Core Insights - Duan Yongping's H&H International Investment reduced its holdings in Apple, Occidental Petroleum, Alibaba, Disney, and ASML in Q4 2025, similar to Berkshire Hathaway's actions [1][3][7] - The reduction in Apple shares was significant, with a decrease of over 7% in holdings, totaling 2.4706 million shares sold [2][8] - Duan has been a long-term investor in Apple since 2011, citing reasons such as user experience, platform ecosystem, and strong customer loyalty [2][8] Investment Strategy - Duan Yongping significantly increased his investment in Nvidia, with a 1110.62% increase in shares, totaling 7.2371 million shares valued at $1.35 billion, making it the third-largest holding in his portfolio [3][9] - The investment in Nvidia reflects a strategic shift towards AI, with Duan expressing admiration for CEO Jensen Huang and the company's vision for the future [11][12] New Investments in AI - Duan initiated positions in three AI-related companies: CoreWeave, Credo, and Tempus, focusing on critical areas of the AI supply chain [11][12] - CoreWeave specializes in high-performance computing and GPU rental services, Credo provides high-speed connectivity solutions for AI data centers, and Tempus focuses on AI-driven precision medicine [5][11] Market Positioning - Despite the reduction in Apple shares, it remains the largest holding in Duan's portfolio, accounting for 50.30% of the total value [10] - The overall portfolio reflects a diversification strategy, with significant investments in technology and healthcare sectors, particularly in AI [10][11]

纳斯达克中国金龙指数收跌0.04%，热门中概股里，拼多多收涨超1%，美团、百胜中国、新东方、腾讯、比亚迪、百度、阿里至多涨超0.9%，理想跌 0.3%，小马智行跌0.9%，文远知行跌3.8%。 美股三大指数集体收涨，纳指涨0.78%，标普500指数涨0.56%，道指涨0.26%。大型科技股普涨，英伟达、奈飞、亚马逊涨超1%，苹果、特斯拉、谷歌、 Meta小幅上涨。美股黄金概念股集体上涨，泛美白银涨超3%，哈莫尼黄金、金田涨超1%。 ...

【欧股】德国DAX30指数涨264.43点，涨幅1.06%，报25,269.77点；英国富时100指数涨131.73点，涨幅 1.25%，报10,687.90点；法国CAC40指数涨67.57点，涨幅0.81%，报8,429.03点；欧洲斯托克50指数涨 80.81点，涨幅1.34%，报6,102.66点；西班牙IBEX35指数涨240.36点，涨幅1.34%，报18,195.76点；意大 利富时MIB指数涨565.43点，涨幅1.24%，报46,329.50点。 周三，三大指数收涨，科技股领涨。美联储最新会议纪要显示，官员们再次表达了对通胀的担忧，几位 政策制定者建议，如果通胀持续高于目标，央行可能需要加息。 【美股】截至收盘，道指涨129.47点，涨幅为0.26%，报49662.66点；纳指涨175.25点，涨幅为0.78%， 报22753.63点；标普500指数涨38.09点，涨幅为0.56%，报6881.31点。明星科技股多数走高，英伟达 (NVDA.US)涨1.63%，美光科技(MU.US)涨5.3%，微软(MSFT.US)涨0.69%。 城堡证券：软件股惨遭抛售之际，散户正以"前所未见"速度抄底。 ...

Market Overview - The short-term probability of interest rate cuts in the US stock market appears low, making it difficult to provide support [6] - After a recent sell-off in the artificial intelligence (AI) sector, US stocks have stabilized, with the S&P 500 index rising by 38.09 points, or 0.56%, to 6881.31 points as of February 18 [1] - The "Tech Seven" stocks, including Nvidia and Amazon, saw significant gains, with Nvidia's stock rising nearly 1.63% due to a new agreement with Meta [2] Technology Sector Insights - Despite some Wall Street firms believing the AI sell-off is nearing its end, skepticism remains among investors regarding the impact of large capital expenditures on tech giants' cash flow and buyback ratios [1][2] - The software sector has faced a significant decline, with a drop of approximately 24% over the past three months, although future earnings estimates are projected to be about 5% higher [2] - High capital expenditures from major cloud service providers are expected to account for 92% of their operating cash flow this year, surpassing investment intensity seen in the late 1990s [4] Earnings and Profitability - The S&P 500 is expected to report double-digit earnings growth for the fifth consecutive quarter, with profit margins reaching a record 12.6% [5] - The disparity in performance between the equal-weighted S&P 500 and the market-cap weighted index is attributed to the "Tech Seven" stocks' negative returns of -5.9% [4] AI and Software Market Dynamics - Traders are increasingly warming to the idea of buying software stocks at lower prices, despite the recent sell-off [3] - AI technology is viewed as a powerful enhancement rather than a fundamental replacement, relying heavily on existing record systems for data [3] Federal Reserve and Economic Outlook - The Federal Reserve's recent meeting minutes indicate a cautious approach to interest rate cuts, with a focus on inflation risks [7] - The labor market's stability and the anticipated growth in AI capital expenditures are expected to drive GDP beyond expectations, complicating the outlook for inflation [8]

Group 1 - The Chinese Consulate in Sapporo has advised Chinese citizens to avoid traveling to Japan following an incident where a Hong Kong resident was assaulted in Sapporo [8] - As of the end of 2025, H&H International Investment, managed by Duan Yongping, has a total portfolio value of approximately $17.489 billion, equivalent to over 120 billion RMB [13] - International crude oil futures saw a significant increase, with WTI crude oil rising by 4.59% to $65.19 per barrel, and Brent crude oil increasing by 4.35% to $70.35 per barrel [4][20] Group 2 - The U.S. stock market indices closed higher, with the Nasdaq up 0.78%, S&P 500 up 0.56%, and Dow Jones up 0.26%, driven by gains in major tech stocks [3] - The market for gold and silver also saw increases, with spot gold rising by 2.08% to $4,979.56 per ounce and spot silver increasing by 5.04% to $77.2335 per ounce [4] - The State Council's Safety Committee and the Ministry of Emergency Management have emphasized the need for strict safety regulations regarding fireworks to prevent accidents [6] Group 3 - Several domestic gold jewelry brands have reduced their prices below 1,500 RMB per gram, with Chow Tai Fook and Lao Miao Gold both pricing at 1,499 RMB per gram [7] - On February 17, the total cross-regional movement of people in China reached 22.4182 million, a 15.5% increase from the previous day and a 9.4% increase compared to the same day last year [7]

芯片股普涨，费城半导体指数涨1.72%，美光科技涨超5%，阿斯麦、应用材料等涨超2%，存储芯片巨头西部数据大涨4%，消息面上，据券商中国报道， 西部数据宣布将出售其所持有的闪迪全部普通股，交易规模约30.9亿美元（约合人民币213亿元）。 2月18日晚，美股开盘集体上涨，截至23:25，道指涨0.58%，纳指涨1.16%，标普500指数涨0.77%。 大型科技股涨多跌少，英伟达涨超2%，消息面上，据智通财经报道，Meta加码英伟达，未来数年部署数百万颗芯片，首次采用Grace CPU。 据上海证券报，2月18日，高瓴旗下专注二级市场投资的基金管理平台HHLR Advisors公布了截至2025年四季度末的美股持仓情况。数据显示，截至2025 年末，HHLR共持有33只美股上市公司， 中概股仍是其核心配置资产 。从调仓动作来看，HHLR去年显著增持了阿里巴巴和拼多多，减持网易、富途控股 等标的，持仓进一步集中在电商龙头、生物医药和科技方向。 此外， 国际油价涨势强劲，美油、布油期货涨幅扩大至3% ，分别报64.13美元/桶和69.441美元/桶。消息面上，据央视新闻报道， 斯洛伐克政府因乌克兰 中断俄罗斯石油过 ...

1、 春节假期前两天，绿色、智能、健康类消费需求旺盛。 商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增 长超60%，有机食品增长52%；冰雪游消费增长1.2倍，避寒游消费增长68%。 2、 美联储公布1月会议纪要，再次暴露决策层对利率未来走向的巨大分歧，除了支持降息派和观望派，纪要还首次明确提到有人讨论加息的可能性。 一 些与会者支持利率指引中用"双向"表述，若通胀持续高于2%，可能适合加息； 另一些人认为，若通胀如预期下降可能适合进一步降息；大多数人警告， 通胀下行进程可能比预期更慢、更不均衡。 在1月27 - 28日的会议上，几乎所有美联储与会者都赞成维持利率不变，仅有少数人倾向于降息。 3、 在日本国会首相指名选举中，自民党总裁高市早苗获得过半票数，确认当选日本新任首相。 高市早苗随后组建新内阁，上一届高市内阁的阁僚全部留 任。外界预计，接下来高市将把工作重心转向加快预算审议，并推动落实美日贸易协议。 1、 春节假期，节日消费、旅游服务等市场火热。 为维护春节期间市场价格秩序稳定，市场监管总局部署各地市场监管部门多措并举，加强住宿、餐饮、 景区、食品、生活服务等 ...

The S&P 500 delivered strong returns for investors over the past three years as they piled into growth stocks in a number of fields, from technology to biotech and consumer goods. And they took a particular interest in players involved in artificial intelligence (AI), seeing this area as the next big thing. This bet has been a successful one for many, as certain AI companies have already generated fantastic revenue growth and stock performance. But, in recent weeks, the stock market has faced a variety o ...

Market Overview - Major indices closed higher, with technology stocks leading the gains. The Dow Jones increased by 129.47 points (0.26%) to 49,662.66, the Nasdaq rose by 175.25 points (0.78%) to 22,753.63, and the S&P 500 gained 38.09 points (0.56%) to 6,881.31 [1] - European markets also saw gains, with the DAX30 up by 264.43 points (1.06%) to 25,269.77, the FTSE 100 rising by 131.73 points (1.25%) to 10,687.90, and the CAC40 increasing by 67.57 points (0.81%) to 8,429.03 [1] Cryptocurrency - Bitcoin fell over 1.8% to $66,298, while Ethereum dropped more than 2% to $1,947.26 [2] Commodities - Spot gold briefly surpassed $5,000 before closing at $4,976.39 [3] - WTI crude oil rose by 4.6%, closing around $65 per barrel, while Brent crude surpassed $70 per barrel for the first time in over two weeks [4] Economic Data - U.S. industrial production growth reached its highest level in nearly a year, with a 0.7% increase driven by broad manufacturing growth and healthy utility output. Manufacturing output alone grew by 0.6%, marking the largest increase since February 2025 [5] - New housing starts in the U.S. rose to their highest level in five months, with a year-over-year increase of 6.2%, reaching an annualized rate of 1.4 million units [5] Federal Reserve Insights - The latest Federal Reserve meeting minutes revealed a shift in focus from labor market risks to inflation concerns, with officials warning that progress in reducing inflation may be slower and more uneven than expected [7] - There is little willingness among Federal Reserve officials to lower interest rates, with most preferring to see more progress on inflation before considering any cuts [8] Company News - Figma reported Q4 revenue of $300 million, a 40% year-over-year increase, exceeding guidance. The company anticipates Q1 revenue between $315 million and $317 million [10] - Bank of America is expanding its rewards program to attract more customers, allowing all checking account holders to enjoy rewards regardless of their balance, aiming to double profits in its consumer business to $20 billion by the end of the decade [11]

周三（2月18日），三大指数集体收升。 截至收盘，道琼斯指数涨0.26%，报49662.66点；标普500指数涨0.56%，报6881.31点；纳斯达克综合指数涨0.78%，报22753.63点。 | 名称 | | 電新价 | 7505 20 | 瑞珠唱 | | --- | --- | --- | --- | --- | | 道現斯指数 | 0 | 49662.66 | +129.47 | 0.26% | | 标普500指数 | | 6881.31 | +38.09 | 0.56% | | 纳斯达克综合指数 | | 22753.63 | +175.25 | 0.78% | "七巨头"集体走高，英伟达收涨1.63%，前一天与Meta宣布达成多年跨代际战略合作伙伴关系；亚马逊涨1.81%，公司获潘兴广场大幅增持，成为该 基金的第三大重仓股。 安联投资管理公司高管Charlie Ripley表示："从我们的角度来看，会议纪要支持了我们的观点，即在可预见的未来美联储是不可能降息的。" 盘中，美国方面消息称，目前没有任何迹象表明美国与伊朗的外交谈判会取得突破，与此同时，越来越多的证据表明美对伊军事行动"迫在眉睫"。 受 ...