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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.
February 12th - With the continued optimization of visa-free and consumption-boosting policies, both inbound and outbound tourism are expected to increase during the Spring Festival holiday, leading to peak passenger flow at some major ports of entry. According to the National Immigration Administration, the average daily number of inbound and outbound passengers at ports nationwide during this year's Spring Festival holiday is expected to exceed 2.05 million, a 14.1% increase compared to last year's holiday. Major airport ports are expected to see significant growth in passenger flow, with the peak outbound passenger flow anticipated on February 15th (the 28th day of the twelfth lunar month) and the peak inbound passenger flow expected on February 22nd and 23rd (the sixth and seventh days of the first lunar month).
Samsung Electronics shares rose to 6%.
On February 12th, the General Office of the Ministry of Commerce issued a notice regarding the implementation of the trade-in program for consumer goods during the 2026 Spring Festival holiday. The notice states that, in keeping with Spring Festival customs and adding to the festive atmosphere, consumers are encouraged to go out and shop. During the nine-day Spring Festival holiday in 2026 (February 15-23), consumers will be fully guaranteed access to apply for subsidies for trading in old home appliances and purchasing new digital and smart products through offline channels. Consumers who purchase new cars during the nine-day Spring Festival holiday can apply for car trade-in subsidies according to policy requirements.
On February 12th, the General Office of the Ministry of Commerce issued a notice on ensuring the smooth implementation of the trade-in program for consumer goods during the 2026 Spring Festival holiday. The notice states that local authorities should guide participating entities in the trade-in program, such as car dealerships, home appliance stores, and digital and smart product retailers, to ensure sufficient supply of high-quality goods, maintain operating hours, and guarantee adequate supply of subsidized products, based on the characteristics of the Spring Festival market. It also emphasizes ensuring the supply of goods in rural areas during the holiday, increasing offline participation in rural areas, and prioritizing online channels for rural areas to facilitate participation and access to the program for rural residents.
The U.S. Department of Commerce announced that Applied Materials will pay a $252 million fine to the Bureau of Industry and Security for illegally exporting semiconductor manufacturing equipment.
Xi Jinping, General Secretary of the CPC Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, recently issued important instructions on the work of the National Natural Science Foundation of China (NSFC), pointing out that over the past 40 years since its establishment, the NSFC has played a positive role in promoting basic research and cultivating innovative talent. Xi Jinping emphasized that on the new journey, he hopes the NSFC will thoroughly study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, seize the historical opportunities presented by the new round of technological revolution and industrial transformation, adhere to the strategic orientation of "four orientations," strengthen the strategic, forward-looking, and systematic layout of basic research, deepen the reform of the science fund, further improve the funding system and enhance funding efficiency, promote the creation of a favorable research ecosystem, expand international cooperation, and support researchers in scaling scientific heights and producing more original results, making greater contributions to promoting high-level scientific and technological self-reliance and building a strong science and technology nation.
The yield on 40-year Japanese government bonds fell 9.0 basis points to 3.635%.
As of 09:30 Beijing time, WTI crude oil futures rose 0.59%, and US natural gas futures rose 1.99%.
February 12th - Tencent Wealth Management's 7-day annualized yield for the "Current Account+" account ranges from a high of 1.4080% to a low of 0.8490%, WeChat Pay's 7-day annualized yield for the "Lingqian Tong" account ranges from a high of 1.1990% to a low of 1.0260%, and Alipay's Yu'ebao account ranges from a high of 1.2160% to a low of 1.0050%.
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.
U.S. Energy Secretary Wright: The risks of investing in Venezuela have decreased after the oil reforms, but the reforms may not be clear or lasting enough to encourage large capital inflows.
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.
On Thursday, February 12, the Hang Seng Index opened down 55.82 points, or 0.2%, at 27,210.56; the Hang Seng Tech Index opened down 25.74 points, or 0.47%, at 5,474.25; the H-share Index opened down 17.91 points, or 0.19%, at 9,250.27; and the Red Chip Index opened up 20.64 points, or 0.47%, at 4,452.93.
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.
As of 8:33 AM Beijing time, spot platinum fell 1.32%, and spot palladium fell 1.07%.
The yield on Japan's 40-year government bonds fell 8.0 basis points to 3.645%.
Market news: Kyiv, the capital of Ukraine, was attacked by Russian missiles, and explosions were heard.
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