2026.02.06 本文字数：2000，阅读时长大约4分钟 作者 |第一财经 胡弋杰 周四，美国股市全线走低，科技权重股再度承压，微软、亚马逊跌超4%，市场对人工智能相关巨额资 本支出的焦虑持续发酵。与此同时，贵金属市场剧烈波动，白银价格出现断崖式下跌。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 48908.72 | 22540.59 | 6798.40 | | -592.58 -1.20% | -363.99 -1.59% | -84.32 -1.23% | 截至收盘，道琼斯工业指数下跌1.20%，报48908.72点；标普500指数下跌1.23%，报6798.40点；纳斯达 克综合指数下跌1.59%，报22540.59点。标普500指数与纳指均连续第三个交易日收跌，其中纳指本周累 计跌幅接近4%。 热门股表现 权重科技股普遍承压。微软重挫4.95%，亚马逊下跌4.4%，谷歌A类股下跌0.54%，谷歌C类股下跌 0.60%；特斯拉下跌2.17%，，苹果小幅下跌0.21%，Meta Platforms小幅上涨0.18%。芯片股分化，英伟 达下跌1.33 ...

Market Overview - The U.S. stock market experienced a broad decline, with major technology stocks under pressure, including Microsoft and Amazon, which fell over 4% due to ongoing concerns about massive capital expenditures related to artificial intelligence [2][4] - The Dow Jones Industrial Average dropped by 1.20% to 48,908.72 points, the S&P 500 fell by 1.23% to 6,798.40 points, and the Nasdaq Composite decreased by 1.59% to 22,540.59 points, marking a nearly 4% decline for the Nasdaq this week [4] Technology Sector Performance - Major tech stocks faced significant losses, with Microsoft down 4.95%, Amazon down 4.4%, and Nvidia down 1.33%. In contrast, Broadcom saw a slight increase of 0.80% [6][8] - The S&P 500 Software and Services Index has seen a seven-day consecutive decline, with a cumulative drop of 17.4%, the largest since March 2020 [9] Amazon's Financial Results - Amazon reported a significant drop of over 10% in after-hours trading following its earnings report, which showed Q4 2025 revenue at $213.4 billion, exceeding market expectations. However, the company projected Q1 operating profit between $16.5 billion and $21.5 billion, below prior expectations [8] - Amazon anticipates capital expenditures of approximately $200 billion for 2026, significantly higher than previous market forecasts, contributing to concerns about the long-term return on investment in AI [8] Labor Market Data - Recent labor market data indicated that initial jobless claims rose to 231,000, exceeding market expectations, while job openings fell to 6,542,000, the lowest in over five years [10][12] Precious Metals Market - The precious metals market experienced significant volatility, with gold prices falling by 1.8% to $4,872.83 per ounce, and silver prices plummeting by 12.1% to $77.36 per ounce, driven by margin pressure from investors facing stock market losses [14][15] - Analysts suggest that the extreme fluctuations in precious metals prices may take time to stabilize, with silver currently overvalued and likely to face corrections [16] Oil Market Dynamics - International oil prices fell nearly 3%, with Brent crude at $67.55 per barrel and West Texas Intermediate at $63.29 per barrel, as talks between the U.S. and Iran eased concerns over potential supply disruptions [17]

Core Viewpoint - The global capital markets are experiencing significant turbulence due to fears that AI may disrupt the SaaS industry, leading to a sharp sell-off in SaaS stocks following the release of an AI tool by Anthropic [1][3]. Group 1: Market Impact - On February 3, the combined market value of two S&P indices tracking software, financial data, and exchange stocks dropped by approximately $300 billion [1]. - The Hong Kong SaaS index fell by 6.39% on February 4, resulting in a total market value loss of nearly HKD 150 billion [1]. - Major SaaS stocks in Hong Kong, such as Kingdee International and Kingsoft, saw declines of 12.64% and 5.14%, respectively [1]. Group 2: Broader Market Reactions - The sell-off in the software sector affected the entire Hang Seng Tech Index, which dropped by 1.84%, with notable declines in Tencent (3.96%), Alibaba (0.93%), and NetEase (3.32%) [2]. - The A-share SaaS index also fell by 2.61%, with companies like Sangfor Technologies and Yonyou Network experiencing significant losses [2]. - The U.S. SaaS sector had already begun to decline on February 3, with a drop of 4.12% in the Wind U.S. SaaS index, leading to a total market value loss exceeding $30 billion [2]. Group 3: Causes of Market Sentiment - The catalyst for the sell-off was the introduction of an AI plugin by Anthropic, which automates various legal tasks, raising concerns about the potential obsolescence of traditional SaaS offerings [3][4]. - The term "SaaSpocalypse" was coined by traders to describe the market's reaction to the perceived threat posed by AI to the SaaS business model [3]. Group 4: SaaS Business Model Insights - SaaS operates on a subscription model, providing services like CRM and ERP, which contrasts with traditional software sales [6]. - The low entry barriers and integration of industry best practices are key advantages of SaaS, making it appealing to small and medium-sized enterprises [6]. - While AI can enhance SaaS offerings by providing personalized solutions, it also presents challenges, particularly for smaller businesses that may struggle with AI deployment [6]. Group 5: Future Outlook - The market may be overreacting, as SaaS still holds advantages in the SME sector, and a differentiation within the SaaS market is expected [7]. - Deloitte predicts that the SaaS business model may evolve, with a shift towards hybrid pricing models based on usage and outcomes by 2026 [7]. - Gartner forecasts that by 2030, at least 40% of enterprise SaaS spending will transition to usage-based or outcome-based pricing models [7].

芝商所上调黄金、白银期货保证金比例 美国1月计划裁员数量激增，创17年来当月最高水平 男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 泽连斯基：下一轮乌美俄三方会谈可能在美国进行 欧洲央行维持三大利率不变 英国央行以一票之差维持利率不变 世界黄金协会：1月全球黄金ETF流入创纪录的187亿美元资金 工业和信息化部等八部门关于印发《中药工业高质量发展实施方案（2026—2030年）》的通知 美团：拟7.17亿美元收购叮咚买菜 市场盘点 周四，美元指数持续站稳脚跟，盘中一度逼近98关口，创近两周新高，最终收涨0.34%，报97.96；基准的10年期美债收益率收报4.182%，对美联储政策利率 敏感的2年期美债收益率收报3.455%。 贵金属遭重挫，现货黄金开盘后急速下跌，并一度失守4800美元，随后又反弹超100美元，但在美盘时段金价继续震荡下跌，再度跌破4800大关，最终收跌 3.73%，报4779.41美元/盎司；现货白银在亚盘时段一度重挫10美元，随后陷入震荡，但在美盘时段继续扩大跌幅，并跌至70美元关口附 ...

为什么？ 因为通用聊天机器人的竞争已经卷到头了。 真正能赚钱的战场，是金融研报、科研综述、投研咨询这些高价值场景。 新智元报道 编辑：定慧 Aeneas 【新智元导读】百度版Deep Research（百度千帆深度研究Agent）横空出世，首秀即拿下权威榜单TOP 1。当AI真正学会「做研究」，金融、科研等高净 值行业的游戏规则，全球千亿美元市场正在被彻底改写。 从2025到2026， Deep Research成了AI巨头们的兵家必争之地。 OpenAI押上了，谷歌押上了，Anthropic也押上了。 而这些场景需要的，不是能聊天，是能把复杂问题研究明白。 这正是Deep Research要解决的问题！ 就在这个节骨眼上，百度出手了。 2月4日，深度研究智能体权威评测榜单DeepResearch Bench公布最新结果，百度千帆深度研究Agent直接登顶榜首，一举超越OpenAI、Gemini、Claude等 一众国际顶尖选手的同类产品。 | | | | | | | | | The research ams to comprehensively evaluate the capabilities of De ...

恒生科技指数一度跌近2%，最终收盘报收5406.13点，上涨39.69点，涨幅0.74%。 市场焦点方面，腾讯控股（HK00700）近期持续回落，今日一度跌超3%，本月以来最大累计跌幅超过 10%。不过午后强势回升，最终收盘报558.5港元，微涨0.09%。 其他科网股集体反弹，小米、百度涨超2%，美团涨超1%。 今日（2月5日），港股市场探底回升，恒生指数和恒生科技指数双双报收红盘。 市场热点方面，新消费概念强势，名创优品（HK09896）涨超6%。 恒生指数今日一度跌超1.6%，最终收盘报26885.24点，上涨37.92点，涨幅0.14%。 | 分时 5日 = 5分 15分 30分 00分 图K 用K 月K #K = | | | | MAN INNER (00060) BJ100 P 11 / II + W | | | | --- | --- | --- | --- | --- | --- | --- | | 名僧忧品 4. 3807 | | | 0000 | | | | | 9-43.820 | | | | | | | | | | | 旺情报价 | | | | | | | | 成交量 | 634万股 ...

Group 1 - The Hong Kong stock market showed a rebound after a dip, with the technology sector initially falling over 2% but turning positive near the market close [1] - The Hong Kong Technology ETF Tianhong (159128) saw a net inflow of nearly 100 million shares during the day, marking 18 consecutive trading days of inflows, with a total net inflow of 616 million yuan over the last 30 days [1] - As of February 4, 2026, the latest scale of the Hong Kong Technology ETF Tianhong reached 2.134 billion yuan, setting a new high since its listing [1] Group 2 - The Hong Kong Stock Connect Technology Index focuses on leading tech companies like Alibaba and Tencent, with accelerated AI application deployment driving growth in cloud services and advertising revenue [2] - The index covers a broader range of industries compared to similar indices, demonstrating greater elasticity during market uptrends and better defensiveness during downturns [2]

三方数据显示，以文心大模型为技术基座的应用文心助手月活用户数已突破2亿。百度AI搜索连续三个 季度登上国内AI搜索行业月活榜首。Robotaxi已获得迪拜全无人测试的许可。 为抢占AI流量入口，百度还加入了互联网厂商的春节红包大战，宣布于1月26日至3月12日，用户使用 文心助手参与活动就有机会领取红包,最高可获得1万元奖励，总额约5亿元。 此外，百度的传统广告业务依旧疲软。2025年第三季度该业务收入125.8亿元，同比下降26.8%，已连续 六个季度出现下滑，不过多家机构预计，在第四季度广告业务下滑趋势将收窄。 回顾历史来看，百度上市以来多通过回购方式回馈股东，但过往执行率并不高。在2020年推出的最高达 45亿美元回购计划，但到2022年底只回购了32亿美元，执行率约71%。次年百度也曾推出一项50亿美元 回购计划，计划截止日为2025年底，截至2025年中，百度累计回购约23亿美元。 值得一提的是，在百度推出此次组合回馈计划前不久，其股价刚刚经历一波震荡，连续五个交易日下滑 累计跌超12%。截至发稿，报136.50港元/股，较其上市最高点256.6港元已跌去四成。 从基本盘看，2025年前三季度百度业 ...

Market Overview - The three major indices showed mixed results, with the Dow Jones increasing by 0.53%, while the Nasdaq and S&P 500 decreased by 1.51% and 0.51% respectively [1] - The market displayed a divergence in performance among bank stocks and technology stocks, with Chinese concept stocks hitting recent lows [1] Banking Sector - Bank stocks continued their strong performance but showed signs of divergence, with First Citizens Bank rising by 3.43% and Zions Bank increasing by 2.33% [3] - Major banks like Bank of America and U.S. Bancorp saw gains of over 1%, while Goldman Sachs fell by 2.74% and Morgan Stanley dropped by 1.55% [3] Technology Sector - The technology sector exhibited weakness and divergence, with significant declines in stocks such as Super Micro Computer down by 17.31%, Tesla down by 3.78%, and Nvidia down by 3.41% [3] - Conversely, Apple managed to rise by 2.6% and Qualcomm increased by 1.16% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, closing down by 1.95% and reaching recent lows, with Bilibili dropping by 6.56% and NetEase down by 5.41% [3] - Other notable declines included Tencent Holdings down by 4.12% and Baidu down by 4.77%, while Li Auto and Beike saw gains [3] Gold Market - COMEX gold experienced fluctuations, closing up by 0.32% at $4986.4 per ounce, after hitting a low of $4867.7 and a high of $5113.9 during the trading session [3]

Core Viewpoint - Baidu has announced a new share repurchase plan authorized by its board, allowing for the repurchase of up to $5 billion of its shares, effective until December 31, 2028 [1] Financial Performance - For Q3 2025, Baidu reported total revenue of 31.2 billion yuan, a year-on-year decrease of 7% [1] - The net profit under non-GAAP was 3.77 billion yuan [1] AI Business Growth - Baidu disclosed that its AI business revenue grew by over 50% year-on-year [1] - AI cloud revenue increased by 33% year-on-year [1] - Subscription revenue from AI high-performance computing infrastructure surged by 128% [1] - AI application revenue reached 2.6 billion yuan [1] - Revenue from AI-native marketing services rose by 262% to 2.8 billion yuan [1]