坏公平竞争市场秩序，不利于 行业高质量发展。《指南》立足当前汽车行业发展实际，进一步明晰行为边界，统一监管规则，引导汽 车生产和销售企业依法合规经营，推动形成优质优价、良性竞争的市场秩序。 明确汽车销售企业价格行为要求 聚焦汽车新车销售环节，着力规范不按规定明码标价、虚假促销等突出问题。建立风险提示机制，鼓励 平台对显著低价行为进行经营风险和消费风险双向提示。 引导企业加强内部合规建设 鼓励汽车生产和销售企业建立内部价格合规管理机制，包括价格决策、销售合同管理、内部监督、价格 应急处置、风险防控及价格合规培训6项机制，实现价格行为全流程管控。 附则 编辑 ｜ 钉钉 明确总体原则和要求 明确《指南》制定目的、依据和适用 ...

2026.02. 12 本文字数：26863，阅读时长大约5分钟 作者 | 第一 财经 吴斯旻 2月11日，国家卫生健康委等11部门联合印发新版《国家基本药物目录管理办法》（下称"管理办 法"），并于发布之日起施行。原国家卫计委2015年2月13日发布的旧版基药目录管理办法同时废 除。 国家基本药物制度是国家药品供应保障体系的基础，各级医疗卫生机构需形成以基本药物为主导 的"1+X"用药模式。自2009年新一轮医改启动中国基本药物制度建设以来，基药目录清单经历了 2012年、2018年两次更新调整。 近年来，国内外创新机制治疗药品快速进入临床使用，临床用药结构发生了显著变化。与此同时，由 于基本药物制度并无筹资体系和支付机制，临床使用时还是需要靠品种纳入医保目录后用医保基金支 付。所以基药目录的更新频次、结构优化方向备受关注。 作为基药制度的重要配套文件，新修订版管理办法提出基药目录遴选应"突出药品临床价值"，强 调"调整周期原则上不超过3年"的制度刚性，同时明确基药目录与医保目录，以及与集采、分级诊疗 等政策的衔接和协同。 突出药品临床价值 基本药物是指满足疾病防治基本用药需求，适应现阶段基本国情和保障能力 ...

Core Viewpoint - The acquisition of Dingdong Maicai by Meituan highlights the strategic necessity for Meituan to enhance its supply chain capabilities in the fresh produce sector, where it currently lacks the operational efficiency and brand trust that competitors like Alibaba's Hema possess [2][3]. Group 1: Acquisition Rationale - Dingdong Maicai is recognized for its unique operational capabilities, particularly in minimizing waste through real-time sales monitoring and automated pricing adjustments, which have allowed it to achieve profitability as an independent entity [2]. - Meituan's acquisition aims to address its shortcomings in the fresh produce supply chain, as it lacks a self-operated product supply chain and brand recognition in this sector [3]. - The acquisition serves as a strategic move for Meituan to quickly acquire a proven system that enhances unit economic efficiency (UE) in the fresh produce category, enabling it to compete more effectively against Hema [3]. Group 2: Industry Insights - The article distinguishes between traditional e-commerce's "long tail theory" and the "shelf economics" that govern instant retail, emphasizing that instant retail cannot afford to stock slow-moving items due to high operational costs [5][6]. - The concept of UE is critical in determining the sustainability of business models in instant retail, where profitability must be calculated after accounting for all costs associated with each order [6]. - Dingdong Maicai's digital system has successfully identified pathways to achieve positive UE in the high-waste fresh produce category, which is a key reason for Meituan's interest in the acquisition [6]. Group 3: Competitive Landscape - Meituan and Alibaba represent two distinct business models: Meituan's "efficiency model" focuses on stringent UE requirements and operational precision, while Alibaba's "ecosystem model" leverages a vast network of brand supply chains and can absorb short-term UE losses for long-term market development [8][9]. - Meituan's strategy involves enhancing its supply chain capabilities through the acquisition of Dingdong Maicai, aiming to evolve from merely fast delivery to precise selection and low waste [9]. - Alibaba's challenge lies in improving its fulfillment infrastructure and internal coordination to enhance real-time operational efficiency while capitalizing on its ecosystem advantages [9]. Group 4: Future Trends - The future of instant retail is expected to shift towards low-frequency, high-value products, where the complexity of UE calculations increases significantly, necessitating advanced inventory control and supply chain depth [11]. - The competition will evolve from a focus on traffic and delivery capacity to a deeper battle over AI-driven infrastructure that optimizes every aspect of the supply chain [11][12]. - Meituan's path involves leveraging AI to enhance its supply chain operations, while Alibaba aims to redefine user interaction through AI models that better understand and fulfill consumer needs [12].

| < W | 智谱(2513) | | | | | --- | --- | --- | --- | --- | | | 02-12 10:37:40 | | | | | | -82 361.000 额 5.68亿 股本 4.46亿 市盈" " | | | 万得 | | | | | | 20 | | | 48.600 15.56% 换 0.76% 市值 1609亿 市净" -24 | | | | | 分时 | 五日 日K 周K 月K | 中文 | | | | 叠加 | 均价:339.479 | | 图 成交 | | | 363-000- | ·· | | | | | | | | 卖9 363.600 -- (0) | | | | 菜8 363.400 | | | -- (0) | | | | | 卖7 363.200 -- (0) | | | | | | 卖6 363.000 600(6) | | | 312.400 | 0.00% | | 卖5 362.800 2200(3) | | | | | | 卖4 362.600 100(1) | | | | | | 卖3 362.400 1800(3) | | | ...

（注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 人民币稳定币境外发行被禁 3 0 据央视新闻，乌克兰首都基辅市长克利奇科12日说，基辅当天凌晨遭到俄罗斯导弹"大规模袭击"，多 栋建筑物被击中。克利奇科在社交媒体上写道："大规模袭击仍在继续。请留在掩体中！"克利奇科 称，包括住宅楼在内的多栋建筑物遭袭。基辅市军事管理局局长特卡琴科同日在社交媒体上说，基辅 当天凌晨遭到俄罗斯导弹袭击，伤亡情况正在核实。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 2026.02. 12 本文字数：279，阅读时长大约1分钟 ...

彭博社称，据匿名知情人士透露，特朗普曾问助理为什么不应该退出在他上个任期内签署的美墨加协 定，但他并未明确表示会这样做。报道称，一名白宫官员在被问及相关讨论时表示，特朗普是最终决 策者，在特朗普正式宣布之前，关于美方可能采取的做法的讨论都是"毫无根据的猜测"。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 2026.02. 12 本文字数：369，阅读时长大约1分钟 来源 | 环球网 据彭博社11日报道，知情人士透露，美国总统特朗普"私下正考虑"退出"美国-墨西哥-加拿大协 定"（简称"美墨加协定"）。 （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 人民币稳定币境外发行被禁 3 0 ...