华见早安之声 美元日内波动较大，尾盘微涨0.08%。日元三连涨，日内一度升值超1%。 加密货币疲软。比特币跌1.2%，以太坊跌超2%。 现货黄金震荡走高1.3%，白银冲高回落，仍涨逾4%。特朗普私下考虑退出《美墨加协定》，WTI原油涨1%。 亚洲时段，沪指七连阳，创业板跌1%，两市成交不足2万亿，玻璃纤维概念股大爆发，恒科指涨近1%，小米涨超4%。 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国1月非农报告整体强劲，打压市场的降息预期，交易员将首次降息的预期时间从6月推迟至7月，美债跌。 美股高开，但随后因大型科技股走弱而回吐涨幅，三大美股指收盘微跌。AI颠覆担忧仍在发酵，软件股ETF跌2.6%，房地产服务类股也因AI担忧而遭到抛 售，CBRE集团和Jones Lang LaSalle暴跌12%。 美债收益率走高，2年期美债收益率上行6.4个基点，10年期收益率上涨约3个基点。 美国2026财年前四个月预算赤字缩小17%，关税收入大增。美国会预算办公室：特朗普财政路径不可持续，未来十年美赤字预期提高1.4万亿美 元。 要闻 中国 李强：全面推进人工智能科技创新、产业发展和赋能应用，培 ...

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 美国1月非农就业新增13万人，失业率降至4.3% 美联储米兰表达继续留在美联储的意愿 特朗普称同伊朗达成协议将是"首选" 肯尼亚央行加入非洲黄金增持行列 美股三大指数小幅下跌，道指收跌0.1%，标普500指数跌0.01%，纳指跌0.16%。微软(MSFT.O)和谷歌(GOOG.O)均跌2%，英伟达(NVDA.O)和苹果(AAPL.O) 涨幅不足1%，美光科技(MU.O)涨近10%。纳斯达克中国金龙指数收跌0.65%，金山云(KC.O)涨10%，网易(NTES.O)跌4%。 欧洲主要股指多数收跌，德国DAX30指数收跌0.53%；英国富时100指数收涨1.14 %；欧洲斯托克50指数收跌0.19%。 港股连升两日累涨623点后延续强势，恒指高开63点报27246点，一度倒跌最多49点低见27133点后回稳，在汽车、有色金属及贵金属股带领下大市逐步收复 失地并重展升势。大市午后维持窄幅波动，升势放缓。截至收盘，恒指收涨0.31%，科指收涨0.9%，恒指大市成交额21 ...

早 报 精 选 1、李强：全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力。 2、国务院：到2035年全面建成全国统一电力市场体系。 3、国务院国资委：央企要积极扩大算力有效投资。 4、DeepSeek更新，上下文达百万级token。 5、巨力索具公告，未签署过4.58亿的海南项目。 宏 观 新 闻 1、2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总理李强在主持学习时 强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决策部署，全面推进人工智能科技创新、产业发 展和赋能应用，培育壮大新质生产力，推动高质量发展。 2、国务院办公厅日前印发《关于完善全国统一电力市场体系的实施意见》。《意见》指出，推动电力资源在全国范围内优化配置， 优化全国统一电力市场体系实现路径，完善跨省跨区电力交易制度。《意见》还提出，到2035年，全面建成全国统一电力市场体 系，市场功能进一步成熟完善，市场化交易电量占比稳中有升。 3、国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进"算力+电力"协同发展，提升全链条数据治理 ...

Market Overview - US stock indices opened higher after the latest non-farm payroll data but experienced a decline during the trading session, with the Dow Jones down 0.13%, S&P 500 nearly flat, and Nasdaq down 0.16% [1] - Major technology stocks showed mixed results, with Google and Microsoft dropping over 2%, while Nvidia and Tesla rose by 0.78% and 0.8% respectively [2] Technology Sector - The Philadelphia Semiconductor Index increased by 2.28%, with notable gains in stocks such as GlobalFoundries up over 16% and Micron Technology nearly 10% [2] - AI application software stocks faced significant declines, with Shopify dropping over 6% and Reddit down more than 7% [2][3] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.65%, with notable declines in stocks like Huya and JinkoSolar, both down over 5% [3] - However, Century Internet saw a rise of over 12%, and Kingsoft Cloud increased by approximately 10% [3] Commodity Markets - International gold prices rose over 1%, closing at $5083.7 per ounce, while silver prices increased by over 4% to $84.3 per ounce [3] - Crude oil prices also saw an uptick, with WTI crude futures up 1.05% to $64.63 per barrel and Brent crude futures up 0.87% to $69.40 per barrel [5] Economic Indicators - The US non-farm payroll report indicated an addition of 130,000 jobs in January, exceeding market expectations, which led traders to adjust their forecasts for the Federal Reserve's interest rate cuts [5] - The probability of a 25 basis point rate cut by March is currently at 5.9%, with a 94.1% chance of maintaining the current rate [5]

Market Overview - The U.S. stock market experienced volatility, with the Dow Jones Industrial Average closing down 66.74 points, or 0.13%, at 50,121.40 points, and the Nasdaq down 0.16% at 23,066.47 points. The S&P 500 index saw a negligible decline of less than 0.01%, closing at 6,941.47 points [3][10]. - The VIX index rose, indicating increased market volatility, as investors reacted to a stronger-than-expected employment report that may delay the Federal Reserve's next interest rate cut [3][10]. Employment Report Insights - The U.S. Labor Department reported that 130,000 jobs were added in January, significantly exceeding the market expectation of 55,000. The unemployment rate fell to 4.3%, slightly below the anticipated 4.4% [10]. - Job growth was primarily concentrated in a few sectors, particularly healthcare, which added 124,000 jobs, double the usual increase for 2025. However, there are concerns about downward revisions in labor market data, with the average monthly job growth for the previous year adjusted down to only 15,000 [10]. - Analysts noted that while the employment report is a positive signal, the labor market still shows signs of weakness, with low turnover rates indicating ongoing challenges [10][12]. Stock Performance - Notable tech stocks showed mixed results, with Tesla up 0.80%, Nvidia up 0.78%, and Apple up 0.65%. In contrast, Meta Platforms fell 0.30%, Amazon dropped 1.34%, and Microsoft and Google both declined over 2% [5][6]. - The semiconductor sector saw gains, with the Philadelphia Semiconductor Index rising 2.3%, Intel up 2.46%, and TSMC up 3.37%. Conversely, software stocks faced renewed pressure, with the iShares U.S. Technology Software ETF down 2.55% [7][8]. Commodity Market - International oil prices increased, with light crude oil futures for March rising by $0.67 to $64.63 per barrel, a 1.05% increase. Brent crude for April delivery rose by $0.60 to $69.40 per barrel, up 0.87% [14]. - Precious metals also saw gains, with COMEX gold futures for April up 1.71% at $5,116.82 per ounce, and silver futures rising 5.14% to $84.52 per ounce [14].

美股周三走势震荡，盘中跳水引发波动率指数VIX走高，投资者认为超预期的就业报告可能会推迟美联 储下一次降息。 截至收盘，道指跌66.74点，跌幅0.13%，报50121.40点，纳指跌0.16%，报23066.47点，标普500指数微 跌不到0.01%，报6941.47点。 | 道琼斯工业平均 | 纳斯达克 | 标普500 | | --- | --- | --- | | 50121.40 | 23066.47 | 6941.47 | | -66.74 -0.13% -36.00 -0.16% -0.34 -0.34 0.00% | | | 【热门股表现】 明星科技股涨跌互现，特斯拉涨0.80%，英伟达涨0.78%，苹果涨0.65%，消息称公司对Siri虚拟助手的 升级在测试阶段遭遇阻碍，可能导致多个备受期待的功能发布推迟。Meta跌0.30%，亚马逊跌1.34%， 微软和谷歌跌超2%。 | 名称 | 现价量 涨跌 ▶ 涨跌幅= | | --- | --- | | 特斯拉(TESLA) | 428.605 0.80% 3.395 | | TSLA.O | | | 英伟达(NVIDIA) | 190.005 0. ...

美东时间周三，1月非农就业报告一度提振投资者情绪，但未能推动市场持续走高，三大股指最终均小幅收跌。截至收盘，道琼斯指数跌0.13%，报 50,121.40点；标普500指数微跌0.34点，报6,941.47点；纳斯达克指数跌0.16%，报23,066.47点。 大型科技股涨跌不一，英伟达涨0.80%，苹果涨0.67%，微软跌2.15%，谷歌跌2.39%，亚马逊跌1.39%，Meta跌0.30%，特斯拉涨0.72%，博通涨0.68%，甲骨 文跌1.71%，奈飞跌3.15%，美国存储芯片巨头美光科技涨9.94%。 热门中概股多数收跌，纳斯达克中国金龙指数跌0.65%，阿里巴巴跌1.32%，京东跌0.28%，拼多多跌0.82%，蔚来汽车涨2.22%，小鹏汽车涨1.63%，理想汽 车涨1.64%，哔哩哔哩涨2.84%，百度跌1.72%，网易跌4.06%，腾讯音乐涨0.36%，小马智行跌0.34%，金山云涨9.98%。 COMEX黄金期货收涨1.53%，报5107.8美元/盎司；COMEX白银期货收涨4.6%，报84.085美元/盎司。 富时A50期指连续夜盘收涨0.15%，报14968点。 衡量美元对六种主要货币的美 ...

大型科技股涨跌不一，英伟达涨0.80%，苹果涨0.67%，微软跌2.15%，谷歌跌2.39%，亚马逊跌1.39%，Meta跌0.30%，特斯拉涨0.72%，博通涨0.68%，甲骨 文跌1.71%，奈飞跌3.15%，美国存储芯片巨头美光科技涨9.94%。 美东时间周三，1月非农就业报告一度提振投资者情绪，但未能推动市场持续走高，三大股指最终均小幅收跌。截至收盘，道琼斯指数跌0.13%，报 50,121.40点；标普500指数微跌0.34点，报6,941.47点；纳斯达克指数跌0.16%，报23,066.47点。 热门中概股多数收跌，纳斯达克中国金龙指数跌0.65%，阿里巴巴跌1.32%，京东跌0.28%，拼多多跌0.82%，蔚来汽车涨2.22%，小鹏汽车涨1.63%，理想汽 车涨1.64%，哔哩哔哩涨2.84%，百度跌1.72%，网易跌4.06%，腾讯音乐涨0.36%，小马智行跌0.34%，金山云涨9.98%。 COMEX黄金期货收涨1.53%，报5107.8美元/盎司；COMEX白银期货收涨4.6%，报84.085美元/盎司。 此外，美国劳动力市场仍存在持续下修的阴影，2025年每个月数据都被向下修正。结合年 ...

Core Viewpoint - The financial report released by NetEase Youdao for Q4 and the full year of 2025 showed a discrepancy with market expectations, leading to a 3.92% drop in stock price to $9.45, despite a 48.7% year-on-year increase in operating profit to 220 million yuan and achieving positive operating cash flow for the first time [1] Group 1: Financial Performance - The company's operating profit for the full year increased by 48.7% to 220 million yuan, marking a significant improvement [1] - The gross margin for Q3 2025 declined by 8.0 percentage points to 42.2%, primarily due to a decrease in the gross margin of online marketing services to 25.4% as a result of efforts to expand new customer bases [2] - Despite a 17.7% year-on-year growth in learning service revenue in Q4, the company's increased investment in high-growth sectors may heighten concerns regarding short-term profitability [2] Group 2: Industry Policy and Environment - The company increased its investment in AI, with sales from AI subscription services growing over 50% year-on-year in 2025, although ongoing investment in research and promotion is necessary [3] - The newly launched desktop-level agent "LobsterAI" is still in the testing phase and has not yet generated significant revenue [3] - Concerns about AI potentially replacing game development tools, particularly following the introduction of Google's Genie 3 model, have put pressure on the tech sector and indirectly affected market sentiment [3] Group 3: Market Environment - The tech sector in the U.S. experienced a downturn, with the Nasdaq index falling by 0.32% and the education services sector declining by 0.63%, reflecting overall weak industry performance [4] - NetEase Youdao's trading volume was only $748,700, indicating low liquidity that exacerbated stock price volatility [4] - The decline in stock price is attributed to a combination of discrepancies between financial data and market expectations, short-term profitability pressures, industry competition, and broader market conditions [4]

Core Insights - In 2025, NetEase achieved total revenue of 112.626 billion RMB, representing a year-on-year growth of 7.0% [1][2] - The Non-GAAP net profit attributable to shareholders was 37.3 billion RMB, reflecting an increase of 11.3% year-on-year [1][2] Business Performance - The net revenue from games and related value-added services reached 92.1 billion RMB for the year, with fourth-quarter revenue at 22 billion RMB, showing a growth of 3.4% [3] - Established titles like "Fantasy Westward Journey" and "Identity V" continued to generate stable revenue, while new games "Yanyun Sixteen Sounds" and "Marvel Duel" contributed additional income [3] Financial Status - The gross margin for 2025 improved to 64.29%, indicating optimization compared to the previous year [4] - The net cash flow from operating activities accounted for 45.05% of total revenue, demonstrating healthy cash flow [4] - The board approved a quarterly dividend and extended a stock repurchase plan of 5 billion USD until 2029, with approximately 2 billion USD of shares repurchased by the end of 2025 [4] Business and Technology Development - Management emphasized that AI has become a foundational capability in game development, operations, and innovation [5] - Research and development investment reached 17.7 billion RMB, maintaining an intensity of over 15% [5] - The application of AI technology in areas such as UGC content generation for games and intelligent interaction in educational products is deepening [5] Company Business Status - Youdao showed strong performance with fourth-quarter revenue of 1.6 billion RMB, a year-on-year increase of 16.8%, exceeding market expectations [6] - Cloud Music generated revenue of 2 billion RMB, reflecting a stable growth of 4.7% [6] - Revenue from innovative and other businesses was 2 billion RMB, down 10.4% year-on-year, primarily due to business adjustments [6] Strategic Advancement - New products like "Yanyun Sixteen Sounds" and "Marvel Duel" received positive responses in overseas markets, with plans to further increase the share of overseas revenue [7] - The return of Blizzard games to the domestic market has revitalized the user ecosystem [7]