Core Viewpoint - The integration of advanced robotics into cultural tourism in Suzhou is enhancing visitor experiences and promoting technological engagement during the Spring Festival [1][2]. Group 1: Robotics Implementation - The G1 humanoid robot, named "Su Xiao Dao," was officially deployed as a tour guide in Suzhou's historical area, providing route planning, bilingual greetings, and detailed explanations of local customs and history [2]. - The introduction of the robot coincides with the launch of a dog-shaped robot, "Le Xiao Jiang," aimed at engaging children through interactive activities [2]. Group 2: Visitor Engagement and Services - The service station at Guanqian Street offers various amenities, including free drinking water, rest areas, charging stations, and emergency medical kits, enhancing the overall visitor experience [1]. - The station also features intelligent employment assistance devices for job seekers and showcases products from outstanding OPC companies, creating a unique "smart + cultural tourism" experience [1]. Group 3: Cultural and Technological Fusion - The initiative aims to merge traditional cultural elements with modern technology, allowing visitors to experience the vibrancy of the ancient city alongside cutting-edge innovations [2]. - Activities such as robot assembly classes and competitive challenges with the robotic dog are designed to attract visitors of all ages, fostering a deeper connection with technology [2].

Core Viewpoint - The U.S. stock market is currently facing a dilemma characterized by "good fundamentals but poor technicals," with concerns over technology stocks and their capital expenditures in AI [3]. Group 1: Market Performance - After a significant drop last week, the U.S. stock market stabilized on the first trading day post-long weekend, with the S&P 500 closing at 6843.22 points, up 0.10% [2]. - The S&P 500 technology sector has declined by 6% this year, while sectors like energy, materials, and consumer staples have seen gains of 21%, 16%, and 16% respectively [5]. - The S&P 500 index has been unable to break the 7000-point barrier, reflecting ongoing concerns from institutional investors regarding technology stocks [8]. Group 2: Technology Sector Concerns - Major technology companies, including Google, Amazon, and Meta, have committed to spending over $500 billion on AI by 2026, raising investor concerns about the sustainability of such capital expenditures [3][5]. - Amazon's recent earnings report showed a significant drop in free cash flow by 71%, leading to a post-earnings stock drop of over 11% due to fears surrounding its high capital spending plans [6]. - Meta's financing strategy, involving a $27 billion private debt issuance for data center construction, has raised alarms about potential risks if the AI bubble bursts [6][7]. Group 3: Investor Sentiment and Future Outlook - Institutional investors have been selling off technology stocks, while retail investors are buying the dips, indicating a divergence in market sentiment [8]. - Despite the current market volatility, the overall earnings performance of the S&P 500 remains strong, with approximately 75% of companies reporting earnings growth of about 12% year-over-year [8][10]. - Concerns about the sustainability of profits and the impact of AI on traditional industries are leading to a compression in valuations, even as earnings forecasts for the next two years remain positive [9].

（文章来源：21世纪经济报道） 渣打中国财富方案部首席投资策略师王昕杰在接受南方财经全媒体记者采访时表示："在今年，我们仍 然认为A股跟H股的这个权益类的资产，在今年仍然有机会表现得很突出。在今年，锁定几条跟政策主 轴贴近的主线投资，其实是有机会拿到比较好的回报，权益的主轴第一条肯定是AI 跟科技，创新跟科 技为主；那第二条我觉得大家可以关注的主线其实还是以内需为主。整体的资本市场，未来这两条主线 会有比较好的成长的空间。" ...

来源：芝麻AI 一、国际新闻 国际贵金属市场波动显著，现货黄金日内经历震荡，先后突破4870美元/盎司（日内跌0.14%）和4880美 元/盎司（日内涨0.05%），纽约期金则失守4870美元/盎司（日内跌0.75%）、4880美元/盎司（日内跌 0.52%），并一度突破4900美元/盎司（日内跌0.11%）[1][2][3][4][5]。 此前，现货黄金曾失守4850美元/盎司（日内跌2.93%）和4860美元/盎司（日内跌2.71%），纽约期金同 步下探至4860美元/盎司（日内跌3.72%）和4870美元/盎司（日内跌3.50%），受此影响，美股金矿股普 跌，金罗斯黄金、金田公司、盎格鲁黄金阿散蒂等企业股价跌幅超4%[6][7][8][9][10][11]。 能源市场方面，布伦特原油失守67美元/桶（日内跌2.43%），WTI原油失守62美元/桶（日内跌 1.21%），油价下跌与伊朗和美国核谈判取得进展有关，市场风险溢价削弱[12][13][14]。 Meta与英伟达达成多年协议，将采购数百万颗Blackwell、Rubin GPU及Grace、Vera CPU，以扩建AI数 据中心，双方还将共同设计下 ...

每经编辑｜程鹏 陈鹏程 王瀚黎 标题点睛 美股深V反弹！2月18日，美股三大指数均小幅收涨，纳指涨0.14%，标普500指数涨0.1%，道指涨0.07%。大型科技股涨跌不一，苹果涨超3%，英伟达、 亚马逊涨超1%，奈飞小幅上涨；谷歌、特斯拉、微软、英特尔跌超1%，Meta小幅下跌。COMEX黄金期货跌2.33%报4896.10美元/盎司，COMEX白银期 货跌3.93%报73.55美元/盎司。WTI原油期货结算价报62.33美元/桶，跌幅0.89%。布伦特4月原油期货结算价收报67.42美元/桶，跌幅1.79%。 据伊朗方面17日消息，作为"智能管控霍尔木兹海峡演习"的一部分，霍尔木兹海峡部分区域将关闭数小时，以确保航行安全。17日，伊朗伊斯兰革命卫队 海军军演的主要阶段在霍尔木兹海峡展开。 2月17日，千问App宣布春节活动再加码：即日起，所有人用千问一句话下单均可享每天首单必减，最低3.8元，同时还能叠加使用淘宝闪购、飞猪、大麦 等平台的原有优惠。 2026年2月17日，大年初一，《流浪地球》官方微博发布拜年视频，吴京、郭帆、刘德华、沈腾出镜给大家拜年，视频末尾，《流浪地球3》官宣定档2027 年大年初一 ...

Core Insights - The recent release of Anthropic's Claude Cowork and Claude Opus 4.6 has triggered a "repricing mode" across various sectors, leading to significant market volatility [1][4] - Companies that were previously valued highly are now facing skepticism regarding their future cash flows and competitive advantages, resulting in a reassessment of their valuations [5][10] - The market is questioning the sustainability of high margins and economic moats for many firms, particularly in the software and data sectors, as they transition towards more commoditized offerings [5][18] Market Dynamics - The market's reaction to new information often leads to either over-optimism or excessive pessimism, complicating investment decisions [2][3] - Companies like ZoomInfo, Fastly, and Teledoc have seen their valuations decline significantly compared to their peaks in 2020, raising concerns about their long-term viability [3][4] - The shift in market dynamics suggests that previously high-growth companies may need to adapt their business models to remain competitive [5][12] Valuation Considerations - High valuations based on future cash flows are now under scrutiny, as the market reassesses the ability of these companies to maintain their operating margins [5][10] - The transition from high-margin, asset-light models to more asset-heavy structures could negatively impact key financial metrics such as ROIC, ROA, and ROE [10][22] - Historical data indicates that companies undergoing significant asset growth often experience stock price declines, suggesting a need for caution in investment strategies [10][24] Sector Performance - A list of software and data companies has shown significant year-to-date declines, with some experiencing drawdowns of over 30% [21][22] - The performance of these companies contrasts sharply with their perceived economic moats just a few years ago, indicating a shift in investor sentiment [21][22] - The current market environment may favor asset-heavy companies that are less affected by the recent volatility and uncertainty [22][23] Long-term Trends - The article highlights the importance of recognizing that market trends can last longer or shorter than anticipated, emphasizing the need for adaptive investment strategies [24] - Valuation remains a critical factor in long-term investment success, with fewer companies demonstrating consistent quality over time [24][25] - The evolving landscape suggests that investors may need to reassess their portfolios to account for changing market dynamics and emerging opportunities [18][19]

华见早安之声 市场概述 AI担忧仍存，美股日内显著震荡，标普500盘中一度下跌接近1%，尾盘回升，最终收涨0.1%。软件股ETF下挫2.2%。苹果涨超3%。甲骨文跌超3.8%。 美债收益率小幅上行。10年期美债收益率上涨1个基点，2年期上行超3基点、盘中一度跌至2022年7月以来的最低，随后反弹。 美元倒V走势，盘中曾涨近0.5%。英镑一度跳水约1%，英国失业率创五年新高，英国央行降息概率上升。 受亚洲市场春节休市影响，贵金属缺乏买盘支撑。黄金盘中下挫2.2%、失守4900美元关口。COMEX白银期货跌超5.7%，COMEX铜期货跌超2%。伊美就谈 判"指导原则"达成一致，原油一度跌近3%。 要闻 中国 宇树机器人春晚武术表演再炸场，王兴兴：高动态高协同集群控制技术全球首秀。 海外 伊朗外长称就伊美就谈判"指导原则"达成一致，布油一度跌近3%。伊朗谈判新策略曝光：与美联合开发油气田、矿区，采购美飞机，"让美国能 快速获得高额经济回报"！ 特朗普宣布5500亿美元日本投资正式启动，首批聚焦油气、发电、关键矿产。 Anthropic又"踢馆"！Sonnet 4.6操作电脑接近人类，性能堪比旗舰模型、定价仅1/5。 ...

Market Overview - Concerns about AI persist, leading to significant fluctuations in the US stock market, with the S&P 500 dropping nearly 1% intraday before closing up 0.1% [2] - The software stock ETF fell by 2.2%, while Apple rose over 3% and Oracle dropped more than 3.8% [2] - US Treasury yields saw a slight increase, with the 10-year yield rising by 1 basis point and the 2-year yield up over 3 basis points [2] - The dollar exhibited a "V" shaped movement, rising nearly 0.5% intraday, while the British pound dropped about 1% due to a five-year high unemployment rate in the UK [2] - Gold prices fell 2.2%, dropping below $4900 per ounce, and COMEX silver futures declined over 5.7% [2] Key News - Apple is accelerating the development of three new wearable devices: AI glasses, a pendant, and a camera version of AirPods, with plans to integrate them with Siri [5] - Meta is increasing its investment in Nvidia, planning to deploy millions of chips over the coming years and will use Nvidia's Grace CPU for the first time [15] - Berkshire Hathaway has reduced its holdings in Apple and Bank of America while initiating a position in The New York Times [15] - Hillhouse Capital has increased its positions in Pinduoduo and Alibaba while reducing holdings in Baidu and Webull, indicating a more concentrated portfolio [16] International Developments - Iran's foreign minister announced an agreement on "guiding principles" for negotiations with the US, leading to a nearly 3% drop in Brent crude oil prices [13] - Former President Trump announced a $550 billion investment in Japan, focusing on oil, power generation, and critical minerals [13] - Anthropic has released the Sonnet 4.6 model, which operates computers nearly as well as flagship models but is priced at only one-fifth of the cost [14] - BHP reported a nearly 30% increase in profits, with copper business surpassing iron ore as the largest profit source for the first time [21]

Market Performance - US stock indices experienced slight gains, with the Nasdaq up 0.14%, S&P 500 up 0.1%, and Dow Jones up 0.07% [4] - Major tech stocks showed mixed results, with Apple rising over 3%, Nvidia and Amazon up over 1%, while Google, Tesla, Microsoft, and Intel fell over 1% [4] - Chinese concept stocks had mixed performance, with the Nasdaq China Golden Dragon Index down 0.10% [4] Commodity Prices - International crude oil futures settled lower, with WTI crude oil at $62.33 per barrel, down 0.89%, and Brent crude at $67.42 per barrel, down 1.79% [5] - Precious metals futures also saw declines, with COMEX gold down 2.33% at $4896.10 per ounce and COMEX silver down 3.93% at $73.55 per ounce [6] Travel and Entertainment - Ticket prices for popular travel routes saw significant reductions, with prices for flights from Beijing to Haikou dropping from 1999 yuan to around 700 yuan on the first day of the Lunar New Year [8] - The total box office for the 2026 Spring Festival exceeded 1.5 billion yuan, with top films including "Fast Life 3," "Silent Awakening," and "Bears Have Year" [8] Payment Transactions - On the eve of the Lunar New Year, UnionPay and Netlink processed 4.931 billion payment transactions, marking a 21.64% increase compared to the previous year [9] Company Developments - Unitree Technology showcased its Unitree G1 robot, featuring advanced technologies such as a dexterous hand and a 128-line 3D lidar [12] - Douyin Group's Vice President criticized the narrative that ByteDance is the biggest short seller of Hengke as malicious and unfounded [13] - Doubao app topped the Apple App Store's free app chart in China, surpassing Alibaba's Qianwen and Ant Financial's Afu [14] - Wang Sicong expanded into the restaurant industry with a new company focused on restaurant management and delivery services [15][16] - Qianwen app launched a promotional campaign offering discounts on first orders, aiming to boost user engagement and market share [18] - Kimi, an AI unicorn, completed a new funding round, raising over $700 million and achieving a valuation exceeding $10 billion [19][20] - Apple announced an upgrade to Apple Podcasts, introducing video podcast functionality to enhance user experience [21]

Financial Data and Key Metrics Changes - For the full year 2025, same-store enterprise net revenues increased by $266 million or 2% year-over-year [5] - Fourth quarter consolidated net revenues reached $2.9 billion, up 4% year-over-year, with adjusted EBITDA of $901 million, up 2% year-over-year [6] - Digital segment achieved an all-time quarterly EBITDA record of $85 million in Q4 despite poor volume in October [6] Business Line Data and Key Metrics Changes - Las Vegas segment reported same-store adjusted EBITDA of $447 million, down from $477 million last year, with occupancy at 92% compared to 96.5% last year [7] - Regional revenues increased by 4% year-over-year, driven by strong performance in Danville and New Orleans, although regional EBITDA declined slightly due to poor winter weather [7][10] - Digital segment net revenue for Q4 was $419 million, with adjusted EBITDA of $85 million, and full-year net revenues reached $1.4 billion, up 21% year-over-year [12][13] Market Data and Key Metrics Changes - Las Vegas occupancy improved sequentially, with a strong event calendar contributing to performance, including a record F1 event and a strong New Year's Eve [8] - Regional segment expected to benefit from a strong group mix in Reno and the transition of Windsor from a managed to an owned property [10] - Digital segment saw a 19% increase in total monthly unique players, reaching 585,000 [13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets to enhance customer experiences, with several upcoming CapEx projects in Las Vegas [9] - The strategy includes refining marketing approaches to deliver strong returns on investments, particularly in the regional segment [10] - The company aims to maintain a strong digital growth trajectory, targeting 20% top-line growth with 50% flow-through to EBITDA [21] Management's Comments on Operating Environment and Future Outlook - Management noted that leisure travel remains soft but is stabilizing, with expectations for group business to offset leisure softness in the near term [17] - The company anticipates continued improvement in Las Vegas driven by stabilizing leisure trends and a strong group and convention calendar [19] - Management expressed optimism about the potential for tax refunds to act as a tailwind for consumer discretionary spending in 2026 [58] Other Important Information - The company is reducing debt while executing opportunistic share repurchases, expecting to generate significant free cash flow in 2026 [16][25] - Management indicated that fixed marketing expenses will significantly decrease in 2026 and 2027, which should positively impact EBITDA [21] Q&A Session Summary Question: Insights on Las Vegas leisure customer trends - Management indicated that the leisure customer remains soft but is expected to recover as group business improves, with no crisis in Las Vegas [28][30] Question: Expectations on iGaming legalization in Maine and Virginia - Management expressed optimism about Maine's potential launch and noted positive developments in Virginia's legislative process [32][34] Question: Thoughts on capital investments in Las Vegas - Management highlighted ongoing renovations and improvements, expecting these to enhance performance during peak events [39][41] Question: Balancing debt reduction and buybacks with free cash flow - Management plans to balance debt reduction and share repurchases based on cash flow generation, with more activity expected in the second quarter [52] Question: Drivers of other revenue line item growth - Management will provide further details on the drivers of the other revenue line item in a follow-up [53] Question: Impact of tax refunds on consumer spending - Management believes tax refunds will provide a tailwind for consumer discretionary spending in 2026 [58] Question: Digital business valuation and potential spin-off - Management indicated that current market conditions do not favor a separation transaction, focusing instead on scaling the business [89]