Market Overview - On February 6, US stock indices opened higher, with the Nasdaq up 0.36%, the Dow Jones up 0.62%, and the S&P 500 up 0.49% [1] Chinese Stocks Performance - Chinese stocks generally rose, with the Nasdaq China Golden Dragon Index increasing by nearly 1%. Notable gainers included NIO up over 5%, Baidu and Li Auto up over 3%, and XPeng, Bilibili, and Pony.ai up over 2% [2][3] Individual Stock Movements - NIO rose by 5.32% to $4.950 [3] - Li Auto increased by 3.93% to $18.490 [3] - Baidu Group gained 3.14% to $143.320 [3] - XPeng Motors rose by 2.37% to $17.280 [3] - Alibaba increased by 1.77% to $160.560 [3] Major Technology Stocks - Most large tech stocks saw gains, with SanDisk and AMD up over 3%, Oracle up over 2%, and NVIDIA up over 1% [2][3] Amazon's Decline - Amazon opened down 9%, with an initial drop of up to 10%, marking its largest decline since August 2024. The company projected capital expenditures (CapEx) could reach $200 billion by 2026, raising market concerns [4][5]

针对当前复杂交织的金融环境，投资者需要保持高度的警惕与专业判断。Moneta Markets亿汇认为，在 恐惧指数处于11点的极端水位时，市场往往处于非理性抛售阶段，但盲目抄底风险依然巨大。建议投资 者密切关注技术层面的修复力度，特别是关键支撑位的企稳情况，并合理配置资产以对冲跨市场波动带 来的风险。 责任编辑：陈平 2月6日，在美股开盘前的关键交易窗口，加密货币市场遭遇了深度的抛售洗礼，比特币价格正式跌破 70000美元这一核心心理防线。Moneta Markets亿汇认为，当前市场的核心逻辑在于避险情绪的极端 化，恐惧与贪婪指数暴跌至11的警戒水位，这在历史上仅出现过寥寥数次，预示着数字资产领域正经历 一轮剧烈的去杠杆化。尽管比特币在去年曾创下高位，但近期的连续重挫已让市场情绪陷入极度低迷。 2月6日，在美股开盘前的关键交易窗口，加密货币市场遭遇了深度的抛售洗礼，比特币价格正式跌破 70000美元这一核心心理防线。Moneta Markets亿汇认为，当前市场的核心逻辑在于避险情绪的极端 化，恐惧与贪婪指数暴跌至11的警戒水位，这在历史上仅出现过寥寥数次，预示着数字资产领域正经历 一轮剧烈的去杠杆化。尽管 ...

Core Viewpoint - The recent statistics indicate a significant decline in investment demand for U.S. equity funds, attributed to fears surrounding AI's potential to disrupt the software industry, despite strong earnings reports from major companies like Eli Lilly and Super Micro Computer [1] Group 1: Market Trends - U.S. equity funds saw a net inflow of approximately $55.8 billion for the week ending February 4, a sharp decrease of about 48% from the previous week's inflow of $108.2 billion [1] - The introduction of new AI tools by Anthropic has intensified market fears regarding the disruption of the SaaS software industry, leading to a collective crash in software stocks [4] - Major U.S. indices experienced a significant drop following the announcement of advanced AI capabilities that threaten traditional software services [4] Group 2: Fund Flows - Large-cap equity funds recorded a surprising net inflow of about $11 billion, indicating ongoing bullish sentiment towards major tech companies like Google, Nvidia, and Apple [5] - Mid-cap and small-cap equity funds experienced outflows of approximately $15.9 billion and $16.7 billion, respectively, reflecting a shift in investor sentiment [5] - Investors directed $21.1 billion into undervalued industrial sectors and approximately $14.4 billion into metals and mining, while withdrawing about $23.4 billion from the tech sector [5] Group 3: Bond and Cash Market Activity - U.S. bond funds achieved a net inflow of $111.1 billion over the latest week, marking the fifth consecutive week of significant inflows [8] - Short- to medium-term investment-grade bond funds received net investments of about $63.4 billion, the largest weekly inflow since at least 2022 [8] - Money market funds recorded a net inflow of $830.9 billion, the highest since early December, indicating a shift towards cash and bonds amid declining risk appetite [11]

科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 （文章来源：每日经济新闻） 截至14:00，科创人工智能ETF华夏（589010）早盘低开短暂下探后拉升，午后维持震荡整理。最新价 报1.507元，较开盘价仅下跌0.331%，走势逐步企稳。持仓层面，该ETF跟踪的30只成分股涨跌分化， 多头力量逐步释放，17只个股走涨，奥比中光涨超5%领涨，奥普特、云天励飞涨超2%形成局部支撑； 芯原股份跌超4%，形成小幅抛压，但整体拖累有限，盘面修复意愿明确。流动性方面，该ETF成交额 达5229万元，换手率2.11%，资金交投节奏平稳。 长江证券表示，当前AI行业竞争已聚焦流量入口争夺，端侧模型成为核心突破口。AIAgent持续深入操 作系统底层，逐步升级为具备自主分析、解决问题能力的私人助理，打破传统工具属性局限。 资金层面，科创人工智能ETF华夏（589010）连续四日净流入超亿元，主力资金低位布局意愿强烈，为 盘面后续回弹筑牢资金基础，做多逻辑持续强化。 消息方面，据Apptopia数据 ...

当地时间2月5日，美股三大指数全线收跌，科技股领跌拖累市场情绪。Wind数据显示，截至当日收盘，道指跌1.2%， 标普500指数跌1.23%，纳指跌1.59%。 盘面上，大型科技股多数下挫，万得美国科技七巨头指数下跌1.76%。其中，微软、亚马逊跌超4%，特斯拉跌超2%， 英伟达跌超1%，谷歌、苹果分别跌0.6%、0.21%，Meta小幅上涨。 | < W | 万得美国科技七巨头指数(MAGS) 63266.41 -1132.95 -1.76% | | | | --- | --- | --- | --- | | . | | | | | 资料 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌幅 ◆ | | 脸书(META PLATF META.O | | 670.210 | 0.18% | | 苹果(APPLE) | | 275.910 | -0.21% | | AAPL.O | | | | | 谷歌(ALPHABET)· | | 331.330 | -0.60% | | GOOG.O | | | | | 英伟达(NVIDIA) | | 171.810 | -1.37% | | ...

Group 1 - Lee & Man Paper (02314) has seen its stock price rise by over 30% year-to-date, with expected profits of approximately HKD 1.88 billion to HKD 2.00 billion in 2025, representing a year-on-year growth of 38% to 47% due to increased marginal profits [1] - Soundon Technology (02495) shares rose over 8.8% after winning a contract worth nearly RMB 300 million for an AI project in Sichuan province [1] - Zhongxin Innovation (03931) stock increased by over 3.8%, with a reported 630% year-on-year growth in commercial battery deliveries in January 2026, indicating a strong market strategy and capacity layout [1] Group 2 - Tea stocks experienced a rise, with Gu Ming (01364) up 4.12%, Cha Bai Dao (02555) up 3.74%, and others benefiting from a promotional campaign offering free milk tea at over 300,000 stores nationwide [2] - Innovent Biologics (09969) shares surged over 11% after announcing expected revenues of RMB 2.37 billion in 2025, a 134% increase, and a projected net profit of around RMB 630 million [2] - Jun Da Holdings (02865) rebounded over 4.6% following news of the U.S. Federal Communications Commission accepting SpaceX's data center application [2] Group 3 - Li Auto-W (02015) shares rose over 5.3% as the CEO teased the new Li L9 model, emphasizing the importance of AI in enhancing vehicle value [3] - JX International Resources (03858) saw a stock increase of over 4.6% as tungsten prices reached a recent high of CNY 1,545,000 per ton, up CNY 25,000 from the previous trading day [3] - Nine Dragons Paper (02689) shares increased by over 5.7% after announcing a profit forecast for FY26H1 of CNY 2.15 billion to CNY 2.25 billion, a year-on-year growth of 216% to 231% [3] Group 4 - Long Resources (01712) stock surged over 35%, reaching a historical high, with expected after-tax profits of AUD 58 million to AUD 62 million for the year ending December 31, 2025, a significant increase from AUD 12.9 million in the previous year [4] Group 5 - Forgent Power Solutions (FPS.US) debuted on the U.S. stock market with a closing increase of 7.41%, focusing on power solutions for data centers [5] - Bob's Discount Furniture (BOBS.US) also entered the market, with a slight increase of 0.12%, managing 206 showrooms across 26 states and projecting revenues of USD 2.32 billion for FY2025 [5] Group 6 - Eikon Therapeutics (EIKN.US) fell over 16.67% on its Nasdaq debut, focusing on cancer therapies with a candidate drug in mid-stage trials [6] - Cryptocurrency stocks saw significant declines, with Hut 8 (HUT.US) down 17.89% and others following suit amid a Bitcoin sell-off, which dropped nearly 10% [6] Group 7 - Major U.S. indices opened lower, with the Nasdaq down 1.6%, and notable tech stocks like Amazon (AMZN.US) and Tesla (TSLA.US) also declining [7] - Estée Lauder (EL.US) dropped nearly 19.19% despite meeting sales expectations, reflecting market volatility [7] Group 8 - NIO (NIO.US) shares rose 5.86% after announcing an expected adjusted operating profit of between RMB 700 million and RMB 1.2 billion for Q4 2025, marking its first quarterly adjusted operating profit [8] - Hims & Hers Health (HIMS.US) initially surged nearly 14% before closing down 3.77%, launching a new generic medication at a competitive price [9] - Qualcomm (QCOM.US) fell 8.46% amid concerns over weak earnings forecasts related to chip shortages affecting smartphone demand [9]

Core Viewpoint - Major tech companies are aggressively investing in AI, with Amazon's spending surpassing Google's, leading to significant market reactions [1][12]. Financial Performance - Amazon reported a strong Q4 performance with net sales increasing by 14% to $213.4 billion [4]. - For Q4, operating income rose to $25 billion, and net profit increased to $21.2 billion, resulting in diluted earnings per share of $1.95 [5]. - For the full year 2025, Amazon expects net sales to grow by 12% to $716.9 billion, with operating income reaching $80 billion and net profit at $77.7 billion, translating to diluted earnings per share of $7.17 [5]. Cash Flow and Investments - Operating cash flow is projected to grow by 20% to $139.5 billion in 2025, while free cash flow is expected to drop to $11.2 billion due to increased investments in AI and infrastructure [6]. - Amazon's capital expenditure is forecasted to reach a record $200 billion by 2026, indicating a strong long-term return on investment [14]. Segment Performance - In Q4, North America sales grew by 10% to $127.1 billion, with operating income of $11.5 billion [9]. - International sales increased by 17% to $50.7 billion, with operating income of $1 billion [9]. - AWS sales surged by 24% to $35.6 billion, with operating income of $12.5 billion [9][11]. Future Guidance - Amazon anticipates Q1 2026 revenue between $173.5 billion and $178.5 billion, reflecting an 11%-15% year-over-year growth [15]. - The company expects operating income for Q1 to range from $16.5 billion to $21.5 billion, maintaining double-digit revenue growth [16].

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/06） 市场处于震荡整固阶段，结构性行情将是重点——A 股市场 2026 年 2 月投资 策略报告 行业研究 关注年报业绩催化与创新药械产业链——医药生物行业 2 月投资策略展望 崔健 渤海证券研究所晨会纪要（2026.02.06） 宏观及策略研究 晨会纪要（2026/02/06） 宏观及策略研究 市场处于震荡整固阶段，结构性行情将是重点——A 股市场 2026 年 2 月投资策略报告 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 要 宋亦威（证券分析师，SAC NO：S1150514080001） 云计算提价印证高景气，AI 应用迎来多点催化——计算机行业 2 月投资策略 展望 证 券 研 究 报 告 晨 会 纪 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、宏观方面 2026 年年初，出口端在结构优化、产品竞争优势以及经贸环境改善的支撑下将 ...

美股市场方面，三大指数全线收跌且跌幅均超1%。道琼斯工业指数下跌1.2%，报48908.72点，单日下跌近600点；标普500指数跌 1.23%至6798.4点，纳斯达 克综合指数跌1.59% 报22540.59点，纳指已连续三个交易日下跌，本周累计跌幅接近4%，创下自去年4月以来最严重的三日抛售。市场抛售范围从此前的AI 和软件板块进一步扩大，标普500成分股中有318只个股下跌，背后是疲软的美国劳动力市场数据 ——12月职位空缺数降至6542000个，创五年多以来最低水 平，1月挑战者裁员人数更是创下2009年以来同期最高纪录，就业与经济增长的脱钩引发市场担忧。 科技股成为此次下跌的重灾区，万得美国科技七巨头指数下跌1.76%。微软重挫4.95%，亚马逊跌超4.42%，特斯拉跌2.17%，英伟达跌1.37%，谷歌、苹果分 别下跌0.6%和0.21%，仅Meta小幅上涨0.18%。 | 〈 | 万得美国科技七巨头指数(MAGS) | | --- | --- | | | 63266.41 -1132.95 -1.76% | | 资料 成分 | ，资讯 相关基金 月度 | | 名称 | 现价 | | 脸书(ME ...

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].