盘面上，大型科技股多数走低，阿里巴巴跌2.88%，腾讯控股跌1.97%，京东集团跌1.75%，小米集团涨 0.74%，网易跌2.23%，美团跌2.56%，快手跌2.4%，哔哩哔哩跌1.4%。汽车板块涨幅居前，蔚来涨近 7%，零跑汽车涨超5%，理想汽车涨超3%；加密货币概念股普跌，新火科技控股跌超7%，雄岸科技跌 超4%；AI应用股走弱，MINIMAX跌超5%，美图公司跌超3%。黄金股继续回调，中国白银集团跌超 3%；光伏太阳能股多数低迷，协鑫新能源跌超6%。今日三只新股上市集体上涨。 2月6日，港股市场在多重外围因素的猛烈冲击下，早盘大幅低开后并未一蹶不振，而是呈现出震荡回升 的态势，截至收盘，恒生指数跌1.21%报26559.95点，恒生科技指数跌1.11%报5346.2点，国企指数跌 0.68%报9031.38点，红筹指数跌0.31%报4360.7点。 盘面动态：个股涨跌互现 西部水泥（02233）持续下挫：西部水泥再度下跌近10%，月内累计跌幅已超22%。消息面上，西部水 泥发布公告称，发行于2029年到期本金总额3亿美元的10.5%优先票据，所得款项净额拟连同手头现金 用于公司现有债务处理，包括对20 ...

Core Viewpoint - Morgan Stanley reports that NetEase-S (09999) has an attractive valuation, currently trading at a price-to-earnings ratio of 13 times, which is a 25% discount compared to its average over the past five years [1] Group 1: Valuation and Ratings - The current valuation of NetEase is considered attractive due to its successful position as a top game developer in the global market [1] - Morgan Stanley maintains a "buy" rating on NetEase, with a target price set at 295 HKD [1] Group 2: Investor Concerns - Key concerns from investors include the increase in value-added tax (VAT), competition risks from Google Genie 3, and a lack of specific catalysts in the short term [1] - The new VAT regulations effective from January 1, 2026, will still apply a 6% VAT on online game virtual goods sales, indicating no change in tax rate [1] Group 3: Competition and Development - Morgan Stanley argues that the concerns regarding competition from Google Genie 3 are overstated, as game development requires diverse expertise that cannot be fully met by such models [1] - The firm believes that models like Google Genie 3 can actually assist game developers in optimizing their development processes, leading to increased revenue and profit through faster content development and lower costs [1]

摩根大通发布研报称，网易-S(09999)的估值具有吸引力。经过近期的回调，网易目前的市盈率为13 倍，较其过去五年的平均水平折让25%。作为一家在全球市场取得成功的顶级游戏开发商，该行认为网 易的现有估值具吸引力。该行重申，网易是该行在中国数字娱乐领域的首选，并维持"增持"评级，目标 价为295港元。 根据该行与投资者的交流，主要关注点包括增值税(VAT)提高、Google Genie3对游戏公司的竞争风险， 以及短期内缺乏公司特定的催化剂。该行认为，这些担忧被过度解读。以增值税为例，自2026年1月1日 生效的新增值税法规中，线上游戏虚拟物品销售仍适用于6%的增值税，这一税率并未改变。针对竞争 风险，摩根大通指出，线上游戏开发是一个需要多方面专业知识的确定性过程，例如游戏玩法设计、游 戏内经济、多玩家体验、游戏内平衡及变现模式等，而这些并非像Google Genie3这样的World模型所能 完全满足。相反，该行认为World模型实际上可以帮助游戏开发者优化开发流程，从而促进收入和利润 的增长，具体体现在更快的内容开发速度以及更低的开发成本上。 ...

来源：第一财经 恒生指数低开1.97%，恒生科技指数跌2.42%。科技股走弱，百度集团跌逾4%，快手、阿里巴巴、哔哩 哔哩、网易跌逾3%。 ...

Core Insights - OpenClaw has emerged as a leading AI application, marking a shift from conversational AI to functional AI, indicating the arrival of the Agentic AI era [1][3] - The Agentic AI sector is growing at an annual rate of 43%, significantly outpacing other AI fields, with active agents expected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030 [3] - Companies face challenges in implementing agents due to concerns over risks such as hallucinations, unstable execution, and data leaks, creating a gap between potential and actual deployment [3][4] Company Overview - NetEase Intelligent Enterprise has been operational for 10 years, leveraging extensive industry knowledge and experience to assist various benchmark enterprises [4][5] - The company focuses on providing reliable and stable agents rather than generic large models, emphasizing the importance of deep business understanding for effective agent deployment [5] Agent Matrix and Applications - NetEase has established a comprehensive agent matrix targeting three key business areas: customer service/sales, data applications, and development [7][8] - The customer service/sales agents have transitioned from post-sale support to pre-sale consultations, significantly enhancing external service and marketing productivity [8][9] - DataAgent aims to simplify data accessibility and usability for frontline employees, allowing for quick and accurate decision-making based on data analysis [12][14] - Development agents utilize a Specification-Driven Development approach to improve coding efficiency and quality, addressing common issues in software development [16][18] Risk Management - The rise of AI also brings new risks, including hallucinations, data leaks, and model biases, necessitating robust risk management strategies [19][20] - NetEase has developed a multi-modal safety framework to address these challenges, ensuring compliance with legal and ethical standards in AI-generated content [20] Future Outlook - The future of organizations is expected to be characterized by human-agent collaboration, necessitating systematic agent deployment to reshape productivity [22]

金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]

此外，春节前，网易严选还将携手绿城，于杨柳郡、桃源小镇等多个小区开展新年送礼等活动，并准备 了网易严选鲜蒸宠粮、宠物围巾等奖品。 签约仪式上，双方代表共同为亚运村、杨柳郡等多个试点小区进行"宠物友好试点社区"揭牌。 北京商报讯（记者 何倩 实习记者 毛思怡）2月6日，北京商报记者获悉，网易严选于近日正式启动"宠 物友好社区"计划，并与绿城社区商业集团达成战略合作。 网易严选宠物业务负责人表示，该计划将通过"产品+会员+设施+服务"的四维模式，与绿城等企业展开 深入合作。一是引入网易严选的宠物消费品资源，为社区业主提供专属权益及福利优惠。二是通过网易 严选为宠主及爱宠开发的专属会员小程序，业主可为爱宠注册线上"小业主证"，实现积分激励与社区互 动。三是逐步在试点社区投设便民拾便箱、友好活动区等宠物友好设施。四是联合开展文明养宠宣传、 养宠知识讲座、证照办理指导等服务，提升养宠家庭便利度。 ...

Group 1 - Tencent has implemented a gaming restriction for minors during the winter and Spring Festival holidays, allowing only 15 hours of gameplay from February 5 to March 5, with specific login times [1] - The introduction of AI features such as "AI Game Weekly Report," "AI One-Click Control," and "Parent AI Assistant" aims to enhance parental control experiences and strengthen Tencent's responsible corporate image [1] - The application of AI technology in compliance scenarios provides new solutions for social responsibility in the gaming industry, potentially driving the development of related family service sectors [1] Group 2 - Blizzard has officially reverted the name of "Overwatch 2" back to "Overwatch," signaling a return to its classic branding [2] - The company announced a comprehensive update plan for 2026, including the introduction of annual stories, 10 new heroes, 2 new maps, and collaborations with Hello Kitty, alongside UI and competitive mode remakes [2] - This move reflects a trend in the industry where established service games maintain their lifecycle through continuous content iteration and multi-platform expansion [2] Group 3 - NetEase's "Forgotten Sea," developed by Joker Studio, has begun its Beta testing phase, primarily targeting PC platforms with limited mobile access [3] - The game is set to be released in 2026 across multiple platforms, including PC (Steam), PS5, iOS, and Android, supporting multiple languages [3] - By exploring the open-world genre, NetEase demonstrates its commitment to innovation and cross-genre expansion, which could optimize its product structure and impact the competitive landscape of the domestic open-world mobile game market [3]

2月4日晚，东方港湾董事长但斌做客央视财经《投资大趋势》节目，分享了关于人工智能时代下的市场 投资见解。 投资作业本课代表整理了要点如下： 1、不学习，很可能错过一个时代。 回顾我们经历的电子硬件、互联网、移动互联网时代，每个时代都有重大机会。......腾讯，涨了六百多 (倍),网易涨了几千倍，这只是个案。从全球看，每个时代都涌现出许多上涨几千倍的公司。 从金融史看，过去100年，美国上市公司中，仅3%贡献了绝大部分利润，97%并不突出。 这个过程注定是少数公司创造价值，多数公司在毁灭价值。 2、当前对中国和全球经济而言，其实美国也一样，主要依靠人工智能、生物制药这类行业，比如商业 航天、即将上市的星链等。 这些新增长能否弥补其他领域的负向反馈?若能，经济就会蓬勃发展。因此，将资金投向这些方向，理 论上赢面更大。 3、对普通人和一般机构而言，错过一个时代的风险，远大于担心泡沫的风险。回顾过去几个时代，真 正赚到钱的人不多，很多人是错过了时代。 4、我个人判断，目前仍处于大发展之年。但为何很多人错失?因为存在泡沫的噪音。我视之为噪音，即 便今年下跌，也是噪音。 因为放在更长的周期里，今年可能只是蓄势之年。 5 ...