1. Industry Investment Rating - No information provided 2. Core Viewpoints - On February 14, all the current contracts of the four major stock index futures declined. IF dropped 1.61%, IH dropped 1.84%, IC dropped 1.92%, and IM dropped 1.7% [1] - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 51,556 lots, IH by 28,092 lots, IC by 27,924 lots, and IM by 30,724 lots. In terms of positions, the total positions of IF increased by 10,693 lots, IH by 9,279 lots, IC by 612 lots; while IM's total positions decreased by 4,355 lots [2] 3. Summary by Relevant Catalogs 3.1期指期现数据跟踪 - **Stock Index Futures Data** - **CSI 300**: The closing price was 4,660.4, down 1.25%, with a turnover of 452.88 billion [1] - **IF Contracts**: All contracts declined, with IF2602 down 1.61%, IF2603 down 1.92%, IF2606 down 2.05%, and IF2609 down 2.04%. The trading volume and positions of most contracts increased, except for the positions of IF2602 which decreased by 337 [1] - **SSE 50**: The closing price was 3,034.4, down 1.47%, with a turnover of 125.97 billion [1] - **IH Contracts**: All contracts declined, with IH2602 down 1.84%, IH2603 down 2.06%, IH2606 down 2.09%, and IH2609 down 2.18%. The trading volume of all contracts increased, while the positions of IH2602 decreased by 479 [1] - **CSI 500**: The closing price was 8,299.6, down 1.47%, with a turnover of 406.32 billion [1] - **IC Contracts**: All contracts declined, with IC2602 down 1.92%, IC2603 down 2.02%, IC2606 down 2.19%, and IC2609 down 2.24%. The trading volume of most contracts increased, while the positions of IC2602 decreased by 4,591 [1] - **CSI 1000**: The closing price was 8,204.8, down 1.32%, with a turnover of 438.92 billion [1] - **IM Contracts**: All contracts declined, with IM2602 down 1.70%, IM2603 down 1.75%, IM2606 down 1.91%, and IM2609 down 1.88%. The trading volume of all contracts increased, while the positions of IM2602 decreased by 6,643 [1] 3.2期指前20大会员持仓增减 - **IF Contracts**: The long - order increase of IF2601 was 820, IF2602 was 5,634, IF2603 was 5,379, and IF2606 was 1,351. The short - order increase of IF2601 was 451, IF2602 was 946, IF2603 was 5,339, and IF2606 was 1,132 [5] - **IH Contracts**: The long - order increase of IH2601 was 45, IH2602 was 6,647, IH2603 was 1,500, and IH2606 was 1,157. The short - order increase of IH2601 was - 70, IH2602 was 4,992, IH2603 was 1,655, and IH2606 was 1,102 [5] - **IC Contracts**: The long - order increase of IC2601 was - 3,585, IC2602 was 1,451, IC2603 was 5,837, and IC2606 was 2,300. The short - order increase of IC2601 was - 3,616, IC2602 was - 1,876, IC2603 was 4,639, and IC2606 was 2,589 [5] - **IM Contracts**: The long - order increase of IM2601 was - 5,206, IM2602 was 1,708, IM2603 was 2,378. The short - order increase of IM2601 was - 4,703, IM2602 was - 2,297, IM2603 was 1,440. The data for IM2606 was not announced [5] 3.3趋势强度 - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3.4重要驱动 - **Credit and Monetary Data**: In January, the increment of social financing scale was 7.22 trillion yuan, 166.2 billion yuan more than the same period last year; RMB loans increased by 4.71 trillion yuan, with a year - on - year increase of 6.1% at the end of the month. At the end of January, M2 increased by 9% year - on - year, and M1 increased by 4.9% year - on - year [7] - **Housing Price Data**: The month - on - month decline of second - hand housing prices in first, second, and third - tier cities narrowed comprehensively in January, with a narrowing of 0.4, 0.2, and 0.1 percentage points respectively compared with the previous month. The second - hand housing prices in Yangzhou and Zhanjiang increased by 0.4% and 0.3% month - on - month respectively. Year - on - year, the prices of new and second - hand houses in 70 large and medium - sized cities continued to decline, and the decline further widened [7] - **Regulatory Policies**: The "Anti - monopoly Compliance Guidelines for Internet Platforms" was released, specifying 4 types of monopoly risks such as monopoly agreements, abuse of market dominance, concentration of undertakings, and abuse of administrative power to exclude and restrict competition, and listing risk examples such as "choose one of two" and "the lowest price across the network". The CSRC seriously investigated and dealt with the illegal financing and information disclosure violations of Tianfeng Securities for Dangdai Group. The Hubei Securities Regulatory Bureau plans to impose a maximum fine of 25 million yuan on Tianfeng Securities and Dangdai Group, and a total fine of 34.8 million yuan on 9 responsible personnel. The actual controller of Dangdai Group, the former chairman of Tianfeng Securities, and the former vice - president and chief financial officer were subject to a lifetime ban from the securities market [7] 3.5 Other Market Information - **US Tariff Policy**: US President Trump signed an executive order to impose a 10% ad valorem import tariff on goods imported into the US for 150 days starting from February 24, and later raised the tariff to 15%. Importers and retailers may face a long - term struggle to recover up to 170 billion US dollars in tariffs paid to the US government [8][9] - **Stock Market Performance in China**: On the last trading day of the Year of the Snake, the Shanghai Composite Index fell 1.26% to 4,082.07 points, the Shenzhen Component Index fell 1.28%, and the ChiNext Index fell 1.57%. The Hong Kong Hang Seng Index fell 1.72% to 26,567.12 points, the Hang Seng Tech Index fell 0.9%, and the Hang Seng China Enterprises Index fell 1.55% [9][10]

2月14日，据市场监督管理总局通报，其已于2月13日集中约谈阿里巴巴、抖音、百度、腾讯、京 东、美团、淘宝闪购等平台企业，要求平台规范促销推广行为，杜绝各种形式的"内卷式"竞争。 就在集中约谈平台企业的同一天，市场监督管理总局发布了《互联网平台反垄断合规指引》（下称 《指引》），重点规定了垄断协议、滥用市场支配地位、经营者集中和滥用行政权力排除、限制竞 争等4类垄断风险。 有业内人士指出，平台发红包本身不是问题，但若演变成低于 成本的恶性补贴，或利用红包诱导商户二选一、实施价格歧 视，就可能触碰监管红线。 作者：钱玉娟 封图：图虫创意 一家被约谈平台的内部人士认为，多平台被约谈是《指引》落地后的配套动作。 此次约谈的7家企业中，阿里巴巴、抖音、京东、美团等均是头部综合型零售电商平台企业，同类 型的拼多多、快手未在约谈名单，而百度、腾讯却罕见地被卷入到风波当中。阿里巴巴及其旗下淘 宝闪购还被同时点名。 有业内人士指出，平台发红包本身不是问题，但若演变成低于成本的恶性补贴，或利用红包诱导商 户二选一、实施价格歧视，就可能触碰监管红线。 中国数字治理研究会秘书长杨煜东分析，当前的流量之争已经从共享经济、电商等领域延 ...

2026.02. 14 本文字数：2911，阅读时长大约5分钟 作者 | 第一财经 吴斯旻 药店进驻电商平台"赔本赚吆喝"，药企深陷"平台二选一"，线上"卖药"低于厂商成本价，"互联网+"服 务价格不透明、隐形收费……这些扰乱医药市场的价格乱象将迎来更强监管，平台企业或面临"大 考"。 13日，市场监管总局发布《互联网平台反垄断合规指引》，明确"全网最低价"等多个新型垄断风险行 为。同日，该局发布《医疗机构价格公示规定（征求意见稿）》，这是时隔24年该规定首次修订， 并首次将互联网医院纳入监管范围，对线上处方所涉及的药品价格公示提出了独立、详尽的要求，强 调线上线下主体的一致性。 "结合此次发布两个文件，后续医药价格与平台竞争监管将重点围绕合理定价边界、价格公示规范、 信息披露尺度、多部门监管分工四大核心，形成清晰合规框架。"北京中医药大学卫生健康法学教授 邓勇对第一财经表示。 他认为，整体来看，本轮监管既允许平台与医药机构基于成本差异合理定价，又严格划定禁止低价倾 销、禁止价格欺诈、禁止垄断、强制透明公示四条红线。在促进线上线下有序竞争的同时，保障患者 知情权与医保基金安全。 医药电商"补贴""促销"或迎更 ...

严格划定禁止低价倾销、禁止价格欺诈、禁止垄断、强制透明公示四条红线。 药店进驻电商平台"赔本赚吆喝"，药企深陷"平台二选一"，线上"卖药"低于厂商成本价，"互联网+"服 务价格不透明、隐形收费……这些扰乱医药市场的价格乱象将迎来更强监管，平台企业或面临"大考"。 13日，市场监管总局发布《互联网平台反垄断合规指引》，明确"全网最低价"等多个新型垄断风险行 为。同日，该局发布《医疗机构价格公示规定（征求意见稿）》，这是时隔24年该规定首次修订，并首 次将互联网医院纳入监管范围，对线上处方所涉及的药品价格公示提出了独立、详尽的要求，强调线上 线下主体的一致性。 "结合此次发布两个文件，后续医药价格与平台竞争监管将重点围绕合理定价边界、价格公示规范、信 息披露尺度、多部门监管分工四大核心，形成清晰合规框架。"北京中医药大学卫生健康法学教授邓勇 对第一财经表示。 他认为，整体来看，本轮监管既允许平台与医药机构基于成本差异合理定价，又严格划定禁止低价倾 销、禁止价格欺诈、禁止垄断、强制透明公示四条红线。在促进线上线下有序竞争的同时，保障患者知 情权与医保基金安全。 医药电商"补贴""促销"或迎更强监管 该指引称，平台经 ...

■近日，金融监管总局联合市场监管总局、中国人民银行，对携程旅行、高德地图、同程旅行、飞猪旅 行、航旅纵横、去哪儿旅行6家出行平台企业进行约谈。 ■《互联网平台反垄断合规指引》13日发布，重点规定了垄断协议、滥用市场支配地位、经营者集中和 滥用行政权力排除、限制竞争4类垄断风险，为平台经营者划出清晰明确的"红线"。 ■春节前夕，中共中央总书记、国家主席、中央军委主席习近平等党和国家领导人分别看望或委托有关 方面负责同志看望了老同志，向他们致以诚挚的节日问候，衷心祝愿他们新春愉快、健康长寿。 ■国务院安委办、应急管理部13日发布2026年春节假期安全提示。 ■葡萄牙议会12日通过一项法案规定，葡萄牙16岁以下未成年人将不能自由访问社交媒体平台，必须在 获得家长明确授权并通过官方核验程序后方可使用。 ■联合国秘书长古特雷斯12日发表声明称，联合国大会已任命新设立的"人工智能问题独立国际科学小 组"40名成员，任期三年，有两位中国科学家当选。 ■新修订的《中华人民共和国海关注册登记和备案企业信用管理办法》，将于4月1日起全面施行。从调 整企业信用等级、建立失信修复和容错机制等方面做出优化升级。 ■中国人民银行13日发 ...

过往的执法实践显示，互联网平台具有独特的竞争特点和规律，在垄断行为类型、表现、损害等方面与 传统领域存在一定差异，平台经济新业态新模式不断涌现，竞争行为纷繁复杂，平台经营者对识别垄断 风险、明晰行为边界充满期待。 《指引》共五章38条，针对互联网平台相关垄断风险识别、风险管理、合规保障机制等作出规定。包括 细化四类垄断风险识别的考虑因素、列举反垄断合规风险管理的有效措施、提出反垄断合规保障机制等 内容。其中，《指引》列举了平台间算法共谋、组织帮助平台内经营者达成垄断协议、平台不公平高 价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网最低价"、平台差别待遇共8个风险示例。 经济日报北京2月13日讯（记者李思雨）市场监管总局13日发布《互联网平台反垄断合规指引》，旨在 为平台经营者提供更加明确、清晰的行为指引，进一步健全平台经济领域反垄断常态化监管制度，促进 平台经济创新和健康发展。 ...

昨日，市场监管总局发布《互联网平台反垄断合规指引》，旨在促进平台经济创新和健康发展，为平台 经营者开展反垄断合规提供清晰指引。 据介绍，近年来，我国平台经济快速发展，在提高社会资源配置效率、推动技术创新和产业变革、促进 经济社会发展等方面发挥着重要作用。互联网平台具有独特的竞争特点和规律，在垄断行为类型、表 现、损害等方面与传统领域存在一定差异。此次发布的指引是对反垄断合规制度规则的进一步细化，进 一步健全平台经济领域反垄断常态化监管制度。 指引共五章38条，针对互联网平台相关垄断风险识别、风险管理、合规保障机制等作出规定，内容包括 细化四类垄断风险识别的考虑因素、列举反垄断合规风险管理的有效措施、提出反垄断合规保障机制 等。其中，指引列举了平台间算法共谋、平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行 为、"全网最低价"等风险示例。 据了解，此次发布的指引是关于互联网平台的专项反垄断合规指引，旨在对平台经营者反垄断合规提供 一般性指引，不具有强制性。认定一项行为是否构成反垄断法禁止的垄断行为，需要依据反垄断法及相 关法规规章，经过调查取证和分析论证方能得出结论。 据新华社 ...

《互联网平台反垄断合规指引》要求平台经营者不得利用数据和算法、技术、资本优势、平台规则等从 事《中华人民共和国反垄断法》禁止的垄断行为。《指引》重点规定了垄断协议、滥用市场支配地位、 经营者集中和滥用行政权力排除、限制竞争等4类垄断风险。 （文章来源：21世纪经济报道） 根据平台经济行业特点、经营模式、竞争规律等，指引提出了8个场景中的新型垄断风险，包括：平台 间算法共谋、组织帮助平台内经营者达成垄断协议、平台不公平高价、平台低于成本销售、封禁屏 蔽、"二选一"行为、"全网最低价"、平台差别待遇。 ...

Core Viewpoint - The "Guidelines for Antitrust Compliance of Internet Platforms" issued by the State Administration for Market Regulation on February 13 aims to provide clearer behavioral guidelines for platform operators, marking an important innovation in the governance of platform economy in China [1][3]. Summary by Relevant Sections Antitrust Compliance Responsibilities - Platform operators are required to assume the primary responsibility for antitrust compliance, establish compliance systems, and manage compliance effectively, ensuring lawful competition and operation [1]. Identification of Antitrust Risks - The guidelines outline four categories of antitrust risks: monopoly agreements, abuse of market dominance, operator concentration, and abuse of administrative power to eliminate or restrict competition, clearly defining the "red lines" for platform operators [1]. New Types of Antitrust Risks - Eight new types of antitrust risks are identified, including algorithm collusion, assisting platform operators in reaching monopoly agreements, unfair high pricing, selling below cost, blocking or shielding, "choose one from two" practices, "lowest price on the entire network," and differential treatment by platforms [1]. Consumer Protection - The guidelines enhance the protection of consumers' rights to fair trading and informed decision-making, addressing issues like "big data price discrimination," forced choices, and price fraud, which contributes to increased market transparency and predictability [2]. Nature of the Guidelines - The guidelines are non-binding specialized antitrust compliance directives, representing a shift in regulatory approach from "post-event punishment" to "preventive measures, in-process control, and post-event rectification" [3]. Professional Guidance - The guidelines translate core provisions of antitrust law into understandable and operable behavioral standards for platforms, respecting their autonomy while guiding them to conduct self-inspections through clear risk alerts, complementing rigid enforcement of antitrust laws [3].

记者从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进平台经济 创新和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者能够通过平台 规则、数据、算法、技术手段等影响平台竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损 害多方主体利益。执法实践显示，互联网平台具有独特的竞争特点和规律，在垄断行为类型、表现、损 害等方面与传统领域存在一定差异，平台经济新业态新模式不断涌现，竞争行为纷繁复杂，平台经营者 对识别垄断风险、明晰行为边界充满期待。制定《指引》是对反垄断合规制度规则的进一步细化，有利 于回应平台经营者关切，支持、引导其精准识别、评估、防范垄断风险。 指引要求，平台经营者应遵循针对性、全面性、穿透性和持续性四大原则，开展反垄断合规管理工作， 实现规则公平、算法向善、竞争合规，切实承担反垄断合规主体责任，健全反垄断合规制度，加强反垄 断合规管理，依法竞争、合规经营，不得利用数据和算法、技术、资本优势、平台规则等从事《中华人 民共和国反垄断法》禁止的垄断行为。 《指引》重点规定了垄断协议、滥用市场支 ...