小摩表示，鉴于Diego在投资者中声誉良好，且近期在渣打实现财务里程碑(包括大规模股份回购及 ROTE改善)中扮演关键角色，小摩预期其意外离职将导致渣打股价出现低至中单位数的跌幅。尽管如 此，小摩的投资展望保持正面，因银行的稳健表现得益于持续的战略转型及有利的货币环境。 消息面上，晨星发布研究报告指出，近日，渣打集团财务总监Diego De Giorgi即时离任，目前职务将由 副财务总监Peter Burrill暂时接替。晨星认为，此次管理层变动消息属意外负面因素，将引发市场对该行 人事变动及继任安排的担忧，但指出行政总裁温拓思未表示有任何退休计划，相信渣打未来将继续专注 执行"Fit for Growth"策略，在Peter Burrill领导下仍能实现目标，因此预期此次事件对渣打营运影响有 限。 智通财经APP获悉，渣打集团(02888)跌超3%，截至发稿，跌3.71%，报186.8港元，成交额1.55亿港元。 ...

Group 1 - The core viewpoint of the article highlights a rare panic sell-off in the US stock market, driven by fears surrounding AI's disruptive potential across various sectors, leading to significant declines in technology, logistics, finance, and healthcare industries [1][3][5] - The market breadth is deteriorating, with 350 out of 500 S&P components declining, and major tech companies like Apple, Amazon, Microsoft, Meta, and Cisco contributing significantly to this downturn [6][7] - Defensive sectors such as utilities, consumer staples, and REITs are gaining traction, while previously strong tech stocks are experiencing widespread sell-offs, indicating a shift in investor sentiment [3][6][8] Group 2 - The latest trigger for market panic was a statement from a Microsoft AI executive suggesting that most white-collar jobs could be replaced by AI within 12 months, prompting a reevaluation of AI's impact [5][9] - Logistics has emerged as a new area of concern, with companies like CH Robinson experiencing extreme volatility, reflecting a broader fear that AI's influence is spreading from tech to traditional industries [7][8] - The healthcare sector is also under pressure, with contract research organizations (CROs) seeing a 32% drop this month, as companies like Pfizer announce plans to utilize AI for clinical trials [8][9]

作为西湖区2026年首场银龄集市，活动以"政银携手、银企协作、多方联动"模式打破传统养老服务 边界，8大展区、30余个展位有序排布，让长者们一站式解锁多元福利。科技养老政策区内，西湖区民 政局与古荡街道工作人员细致解读"五大幸福行动"、长护险等利好政策，助力长者吃透养老红利；科技 金融便民区里，杭州银行西湖支行工作人员现场普及防诈骗知识、推介养老金融产品，筑牢长者"钱袋 子"安全防线；"乐活空间"人气爆棚，下棋机器人与银发棋友对弈切磋，可穿戴设备、防跌倒装置等智 能养老产品让长者亲身感受科技便捷；智慧医疗体验区内，医护人员提供专业义诊与智能检测服务，89 岁的苏大爷完成眼部检查后点赞："真正懂我们老年人的需求！" "这机器狗真乖，还会给我们拜年呢！"2月11日，天目里国际街区北园广场上，"赶科技'吉'市，做 潮酷银龄"——2026年西湖区首场"老有意思了"银龄集市在此温情上演。这场集科技体验、便民服务、 文化娱乐、年货采购于一体的沉浸式活动，吸引了200余名辖区长者参与，为新春注入浓厚的敬老暖 意。 活动现场，古荡街道同步发布2026年"孝老之星"评选方案，以榜样力量引领孝老爱亲新风尚。下一 步，古荡街道将持 ...

Market Overview - On February 12, the three major indices closed higher, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 1.32%[4] - The total trading volume reached 2.16 trillion yuan, an increase of approximately 160 billion yuan compared to the previous trading day[1] Sector Performance - Communication, power equipment, and electronics sectors showed significant gains, while banking, agriculture, and social services sectors experienced declines[1] - The ChiNext 50 Index saw substantial growth, indicating a clear trend of capital flowing towards large and mid-cap technology leaders[1] Capital Flow - On February 12, net inflows into the Shanghai Stock Exchange were 189.34 billion yuan, while net inflows into the Shenzhen Stock Exchange were 327.28 billion yuan[5] - The top three sectors for capital inflow were semiconductors, IT services, and communication equipment, while the largest outflows were from film and television, state-owned banks, and securities[5] Industry Trends - The export of new energy passenger vehicles reached 286,000 units in January, marking a year-on-year increase of 103.6%[11] - In 2025, China is expected to add over 430 million kilowatts of wind and solar power capacity, a year-on-year growth of 22.0%[12] Investment Sentiment - Over 62% of surveyed private equity firms prefer to hold heavy or full positions during the upcoming holiday, indicating confidence in structural market opportunities despite potential volatility[14] - Public fund issuance has exceeded 200 billion yuan since the beginning of the year, with mixed equity funds being particularly popular, accounting for over 70 billion yuan of the total[13]

证券研究报告 | 2026年02月12日 2026年02月13日 金融工程日报 沪指震荡微升，算力产业链走强 市场表现：20260212 大部分指数处于上涨状态，规模指数中中证 500 指数 表现较好，板块指数中科创 50 指数表现较好，风格指数中中证 500 成长指 数表现较好。电子、电新、计算机、通信、机械行业表现较好，消费者服务、 农林牧渔、纺织服装、综合金融、银行行业表现较差。光模块(CPO)、光芯 片、智谱 AI、靶材、钨矿等概念表现较好，影视、动漫、谷子经济、建筑节 能、旅游出行等概念表现较差。 市场情绪：20260212 收盘时有 70 只股票涨停，有 23 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.45%，昨日跌停股票今日收盘收益为 -5.42%。今日封板率 78%，较前日提升 3%，连板率 35%，较前日提升 13%。 市场资金流向：截至 20260211 两融余额为 26444 亿元，其中融资余额 26278 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 9.0%。 折溢价：20260211 当日 ETF 溢价较多的是大盘价值 ...

Group 1 - The core viewpoint of the article is that the market is overly complacent about the U.S. inflation outlook, making bets on rising inflation pressures significantly attractive [1] - Citigroup's rate trading strategist Benjamin Wiltshire suggests that investors may be underestimating the resilience of U.S. consumption, leading to a likely slight upward revision of market inflation expectations [1] - Wiltshire recommends buying five-year/five-year forward inflation derivatives, arguing that the current pricing level of about 2.5% is too low compared to the persistent core inflation indicator, which remains just below 3% [1] Group 2 - Recent strong U.S. employment data has exceeded market expectations, causing a surge in U.S. Treasury yields and prompting traders to lower their expectations for Federal Reserve rate cuts this year [4] - The market's reluctance to price in inflation risks is attributed to disappointment over last year's U.S. tariff policies not quickly translating into inflation [4] - Wall Street remains vigilant about inflationary risks, anticipating that a strong economic recovery in the U.S. could reignite price increases, especially if the next Federal Reserve chair, likely to be Waller, guides policymakers to lower rates more aggressively [4] Group 3 - UBS Group AG's senior trader Ben Pearson indicates that the "inflationary boom" led by the U.S. is one of the most underestimated risks by investors this year [4] - If inflationary pressures materialize, the Federal Reserve may remain inactive in the first half of the year, forcing the market to price in rate hikes for the second half [5] - Lazard's CEO argues that it is reasonable and likely for U.S. inflation to return above 4% by the end of the year [5] Group 4 - The complexity of predicting inflation has increased due to tariff tensions and rapid advancements in emerging technologies [5] - Investors must also contend with geopolitical risks affecting oil prices, particularly from intermittent threats related to Iran [5] - BlackRock's Tom Becker has been increasing short positions in long-term U.S. and U.K. government bonds, expecting strong economic growth and rising commodity prices to exert upward pressure on consumer prices [5] Group 5 - In this uncertain environment, TIPS (Treasury Inflation-Protected Securities) offer a potential hedging mechanism against inflation [6] - Vanguard's senior portfolio manager Brian Quigley notes that TIPS are not without risks, particularly if oil prices fall sharply, which could quickly lower the breakeven point for these securities [7] - Pimco views TIPS as inexpensive insurance against inflation, believing they provide good protection if inflation exceeds the Federal Reserve's target, similar to the past four to five years [7]

沃什曾主张重新审视1951年《财政部-美联储协议》——该协议曾大幅限制美联储在债市的影响力。但 过去十年连续资产购买后，美联储资产负债表已膨胀至6.6万亿美元。美银认为，沃什的构想缺乏明确 界定，很大程度上只是对现有做法的重申。 策略师强调，仅当两类情形出现时才可能显著冲击市场：一是财政部削减长期债券发行规模，二是美联 储转向利率锚定政策(后者可能性较低)。"其他协议步骤影响有限，新'协议'对利率市场的作用料将微 弱。" 【最新黄金期货行情解析】 当前沪金期货延续震荡格局，日线级别RSI指标处于中性区域，短期动能偏弱但未脱离多头趋势。关键 支撑位在1120元/克附近，若失守可能测试1100元/克防线；上方压力位分散于1160-1180元/克区间，突 破需放量配合。近期市场受美联储政策预期压制，但地缘风险与央行购金需求提供底部支撑。关注3月 议息会议前后的方向选择。 摘要今日周五(2月13日)亚盘时段，黄金期货目前交投于1087.46附近，截至发稿，黄金期货暂1110.94元/ 克，跌幅1.54%，最高触及1130.38元/克，最低下探1087.32元/克。目前来看，黄金期货短线偏向震荡走 势。 今日周五(2月 ...

在因短暂的政府部分停摆而延期公布之后，美国1月消费者价格指数（CPI）将于今晚21:30出炉。 尽管发布时间较原计划推迟，但多位经济学家认为，此次延后对数据本身的影响有限，这份通胀报告仍将为判断2026年美国通胀路径和货币政策环境提供重 要参考。 总体而言，今晚的数据更可能强化"通胀受控但难以快速回落"的判断。通胀水平虽仍高于目标，但并未显著偏离美联储的可接受区间。在这一背景下，市场 对长期通胀预期依然相对稳定，资产定价更多取决于对通胀结构和中期趋势的判断，而非单一一份CPI数据的短期波动。 经济学家预计，1月CPI环比上涨0.3%，与去年12月持平；同比增速预计回落至2.5%左右，也有部分预测认为仍维持在2.6%附近。剔除食品和能源的核心CPI 环比同样预计上升0.3%，高于12月的0.2%；同比增速预计为2.5%，较此前的2.6%小幅回落。 这意味着，通胀并未重新加速，但降温过程明显放缓。价格压力仍然存在，通胀水平持续高于美联储2%的目标区间。法国Natixis银行首席经济学家克里斯 托弗·霍奇（Christopher Hodge）指出， 美联储正处在一个需要接受"通胀缓慢回落而非迅速回归目标"的阶段，其 ...

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

三、中国工商银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 2026年2月11日，国家金融监督管理总局天水监管分局发布批复称，《中国工商银行（601398）股份有 限公司甘肃省分行关于宋涛拟任天水分行行长任职资格核准的请示》（工银甘报〔2026〕20号）收悉。 根据《中国银保监会中资商业银行行政许可事项实施办法》（中国银保监会令2022年第5号）等有关规 定，经审核，现批复如下： 一、核准宋涛中国工商银行股份有限公司天水分行行长任职资格。 二、中国工商银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国工商银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 ...