Market Overview - A-shares experienced a collective decline on the last trading day before the holiday, with the Shanghai Composite Index falling by 1.26% to 4082.07 points, the Shenzhen Component Index down 1.28% to 14100.19 points, and the ChiNext Index decreasing by 1.57% to 3275.96 points [3] - The trading volume in the Shanghai and Shenzhen markets was only 1.9991 trillion, a decrease of 161.9 billion compared to the previous day [3] Impact of External Markets - The significant drop in U.S. stocks, driven by fears surrounding AI, led to a negative sentiment in the A-share market, with major institutions not stepping in to support the market [5] - The catalyst for the U.S. market decline was a small logistics company's announcement of an AI software that could quadruple delivery efficiency, causing a sell-off in the logistics sector [5] AI Technology Concerns - The market is currently grappling with the unpredictable impacts of AI technology across various industries, leading to a preemptive risk-averse behavior among investors [5] - While AI is expected to enhance productivity and reduce costs, it poses potential threats to certain intermediary sectors, although it is not expected to cause catastrophic damage [6] A-share Market Dynamics - The A-share market has seen excessive speculation around AI-related stocks, with a notable example being the market's initial positive interpretation of ByteDance's Seedance 2.0, which may actually lower industry barriers and reduce future funding and labor needs in the film industry [6] - The market's reaction to AI advancements reflects a duality, recognizing both the productivity benefits and the potential disruptions, particularly concerning employment [6] Trading Data Insights - On the trading day, 3687 stocks declined while only 1463 stocks rose, with a median market drop of 0.77% and a net outflow of 69 billion from major funds [7] - The decline was primarily driven by heavyweight stocks in sectors like coal, electricity, and major banks, which collectively contributed to the market downturn [7] Future Outlook - The Hang Seng Technology Index showed a smaller decline than expected, indicating potential support levels for tech stocks despite the broader market's challenges [9] - As AI applications continue to gain traction and public acceptance, there is potential for a rebound in the Hang Seng Technology Index, warranting further observation [9]

智通财经APP获悉，近期，网易-S(09999)发布2025年Q4及全年财报，凭借扎实的业务布局、强劲的产 品储备与稳健的财务表现，成为资本市场的 "定心丸"。中金、华泰、摩根大通三大机构近期发布的研 报均给予其积极评级，研报表示多项核心利好因素凸显企业韧性，当前估值处于历史低位，配置价值凸 显。 《燕云十六声》全球突破 长青战略成效显著 华泰证券在研报中指出，《燕云十六声》在产品品质与后续运营延续了网易长青游戏的一贯水准，展现 了持续焕新能力，有望逐步成长为公司重要的流水抓手。 在长青战略与全球化的双轮驱动下，网易游戏业务重回两位数增长。财报显示，2025年网易游戏及相关 增值服务营收921亿元，其中在线游戏净收入896亿元，同比增长11%。 重磅新游 pipeline 逐渐清晰，2026年增量空间可观 市场对游戏公司的担忧常集中于"青黄不接"，但网易的储备产品线显示了强大的持续输出与精品打造能 力。 三份研报一致重点提及了以下核心新游进展：《遗忘之海》作为2026年网易最受期待的新品之一，在近 期开启测试并获得市场积极评价。在财报电话会上网易管理层表示，该游戏有望在2026年第三季度上 线。华泰证券预估其 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report predicts that the tin price will undergo a wide - range oscillatory adjustment. This conclusion is based on the analysis of macro - economic data, supply - demand fundamentals, and technical indicators. The macro - economic situation shows that the US housing market data is not as expected; on the supply side, the supply of tin ore is expected to increase, but the production of refined tin is currently limited; on the demand side, the development of the AI field will drive the demand for solder. Technically, the trading volume between long and short positions has decreased [6]. 3. Summary According to the Directory 3.1. Weekly Summary - **Market Review**: This week, the main contract of Shanghai tin first rose and then fell, with a weekly increase of 2.35% and an amplitude of 12.03%. As of the end of this week, the closing price of the main contract was 365,400 yuan/ton [6]. - **Market Outlook**: - **Macro - aspect**: In January in the US, the annualized total number of existing home sales was 3.91 million, lower than the expected 4.15 million, and the previous value was 4.35 million. - **Supply - side**: The resumption of production in Myanmar and the end of the rainy season have led to an increase in the import volume of domestic tin ore, which is expected to continue to rise in the first quarter. Recently, the processing fee for tin ore has increased slightly, indicating a sign of alleviating the tight supply of tin ore. In the smelting sector, most enterprises currently have low raw material inventories, and most are in a loss - making situation. With more year - end maintenance, the production of refined tin continues to be restricted, but there is pressure for production to increase after the Spring Festival. In terms of imports, the export volume of tin from Indonesia has increased, the import window is gradually opening, and the import pressure is increasing. - **Demand - side**: The development prospect of the AI field is strong, which will drive a significant increase in the demand for solder. Recently, the tin price has rebounded, and due to the suspension of year - end procurement, the inventory has increased, with the spot premium maintained at 2,000 yuan/ton; the LME inventory has remained stable, and the spot premium has rebounded. - **Technical - aspect**: The position has remained stable, the price has adjusted, and the trading between long and short positions has become lighter [6]. 3.2. Futures and Spot Market - **Price Changes**: As of February 13, 2026, the closing price of Shanghai tin was 361,050 yuan/ton, an increase of 5,290 yuan/ton or 1.49% compared to February 6. As of February 12, 2026, the closing price of LME tin was 47,800 US dollars/ton, an increase of 810 US dollars/ton or 1.72% compared to February 6 [8][11]. - **Ratio Changes**: As of February 13, 2026, the current ratio of Shanghai tin to Shanghai nickel was 2.85, an increase of 0.12 compared to February 6. As of February 11, 2026, the Shanghai - London ratio of tin was 7.86, an increase of 0.11 compared to February 5 [16]. - **Position Changes**: As of February 13, 2026, the net position of the top 20 in Shanghai tin was - 7,247 lots, a decrease of 548 lots compared to February 9, 2026. As of February 13, 2026, the position of Shanghai tin was 80,108 lots, a decrease of 3,010 lots or 3.62% compared to February 6 [20]. 3.3. Industrial Chain Situation 3.3.1. Supply - side - **Tin Ore Import**: In December 2025, the import volume of tin ore and concentrates was 17,637.24 tons, a month - on - month increase of 16.81% and a year - on - year increase of 120.09%. From January to December this year, the import volume of tin ore and concentrates was 135,757.23 tons, a year - on - year decrease of 14.35% [26]. - **Refined Tin Production**: In October 2025, the production of refined tin was 15,618 tons, a month - on - month increase of 60%. From January to October, the cumulative production of refined tin was 142,971 tons, a year - on - year decrease of 1.25% [27]. - **Tin Ore Processing Fee**: On February 12, 2026, the processing fee for 60% tin concentrate was 10,500 yuan/ton, the same as on February 11, 2026; the processing fee for 40% tin concentrate was 14,500 yuan/ton, the same as on February 11, 2026. On February 12, 2026, the average price of 40% tin concentrate was 377,650 yuan/ton, an increase of 2,950 yuan/ton or 0.79% compared to February 11, 2026; the average price of 60% tin concentrate was 381,650 yuan/ton, an increase of 2,950 yuan/ton or 0.78% compared to February 11, 2026 [32]. - **Refined Tin Import Window**: As of February 12, 2026, the import profit and loss of tin was 8,064.44 yuan/ton, an increase of 10,553.76 yuan/ton compared to February 6, 2026. In December 2025, the import volume of refined tin was 15.4775 million tons, a month - on - month increase of 29.57% and a year - on - year decrease of 48.25%. From January to December, the cumulative import of refined tin was 23,189 million tons, a year - on - year decrease of 9.04%. In December 2025, the export volume of refined tin was 27.6307 million tons, a month - on - month increase of 41.81% and a year - on - year increase of 32.57%. From January to December, the cumulative export of refined tin was 23,437.71 million tons, a year - on - year increase of 34.75% [35][36]. - **Inventory Changes**: As of February 12, 2026, the total LME tin inventory was 7,490 tons, an increase of 360 tons or 5.05% compared to February 5. As of February 13, 2026, the total tin inventory was 11,014 tons, an increase of 2,264 tons or 25.87% compared to last week. As of February 13, 2026, the tin futures inventory was 10,353 tons, an increase of 3,637 tons or 54.15% compared to February 6 [41]. 3.3.2. Demand - side - **Philadelphia Semiconductor Index**: On February 12, 2026, the Philadelphia Semiconductor Index was 8,084.7, an increase of 470.06 or 6.17% compared to February 5. From January to December 2025, the production of integrated circuits was 484,279,481,000 pieces, an increase of 32,856,516,000 pieces or 7.28% compared to the same period last year [44]. - **Domestic Tin - Plated Sheet Export**: As of December 2025, the production of tin - plated sheets was 110,000 tons, an increase of 10,000 tons or 10% compared to November 2025. As of December 2025, the export volume of tin - plated sheets was 142,904.25 tons, a decrease of 4,471.33 tons or 3.03% compared to November [48].

来源：沃伦财经 天有不测风云。 春节前最后一个交易日，市场出现两大意外。其一为美股大幅下跌，其二是A股大幅低开后，大机构并 未出手护盘，反而"YYDS"成为砸盘主力。 美股大跌由AI恐慌引发，直接导火索是一家物流小型企业推出一款AI软件，宣称可将物流配送效率提 升4倍，这一消息直接引发美股物流板块集体下挫。AI技术的颠覆性影响，在今年持续显现，此前率先 冲击软件行业，随后蔓延至金融服务与投资理财行业，此次则扩散至物流这一传统行业，甚至商业地产 板块也受波及，核心原因是市场担忧工作效率提升后，企业办公用房的需求将随之减少。 这一市场现象颇具看点，AI从 "发动机"变成市场的"鬼故事"，核心在于市场无法预判AI广泛应用后， 会对哪些行业形成毁灭性冲击。当前美股的交易逻辑呈现先跌后说、先跌为敬的特征，因市场难以预判 AI影响的最终结果，便选择提前避险。但实际上，对于传统行业来讲，这种"鬼故事"明显被市场过度放 大，后续市场自然会完成自我修正。究其根本，AI终究能提升社会劳动生产力，从整体层面来看，降 本增效的作用毋庸置疑。当然，AI对部分中介环节的产业确实会形成冲击，但尚不至造成灭顶之灾， 这类中间环节与配套服务， ...

Core Insights - The company achieved a revenue of 1.116 billion yuan in 2025, representing a year-on-year growth of 16.15% [1] - The total profit reached 334 million yuan, with a year-on-year increase of 16.79% [1] - The net profit attributable to shareholders was 293 million yuan, up 16.42% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 264 million yuan, reflecting a growth of 16.44% [1] Financial Performance - Total assets at the end of the reporting period amounted to 2.260 billion yuan, an increase of 14.63% from the beginning of the period [1] - Shareholders' equity attributable to the parent company reached 1.706 billion yuan, growing by 13.13% [1] - The company’s capital structure has been optimized, enhancing its risk resistance capabilities [1] Product and Market Development - The company focuses on upgrading its product structure and has made significant progress in high-performance product development [1] - In 2025, the demand for high-performance electronic circuit substrates and thermal materials is expected to expand rapidly, driven by global advanced packaging technology [1] - The company is strengthening its market share in spherical silicon micro powder and spherical alumina while promoting high-performance product R&D [1] Shareholder Returns and Capital Structure - The company's share capital reached 241 million yuan, a 30% increase due to the capitalization of capital reserves [2] - The profit distribution plan for 2024 includes a cash dividend of 5.00 yuan per 10 shares (tax included) and a stock increase of 3 shares [2] - The cash dividend accounts for 36.95% of the net profit for 2024, providing reasonable returns to shareholders while enhancing stock liquidity [2] Industry Position - The company is a leading player in the electronic-grade powder materials sector in China, holding approximately 15% of the global market share [3] - Its products serve nearly 300 enterprises worldwide across various fields, including electronic materials and special ceramics [3] - The company is well-positioned to benefit from the growing demand in high-end applications such as AI infrastructure and automotive electronics [3]

目前，具身智能赛道有多火？对此，宇树科技创始人、CEO 王兴兴表示："目前机器人产业 或具身智能产业，背后最大的驱动因素或不确定因素，基本都是由AI主导，但增长曲线可能越 来越陡峭。如果未来几年，有真正大规模应用的具身智能AI模型和机器人技术突破， 那时候 热度可能会比现在至少高100倍，甚至1000倍。而这个热度，我觉得会远超移动互联网。 所 以，我觉得当下阶段绝对不是最热，目前可能还是处于爬坡或爬坡阶段的平台期。" 来源：央视财经 屏幕下方点个赞， 天天抓牛股！ 责编：叶舒筠 校对： 冉燕青 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 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 存储芯片，逆市大涨！ 丨 深圳出手！不得违规开展黄金预定价交易！ 丨 美股、黄金、白银，集 体大跌！ 丨 15年以来之最，DRAM供应短缺！美存储概念股大爆发！ 丨 A股重磅！2家公司宣布， ...

外卖大战一年后，行业硝烟仍在蔓延。 近日，多地外卖商家晒出与淘宝闪购的新合同，称平台佣金再度上涨。如河北某商家@煲煲鸡 在抖音发视频吐槽，新合同的抽佣比例从6.4%上涨至 7.4%。据他所言："淘宝闪购要求商家必须在24小时之内签署，不签署将自动执行"。另有商家在其评论区指出：不签约商家的店铺将被直接下线。 评论区的消息未必属实，但涨佣的质疑声在贵州、广东、安徽、江苏等多地都有出现。以广东珠海为例，抽佣费率、抽佣保底、配送费都有不同程度的上 涨。 而在江苏宿迁、安徽淮北等地，商家自配送的抽佣费率都快接近20%了。 | > | 方案详情 | | | | --- | --- | --- | --- | | | | < | 方案详情 | | TB基础选推 | | | | | 平台推荐 | | TB基础 | | | 然后来中古品牌 同 第二次 | | 平台推荐 | | | | | 商户自行配测 | | | 收费方案 合同列表 | | 收费方案 合同列表 | | | 技术服务费(佣金) 2 | | | | | 优惠折扣50.00%(2025-11-23 至 2026-11-22)·生效中 | | 技术服务费(佣金) 2 ...

Market Overview - On February 13, the A-share market experienced fluctuations, with the Shanghai Composite Index falling by 1.26%, the Shenzhen Component Index by 1.28%, the ChiNext Index by 1.57%, and the Sci-Tech Innovation Index by 0.38%. The total market turnover was approximately 2 trillion yuan [1] - For the week, the Shanghai Composite Index increased by 0.41%, the Shenzhen Component Index by 1.39%, the ChiNext Index by 1.22%, and the Sci-Tech Innovation Index by 3.17% [1] Sector Performance - The military equipment, digital watermarking, and paper-making sectors saw significant gains, while previous hot sectors such as photovoltaics, minor metals, and steel underwent adjustments [1] - The digital watermarking sector surged, with related concepts like AI content review and AI fraud prevention also performing well. Notable stocks included: - Guoan Co., Ltd. (000839) reached a daily limit up, marking its fourth day of gains [1] - Hanbang High-Tech (300449) hit a 20% limit up [1] - Other stocks like Electric Science Network Security (002268), Green Alliance Technology (300369), and People’s Daily also saw increases [1] AI and Content Regulation - Recent reports highlighted issues with AI-generated synthetic information being disseminated without proper identification, leading to public deception and negative impacts on the online ecosystem. Regulatory bodies have urged platforms to address these issues, resulting in the identification of 13,421 accounts and the removal of over 543,000 pieces of illegal information [3] - The regulatory environment is tightening, with a focus on ensuring that AI-generated content is properly labeled to prevent misinformation [3] AI Industry Developments - Significant advancements in AI applications were noted, including the launch of the GLM 5 model by Zhipu AI, which is designed for complex systems engineering and long-term tasks [4] - ByteDance introduced the Seedance 2.0 AI video generation model, which quickly gained attention online [4] - The market is observing a shift where AI security becomes essential, with a focus on AI content verification, deep forgery detection, and cybersecurity protection [4] Film Industry Insights - The film industry saw a rise in stock prices, particularly in the cinema chain sector, with Light Media increasing over 15% and other companies like Hengdian Film and China Film also experiencing gains [4] - As of February 13, the pre-sale box office for the 2026 Spring Festival film season reached 196 million yuan, indicating strong consumer interest [7]

【导读】全线调整，蛇年行情收官；铝价突然直线跳水，特朗普拟放松部分钢铝关税 市场共1540只个股上涨，46只个股涨停，3829只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 日中 | 涨停 | 46 | | 涨幅 | > 7% | 61 | | 涨幅 | 5-7% | 48 | | 涨幅 | 3-5% | 132 | | 张唱 | 0-3% | 6621 | | 跌幅 | 0-3% | 3332 | | 跌幅 | 3-5% | 367 | | 跌幅 | 5-7% | 82 | | 跌幅 | > 7% | 48 | | 其中 跌停 | | 16 | | 上涨家数 | | 1540 | | 上跌2 | | 3829 115 | | | | 5484 | | 总品种数 总成交额 总成交 | △零负 | 19989.42 乙 | | | | 114715.37 | | 涨家增减 | | -1202 | | 涨家增幅 | | -43.84% | | 指数量比 | | 0.91 | 军工板块逆市走强，安达维尔、亚星锚链、航发动力等涨停。 | 代码 | 名称 | | 涨幅% ...

Market Performance - A-shares experienced a decline on February 13, with all three major indices dropping over 1%. The Shanghai Composite Index fell by 1.26%, the Shenzhen Component Index by 1.28%, and the ChiNext Index by 1.57% [1][2] - For the lunar year of the Snake, the Shanghai Composite Index recorded a cumulative increase of 25.58%, the Shenzhen Component Index 38.84%, the ChiNext Index 58.73%, and the Sci-Tech Innovation Board Index 64.20% [1] Stock Movement - A total of 1,540 stocks rose, while 3,829 stocks fell, with 46 stocks hitting the daily limit up [2][3] - The military industry sector showed resilience, with stocks like Andavere and Yaxing Anchor Chain reaching their daily limit up [3][4] - Semiconductor stocks saw a midday surge, with Fuchuang Precision rising over 10% [5] Aluminum Price Drop - Aluminum prices experienced a sudden drop on February 13, following reports that Trump may reduce certain U.S. metal import tariffs [12][14] - The U.S. government is reviewing a list of products affected by tariffs and may exempt some items due to concerns that tariffs are harming consumers [14] - Analysts suggest that lowering tariffs could alleviate market distortions and supply chain disruptions, especially as traders reduce positions ahead of the upcoming Spring Festival holiday [14]