Evening hot topics on A-shares | Financial data kicks off the year with a bang! Industry insiders quickly analyze.

1. Financial Data Warms Up! Money Has Increased, Where is the Nearly 5 Trillion Yuan Loan Flowing? In 2026, China's financial data growth exceeded expectations. The broad money supply (M2) and social financing scale grew rapidly, with Renminbi loans increasing by 4.71 trillion yuan. Specifically: According to the data released by the People's Bank of China on the 13th, at the end of January 2026, the broad money supply (M2) balance was 347.19 trillion yuan, a year-on-year increase of 9.0%, up 0.5 percentage points from the previous month and 2.0 percentage points higher than the same period last year. The stock of social financing was 449.11 trillion yuan, a year-on-year increase of 8.2%, 0.2 percentage points higher than the same period last year. The balance of various Renminbi loans was 276.62 trillion yuan, a year-on-year increase of 6.1%. Excluding real estate, the balance of medium and long-term loans in the service industry was 60.03 trillion yuan, a year-on-year increase of 9.2%. Experts analyzed that the macroeconomic policies at the beginning of 2026 are more proactive. On the one hand, moderately loose monetary policy continues to be implemented, with a 0.25 percentage point reduction in structural tool rates, stimulating and guiding banks to increase credit in key areas in a market-oriented manner. Industry experts believe that the change in the flow of credit resources from traditional sectors to emerging tracks is not only a natural result of economic structural transformation and upgrading but also a core manifestation of financial support for the improvement of the real economy. 2. CSRC Takes Action! Tianfeng Faces Maximum Penalty, These 3 Securities Firms Receive Warning Letters The China Securities Regulatory Commission (CSRC) announced on the evening of February 13 that the Hubei branch of the CSRC plans to impose a maximum penalty of 25 million yuan on Tianfeng and Contemporary Technology Industry Group for suspected illegal provision of financing and violations of information disclosure. Additionally, nine relevant persons were fined a total of 34.8 million yuan. At the same time, the actual controller of Contemporary Technology Industry Group, Ai Luming, as well as the former chairman of Tianfeng, Yu Lei, and former vice president and CFO, Xu Xin, were subject to lifetime bans from the securities market. According to the CSRC, the case of Tianfeng's violations and irregularities show that, on the one hand, major shareholders abused their shareholder rights, illegally used securities firms for financing, and eroded the interests of securities firms. On the other hand, securities firms crossed the bottom line of compliance and collaborated with major shareholders in illegal activities. The nature of the case is serious and must be strictly punished according to law. Next, the CSRC will continue to persevere in both "pursuing the main culprits" and "cracking down on the henchmen," sternly addressing such illegal activities. In addition, the CSRC disclosed regulatory measures, issuing warning letters to The Pacific Securities, Zhongtian Guofu Securities, and Caitong Securities for irregularities in bond business. 3. Ministry of Industry and Information Technology: Increase Policy Support for Innovative Development of Low-Altitude Industries The Ministry of Industry and Information Technology held a meeting of the Low-Altitude Industry Development Leadership Group on February 13, discussing and deploying key work tasks to promote the safe, orderly, and healthy development of low-altitude industries. The meeting emphasized the need to strengthen top-level planning, carry out planning work, increase policy support for the innovative development of low-altitude industries, accelerate standard pre-research, and establish a sound industrial standard system. Efforts should be made to build a solid safety foundation, strengthen the management of the production and manufacturing industry, attach great importance to low-altitude radio, network, and data security, and establish a system for testing and verification of low-altitude equipment. Efforts should be actively made to promote integrated innovation, strengthen the research and development of basic common technologies in the industry, deepen collaboration between low-altitude equipment and industries such as new energy and next-generation information technology, and accelerate the empowerment of artificial intelligence. Efforts should be made to create a favorable environment, expand scene applications in an orderly manner, strengthen scene traction to drive equipment upgrades, deepen high-level external cooperation, consolidate the foundation of industrial talents, and provide strong support for the development of low-altitude economic strategic emerging industries. 4. Below Expectations! US CPI Rose by 2.4% Year-on-Year in January The data released by the US Department of Labor on Friday showed that the US Consumer Price Index (CPI) rose by 2.4% year-on-year in January, a significant slowdown from 2.7% in December last year and also lower than the market's expectation of 2.5%. The CPI rose by 0.2% month-on-month in January, lower than the expected and previous value of 0.3%. Traders estimated a 50% probability of the Federal Reserve cutting interest rates for the third time this year after the data was released. Some economists pointed out that although inflation is slowing down, the stabilization of the labor market may lead the Federal Reserve to maintain interest rates unchanged for a period of time. Goldman Sachs, on the other hand, stated that since the January CPI data was not as strong as feared, the Federal Reserve's path of "normalizing" interest rate cuts seems clearer. They still expect the Federal Reserve to cut interest rates twice this year, with the next rate cut expected to take place in June. 5. "Internet Platform Anti-Monopoly Compliance Guidelines" Released, List of Risk Examples Including "Lowest Price Across the Network" To support and guide internet platform operators in effectively preventing anti-monopoly compliance risks and promote the innovation and healthy development of the platform economy, the "Internet Platform Anti-Monopoly Compliance Guidelines" were released on February 13. The guidelines translate the core provisions of the Anti-Monopoly Law of the People's Republic of China into specific and identifiable behavioral boundaries. Based on the characteristics of the platform economy industry, operating models, and competition rules, the guidelines identify new monopoly risks in eight scenarios, including: algorithm collusion between platforms, organized assistance to operators within the platform to reach monopoly agreements, unfair high prices on platforms, selling below cost, blocking, "either-or" behavior, "lowest price across the network," and differential treatment on platforms, providing operational guidance with strong operability for platform operators to strengthen anti-monopoly compliance management. 6. A Total of 21! The Central Bank and Two Departments Release the List of China's Systemically Important Banks In order to build a comprehensive macro-prudential management system, strengthen the supervision of systemically important financial institutions, and in accordance with the "Assessment Method for Systemically Important Banks," the People's Bank of China and the China Banking and Insurance Regulatory Commission recently conducted the assessment of China's systemically important banks for 2025, identifying 21 domestic systemically important banks, including 6 commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks. The systemically important banks are divided into five groups based on their systemic importance scores, including: the first group with 11 banks, including China Minsheng Banking Corp., Ltd., CEB BANK, Ping An Bank, Hua Xia Bank, Bank Of Ningbo, Bank Of Jiangsu, Bank Of Beijing, Bank Of Nanjing, Guangfa Bank, China Zheshang Bank, Bank of Shanghai; the second group with 4 banks, including Industrial Bank, CITIC BANK, Shanghai Pudong Development Bank, and China Postal Savings Bank; the third group with 2 banks, including BANKCOMM and China Merchants Bank; the fourth group with 4 banks, including Industrial and Commercial Bank of China, BANK OF CHINA, China Construction Bank Corporation, and Agricultural Bank Of China; currently, no banks are in the fifth group. 7. Shanghai Stock Exchange Reports! Ningbo TIP Rubber Technology and Multiple Stocks are Under Close Monitoring This week, the Shanghai Stock Exchange took self-regulatory measures against 81 cases of price manipulation, false declarations, and other abnormal securities transactions. Shanghai Guijiu, Zhengping Road & Bridge Construction, and other stocks with abnormal fluctuations at risk of delisting, as well as Ningbo TIP Rubber Technology and other stocks with significant abnormal fluctuations, are being closely monitored. Additionally, 23 listed companies with major events are subject to special inspections, and three suspected cases of illegal activities have been reported to the CSRC. 8. Contemporary Amperex Technology, CMOC Group Limited, and LAOPU GOLD to be Included in the Hang Seng Index On February 13, the Hang Seng Index Company announced adjustments to the constituents of the Hang Seng Index, with Contemporary Amperex Technology, CMOC Group Limited, and LAOPU GOLD being included in the Hang Seng Index, while China Sports International Holdings Limited will be removed. After the adjustment, the number of constituents in the Hang Seng Index will increase from 88 to 90. 9. The General Administration of Financial Supervision and Three Departments Hold Talks with Six Travel Platform Enterprises Recently, the General Administration of Financial Supervision, together with the State Administration for Market Regulation and the People's Bank of China, held talks with six travel platform enterprises, including Ctrip, Amap, TONGCHENGTRAVEL, Fliggy, Universal Traveler, and Qunar. In response to the issues found in the cooperation and lending operations of the above-mentioned enterprises with financial institutions, they were required to regulate their marketing activities, refrain from using misleading promotional language, clearly disclose the names of lending institutions and credit product information, and provide borrowers with clear reminders for rational borrowing. They were also instructed to establish smooth customer complaint channels, respond promptly and handle consumer disputes properly, focus on improving service quality, and effectively safeguard the legitimate rights and interests of consumers. Based on market observation, self-selected analysts have identified investment opportunities to watch, such as Siasun Robot&Automation. Market Focus 1. Film | 2026 Spring Festival box office presales surpass 200 million. 2. 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