| 科网股延续强势，再度集体上涨，网易涨超2%，中芯国际、京东集团、阿里巴巴、快手、百度集团、小米集团等均走高。 | | --- | 有色金属板块上涨，中广核矿业涨超4%。 2月10日，香港恒生指数涨0.65%，恒生科技指数涨0.82%。 | < ロ | 泡泡玛特(9992) | | | | --- | --- | --- | --- | | | 集合竞价 02-10 09:20:15 通 | | | | | 263.400 额 7918万 股本 13.42亿 市盈"" 47.5 | | 万得 | | | 6.200 2.41% 换 0.02% 市值 3534亿 市净 22.72 | | 盘口 | | 分时 | 五日 日Ｋ 月Ｋ | 更多 @ | | | 音加 | 均价:263.400 | 盘口 成交 | | | 2 10.000 | | 4.98% 卖10 265.400 800(3) | | | | | 卖9 265.200 -- (0) | | | | | 卖8 265.000 6.20万(60) | | | | | 卖7 264.800 1000(5) | | | | | 卖6 264.600 200 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 期货研究报告 期货研究报告 资讯早班车-2026-02-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-1 ...

编辑 | 邢昀 元老们回归掌控阿里，定下了AI和电商两大战略方向，目前这两个方向已经形成了一个清晰的交汇 点：奶茶。 文 | 豹变 张经纬 前有2025年夏天，淘宝闪购在外卖大战中，靠几块钱甚至免单的奶茶/咖啡，从美团、京东手中抢外卖 份额。后有千问APP在春节撒币30亿，邀请全国人民免费喝奶茶，为AI造势。 根据阿里2月6日的战报，红包发出后，9小时内千问订单超1000万，其中绝大多数是奶茶/咖啡。看起 来，阿里试图复制闪购的经验，在AI用户争夺战中后来居上。 不管是近场电商的争夺战，还是培育AI用户，阿里的抓手都离不开奶茶，这场以奶茶为武器的豪赌前 路如何？真能帮千问在用户心中扎根吗？ 01 "我是马云，给我点一杯奶茶" 从用户的反应来看，发券的效果是明显的：2月6日这天一大早，各路人马就开始在各个群里转发口令， 之后点奶茶的人太多，千问和运力就都扛不住了。 在朋友圈和小红书，很多人都在吐槽千问崩了。同样崩了的还有阿里的股价，开盘下跌4%，经过一天 的动荡后以3%的跌幅收盘。而港股茶饮股大多应声而涨，古茗涨幅3.58%，股价创上市以来新高，茶百 道收盘涨超6%，沪上阿姨、蜜雪冰城也有不同程度的上涨。 阿里 ...

Market Overview - The Hong Kong stock market opened higher on February 10, with the Hang Seng Index rising by 0.65% to 27,202.96 points, the Hang Seng Tech Index up by 0.82% to 5,461.96 points, and the National Enterprises Index increasing by 0.64% to 9,226.56 points [1] - Major technology stocks saw gains, with Alibaba up 1.14%, Tencent Holdings up 0.54%, JD Group up 1.2%, Xiaomi up 0.85%, NetEase up 2.35%, and Kuaishou up 1.01% [1] - The new consumption concept stocks showed mixed results, with Pop Mart rising over 2% and Weilon falling over 2% [1] Corporate News - Pop Mart (09992.HK) expects global sales of all IP products to exceed 400 million units by 2025, with THE MONSTERS product line projected to sell over 100 million units [2] - Youjia Innovation (02431.HK) has secured a contract with a leading domestic automotive brand to provide several key products, including the iPilot 4 Plus driving controller and driver monitoring systems [2] - Ruifeng New Energy (00527.HK) signed an investment framework agreement to build the largest inference computing cluster park in North China, with a total investment of approximately RMB 240 billion [2] Earnings Forecasts - Hong Kong Telecom (06823.HK) reported a 5% increase in total revenue to HKD 36.553 billion for 2025, with EBITDA growing by 4% to HKD 14.234 billion and net profit attributable to shareholders increasing by 4% to HKD 5.286 billion [4] - China Nuclear International (02302.HK) anticipates revenue for 2025 to exceed HKD 2.46 billion, with gross profit expected to reach at least HKD 260 million, driven by increased uranium trading volumes [4][6] - Mingyuan Cloud (00909.HK) expects a net profit of approximately HKD 26.9 million to HKD 32.8 million for 2025, representing a growth of about 114% to 117% [4] - China Oriental Education (00667.HK) forecasts a 46% to 51% increase in net profit for 2025 [5] Market Dynamics - Several companies are actively repurchasing shares to boost market confidence, including Xiaomi Group-W (01810.HK), which repurchased 1.5 million shares for HKD 52.7268 million, and Geely Automobile (00175.HK), which repurchased 1.408 million shares for HKD 23.4587 million [8] - China Smart Energy (01004.HK) announced a share consolidation effective February 10, pending approval from the Stock Exchange [8] Institutional Insights - Galaxy Securities noted a significant "Spring Festival effect" in the Hong Kong market, with optimistic market sentiment and early capital positioning [10] - Dongwu Securities indicated that while short-term challenges remain, the market should be monitored for overseas risks and domestic AI catalysts [10] - Bank of China International believes that after the recent negative factors have subsided, market sentiment is at a low point, with potential rebounds in the AI multi-modal industry chain [10]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

Group 1 - Tesla's Elon Musk announced that SpaceX is shifting focus to building a "self-sustaining city" on the Moon, with plans to initiate a Mars colonization project within the next 5-7 years [2] - Alphabet raised $20 billion through a bond issuance, exceeding the initial target of $15 billion, with over $100 billion in subscription orders [2] - TSMC plans to increase its investment in the Kumamoto plant in Japan to $17 billion for mass production of 3nm technology, marking a significant step in the semiconductor supply chain and geopolitical landscape [2] Group 2 - OpenAI's CEO Sam Altman reported strong growth, with ChatGPT's monthly growth rate surpassing 10%, and the launch of the new Codex model GPT-5.3-Codex [2][3] - Alibaba revealed its new model Qwen3.5, which features a novel mixed attention mechanism and is likely to be a vision-language model [3] Group 3 - Pop Mart aims to sell over 400 million products globally by 2025, with the THE MONSTERS product line expected to exceed 100 million units [5] - Zhongke Shuguang plans to raise up to 800 million RMB through convertible bonds for AI-related projects, including advanced computing systems and next-generation AI training machines [5] - 16 companies, including Meituan and JD, are receiving guidance from government departments to improve labor management and protect workers' rights [6] Group 4 - Nvidia's CEO Jensen Huang stated that AI infrastructure capital expenditures could exceed $600 billion by 2026 due to strong demand for computing power [8] - Apple's CEO Tim Cook emphasized that AI will be a core pillar for the future, acknowledging user feedback issues with Apple Intelligence [8] - Amazon's Q4 results showed increased capital expenditures impacting short-term profits, but AWS continues to grow strongly [9]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

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| く 白 | 万得美国科技七巨头指数(MAGS) | | | | --- | --- | --- | --- | | | 64565.91 651.86 1.02% | | | | 资料 成分 | 资讯 相关基金 | | 月F | | 名称 | | 现价 | | | 微软(MICROSOFT) | | 413.715 | | | MSFT.O | | | | | 英伟达(NVIDIA) | | 190.040 | | | NVDA.O | | | | | 脸书(META PLAT... | | 677.370 | | | META.O | | | | | 特斯拉(TESLA) | | 417.320 | | | TSLA.O | | | | | 谷歌(ALPHABET)-C | | 324.400 | | | GOOG.O | | | | | 亚马逊(AMAZON) | | 208.720 | | | AMZN.O | | | | | 苹果(APPLE) | | 274.620 | | | AAPL.O | | | | 芯片股延续强势，费城半导体指数上涨1.42%，超威半导体、博通等个股涨超3%，英伟达涨2 ...

Core Viewpoint - The U.S. stock market experienced a collective rise, led by technology stocks, with the Nasdaq increasing nearly 1%, the Dow Jones slightly rising to a historic high, and the S&P 500 up by 0.5%, nearing its all-time high [1][3]. Group 1: Market Performance - The Dow Jones index closed up 0.04% at 50,135.87 points, the S&P 500 rose 0.47% to 6,964.82 points, and the Nasdaq increased by 0.90% to 23,238.67 points [3]. - Major technology stocks showed strong performance, with Nvidia rising by 2.5%, Broadcom by 3.3%, and Oracle's stock surging by 9.6% [3][5]. - The market had previously faced a significant sell-off, primarily driven by declines in technology stocks, particularly software stocks, and Bitcoin experienced a sharp drop before slightly recovering [3][4]. Group 2: Investor Sentiment - Following a strong rebound on the previous Friday, the Dow Jones index made history by surpassing 50,000 points for the first time [4]. - CFRA Research's Chief Investment Strategist, Sam Stovall, highlighted investor uncertainty regarding whether the recent momentum would continue or if it was merely a temporary rebound [4]. - Stovall noted that the forward price-to-earnings ratio for technology stocks has shifted from a 17% premium to an 8% discount compared to the average over the past five years, suggesting it may not be time to exit technology stocks completely [5]. Group 3: Individual Stock Movements - Among large-cap technology stocks, Nvidia rose by 2.50%, Microsoft by 3.11%, and Meta by 2.38%, while Apple fell by 1.17% and Amazon by 0.76% [5]. - Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index up 0.12%, Alibaba up 0.30%, and NIO down 2.98% [5].