Core Insights - Uber's Q4 2025 revenue increased by 20% year-over-year to $14.4 billion, but net profit dropped by 96% to $296 million, influenced by tax valuation releases and investment re-evaluations [1] - The company reported a 22% increase in order volume to 3.8 billion, driven by an 18% rise in monthly active platform users (MAPC) to 200 million [1] Financial Performance - Q4 2025 net profit included a $6.4 billion gain from tax valuation releases and a $556 million pre-tax gain from investment re-evaluations, while the non-GAAP net profit rose by 25% to $1.5 billion [1] - The stock price fell over 5% following the announcement of the net profit decline [1] User Growth Strategies - CEO Dara Khosrowshahi highlighted that product segmentation and market targeting have driven user growth, with lower-priced offerings like Moto attracting new user demographics [2] - New products such as "Reserve" and "Women Preferred" have successfully reached non-target user groups, including suburban residents and those with urgent travel needs [2] Autonomous Driving Initiatives - The company sees autonomous vehicles as a significant opportunity for customer acquisition, estimating trillions in potential market value [4] - Khosrowshahi noted that the autonomous driving sector will not have a single winner, with multiple suppliers like Pony.ai and WeRide developing their technologies [5] - Recent advancements include a partnership with NVIDIA for AI-driven autonomous technology and the establishment of AV Labs to enhance core capabilities in autonomous driving [5]

09:31银行板块盘初上涨，齐鲁银行涨超3%，重庆银行、南京银行、长沙银行等股跟涨。 09:30创业板指跌幅扩大至1%，沪指跌0.67%，深证成指跌0.98%。科创综指跌1.49%。两市下跌个股超 3900只。 09:27光伏设备板块回调低开，奥特维跌超10%，钧达股份逼近跌停，金辰股份、迈为股份、东方日升 跟跌。 09:25 A股开盘丨三大指数集体低开 2026.02.05 本文字数：608，阅读时长大约1分钟 作者 |一财阿驴 盘面上，黄金、基本金属板块重拾跌势，光伏、算力硬件、半导体、AI应用、金融科技概念股走弱； 银行板块局部走强。 （注：我们会对线索进行核实。您的隐私将严格保密。） 09:23央行公开市场开展1185亿元7天期逆回购操作，操作利率1.40%。同时开展了3000亿元14天期逆回 购操作。今日3540亿元逆回购到期。 09:21 港股开盘丨恒生指数低开0.82% 恒生指数低开0.82%，恒生科技指数跌1.31%。科网股多数走低，哔哩哔哩、新东方跌逾4%，腾讯音 乐、华虹半导体跌逾3%，阿里巴巴、中芯国际等跌逾2%。 | 阿驴「全家福」套餐上线 | | --- | | 一次集齐你的幸运符号 ...

2月5日，恒生指数低开0.82%，恒生科技指数跌1.31%。 百度逆势涨超2%，董事会授权一项总金额不超过50亿美元的股票回购计划。 编辑｜钉钉 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 26627.95 | -219.37 | -0.82% | | 恒生科技 | 5295.89 | -70.55 | -1.31% | | 恒生生物科技 | 14995.29 | -160.91 | -1.06% | | 恒生中国企业指数 | 8978.46 | -69.92 | -0.77% | | 恒生综合指数 | 4073.68 | -33.61 | -0.82% | 科网股延续跌势，哔哩哔哩跌逾4%，腾讯音乐、华虹半导体跌逾3%，阿里巴巴、快手、中芯国际、美 团等跌逾2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 哔哩哔哩-W | 233.600 | -10.000 | -4.11% | | 腾讯音乐-SW | 62.200 | -2.300 | -3.57% | | 金蝶国际 | ...

作者 |第一财经 李娜 美国芯片制造商高通（Qualcomm）公布最新季度财报。尽管当季营收和盈利略高于市场预期，但公司 给出的下一季度业绩指引不及华尔街预估，主要受内存芯片供应紧张影响，高通股价在盘后交易中一度 下跌近10%。 高通表示，截至2025年12月28日的2026财年第一财季，公司实现营收约122.5亿美元，同比增长5%，高 于分析师平均预期的约121.8亿美元，GAAP净利润为30.04亿美元，同比下降5.5%，非GAAP净利润为 37.8亿美元，同比增长3%，小幅超过市场预期。同时半导体业务（QCT）营收 106.1 亿美元、授权业务 （QTL）营收 15.9 亿美元，均实现同比增长。 不过，在面向2026 财年第二季度的业绩指引中，高通预计营收区间约为102 亿至 110 亿美元、而分析师 普遍预期约111 亿美元以上。同期调整后每股收益预计在 2.45 美元至 2.65 美元的区间，低于市场预估 的 2.89 美元左右。 高通指出，全球内存芯片供应持续紧张，正影响智能手机厂商的生产计划和库存节奏，进而抑制对其处 理器的出货需求。 2026.02.05 本文字数：1228，阅读时长大约2分钟 ...

回顾2025年，全球大类资产的表现高度依赖于货币政策预期的变化。无论是美股的结构性上涨，还是黄 金、有色金属等资产的阶段性走强，其背后都绕不开"美联储何时、以多快的节奏降息"这一核心变量。 在经历了2025年全球市场的剧烈波动后，2026年的资产配置正站在一个关键分水岭。一方面，美联储降 息预期反复修正，全球流动性环境仍处在"拐点区间"；另一方面，亚洲与新兴市场的相对吸引力持续抬 升，中国资产在全球配置中的角色也正在发生微妙变化。 近日，施罗德2026投策会举行，围绕"全球视野下的资产配置新思路"展开深入讨论。与会嘉宾普遍认 为，全球流动性环境正从"宽松预期"走向"节奏博弈"，结构性机会将主导新一轮资产表现，投资逻辑也 需要随之调整。 宏观环境切换：全球流动性从"宽松预期"走向"节奏博弈" 站在2026年的起点，这一逻辑正在发生变化。 施罗德基金管理（中国）有限公司副总经理兼首席投资官安昀指出，市场正在从"押注宽松"的单一交 易，逐步转向对经济基本面与盈利修复的重新定价。"2025年更多是一种宽松交易和估值修复，而2026 年开始，投资者需要回答的是：宽松能否真正转化为经济复苏与盈利改善。" 从美联储角度看， ...

2月5日， 现货金银高开 。截至07:04，分别报4980美元/盎司和88.3美元/盎司。 编辑：七三 截至07:16 ，现货黄金向上触及5000美元，日内上涨0.75%。隔夜现货金银大幅回调。 ...

2026.02.05 本文字数：1676，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三，受科技股抛售潮加剧影响，纳指标普承压收跌，资金流向工业等板块避险。截至收盘，道指涨 260.31点，涨幅0.53%，报49501.30点，纳指跌1.51%，报22904.58点，标普500指数跌0.51%，报6882.72 点。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 49501.30 22904.58 | 6882.72 | | +260.31 +0.53% -350.61 -1.51% -35.09 -0.51% | | 明星科技股跌多涨少，苹果涨2.60%，微软涨0.72%，谷歌跌2.16%，亚马逊跌2.36%，Meta跌3.28%。特 斯拉跌3.78%。 软件板块因AI技术发展挑战继续承压，甲骨文跌5.19%。 美股延续周二抛压，投资者对板块高估值存忧，同时质疑华尔街本轮人工智能行情是否已见顶，纷纷撤 离高风险成长股，转向沃尔玛等周期股。科技板块成为当日标普500指数中表现最差的板块。 Certuity首席投资官斯科特・韦尔奇表示："去年年底，市场已开始区分人工智能领 ...

Core Viewpoint - The recent nomination of Kevin to the Federal Reserve signifies a significant shift back to a more conservative monetary policy approach, marking a return to traditionalism after years of aggressive monetary interventions following the 2008 financial crisis [2] Group 1: Federal Reserve Policy Changes - The Federal Reserve's shift from a market-centric, aggressive stance to a more conservative approach is seen as a historical return to traditional monetary policy [2] - Kevin Walsh's perspective suggests that the Federal Reserve's actions may not just be technical adjustments but a fundamental restructuring of market pricing paradigms and narratives [2] - The anticipated reduction of the Fed's balance sheet (quantitative tightening) is expected to reinforce the dollar's credit system and alter global risk asset pricing mechanisms [2] Group 2: Economic Conditions and Market Reactions - The current U.S. economic environment is deemed capable of withstanding aggressive balance sheet reductions, which could lower interest costs for the Treasury and enhance its influence over dollar pricing [3] - The combination of balance sheet reduction and interest rate cuts is expected to be manageable due to the economy's growth entering a mid-to-high-speed growth phase [3] - Market participants are urged to prepare for potential volatility stemming from the Fed's balance sheet reduction, as expectations alone can lead to significant adjustments in investment structures [3] Group 3: Risk Mitigation Strategies - Investors are advised to implement risk mitigation strategies in anticipation of the Fed's balance sheet reduction, including stress testing and adjusting investment narratives [4] - The recent significant drop in the net value of a commodity fund highlights the need for a reevaluation of trading rules that may exacerbate panic rather than alleviate risk [4] - It is crucial for investors to maintain adequate liquidity and manage exposure to foreign exchange assets to prepare for potential impacts from the Fed's actions [5]

Core Insights - Nearly 50% of the 2957 A-share listed companies that disclosed their 2025 annual performance forecasts are expected to incur losses [2][3] - The real estate sector is identified as the most affected, with Vanke A (000002.SZ) being the largest loss-maker, projecting a net loss of approximately 82 billion yuan [6][7] Provincial Distribution of Losses - The provinces with the highest proportion of companies expecting losses are Hainan (44.44%), Jilin (41.67%), and Qinghai (40%) [4][5] - Guangdong has the highest number of companies expecting losses at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [3][4] Industry Analysis - The IT services and software development sectors have the highest number of companies forecasting losses, with 60 companies each, followed by the real estate sector with 54 companies [6] - The top ten companies with the highest expected losses include five from the real estate sector, with Vanke A leading the list [6][7] Notable Loss-Makers - Vanke A is projected to incur a net loss of about 82 billion yuan due to decreased project settlement scale and increased business risks [6][7] - Other significant loss-makers in the real estate sector include China Fortune Land Development (华夏幸福) with expected losses between 16 billion to 24 billion yuan and Greenland Holdings (绿地控股) with losses of 16 billion to 19 billion yuan [7] - In the retail sector, M.K. Home (美凯龙) is expected to report a loss of 15 billion to 22.5 billion yuan, primarily due to investment property valuation losses [7][8] Sector-Specific Losses - The home appliance sector's largest loss-maker is Shenzhen Konka (深康佳A), projecting losses of 12.58 billion to 15.57 billion yuan [8] - The vaccine leader Zhifei Biological Products (智飞生物) is also expected to report a first-time loss of 10.7 billion to 13.73 billion yuan due to decreased public vaccination willingness [8] - In the photovoltaic sector, Tongwei Co. (通威股份) is projected to incur losses of 9 billion to 10 billion yuan due to industry oversupply and rising raw material costs [9]

2026.02.04 本文字数：2511，阅读时长大约4分钟 作者 |第一财经 祝嫣然 一份最新报告显示，中国坚持扩大开放，提升投资自由化便利化水平，全球投资大国地位进一步巩固， 利用外资质量稳步提升。 2月3日，由中国国际投资贸易洽谈会组委会、国务院发展研究中心信息中心和国务院发展研究中心对外 经济研究部联合编著的《中国双向投资报告2025》（下称《报告》）在北京发布。 上述《报告》称，中国长期保持全球投资者的重要投资目的地，为跨国公司国际化经营与发展提供巨大 市场以及产业链供应链、技术创新业态等良好支撑。 商务部研究院国家高端智库专家柴海涛表示，要密切关注当前全球出现经济霸权垄断与各国引资激励政 策扩大并存、国际FDI（外国直接投资）持续下降与数字经济投资逆势上扬并存、服务业投资比重加大 与亚洲制造业投资快速增长并存等三大趋势。在扩大双向投资合作空间方面，要在"固稳、促优、提 质"、改善外部环境，扩大投资合作朋友圈、抢占未来产业新赛道方面有所作为。 《报告》指出，中国企业对外投资合作，不仅促进东道国税收和就业增长，还通过加强产业集聚、完善 基础设施建设等方式"赋能"，促进东道国工业化进程和自主发展能力的提 ...