Group 1 - The core viewpoint of the articles highlights the significant role of AI in transforming consumer behavior during the 2026 Spring Festival, with a shift from bulk purchasing to instant retail facilitated by AI technology [1][3] - Online consumption saw a remarkable increase, with nearly 200 million "one-sentence orders" placed, indicating that one in ten users utilized AI for their purchases [1] - Instant retail orders surged, with over 3,000 tons of eggs and more than 100 million cups of beverages ordered through AI, showcasing the efficiency and convenience brought by AI in the shopping experience [1] Group 2 - There was a notable rise in demand for green, smart, and healthy products during the Spring Festival, with user visits for robot products increasing over fourfold and AI-related product sales doubling [2] - Offline consumption also thrived, with Douyin reporting a 216% increase in group meal package orders and a 66% rise in group buying sales in third-tier cities compared to the previous year [2] - The introduction of AI services like Meituan's local life AI assistant "Wen Xiaotuan" significantly enhanced consumer planning for leisure activities, with millions of users benefiting from its services during the holiday [2]

Group 1 - The article highlights four major signals that are expected to support the market as it opens for the Year of the Horse, including continuous policy support, strong consumer recovery, clear industry trends, and favorable external market conditions [4][6][9] - Policy measures are focused on equipment upgrades, consumer goods exchange programs, and significant support for new infrastructure, digital economy, and renewable energy sectors, which are expected to boost economic recovery [4] - Consumer spending has shown remarkable resilience, with record box office revenues during the Spring Festival, a doubling in travel bookings, and a nearly 500% increase in duty-free shopping in Hainan, alongside over 20% growth in dining and accommodation transactions [4] Group 2 - The article notes that the global market has been performing well, with significant gains in indices such as the Hang Seng Index and the Nikkei 225, which rose over 4%, creating a positive environment for the A-share market [6][7] - Commodity markets have also seen increases, with LME copper up 4%, London silver up 3%, and Brent crude oil rising 2.3%, providing support for cyclical sectors [7] Group 3 - The investment strategy for the Year of the Horse emphasizes a cautious approach, focusing on structural opportunities rather than broad market gains, with a prediction of a stable opening and active sector performance [9][10] - Four main investment themes are identified: the AI industry chain, semiconductors and advanced manufacturing, consumer recovery sectors, and cyclical resources, with AI being the strongest focus due to its recent performance [10][11][12] - The article advises against high-risk strategies, recommending a focus on core stocks within the identified themes and careful monitoring of key indicators such as trading volume and foreign capital inflows [13][14]

Core Insights - Flywire Corporation has appointed Patrick Blanc as Chief Technology Officer to lead its global engineering and technology strategy, enhancing its AI-first engineering approach and scaling to meet client demand [1][2][3] Company Overview - Flywire is a global payments enablement and software company that combines a proprietary global payments network with next-gen payments platform and vertical-specific software to facilitate complex payments for clients [4] - The company supports over 4,900 clients with diverse payment methods in more than 140 currencies across 240 countries and territories [5] Leadership Changes - Patrick Blanc's appointment comes as David King transitions to a new role as Chief Product Officer and Co-President of Global Education, highlighting Flywire's commitment to product innovation and scaling software capabilities [3]

Core Insights - Retail investors have shifted from being perceived as "dumb money" to becoming a significant force in the market, outperforming major index funds like SPY and QQQ in 2025 [2][4] - Retail trading activity reached $5.4 trillion in 2025, marking a 47% increase from the previous year, the highest level since at least 2014 [3] Retail Investor Trends - The rise of mobile trading apps, zero-commission trading, and social media investment communities has facilitated a new era of DIY investing [5] - The COVID-19 pandemic acted as a catalyst for a new generation of investors, particularly younger individuals using platforms like Robinhood, which contributed to the "meme stock" phenomenon [6] - By early 2025, individual investors increased their market participation by approximately 50% compared to 2023, with many moving funds from checking accounts to investment accounts [7] Market Impact - Retail investors have become increasingly influential in the market, with their collective actions capable of moving significant market trends [8] - Notably, retail investors were responsible for buying over $5 billion in stocks during a market dip in April 2025, demonstrating their willingness to capitalize on perceived opportunities [11] Investment Strategies - Retail investors are diversifying their strategies, with options trading accounting for about $650 billion of their trading activity in 2025, reflecting a trend towards higher-risk investments [14] - Many retail investors balance short-term trading with long-term investment strategies, as seen in the case of an analyst who allocated 50% of his portfolio to a popular ETF while engaging in micro-cap stock trading for short-term gains [19] Recent Performance - Retail trading activity reached an all-time high on a rolling monthly basis in early 2025, with significant interest in silver ETFs contributing to record price increases [12] - A recent analysis indicated that retail investors were net buyers of stocks in January 2025, with companies like Microsoft, Netflix, and Tesla being among the most favored [13]

Global Assets: Rebalancing Continues - The current market rebalancing is based on internal and external recovery, with AI trading entering its second phase, leading to a focus on the actual impact of AI on various industries [3][13] - From February 16 to February 20, 2026, global risk assets showed an overall upward trend, but internal performance was mixed, with industrial, financial, and energy sectors gaining favor [3][13] - The focus has shifted from whether AI is a bubble to identifying the real industrial impacts and critical supply-demand issues as AI transitions from a thematic to a macro factor [3][13] Manufacturing Cycle Further Rising - The U.S. GDP data for Q4 2025 showed slower growth primarily due to government spending disruptions, while AI-related investments remained strong [4][25] - Non-AI and residential investment growth is showing signs of bottoming out, indicating a broader recovery in investment activities beyond just AI [4][25] - The February manufacturing PMI data indicated a recovery in global manufacturing, with Europe exceeding expectations and the U.S. maintaining expansion, suggesting a positive trend in manufacturing cycles [4][25][34] Commodities: Transitioning from Financial Overtrading to Industrial Pricing - Recent fluctuations in industrial and precious metals prices are attributed to macro and industrial events, with a return to real supply-demand signals expected [5][44] - Geopolitical risks continue to support industrial metal prices, while demand from tech giants for AI investments remains robust, indicating a potential new support for demand [5][44] - Historical data suggests that current copper and aluminum price ratios are low compared to historical manufacturing PMI levels, indicating potential for price recovery [5][44][45] Focus on Global Physical Assets vs. Chinese Assets - The core of market rebalancing is not about the existence of an AI bubble but rather the macro impacts of AI combined with monetary and major country policy choices [6][56] - The relative smooth path for future U.S. interest rate cuts is expected to support the recovery of the global manufacturing cycle, which may lead to a revaluation of Chinese asset capacity [6][56] - Specific investment recommendations include physical assets like copper, aluminum, and oil, as well as sectors benefiting from capital inflows and consumption recovery in China [6][56]

中信建投证券研报认为，春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后 A股有望开启新一轮上行。行业配置上继续坚持"科技+资源品"双主线。其中科技主线以AI、人形机器 人（核心股）、新能源和创新药为核心，资源品主线以贵金属（核心股）、石油石化、基础化工（核心 股）为核心。重点关注板块包括：半导体、AI（光通信、液冷、电子布、高端铜箔等）、机械、有 色、石油石化、基础化工、电力设备（储能、特高压、光伏、固态电池等）、创新药等。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 ...

Experienced AI and enterprise IT operations leader joins Company to accelerate scalable growth, strengthen security architecture, and advance next-generation cyber software innovation Scottsdale, Ariz., Feb. 23, 2026 (GLOBE NEWSWIRE) -- CISO Global, Inc. (NASDAQ: CISO) (“CISO Global” or the “Company”), a provider of AI-powered cybersecurity software and compliance services, today announced the appointment of Dhaval Damania as Executive Vice President of Cybersecurity & IT. This appointment reinforces its co ...

Investment Rating - The report maintains a "Hold" rating for the communication industry [2] Core Insights - The communication industry is experiencing robust growth across the entire value chain, with a high level of activity in the computing power sector [1][5] - Domestic advancements include the development of 5G-A technologies and the integration of AI applications, indicating a strong focus on enhancing computational resources [1][5] - Internationally, collaborations such as the partnership between STMicroelectronics and AWS highlight the industry's shift towards AI and cloud computing, with significant investments in data center infrastructure [1][5] Summary by Sections Domestic Developments - The report emphasizes the progress in 5G-A technologies and the ongoing research in 6G, focusing on seamless integration between optical and wireless communication systems [1] - The demand for computational resources is increasing, indicating that the computing power industry remains in a high-growth phase [5] International Collaborations - Notable partnerships, such as META's agreement with NVIDIA, showcase the industry's commitment to advancing AI capabilities and enhancing computational efficiency [1] - The construction of data centers in the U.S. by major companies like Facebook and OpenAI reflects ongoing investments in infrastructure to support growing computational needs [1][5]

Core Insights - Based, a Web3 trading and payment application built on Hyperliquid infrastructure, has completed a $11.5 million Series A funding round led by Pantera Capital, with participation from Coinbase Ventures and Wintermute Ventures [1] - The funding round features an equity investment with token warrants, although the valuation remains undisclosed [1] - Based has over 100,000 registered users and 30,000 monthly active users, with a cumulative trading volume of approximately $40 billion and total revenue nearing $14 million [1] - The company plans to expand its AI-driven "agentic commerce" business and enter the North American market [1]

债 券 研 春节期间不可错过的事情 [Table_Authors] 唐元懋(分析师) 国内篇 本报告导读： 经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升带来的扰 动。 投资要点： 风险提示：流动性超预期收紧；经济修复大幅加速；债券供给放量。 | | | | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 孙越(分析师) | | | 021-38031033 | | | sunyue6@gtht.com | | 登记编号 | S0880525080004 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | | | 杜润琛(分析师) | | | 021-38031034 | | | durunchen@gtht.com | | 登记编号 | S0880525110004 | [Table_Report] 相关报告 央行视角下的货币财政协同与存款搬 ...