AI应用成为最强主线，引爆传媒链 2月10日，市场全天窄幅整理，沪指录得6连阳。 截至收盘， 两市共计 71 只个股涨停。 其中， 传媒行业表现极为突出， 独占 25只涨停股 ，占总数的 三成以上 ，形成绝对的市场热点。化工（ 6只）、机械（5只）和软件服务（4只）等行业构 成第二梯队，但热度远不及传媒。其余行业涨停数量多为1至3只，分布较为分散。 从涨停连板数量来看， 今日 首板涨停个股多达 47只，占 比达 66% ，说明今日市场首板情绪活跃，资金在挖掘新热点或 超跌反弹机会 ， 代表股票包括华数传媒、光线传媒、醋化股份、兆驰股份等，涉及传媒、化工、电子等板块。 然而连板梯队呈现明显断层，二板个股仅 19只，数量明显少于首板，显示连板延续性一般，部分个股面临抛压或分化。 今日市场呈现 "主线清晰、轮动有序"特征 。 消息面上， Seedance2.0爆火出圈 ， AI应用成为最强主线，引爆传媒链 。 短剧、影视、数字阅读、 AI营销等细分领域全面爆发，横店影视、上海电影等高连板标的持续封板，验证"内容为王、IP变 现"逻辑，资金从纯技术概念向商业化落地迁移。 三板及以上更是仅有 2只 ， 连板高度有限，市 ...

以下文章来源于巨浪视线 ，作者康嘉林 巨浪视线 . 大咖 · 原创 · 新知 2 月 9 日， 一款名为 Seedance2.0 的 AI 视频生成模型开始刷屏海内外互联网。 根据官方资料，这款应用由字节跳动推出，可根据文本或图像创建电影级视频。只需编写详细的提 示或上传一张图片， Seedance 2.0 即可在 60 秒内生成带有原生音频的多镜头序列视频。 从 OpenAI 的 Sora 开始，文生视频赛道颇为热闹，大厂也倾注于此。此前快手 的 可灵凭借快 速的商业化受到业内认可，不免让同序列的字节有些尴尬。 而随着 2025 年开始的"激进"行军， AI 战略在内部的优先级逐渐强化，奉行"大力出奇迹"的字 节，并不缺少后发制人的机会。 而 近期 AI 应用 的密集突破与落地催化，也推动 了 A 股 AI 应用端板块的高开， 2 月 9 日，传 媒、短剧方向成为领涨先锋，有着 " 新易中天 " 之称的易点天下、中文在线、天龙集团等个股集 体大涨。 随 后 ， 游 戏 科 学 创 始 人 冯 骥 的 高 评 价 ， 给 Seedance 2.0 加 了 又 一 把 热 火 。 他 认 为 ， " Seeda ...

以下文章来源于和讯期货 ，作者市场观察 和讯期货 . 期货行业风起云涌，期市行情瞬息万变。每日新鲜期货资讯，内外盘即时行情，尽在中国专业门户和讯网期货。 从首板到高标 ， 当前市场只敢 "套利"，不敢"造 妖 " 2 月 9 日， A 股市场迎来强劲上涨，主要指数全线上扬。题材股多点开花，市场逾 4600 股上涨。截至收盘，两市共 计 99 只个股涨停，交投情绪活跃。 从涨停个股的行业分布来看，资金偏好清晰，高端制造板块成为绝对主力。其中电气设备板块表现最为活跃，共有 17 只个股涨停，显著领先于其他行业。 涨停结构呈现 "制造强、消费弱" 的特征， 高端制造板块成为资金追逐焦点，可能受政策支持与产业升级预期驱动。 其中， 光伏、 AI 应用、核聚变三大主线成为资金核心聚焦方向 。光伏板块以 BC 电池、钙钛矿、 BIPV 等技术迭代 为核心， TCL 中环、协鑫集成、亚玛顿等龙头持续涨停，反映市场对"技术领先者"而非单纯产能扩张的定价逻辑升 级。 | 7日6板 | 1 | 名肺肢份 | | --- | --- | --- | | | | 杭电股份 | | 9日6板 | | 白川 胶分 | | 11日9板 | ...

文 / 张向东 中国 "家族成员参与管理"的家族企业数量，超过了 5100 万家，占全部民营企业的 90% 以上。 如果以 "家族成员担任董事长或总经理"为标准，家族企业占比达 85% 以上，总数超过了 4800 万 家。 从创业到守业，企业家该如何保卫财富安全？在穿透式监管下，企业家如何建立 "业"与"家"之间的 防火墙？家族传承，"传权"和"传利"该如何平衡？绝对控股的实控人为什么不能把上市公司当成"自 己的公司"？ 2025 年 10 月 30 日，北京大学光华管理学院《研究简报》第 335 期发布了上述数据。这份简报 的标题为《民营企业代际传承高峰期可能引发的经济社会风险及对策建议》。 《研究简报》指出， 中国民营企业面临大规模代际传承。未来 30 年，中国将有 84 万亿民营财富 移交下一代。 《研究简报》援引全国工商联调研及波士顿咨询公司数据称，中国百强家族企业创始人 2025 年平 均年龄已达 66 岁，其中 26% 年龄在 70 岁以上。截至 2025 年 1 月， A 股上市公司 5338 位 在职董事长中， 2622 位年龄在 50~59 岁（占比 49% ）， 1429 人年龄在 60~ ...

市场观察 / 文 1、 中国外汇储备余额连续第 6 个月增加，黄金储备连增 15 个月 截至 2026 年 1 月末，中国外汇储备规模为 33991 亿美元，较 2025 年 12 月末上升 412 亿美元，升幅为 1.23% ；黄金储备规模为 7419 万盎 司，环比增加 4 万盎司。 国家外汇管理局表示， 1 月，受主要经济体财政政策、货币政策及预期等因素影响，美元指数下跌，全球主要金融资产价格总体上涨。汇率折算和资产 价格变化等因素综合作用，当月外汇储备规模上升。我国经济运行稳中有进，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供支撑。 2 、国常会研究促进有效投资政策措施，深入谋划推动一批重大项目及工程 2 月 6 日，国务院常务会议研究促进有效投资政策措施，要求创新完善政策措施，加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券 等资金和新型政策性金融工具。在基础设施、城市更新、公共服务、新兴产业和未来产业等重点领域，深入谋划推动一批重大项目、重大工程。 01 宏观与金融 （一） 回顾 3 、虚拟货币再迎监管新规，央行等八部门联合发文重申境内禁止性政策 2 月 6 日，中国人民银行等八 ...

01 涨跌速览 本周 股市场整体承压运行，主要指数普遍收跌，结构性分化特征进一步加剧。 数据显示，全市场 41 个主要指数中仅有 2 个实现周度上涨，其余指数 不同程度下行。科创 50 、创业板指跌幅居前，大盘价值风格相对稳健，小微盘股跌势有所放缓，而中盘股成为本轮调整的重点区域。 从市场整体表现看，本周并未出现系统性恐慌性下跌，但风险偏好持续回落，节前资金谨慎特征显著。 行业层面，本周 A 股延续明显轮动特征。 日常消费、工业等防御性和早周期板块表现相对占优，成为资金阶段性避险的重要方向；与此同时，信息技 术、材料等前期涨幅较大的成长板块出现明显回调，科技与资源类板块调整压力集中释放。 个股层面，周涨幅居前的标的以超跌小盘股和部分消费防御类个股为主 ；而周跌幅榜中，贵金属、科技板块个股集中回调，此前高估值、高弹性方向的 去风险过程仍在延续。 户 外 缩量缓跌、情绪筑底, 节前市场进入防守与观望阶段 行业轮动:消费防御领涨, 成长板块深度回调体调整 本周A股行业轮动日常消费、工业等防御性与早周期板 块领涨,信息技术、材料等前期热门成长板块大幅回调。 行业周涨跌幅 (%) 2026.02.02 - 2026.0 ...

Market Overview - The three major indices in A-shares experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component down 0.33%, and the ChiNext down 0.73% [2] - The total market turnover was 2.16 trillion yuan, a decrease of 308 billion yuan from the previous trading day, with over 2700 stocks rising [2] Sector Performance - The oil and gas, chemical, and mining sectors showed strong performance, with multiple stocks such as Tongyuan Petroleum and Junyou Co. hitting the daily limit [4] - The chemical sector saw an overall increase of 1.45%, with core sub-industries like basic chemicals and diversified chemicals leading the gains [16] - The basic chemical sector had a net inflow of over 156.73 billion yuan, while the power equipment sector saw a net inflow exceeding 203.54 billion yuan [6] Fund Flow Analysis - Main funds shifted away from defense, media, and food and beverage sectors, moving towards power equipment and basic chemicals [5] - The chemical industry ETF saw significant inflows, with a total of 14.49 billion yuan in net inflows over the past 15 days, indicating strong market confidence in the sector [20] Stock Highlights - Hunan Gold and Data Port were among the top gainers, with net inflows of nearly 29 billion yuan and over 20 billion yuan, respectively [10] - Stocks like Hunan Rihua and Zhejiang Wenlian saw significant outflows, with declines of 7.63% and 9.79% [10] Market Sentiment - The market is currently in a "trial period," with a high number of first-day limit-up stocks but lacking a unified logic, indicating rapid rotation of funds [14] - The strong performance of the chemical sector is attributed to a combination of rising product prices, supply-side contraction, and demand from emerging sectors, suggesting a fundamental recovery rather than mere speculation [17]

Core Viewpoint - The article discusses the current state of the stock market and investment strategies, emphasizing the risks associated with high market valuations and the importance of cautious investment approaches for ordinary investors [2][24]. Group 1: Market Conditions and Investment Strategies - "Banking Screw" has completely suspended the subscription of stock-related fund advisory portfolios, indicating a belief that the current stock market is relatively high, with potential volatility risks of 20-30% for new investors [2][24]. - Ordinary investors are advised to consider low-volatility dividend index funds as a more suitable entry point due to their relative stability compared to high-volatility sectors like the Sci-Tech Board and Growth Enterprise Market [4][12]. - The article highlights the importance of understanding market cycles, suggesting that in a bull market's later stages, investors should be cautious and consider dividend strategies, while growth stocks may be more suitable during bear market recovery phases [18][19]. Group 2: Investor Behavior and Fund Performance - A significant portion of fund investors have experienced losses despite overall fund profitability, with 37% of investors losing money even in a bull market as of September 2025 [9][10]. - The primary reasons for investor losses include chasing market trends and frequent trading, which lead to higher transaction costs and lower average returns [10][11]. - The article notes that the growth of dividend funds has been accelerated by declining interest rates, making their cash flow more attractive compared to traditional savings [13][14]. Group 3: Key Signals for 2026 - Two critical signals for 2026 include the Federal Reserve's interest rate cycle and the recovery of corporate earnings, which could significantly impact market conditions [5][30]. - The article emphasizes the need to monitor the recovery of earnings growth to historical averages, as this could provide a positive push for the overall market [37][38]. - The potential tightening of global liquidity due to the end of the Fed's rate-cutting cycle is highlighted as a risk factor that could affect previously high-performing assets [33][34].

Core Viewpoint - The article discusses the "Spring Festival Effect" in the A-share market, emphasizing that it is not merely about price increases or decreases, but rather about market rhythm and style shifts during this period [3][4]. Group 1: Market Trends - Historical data from 2015 to 2025 indicates that the A-share market exhibits systematic and quantifiable characteristics around the Spring Festival, particularly in overall trends and style rotations [5]. - Pre-festival, market sentiment is generally stable, with the average increase of the Shanghai Composite Index and CSI 300 Index being approximately 0.62% and 0.77% respectively in the last five trading days before the festival, and an upward probability of about 63.6% [6][11]. - Post-festival, the market often enters a sustained upward phase, with the average increase of major indices turning positive within the first ten trading days after the festival, showing an upward probability of 72.7% for the Shanghai Composite Index and 81.8% for the CSI 1000 Index [11][12]. Group 2: Style Rotation - There is a clear rotation in market style before and after the Spring Festival. Before the festival, larger-cap stocks tend to outperform due to lower trading activity and higher certainty in earnings, as indicated by the better performance of the CSI 300 Index compared to the CSI 1000 Index [13][15]. - After the festival, the market sees a significant reversal in style, with the CSI 1000 Index showing an average increase of 2.47% in the first five trading days post-festival, outperforming the CSI 300 Index, which only saw a marginal increase of 0.01% [15][16]. - This shift indicates a return of funds and an increase in risk appetite, with investors favoring smaller-cap growth stocks that are more sensitive to liquidity [15][20]. Group 3: Future Market Predictions - For the 2026 Spring Festival, the report suggests a high probability of a phase of market recovery post-festival, driven by valuation levels, policy expectations, and capital inflows, although the path may be more complex than in previous years [18][19]. - The rotation logic of preferring defensive large-cap stocks before the festival and more elastic assets afterward remains relevant, with a focus on sectors that align with current policy support for technological innovation and new production capabilities [20][21]. - Key sectors to watch post-festival include artificial intelligence, high-end manufacturing, and renewable energy, which are expected to benefit from strong policy drivers and high industry growth [21][22].

贵金属板块今日表现疲软，湖南白银等多股跌停，多股大跌。 光伏设备板块今日继续调整。光伏、 CPO、煤炭等板块跌幅居前。 全市场超 1600只个股上涨，全天成交额超2.1万亿元。市场情绪较前日弱化明显。 2月5日，A股三大指数全天低位窄幅震荡，截至收盘，沪指跌0.64%，深证成指跌1.44%，创业板指跌1.55%。 盘面上，银行板块逆势上涨，厦门银行涨停。 午后，零售板块异动拉升，茂业商业、三江购物涨停。此外，林业、医疗美容、日用化工等板块涨幅居 前。 2月5日，主力资金主要流入传媒、银行、食品饮料等板块，而电力设备、有色金属等遭遇显著抛售。 | | | •主力资金流入TOP5 | | | --- | --- | --- | --- | | 代码 | 证券简称 | 涨跌幅(%) | 主力净流入额(亿元) | | 801760.SI | 传媒(申万) | 0.11 | 62.52 | | 801780.SI | 银行(申万) | 1.57 | 55.02 | | 801120.SI | 食品饮料(申万) | 1.31 | 54.92 | | 801150.SI | 医药生物(申万) | 0.18 | 31 51 ...