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On February 12th, the Ministry of Education released the "Opinions on Deepening the Reform of Key Elements of Vocational Education Teaching," which proposes: dynamically adjusting professional settings, actively adding new programs, eliminating redundant ones, and upgrading existing programs. Focusing on the goal of cultivating highly skilled personnel, the Opinions call for strengthened coordination in adjusting and optimizing professional settings, and strict implementation of the "red and yellow card" system. The Opinions also advocate utilizing big data and artificial intelligence to accurately predict the supply and demand of talent in key areas, providing a scientific basis for dynamic adjustments to professional settings. Furthermore, the Opinions encourage exploring the establishment of a rapid response channel for adding new programs, focusing on emerging and future industries, with a focus on adding new programs in areas such as low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas of urgent need in people's livelihoods. The Ministry of Education requires all provinces developing modern vocational education systems to formulate professional setting plans based on regional key industry development plans and to publish an annual analysis report on the matching of vocational education professional settings with industrial development.

Hong Kong-listed AI application stocks rallied in pre-market trading, with Zhipu (02513.HK) rising nearly 9%, MINIMAX-WP (00100.HK) up over 5.5%, 51 Vision (06651.HK) up over 5%, and Kingsoft Cloud (03896.HK) up over 2.5%. In related news, Zhipu issued a price adjustment letter for its GLM Coding Plan today, stating that it has decided to make structural adjustments to the pricing structure of its GLM Coding Plan packages.

On February 12th, the Beijing Municipal Administration for Market Regulation organized an administrative meeting with 12 mainstream platforms involved in online train ticket sales, including Ctrip, Qunar, Fliggy, Tongcheng, Meituan, JD.com, TravelSky, High-Speed Rail Butler, Didi, Gaode Map, Baidu Map, and Tencent Map, focusing on prominent issues raised by the public regarding online train ticket sales. At the meeting, the Beijing Municipal Administration for Market Regulation clearly outlined four compliance requirements for each platform. These include: a comprehensive review of their business models and service processes; prohibiting explicit or implicit suggestions to consumers that they can obtain priority ticket purchase privileges through paid services; promptly rectifying misleading advertising such as "acceleration packages," "dual channels," and "remaining ticket monitoring" after tickets are sold out; and accepting public supervision. The meeting also requires a comprehensive review and rectification of platform pages, removal of products suspected of misleading advertising, adjustment of page promotional content, and a prohibition on using 12306 images, text, trademarks, etc., in advertising that could mislead consumers into believing that the platform has a specific business partnership with 12306.

The People's Bank of China (PBOC) conducted 166.5 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 166.5 billion yuan. The winning bid rate was 1.40%, unchanged from the previous rate. The PBOC also conducted 400 billion yuan of 14-day reverse repurchase operations today.

Hong Kong stocks opened lower, with the Hang Seng Index down 0.2% and the Tech Index down 0.47%. Tech stocks retreated, with Meituan (03690.HK), Baidu (09888.HK), and Tencent Holdings (00700.HK) all falling by more than 2%.

A chart summarizing the overnight price movements of international spot platinum and palladium.