福特首席执行官 Jim Farley 在 2 月10日福特第四季度业绩电话会议上对分析师们表示："我们也计划通 过更多可负担的卡车与SUV车型来扩大我们的市场覆盖面。我们将通过广泛的动力总成组合来实现这一 点——电池动力系统、燃油、不同类型的混动，以及纯电。客户们都希望有更多选择。" 福特最新公布的业绩展望数据显示，该公司预计2026年调整后的息税前利润(EBIT)将达到80亿至100亿 美元，高于2025年的68亿美元，并且福特业绩展望的中值略高于机构汇总的华尔街分析师平均预期值 (88.6亿美元)。 智通财经APP获悉，美国老牌汽车制造商福特汽车公司(F.US)计划在本十年末之前(即2030年之前)推出5 款定价低于4万美元的相对平价新车型，意在提供更加可负担的车辆推动该公司更强劲利润增长轨迹;相 比之下，目前美国新车平均成本已突破 50,000 美元。从潜在的增量空间来看，随着福特采取全球电动 化进程投资放缓策略，同时推动传统强项——混动与皮卡车型重返业绩增长C位，可负担性主题正在把 福特的潜在市场份额扩张重新打开。 据了解，福特首席财务官Sherry House当地时间周三在华尔街投资机构Wolfe ...

Core Viewpoint - The Chinese government is promoting financial institutions to enhance innovation in financial products and services during the Spring Festival, focusing on key consumer areas to provide efficient and convenient financial services [1] Group 1: Consumer Loan Support - Financial institutions are encouraged to increase personal consumption loan issuance, determining reasonable loan issuance ratios, terms, and interest rates to support the replacement of durable consumer goods such as automobiles, home appliances, and home renovations [3] - The development of comprehensive grading systems for insurance models is being accelerated to effectively promote automobile consumption [3] Group 2: Service Consumption Enhancement - There is a push to develop commercial insurance annuity products that combine elderly risk protection and wealth management functions, as well as commercial medical insurance that benefits chronic disease patients and the elderly [5] - The development of commercial long-term care insurance is being strongly promoted, alongside optimizing financial service models in cultural tourism, sports, entertainment, and education sectors to stimulate service consumption [5] Group 3: New Consumption Models - Financial institutions are encouraged to broaden online financial support channels for consumption, collaborating with merchants to develop financial products and services that cater to new consumption characteristics [7] - Support is being provided for the development of digital consumption, experiential consumption, smart consumption, and customized consumption models [7]

Group 1 - The Nikkei average index continued its upward trend on February 12, rising by around 200 points to reach 57,850, maintaining a level above the historical high set on February 10 [2] - The index briefly exceeded 58,000 points for the first time, but profit-taking due to short-term market overheating suppressed further gains [2] - The semiconductor sector, particularly stocks like Micron Technology, saw increased buying interest in the U.S. market, contributing positively to the Nikkei index [4] Group 2 - The U.S. labor department reported a significant increase in non-farm employment by 130,000 in January, far exceeding market expectations of 55,000, indicating a robust labor market that supports investor confidence [4] - The ratio of rising stocks to falling stocks in the Nikkei index was 141% as of February 10, surpassing the "overbought" threshold of 120%, which led to profit-taking actions [4] - The Tokyo Stock Exchange Price Index (TOPIX) also maintained an upward trend, remaining above its highest point of 3,855.28 set on February 10, although profit-taking led to some downward movement [4]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/12 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.53%报 5107.80 美元/盎司， COMEX 白银期货涨 4.60%报 84.08 美元/盎司。 2. 美油主力合约收涨 1.45%，报 64.89 美元/桶；布油主力合约涨 1.15%，报 6 ...

Core Viewpoint - The Ministry of Commerce has issued a notice to enhance the "old-for-new" subsidy program for consumer goods during the 2026 Spring Festival holiday, aiming to stimulate consumer spending and ensure sufficient supply of products [1] Group 1: Subsidy Program Details - The notice emphasizes the need for local governments to secure funding for the "old-for-new" subsidies during the Spring Festival, which lasts for 9 days from February 15 to 23, 2026 [1] - Consumers purchasing new appliances, digital, and smart products can apply for subsidies through offline channels during the holiday [1] - Car buyers during the holiday period are also eligible for the "old-for-new" subsidy according to policy requirements [1] Group 2: Supply Chain and Market Readiness - Local authorities are instructed to guide automotive dealers and retailers of home appliances and digital products to prepare quality inventory and ensure operational hours to meet consumer demand [1] - There is a focus on ensuring product supply in rural areas, with an increase in local policy participants and a push for online channels to cater to rural residents [1]

福特方面称，虽然公司一直试图获得电动车盈利，但由于美国7500美元电动车税收抵免已于2025年9月 30日正式终止，消费者的需求受到了抑制，这让美国电动车市场与车企转型都遭受了冲击。 其次，2025年，福特汽车关键铝材供应商诺贝丽斯的工厂发生了两场大火，预计到今年5月～9月才能全 面复产，这直接影响着福特汽车重要销量来源的F-150系列皮卡，让福特汽车不得不为F-150系列皮卡购 买外国制造的铝材。这也意味着，福特汽车需要为进口铝材支付高额关税，产生高于预期的生产成本。 再次，关税成本同样影响了福特的盈利。除了上述提到的F-150系列皮卡零部件进口关税，福特汽车首 席财务官雪莉·豪斯表示，去年年底，公司支付了一笔关税账单，损失了约9亿美元的储蓄。她说："我 们在2025年底很晚的时候才收到特朗普政府的通知，由于沟通较晚，这笔9亿美元的支出已无法避 免。"2025年，福特汽车的关税成本约为20亿美元。 福特汽车CEO吉姆·法利（Jim Farley）表示，公司将继续削减成本并努力生产具有全球竞争力的车型。 根据规划，福特计划生产更多高利润的SUV和皮卡，今年的业绩将表现强劲。 来源：第一财经 继Stellant ...

Core Viewpoint - Elon Musk's business empire is not limited to a single company but encompasses a vast industrial network covering space, earth, human-machine interaction, and energy, aiming for "sustainable prosperity" and "multi-planet civilization" [3] Group 1: Six Major Industrial Chains - Musk's empire is built on three main pillars: Tesla (energy + transportation), SpaceX (space exploration), and xAI (artificial intelligence), along with three extensions: Neuralink (brain-machine interface), The Boring Company (underground tunnels), and Optimus (humanoid robots), forming a self-reinforcing collaborative loop [4] Group 2: Key Data Summary for 2026 - SpaceX aims for $18.2 billion in revenue by 2025, with a 45% year-on-year increase, and plans to launch over 200 rockets, achieving a market share of 86% in U.S. space launches [5] - Tesla targets $94.827 billion in total revenue by 2025, with a projected delivery of 1.636 million vehicles and a 120% increase in FSD subscription users [5] - xAI has raised $20 billion in funding, with plans to build a data center and enhance its Grok model [5] - Neuralink has implanted devices in 12 individuals, aiming for large-scale production and expanded clinical cases [5] Group 3: Collaborative Logic of the Industrial Chain - The synergy among the six industrial chains creates a "1+1>2" effect, where energy systems from Tesla support SpaceX and xAI, while data from various sources feeds into xAI's Grok model, enhancing overall efficiency [6][7] Group 4: Global Industry Benefits - The commercialization of Musk's industrial chains is expected to drive growth in multiple related industries, including aerospace materials, lithium batteries, AI computing power, precision manufacturing, and underground engineering, with significant market growth projections for 2026 [8] Group 5: China's Related Industry Development - China's commercial space sector is rapidly developing, with over 300 companies and a market size exceeding 200 billion RMB by 2026, benefiting from global aerospace trends [9] - In the new energy and electric vehicle sector, China leads globally, with a projected production of 9.5 million electric vehicles by 2025, capturing over 60% of the global market [11] - The AI sector in China is expected to reach a scale of 500 billion RMB by 2026, with significant advancements in large models and computing infrastructure [13] - The humanoid robot and precision manufacturing sectors are also advancing, with Chinese companies focusing on key components and achieving a 35% localization rate by 2025 [14] Group 6: Insights from Musk's Industrial Logic - Musk's approach emphasizes ecological layout, long-termism, differentiated competition, and the importance of hard technology and complete industrial chains, providing valuable lessons for global and Chinese industries [15][16][17][18]

每经AI快讯，2月12日，东风集团股份(00489.HK)涨超3%，截至发稿涨3.18%，报9.4港元，成交额1.08 亿港元。 ...

Core Insights - The A-share market showed a narrow consolidation with the Shanghai Composite Index rising by 0.09% to 4,131.98 points, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [2][9] - The total trading volume in the A-share market was approximately 1.98 trillion RMB, with nearly 2,000 stocks rising [2][9] - In terms of industry performance, the construction materials and non-ferrous metals sectors led the gains, while the telecommunications sector lagged behind [2][9] Economic Indicators - In January 2026, the Consumer Price Index (CPI) increased by 0.2% year-on-year, with urban prices rising by 0.2% and rural prices by 0.1% [3][11] - The Producer Price Index (PPI) for industrial producers decreased by 1.4% year-on-year, with the decline narrowing by 0.5 percentage points from the previous month, while month-on-month, it increased by 0.4% [4][11] Earnings Forecasts - As of February 9, 2026, 2,976 A-share companies had disclosed their annual earnings forecasts, with a disclosure rate of 54.32%. Among these, 1,106 companies (37.16%) issued positive earnings forecasts [12][15] - The stable sector had the highest proportion of positive forecasts at 57.58%, followed by the cyclical sector at 42.55%, while the consumer sector had the lowest at 30.81% [12][15] - Five industries had a positive forecast rate exceeding 50%, with notable improvements in the defense, automotive, and beauty care sectors [13][15] Investment Recommendations - The report suggests focusing on sectors with improving profit growth, including upstream non-ferrous metals and basic chemicals, midstream machinery and electrical industries, and TMT sectors [15] - The overall profitability of A-share companies is expected to continue recovering, with the highest positive forecast rates in non-bank financials, non-ferrous metals, and automotive industries [15]

| 申万期货品种策略日报——股指 | 2026/2/12 | 星期四 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4728.20 | 4724.00 | 4690.20 | 4636.80 | 前日收盘价 | 4716.20 | 4714.80 | 4680.00 | 4625.80 | | | 涨跌 | -7.80 | -5.80 | -8.00 | -10.00 | 沪深300 | 涨跌幅 | -0. ...