Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The National Development and Reform Commission, the Financial Regulatory Administration, and the Civil Aviation Administration of China have issued an implementation opinion on promoting the high - quality development of low - altitude insurance. By 2027, a preliminary mandatory insurance system for unmanned aerial vehicle liability will be established, and by 2030, the policy framework for low - altitude insurance will basically take shape [1]. - The National Film Administration and the Ministry of Commerce have organized a "Film +" consumption comprehensive pilot program to boost consumption and promote the transformation of the film industry into a diversified consumption ecosystem [1]. 3. Summary by Industry Level Upstream - Black commodities are at low prices [1]. - Egg prices have declined [1]. - Building material prices have dropped [1]. Midstream - The operating rates of PX and urea remain high [2]. - The coal consumption of power plants has increased [2]. - The production of pork products has increased [2]. Downstream - The sales of commercial housing in first - and second - tier cities have seasonally declined [2]. - The number of domestic flights has remained high and stable [2]. 4. Key Industry Price Indicators | Industry | Indicator | Value (as of 2/9) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2271.4 yuan/ton | 0.00% | | | Spot price of eggs | 7.1 yuan/kg | - 12.96% | | | Spot price of palm oil | 8972.0 yuan/ton | - 0.47% | | | Spot price of cotton | 15986.0 yuan/ton | - 0.65% | | | Average wholesale price of pork | 18.3 yuan/kg | - 0.76% | | Non - ferrous metals | Spot price of copper | 101646.7 yuan/ton | 0.79% | | | Spot price of zinc | 24656.0 yuan/ton | - 1.26% | | | Spot price of aluminum | 23406.7 yuan/ton | 1.90% | | | Spot price of nickel | 138650.0 yuan/ton | - 0.20% | | | Spot price of aluminum | 16506.3 yuan/ton | 0.08% | | | Spot price of rebar | 3170.0 yuan/ton | - 0.61% | | Ferrous metals | Spot price of iron ore | 786.9 yuan/ton | - 2.25% | | | Spot price of wire rod | 3367.5 yuan/ton | - 0.96% | | | Spot price of glass | 13.3 yuan/square meter | 0.15% | | Non - metals | Spot price of natural rubber | 16125.0 yuan/ton | 0.62% | | | China Plastic City Price Index | 786.7 | - 0.56% | | | Spot price of WTI crude oil | 63.6 dollars/barrel | - 2.55% | | Energy | Spot price of Brent crude oil | 68.1 dollars/barrel | - 1.83% | | | Spot price of liquefied natural gas | 3620.0 yuan/ton | 0.39% | | | Coal price | 799.0 yuan/ton | - 0.50% | | | Spot price of PTA | 5144.3 yuan/ton | - 0.57% | | Chemical | Spot price of polyethylene | 6800.0 yuan/ton | - 3.20% | | | Spot price of urea | 1765.0 yuan/ton | - 0.70% | | | Spot price of soda ash | 1201.4 yuan/ton | - 0.12% | | Real estate | National cement price index | 131.7 | - 0.79% | | | Building materials composite index | | - 0.43% | | | National concrete price index | 89.8 | - 0.42% | [36]

根据有关省市择优选报，北京市朝阳区、吉林省长春市、上海市虹口区、江苏省无锡市、浙江省宁波市、福建省福州市、山东省青岛市、河南省郑州 市、湖北省宜昌市、湖南省长沙市、广东省深圳市、重庆市两江新区、四川省成都市、陕西省延安市，以及江苏省昆山市、浙江省湖州市南浔区16个城市 为"电影+"消费综合试点城市。 央视网消息：为更好发挥电影对消费增长的拉动作用，促进电影产业向多元消费生态转型，国家电影局、商务部组织开展"电影+"消费综合试点工作， 并发布首批16个试点城市。 试点城市将在培育电影观影消费增量、推进影院消费提质创新、创新扩大电影衍生消费、深入打造"电影+"消费品牌、探索"电影+"消费监测等方面开展 试点工作，打造电影相关消费新业态新模式新场景，进一步延长电影产业链、价值链和消费链，培育电影消费健康文化和良好生态，促进电影市场繁荣发 展，更好满足人民日益增长的美好生活需要。 ...

港湾家族办公室业务发展总监 郭家耀 CFA 日期：2026年2月13日星期五 港股走势及分析 (笔者为证监会持牌人仕，本人及相关人士没持有上述股份) 美股周四大幅向下，科技股走势疲弱，三大指数均录得显著跌幅收市。美元反覆靠稳，美国十年期债息回落至4.09厘水平， 金价显著下挫，油价表现亦向下。港股预託证券普遍下跌，预料大市早段跟随低开。内地股市昨日造好，沪综指低开高走， 收市上升0.1%，沪深两市成交额保持清淡。港股连日上升后出现回吐，指数回落至27,000点水平，整体成交较前清淡。蓝筹 股普遍下跌，科技股跌势较大，拖累大市表现。指数或考验26,500点支持，上方阻力在27,200点附近。 行业消息 内地今年春节假期长达9天，有助电影市场录得理想票房收入。内地传媒报道，今年春节档电影市场出现"多强争霸"格局， 业内人士预计，档期总票房或将落在70至80亿元人民币区间，乐观预期下，甚至将突破80亿元。今年春节档累计已有8部影 片定档，分别为《飞驰人生3》、《惊蛰无声》、《镖人:风起大漠》、《熊出没·年年有熊》、《星河入梦》、《熊猫计划之 部落奇遇记》、《重返·狼群》及《夜王》，涵盖喜剧、科幻、谍战、动画、武侠等 ...

Group 1 - The 2026 Spring Festival film season in Shanghai features six major films across various genres, including comedy, martial arts, espionage, animation, and science fiction [1][2] - The "Le Ying Shanghai" movie consumption vouchers will be available from February 14, providing discounts that can be used for all films in the Spring Festival lineup across over 320 cinemas in the city [1][2] - The consumption vouchers are designed for easy access and immediate use, with a total of 15 million yuan allocated for the initiative, allowing for significant savings on movie tickets [3][2] Group 2 - In addition to the movie vouchers, a total of 35 million yuan in "movie+" benefits will be offered, including discounts on dining, performances, attractions, hotels, and travel, enhancing the overall entertainment experience [3][2] - Various districts in Shanghai are promoting cultural and tourism activities, including movie-themed events and interactive experiences, to create a comprehensive entertainment experience for audiences [3][7] - The national film promotion efforts include unique local initiatives and general consumption vouchers that can be combined with regional discounts, ensuring widespread access to affordable movie viewing during the festive season [7]

根据工作安排，试点城市将在培育电影观影消费增量、推进影院消费提质创新、创新扩大电影衍生消 费、深入打造"电影+"消费品牌、探索"电影+"消费监测等方面开展试点工作，充分发挥电影创意引领、 涵养心志、汇聚人气的作用，以"电影+"消费赋能经济社会发展，打造电影相关消费新业态新模式新场 景，进一步延长电影产业链、价值链和消费链，培育电影消费健康文化和良好生态，促进电影市场繁荣 发展，更好满足人民日益增长的美好生活需要。 为贯彻落实党的二十届四中全会精神，深入实施提振消费专项行动，更好发挥电影对消费增长的拉动作 用，促进电影产业向多元消费生态转型，国家电影局、商务部组织开展"电影+"消费综合试点工作。 根据有关省市择优选报，北京市朝阳区、吉林省长春市、上海市虹口区、江苏省无锡市、浙江省宁波 市、福建省福州市、山东省青岛市、河南省郑州市、湖北省宜昌市、湖南省长沙市、广东省深圳市、重 庆市两江新区、四川省成都市、陕西省延安市，以及江苏省昆山市、浙江省湖州市南浔区16个城市 为"电影+"消费综合试点城市。 ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据国家电影局官网消息，为贯彻落实党的二十届四中全会精神，深入实施提振消费专项行动，更好发挥 电影对消费增长的拉动作用，促进电影产业向多元消费生态转型，国家电影局、商务部组织开展"电影 +"消费综合试点工作。 根据有关省市择优选报，北京市朝阳区、吉林省长春市、上海市虹口区、江苏省无锡市、浙江省宁波 市、福建省福州市、山东省青岛市、河南省郑州市、湖北省宜昌市、湖南省长沙市、广东省深圳市、重 庆市两江新区、四川省成都市、陕西省延安市，以及江苏省昆山市、浙江省湖州市南浔区16个城市 为"电影+"消费综合试点城市。 根据工作安排，试点城市将在培育电影观影消费增量、推进影院消费提质创新、创新扩大电影衍生消 费、深入打造"电影+"消费品牌、探索"电影+"消费监测等方面开展试点工作，充分发挥电影创意引领、 涵养心志、汇聚人气的作用，以"电影+"消费赋能经济社会发展，打造电影相关消费新业态新模式新场 景，进一步延长电影产业链、价值链和消费链，培育电影消费健康文化和良好生态，促进电影市场繁荣 发展，更好满足人民日益增长的美好生活需要。 ...

根据工作安排，试点城市将在培育电影观影消费增量、推进影院消费提质创新、创新扩大电影衍生消 费、深入打造"电影+"消费品牌、探索"电影+"消费监测等方面开展试点工作，充分发挥电影创意引领、 涵养心志、汇聚人气的作用，以"电影+"消费赋能经济社会发展，打造电影相关消费新业态新模式新场 景，进一步延长电影产业链、价值链和消费链，培育电影消费健康文化和良好生态，促进电影市场繁荣 发展，更好满足人民日益增长的美好生活需要。 本文编选自："国家电影局"官网；智通财经编辑：陈筱亦。 智通财经APP获悉，为贯彻落实党的二十届四中全会精神，深入实施提振消费专项行动，更好发挥电影 对消费增长的拉动作用，促进电影产业向多元消费生态转型，国家电影局、商务部组织开展"电影+"消 费综合试点工作。 根据有关省市择优选报，北京市朝阳区、吉林省长春市、上海市虹口区、江苏省无锡市、浙江省宁波 市、福建省福州市、山东省青岛市、河南省郑州市、湖北省宜昌市、湖南省长沙市、广东省深圳市、重 庆市两江新区、四川省成都市、陕西省延安市，以及江苏省昆山市、浙江省湖州市南浔区16个城市 为"电影+"消费综合试点城市。 ...

Core Viewpoint - The "2026 Film Economic Promotion Year" has been launched to stimulate film consumption and promote economic development through various initiatives and subsidies [1] Group 1: Financial Support and Initiatives - A total of no less than 1.2 billion yuan (approximately 0.17 billion USD) will be allocated for public viewing subsidies throughout the year [1] - The event also saw the announcement of growth plans for LED movie screens and virtual reality theaters, along with the establishment of a national film digital asset platform [1] Group 2: Promotion of Film Consumption - The initiative encourages localities to conduct unique film economic promotion activities aimed at expanding viewing consumption [1] - The program aims to leverage "Film +" to further unleash consumption potential and promote consumption upgrades, thereby empowering economic and social development [1] Group 3: Pilot Cities and New Consumption Models - Sixteen cities across the country have been designated as "Film +" comprehensive pilot cities [1] - The launch of the "Explore the Market with Film" activity aims to foster new business models and scenarios in film consumption [1]

据了解，为深入实施提振消费专项行动，国家电影局、商务部于1月4日联合启动"电影+"消费综合 试点工作，全国遴选16个城市开展试点，试点周期为3年。试点聚焦五大任务：培育观影消费增量、推 动影院消费升级、创新电影衍生消费、打造"电影+"消费品牌、建立消费监测体系。国家及省级政策、 资金将向试点城市倾斜，旨在以电影为核心，构建多元消费生态，拉动经济增长。 此次试点将为郑州带来多重发展机遇。构建产业链闭环：依托微短剧产业基础，打通"电影+文 旅"消费链条，串联全流程消费；提升城市品牌：打造电影取景地打卡地图，推广"天地之中""黄帝故 里""功夫郑州"等文化IP；拉动消费增长：利用试点政策与资金打造新型消费场景，带动文旅及服务业 消费；培育产业生态：盘活闲置空间改造影视载体，吸引创意人才集聚，创造新型就业岗位。 2月12日，在北京举行的"2026电影经济促进年"启动仪式上，国家电影局、商务部正式公布全国"电 影+"消费综合试点城市名单，郑州市作为河南省唯一入选城市成功跻身其中。这标志着郑州电影产业 向多元消费生态转型迈出关键一步，将为城市文化消费升级注入新动能。 郑州市此次入选并非偶然。近年来，郑州电影产业发展成效显 ...

Group 1 - US stock market experienced a significant decline, with the Nasdaq dropping over 2% and Cisco falling more than 12%, while the Chinese concept index decreased by 3% [2] - South Korean investors aggressively purchased Chinese stocks, notably MiniMax-WP and Lanke Technology [2] - The storage giant Kioxia's annual performance forecast exceeded expectations [2] Group 2 - The Ministry of Industry and Information Technology of China is soliciting opinions on five mandatory national standards related to intelligent connected vehicles and autonomous driving system safety requirements [2] - The Chinese smartphone sales in January saw a year-on-year decline of 23% [2] - Semiconductor company Hua Hong Semiconductor reported Q4 sales revenue of $660 million, marking a year-on-year increase of 22.4% and a quarter-on-quarter increase of 3.9% [2][3]