消息面上，众信旅游的数据显示，2026年春节假期国内旅游市场热度持续上涨，计划出游人数较去年同期激增300%，市场呈现"量价齐升"的态势。 《智通财经早知道》：今日复盘+明日前瞻，精选更有价值的交易资讯。 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公司的推荐建议，非未来走势预测。投资有风险，入市 需谨慎。 | C MIXT | | 财经通讯社 准确·快速·权威·专业 | | --- | --- | --- | | | VID CHANCE Daily N | | | | 机会目报 | | | 星期四 05 | 情绪指数 27 分 涨停 56 VS 跌停 23 (含 st) | | | 上证指数 | 深圳成指 | 创业板指 | | 4075.92 | 13952.71 | 3260.28 | | -0.64% | -1.44% | -1.55% | ~ 今日行情 今日三大指数午后跌幅收窄，此前一度跌超 1%，北证 50 指数 跌超 2%。沪深两市成交额 2.18 万亿,较上一个交易日缩量 3048亿。盘面上,全市场超 3700只个股下跌。从板块来看,大 消费板块大涨,食品饮 ...

Core Insights - The report highlights the high demand for AI computing power, as evidenced by recent price increases in cloud services from major providers like Google and Amazon, indicating a robust market environment for AI applications [2][5][15] - The introduction of new AI models, such as DeepSeek V4, is expected to drive technological advancements in domestic AI capabilities, potentially leading to a new wave of innovation in the industry [5][46] - The report maintains a "neutral" rating for the computer industry while recommending an "overweight" position on Hongsoft Technology, indicating a cautious but optimistic outlook for select companies within the sector [6][48] Industry Data - In 2025, China's software industry reported a business revenue of 154,831 billion yuan, reflecting a year-on-year growth of 13.2%, while total profits reached 18,848 billion yuan, up 7.3% [3][24] - The Producer Price Index (PPI) for the computer industry in December 2025 decreased by 0.2% month-on-month and 0.7% year-on-year, indicating some pricing pressures in the sector [3][16] - The total export value of the software industry was 62.73 billion USD in 2025, marking a 7.7% increase compared to the previous year [24] Company Announcements - Zhisheng Information announced a significant contract worth 63.7183 million yuan for the supply of server and software integration services, which is expected to positively impact its market presence and performance [4][37] - Shiji Information signed a major service agreement with Okura Nikko Hotel, providing a new generation of cloud-based hotel management systems, which enhances its brand recognition in the high-end hotel sector [4][39] Market Review - From January 1 to January 31, the Shenwan Computer Industry Index rose by 6.94%, with most sub-sectors experiencing gains, particularly horizontal general software, which increased by 16.97% [4][40] - As of January 31, 2026, the price-to-earnings ratio (TTM) for the Shenwan Computer Industry was 219.14 times, with a valuation premium of 1515.01% compared to the CSI 300 index [41][43] Monthly Strategy - The report emphasizes the acceleration of AI application penetration and the importance of companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [5][46][48] - The anticipated launch of DeepSeek V4 and the introduction of Google's Project Genie are expected to catalyze further advancements in AI applications, potentially leading to an earlier-than-expected commercialization turning point in the industry [5][46]

Core Viewpoint - Global PC manufacturers are considering large-scale procurement of storage chips from Chinese manufacturers due to extreme shortages in the global storage chip supply, which is threatening new product launches and increasing operational costs across the tech industry [1][2] Group 1: Industry Context - The current shortage of storage chips is unprecedented, affecting various sectors including PCs, gaming consoles, high-end smartphones, and AI data centers, which require long-term large-scale purchases of these critical hardware components [2] - The demand for storage chips is being driven by AI data center expansions led by companies like Google, Microsoft, and Meta, which are prioritizing high-margin sectors over consumer electronics, thereby squeezing the supply available for PC manufacturers [2][3] Group 2: Impact on Major Companies - Nintendo's recent earnings report highlighted that the shortage of storage chips, particularly DRAM, has severely impacted profit margins, leading to a situation where increased sales do not translate into higher profits [4] - Qualcomm has indicated that the supply chain bottlenecks in storage chips are expected to reduce smartphone chip revenues to approximately $6 billion, reflecting the direct impact of storage chip shortages on smartphone shipments [4] Group 3: Supply Chain Dynamics - The current supply-demand mismatch is particularly acute for DRAM, especially PC DRAM and high-performance DDR5, which are experiencing significant price increases and affecting overall production costs and shipment schedules [3][7] - Major storage chip manufacturers like SK Hynix, Samsung, and Micron are reallocating production capacity to more profitable HBM storage systems, which is further constraining the supply of consumer-grade memory products [5][6] Group 4: Actions by PC Manufacturers - HP, Dell, Acer, and Asus are actively seeking to certify and procure DRAM products from Chinese manufacturer Changxin Memory Technologies (CXMT) to mitigate the impact of rising prices and supply shortages [8][9] - HP plans to closely monitor the supply situation until mid-2026, with potential procurement from CXMT if DRAM supply remains tight and prices continue to rise [8][9]

2026.02.05 Anthropic发布的面向企业法务的Claude Cowork 插件，可自动化完成合同审查、NDA 分类、合规追 踪、法律简报生成等核心法务工作，直接冲击法律信息服务与专业SaaS板块，二级市场情绪从"AI赋能 软件"迅速转向"AI取代软件"，担忧AI从工具直接升级为替代者，淘汰中间环节SaaS产品。 Palantir Technologies（PLTR.O）是近期该轮回调主要"受害者"，即使官方在本周早些时候发布了一份高 于华尔街预期的财报，股价却最终收跌11.62%。 面对该轮踩踏，多位企业高层对外否认担忧。谷歌母公司Alphabet财报电话会上，CEO桑达尔·皮查伊并 不认可"AI工具可能会损害大型软件SaaS公司定价权"这一观点。他表示，当前最关键的问题是计算能力 相关的限制——包括电力、土地、供应链等方面的约束，以及如何扩大产能以满足当前激增的需求、确 保长期投资的合理性，同时在这一过程中提升效率、保持行业领先水平。 英伟达创始人CEO黄仁勋近日在与思科CEO对谈中表示，AI不会做工具，而是会用工具。就像人不会 重新发明螺丝刀，AI 也会直接使用已经成熟的软件，通过调用接口、 ...

Core Insights - Pfizer reported strong Q4 2025 earnings with revenue of $17.6 billion, aligning closely with previous expectations of $18.1 billion, and adjusted net income of $3.8 billion, exceeding the prior forecast of $3.3 billion [2] - Total revenue for 2025 is projected at $62.6 billion, a 2% year-over-year decline, but operational revenue excluding COVID-19 products grew by 6%, indicating robust underlying business momentum [2] - The management reaffirmed guidance for 2026, expecting revenue between $59.5 billion and $62.5 billion, with adjusted EPS ranging from $2.80 to $3.00, highlighting a year rich in catalysts [2] Company Analysis - Pfizer's pipeline includes significant catalysts such as long-acting GLP-1 and Amylin projects, with key data readouts expected in 2026 [2] - The VESPER-3 study demonstrated a 12.3% weight loss effect at the 28-week mark for the mid-dose group of PF'3944, with predictions suggesting a 15.8% weight loss for the high-dose group [6] - The company plans to initiate a Phase 3 study for PF'3944 later this year, with further updates on its obesity product portfolio expected [6][7] Market Performance - The Hang Seng Index closed at 26,847, reflecting a slight increase of 0.05% for the day and a year-to-date gain of 4.75% [2] - The U.S. stock market saw declines, particularly in technology and consumer discretionary sectors, while energy and materials sectors showed strength [4] - Notable movements included a 17% drop in AMD shares following weak guidance, impacting the semiconductor sector [4]

2月5日，谷歌财报全面超预期，或可持续关注通信ETF（515880）。 【Q4财务数据】 北京时间2月5日凌晨，谷歌发布25Q4财报。 单季营收达1138亿美元，yoy+18%，#再创单季历史新高，高于分析师预期的1114亿美元。 单季净利润达344.55亿美元，yoy+30%。 单季云收入177亿美元，同比增长48%，#相对上季度的34%再度加速，高于华尔街预期的162亿美元。 单季服务业务收入为959亿美元，同比增长14%，略高于预期的949亿美元。其中广告收入合计823亿美 元，同比增长14%，超过预期的809亿美元。 【资本开支指引】 2026年资本支出预计在1750亿至1850亿美元之间，#中位数为1800亿美元，同比接近翻倍，比市场预期 的1195亿美元高600+亿美元，#大幅超出预期50%+。 【点评】 谷歌财报再度印证AI确定性，算力供应仍然短缺。谷歌在财报中还透露，Gemini 3.0成为公司历史上采 用最快的模型，Gemini应用月活跃用户超7.5亿。公司通过模型优化将Gemini服务单位成本降低了 78%。此外，Google宣布与Apple合作开发下一代Apple基础模型。AI基建方面， ...

美东时间周三，美股市场呈现明显分化格局，道琼斯工业平均指数逆势飘红，而纳斯达克指数与标普500指数则受科技股抛售潮拖累收跌，与此同时，黄 金、白银等贵金属及国际油价同步走强，市场资金在风险偏好调整中寻求避险与机会。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49501.30 | 22904.58 | 6882.72 | | +260.31 +0.53% | -350.61 -1.51% -35.09 -0.51% | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 64399.36 | 4085.64 | 7461.61 | | -862.73 -1.32% -117.72 -2.80% -148.40 -1.95% | | | 截至收盘，道指上涨260.31点，涨幅0.53%，报49501.30点，工业等防御性板块成为资金避风港；纳指大跌350.61点，跌幅1.51%，收于22904.58点，连续两 日下跌后跌破100日均线；标普500指数微跌0.51%，报6882.72点，尽管超七成成分股上涨，但科技板块的大幅下挫拖累了指数表现。市场 ...

盘前要闻 1、国家主席习近平同美国总统特朗普通电话 类型：宏观 情绪影响：正面 2月4日晚，国家主席习近平同美国总统特朗普通电话。习近平指出，今年中美两国各自都有不少重要议 程，中国"十五五"开局起步，美国将迎来建国250周年，双方要按照我们达成的共识，加强对话沟通， 妥善管控分歧，拓展务实合作，让2026年成为中美两个大国迈向相互尊重、和平共处、合作共赢的一 年。 2、马斯克团队光伏调研消息引爆A股！多家巨头回应最新进展 类型：行业 情绪影响：正面 据报道，上周马斯克团队已对包括TCL中环、晶科能源、晶盛机电等在内的多家中国光伏企业调研，考 察覆盖设备、硅片等多个环节。对此，晶科能源表示尚未就此发布官方公告。晶盛机电相关负责人表 示"并不清楚"公司是否在调研范围内。高测股份证实公司确与马斯克团队有过接触，但明确目前双方尚 未达成任何合作。 3、央行：着力支持扩大内需、科技创新、中小微企业等重点领域 类型：市场 情绪影响：负面 美股市场软件股抛售潮继续蔓延至半导体、AI概念股等整个科技领域，资金从科技股中撤出，轮动至 能源、材料等价值板块。AI算力芯片公司AMD发布业绩后暴跌17.31%，AI应用股AppLo ...

2026.02.05 本文字数：1676，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三，受科技股抛售潮加剧影响，纳指标普承压收跌，资金流向工业等板块避险。截至收盘，道指涨 260.31点，涨幅0.53%，报49501.30点，纳指跌1.51%，报22904.58点，标普500指数跌0.51%，报6882.72 点。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 49501.30 22904.58 | 6882.72 | | +260.31 +0.53% -350.61 -1.51% -35.09 -0.51% | | 明星科技股跌多涨少，苹果涨2.60%，微软涨0.72%，谷歌跌2.16%，亚马逊跌2.36%，Meta跌3.28%。特 斯拉跌3.78%。 软件板块因AI技术发展挑战继续承压，甲骨文跌5.19%。 美股延续周二抛压，投资者对板块高估值存忧，同时质疑华尔街本轮人工智能行情是否已见顶，纷纷撤 离高风险成长股，转向沃尔玛等周期股。科技板块成为当日标普500指数中表现最差的板块。 Certuity首席投资官斯科特・韦尔奇表示："去年年底，市场已开始区分人工智能领 ...

本文字数：1676，阅读时长大约3分钟 作者 | 第一财经 樊志菁 周三，受科技股抛售潮加剧影响，纳指标普承压收跌，资金流向工业等板块避险。截至收盘，道指涨260.31点，涨幅0.53%，报49501.30点，纳指跌 1.51%，报22904.58点，标普500指数跌0.51%，报6882.72点。 明星科技股跌多涨少，苹果涨2.60%，微软涨0.72%，谷歌跌2.16%，亚马逊跌2.36%，Meta跌3.28%。特斯拉跌3.78%。 纳斯达克中国金龙指数跌近2%，网易跌5.4%，百度跌4.77%，阿里巴巴跌2.76%，京东、拼多多跌超1%。 2026.02. 05 阿根特资本的投资组合经理杰德・埃勒布鲁克表示："人工智能基础设施的建设规模史无前例，消费者和企业采用人工智能工具的速度也前所未有。股市 如今难以判断相关个股的合理定价，也无法看清行业未来走势……市场突然对人工智能领域产生了质疑和担忧。" 中长期美债收益率分化，与利率预期关联密切的2年期美债跌1.3个基点至3.558%，基准10年期美债涨0.4个基点至4.277%。 | 名称 | 现价令 > 张跌幅 > > > 涨跌 > | | --- | --- ...