美最高法院裁定特朗普关税违法。 据CCTV国际时讯，当地时间2月20日上午，美国联邦最高法院公布裁决结果，认定特朗普政府依据《国际紧急经济权力法》实施的相关大规模 关税措施缺乏明确法律授权。 在美国联邦巡回上诉法院和美国国际贸易法院分别裁定特朗普政府一揽子关税政策违法后，特朗普政府向联邦最高法院提出上诉。联邦最高法院 原本宣布将在1月9日就关税政策合法性作出裁决，但当天并未公布裁决结果，而是宣布将裁决日期推至1月14日。当地时间1月14日，美国联邦最 高法院未就特朗普政府关税政策的合法性作出裁决。 当地时间1月12日，美国总统特朗普在其社交媒体"真实社交"发文表示，如果美国最高法院出于任何原因做出对美国不利的关税裁决，美国将要 面临实际金额数千亿美元的赔偿。 综合自：CCTV国际时讯、央视新闻 责编：万健祎 校对： 刘榕枝 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 特朗普政府2025年上台后援引美国《国际紧急经济权力法》，以不经过 ...

Core Viewpoint - The public fund industry remains optimistic about the economic fundamentals and market trends, highlighting structural opportunities in A-shares driven by multiple favorable factors, particularly in technology growth, energy transition, and consumer recovery [1]. Economic Fundamentals - Economic fundamentals are expected to continue improving, with a solid foundation and resilience in China's economy. The central economic work conference emphasizes "seeking progress while maintaining stability" and aims for stable growth and reasonable price recovery, leading to a good start for the 14th Five-Year Plan [3][4]. - Corporate profit growth is anticipated to stabilize, with ongoing breakthroughs in technological self-reliance and ample liquidity supporting a rational upward revaluation of Chinese assets. A-share valuations are still within a reasonable range, and an increase in dividends is expected to enhance shareholder returns [3]. Capital Market Dynamics - The influx of long-term capital is a core factor for the steady rise of the capital market. The market is expected to exhibit reduced volatility and structural differentiation, with funds concentrating on high-quality assets [7]. - The investor structure is shifting towards long-term and institutional investors, enhancing overall market stability. The "national team" is increasingly engaging in systematic long-term allocations, acting as a stabilizing force for the market [7][8]. Sector-Specific Opportunities - Investment opportunities are emerging in specific sectors, with a focus on technology growth, energy transition, and consumer recovery. The market style is expected to become more balanced, with notable sector rotation and structural rebalancing [10]. - Key areas of interest include: - Chemical and non-ferrous sectors showing positive changes in fundamentals, indicating a long-term upward trend [11]. - The banking sector is viewed as systematically undervalued, with certain quality enterprises offering stable growth attributes [11]. - Non-bank financial sectors with improving ROE trends are also expected to gain market attention [12]. - The Hong Kong stock market is seen as an opportunity for valuation recovery, liquidity improvement, and profit growth, becoming an essential part of risk diversification and income generation for residents [12]. Investment Themes - The investment focus for 2026 includes emerging technology growth and traditional industries, with an emphasis on high-growth sectors, relatively undervalued assets, and areas benefiting from policy dividends [13]. - Specific directions include: - Continued emphasis on technology growth, particularly in AI applications and semiconductors [13]. - Opportunities in cyclical recovery against the backdrop of "anti-involution" and service consumption driving economic growth [13]. - The importance of companies with real competitiveness and growth potential in technology self-reliance, energy transition, and consumer recovery [13].

Group 1 - The Iranian Oil Minister stated that cooperation between Iran and the U.S. in the oil and gas sector is "possible" but the formal initiation of such cooperation remains unclear [2][3] - Previous disclosures from Iranian officials indicated that negotiations with the U.S. include shared interests in oil and gas, joint oil fields, mineral investments, and aircraft purchases [3] - The White House Press Secretary mentioned that progress has been made in U.S.-Iran negotiations, but significant gaps remain on key issues [4] Group 2 - International oil prices experienced a sharp decline during trading [6]

Core Viewpoint - The article highlights the significant rise in the stock prices and market valuations of major AI model companies, particularly Zhiyu and MiniMax, driven by advancements in their AI models and new financing rounds in the industry [1][5][10]. Group 1: Stock Performance - Zhiyu, known as the "first global AI model stock," saw its stock price increase by over 42% on the first trading day of the Year of the Horse, with a market capitalization exceeding 320 billion HKD [1]. - Since February 9, Zhiyu's stock has surged over 250% over seven trading days, while MiniMax's stock has risen over 110% in the same period [1][5]. - As of February 20, Zhiyu's cumulative increase in February is over 220%, and MiniMax's is over 105% [5]. Group 2: Model Developments - Zhiyu recently launched its flagship model GLM-5, designed for complex system engineering and long-range agent tasks, achieving performance levels comparable to top international models [6]. - GLM-5 ranks fourth globally and first among open-source models, marking a significant achievement for domestic models [6]. - MiniMax introduced its latest flagship programming model, MiniMax M2.5, which is designed for agent scenarios and competes with leading international models [8]. Group 3: Financing and Valuation - OpenAI is expected to raise over 100 billion USD in its latest financing round, potentially increasing its valuation to over 850 billion USD, a 70% increase from the end of last year [3][10]. - The domestic AI model company Kimi has seen its valuation double in its latest financing round, indicating strong investor interest [3][10]. - World Labs, founded by AI pioneer Fei-Fei Li, completed a new financing round of 1 billion USD, focusing on enhancing spatial intelligence through world models [11]. Group 4: Market Trends and Future Outlook - The article notes a competitive landscape in the global AI model sector, with major companies investing heavily to capture consumer markets [10]. - The integration of AI with robotics is expected to drive significant growth in the coming years, with predictions of a substantial increase in market demand for embodied intelligence [9]. - The Chinese AI market is projected to grow from 93.7 billion CNY in 2022 to 160.7 billion CNY in 2024, with a compound annual growth rate of 31% [11].

记者春节期间走访发现，今年的过年不再是年轻人单一的返乡奔赴，接父母来工作城市过年的"反向过年"模式流行了起来。 在上海工作的80后筱娴，这个春节没有像往年一样奔赴北方老家，而是把76岁的婆婆接到了上海的家中过年。"婆婆一人在老家，按理我们应该 回去的，但2025年我们已经回去几次了，就想着换一种过年的体验。" 筱娴告诉记者，往年返乡，夫妻俩最多提前一两天动身，到家后就要马不停蹄采购年货，紧接而来的春节期间，走亲戚、招待亲友的繁琐礼节接 连不断，筱娴坦言"过个年比上班还累"，因为准备过年的许多活都落在她和婆婆头上。 今年把婆婆接来上海，一切都变得简单起来。节前一家人简单置办年货，年夜饭只需准备一家四口的饭菜，没有了走亲访友的人情往来，时间完 全归自己支配。"上海的朋友同学大多回老家了，我们不用应酬，能去市区逛逛、公园走走，好好休息，这是'反向过年'最大的好处。" 春节假期的 上海豫园 受访者/供图 新春佳节，团圆是永恒的主题，但团圆的方式正悄然发生改变。 与筱娴的主动选择不同，在深圳工作的袁洋因一张返乡票，解锁了"反向过年"的新体验。今年春节，她的返乡火车票候补了很久都没结果，机票 价格也翻了一倍，来回花费几乎 ...

备受关注的银行理财"收益打榜"现象，真的像一些媒体和研报预测的那样，引来监管出手纠 偏了。 证券时报·券商中国记者从多位业界人士处获知，春节前有两家股份行旗下理财公司因为"收益打 榜"而被监管关注并予以处罚。上述两家理财公司被罚三个月停发新增相关打榜系列产品。 倡导真实价格发现 理财收益怎么"打榜"？ 银行理财"收益打榜"现象的上一个名字，叫"理财刺客"，现在这个现象已经引起了监管关注。"收 益打榜"的意思是：理财公司向少数新发、规模较小的产品腾挪收益，使其收益率年化后表现突 出，迅速吸引投资者申购。后续规模扩张，该产品收益率迅速回落，持仓收益被稀释，影响投资 者持有体验。 而据证券时报·券商中国记者长期跟踪了解，"收益打榜"的主要操作方式，大概可以归纳总结为： 先用技术手段调节收益，包括但不限于平滑信托、收盘价估值、自建估值模型等，目的是削峰填 谷，平抑真实净值波动；然后通过委外机构渠道（比如信托通道）等，为新产品、小产品进行收 益腾挪。当然，监管此前已对估值魔法给予及时关注，要求相关理财公司在2025年底前完成整 改。 "收益打榜"的存在，或多或少导致银行渠道里有收益高企的产品（主要是最短持有期）被展示， ...

返乡电商创业为乡村注入了新的活力与希望。 新春伊始，江西省吉安市泰和县的广袤大地逐渐被大自然唤醒，嫩绿的小草在微风中轻舞，星星点点的野花也 点缀其间，处处洋溢着蓬勃的希望。而在这片充满生机的土地上，一场由返乡电商创业引领的乡村振兴热潮， 正如春日暖阳般，温暖且有力地改变着乡村的面貌。 "以前想回乡创业，心里总是七上八下的，最愁的就是资金和场地问题。"返乡创业者李晓东（化名）感慨道。 李晓东曾在沿海城市从事电商运营多年，积累了丰富的经验，但家乡创业环境的种种不确定性，让他一度犹豫 不决。不过，随着乡村快递网络完善，以及一系列政策扶持，李晓东内心的顾虑逐渐消散。2022年，凭借多年 电商运营方面的经验，结合当地丰富的农产品资源，他果断回到家乡开启了自己的创业之路。 王军/摄 "在外漂泊多年，最牵挂的还是家乡的亲人。现在家乡的政策这么好，创业环境也越来越好。"李晓东的话道出 了许多返乡创业者的心声。 据李晓东介绍，他的电商平台销售的商品主要为玩具、衣服、装饰品以及家乡部分农产品等，玩具、衣服、装 饰品等主要针对海外市场，农产品等主要针对国内市场。创业之路并非一帆风顺，在刚开始运营电商平台时， 他面临着诸多困难。玩具 ...

Core Viewpoint - The Hong Kong stock market experienced a significant decline on the first trading day after the holiday, with major indices dropping sharply, indicating a bearish sentiment in the market [1][2]. Market Performance - The Hang Seng Index closed at 26,413.35, down 292.59 points or 1.10% [2]. - The Hang Seng Technology Index fell by 2.91% to 5,211.50 points, marking a new low in five months [4]. - The Hang Seng China Enterprises Index decreased by 1.22% to 8,959.56 points [2]. Sector Analysis - Technology stocks faced substantial losses, with major players like JD Health and Baidu dropping over 6%, while Tencent Music and Bilibili fell more than 5% [4][5]. - In contrast, AI applications and certain leading biotech companies saw gains, with some AI stocks like Zhiyuan and MiniMax experiencing significant increases in market capitalization [6]. Cryptocurrency Sector - Cryptocurrency-related stocks surged, with Star Chain Group rising over 122% [8]. - The Hong Kong Monetary Authority is evaluating applications for stablecoin issuer licenses, aiming to issue the first licenses by March [8]. Government Outlook - The Financial Secretary of Hong Kong expressed optimism about the market for the Year of the Horse, noting that historically, three out of four Horse years have seen double-digit percentage increases [9].

Core Viewpoint - The article emphasizes the transformative potential of the pharmaceutical and healthcare industry, highlighting the integration of AI technology, the global expansion of Chinese pharmaceutical innovations, and the commitment to deepening investment in the sector as key drivers for future growth [3][4][6][7]. Group 1: AI Empowerment in Pharmaceutical Innovation - AI is reshaping the pharmaceutical industry by significantly reducing research and development cycles and costs, addressing traditional challenges of high investment and long timelines [4][5]. - The integration of AI in drug discovery, clinical trial design, and production processes is seen as a new paradigm that enhances the industry's productivity and innovation capabilities [4][5]. Group 2: Global Expansion of Chinese Pharmaceutical Innovations - 2025 is identified as a pivotal year for Chinese pharmaceutical companies, marking a transition from quantity to quality in global markets, with total foreign licensing transactions exceeding $130 billion and over 150 deals [6]. - Chinese companies are increasingly recognized as equal partners in global pharmaceutical competition, with significant collaborations such as the $12 billion partnership between Heng Rui Medicine and GSK [6]. Group 3: Commitment to Investment in the Pharmaceutical Sector - The investment landscape in the pharmaceutical sector is evolving, with a projected financing total of approximately 122.78 billion yuan in 2025, reflecting a 46.41% year-on-year increase [7]. - The focus remains on early-stage, innovative, and high-quality companies, particularly in areas like AI drug development and advanced medical devices, to foster growth and innovation [7][8].

最新就业数据显示，美国截至2月14日当周初次申请失业金人数降至20.6万，创1月10日以来新 低，显著低于市场预期的22.5万，四周均值也小幅回落，印证美国劳动力市场仍具较强韧性。在 就业数据向好的同时，通胀担忧正重新升温，美伊局势紧张推高油价，成为通胀上行的潜在诱 因。美联储18日发布的最新会议纪要也显示，官员们普遍认为通胀虽将向2%的目标下行，但回落 步伐和时机存在不确定性，且进程可能更慢、更不均衡，持续的需求压力或令通胀维持高位，关 税对核心商品价格的影响虽或逐步减弱，但通胀高企的风险仍不容忽视。强劲的就业数据与升温 的通胀担忧形成共振，直接压制了市场对美联储的降息预期。 美联储理事斯蒂芬·米兰近日收回了今年应大幅降息的主张。 美国最新经济数据陆续发布，美联储多位官员近期密集发声，货币政策立场呈现多元分歧。与此 同时，美联储内部在AI经济影响、机构独立性维护、政策工具调整等方面的讨论也成为市场关注 焦点。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 在此背景下，美联储内部的货币政策立场出现明显变化，此前坚定的降息派立场显著软化。作为 ...