本文字数：670，阅读时长大约1分钟 来源 |中国基金报 黄金白银，又跳水了！ 2月16日，现货黄金、白银盘中再度下探。现货黄金盘中跌超1%，跌破4980美元/盎司，失守5000美元/ 盎司的压力位，日内跌1.29%。 | < w | | 伦敦金现 | | Q | | | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | 4977.140 | | 昨结 5042.205 | 开盘 | 5028.944 | | | -65.065 -1.29% | | 总量(kg) 0.00 | 现手 | | 0 | | 最高价 | 5053.110 | 持 仓 0 | 外 盘 | | 0 | | 最低价 | 4971.238 | 白 仓 0 | 内 盘 | | 0 | | 分时 | 五日 | 日K 周K 月K 更多 | | | 0 | | 叠加 | | | | 盘口 | | | 5113.172 | | | 1.41% 卖1 | | 0 | | | | | | 买1 4977.140 | 0 | | | | | | 12:25 4976.59 ...

港股科网股普跌，阿里巴巴、小米集团、美团跌超3%。宁德时代涨超2.8%。 港股AI应用股走强。海致科技集团涨23.65%、阜博集团涨4.11%、MINIMAX-WP涨6.47%。 港股有色金属板块走强。灵宝黄金涨逾7%，洛阳钼业涨逾5%，山东黄金、紫金矿业等涨逾3%。 微信编辑| 苏小 2月16日，港股开盘，恒指低开0.25%，此后，跌幅扩大至近1%。恒生科技指数跌0.19%，此后跌幅扩大 至近2%。 | 整体市场 [△ | | | | --- | --- | --- | | 恒生指数 | 恒生国花 | 恒生科技 | | 26402.27 | 8957.83 | 5258.50 | | -164.85 -0.62% | -74.88 -0.83% | -101.92 -1.90% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26417 | 3960.42 | 15569.20 | | -113 -0.43% | -34.53 -0.86% | -186.74 -1.19% | | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 阿里巴巴-W | 150.700 | ...

2026.02.15 本文字数：1568，阅读时长大约3分钟 作者 |第一财经 杜卿卿 春节前一晚，国投白银LOF受损投资者迎来补偿方案。 2月15日，方案出炉。该方案有明确的适用范围，即以2026年2月2日净值确认赎回（含2026年1月30日15 点之后至2月2日15点之前提交赎回申请）的自然人投资者，不含机构投资者。 其中，对估值调整影响金额（由-17%调至-31.5%的部分）为1000元以下的自然人投资者，按实际影响 金额全额确定和解金额。据介绍，该部分投资者占当日赎回投资者的比例超9成。对估值调整影响金额 （由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础上加上超过1000元部 分乘以一定比例确定总和解金额。 上述自然人投资者可通过支付宝搜索"国投瑞银白银基金"小程序，按提示完成身份核验后，依指引在线 办理相关事宜。 国投瑞银称，因涉及投资者人数众多，工作量大，为确保投资者诉求得到便捷、可靠地解决，公司正在 全力以赴推进技术支持准备工作，相关小程序将于2026年2月26日正式启用。 极端行情下的"特殊补偿" 国投瑞银此前进行估值调整，主要是为了避免基金净值"虚高" ...

春节前一晚，国投白银LOF受损投资者迎来补偿方案。 国投瑞银称，因涉及投资者人数众多，工作量大，为确保投资者诉求得到便捷、可靠地解决，公司正在 全力以赴推进技术支持准备工作，相关小程序将于2026年2月26日正式启用。 2月15日，国投瑞银发布关于白银基金相关方案的公告，宣布将对国投白银LOF估值调整权益受损投资 者进行补偿。其中，受损金额1000元以下投资者将获得全额补偿，超过1000元的按比例补偿。 值得注意的是，方案不仅公布了领取补偿投资者的认定范围，还同时宣布，投资者可于2月26日通过支 付宝"国投瑞银白银基金"小程序在线办理。 第一财经记者获悉，投资者使用不同银行补偿到账日期或有差异，但总体在10个工作日左右可以收到补 偿款项。 百万投资者可申请 国投瑞银旗下白银期货证券投资资金（下称国投白银LOF）2月2日晚间一纸估值调整公告，引发了投资 者对调整公平性及信披及时性的巨大争议。 2月6日，针对投资者关注的问题，国投瑞银基金公告称，已成立工作小组，正在抓紧研究制定相关工作 方案，支持投资者便捷地通过和解、调解、仲裁等渠道或方式依法解决诉求，具体情况将另行公告。 2月15日，方案出炉。该方案有明确的适 ...

Market Overview - The U.S. stock market experienced a decline, with the Dow Jones down 1.23%, Nasdaq down 2.10%, and S&P 500 down 1.39% for the week [2] - European indices showed gains, with the FTSE 100 up 0.74%, DAX 30 up 0.78%, and CAC 40 up 0.46% [2] - Upcoming key data includes U.S. GDP, PCE inflation data, and the Federal Reserve's meeting minutes, which will help assess the likelihood of future interest rate cuts [2][3] Federal Reserve Insights - The recent non-farm payroll report indicated strong U.S. employment, with 130,000 jobs added in January, suggesting limited short-term rate cut potential [3] - However, lower-than-expected inflation data has reignited expectations for a rate cut, with the market fully pricing in a 25 basis point cut by July [3] - The Federal Reserve's meeting minutes are expected to clarify the debate between maintaining rates and supporting rate cuts [3] Legal and Trade Developments - The U.S. Supreme Court is set to announce a decision on the legality of the Trump administration's tariffs on February 20, with a 28% probability of supporting the tariffs according to market predictions [4] - A negative ruling could lead to over $130 billion in tariff refunds and reshape U.S. trade policy [4] Commodity Market Trends - International oil prices fell, with WTI down 1.04% to $62.89 per barrel and Brent down 0.44% to $67.75 per barrel, amid concerns over Middle Eastern tensions and OPEC+ production outlook [5] - Gold futures rose 1.43% to $5022.00 per ounce, and silver futures increased 1.45% to $77.851 per ounce, driven by expectations of lower interest rates [5][6] Economic Indicators in Europe - Upcoming PMI data for France, Germany, and the Eurozone will be crucial for assessing economic outlook, with expectations of slight improvements in services but a contraction in manufacturing [7] - Key indicators include Eurozone industrial output and Germany's ZEW economic sentiment index [7] UK Economic Data - The UK is set to release significant employment data and January CPI, with inflation remaining above the Bank of England's target at 3.4% [8] - The market anticipates a 63% probability of a rate cut by March, especially if inflation shows further signs of easing [8]

Group 1 - The core idea of the article is that Qianwen's initiative during the Spring Festival aims to integrate AI into everyday life rather than compete with others, with a strong belief that China will lead in AI applications globally [1] - Qianwen's promotional event on February 6 resulted in an unexpected success, achieving 15 million orders on the first day, which is 15 times the initial expectation [1] - The investment from Alibaba for this initiative significantly exceeded 3 billion [1]

2026.02.15 本文字数：2162，阅读时长大约3分钟 作者 | 第一财经 樊志菁 受所谓"AI恐慌交易"以及1月非农就业后美联储短期维持政策不变的概率上升影响，美国股市本周下 跌。 虽然华尔街迎来了投资者通常会乐见的宏观环境——就业增长稳健、通胀放缓，但由于市场对科技企业 成本与利润率压力的担忧抑制了乐观情绪，股市始终难以获得上行动能。 未来一周，科技股能否企稳，美联储降息预期是否强化或成为市场止跌与否的关键。 美联储降息预期小幅升温 下周投资者需要消化大量经济数据，整体表现喜忧参半。 月度零售销售数据表现疲软，去年12月零售销售环比持平，低于前值0.6%和预期0.4%。控制组（剔除 汽油、汽车、建材等波动项）环比下滑0.1%，预期上升0.4%。受此影响，亚特兰大联储GDPNow模型 对于美国去年第四季度GDP预测从上周的4.2%下修至3.7%。但零售月率此前已连续多个月表现强劲， 单一数据点未必代表趋势转变。 太平洋投资管理公司PIMCO经济学家维尔丁（Tiffany Welding）表示，通胀报告"表面上看相当令人鼓 舞"，主要有两个积极的进展。首先，自疫情以来一直持续上涨的住房价格，现在确实正在 ...

Group 1 - The US stock market experienced a decline this week due to "AI panic trading" and increased probabilities of the Federal Reserve maintaining its policy unchanged after the January non-farm employment report [1] - Concerns over cost and profit margin pressures for technology companies have suppressed optimism, despite a generally favorable macroeconomic environment characterized by steady job growth and easing inflation [1] - The ability of technology stocks to stabilize and the strengthening of interest rate cut expectations from the Federal Reserve will be critical for market recovery in the coming week [1] Group 2 - The retail sales data showed weakness, with December retail sales unchanged month-on-month, below the previous value of 0.6% and the expected 0.4% [2] - The Atlanta Fed's GDPNow model revised its forecast for Q4 GDP from 4.2% to 3.7% due to the retail sales performance [2] - The January non-farm payrolls increased by 130,000, significantly above the market expectation of 65,000, with the unemployment rate dropping to 4.3% from 4.4% [2] - The Consumer Price Index (CPI) for January rose by 0.2% month-on-month, lower than the expected 0.3%, and the year-on-year increase was 2.4%, also below the expected 2.5% [2] Group 3 - Economic signals are mixed, with the January employment report contradicting the narrative of stagnant hiring, while retail sales data challenges the view of strong consumer spending [3] - The flattening of the US Treasury yield curve indicates a significant drop in long-term yields, with the 2-year yield approaching 3.40%, and the probability of two rate cuts this year nearing 90% [3] - The inflation report shows encouraging signs, particularly with housing prices slowing and tariff-related impacts diminishing, which may lead the Federal Reserve to consider rate cuts later this year [3] Group 4 - The recent signals are unlikely to persist, as the decline in retail sales may be a temporary pause following strong spending, and the sustainability of the significant increase in non-farm employment is questionable [4] - The cooling inflation data provides a favorable environment for the Federal Reserve to potentially restart rate cuts later in the year [4] Group 5 - The US stock indices fell over the past week, with investors continuing to reduce exposure to technology sectors, and the S&P 500 index turned negative for the year [5] - Concerns regarding the impact of new AI tools on specific industries have led to market volatility, initially affecting software and financial stocks, and later spreading to real estate and logistics sectors [5] Group 6 - The financial sector experienced the largest decline this week, down 4.8%, followed by communication services down 3.5%, and both non-essential consumer goods and technology sectors fell over 2% [6] - Utility stocks surged by 7.1% due to safe-haven inflows, while real estate and materials rose over 3% [6] Group 7 - The launch of AI tools by companies like Altruist and Anthropic has heightened fears of job displacement, leading to a cautious sentiment among traders regarding US stock exposure [7] - The sell-off pressure in the market is primarily driven by concerns over the disruptive effects of AI, affecting not only software stocks but also real estate and logistics [7] Group 8 - The significant decline in US Treasury yields typically serves as a bullish catalyst for the stock market, but bearish confirmation signals in the Nasdaq indicate potential further downside risks [8] - The volatility index (VIX) remains around 20, suggesting that the market is seeking protective measures and may maintain higher-than-average volatility in the short term [8]

上周国际市场风云变幻，贵金属市场延续巨震，AI抛售向其他板块蔓延。 市场方面，美股全线下挫，道指周跌1.23%，纳指周跌2.10%，标普500指数周跌1.39%。欧洲三大股指 走高，英国富时100指数周涨0.74%，德国DAX 30指数周涨0.78%，法国CAC 40指数周涨0.46%。 下周看点颇多。市场正等待美国国内生产总值（GDP）数据、个人消费支出（PCE）通胀数据，以及 美联储上次会议纪要，研判美联储下一次降息的可能时间。美国最高法院或公布特朗普政府关税合法性 决定。欧洲方面，重点数据包括欧元区及各国采购经理人指数（PMI）初值和英国通胀数据。亚洲方 面，因农历新年假期，多个市场休市。美国市场16日因总统日休市。 美联储公布会议纪要 上周公布的非农报告显示，美国就业数据表现强劲，1月新增就业13万人。强劲的就业市场表明，短期 内降息可能性不大。不过，随着美国通胀数据低于预期，也提醒投资者，尽管时点不确定，降息大概率 仍会到来。伦敦证券交易所集团（LSEG）数据显示，美国货币市场目前已完全定价美联储在7月降息 25个基点。 与此同时，市场将通过美联储会议纪要观察支持维持利率不变与支持降息的政策制定者之 ...

Core Insights - ByteDance officially launched Doubao-Seed-2.0, a significant upgrade to its AI model, which has evolved over the past year and a half, enhancing capabilities in text, multimodal understanding, deep reasoning, and agent execution [1][2] Model Features - Doubao-Seed-2.0 offers a full-stack model matrix, multimodal understanding, enterprise-level agent capabilities, and cost efficiency, positioning it among the global leaders in AI [1] - The flagship Doubao-2.0 Pro targets deep reasoning and long-chain task execution, directly competing with models like GPT 5.2 and Gemini 3 Pro [2] Model Variants - The Doubao-2.0 series includes Pro, Lite, and Mini versions, all featuring upgraded multimodal understanding and enhanced LLM and agent capabilities for real-world task execution [3] - The Pro version achieved top scores in various competitions, showcasing its advanced mathematical and reasoning abilities [3] Performance Metrics - Doubao-2.0 Pro excels in instruction following, tool invocation, and search agent evaluations, achieving a score of 54.2 in the HLE-Text test, significantly outperforming other models [4] - The model's pricing structure offers a competitive edge, with input costs at 3.2 yuan per million tokens for inputs under 32k and 16 yuan per million tokens for outputs, making it more cost-effective than competitors [4] Multimodal Understanding - The model's multimodal capabilities have been significantly enhanced, achieving top scores in visual reasoning, spatial perception, and long-context understanding tests [7] - Doubao-2.0's ability to process complex visual inputs and generate interactive content aligns closely with the advancements seen in Gemini 3 Pro [7][8] Strategic Positioning - The development of Doubao-2.0 reflects a broader industry trend towards creating AI that can understand and interact with the physical world, moving beyond mere language processing to executing complex real-world tasks [6][8]