以下文章来源于e公司 ，作者证券时报 康殷 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 只为"锁死"优秀人才。 近日，深圳智能影像公司影石Insta360（简称"影石创新"）因在年会现场送出5套商品房，成为热议焦点。记者从影石创新获悉，往年年会送出金条和汽车， 今年首次升级为"5套湾区商品房"，以实在奖励回馈员工的杰出贡献。 据悉，今年获奖者均为90后，平均年龄不到32岁，其中一位入职不到两年的年轻员工穿着cos装上台领奖，并激动地表示："说实话挺惊喜的，奖没有那么重 要，但这个奖背后是一份沉甸甸的认可和期许，感谢老板和团队伙伴的认可和信任。" 影石创新还继续践行了"年会送车"的传统，今年送出保时捷、宝马、特斯拉等热门车型6台，任同事自选。累计共送出33辆车，总价值超1000万元。 据参会嘉宾透露，影石创新创始人刘靖康还在现场宣布，2026年影石创新新品数量将远超去年，并公开了首款手持云台相机的双摄外观，该产品正式 ...

春节前夕"红包"落地。一批深市公司积极派发现金红包，用实实在在的收益回馈投资者。 统计数据显示，2025年12月以来，近120家深市公司实施利润分配，累计分红超375亿元。 近年来，深市公司持续提高分红水平。回顾2025年全年，深市公司累计发放现金股利5475.59亿元，连 续两年突破5000亿元。"十四五"时期深市公司实施分红总额超2万亿元，上市公司"愿分红、常分红"的 生态逐步形成，投资者获得感明显提升，形成了良性的投资回报机制。 作为创业板上市公司中典型的"现金奶牛"，亿联网络于2025年9月实施2025年半年度权益分派，向股东 每10股派发现金红利5元，合计分配现金红利6.33亿元，占上半年净利润比例超过50%，延续了高比例 分红的传统。自2017年上市以来，公司始终将分红政策的连续性和稳定性置于公司治理的核心位置，其 《公司章程》规定，公司每年度以现金方式分配的利润应不低于当年实现的可分配利润的20%。这一硬 性比例要求从制度层面保障了投资者的回报预期。截至目前，公司累计现金分红次数达12次，累计现金 分红金额超过85亿元，平均分红率近60%。 2025年11月，歌尔股份实施2025年前三季度权益分 ...

盘后紧急公告。 双良节能（600481）2月12日盘后发布关于海外订单的说明公告称，公司在2025年10月25日和2026年1月9日签订的3项订单， 供货标的为高效换热器，合 计总金额约170万欧元（以1欧元≈8.19元人民币的汇率换算，订单总金额约为人民币1392.30万元），订单总金额占公司2024年度经审计的营业收入的比例 约为0.11% ，对公司经营业绩无重大影响。 公司目前主营业务产品包括节能节水产品、新能源装备和光伏产品，主要下游应用领域有新能源发电、钢铁、煤化工、火电等，商业航天不是公司产品主 要的应用领域， 本次订单是公司通过为国际工业气体企业的燃料项目供应换热器间接参与了相关商业航天项目，未直接与SpaceX发生合作，公司为项目 非独家间接供应商。 双良节能称，公司相关订单的获取受商业航天项目建设及扩产规划的影响较大，未来订单的获取存在一定的不确定性。此外，国际政治、经济、外交关系 等因素可能影响国际合作项目的推进，如贸易摩擦、地缘政治冲突等可能导致项目暂停或终止，敬请广大投资者注意相关风险。 据了解，双良节能于2月12日13:25在其微信公众号上发布了一篇名为《双良节能再获海外订单，助力商 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan reverse repo operation on February 13, 2023, as part of its ongoing liquidity management strategy [2]. Group 1: Reverse Repo Operations - On February 12, the PBOC announced a 1 trillion yuan buyout reverse repo operation with a term of 6 months (182 days) [2]. - This operation marks the continuation of the PBOC's strategy, with a net injection of liquidity through reverse repos for the ninth consecutive month [2]. - In February, the PBOC has conducted a total of 1.8 trillion yuan in reverse repo operations, with a net injection of 600 billion yuan after accounting for 1.2 trillion yuan in maturing operations [5]. Group 2: Market Analysis - Analysts suggest that the increase in reverse repo operations is a response to potential liquidity tightening in February, particularly due to the upcoming Spring Festival and government bond issuances [5]. - The market expects that the PBOC will utilize various tools, including medium-term lending facilities (MLF) and structural instruments, to maintain liquidity in the banking system [6]. - The MLF is anticipated to be maintained or slightly increased in February, providing stable liquidity expectations for financial institutions [6].

据一家德国汽车行业权威刊物透露，宝马此次召回的汽车数量可能高达57.5万辆。 2025年9月，宝马集团曾宣布召回超过33万辆汽车，原因是起动机及相关部件存在短路隐 患。 校对：杨立林 来源：新华社 新华社发（弗朗西斯科·卡涅多摄） 德国汽车制造商宝马集团11日表示，将在全球范围召回数十万辆汽车， 原因是发动机启动 装置存在潜在安全隐患。 宝马当天在一份声明中说， 此次召回涉及2020年7月至2022年7月生产并配备相关启动装置的车辆。 此 外，在维修过程中加装了相关启动装置的车辆也受到影响。 责编：李丹 德国媒体报道，相关问题车辆可能出现启动次数过多、起动机电磁阀磨损加剧的情况，也不 排除短路导致起动机局部过热，甚至在车辆行驶过程中起火的情况。 屏幕下方点个赞，天天抓牛股！ P END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 美国总统特朗普将于4月访华？外交部回应 丨 电力设备板块，涨停潮！ 丨 大模型第一股官宣： 涨价！多家大厂密集升级新模型！ 丨 突发！美国众议院：可能终止特朗普对加拿大征收关税的决 议！ 丨 重磅数据，远 ...

持续推进降费让利，预计2026年向市场让利约11.13亿元。 2月12日，上交所正式发布《上海证券交易所2026年为市场办实事项目清单》（以下简称《项目清 单》），旨在进一步深化"开门办审核、开门办监管、开门办服务"工作。 《项目清单》是上交所在深入学习贯彻党的二十届四中全会、中央经济工作会议和全国金融系统工作会 议精神的基础上，结合提升资本市场包容性适应性、深化投融资综合改革、推进上交所数字化转型等重 点任务，以助力资本市场高质量发展为目标，梳理形成的具体落地举措。 《项目清单》包括五个方面十件"实事"，覆盖上交所上市审核、一线监管、产品创新、市场服务、投资 者保护、信息技术等主要业务领域。 上交所表示，本次《项目清单》发布后，欢迎各市场参与人提出意见与建议，上交所将用心用力办好每 件实事，以作风建设"小切口"彰显为民服务"真效能"，共同构建更加透明、高效、友好的市场生态。 一是优化信息公开渠道，提升信息获取便利性。将官网业务规则查询系统在线浏览功能拓展至全 部业务指南，整合同一发行人在上市审核、持续监管等阶段的信息披露内容，建立持有型不动产 ABS证券信息披露专区。 二是提升监管服务质效，提高上市公司治理 ...

Core Viewpoint - The Ministry of Commerce announced the final ruling on the anti-subsidy investigation of imported dairy products from the EU, determining that these products are subsidized and have caused substantial harm to the domestic dairy industry in China, with a causal relationship established between the subsidies and the harm [1][8]. Group 1: Investigation Details - The investigation was initiated on August 21, 2024, based on applications from the domestic industry [8]. - The final ruling was published on February 12, 2026, with the decision to impose anti-subsidy duties on EU dairy products starting from February 13, 2026, for a duration of five years [1][8]. Group 2: Products Involved - The products under investigation include certain dairy products such as fresh cheese (including whey cheese), processed cheese, blue cheese, and other unspecified cheeses, as well as uncondensed and unsweetened milk and cream with a fat content exceeding 10% by weight [4][6]. - The specific tariff classifications for these products are listed under the Chinese import-export tariff codes: 04015000, 04061000, 04062000, 04063000, 04064000, and 04069000 [6]. Group 3: Anti-Subsidy Tax Rates - The anti-subsidy tax rates for EU companies have been set between 7.4% and 11.7% [1][8]. - The anti-subsidy tax will be calculated based on the customs-determined taxable price of the imported goods [6].

Market Overview - The Shanghai Composite Index experienced a narrow fluctuation, closing slightly up by 0.05% at 4134.02 points, while the Shenzhen Component rose by 0.86%, and the ChiNext Index increased by 1.32% [2] - The total trading volume in the A-share market reached approximately 2.16 trillion yuan, an increase of nearly 160 billion yuan compared to the previous day [2] - The A-share market saw around 3300 stocks decline, with the media sector experiencing a significant pullback, and several consumer sectors also faced declines [2] Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Chipone Technology and Jiangfeng Electronics reaching new historical highs, with increases of over 10% [2][5] - Major semiconductor companies, including Infineon, announced price increases due to tight supply and rising costs, indicating a broader trend of price hikes across the semiconductor industry [7] - The demand for AI-driven semiconductors is expected to continue rising, with significant growth in AI server demand leading to shortages in packaging and testing capacity [7] AI Industry Chain - The liquid cooling server concept saw a strong surge, with stocks like Yuke Technology and Shunling Environment hitting their daily limit [9][11] - The global shift towards liquid cooling solutions is driven by the increasing power demands of high-performance chips, making traditional cooling methods inadequate [11] - The AI industry chain is experiencing explosive growth, with companies like Zhiyuan Technology seeing stock prices soar by nearly 29% after launching a new flagship model [14] Investment Opportunities - Analysts suggest focusing on investment opportunities in the semiconductor supply chain, including wafer foundries, packaging, power devices, and server CPUs, as the industry continues to experience a price increase trend [7] - The demand for optical modules is expected to rise significantly, driven by the increasing need for bandwidth in computing clusters, which will benefit related companies in the long term [12]

Core Viewpoint - The new forces in China's automotive industry have collectively entered a phase of profitability, marking a significant transition from reliance on external funding to self-sustaining growth [3][4][12]. Group 1: Profitability Milestones - NIO has forecasted a quarterly profit of 700 million to 1.2 billion yuan for Q4 2025, marking its first quarterly profit [9]. - XPeng Motors has reported a total revenue exceeding 20 billion yuan for Q3 2025, with a gross margin surpassing 20% and a significant reduction in net losses [9]. - The collective profitability of these new forces, including NIO, XPeng, and Li Auto, signifies the arrival of a new era in the automotive sector [9][12]. Group 2: Factors Driving Profitability - Key drivers behind this collective profitability include cost reduction through technological innovation and optimization of product structures [9][10]. - Vertical integration and supply chain control have been crucial, with companies like Leap Motor covering approximately 70% of their vehicle costs through self-produced components [10]. - The scale effect is seen as a foundation for profitability, with XPeng's delivery volume increasing by 126% year-on-year in 2025 [10]. Group 3: Changing Competitive Landscape - The shift from "blood transfusion" to "blood production" indicates a change in competitive logic, focusing on internal operational quality and sustainable profitability [12]. - The competition is evolving from a product-centric approach to a system capability comparison, emphasizing comprehensive assessments of product definition, cost control, and brand management [12]. - Major players are building competitive moats through distinct strategies: NIO focuses on high-end electric vehicles and battery swapping, while XPeng emphasizes smart driving and range extension [12]. Group 4: Future Challenges and Strategies - Despite achieving quarterly profitability, the sustainability of this "blood production" capability remains a challenge, with potential supply chain pressures and rising costs expected in 2026 [15]. - The rapid iteration of new automotive products poses risks, as companies may rush to market without fully validating their offerings, leading to increased costs and reduced profits [15]. - The industry anticipates a more cautious approach to growth, with a focus on high-margin markets and efficient operational models [16].

Core Viewpoint - The article emphasizes the opportunity for investors to utilize idle funds during the upcoming Spring Festival by engaging in government bond reverse repos, which can yield interest over the holiday period [1][3]. Group 1: Investment Strategy - Investors can earn interest for 11 days by participating in a 1-day reverse repo on February 12, with funds available for withdrawal before the market opens on February 24 [3][5]. - The optimal time for executing the reverse repo is before the market closes, as interest rates may drop significantly after 3 PM [5][12]. - The process of engaging in reverse repos is straightforward, requiring only a stock account and a few simple steps to execute the trade [7]. Group 2: Corporate Participation - Not only individual investors, but also listed companies are increasingly participating in government bond reverse repos to manage idle funds effectively [9]. - For instance, a company named Nabichuan plans to use up to 315 million RMB of idle funds for cash management, including investments in reverse repos [9]. Group 3: Common Misconceptions - A common mistake among investors is to execute reverse repos the day before non-working days, which may not yield optimal interest due to changes in the calculation of interest days [11]. - Investors are advised to place orders in smaller batches rather than a lump sum to capture higher interest rates throughout the day [12]. - The misconception that transaction fees for reverse repos are high is addressed, clarifying that fees are minimal, with a maximum charge of 30 RMB for a 10 million RMB investment over 30 days [13].