// 债市综述 // 1. 公开市场操作 央行公告称，2月10日以固定利率、数量招标方式开展了3114亿元7天期逆回购操作，操作利率1.40%， 投标量3114亿元，中标量3114亿元。Wind数据显示，当日1055亿元逆回购到期，据此计算，单日净投 放2059亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面整体偏紧，DR001加权平均利率上行超9bp至1.36%X-repo）系统上，隔夜报价在 1.35%供给一般。非银机构以信用债为抵押融入隔夜以及跨节资金，报价分别升至1.6%及1.65%上方。 海外方面，最新美国隔夜融资担保利率为3.64%。 （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.59%附近，较上日小幅上行。 4. 银行间主要利率债收益率 （*数据来源：Wind-成交统计BMW） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） （*数据来源：Wind-利差分析） 6. 国债期货收盘 30年期主力合约涨0.01% 10年期主力合约涨0.01% 5年期主力合约持平 2年期主力合约持 ...

今天，谷歌Chrome团队投下了一枚深水炸弹：WebMCP（Web模型上下文协议）正式登场。 它可以让AI智能体跳过「人类用户界面」，直接与现有的网站和Web应用深度交互。 在Chrome 146的早期预览版中，开启特定flag即可体验WebMCP 这相当于给Agent加上了「超能力」，从此不用再「装得像个人一样」，去看网页、找按钮，或是点链接。 仅通过一个API：navigator.modelContext，AI便可绕过图形界面，直接与Web应用服务的内核对话。 假设想要订一张机票，Agent不用在屏幕上点击，而会直接通过底层协议，向航空公司网站发送命令，直接获取结果。 用开发者Alex Volkov的话来说，「WebMCP就相当于UI里的API」。 可以说，WebMCP的诞生，释放了一个极其明确的信号—— AI Agent与网页交互的底层逻辑，正迎来一场彻底的重塑。 它实现了从「视觉模拟」到「逻辑直连」的跃迁，正让传统的Web交互范式彻底走向终结。 WebMCP震撼登场 掀起Agent交互革命 或许很多人，还没有意识到WebMCP的重要性。 它的核心在于，改变了Agent获取服务的方式，让其直接拿到了网页 ...

上周，甲骨文也发行了价值250亿美元的债券，并成为2026年首家试水债务市场的大型科技公司。此外，据市场消 息，Meta也计划在今年进行大规模债券发行，以期加速推进在美国境内建设数据中心的计划。 最新的财报则预计，微软、谷歌、亚马逊、Meta和甲骨文等公司今年在AI基础设施方面支出的投入可能高达7000亿 美元。 当地时间2月10日，瑞银警告称，AI基础设施支出可能已接近峰值。瑞银首席投资办公室当天下调了美国科技板块评 级至中性。 在瑞银发出最新警告后，当天美股收盘，科技板块股价普遍下跌。谷歌股价下跌近1.8%，Meta、亚马逊等公司股价 均下跌近1%。 瑞银下调评级的举措发生在美国软件股经历了一周惨重的暴跌之后。投行杰富瑞分析师也在近期的一份报告中指 出，AI资本支出将面临放缓，这是目前科技行业投资面临最大的不利因素。 不过科技公司扩大AI资本支出的野心并未受到影响。谷歌已于周一发行了罕见的100年期的"世纪债券"，以支持AI基 础设施的扩张。根据IFR的数据，谷歌百年债券的认购额几乎是目标金额的十倍，收益率为 6.05%。 相关统计数据显示，过去3年里，科技巨头在AI基础设施方面的支出增长了超过4倍。而最 ...

Market Overview - The A-share market saw the Shanghai Composite Index rise by 0.13% to 4,128.37 points, marking its sixth consecutive day of gains[16] - The Hang Seng Index increased by 0.58% to 27,183.15 points, with significant contributions from AI applications and entertainment sectors[11] - The Dow Jones Industrial Average closed at 50,188.1 points, up 0.1%, while the S&P 500 and Nasdaq fell by 0.3% and 0.6%, respectively[9] Currency and Commodity Insights - The US dollar index fell for the third consecutive day, reflecting a 1.5% decline year-to-date, amid weak retail sales data[24] - International oil prices saw a slight decrease, with NY crude oil down 0.62% to $63.96 per barrel[24] - The Chinese yuan's appreciation is driven by increasing overseas earnings of Chinese companies and a global distrust of the US dollar[5] Investment Strategy - Approximately 19% of industries are expected to see profit margin improvements due to the yuan's appreciation, with less negative impact on companies expanding capacity overseas[5] - The report suggests focusing on short-term market memory, profit margin changes, and policy shifts as key investment strategies[5] Key Economic Indicators - US retail sales stagnated in December, indicating weak consumer spending, which has led to increased expectations for interest rate cuts by the Federal Reserve[24] - The New York Fed reported that household loan default rates reached their highest level in nearly a decade in Q4 of the previous year[5]

来源：格隆汇APP Hawtin还指出，人工智能竞赛中一个关键因素可能决定胜负：专有数据。"数据的所有权将绝对决定谁 能最终胜出。"并以谷歌母公司Alphabet去年的强劲表现为例。Hawtin表示，尽管Alphabet去年起初表现 不佳，但最终仍成为"科技七巨头"中表现最好的公司，全年涨幅达65%，而"这主要归功于其庞大的专 有数据集"。 格隆汇2月11日｜"科技七巨头"——苹果、微软、亚马逊、Alphabet、Meta、特斯拉和英伟达——不断 增长的资本支出，预示着投资者面临的风险增加，并可能成为这些主导公司最终跑输大盘的催化剂。这 是英国基金管理公司Liontrust全球股票主管Hawtin的最新观点。他指出，最近财报中宣布的激进支出计 划是那些寻求可靠回报的股东们最关心的问题。 ...

By Carmen Arroyo   Jimmy Ba and Tony Wu, two of the co-founders of Elon Musk’s artificial intelligence startup xAI, both said they were leaving the company after less than three years, meaning half of its founding members have now departed.   Wu announced his exit Monday in a post on X, without saying in the statement what he would be doing next. Ba followed a day later, saying it was his last day at xAI. Both thanked Musk in their posts.   “It’s time to recalibrate my gradient on the big picture,” Ba p ...

据彭博社报道，谷歌母公司字母表9日通过发行美元债券筹集了200亿美元资金，该公司表示，这些资金 将被投入到其人工智能计划之中。截至当天收盘，字母表股价小幅上涨0.4%。 此外值得注意的是，字母表公司还计划首次在瑞士和英国市场发行债券，种类涵盖3年期到罕见的100年 期英镑债券，交易金额可能最快将于当地时间10日确定。通常来讲，仅有政府、大学等大型机构发行长 达百年的债券，而企业由于面临较多不确定性因素，一般发行债券的最长期限为40年。若字母表的这笔 交易成功，也将成为自上个世纪末以来，由科技公司发行的首只百年期债券。 字母表公司此次发债也折射出当前市场押注人工智能领域的热潮仍在持续。除字母表外，Meta、亚马 逊和微软等几大科技巨头也都表示正在加大AI方面的支出，预计上述四家公司在2026年的资本支出合 计可能会达到6500亿美元。而对于这些公司，重要的资金来源之一正是债券市场。摩根士丹利预计， AI热潮将推动今年投资级债券发行总额达到创纪录的2.25万亿美元。面对庞大的债务规模，也有市场人 士提出要对此保持警惕，关注这些企业的债务可持续性。 来源：央视财经 彭博社9日援引知情人士的消息报道称，谷歌母公司字母 ...

注：指数成分股可能随指数编制规则发生变动，不构成任何投资建议或个股推荐。提及个股仅用于 行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不 构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风 险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原 则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，AI 数据中心需求推动光纤光缆量价齐升。数量上，光纤光缆被广泛应用在数据中 心 Scale Out 场景，伴随传输速率和配套光模块升级，传输通道数及光缆芯数也在增长；后续 Scale Across 和 Scale Up 场景亦有望打开光纤光缆的增量市场。价格上，行业供需关系改善引导G.657.A1、 多模等数据中心用光纤价格上行，同时也带来小芯径、超低损、空芯光纤等高价值产品需求。根据 C114 通信网，1 月 28 日，Meta 与康宁达成协议，拟于 26-30 年投资 60 亿美元用于 AI 数据中心光纤电 缆，印证行业景气度。 2 月 4 日及 2 月 5 日，谷歌母公 ...

The announcement played in to investor ‌worries about the amount of ⁠money technology ⁠companies say they must spend to support the artificial-intelligence boom, with Amazon, Alphabet, Meta and Microsoft collectively set to spend hundreds of billions in 2026 as they race for AI dominance. Meanwhile, U.S. retail sales unexpectedly stalled in December as households scaled back spending on vehicles and other big-ticket items, suggesting a slower growth path for consumer spending and the economy heading into t ...

Core Viewpoint - Alphabet Inc. has successfully raised nearly $32 billion in debt within 24 hours to support its artificial intelligence initiatives, achieving record corporate bond sales in both the sterling and Swiss franc markets [1][2]. Group 1: Debt Issuance Details - The debt issuance included the largest-ever corporate bond sales in the sterling and Swiss franc markets, following a $20 billion debt sale on Monday [2]. - The sterling offering featured a rare 100-year note, marking the first such sale by a technology firm since the dot-com era [2][10]. - The 100-year bond attracted nearly 10 times the orders for the £1 billion ($1.4 billion) available, pricing at just 1.2 percentage points above 10-year UK government bonds [3]. Group 2: Market Demand and Investor Interest - High demand was noted across the deals, with a wide range of maturities appealing to various investors, including asset managers, hedge funds, pension funds, and insurers [4]. - The overall borrowing needs of tech firms, particularly in AI, have led to significant interest from investors, with Alphabet's capital expenditures projected to reach $185 billion this year, double last year's spending [5]. Group 3: Industry Context and Comparisons - Other tech companies, such as Oracle, Meta Platforms, and Microsoft, have also announced substantial spending plans, with Morgan Stanley predicting borrowing by cloud-computing firms to reach $400 billion this year [6]. - Alphabet's recent moves to diversify its debt-raising efforts included tapping the euro bond market, where it raised €6.5 billion ($7.7 billion) [13]. Group 4: Concerns and Market Dynamics - The significant borrowing by major tech firms has raised concerns regarding potential pressure on bond valuations, as these securities are considered expensive by historical standards [8]. - Investor apprehensions about the sustainability of the AI boom and its impact on related sectors, such as Software-as-a-Service, have been noted [8].