Core Viewpoint - Asian stock markets mostly declined, following a significant drop in Wall Street tech stocks, as investors are concerned about potential impacts on companies from industry changes driven by artificial intelligence [1][3][9]. Group 1: Market Performance - The Tokyo Nikkei 225 index fell by 0.8% to 57,165.13 points, after previously surpassing 58,000 points [1][7]. - The Hong Kong Hang Seng Index decreased by 1.8% to 26,547.97 points [2][8]. - The Shanghai Composite Index dropped by 0.7% to 4,105.04 points [2][8]. - The Australian S&P/ASX 200 index declined by 1.4% to 8,919.30 points [3][9]. - The South Korean KOSPI index rose by 0.4% to 5,545.49 points, driven by gains in tech stocks, with Samsung Electronics up by 1.2% [1][7]. Group 2: U.S. Market Impact - The S&P 500 index fell by 1.6%, or 108.71 points, to 6,832.76 points, marking the second-largest single-day drop since Thanksgiving, yet remains close to last month's record high [3][9]. - The Dow Jones Industrial Average decreased by 1.3%, or 669.42 points, to 49,451.98 points [3][9]. - The Nasdaq Composite index dropped by 2%, or 469.32 points, to 22,597.15 points [3][9]. - Cisco Systems' stock plummeted by 12.3% despite better-than-expected quarterly results, as investors expressed concerns over its sustained profitability [3][9]. - AppLovin's stock fell by 19.7%, even with quarterly profits exceeding expectations, due to worries about AI's potential impact on its business [3][9]. Group 3: Analyst Perspectives - Some analysts believe that the uncertainty stemming from AI-related transformation risks may persist for some time, affecting investor confidence in related companies, particularly in the software sector [3][9]. - Conversely, some analysts, including those from Capital Economics, remain optimistic about AI-related trends, predicting a "good year" for the S&P 500, led by tech stocks [3][9][10]. - Thomas Matthews from Capital Economics stated that a significant drop in tech stocks is necessary for a sustained reversal in their strong performance, but he expects tech stocks to perform well [10]. Group 4: Other Market Movements - McDonald's reported better-than-expected earnings, leading to a 2.7% increase in its stock price [10]. - Walmart's stock rose by 3.8% following positive earnings results [10]. - Oil prices saw a slight decline, with U.S. benchmark crude down by 0.1% to $62.77 per barrel, and Brent crude down by less than 0.1% to $67.49 per barrel [10]. - Gold prices increased by nearly 1% to $4,995.80 per ounce, while silver rose by 1.4% to $76.72 per ounce [10].

Core Viewpoint - SoftBank Group's payments unit PayPay is moving forward with its initial public offering (IPO) in the US, which could potentially be the largest IPO by a Japanese company on a US exchange [1][2]. Financial Performance - For the nine months ending December 31, PayPay reported a profit of Y103.3 billion ($676 million) on revenue of Y278.5 billion, a significant increase from the previous year's profit of Y28.96 billion on revenue of Y220.4 billion [1][2]. Valuation and Market Position - SoftBank is targeting a valuation of $10 billion or more for PayPay, with earlier reports suggesting that the valuation could exceed Y3 trillion [2]. - PayPay is known for its QR-code payments application in Japan and has expanded its services to include credit, banking, securities, and insurance [3]. IPO Details - The number of shares to be offered and the expected price range for the IPO have not yet been disclosed [2]. - PayPay plans to list on the Nasdaq Global Select Market under the ticker symbol PAYP, with Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley serving as lead banks for the offering [4]. Corporate Structure - After the IPO, PayPay is expected to remain a subsidiary of SoftBank, which does not anticipate a material impact on its consolidated earnings from the listing [4].

Core Insights - Masayoshi Son, the billionaire investor, has made a significant investment in OpenAI, totaling $34 billion, with plans to invest an additional $30 billion in the next funding round, highlighting his belief in AI as "humanity's future" [1] Financial Performance - SoftBank reported a profit of $1.6 billion in the winter quarter, a turnaround from a loss of $2.4 billion in the same quarter the previous year, largely driven by returns from OpenAI [2] - The company made $4.3 billion from its OpenAI investment last quarter, contributing to a total of $17 billion in returns for the previous year, which significantly bolstered its second Vision Fund [3] Investment Strategy - SoftBank is increasing its investment in OpenAI while reducing stakes in other companies, such as selling Nvidia for $5.8 billion and cutting its T-Mobile investment by $12.7 billion, indicating a strategic focus on AI [3] - The company has taken on $27 billion in debt in the winter quarter to support its investments, reflecting its aggressive approach to funding [3] Market Position and Future Prospects - SoftBank's shares have nearly doubled over the past year, suggesting positive market sentiment towards its investments, particularly in AI [2] - The company has a significant portion of its assets, 60%, tied to "Artificial Superintelligence," indicating a strong commitment to future tech [5] - SoftBank is also a leading investor in initiatives aimed at building AI infrastructure in the US, including the $500 billion Stargate project and a project backed by Japan's planned $550 billion investment in AI [5]

Market Overview - The Asia-Pacific stock markets showed mixed performance, with South Korea's KOSPI index rising by 3.1% to 5,522 points and Thailand's index increasing by 2.1% to 1,441 points, while Hong Kong's Hang Seng index fell by 0.9% to 27,032 points[17][9]. - In the U.S., major indices declined significantly, with the Dow Jones dropping 1.34% to 49,451 points, the S&P 500 down 1.57% to 6,832 points, and the Nasdaq falling 2.03% to 22,597 points[7][6]. Economic Indicators - The International Energy Agency (IEA) revised down its global oil demand growth forecast, contributing to a 2.77% drop in WTI crude oil prices, closing at $62.84 per barrel[23]. - Strong U.S. employment data led to a decrease in gold prices, which fell below $5,000 per ounce, closing at $4,923.7[23]. Currency Movements - The British pound fell for three consecutive days, trading at 1.362 against the U.S. dollar, while the Japanese yen appreciated for four days, reaching 152.74 per dollar[23]. - The U.S. dollar index increased by 0.1% to 96.93, while the dollar's value against the Chinese yuan was 6.901, up by 0.2%[22]. Fixed Income Market - U.S. Treasury yields fell to year-to-date lows, with the 30-year yield dropping to 4.73% after strong demand in a recent auction[26]. - The Asian bond market saw reduced trading activity, but some segments experienced narrowing spreads due to buying interest[26]. Sector Performance - In the A-share market, the Shanghai Composite Index rose slightly by 0.05%, while the Shenzhen Component increased by 0.86%, driven by a surge in the computing power industry[13]. - Conversely, large technology stocks in Hong Kong faced declines, with notable drops in companies like Alibaba and Tencent, while semiconductor stocks showed strength[9].

2026 年 02 月 13 日 铝：小幅下跌 氧化铝：偏弱运行 铸造铝合金：跟随电解铝 期 货 研 究 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | T | T-1 | T-5 | T-22 | T-66 | 沪铝主力合约收盘价 | 23610 | 225 | 2470 | -50 | -725 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约夜盘收盘价 | 23395 | l | - | l | l | LME铝3M收盘价 | 3098 | -20 | -36 | 204 | 72 | | | 沪铝主力合约成交量 | 34812 | 181308 | -292363 | -370361 | -6173 | 沪铝主力合约持仓量 | 159738 | -14665 | -47632 | -933 ...

记者丨金珊 编辑丨刘雪莹 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品丨21财经客户端 21世纪经济报道 日韩股市下挫，软银大跌7% 万亿巨头疑似售假，消费者直呼塌房 21君荐读 2月13日，黄金白银经历昨 夜闪崩后继续 低开，黄金一度下探失守4900美元关口，随后盘中 急速反弹翻红，截至北京时间10:05左右，COMEX黄金期货涨超1%，重回5000美元/盎司，现 货黄金涨逼近5000美元/盎司，现货白银站上76美元/盎司。国内商品期货早盘方面，沪银跌超 7%，沪金跌超1%。 华源期货近日表示，美联储当前或仍具备较大政策空间，本轮降息周期的时间或也被通胀频 繁的扰动拉长，增加了黄金的做多窗口期。12月会议利率点阵图中值与9月份完全一致，预计 2026、2027年大概率各降息一次。华源期货认为，无论是宽松预期还是通胀上行，或都有利 于支撑黄金价格的上涨。 2月13日， 深圳市地方金融管理局等10部门发布进一步规范黄金市场经营行为的公开提示。其 中提到，企业不得违规开展黄金预定价交易、杠杆交易、延期交易等非法黄金交易活动，如 通过微信群或小程序、APP、网站等互联网平台， ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/13 隔夜夜盘市场走势 1. 国际贵金属期货大幅下跌，COMEX 黄金期货跌 3.08%报 4941.4 美元/盎司， COMEX 白银期货跌 10.62%报 75.01 美元/盎司。 2. 美油主力合约收跌 2.66%，报 62.91 美元/桶；布油主力合约跌 2.61%，报 6 ...

2026年02月13日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：震荡反弹 | 2 | | --- | --- | | 白银：高位回落 | 2 | | 铜：海外扰动增强，价格承压 | 4 | | 锌：跟随宏观波动 | 6 | | 铅：国内库存增加，价格承压 | 8 | | 锡：节前控制持仓 | 9 | | 铝：小幅下跌 | 10 | | 氧化铝：偏弱运行 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：受美股拖累下行 | 12 | | 钯：贵金属板块又见疲态，走势撤步 | 12 | | 镍：印尼与菲律宾消息博弈，镍价宽幅震荡 | 14 | | 不锈钢：二月检修减产频出，成本支撑重心上移 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 13 日 产 业 服 务 研 究 所 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 ...

记者丨金珊 编辑丨刘雪莹 2月13日，日韩股市低开。截至发稿，日经225指数跌幅继续扩大，跌超1.6%，报56686.95点；韩国KOSPI指数一度拉升翻红，随后再次短线 跳水，跌0.48%，报5496点。值得一提的是，昨日 日韩股市盘中均创历史新高。 叠加 0.66% 5558.82 0.00% 5485.72 -0.66% 当前为延时行情 获取实时行情 12:15 15:30 10:30 13:45 9:00 热门个股方面，目股软银集团跌7%，消息面上，软银2025年第三财季净利润不及市场预期。此外， 目立跌超5％，索尼跌超1%。 韩股三星电子、SK海力士开盘双双冲高，三星电子涨近2%， SK海力士由涨转跌近0.8%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。) 出品│21财经客户端 21世纪经济报道 金银深夜闪崩，黄金一度跌破4900美元 万亿巨头疑似售假，消费者直呼塌房 影石年会送员工5套房，还有豪车和定制金钞 02-13 09:48:10 延时行情 | 0 5496.01 昨收 5522.27 成交额 | | --- | | -26.26 -0.48% - 今开 - 55 ...

Group 1 - The Trump administration has officially rescinded the 2009 "greenhouse gas endangerment finding" by the Environmental Protection Agency, which is expected to save $1.3 trillion in regulatory costs and help lower car prices [1] - The U.S. House of Representatives passed a resolution to terminate punitive tariffs on Canadian goods, while the Senate blocked a funding bill for the Department of Homeland Security, risking a potential government shutdown [2] - U.S. Treasury Secretary agreed to transfer the investigation authority over Federal Reserve Chairman Powell from the Justice Department to the Senate Banking Committee, aiming to facilitate the nomination of a new Fed chair [2] Group 2 - The Reserve Bank of Australia Chairman warned that an inflation rate above 3% is unacceptable and indicated readiness to raise interest rates again if inflation remains stubborn [3] - The UK economy is projected to grow by 1.3% in 2025, with a quarterly GDP growth of only 0.1% in Q4 2025, which is below expectations [3] - The Turkish central bank will maintain a tight monetary policy to ensure inflation decreases, with expectations for inflation to fall between 15% and 21% by the end of 2026 [3] Group 3 - U.S. stock indices closed lower, with the Dow Jones down 1.34% to 49,451.98 points, the S&P 500 down 1.57% to 6,832.76 points, and the Nasdaq down 2.03% to 22,597.15 points [4] - International precious metal futures saw significant declines, with COMEX gold futures down 3.08% to $4,941.4 per ounce and COMEX silver futures down 10.62% to $75.01 per ounce [5] - U.S. oil futures fell by 2.66% to $62.91 per barrel, while Brent oil futures dropped by 2.61% to $67.59 per barrel [5]