Core Insights - Bill Ackman, a prominent hedge fund manager, has bet on Meta's success in the AI race, with his firm Pershing Square establishing a position of approximately $2 billion in Meta, representing 10% of the fund's capital, making it one of the largest holdings in the company [1] - Pershing Square disclosed this investment during its annual investor meeting, having started building the position in November last year at an average cost of $625 per share, amidst concerns over Meta's significant spending in AI, which led to a 13% decline in its stock price over the past six months, creating an entry opportunity for the fund [1] - The fund believes that Meta's business model is one of the clearest beneficiaries of AI integration, enhancing content recommendations and personalized advertising capabilities, and potentially opening new opportunities in wearable devices or enterprise AI digital assistants [1] Investment Strategy - Ackman is known for a highly concentrated investment style, with Pershing Square holding only 13 stocks by the end of 2025, including other large tech companies like Alphabet and Amazon [4] - Recently, the fund has exited two long-term positions in Chipotle Mexican Grill and Hilton Worldwide, reflecting Ackman's preference for a few high-conviction targets rather than a diversified investment strategy [4] - Pershing Square achieved a return of 20.9% last year, outperforming the S&P 500 index by 17.9%, with major contributions from Alphabet, Fannie Mae, and Freddie Mac, although the fund experienced a decline of 2.5% in January of this year [4] Performance and Future Investments - Since the establishment of the position in Meta, the stock has risen by 11%, with an additional 3% increase as of February 9 this year, supporting the overall returns of Pershing Square [5] - In addition to Meta, Pershing Square has made other significant investments in 2025, including a $900 million investment in real estate company Howard Hughes Holdings and up to $1 billion in support for the acquisition of insurance company Vantage Group Holdings [5] - Ackman aims to transform Howard Hughes into a diversified holding company similar to Berkshire Hathaway, indicating a shift in investment vision beyond mere stock selection to deeper corporate value restructuring [5]

华见早安之声 美元日内波动较大，尾盘微涨0.08%。日元三连涨，日内一度升值超1%。 加密货币疲软。比特币跌1.2%，以太坊跌超2%。 现货黄金震荡走高1.3%，白银冲高回落，仍涨逾4%。特朗普私下考虑退出《美墨加协定》，WTI原油涨1%。 亚洲时段，沪指七连阳，创业板跌1%，两市成交不足2万亿，玻璃纤维概念股大爆发，恒科指涨近1%，小米涨超4%。 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国1月非农报告整体强劲，打压市场的降息预期，交易员将首次降息的预期时间从6月推迟至7月，美债跌。 美股高开，但随后因大型科技股走弱而回吐涨幅，三大美股指收盘微跌。AI颠覆担忧仍在发酵，软件股ETF跌2.6%，房地产服务类股也因AI担忧而遭到抛 售，CBRE集团和Jones Lang LaSalle暴跌12%。 美债收益率走高，2年期美债收益率上行6.4个基点，10年期收益率上涨约3个基点。 美国2026财年前四个月预算赤字缩小17%，关税收入大增。美国会预算办公室：特朗普财政路径不可持续，未来十年美赤字预期提高1.4万亿美 元。 要闻 中国 李强：全面推进人工智能科技创新、产业发展和赋能应用，培 ...

Core Viewpoint - The stock prices of real estate service companies have significantly declined as investors reassess the vulnerability of these firms to artificial intelligence applications and tools [1][3]. Group 1: Market Reaction - On Wednesday, CBRE Group and Jones Lang LaSalle saw their stock prices plummet by 12%, while Cushman & Wakefield dropped by 14%, marking the largest single-day declines since the market sell-off in 2020 [1]. - Analysts from Keefe, Bruyette & Woods noted that investors are withdrawing from high-fee, labor-intensive business models perceived as susceptible to AI-driven disruption [3]. - Barclays analyst Brendan Lynch described the stock price drop as "excessive," attributing part of the selling pressure to concerns over AI's potential disruption to the job market and commercial real estate demand [5]. Group 2: Industry Impact - The commercial real estate sector is facing additional challenges, having struggled to recover since the pandemic, with changes in office demand and high interest rates severely limiting transaction volumes [4]. - Despite the AI boom providing growth opportunities in certain segments, such as data centers and high-end office leasing, investors are weighing whether advancements in AI will ultimately pressure some business operations through automation and streamlined processes [4]. - CBRE and Jones Lang LaSalle have been attempting to mitigate the impact of market downturns by expanding their services into property management, valuation, and investment sales across various sectors, including hotels, warehousing, apartments, and life sciences laboratories [4]. Group 3: Long-term Perspectives - Analysts believe that the immediate concerns regarding AI's threat to leasing and capital markets are limited, as CBRE and its peers benefit from significant scale advantages, including data and industry relationships [6]. - While there is a consensus that the market's fears regarding immediate AI risks may be overstated, there remains a cautious outlook on the long-term implications of AI [6].

新近报道显示，因为在近期的测试中遭遇技术瓶颈，苹果公司备受期待的多项Siri虚拟助手功能发布面临重大调整。 据美东时间11日周三的报道，苹果原计划2026年3月上线新操作系统iOS 26.4时推出Siri的新功能，直到上个月仍坚持3月这 个目标时间。苹果的高管们长期坚持，不希望新功能推迟到2026年春季之后发布。而在测试发现问题后，苹果现在考虑， 将一些功能分散至后续iOS更新时发布，部分功能可能推迟至5月上线iOS 26.5时、甚至9月iOS 27上线时。 报道援引知情人士消息，在测试过程中，新版Siri暴露了软件无法正确处理查询、响应时间过长以及准确性不足等问题， 这成为此次推迟的主要原因。知情者称，形势仍在不断变化，苹果的计划可能进一步调整。 苹果的发言人拒绝就上述消息置评。消息传出后，午盘曾涨超2%的苹果股价加速回吐涨幅，日内涨幅一度收窄至不足 0.6%，收盘时涨近0.7%，回吐过半盘中涨幅。 此次延迟是苹果升级Siri计划的最新挫折。苹果于2024年6月首次展示计划推出苹果个人智能系统Apple Intelligence加持版 本的Siri功能，承诺让Siri能够利用个人数据和屏幕内容更好地满足用户 ...

Core Viewpoint - The U.S. House of Representatives is set to vote on whether to overturn President Trump's tariffs on Canada, highlighting divisions within the Republican Party and the potential economic implications of these tariffs [1][2][3]. Group 1: Legislative Actions - The House will vote on a resolution proposed by Representative Gregory Meeks to revoke the tariffs announced by Trump in February 2025 [2]. - Three Republican members joined Democrats to defeat an attempt by House Speaker Mike Johnson to delay the vote until late July, indicating a split within the party [1][2]. - The Senate has already expressed opposition to Trump's tariff policy by passing legislation to abandon the global emergency tariffs and those on Canada and Brazil [2]. Group 2: Economic Implications - The tariffs are viewed as a significant tax burden on American consumers, manufacturers, and farmers, with some lawmakers arguing they have a net negative impact on the economy [1][2]. - The Democratic Party is framing the tariffs as a driver of inflation and a contributor to the cost of living crisis, making it a key campaign issue for the upcoming midterm elections [3]. Group 3: Political Dynamics - The upcoming vote will force House Republicans to choose between loyalty to the President and the economic interests of their constituents, given the slim majority in the House [1][3]. - Even if the House passes the resolution, it is unlikely to force Trump to concede, as any joint resolution would require the President's signature to become law or a two-thirds majority in both chambers to override a veto [3]. Group 4: Trade Agreements - Trump is reportedly considering withdrawing from the USMCA (United States-Mexico-Canada Agreement), which could destabilize one of the largest trade relationships globally, covering approximately $2 trillion in goods and services [5]. - The upcoming mandatory review of the USMCA has turned into a contentious negotiation, particularly with Canada, as the U.S. Trade Representative indicated that negotiations with Canada are more challenging than those with Mexico [5].

风险提示及免责条款 思科第二财季营收153亿美元，分析师预期151.2亿美元。第二财季来自人工智能超大规模云服务商（AI HyperScaler）的订单加速至21亿美元。预计全年营收612亿-617亿美元，公司原本预计602亿-610亿美 元。 预计第三财季营收154亿-156亿美元，分析师预期151.8亿美元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

有"新美联储通讯社"之称的华尔街日报首席经济记者Nick Timiraos评论称，1月就业报告巩固了美联储暂停降息会持续更久的决心。他援引美联储主席鲍威 尔1月28日的讲话称，"经济再一次以其强劲表现让我们感到意外——这已经不是第一次了。" Timiraos认为，现在人们的注意力转移到了CPI的年初价格重 置。 美国1月非农就业报告显示劳动力市场超预期强劲，促使市场推迟对美联储降息时点的预期，交易员普遍预计的首次降息时间从此前的6月推迟至7月。 美东时间11日周三公布的报告显示，美国1月新增非农就业人数为13万，远超市场共识预期的6.5万，为一年多来最大月度增幅；1月失业率并未如市场预期 企稳，反而降至4.3%；2025年全年就业数据遭遇大幅下修，显示去年劳动力市场实际表现远弱于此前认知。 这份报告推动美国国债价格全线下跌，两年期美债的收益率势创2025年10月以来最大单日升幅。利率互换市场显示，交易员认为美联储3月降息的可能性不 到5%，预计到今年12月降息总幅度约为49个基点，低于周二预计的年内降幅59个基点。这份数据让下任美联储主席提名人沃什（Kevin Warsh）未来更难以 推动降息。 华尔街机构普 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 Meta Platforms将在美国印第安纳州数据中心投资超过100亿美元。 ...

如果仅以净利润为参照系，这似乎是一个久违的丰收大年，2025年非上市险企整体净利润总额高达666亿元，较2024年的250亿元激增165%。 在经历了业绩低迷与转型阵痛后，多家头部及腰部险企的净利润创出历史新高，然而在投资人准备为新成绩举杯时，账本的"里子"却呈现了另一番景象： 2025年，非上市险企的综合投资收益率中位数遭遇了"膝盖斩"，从上年的8.39%骤降至2.73%；在净利润翻倍的情况下，全行业的净资产总额反而缩水了近 100亿元。 利润在狂飙，家底却在变薄。 这是由新金融工具准则（IFRS9）与动荡的市场环境共同导演的一出大戏。 这是一个充满着"错觉"的财报季。 2025年，非上市人身险公司交出了一份颇具迷惑性的账本。 长久以来，险企的净利润与净资产往往保持着同向变动的默契，但在全面切换至新会计准则的时代，这一惯例正在被打破。 中银三星人寿便是这一现象的典型样本。 2025年，该公司实现净利润7.08亿元，同比飙升44.7%。 对于一家处于转型期的中型险企，这本是一份足以让管理层"挺直腰杆"的成绩单；然而与亮眼利润形成剧烈反差的是，其净资产却骤降至6.7亿元，同比缩 水近九成。 这并非孤例，同期光大 ...

2月11日，智谱正式推出新一代旗舰模型GLM-5，主攻编程与智能体能力，官方称已实现开源领域最优 表现。这是继DeepSeek后，国产AI大模型春节档的又一重要发布。 GLM-5参数规模由上一代的355B扩展至744B，激活参数从32B提升至40B。智谱方面证实，此前在全球 模型服务平台OpenRouter登顶热度榜首的神秘模型"Pony Alpha"即为GLM-5。 架构配置方面，GLM-5构建78层隐藏层，集成256个专家模块，每次激活8个，激活参数约44B，稀疏度 5.9%，上下文窗口最高支持202K token。 编程能力显著提升 新一代旗舰模型GLM-5在内部Claude Code评估集中表现突出。前端、后端及长程任务等编程开发场景 下，该模型较上一代GLM-4.7实现全面超越，平均性能提升逾20%。 GLM-5能够以极少人工干预，自主完成Agentic长程规划与执行、后端重构、深度调试等复杂系统工程 任务。官方称，真实编程环境中的使用体感已逼近Claude Opus 4.5水平。 智谱将GLM-5定位为最新一代旗舰级对话、编程与智能体模型，重点强化其在复杂系统工程与长程 Agent任务中的处理能力 ...