穆拉基直言："这将是充满变数的一年。我们还处在这场格局重塑的早期阶段，这一重塑过程将决定谁 将成为赢家和输家。" ChatGPT三年前爆红以来，人工智能（AI）引领的牛市和抛售潮层出不穷，但均无法与本周席卷美国股 市和信贷市场的暴跌相提并论。 一方面，本周抛售速度之快、范围之广令市场震惊。软件即服务（SaaS）类股首当其冲。标普500软件 和服务指数截至周三连续六个交易日下跌，自1月28日以来市值蒸发约8300亿美元。另一方面，与以往 不同，此次暴跌并非由对AI泡沫的担忧引发，而是由对AI即将取代众多企业商业模式的担忧引发。更 令投资者不安的是，长期以来被视为AI热潮主要受益者的公司也开始显露疲态。Alphabet在财报中表 示，其在AI方面的资本支出将高于预期，Arm Holdings发布的营收预测也低于预期。两家公司的股票在 盘后交易中均下跌。 市场仍在讨论本轮抛售是否反应过度，以及谁将成为AI投资的新赢家和输家。 宏利投资管理（Manulife Investment Management）股票与多元资产首席投资官兼高级投资组合经理索夫 特（Nathan W.Thooft）稍早接受一财记者专访时就已预言了 ...

Core Viewpoint - The relaxation of restrictions on the use of housing provident funds for urban renewal purposes is accelerating, which is expected to benefit more flexible employment groups. However, the housing provident fund system still faces challenges in effectively mobilizing over 10 trillion yuan of "sleeping funds" and requires further improvement in residents' housing consumption expectations [1][5][8]. Group 1: Policy Changes and Initiatives - Various cities, from first-tier to second and third-tier, have recently introduced new policies to expand the use of housing provident funds, particularly for urban renewal projects that enhance residents' living conditions and asset value [2]. - The Ningxia Zhongwei Housing Provident Fund Management Center announced new policies supporting the withdrawal of housing provident funds for elderly and child-friendly renovations, as well as for structural reinforcement and urban renewal projects [2]. - Hebei Langfang has lifted the 12-month withdrawal interval restriction for housing provident funds, allowing more frequent access for residents to fund home purchases, construction, and renovations [3]. - The Beijing urban renewal incentive toolbox aims to accelerate housing provident fund loan support for residents' renovation costs, reducing financial burdens [4]. Group 2: Financial Support and Impact - Shandong Dezhou is piloting housing provident fund participation for flexible employment workers, linking it with urban renewal projects to support displaced residents and enhance their loan capacities [4]. - The 2024 national housing provident fund report indicates a total deposit of 36,317.83 billion yuan, with a 4.67% increase from the previous year, but only 1.24% of contributors are flexible employment workers [6]. - The total cumulative withdrawal from the housing provident fund reached 218,688.56 billion yuan, accounting for 66.69% of total deposits, indicating a significant reliance on withdrawals [6][7]. Group 3: Challenges and Future Outlook - The current use of housing provident funds for alleviating personal housing consumption pressures and funding urban renewal projects has not been fully realized, necessitating a boost in residents' consumption expectations [8]. - Experts suggest that expanding the coverage of housing provident funds to include more flexible employment workers and easing withdrawal restrictions could activate the housing provident fund system, which has been historically underutilized [7][8].

因旗下地产上市公司暴雷而备受关注的香港娱乐大亨杨受成，近日从暴涨的黄金上赚了一笔。 同时，当前的市场状况以及黄金的市场价格目前处于高位水平，英皇娱乐酒店认为出售事项是一个良好 机会实现和释放该贵金属的价值，同时使上市公司未来能够节省相关的保安及保险费用。 对于处于亏损中的英皇娱乐酒店来说，出售所得款项也有助于提升其业绩表现。截至2025年9月的 2025/2026中期业绩显示，英皇娱乐酒店净亏损约7310万港元；而2024/2025财年业绩则显示，截至2025 年3月末，该公司录得净亏损约2.48亿港元。 澳门英皇娱乐酒店开业于2006年，共26层、设有311间客房。早期，英皇娱乐酒店的主营业务之一便是 博彩业。而这些金砖装饰正是为了打响名气、吸引客流而设。 英皇娱乐酒店表示，在过去二十年里，为了在澳门英皇娱乐酒店内的赌场营造奢华辉煌的氛围以提升品 牌形象，将这些金砖铺满酒店大堂地面的主要通道区域。据了解，金砖共有78块，总重约79公斤，是瑞 士999.9千足纯金金砖，每块均有独立编号。 在澳门竞争激烈的博彩业中迅速打开局面的英皇娱乐酒店，在截至2007年3月31日的财年中，该项目整 体录得近12亿港元。 2 ...

Group 1 - The core viewpoint emphasizes the importance of making China's large market a global opportunity, encouraging foreign enterprises to invest, stay, and thrive in China [1] - Recent visits by leaders from multiple countries, including South Korea, Canada, Finland, and the UK, have strengthened bilateral economic relations and boosted foreign investment confidence in China [1] - According to the Ministry of Commerce, by 2025, South Korea's manufacturing investment in China is expected to grow by 14.1%, Canada's high-tech industry investment by 11.7%, Finland's manufacturing investment by 21.7%, and the UK's investment by 15.9% [1] Group 2 - In 2025, the number of newly established foreign-invested enterprises in China is projected to reach 70,392, a year-on-year increase of 19.1%, while the actual utilized foreign capital is expected to decline by 9.5% to 747.69 billion yuan [2] - Investment from Switzerland, the UAE, and the UK has seen significant growth, with increases of 66.8%, 27.3%, and 15.9% respectively [2] - The high-tech industry attracted 241.77 billion yuan in foreign investment, with notable growth in e-commerce services (75%), medical instruments (42.1%), and aerospace manufacturing (22.9%) [2] Group 3 - UK businesses are optimistic about opportunities in China's service sector, aligning with China's 14th Five-Year Plan to expand consumption and open up services [3] - German companies view China as a key market for high-tech and high-quality products, with strong potential for cooperation in biopharmaceuticals, smart manufacturing, and sustainable development [3] - The Ministry of Commerce aims to deepen foreign investment, reform mechanisms, and enhance the business environment to attract foreign capital [4]

Core Viewpoint - The growing business jet market is facing uncertainty due to threats from former President Trump regarding aircraft certification and potential tariffs on Canadian-made planes [1][4]. Group 1: Aircraft Certification Issues - The Canadian Transport Department is collaborating with the FAA to address delays in the certification of certain Gulfstream jet models [1]. - Trump accused Canada of "wrongfully, illegally, and stubbornly refusing" to certify Gulfstream models 500, 600, 700, and 800, threatening a 50% tariff on Canadian aircraft sold in the U.S. [1]. - Experts indicate that without Canadian recognition of FAA certifications, Gulfstream aircraft cannot be delivered to Canadian buyers or operate in Canadian airspace [1][2]. Group 2: Regulatory Landscape - Following the Boeing 737 MAX crashes, countries like Canada and the EU are increasingly focusing on their own airworthiness certification capabilities rather than relying solely on FAA approvals [2]. - The FAA has granted exemptions for the G700 and G800 models, allowing phased deliveries until the end of 2026, but Canada has refused certification due to incomplete fuel system testing [2]. - The Chicago Convention mandates that safety is the priority, and the fuel icing tests are critical for engine fuel supply [2]. Group 3: Market Dynamics - The business jet market is recovering, with a forecast of 8,500 new business jets to be delivered over the next decade, valued at approximately $283 billion [3]. - North America currently holds over 60% of the global business jet fleet and is expected to receive about 70% of new deliveries in the next three years [3]. - The demand for orders is stimulated by the U.S. "Big and Beautiful" Act's 100% bonus depreciation policy and the popularity of fractional ownership models [3]. Group 4: Competitive Landscape - Bombardier is a strong competitor to Gulfstream, with its latest ultra-long-range business jets priced around $80 million, often adjusted based on customer specifications [4]. - Trump's threats have created uncertainty in the market, affecting ongoing transactions, such as a deal to sell Bombardier jets to the U.S. [4]. - Legal experts have noted the unprecedented nature of Trump's actions, which could impact the rights of private jet owners protected by the constitution [4].

Core Viewpoint - The housing provident fund system is undergoing reforms to expand its usage for urban renewal projects, aiming to benefit more flexible employment groups, although challenges remain in activating the substantial dormant funds [1][6]. Group 1: Policy Changes and Reforms - Recent policies across various cities have expanded the scope of housing provident fund usage, particularly for urban renewal projects that enhance residents' living conditions and asset value [2]. - The Ningxia Zhongwei City housing provident fund management center has introduced new policies allowing fund withdrawals for elderly and child-friendly renovations, as well as structural reinforcements and urban renewal projects [2]. - Hebei Langfang has lifted restrictions on the frequency of housing provident fund withdrawals, allowing for more flexible access for home purchases, construction, and renovations [3]. - The Beijing urban renewal incentive toolbox aims to accelerate housing provident fund loan support for residents' renovation costs, reducing financial burdens [4]. Group 2: Financial Implications and Statistics - The housing provident fund's total deposit amount reached 32.79 trillion yuan by the end of 2024, with a year-on-year growth of 8.61%, while the total withdrawal amount was 21.87 trillion yuan, accounting for 66.69% of total deposits [6][7]. - In 2024, 22.57 million people withdrew 272.06 billion yuan for rental housing, but only 65,300 people withdrew 2.04 billion yuan for old community renovations, indicating a need for broader fund utilization [7]. - The innovative practices in Shandong Dezhou are expected to generate 15.3 million yuan in housing provident fund loan issuance and stimulate local real estate sales and related consumption [4]. Group 3: Challenges and Future Outlook - Despite the reforms, the housing provident fund system faces a "good policy but poor execution" dilemma, with the need for improved resident housing consumption expectations to fully activate the over 10 trillion yuan in dormant funds [1][8]. - The inclusion of more flexible employment individuals in the housing provident fund system is seen as a potential way to enhance fund activity and participation in urban renewal projects [7]. - Experts suggest that the ongoing urban renewal efforts and the adoption of self-renovation models could increase residents' willingness to participate and contribute financially to these projects [7].

（文章来源：第一财经） 根据Counterpoint Research最新报告，2025年第四季度，全球智能手机市场收入同比增长13%，达到 1430亿美元，创单季度历史新高。同时，在高端化趋势持续推进以及物料清单（BOM）成本上升的双 重推动下，智能手机平均售价（ASP）同比增长8%，首次在单季度内突破400美元。出货量同比增长 5%，整体表现仍较温和，表明随着越来越多消费者选择更高价位的设备，市场增长继续以"价值扩 张"而非"规模扩张"为主。 ...

峰飞航空今日发布5吨级eVTOL-V5000天际龙，并在白莲湖低空基地完成转换飞行，这是全球最大 eVTOL。 目前主流eVTOL集中在1.5-3吨起飞重量、载客4-6人，天际龙将起飞重量提升至5吨级，客运版可搭载 10人，货运版可实现吨级货物运输，应用场景拓展至城际商务出行、重型支线物流运输、大型应急救援 等领域。 （文章来源：第一财经） ...

2月5日，Wind数据显示，A股市场共计57只个股涨停。其中电气设备板块民爆光电4连板，水泥股韩建 河山3连板。一图速览今日连板股>> | 连板股 2.5 | | 截至收盘斩获连板个股 | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | ST京蓝 | 4 | 环保 | | 民爆光电 | 4 | 电气设备 | | *ST立方 | 3 | 数字云 | | 京投发展 | 3 | 房地产 | | 韩建河山 | 3 | 建筑 | | 兴民智通 | 2 | 无人驾驶 | | 协鑫集成 | 2 | 光伏 | | 凯龙高科 | 2 | 机器人 | | 杭州解百 | 2 | 百货零售 | | 陕西黑猫 | 2 | 煤炭 | | 丰倍生物 | 2 | 环保 | | 坤彩科技 | 2 | 墓本金属 | | | 器口则经 | 態 歌 点 | 电气设备板块民爆光电4连板，水泥股韩建河山3连板。一图速览今日连板股>> ...

Group 1 - The Hang Seng Index opened down 0.82%, while the Hang Seng Tech Index fell by 1.31% [1] - Baidu's stock rose over 2% as the board authorized a stock repurchase plan totaling up to $5 billion [1] - Tencent Holdings experienced a decline of over 1% [1] Group 2 - The semiconductor sector saw a downturn, with Hua Hong Semiconductor dropping more than 3% [1]