"2026 年这一逻辑链或将反复出现：美国经济依赖股市，股市依赖债市，债市则取决于大宗 商品市场（推高通胀）与生产率（压制通胀与单位劳动力成本）之间的角力。" 今年以来市场大事不断，但整体表现却似乎 "原地踏步"。战争预警、政策转向、AI 冲击下的行业洗 牌、多家估值超万亿美元的未上市企业搅动公开市场 —— 事件频发，但投资组合与宏观经济基本面却 大体纹丝不动。 标普 500 指数正陷入前所未有的 "极端静止" 状态。过去两个月，该指数有超过 40% 的交易日在 6900 点附近徘徊，这一水平最早在 2025 年 10 月 28 日就已触及。据 Bespoke Investment Group 统计，截至 2 月中旬，标普 500 的交易区间为 60 年来同期最窄；衡量趋势的布林带（Bollinger Bands） 收窄至 5 年 来最紧，显示市场正处于高度盘整、蓄势待发的状态。 一、宏观经济：熟悉的 "稳态" 美国经济仍在熟悉的轨道上运行：2025 年名义增速约 5%，通胀贡献高于实际产出增长，与 2024 年格 局高度相似。企业为追逐 "超级智能" 展开的资本开支，再次对经济活动形成强力拉动；高收入资产持 ...

The AI Crash Is Just BeginningAI is breaking moats, destroying pricing power, and triggering a historic sell-off. As fear spreads, capital will rotate toward assets that cannot be replicated or disrupted.High-quality REITs own scarce real-world assets, generate durable cash flow, remain deeply undervalued, and could surge in value as capital rotates toward them.At High Yield Landlord, we are positioning ahead of this shift. Join now to access our Top Picks for 2026. Our work has earned 500+ five-star review ...

马年首个交易日将至。 不过，从区间行情来看，蛇年可谓完美收官：上证指数涨25.58%、深证成指涨38.84%、创业板飙涨了 58.73%。AI主线贯穿全年，从年初DeepSeek横空出世，到年中算力大爆发，再到年末AI应用落地，期 间诞生了以"易中天"为代表的年度牛股。 这是一次"新质生产力"从概念到业绩、市场表现的集中兑现，同时也打破了"蛇年必跌"的魔咒，创下了 最近11个农历年中A股的最好表现。 上一次更好的表现正是12年前的马年，期间为2014年1月31日至2015年2月18日，上证指数大涨59.7%、 深证成指涨54.75%、创业板指涨26.63%，当时正处于A股历史上的第八轮牛市，大量资金通过场外配资 加杠杆的方式流入A股市场，上证指数从1974.38点涨至5178.19点，涨幅达到162.27%，牛市时间持续超 过1年。而另外两轮马年则分别跌0.45%、涨37.98%。 2月24日，马年的首个交易日即将开启，节后行情如何，能否"万马奔腾"创新高，是股民们最为关注的 问题。"马到功成、马上生财""万家纳福，黑马满屏"……连日来，不少股民在股吧中写下祝福的话语。 人们戏称A股"属马"，源于上交所在19 ...

新华财经上海2月23日电（林郑宏）港股23日大涨，截至收盘，恒生指数涨2.53%，国企指数涨2.65%， 恒生科技指数涨3.34%。 转自：新华财经 有市场观点认为，港股在长假期间表现良好有望对节后A股市场带来正面提振。新华财经注意到，多家 券商机构也较为看好节后A股表现。 中信证券表示，从短期市场层面来看，A股行业格局以制造和金融为主，在此轮AI冲击下所受影响相对 美股和港股更小，资金流入和人心思涨的格局未发生变化，节后春季行情有望延续。 银河证券分析认为，春节后，在政策预期、流动性加持与产业趋势催化下，市场震荡上行概率较大，同 时需密切关注海外不确定性对于市场情绪的短期扰动。在两会前后，A股市场或将以政策催化为驱动 力，资金围绕政策导向的产业主线与主题机会博弈，呈现"政策热点轮动、风格快速切换"的特征。3月 市场逻辑将从"政策预期"逐步转向"业绩兑现"，上市公司2025年年报与随后的2026年一季报披露将成为 行情锚点，业绩超预期标的或获得市场资金关注。 兴业证券表示，春节假期期间，在全球流动性预期纠偏、地缘局势与关税风波的共振影响下，主要资产 迎来上涨。对于A股而言，节前A股跟随海外资产调整后已释放一定 ...

今天港股大涨，明天2月24日，马年A股即将开跑。从假期各方信息看，没有负面消息，全部正面，大概率是开门红，且有可 能高开高走。高开概率8成，高开高走概率6成，主观判断，仅供参考： 1，过节期间，利好基本符合预期。 2，港股开门红，给了A股正向情绪。 3，黄金原油等大宗商品上涨，资源股情绪正向，节前我们已经提醒。 4，人形机器人在春晚爆火，话题性打满，预计会带动机器人板块整体上涨。 5，AI红包带动互联网巨头股价上涨，港股BAT等股票已经有所表现。 6，美股对AI泡沫的恐慌在消退，这方面美股英伟达股价可以看出（本文在23日美股开盘前）。 | 周 预 测 | | 2月23日-2月27日 | | 轮盘性质 | 中线 | | --- | --- | --- | --- | --- | --- | | 日期 | | | | | | | FE | H | 3980 箱底 | | 箱顺 | 4200 | | カ | 指 | 4000 强支撑 | | 大盘反转 | | | 支 | | | | | | | 撑 | | 4050 第 一 支 | | 第一阻力 | 4150 | | 预 | | 撑 | | | | | 测 | | ...

PresentationPeter DuffyCEO & Director Welcome to the MONY Group full year results. I'm Peter Duffy, CEO; and later, I'll be joined by Niall McBride, our Chief Financial Officer. So I'm pleased to share what is a great set of results. In 2025, we helped U.K. households save an estimated GBP 2.8 billion while delivering record revenue and record adjusted EBITDA. That's despite sector-specific headwinds. We're comfortable with how the group is performing. Our strength has always been in the breadth of our mar ...

Core Viewpoint - The macro risk sentiment has weakened due to Trump's increase of global tariffs from 10% to 15%, leading to a significant drop in Bitcoin (BTC) prices in Asia, which fell below $65,000, triggering approximately $230 million in long liquidations [1] Group 1: Market Impact - BTC's current price is significantly below the average mining cost of approximately $84,000, indicating increased liquidity pressure on mining companies [1] - Bitdeer has liquidated its BTC reserves, and some mining companies are shifting towards AI business ventures [1] Group 2: Market Sentiment - Market selling pressure is more restrained compared to earlier in the year, with options skew not significantly widening [1] - ETF fund flows appear to resemble basis trading liquidation rather than a complete withdrawal, suggesting that positions are being adjusted rather than disappearing entirely [1]

Core Viewpoint - Sun Yuchen, a prominent figure in the cryptocurrency space, has made provocative statements regarding the lifestyle choices of the post-90s generation, advocating for a focus on self-improvement and technological innovation over traditional milestones like home ownership and marriage [1] Group 1 - Sun Yuchen claims that in 2016, he predicted that the post-90s generation would prioritize self-improvement and technology over buying homes, cars, and getting married [1] - He suggests that by 2026, individuals should prefer interacting with AI over humans, advising the younger generation to delete contacts of anyone born before the 90s to avoid "old influences" [1] - Sun Yuchen encourages the use of alternative applications, such as Doubao, instead of traditional platforms like WeChat, promoting a shift towards embracing future technologies [1]

Core Insights - Ant Group's core AI business accelerated during the Spring Festival, with the user count for Alipay's "AI Payment" surpassing 100 million, marking it as the first AI-native payment product globally to achieve over 100 million in both transaction volume and user count [1][2] - The Ant Forest app also exceeded 100 million users, becoming the largest health AI application globally, driven by promotional activities and high download rates during the holiday period [1][2] Group 1 - Ant Group's strategy focuses on specialized fields such as payment and healthcare, differentiating itself from competitors that are pursuing general AI models [2] - The company aims to build a "moat" in the AI era by addressing specific pain points in people's lives, continuing its two-decade legacy of leveraging technology for practical applications [2] - Ant Group's CEO articulated a dual strategy of safeguarding user wealth and health, which is reflected in the recent data showing accelerated implementation of this vision [2] Group 2 - The company's AI health initiatives target the vast healthcare market, enhancing professional service offerings [2] - Ant Group is establishing AI payment systems to support the smart economy, creating a new commercial ecosystem [2] - Recent technological advancements, including the release of the 2.5 version of the Bailing model and open-sourcing various intelligent models, provide foundational support for ongoing application breakthroughs [2]

格隆汇2月23日｜币圈大佬孙宇晨近日称，2016年我提出90后不买房不买车不结婚，把所有时间用于自 我提升与科技创新，2026年我提出，能和AI聊天就不要和人类聊天，删除所有90后之前出生人的联系 方式，千万不要沾染任何老登气息，时间宝贵！全力拥抱未来！ 对此，私募大佬但斌从投资的角度认为，孙宇晨十年观点的演变，恰是时代红利的精准捕捉。早年"三 不主义"，是劝年轻人放弃固化资产，押注自我成长与新兴赛道；如今拥抱AI、切割过往，则是在算力 革命中，主动筛选认知同频者，用极端方式守住认知带宽。投资的本质，从来都是拥抱变化、切割冗 余。他的话虽刺耳，却点破了核心：时代的船票，永远只给主动轻装上阵的人。 ...