Core Viewpoint - The chemical industry is expected to see a gradual recovery in profitability as capital expenditure continues to weaken year-on-year, alongside the domestic push against "involution" [1] Investment Strategy - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools in the "anti-involution" strategy [1] - Attention to segments where the initial effects of industry self-discipline are evident and steadily progressing [1] - Some products have already fallen below or are close to the industry cash cost line, which may accelerate capacity clearance, particularly for products from leading companies with significant cost advantages [1] - Chemical products with sustained price increase potential driven by new demand or strong downstream demand [1] - Chemical products related to new materials and new applications [1]

Group 1 - The Ministry of Commerce of China supports enterprises in conducting cross-border operations and international technology cooperation in accordance with laws and regulations [1] - The Ministry will assess the consistency of Meta's acquisition of Manus with relevant laws and regulations regarding export control and foreign investment [1] Group 2 - The U.S. President Trump has threatened Iran with severe consequences if there are further deaths related to the ongoing unrest [2] - The Venezuelan National Assembly announced the formation of a high-level committee to push for the release of President Maduro and his wife [3] Group 3 - The Ministry of Commerce of China reaffirmed its commitment to deepen economic and trade relations with Venezuela, despite external pressures [4] - The Ministry supports the integration of Hong Kong and Hainan for coordinated development within the national strategy [5] Group 4 - Multiple departments in China reiterated the need to regulate the competition order in the power and energy storage battery industry to avoid irrational competition [6] - The Ministry of Education plans to launch a new round of "Double First Class" university construction in 2026, focusing on optimizing higher education structure [7] Group 5 - Guangzhou's government has issued a plan to accelerate the development of five strategic leading industries, including artificial intelligence and new energy [8] - Jiangxi Province is promoting the "Ying Shan Hong Action" to support technology companies in planning for public listings by 2027 [9] Group 6 - Chongqing has opened applications for the remaining budget of the 2025 automobile replacement subsidy, amounting to 59.6 million yuan [10] - Guizhou Province is implementing policies to support the development of county economies and enhance industrial quality [11] Group 7 - The film "Zootopia 2" has extended its release until February 25, 2026, with a cumulative box office exceeding 4.261 billion yuan [12] Group 8 - The United Nations has warned that the U.S. may lose its voting rights in the General Assembly if it continues to delay payment of dues [13] - The U.S. Vice President stated that Venezuela can only sell its oil if it aligns with U.S. interests [14] Group 9 - The Venezuelan Foreign Minister reiterated the commitment to deepen economic cooperation with China, emphasizing the legal framework supporting bilateral relations [15] - The Venezuelan government is advancing a legislative agenda focused on economic development and sovereignty protection [16] Group 10 - Ukraine's President announced that a bilateral security assurance document with the U.S. is ready for finalization [17] - Iran's Foreign Minister stated that Iran is prepared to respond to any situation while emphasizing a desire for negotiations based on mutual respect [18] Group 11 - The Fukushima nuclear power plant issued an alarm due to a malfunction in the cooling system for contaminated water [19] Group 12 - Alibaba is increasing investment in Taobao Flash Sales to achieve market leadership by 2026 [20] - BYD has launched new car models with limited-time tax incentives, with prices starting at 92,800 yuan after subsidies [21] Group 13 - The U.S. stock market showed mixed results, with the Dow Jones rising while the Nasdaq fell, influenced by declines in AI and tech stocks [22] - Institutions were active in the market, with significant net purchases and sales of various stocks [23][24]

（文章来源：第一财经） 中金指出，2026年短期木片供需缺口将现，看好木片、浆价中枢修复。短期来看，国内近年来大规模投 产自制浆，但优质木片资源的配套建设周期远滞后于设备投产，预计2026年国内木片市场将出现阶段性 供给缺口，原材料紧缺将推升成本重心；随需求端边际改善，2026年纸浆价格中枢有望迎来修复，具备 全产业链自给能力的头部企业将继续演绎"加工制造"到"资源重估"溢价机会。 ...

中金公司研报表示，近年来政策持续强调房地产行业向新模式转型。从企业的角度看，未来住房业务的 高质量发展，经营性不动产业务的重心增加是基本趋势，围绕"资产管理"这个关键词来建设新能力、新 生态也已经具备一定的共识。 （文章来源：第一财经） ...

全球矿业巨头嘉能可周四确认，正就被力拓收购的可能性进行早期谈判。若交易达成，将打造全球规模 最大的矿业公司。嘉能可表示，相关讨论仍处于初步阶段，尚未达成任何具有约束力的协议。此次接触 是双方继2024年短暂沟通后，再度探讨潜在合并事宜。 （文章来源：第一财经） ...

【冰火两重天！#苹果连续7个交易日下跌#，#美股军工股受特朗普言论提振走强#】*英伟达、甲骨文等 AI龙头回调 *特朗普推动军费扩张，国防股集体拉升 截至收盘，道琼斯工业平均指数上涨270.03点，涨幅0.55%，报49266.11点；标普500指数微涨0.01%， 报6921.46点；纳斯达克综合指数下跌0.44%，报23480.02点。 此前领涨的AI与科技板块出现回调迹象，个股表现明显分化。博通股价下挫3.21%，超威半导体下跌 2.54%，英伟达下跌2.19%。苹果继续走弱，收跌0.5%，已连续第七个交易日下跌；微软下跌1.11%， Meta Platforms下跌0.41%。 部分大型科技股逆势走高，亚马逊上涨1.96%，谷歌母公司Alphabet上涨1.1%，特斯拉上涨1.02%。 特朗普提出，2027财年美国军事预算应提高至1.5万亿美元，较2026财年获批的9010亿美元大幅增长， 刺激军工股走强。洛克希德·马丁上涨4.3%，诺斯洛普·格拉曼上涨2.4%，KratosDefense大涨13.8%。不 过，市场也注意到，特朗普此前曾威胁限制国防承包商的分红与回购，直到其加快武器生产节奏，部分 军 ...

这并非偶然的资本狂欢。不同于其他城市单点突破的模式，上海正在构建一个从"大脑"（算力算法）到"血液"（语料）再到"四肢"（具身智能）的完整生命 体。不同于互联网时代的"模式创新"，这5家AI企业都具有极高的硬科技含量，资本市场之所以买单，是因为上海提供了"热带雨林式"的全产业链布局。 上海交通大学、上海人工智能研究院院长宋海涛告诉第一财经记者，创新需要土壤，土壤需要有一定基数的创新群体才能形成足够的厚度，而在人工智能领 域，上海的各方面基数在国内是领先的，"上海集聚了从硬件、软件、GPU、算法、模型训练到应用全产业链布局，这是全国其他城市不具备的"。 "模都"AI生态全产业链爆发 在AI 2.0时代，大模型是核心引擎。上海没有选择做简单的"应用套壳"，而是死磕底层技术，正以大模型产业生态体系孵化AI产业。 作为创新策源地，上海集聚了上海人工智能实验室、脑科学与类脑研究中心等基础研发平台，还有上海期智研究院、中国电信上海人工智能研究院、上海算 法创新研究院、上海科学智能研究院和微软、亚马逊等行业创新中心和AI实验室、加速器等，并集聚了25万AI人才，占全国三分之一。 不同于其他城市单点突破的模式，上海正在构建一 ...

（文章来源：第一财经） 国金证券指出，2026年行业需求保持增长及终端风机价格持续向上背景下，看好各环节盈利弹性进一步 释放，同时随着基本面持续性改善并逐步扭转市场对风电板块的固有偏见，行业估值体系有望实现价值 重塑，重点推荐三条主线：1）制造端盈利确定性改善，同时行业格局有望持续优化的整机环节；2）受 益于国内深远海项目渗透率提升、出海业务升级的海缆、基础环节；3）受益于国内技术变化等结构性 机会以及海外市占率有望提升的零部件企业。 ...

（文章来源：第一财经） 银河证券指出，由于适配于高性能计算的硬件供给本身技术难度较高，目前整体上仍处于供不应求的阶 段，因此相对于充分供给下的"泡沫化"程度仍然有限，仍然预留有安全边际。诚然，能够最大程度消除 人们对于"AI泡沫"的担忧仍要来自于AI应用端的重大突破，这一时刻尚未到来。考虑供不应求的状况， 我们仍然维持对硬件端的推荐。 ...

（文章来源：第一财经） 天风证券指出，中期来看，格局改善叠加产品周期，看好EPS超预期带动双击行情。继续看好2026年A 股游戏公司在竞争放缓下走出强产品周期逻辑。一方面，供给端预计继续改善：1）政策监管环境稳 定，版号供应充沛。2）A股游戏公司产品周期改善持续，拓展更多新一代核心用户需求。另一方面， 移动端游戏竞争格局改善有望持续：头部大厂产品仍主要聚焦PC端。目前重点A股游戏公司估值已经回 到2025年15-20x相对合理区间，看好2026年EPS超预期带动PE双击。 ...