2026.02.11 本文字数：2737，阅读时长大约5分钟 作者 | 第一财经 乐琰 小城酒店涨价20倍，一线城市酒店降价 春节出游，酒店和交通费用一般会有所上涨，但涨幅高达10倍甚至20多倍的实属少见。 第一财经记者今天在查询携程等在线旅游平台后发现，汕头大量酒店在春节假期的价格都大幅上涨，涨 幅从4倍到20多倍不等。比如，汕头特维纳酒店（汕头小公园店）平日房价为每晚94元～119元不等，而 春节假期的价格上涨到了每晚1400多元，2月19日的房价更是高达每晚2450元，相当于平日价的20多 倍。汕头万象城华山南路亚朵酒店的平日价每晚580多元，而春节假期的价格上涨到了每晚3577元，相 当于平日6倍左右的价格。汕头月色美宿（龙眼南路美食街店）平日价从每晚100多元～450多元不等， 而春节假期的价格涨到了每晚1208元，涨了3～8倍。维也纳国际酒店（汕头高铁站东广场店）平日房价 为每晚260多元～400多元，而春节假期价格涨到了每晚1500多元，相当于平日价的4～6倍。 不仅是汕头，揭阳、潮州、厦门等地的酒店价格也是水涨船高，比如全季酒店（揭阳楼店）平日价格为 每晚302元～458元不等，而春节期间价格 ...

2026.02.12 本文字数：580，阅读时长大约1分钟；封图非新闻中楼盘 然而，由于黄金价值增长远高于房价跌幅，业主实际资产反而增值约25万元。这一结果被业内视作一次 被动的"资产对冲"：业主在购房时不自觉地构成了"房产+黄金"的组合，意外分散了单一资产贬值的风 险。 网友评论 微信编辑 | 夏木 来源 | 广州日报综合自都市快报、网友评论 据都市快报2月11日消息，浙江杭州一楼盘两年前"买房送黄金"促销，如今房价虽跌，金价却大涨，意 外为业主实现资产增值，上演一幕现实版"资产对冲"。 2023年6月，杭州临安区一楼盘推出"买房送黄金"活动，根据不同户型赠送700克至1000克不等的黄金。 以当时金价每克约450元计算，购买119平方米、总价约250万元的房源，可获得价值约45万元的1000克 黄金，相当于房价优惠约18%。活动因关注度过高，不久后被叫停。 两年半后，市场情况发生戏剧性变化。国际金价持续上涨，至今已升至每克约1120元，较2023年涨幅近 149%。业主当年获赠的黄金大幅升值——1000克黄金市值从约45万元涨至约112万元。 与此同时，临安区域房价明显回调。该楼盘所在板块单价从约2.2万 ...

Core Viewpoint - The banking wealth management market in January 2026 did not experience the traditional "opening red" seasonality, with a decrease in scale instead of growth, indicating a structural adjustment period ahead for the market [2][3]. Group 1: Market Performance - In January 2026, the banking wealth management market saw a decline of 178.8 billion yuan, bringing the total scale to 33.18 trillion yuan, which is a month-on-month decrease of 1.142 trillion yuan [3]. - The decline in January is notable as it contrasts with the seasonal growth observed in previous years, except for the significant drop in 2023 due to a "redemption wave" [3]. - Among the 14 wealth management companies with over 1 trillion yuan in management scale, the total scale decreased by approximately 122.2 billion yuan, marking a second consecutive month of decline [3]. Group 2: Product Issuance and Performance - The issuance of new wealth management products decreased, with 2,533 new products launched in January, down by 305 from the previous month [4]. - The average performance benchmark for newly issued products slightly decreased by 0.01 to 0.02 percentage points, with open-ended and closed-end products yielding 1.82% and 2.36%, respectively [4]. - Despite the scale decline, the net value of pure debt wealth management products maintained positive growth, although the growth rate has narrowed [4]. Group 3: Reasons for Scale Reduction - The decline in January's wealth management scale is attributed to several factors, including the inertia of the year-end return effect and increased cash demand from residents as the Spring Festival approaches [6]. - Banks' internal resource allocation has shifted focus towards loan and deposit marketing, which has temporarily weakened wealth management sales [6]. - Market sentiment has also shifted, with some funds reallocating towards equity assets due to improved stock market conditions [6]. Group 4: Institutional Responses - Wealth management companies are adjusting by reducing fees to enhance product competitiveness, with some institutions lowering management and service fees to zero for certain products [8]. - There is a noticeable acceleration in product innovation, with companies exploring diverse strategies to enhance returns, such as participating in A-share IPOs and launching new multi-asset products [8]. - The trend of refined management is emerging, with companies considering third-party valuation tools to smooth net value fluctuations and developing regular dividend products to enhance investor experience [9]. Group 5: Market Outlook - Analysts maintain a cautiously optimistic outlook, predicting a potential rebound of approximately 1 trillion yuan in February, with an overall annual growth forecast of around 3 trillion yuan [9]. - The release of maturing deposits and sustained low deposit rates are expected to channel funds into wealth management and insurance products [9]. - However, it is noted that deposits remain the primary choice for residents, indicating that growth in the wealth management market may stem more from structural shifts rather than an overall increase in risk appetite [9].

Group 1 - Major tech stocks experienced a broad increase, with SanDisk rising over 8%, Oracle up 2%, and NVIDIA increasing by more than 1% [1][2] - Other notable gainers included Tesla, Broadcom, Apple, and Amazon, all showing positive movement [1] - The three major U.S. stock indices opened higher, with the Nasdaq up 0.77%, the Dow Jones up 0.41%, and the S&P 500 up 0.62% [3] Group 2 - Chinese concept stocks mostly rose, with Kingsoft Cloud increasing by over 11%, Bilibili up more than 3%, and Century Internet and Beike both rising over 2% [2][4] - Storage-related stocks rebounded, with Micron Technology rising over 6% and Western Digital increasing by more than 4% [4]

Core Viewpoint - NetEase's Q4 2025 financial results showed a revenue of 27.5 billion RMB, a 3% year-on-year increase, but a net profit attributable to shareholders of 6.2 billion RMB, down nearly 30% from 8.8 billion RMB in the same period last year, falling short of market expectations [2][4]. Financial Performance - For Q4 2025, NetEase's revenue was 27.5 billion RMB, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders for Q4 was 6.2 billion RMB, a decrease of approximately 30% compared to 8.8 billion RMB in Q4 2024 [2][4]. - Total revenue for the full year 2025 reached 112.6 billion RMB, representing a year-on-year increase of about 7% [4]. - The net profit attributable to shareholders for the full year 2025 was 33.8 billion RMB, up 13.8% year-on-year [4]. Cost and Expenses - Sales and marketing expenses in Q4 increased by approximately 1.07 billion RMB to 3.89 billion RMB compared to the same period in 2024 [2]. - Overall investment losses reached 1.67 billion RMB, an increase of about 1.2 billion RMB, along with foreign exchange losses exceeding 500 million RMB [2]. Business Segments - The core gaming and related value-added services generated revenue of 22 billion RMB in Q4, a year-on-year increase of 3.4%, accounting for 80% of total revenue [4]. - The flagship games such as "Fantasy Westward Journey" and "Identity V" supported the revenue base, while new games like "Yanyun Sixteen Sounds" and "Marvel Showdown" contributed to revenue growth [4]. - Other business segments included NetEase Youdao with Q4 revenue of 1.6 billion RMB, up 16.8% year-on-year, and NetEase Cloud Music with revenue of 2 billion RMB, a 4.7% increase year-on-year [4]. Cash Flow and Financial Health - As of December 31, 2025, NetEase's net cash balance was 163.5 billion RMB, up from 131.5 billion RMB in 2024 [7]. - The net cash flow from operating activities for 2025 was 50.7 billion RMB, compared to 39.7 billion RMB in 2024 [7]. Industry Insights - Management discussed the impact of AI on the gaming industry, noting that while AI lowers the entry barrier for game development, it raises the success threshold for major commercial titles [5][6]. - The introduction of generative models like Google's Genie 3 has caused significant market reactions, but management believes the market may misunderstand its implications for the gaming industry [5][6].

2026.02.11 本文字数：2386，阅读时长大约4分钟 作者 | 第一财经 钱小岩 时隔两年半后，盖茨基金会主席比尔·盖茨再次回到中国。 盖茨此次行程首先抵达中国海南，参观、了解中国在农业领域的创新进展，随后抵达上海，关注于传染 病防控和母婴健康，上述三大领域都是盖茨基金会（以下简称"基金会"）关注的重点。2月11日傍晚， 盖茨还意外在上海张江现身，出席一场名为"行动创造希望"的活动。 盖茨对第一财经表示，中国正在大幅提升在农业研究方面的投入，对于在海南的参观，他对无融合生殖 杂交水稻印象深刻，"取得了难以置信的成果"。 2019年，美国科学家和中国农科院中国水稻研究所水稻生物学国家重点实验室王克剑团队分别在常规稻 和杂交稻中建立了人工无融合生殖体系，首次获得了水稻的克隆种子，这项技术如若实现市场化，农民 将不必每年购买杂交水稻稻种，只要自留种也能实现高产。 盖茨进一步表示，中国的农业体系十分成功，在创新领域的加速进步更是有目共睹。盖茨进一步表示， 盖茨基金会与中国有着共同愿景，即推动创新成果惠及最需要的人群，帮助非洲在内的全球最贫困地区 和人群。 "我始终看好中国的创新能力，在新药研发等领域的发展速度 ...

Core Viewpoint - The company Zhiyun (2513.HK) confirmed that its new model GLM-5, previously known as "Pony Alpha," has topped the popularity chart on the global model service platform OpenRouter [1] Group 1 - The new model GLM-5 is now available on the chat.z.ai platform [1]

Core Viewpoint - Playboy is restructuring its business in China after years of rapid growth, selling a 50% stake in its Chinese operations to UTG Group for $122 million, which includes all operational rights in mainland China, Hong Kong, and Macau [2] Group 1: Business Strategy and Changes - The sale to UTG Group aims to address issues stemming from excessive brand licensing and management challenges that have led to a decline in brand image and quality [3][4] - Playboy's brand management center was established in China in 2020 to tackle historical issues and improve brand perception, indicating a recognition of the need for better control over its brand [2][3] Group 2: Market Challenges - The brand has faced significant challenges, including the proliferation of counterfeit products and a blurred line between genuine and fake merchandise, leading to consumer confusion [3] - Quality issues have arisen from licensed manufacturers prioritizing sales over product quality, resulting in a tarnished brand reputation [3][4] - The rise of domestic brands and changing consumer preferences among younger generations have further pressured Playboy's market share [4] Group 3: Future Prospects - UTG Group's experience with international brands and understanding of the Chinese market may help in consolidating fragmented licensing and combating counterfeiting [4] - The transition from merely licensing the brand to actively managing it will require time and effort to prove effective in revitalizing Playboy's presence in China [4]

2026.02.11 本文字数：2371，阅读时长大约4分钟 作者 | 第一财经 曹璐 春节渐近，市场资金的调仓路径悄然生变。此前在A股火热上冲时遭遇巨额赎回的宽基ETF，正重新回 到"聪明钱"的视野。数据显示，全市场ETF近一周净申购近206亿元，资金回流态势明确，股基ETF 的"失血"速度有所放缓。 同时，小盘股与行业主题同步爆发，中证1000ETF狂揽27亿资金，化工、半导体主题产品吸金均破百 亿。最亮眼的是跨境战场，恒生科技ETF在指数微跌时逆势吸金，显示出资金对港股科技板块的青睐。 "投资港股科技，就是在AI革命的起点锁定未来十年最确定的成长赛道之一。"嘉实港股互联网产业核心 资产混合基金经理王鑫晨认为，那些能够将AI深度融入业务核心、用技术重构行业价值链的优秀港股 科技企业，有望在未来十年创造巨大的价值增长。 站在当前时点，博时基金宏观策略部对第一财经表示，伴随国内外资产波动率消化企稳以及假日效应影 响，权益市场风险偏好有望呈现企稳提升的节奏。在该团队看来，近期受卖盘压力缓解，以及市场在消 化波动率的过程中，也有回避高估值资产做一定防御的需求，大盘、顺周期包括消费有明显的修复。 在本轮资金调仓中， ...

现货白银加速上涨，盘中突破85美元/盎司，创2月5日来新高，现涨幅扩大至6%。 编辑丨瑜见 2月11日，现货黄金持续拉升，盘中突破5100美元/盎司，为1月30日以来首次，现涨1.45%。 ...