内房股整体走强。 此前较长时间整体不受港股市场"待见"的内房股，2026年以来表现可圈可点，不仅股价明显跑赢了港股市场平均水平，还获得包括南向港股通等资金的青 睐。 上述现象背后的原因几何？ 港股内房股受到资金追捧 尽管仍面临诸多不确定性，不少港股内房股已开始受到资金的追捧。这里面，2026年以来南向港股通资金对不少内房股加仓迹象比较明显，某种程度上折 射出二级市场上不少资金对于内房股的态度趋暖。 据Wind数据，2026年以来，在中华内房股指数30只成份股中，有18只成份股背后的港股通持股数量出现提升，占比达六成。 比如港股通2026年2月10日持有的华润置地股票数量为8.39亿股，较2025年底增长逾8000万股，其间港股通持股占比由10.52%提升至11.75%，港股通持股 占比累计提升超过1个百分点。 中国海外发展、新城发展等港股在上述期间也获得港股通加仓。数据显示，2025年底港股通持有的中国海外发展股票数量为6.02亿股，至2026年2月10日 达7.36亿股，其间持股量累计增长1.34亿股，持股比例则由5.49%提升至6.72%；2025年底港股通持有的新城发展股票数量为14.07亿股，至202 ...

Group 1 - Tianji Co., Ltd. (002759) received a notice from the China Securities Regulatory Commission (CSRC) on February 11, 2026, regarding an investigation for suspected violations of information disclosure laws [1] - The company stated that its production and operational activities are currently normal and that the investigation will not have a significant impact on its operations [3] - During the investigation, the company will actively cooperate with the CSRC and comply with relevant regulations and disclosure obligations [3] Group 2 - Lansi Heavy Industry (603169) announced that its Vice President Wang Bingzheng is under investigation for disciplinary and criminal issues, with a notice issued by the Jingning County Supervisory Committee [5] - The company has made proper arrangements for the work responsibilities of Wang Bingzheng, and all other executives are functioning normally [5] - As of the announcement date, the company is unaware of the progress or conclusions of the investigation and will continue to monitor the situation and fulfill its disclosure obligations [5]

盘后数据出炉。 2月11日，A股窄幅整理，周期股普遍走强，热点题材悉数调整。截至收盘，上证指数涨0.09%，深证成指跌0.35%，创业板指跌1.08%。A股全天成交2万 亿元，上日成交2.12万亿元。 1.两市主力资金净流出超430亿元 今日沪深两市主力资金开盘净流出121.12亿元，尾盘净流出59.95亿元，两市全天主力资金净流出433.5亿元。 | | | 沪深两市最近五个交易日主力资金流向情况 (亿元) | | | | --- | --- | --- | --- | --- | | 日期 | 净流入金额 | 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-2-11 | -433.50 | -121.12 | -59.95 | -221.13 | | 2026-2-10 | -322.04 | -144.75 | -44.52 | -115.38 | | 2026-2-9 | 116.42 | 55.21 | -8.75 | 215.38 | | 2026-2-6 | -185.40 | -142.68 | -67.59 | 4.49 | | 2026-2-5 | -579.46 | -2 ...

国际巨头机构近期密集上调黄金目标价，看多态度明确。法巴银行预计，金价年内有望涨至6000美元，涨势合乎逻辑。富国银行认为，获利了结无碍长 牛，上调黄金目标价至6300美元。摩根大通表示，若私人部门需求持续增长，到本十年末金价可能达到约8000美元/盎司。 白银基本面同样强劲。世界白银协会最新报告指出，2026年白银市场将连续第六年出现缺口，缺口量高达6700万盎司。 黄金、白银再度爆发。 2月11日，黄金、白银再度爆发，截至发稿，伦敦金现涨超1.5%，COMEX黄金涨超2%，均重回5100美元/盎司上方；伦敦银现、COMEX白银双双大涨超 6%，其中伦敦银现再度站上86美元/盎司。 伦敦金现 < W SPTAUUSDOZ.IDC 昨结 总量 5027.662 0 5112.014 5026.109 现手 0 +84.352 +1.68% 开盘 最高价 5116.735 持 仓 0 外 盘 0 最低价 5023.920 增 仓 0 内 盘 0 分时 五日 日K 周K 月K 电子 (0) 均价:0.000 疊加 -1-7-7% 卖一 5112.221 -51-16.735- 买一 5112.014 19:57 5 ...

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

紧急回应。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中际旭创），通过下单给上 游的激光设备公司Lumentum，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。 对此，中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开发和设计，需要光 模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交付能力，且经过CSP客户严格的产品送测、 资格认证和审厂后才能成为CSP客户供应链上的合格供应商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给 CSP客户，这个商业模式并没有改变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的 模组/组装厂生产的情形。 截至2月11日收盘，中际旭创下跌4.28%，报收531.91元/股。 综合自：中际旭创等 责编：李丹 校对：姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID： ...

Core Viewpoint - The article discusses the issuance of the "Antitrust Guidelines for the Public Utilities Sector" by the State Council, aimed at preventing and curbing monopolistic behaviors in public utilities, ensuring fair market competition, and protecting consumer and public interests [1][4]. Group 1: Background and Purpose - The public utilities sector, which includes water supply, electricity, gas, heating, sewage treatment, waste disposal, and public transportation, often exhibits natural monopolistic characteristics [7]. - Recent years have seen a rise in monopolistic behaviors within this sector, where operators extend their monopolistic advantages to upstream and downstream competitive segments, limiting market competition [2][8]. - The guidelines consist of seven chapters and 50 articles, summarizing enforcement experiences and providing clear rules for identifying monopolistic behaviors in public utilities [2][9]. Group 2: Key Contents of the Guidelines - The guidelines outline the overall principles for antitrust enforcement in the public utilities sector, emphasizing the need for operators and industry associations to establish compliance management systems to prevent risks [12][14]. - Specific provisions include the clarification of the rights and procedures for whistleblowers, and the prohibition of monopolistic behaviors through data algorithms [15][16]. - The guidelines detail the forms of monopolistic agreements and the conditions under which certain agreements may be exempt from prohibition [18][21]. Group 3: Market Dominance and Abuse - The guidelines provide a framework for analyzing the abuse of market dominance, including factors for determining whether a public utility operator holds a dominant market position [22][24]. - They specify considerations for identifying unfair pricing, refusal to deal, and other abusive practices, along with common justifications that may not be accepted as valid [26][27]. - The guidelines also address the review of operator concentrations, particularly in natural monopoly segments, and the potential requirement for operators to report concentrations that may restrict competition [27][28]. Group 4: Legal Responsibilities and Enforcement - The guidelines clarify the legal responsibilities of public utility operators and industry associations in cases of antitrust law violations, including the consequences of aiding in monopolistic agreements [32][34]. - They emphasize the importance of compliance with antitrust regulations and the potential for penalties to be recorded in credit histories, highlighting the collaborative enforcement approach among regulatory bodies [34].

北京市消费者协会依法约谈华住会。 据"北京市场监管"公众号11日消息，2月11日，针对华住会会员服务协议中涉嫌存在不公平格式条款的问题，依据相关规定，北京市消费者协会对其运营 方——汉庭星空（上海）酒店管理有限公司进行约谈，明确指出该公司相关条款中涉嫌存在排除、限制消费者主要权利的情况，损害消费者的合法权益， 并要求其进行全面自查和限期整改。 北京市消费者协会调查发现，华住会2025年7月18日正式生效的《华住会个人会员计划与服务条款》（下称"条款"）第十一条第（二）项内容"若协商不成 的，您同意将争议提交至上海仲裁委员会按照该会仲裁规则进行仲裁"，存在利用格式条款不合理限制消费者主要权利的问题，涉嫌侵害消费者合法权 益。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 此类条款不仅限制消费者依法维权的途径，而且破坏了公平的市场交易环境，基于上述情形，北京市消协要求华住会高度重视消费者权益保护工作，明确 提出三项具体整改要求。 华住集团官网显示，截至20 ...

Core Viewpoint - The article discusses the first administrative lawsuit in Shanghai related to market manipulation, where Shanghai Securities Regulatory Commission (SSRC) imposed penalties on Shanghai Certain Consulting Company and its personnel for manipulating stock prices of K stock through collusion and concentrated trading activities [2][3][4]. Summary by Sections Case Background - The case involves Shanghai Certain Consulting Company and Liu Mouyu, who were penalized by SSRC for manipulating the market by colluding with Jin Mouchun to influence the trading price and volume of K stock [3][4]. - The SSRC imposed a fine of 1.2 million yuan on both the consulting company and Jin Mouchun, while Liu Mouyu received a warning and a fine of 500,000 yuan [3]. Allegations and Findings - The SSRC found that from December 2017 to October 2018, the consulting company and Jin Mouchun engaged in activities to maintain K stock prices, which included using funds from affiliated companies to buy K stock [4]. - The trading activities involved three private equity funds that repeatedly bought and sold K stock, which was deemed as market manipulation [4]. Court Ruling - The Shanghai Financial Court supported the SSRC's decision, stating that the evidence showed a clear intent to manipulate the market, as the trading volume and price movements were abnormal [5]. - During the manipulation period, the private equity accounts ranked first in trading volume on 43 trading days, with K stock price increasing by 12.62%, deviating from the Shanghai Composite Index by 22.03% [5]. Market Management Context - Market management is defined as a strategic behavior by listed companies to enhance investment value and shareholder returns, which should adhere to regulatory requirements and not involve price manipulation or insider trading [6]. - The court concluded that the actions taken by the consulting company did not align with the principles of market management and disrupted normal trading order, thus justifying the administrative penalties imposed by the SSRC [6].

2月11日，胖东来创始人于东来在社交平台宣布过年后退休，将转为顾问，"胖东来工作由胖东来决策委员会主持"。 2023年6月，于东来曾宣布退休。不过，他并未停止工作，于东来表示，"我把精力用在量力而行地去建设、传播生活的理念方面，企业经营80%放手 了"。 | The State of Industry of | If all and and and at the first for for for | International contract of the later 1 1 min | | | | | . FAMILIA 데 글 목 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 股东名称 | 持股比例; | 认缴出资额(万元) ۾ | 从德用资日期 | 实缴出资额(万元)。 | 首次持股日期命 | | 1 | 于东来 【。4 H | | 69.9647% O | 3960 | 2022-03-10 | 3960 | 2006-09-28 | | | | 受益所有人 实际控制人 控股股东 | | | | | | | 2 | 张 张 ...