Core Viewpoint - The article emphasizes the transformative power of rejection, illustrating how setbacks can lead to significant success, as exemplified by J.K. Rowling's journey from being rejected by multiple publishers to creating a billion-dollar franchise [3][4]. Group 1: The Journey of Rejection - J.K. Rowling faced 12 rejections from publishers before achieving success with her Harry Potter series, which has generated a global revenue of £6 billion [3][4]. - The narrative encourages individuals to view rejection as a necessary step towards eventual acceptance, framing each "no" as a pathway to "yes" [3][4]. Group 2: Sales and Rejection - The article draws parallels between Rowling's experience and challenges faced in sales, where rejection is common, such as proposals being dismissed or budget constraints being cited [6][8]. - It suggests that turning a "no" into a question about potential engagement (e.g., "When can we try it?") can be a strategic approach to overcoming objections [7][8]. Group 3: Mindset and Approach - The piece advocates for a mindset shift, encouraging individuals to embrace challenges and view rejection as an opportunity to understand and address customer needs [10]. - It highlights the importance of authenticity and problem-solving skills in building respect and trust in professional relationships [10].

Group 1: Monetary Policy and Market Operations - The central bank conducted a 1,450 billion yuan reverse repo operation on February 13, with a fixed interest rate of 1.40%, resulting in a net injection of 1,135 billion yuan for the day after accounting for 315 billion yuan in reverse repos maturing [3][5] - In February, the central bank has conducted a total of 18,000 billion yuan in reverse repos, with a net injection of 600 billion yuan after considering 12,000 billion yuan in maturing repos, marking an increase of 300 billion yuan compared to the previous month [3] Group 2: Market Liquidity - The interbank market is experiencing a very loose liquidity environment, with the weighted average interest rate of DR001 declining nearly 10 basis points to a low of 1.26%, and similar declines observed in DR007 and DR014 [5] - The overnight financing rate in the U.S. is reported at 3.65% [6] Group 3: Financial Instruments - The latest transaction for one-year interbank certificates of deposit is around 1.58%, showing a slight decrease from the previous day [8] - The 30-year main contract for government bonds increased by 0.04%, while the 10-year, 5-year, and 2-year contracts decreased by 0.10%, 0.09%, and 0.03% respectively [13] Group 4: Credit and Financing Data - In January, the social financing scale increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year, with a total social financing scale of 449.11 trillion yuan, reflecting a year-on-year growth of 8.2% [14] - The M2 money supply grew by 9% year-on-year, while M1 and M0 increased by 4.9% and 2.7% respectively, with a net cash injection of 519.1 billion yuan in January [14] Group 5: Regulatory Developments - The State-owned Assets Supervision and Administration Commission emphasized the importance of state-owned enterprises in contributing to high-quality economic development and social responsibility [14] - Recent notices from the Shanghai and Shenzhen Stock Exchanges address inaccuracies in investor education regarding bond repurchase agreements, outlining regulatory requirements and deadlines for rectification [15]

Group 1 - China's January credit data shows a social financing scale increase of 7.22 trillion yuan, with RMB loans rising by 4.71 trillion yuan, and M2 growing by 9% year-on-year [3][6] - The National Bureau of Statistics reports that the price decline of second-hand homes in 70 cities has narrowed, with first, second, and third-tier cities seeing decreases of 0.4%, 0.2%, and 0.1% respectively [3][6] - The A-share market has historically performed well after the Spring Festival, with the Shanghai Composite Index rising 4.85% in the first five trading days of 2024, marking the highest increase in nearly a decade [3][6] Group 2 - The People's Bank of China has implemented monetary policies to support the real economy, with the average interest rate for new corporate loans at approximately 3.2%, down 20 basis points year-on-year [5][6] - The financial regulatory authorities have announced a list of 21 systemically important banks, with Zheshang Bank making its debut in the first group [12][13] - The China Securities Regulatory Commission has imposed penalties on Tianfeng Securities for illegal financing and information disclosure violations, with fines totaling 25 million yuan [8][12]

Core Viewpoint - The bank wealth management market is experiencing steady growth, with the total scale exceeding 33.29 trillion yuan by the end of 2025, reflecting an 11.15% increase from the beginning of the year, indicating a robust growth trend in the industry [3][8]. Group 1: Market Overview - As of the end of 2025, the bank wealth management market's total scale reached 33.29 trillion yuan, marking an 11.15% growth compared to the beginning of the year, continuing the trend of steady growth observed in recent years [3]. - The growth momentum is strong, with the market showing a consistent recovery in scale, particularly in the second half of the year, which reflects increased investor confidence amid the deepening asset management regulations [3][8]. Group 2: Investment Type Changes - Fixed income products dominate the market, with fixed income + and cash management products maintaining stable growth, reaching 16.47 trillion yuan and 6.44 trillion yuan respectively by January 2026, indicating a preference for low-volatility, stable-return products [5]. - The scale of mixed-asset products has increased for three consecutive months, rising from 2389.43 billion yuan in November 2025 to 2885.28 billion yuan in January 2026, reflecting a moderate increase in equity allocation to enhance returns [5][6]. - Equity products saw a slight decline, dropping to 94.87 billion yuan in January 2026, accounting for less than 0.1% of the total, indicating a cautious approach to equity asset allocation in a volatile market [5][6]. Group 3: New Product Issuance - From November 2025 to January 2026, the new issuance of bank wealth management products showed a fluctuating growth trend, with the total new issuance reaching 5674.73 billion yuan in January 2026, a 21.07% increase from the previous month [12]. - Long-term products (1-3 years) accounted for the highest proportion of new issuances, reaching 50.89% in January 2026, reflecting a growing preference for medium to long-term products [12][25]. - The average performance benchmark for newly issued products in January 2026 was 2.43%, slightly down from 2.46% the previous month, indicating a trend where longer-term products generally offer higher benchmarks [15]. Group 4: Performance Tracking - The overall performance benchmark compliance rate for wealth management products was 66.99% in January 2026, a slight increase of 1.42 percentage points from the previous month, reflecting marginal improvements in market conditions [35]. - The compliance rate for products with a holding period of 6-12 months was the highest at 75.62%, while products with a holding period of over 3 years had the lowest compliance rate at 25.0%, indicating improved stability in long-term product performance [35]. - Short-term products also showed significant recovery, with the compliance rate for 1-3 month holding period products rising from 50.0% to 58.33%, demonstrating enhanced liquidity management capabilities [35].

Core Viewpoint - The article highlights significant developments in the AI and technology sectors, including price adjustments by companies, substantial funding rounds, and new product launches that indicate a strong growth trajectory in the industry. Group 1: AI and Technology Developments - Zhiyu announced a structural price adjustment for its GLM Coding Plan, with an overall price increase starting from 30%, effective February 12, 2026, while maintaining prices for existing subscribers [2] - Anthropic completed a Series G funding round of $30 billion, achieving a post-money valuation of $380 billion, with annual revenue reaching $14 billion [2] - OpenAI launched its first AI model, GPT-5.3-Codex-Spark, running on Cerebras Systems chips to reduce dependency on Nvidia chips and lower operational costs [2] Group 2: Financial Performance and Investments - SoftBank Group reported a net profit of 248.59 billion JPY (approximately $1.6 billion) for Q3, significantly below market expectations, with a notable gain of $19.8 billion from its investment in OpenAI [3] - Xiechuang Data plans to procure servers worth up to 11 billion CNY to support its expansion in data centers and related businesses [3] Group 3: Company News in Greater China - MiniMax launched its flagship programming model MiniMax M2.5, designed for agent scenarios, competing with top international models [5] - Meitu announced a stock incentive plan for all employees to promote long-term growth [6] - Huahong Semiconductor achieved a record sales revenue of $659.9 million in Q4 2025, a year-on-year increase of 22.4% [7] Group 4: Company News in the Americas - Microsoft signed a memorandum of understanding with Saudi Aramco to advance industrial AI and digital talent transformation [9] - Meta announced a quarterly cash dividend and plans to invest over $10 billion in a large-scale AI data center in Indiana [9] - Amazon faced a tax investigation in Italy regarding potential tax evasion from 2019 to 2024 [10] Group 5: Company News in Asia-Pacific - Kioxia reported a net profit of 87.81 billion JPY for Q3, below market expectations, while projecting annual net sales between 2.18 trillion JPY and 2.27 trillion JPY [13] - Toyota is extending the acquisition period for a public offer to improve success rates and is collaborating with a Japanese oil giant to build a solid-state electrolyte factory [13] Group 6: Company News in Europe and Oceania - Mercedes-Benz adjusted its EBIT forecast for 2025 to €8.2 billion, a 40% decline year-on-year, with plans to launch over 15 new models in China by 2026 [16] - Nestlé is recalling specific batches of infant formula in China due to contamination concerns, with no confirmed cases of illness reported [18]

Group 1 - US President Trump is expected to visit China in early April, with Xi Jinping reaffirming the invitation, and a "truce" in US-China trade is anticipated to be extended [3] - Trump's tariff policy faces significant changes as the US House of Representatives passed a resolution opposing tariffs on Canada, which analysts view as a rare rebuke to Trump and his party leadership [3] - Concerns over artificial intelligence impacting future corporate earnings led to a significant drop in the US stock market, with the Nasdaq Composite falling over 2% and the Nasdaq Golden Dragon China Index down 3% [3] Group 2 - The US Treasury Secretary's team held meetings in Beijing to prepare for high-level talks with Chinese officials, indicating ongoing communication between US and Chinese economic teams [4] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation on February 13, marking the sixth consecutive month of increased operations [4] - The Ministry of Education released opinions on reforming vocational education, emphasizing the need for new programs in fields like low-altitude economy and artificial intelligence [4] Group 3 - The A-share market saw a narrow range of movements, with the Shanghai Composite Index rising 0.05% and the Shenzhen Component Index increasing by 0.86% [6] - The Hong Kong Hang Seng Index fell by 0.86%, with large tech stocks declining while semiconductor and power equipment sectors performed well [6] - Public fund issuance has exceeded 200 billion yuan this year, with mixed-asset funds being particularly popular, raising over 700 billion yuan [6] Group 4 - The total balance of margin financing in the market has increased by approximately 800 billion yuan over the past year, with several brokerages raising their margin financing limits [7] - The China Securities Index Company announced the upcoming release of the CSI Hong Kong Stock Connect Robotics Theme Index and the CSI US Stock 30 Index [7] - Shuangliang Energy's stock surged after announcing it received an order from SpaceX, although the company faced regulatory warnings for insufficient risk disclosures [7] Group 5 - The Ministry of Market Regulation released guidelines for compliance in the automotive industry, targeting issues like false promotions and pricing strategies [9] - The State-owned Assets Supervision and Administration Commission established a "AI+" intelligent industry community to enhance data space construction across key sectors [10] - The National Energy Administration reported that by 2025, renewable energy's share of total power generation is expected to reach nearly 40% [11]

（*数据来源：Wind-央行动态PBOC） （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.59% 附近，较上日小幅下行。 // 债市综述 // 1. 公开市场操作 央行公告称， 2 月 12 日以固定利率、数量招标方式开展了 1665 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1665 亿元，中标量 1665 亿元。同时，以固定数量、利率招标、多重价位中标方式开 展了 4000 亿元 14 天期逆回购操作。 Wind 数据显示，当日 1185 亿元逆回购到期，据此计算，单日净 投放 4480 亿元。 2. 资金面 银行间市场资金面稍有改善，不过资金价格仍坚挺， DR001 加权平均利率小幅下行并徘徊于 1.36% 附 近。匿名点击（ X-repo ）系统上，隔夜报价在 1.35% ，供给好于上日。非银机构以信用债为抵押融入 隔夜以及跨节资金，报价坚挺在 1.65% 附近。 海外方面，最新美国隔夜融资担保利率为 3.65% 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | ...

Group 1 - Meta plans to invest over $10 billion in building a data center park in Indiana, providing 1 GW of power capacity to support AI projects and core social media operations, while hedge fund Pershing Square disclosed a stake in Meta representing 10% of its capital, believing the market underestimates AI's long-term potential [2][3] - Apple faces delays in upgrading its Siri virtual assistant, with multiple new features potentially postponed until iOS 26.5 or iOS 27 due to issues with query handling, response times, and accuracy [2] - ByteDance is reportedly developing an AI chip and negotiating with Samsung for production, aiming to produce at least 100,000 chips this year and gradually increase output to 350,000, although a spokesperson claimed the information is inaccurate [3] Group 2 - NetEase's Q4 2025 revenue reached 27.5 billion yuan, a 3% year-on-year increase, but net profit attributable to shareholders fell nearly 30% to 6.2 billion yuan, missing expectations due to increased sales expenses and investment losses [5] - Zhiyuan Technology launched its new flagship model GLM-5, integrating DeepSeek sparse attention mechanism, targeting programming and intelligent agent capabilities, with internal evaluations indicating performance close to Claude Opus 4.5 [5] - Huazhu Group is under scrutiny from the Beijing Consumer Association for potentially unfair terms in its membership service agreement, prompting the company to initiate a self-examination and commit to improving the consumer environment [6] Group 3 - Amazon received approval from the US FCC to deploy an additional 4,500 low-Earth orbit satellites, expanding its constellation to 7,700 to enhance space internet competition [8] - Cisco reported Q2 revenue of $15.3 billion, exceeding analyst expectations, with product revenue of $11.64 billion, driven by a surge in orders from AI hyperscalers [8] - Ford anticipates achieving a record revenue of $187.3 billion in 2025, but expects a net loss of $8.182 billion, a 239.17% year-on-year decline, primarily due to rising supply chain costs and increased R&D investments [9] Group 4 - Samsung Electronics announced the Galaxy S26 series launch on February 26, featuring the 2nm Exynos 2600 chip and a 200-megapixel camera in the Ultra model, with continued strong demand for memory chips expected until 2027 [12] - Toyota is set to launch a pure electric version of the Highlander for the North American market, targeting a range of 320 miles, with plans to guide users of fuel/mixed models to the Grand Highlander series [12] - LG Energy Solution announced the acquisition of a 49% stake in a Canadian energy storage battery factory from Stellantis to strengthen its energy storage business [13]

Group 1 - The State Council emphasizes the need to comprehensively promote AI technology innovation, industrial development, and application empowerment to foster new productive forces and drive high-quality development [3] - The State Council aims for a unified national electricity market system to be fully established by 2035, transitioning to unified pricing and joint trading [13] - The National Bureau of Statistics reports that China's CPI rose by 0.2% year-on-year in January, while PPI fell by 1.4%, with the data reflecting a base period adjustment [4][13] Group 2 - The automotive industry in China saw production and sales of 2.45 million and 2.346 million vehicles in January, respectively, with a slight year-on-year increase in production and a decrease in sales [13] - The banking wealth management scale decreased by 100 billion yuan in January, indicating a rebalancing of funds among deposits, wealth management, insurance, and equity assets [13] - The Hong Kong Monetary Authority is actively processing license applications for stablecoin issuers, aiming to position Hong Kong as a global innovation center for digital assets [15] Group 3 - The capital market continues a "zero tolerance" regulatory approach, with numerous penalties issued to listed companies and intermediaries for various violations, reflecting an increase in accountability and comprehensive regulation [9] - The Hong Kong IPO market has seen a rare "zero break" phenomenon, with 22 new stocks listed this year not experiencing any price drops on their first day [9] - The MSCI announced its quarterly index adjustments, including the addition of 37 stocks to the MSCI China Index, which will take effect after the market closes on February 27 [9]

1. 公开市场操作 央行公告称，2月11日以固定利率、数量招标方式开展了785亿元7天期逆回购操作，操作利率1.40%，投标量785亿元，中标量785亿元。同时，以固定数 量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。Wind数据显示，当日750亿元逆回购到期，据此计算，单日净投放4035亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面偏紧态势缓解有限，DR001加权平均利率小幅上行并徘徊于1.37%附近。匿名点击（X-repo）系统上，隔夜报价在1.35%供给明显收敛。 海外方面，最新美国隔夜融资担保利率为3.63%。 （IMM） // 债市综述 // 非银机构以信用债为抵押融入隔夜以及跨节资金，报价在1.6%上方。 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.59%附近，较上日小幅下行。 4. 银行间主要利率债收益率 涨跌不一，长券表现较好 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（A ...