February 12th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

Thursday, February 12th, highlights of today’s headlines:

China Securities Journal

Dividend Payments Reach New Highs, Listed Companies Distribute Over 300 Billion Yuan “Red Envelopes” Before Spring Festival

By the end of January 2026, the total dividends paid by listed companies before the Spring Festival exceeded the previous year’s level, reaching a new high. Data shows that from December 2025 to January 2026, 235 listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges paid dividends before the Spring Festival, totaling 348.8 billion yuan, surpassing the 344.6 billion yuan paid before the 2025 Spring Festival. Including some dividends in February 2026, the total amount paid before the festival will continue to grow. Industry-wise, financial and consumer sectors remain the main contributors, with banking sector companies paying 243.4 billion yuan, nearly 70% of the total.

State Council Issues Implementation Opinions to Improve the National Unified Power Market System, Encourages More Private Sector Participation

On February 11, the State Council website announced the issuance of the “Implementation Opinions on Improving the National Unified Power Market System.” The document proposes optimizing the pathways for a unified power market, improving cross-provincial and cross-regional electricity trading systems, and promoting greater private sector involvement. A National Development and Reform Commission official stated in an interview that the opinions are based on new historical starting points, addressing new situations and requirements, and outline key tasks for the next 5 to 10 years to perfect the national power market system.

Yang Chao of China Galaxy Securities: 2026 A-Share Market Will Focus on Two Main Themes

As the Spring Festival approaches, the A-share market shows clear risk-avoidance sentiment and structural differentiation. Yang Chao, Chief Strategy Analyst at China Galaxy Securities, told China Securities Journal that the market is currently in a volatile adjustment phase, with funds favoring high-dividend, low-valuation, and consumer defensive sectors. Technology and cyclical sectors continue to adjust, and trading remains cautious. He predicts that in 2026, the market will revolve around two main themes: technological innovation and profit recovery under anti-involution measures, with outbound corporate investment and domestic consumption serving as important auxiliary themes.

New Qualitative Productivity Leads the Way: Shenzhen to Launch “20+8” Industry Policy 3.0 Version

Recently, the 6th session of the 7th Shenzhen Municipal Committee of the Chinese People’s Political Consultative Conference and the 7th session of the 7th Shenzhen Municipal People’s Congress were held. It was revealed that by 2026, Shenzhen will develop and implement the third version of the “20+8” strategic emerging industry cluster and future industry policy system, aiming for an annual growth of over 7% in the added value of strategic emerging industries, further building a modern industrial system.

Shanghai Securities News

Optimistic About “Technology + Cycles” Dual-Drive Market, Over 60% of Private Equity Favor Heavy Positions or Full Holdings During Holidays

As the Spring Festival holiday approaches, latest data from Private Equity Data Platform shows that 62.16% of surveyed private equity firms prefer to hold heavy or full positions during the holiday, believing that market structure opportunities will persist amid volatility; 16.22% favor moderate holdings, citing ongoing short-term consolidation needs; 13.51% prefer moderate positions due to the long holiday and uncertainties in external markets; 8.11% favor light positions, citing potential short-term risks.

Guidelines on Anti-Monopoly in Utility Sector Released, Clarifying Monopoly Behavior Rules

On February 11, the State Administration for Market Regulation announced the issuance of the “Guidelines on Anti-Monopoly in the Utility Sector,” which details rules for identifying monopoly behaviors in utilities, providing clearer guidance for enforcement and compliance, aiming to prevent and curb monopolistic practices and maintain fair market competition.

20.5 Billion Yuan Distributed During 9 Days of “Shopping Spring Festival” Campaign

The “Shopping Spring Festival” campaign runs from February 15 to 23 (the 9-day holiday). On February 11, the Ministry of Commerce announced that it would guide local authorities to increase subsidies for old-for-new exchanges, conduct reward-based invoice activities in 50 pilot cities, and boost prize payouts during the holiday. Various departments and regions will also leverage high-quality consumer resources to roll out consumer-friendly measures.

Listed Companies Distribute Over 340 Billion Yuan Before Spring Festival, Financial and Consumer Sectors Lead

According to China Securities Regulatory Commission sources, the total dividends paid by A-share listed companies before the Spring Festival reached a new high, with 235 companies on the Shanghai, Shenzhen, and Beijing exchanges paying out 348.8 billion yuan from December 2025 to January 2026, surpassing the previous year’s 344.6 billion yuan.

Securities Times

State Council Deploys to Improve the Unified Power Market, Moving from “Separate Bidding and Trading” to “Unified Bidding and Joint Trading”

On February 11, the State Council issued the “Implementation Opinions on Improving the National Unified Power Market System,” proposing a new model of “unified bidding and joint trading,” exploring capacity markets, and expanding private sector participation, aiming to break regional barriers and realize nationwide circulation of power resources, advancing the construction of a unified national market.

First Post-Base Price Monthly Inflation Report Shows Mild January CPI Rise, Continued Price Recovery

On February 11, the National Bureau of Statistics released data based on 2025 as the base period, showing January CPI increased by 0.2% month-on-month and year-on-year, with core CPI (excluding food and energy) up 0.8%. PPI rose 0.4% month-on-month and fell 1.4% year-on-year, with the decline narrowing. Experts note that base period adjustments positively influence price trends but are not decisive; core CPI remains mildly rising, and PPI’s positive trend indicates ongoing price recovery.

Broad-Based ETFs Continue Net Outflows, Cross-Border ETFs Highly Popular

Ahead of the Spring Festival, fund flows show broad-based ETFs still experiencing net outflows, though at a slower pace. Sector-specific ETFs show differentiation, while cross-border ETFs have become major inflow channels, with total assets reaching 1 trillion yuan, including ETFs tracking the Hang Seng Tech Index nearing 200 billion yuan.

AI Spurs Rapid Growth in Cloud Computing Market, 23 Stocks Significantly Rebalanced

According to Omdia, a leading market research firm, in Q3 2025, China’s cloud infrastructure services market reached $13.4 billion, up 24% year-over-year, marking the second consecutive quarter of over 20% growth. Growing AI demand accelerates cloud deployment and boosts core infrastructure, shifting cloud resource consumption toward production workloads.

Yuan, February 11: Data shows January CPI rose slightly, PPI’s decline narrowed, indicating ongoing price recovery.

2025 Q4 Monetary Policy Report Signals New Trends

The People’s Bank of China released the “2025 Q4 Monetary Policy Implementation Report,” indicating that the central bank maintained a moderately easing stance, employing a flexible combination of policy tools, including reserve requirement ratio cuts and interest rate adjustments, to support economic stability.

Government Guidance on Consumer Support Measures

On February 11, the State Council Information Office announced that local authorities have allocated 2.05 billion yuan during the holiday to directly benefit consumers through vouchers, subsidies, and red envelopes, with over 360 million yuan in subsidies and bonuses distributed.

National Power Market System to Be Fully Established by 2035

The State Council’s “Implementation Opinions” set a goal to build a fully unified power market system by 2035, with all power sources and non-privileged users participating directly, and market-based transactions accounting for a growing share of total electricity consumption.

Ministry of Industry and Information Technology and Others Promote Low-Altitude Economy with Clear Policy Signals

The MIIT and four other departments issued the “Implementation Opinions on Strengthening Information Communication Infrastructure for Low-Altitude Economy,” focusing on communication, surveillance, navigation, and smart network systems, with ten key tasks to support infrastructure development.

Financial Regulatory Authority: Increase Personal Consumption Loan Supply, Promote Old-for-New in Durable Goods

On February 11, the State Council Information Office highlighted that financial institutions are key players in the “Shopping Spring Festival” campaign, with the authority guiding resource allocation, product innovation, and targeted financial services to meet diverse consumer needs, especially in auto and durable goods sectors.

First Financial

PBOC Maintains Moderate Easing, Rate Cuts and RRR Reductions Require Preconditions

The Q4 2025 monetary policy report signals continuation of easing measures, emphasizing flexible use of policy tools. Slight wording adjustments compared to Q3 have attracted market attention.

Longest Spring Festival Holiday Ever: Multiple Departments Roll Out Policy Red Envelopes

Ahead of the holiday, over 2.05 billion yuan has been allocated, with more than 360 million yuan in subsidies and bonuses, and holiday prize pools exceeding 1 billion yuan, as announced at a February 11 press conference.

Economic Reference Daily

Triple Policy Packets Launched to Activate Spring Festival Consumption and Expand Domestic Demand

On February 11, multiple departments announced the upcoming 2026 “Shopping Spring Festival” event, featuring high-value policies including old-for-new, reward invoices, and financial support, to stimulate holiday spending.

Over 100 Performance Forecasts from Beijing Stock Exchange Companies, Over 60% Expect Profits

As of February 11, 123 companies listed on the BSE had released earnings forecasts for 2025, with over 60% expecting profits, 27 expecting increases, and 13 turning profitable from losses, indicating strong operational momentum amid market demand.