登录新浪财经APP 搜索【信披】查看更多考评等级 贵金属板块炒作退潮、比特币行情暴跌、美国劳动力市场显露疲态，这些利空因素并非源于股市本身， 但叠加软件企业的估值重估，足以撼动这场由人工智能驱动的牛市根基。尽管上周五的反弹推动标普 500 指数收复本周跌幅，市场整体仍未崩塌，但这种在普跌后的反弹，往往出现在市场长期承压的阶 段。细看美股市场全貌，各类裂痕依然存在，也促使投资者不断加码，对冲后续下行风险。 "当投资者开始恐慌时，全球金融市场中估值最过高的板块往往最先承压，" 豪睿投资研究与量化策略 主管迈克・迪克森表示。 本周早些时候的市场动荡令美股市值蒸发超 1.5 万亿美元，也让投资者开始质疑诸多市场底层假设：美 国经济真的强劲到足以支撑股市再迎一年两位数涨幅吗？人工智能带来的生产率提升愿景，是否反而会 对多个行业造成严重冲击？散户投资者是否在扭曲市场，将避险资产变成高风险标的？ 这种不确定性引发软件股剧烈震荡，而受影响的远不止这一板块。以大型科技股为主的动量股遭遇疫情 以来最惨烈的单日暴跌；贵金属矿业股随黄金、白银、铜价走出网红股式的疯狂震荡；借比特币热潮崛 起的相关企业，在新一轮加密货币震荡中遇冷；即便 ...

NEW YORK (AP) — The U.S. stock market roared back on Friday, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now. The S&P 500 rallied 2% for its best day since May. The Dow Jones Industrial Average soared 1,206 points, or 2.5%, and topped the 50,000 level for the first time, while the Nasdaq composite leaped 2.2%. Chip companies helped drive the widespread rally, and Nvidia jumped 7.8% to trim its loss for the week, which came int ...

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]

Group 1 - The Bitwise Crypto Industry Innovators ETF is flat year to date, despite Bitcoin's 20% decline over the past year, with most losses occurring recently [1][2] - The ETF has almost tripled from its trough to peak last year, indicating potential despite Bitcoin's current weaknesses [2] - The ETF is primarily composed of crypto mining companies pivoting to AI infrastructure, with eight of its top ten holdings focused on this transition [5][7] Group 2 - Iren is the largest position in the ETF, accounting for nearly 15% of total assets, while Applied Digital and Cipher Mining together make up over 12% [7] - Five of the top ten positions have more than doubled in value over the past year, representing about two-thirds of the fund's total assets [8] - The ETF has a high expense ratio of 0.85%, which is considered excessive compared to many index funds with ratios below 0.1% [9][10]

Regulatory Developments - South Korea's Financial Supervisory Service is enhancing its VISTA system with AI to detect price manipulation automatically [1] - Hong Kong plans to issue its first stablecoin licenses in March, with the Monetary Authority expecting to approve only a limited number initially [1] - The Bank of England is exploring the use of stablecoins and tokenized deposits to reduce merchant costs, potentially bypassing traditional card payments [1] Market Sentiment - The current market sentiment is risk-off, driven by macroeconomic concerns and the nomination of a hawkish Federal Reserve chair, leading capital towards safe havens like gold [2] - Bitcoin has notably decoupled from the tech rally, causing investor anxiety as leverage is removed from the system [2] Federal Reserve Nomination - The nomination of Kevin Warsh to lead the Federal Reserve is perceived as a mixed signal, with economists suggesting it may stabilize rather than expand market liquidity [3] Analyst Insights - Bernstein analysts view the current market drawdown as a temporary phase in an "institutional cycle," predicting a reversal by early 2026, which could set the stage for long-term growth [4] - CFTC Chairman Michael Selig's leadership and initiatives, including "Project Crypto," are seen as positive developments that may resolve regulatory uncertainties, benefiting companies like Coinbase Global and Circle [4] - H.C. Wainwright has initiated coverage on Hut 8 with a Buy rating and an $80 price target, highlighting its significant partnership with Anthropic and Fluidstack, which lowers debt costs and strengthens its position in high-performance computing [4] Price Action - As of the latest data, Bitcoin is trading at $79,005.08 and Ether at $2,376.72 [5]

Core Viewpoint - The recent significant decline in cryptocurrency prices, particularly Bitcoin and Ethereum, raises questions about the narrative of Bitcoin as "digital gold" and highlights the increasing risks associated with high leverage and lack of regulation in the crypto market [2][3][4]. Market Performance - Bitcoin's price dropped to a low of $81,000, with a maximum decline of over 7% within 24 hours, while Ethereum fell from $2,970 to $2,670, marking a 10% drop [2][3]. - The total liquidation amount in the past 24 hours exceeded $1.7 billion, affecting over 270,000 traders globally [4]. Influencing Factors - The decline in cryptocurrency prices is attributed to tightening liquidity, increasing regulatory scrutiny, institutional exits, and panic among investors [3][4]. - Geopolitical uncertainties, particularly statements from Iranian officials regarding U.S. actions, have contributed to market volatility [4]. Investment Trends - Major investors are reallocating their portfolios, with Jefferies' Christopher Wood removing Bitcoin from his long-term investment strategy, reallocating half to physical gold and the other half to gold mining stocks [5]. - Bitcoin ETFs have seen significant net outflows, exceeding $2 billion, while traditional stock ETFs are experiencing record inflows [6]. Mining and Network Performance - Bitcoin's network has seen a decline in hash rate, dropping over 15% from its historical peak, leading to many miners facing shutdown conditions due to high operational costs [6]. - The average daily block reward income for Bitcoin miners is projected to reach a historical low of $38,700 per EH/s by December 2025 [6]. Comparison with Gold - The price of gold has reached historical highs, contrasting sharply with Bitcoin's performance, which has retreated approximately 33% from its previous highs [7]. - The divergence in performance between Bitcoin and gold reflects their differing roles as assets, with gold serving as a stable reserve asset and Bitcoin being more speculative and influenced by market sentiment [8].

Market Overview - The global financial markets experienced significant volatility, with gold and silver prices dropping sharply after reaching historical highs, with maximum intraday declines of over 5% and 8% respectively [1][9][10] - The U.S. stock market also faced turbulence, with the Nasdaq index plunging 2.6% at one point before closing down 0.72% [2][11] Cryptocurrency Market - The cryptocurrency market saw a major sell-off, with Bitcoin dropping over 5% to below $85,000, while Ethereum and other altcoins experienced declines exceeding 6% [3][6] - Cryptocurrency-related stocks also suffered, with Strategy stock falling over 9% and Coinbase Global down more than 4% [5] Gold and Silver Market - Gold prices experienced a sharp decline, falling from a peak of $5,600 per ounce to $5,105.83, marking a maximum drop of 5.7% before rebounding [9] - Silver prices also fell from a historical high of $121.67 per ounce to $106.80, with a maximum intraday decline of 8.5% [9] Investor Sentiment - There is a growing skepticism regarding Bitcoin's status as a macro hedge, as it has underperformed compared to gold and silver despite rising geopolitical tensions [6][7] - Recent data indicates that Bitcoin holders have entered a loss realization phase for the first time in 2023, suggesting a decline in investor confidence [6] Corporate Earnings Impact - Microsoft shares plummeted nearly 12% during trading after reporting a slowdown in cloud business growth, impacting the software sector significantly [11][12] - Other tech stocks reacted variably, with Meta seeing a 10.4% increase after announcing substantial capital expenditure plans, while other companies like ServiceNow and SAP faced declines [12][13]

Group 1 - The stock price of RIOT platform company decreased by 5.8% [1] - The stock price of Bit Digital company fell by 2.5% [1] - The stock price of MARA Holdings company dropped by 5.4% [1] Group 2 - Coinbase Global's stock price declined by 4.7% [1] - Bitfarms' stock price decreased by 5.3% [1] - Strategy's stock price fell by 6.4% [1] Group 3 - ProShares Bitcoin Strategy ETF dropped by 4.2% [1] - Grayscale Bitcoin Trust decreased by 4.2% [1]

Core Viewpoint - BitGo, a cryptocurrency infrastructure company, experienced a significant stock performance on its first day of trading, reflecting investor interest in the crypto sector despite a challenging regulatory environment [1][10]. Group 1: Company Overview - BitGo was founded in 2013 by Silicon Valley entrepreneur Belshe, who introduced multi-signature wallets, enhancing security for digital asset transactions [3]. - The company has expanded its services to include custody, prime brokerage, and institutional trading [3]. - BitGo is currently responsible for holding reserves for the stablecoin USD1, launched by World Liberty Financial, associated with former President Trump [4]. Group 2: Financial Performance - BitGo reported profitability, with projected earnings of $156.6 million in 2024 and $35.3 million in the first nine months of 2025 [6][7]. - Revenue for the first six months of 2025 is expected to reach $4.19 billion, a substantial increase from $1.12 billion in the same period the previous year [7]. Group 3: Market Context - The IPO pricing was set at $18, raising $212.8 million by selling approximately 11.8 million shares, leading to a market capitalization of $2.1 billion at closing [1]. - The IPO is seen as a potential indicator of recovery in the cryptocurrency industry, especially following a downturn in crypto prices and investor sentiment [10]. - The regulatory environment remains a critical factor, with delays in key legislative votes impacting market dynamics [10].

Core Viewpoint - Coinbase Global stock experienced significant declines, ranking among the worst performers in the S&P 500, primarily due to self-inflicted issues [1] Company Summary - The decline in Coinbase's stock price is attributed to internal factors rather than external market conditions [1]