规模跃升的背后，是资金流向与投资者结构的深刻变化。全年境内ETF市场资金净流入超1.16 万亿元，其中债券ETF以5527亿元的净流入跃居"主力"。同时，市场投资者结构持续优化，沪 市ETF机构持有占比升至65%，深市机构持有占比也升至58%，增加12个百分点。各类中长期 资金持有规模显著增长，市场向机构主导的配置型市场演进。 产品创新也呈现出爆发态势，其中科创板与创业板ETF的同步发展极具代表性。上交所科创板 ETF构建了从宽基到细分赛道覆盖硬科技全链条的完整矩阵；深交所则围绕创业板指优化编制 方案，推出创业板宽基及人工智能、机器人等主题ETF，便利投资者分享产业发展成果。而满 足稳健需求的策略型产品快速崛起，则映射出风险偏好分层与投资策略精细化的趋势。 展望未来，ETF市场将锚定高质量发展航向，持续承载居民财富管理、中长期资金入市的重要 功能，成为服务实体经济转型升级、促进资本市场双向开放的载体。 记者丨 杨娜娜 编辑丨 姜诗蔷 2025年，中国ETF市场以历史性的跨越成为亚洲焦点。 2月6日，上交所和深交所分别发布《ETF行业发展报告（2026）》《ETF市场发展白皮书 （2025年）》。综合两份报告来 ...

Core Viewpoint - The prevailing consensus among institutions is to "hold stocks during the festival," driven by historical data analysis and current market conditions, with a focus on a "stable before the festival, aggressive after" strategy [1][5][9]. Historical Data Support - Historical data from the past decade indicates a clear pattern in the A-share market of "weak before the festival, strong after," with an average return of -2.20% in the second week before the festival and a recovery to 0.53% in the last week before the festival [3][4]. - The first week after the festival shows an average return of 2.03%, with an 80% probability of an increase, while the second and third weeks yield average returns of 0.86% and 0.83%, respectively [3]. - Smaller market caps and growth styles exhibit a more pronounced reversal effect around the festival, with industries such as computer, electronics, communication, non-ferrous metals, and machinery showing the strongest post-festival rebound [3][4]. Institutional Consensus - A survey indicates that 62.16% of private equity firms prefer to hold significant positions during the festival, with 69.23% optimistic about post-festival market performance [6]. - The favored investment strategy is a "low-valuation blue-chip + technology growth" combination, with 41.18% of firms supporting this approach [6]. Market Trends and Strategies - Institutions emphasize a balanced and defensive approach before the festival, adopting a "dumbbell strategy" that combines defensive and aggressive investments [9]. - Post-festival, the focus shifts to technology growth and industry trends, with recommendations for sectors like AI, semiconductors, and high-end manufacturing [10][11]. - The "resource + manufacturing" combination is highlighted as an important foundational investment, with a focus on commodities like oil, copper, and aluminum, as well as traditional manufacturing sectors [11]. Investment Recommendations - Institutions suggest maintaining a balanced portfolio that includes defensive sectors such as banking and utilities, alongside growth sectors like technology and consumer goods [11]. - For different types of funds, strategies vary, with long-term investors encouraged to maintain equity positions, while those needing liquidity may consider money market funds [11].

如果说基础设施是物理骨骼，那么日新月异的科技创新就是春运的神经网络和智慧大脑。基于 大数据与人工智能的智能调度系统，能实时预测客流、动态优化运力，使得运输系统的整体效 率较十年前提升超过40%。电子客票的全面普及与刷脸进站的快速推广，将通行效率提升至秒 级，彻底告别了昔日售票厅通宵排队、检票口大排长龙的情景，旅客切身体验显著改善。与此 同时，众多机场与高铁站内，智能引导机器人已能熟练地为旅客指引方向、解答问询，显著提 升出行便捷度。 此外，为了更好满足春运期间日益多元化、品质化的出行需求，交通运输各部门协同发力，推 出了一系列服务升级新举措。铁路部门已在一百多个车站试点推出高铁宠物托运服务，更好地 2026年春运已经启动。据预测，为期40天的春运全社会跨区域人员流动量将达95亿人次，将 创历史新高；春运首周（2月2日至8日）流动量已超14亿人次。这些数字描绘出一幅热气腾 腾、信心满溢的"流动中国"全景图，其背后奔涌着中国经济发展最直观的人气与活力。这既是 我国超大规模市场与完备基础设施网络强大支撑力的集中体现，又预示着庞大消费潜能，彰显 了经济发展的内生动力与韧性。 近年来，春运的客流结构正经历深刻变化。随着 ...

记者丨张嘉钰 编辑丨刘雪莹 2月11日开盘，现货黄金向上触及5050美元/盎司，日内涨0.54%。现货白银日内涨幅达1%， 现报81.54美元/盎司。截至发稿，涨幅均有所收窄。 | 排名 | 市种 | 价格 | 价格(24h%) | | --- | --- | --- | --- | | 1 | 日 BTC | $68560.9 | -2.47% | | 2 | ETH P | $2012.7 | -4.51% | | 3 | SOL | $82.55 | -4.97% | | 4 | X XRP | $1.397 | -2.99% | | 5 | HYPE | $28.971 | -7.52% | | ó | BNB | $618.05 | -3.00% | | 7 | DOGE | $0.09267 | -3.76% | | 8 | p BCH | $523.61 | -1.78% | | 9 | SUI | $0.9272 | -4.15% | （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品丨21财经客户端 21世纪经济报道 美股冲高回落，存储概念集体大跌，中概股逆 ...

Core Viewpoint - The U.S. stock market showed mixed results with the Dow Jones reaching a new closing high, while the S&P 500 and Nasdaq experienced declines, indicating volatility in the market driven by sector performances and economic data [1][2]. Market Performance - The Dow Jones Industrial Average closed at 50,188.14, up 0.1%, marking its third consecutive record high [2]. - The S&P 500 index fell by 0.33% to 6,941.81, while the Nasdaq dropped 0.59% to 23,102.47 [2]. - The Nasdaq China Golden Dragon Index increased by 0.87%, with notable gains in stocks like Dingdong Maicai and Sohu [6]. Sector Analysis - The software sector provided support to the market, with Datadog and ServiceNow rebounding approximately 14% and 4% respectively, while Unity's stock rose by 5% [2]. - Major tech stocks mostly declined, with Tesla being a notable exception, rising nearly 2%, while Facebook, Amazon, and Nvidia fell close to 1% [3]. - The storage sector underperformed, with Western Digital down over 8% and Seagate Technology down over 6% [5]. Economic Indicators - U.S. retail sales data for December showed a surprising stagnation at 0%, below the expected 0.4%, which has increased speculation about potential interest rate cuts by the Federal Reserve [8]. - The probability of a 25 basis point rate cut by March is estimated at 19.6%, with a higher likelihood of maintaining current rates [8]. Corporate Actions - Alphabet, Google's parent company, is set to issue nearly $32 billion in bonds, breaking records with a rare 100-year bond issuance, marking a significant move in the corporate debt market [3].

值得注意的是，这一监管态势的强化，意味着监管的聚光灯如今更为集中地照向了资本市场 的另一核心"看门人"——会计师事务所。 2026年伊始，资本市场监管的重点正出现新动向。一系列密集的监管行动勾勒出一幅清晰的 图景：会计师事务所正成为当前强化中介机构责任的焦点。 21世纪经济报道记者根据证监会及各地证监局官网梳理发现， 在今年1月1日至2月9日的40天 内，证监系统已累计点名22家会计师事务所 ，监管行动呈现高频、强力态势。其中，中兴 华、中兴财光华、利安达所3家机构收到了更为严厉的行政处罚决定书；与此同时，共有21家 机构收到警示函，相当于平均每两天就有一家被出具警示函。 4 0天2 2家！会计所监管强度陡增 在业内人士看来，此举旨在通过压实审计责任，从信息源头进一步保障上市公司质量，推动 市场生态的持续净化。伴随会计所合规意识的加强与历史问题的出清，经历一段时间的罚单 集中披露后，后续被点名的会计所数量大概率将逐步减少。 在2026年1月1日至2月9日的短短40天内，已有22家会计师事务所被证监会及各地证监局点 名。 其中，中兴华所、 中兴财光华所、利安达所 被出具行政处罚决定书，这几乎是证监系统能够 对会 ...

Market Performance - The US stock market opened higher, with the Dow Jones Industrial Average rising over 360 points, reaching a new intraday historical high [1] - As of the latest update, the Dow Jones stood at 50,498.45 (+362.58, +0.72%), the Nasdaq at 23,254.24 (+15.57, +0.07%), and the S&P 500 at 6,979.29 (+14.47, +0.21%) [2] Technology Sector - Major tech stocks showed mixed performance, with Microsoft up over 2%, Amazon up over 1%, while Google fell over 1% [2] - Notable gains were seen in software stocks, with Spotify and Datadog both rising approximately 16%, and Shopify increasing nearly 7% [3] Semiconductor Industry - TSMC reported a nearly 20% month-over-month revenue increase in January and a nearly 40% year-over-year growth, indicating strong global AI spending [2] - TSMC also projected a significant capital expenditure increase, potentially reaching $56 billion by 2026, a 37% year-over-year rise [2] Chinese Tech Stocks - The Nasdaq Golden Dragon China Index rose by 0.72%, with notable increases in stocks such as Dingdong Maicai (+9%) and Tencent Music (+2%) [3] - However, some Chinese stocks like Kingsoft Cloud fell over 3%, and Daqo New Energy and Vipshop both dropped over 1% [3] Commodity Market - Gold and silver prices experienced a decline, with silver dropping nearly 2% to below $82, and gold falling about 0.5% to around $5,030 [3] - Bitcoin also saw a short-term drop, with a decrease of 1.69%, trading at $68,167.9 per coin [5] Oil Market - WTI crude oil fluctuated, narrowly holding above $64 per barrel, while ICE Brent crude slightly increased to $69 per barrel [7] - Ongoing geopolitical tensions in the Middle East continue to pose risks to oil prices [7][8]

记者丨陈梦璇 编辑丨蒋韵 2月10日，农历小年，随着璀璨的光影照亮南沙滨海夜空，2026粤港澳大湾区灯会正式亮灯迎 客，为大湾区送上一份兼具岭南韵味和时代气息的新春厚礼。 本届灯会以"湾区同心·华彩千秋"为主题，展区面积达800亩，主游线长约2.5公里，从2月10日 持续展出至5月10日，三个月的光影盛宴横跨春节、元宵、妇女节、劳动节等多个假期。 如果说首届大湾区灯会以"中国风"光影引发湾区共鸣，那么本届灯会则在传承之上深度挖掘 岭南底蕴，凝聚了更厚重的广府韵味：一边是广货IP跨界联动，让传统灯组焕发潮流活力； 一边是沉浸式场景创新，推动游客从"看灯"向"走进故事"深度转变。 据南沙资产经营集团总经理刘胜光介绍，本次灯会着重围绕儿童与青少年喜爱的内容进行创 作："我们联动《小马菲莉》《超级飞侠2》《喜羊羊与灰太狼》《剑网三》《奶龙》《熊出 没》等多个国民级动漫、游戏IP，将广货IP基因与传统彩灯工艺深度融合，整体打造年轻人喜 爱的潮流文旅场景。" 去年就专程来打卡首届灯会的市民李先生，今年带着家人再次到访，他笑着说："去年冲着齐 天大圣灯组来打卡，没想到今年有更多惊喜，比如王者荣耀，喜羊羊等，孩子玩得开心，我 ...

数据显示， 2025年全年共有65家信用卡分中心获准终止营业，仅2025年一年退出的数量，已 超过2020—2024年五年总和 ，行业收缩趋势显著，且主要集中在国有行、股份行。近日，有 地方城商行也传出关停信用卡线下分支机构的消息。 受访人士指出，国内银行信用卡中心及分中心模式始于本世纪初，作为经监管批准、持金融许 可证与营业执照、独立经营的机构，专门负责发卡、收单、风控、客服等全链条业务，与各地 分行属平级架构。 记者丨庞成 编辑丨蒋韵 信用卡分中心"瘦身潮"正从国有行、股份行蔓延至城商行。 随着信用卡业务成为兵家必争之地，各家银行陆续在重点城市设立信用卡分中心，由总行信用 卡中心垂直管理人、财、物，尤其对营销与服务团队实行直管模式，以此快速扩张市场、提升 服务覆盖。 自2018年起，广州银行逐步在佛山、东莞等珠三角核心城市布局信用卡分中心，其中最后一家 获批设立的深圳分中心，于2022年11月29日获准成立。 南方财经记者注意到，广州银行曾将信用卡业务视作零售业务转型的重要抓手。该行招股书提 到，其信用卡发卡量、月均活卡量及移动支付用户量等指标均在全国城商行中名列前茅，信用 卡贷款规模更是稳居广东城商行首 ...

Core Viewpoint - Aixin YuanZhi Semiconductor Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in the domestic edge AI chip sector, focusing on differentiated development through practical technology implementation and large-scale commercialization [1][12]. Company Overview - Since its establishment in 2019, Aixin YuanZhi has concentrated on AI application needs in edge computing and terminal devices, successfully developing and commercializing five generations of system-on-chip (SoC) products, with cumulative deliveries exceeding 1.65 billion units by the end of Q3 2025 [3][12]. Competitive Advantage - The company's core competitiveness lies in its self-developed core technology IP, particularly the "Aixin Tongyuan" hybrid precision NPU, which optimizes neural network computations and enhances AI inference efficiency [5][12]. - The "Aixin Zhimou" AI-ISP is the world's first AI image signal processor to achieve large-scale commercialization, providing high-quality image data for AI inference tasks even in complex environments [5][12]. Business Model - Aixin YuanZhi adopts a Fabless model, focusing on chip design and sales while building a comprehensive product matrix across visual terminal computing, smart vehicles, and edge AI inference, achieving technical breakthroughs and market recognition in each sector [6][12]. Market Performance - In the visual terminal computing sector, the company has shipped over 1.57 billion chips, ranking fifth globally in market share for visual terminal AI inference chips with a 6.8% share in 2024 [6][12]. - In the smart vehicle sector, Aixin YuanZhi has become the second-largest domestic supplier of smart driving system chips in China, with cumulative shipments exceeding 51,000 units by the end of Q3 2025 [7][12]. - The edge AI inference sector has seen rapid growth, with the 8850 series SoC achieving a shipment increase from 21,000 units in 2023 to 100,000 units in 2024, capturing a 12.2% market share [7][12]. Financial Growth - Aixin YuanZhi's revenue grew from 50.2 million yuan in 2022 to 4.729 billion yuan in 2024, reflecting a compound annual growth rate of 206.8% [8][12]. - The company has maintained stable gross margins, with the gross margin for terminal computing products increasing from 16.7% in 2022 to 19.6% in 2024 [9][12]. Customer Structure - The customer base has diversified, with the proportion of revenue from the top five customers decreasing from 91.5% to 75%, indicating reduced reliance on single customers [9][12]. Industry Context - The global AI inference chip market is projected to grow from 20.9 billion yuan in 2020 to 60.67 billion yuan in 2024, with edge inference and terminal inference outpacing cloud inference growth [11][12]. - The Chinese market for edge AI inference chips is expected to see significant growth, with a compound annual growth rate of 56.6% from 2024 to 2030 [10][12]. Future Outlook - Aixin YuanZhi is well-positioned to capitalize on the accelerating domestic substitution trend, the explosive demand for edge computing, and supportive national policies, potentially leading to a trillion-level market in the edge AI chip sector [12].