本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2026开年以来，A股延续"慢牛"行情，上证指数一度突破4100点，再度刷新十年来的新高，期间贵金属、商业航天、半导体、光伏等均轮番表现 出色。在这样的行情下， 私募业绩迎开门红， 5416只私募产品1月份的收益均值为7.07%，正收益占比为89.01%。 分策略来看，在黄金、白银等贵金属的亮眼表现下，宏观策略、主观CTA、其他衍生品策略业绩居前，1月份平均收益均在10%以上；其次量化 多头、主观多头同样表现不俗，1月份收益均值分别为8.65%、8.57%。 | 二级策略 | 1月收益均值 | 近3年收益均值 | 近5年收益均值 | | --- | --- | --- | --- | | 宏观策略 | 12.81% | 93.21% | 156.02% | | 主观CTA | 12.76% | 111.67% | 148.53% | | 其他衍生品策略 | 11.66% | 133.81% | 240.95% | | 复合策略 | 8.99% | 69.16% | 100.98% | | 曹化务杀 | 8.65% | 90.17% | 132.2 ...

逢低布局港股科技相关ETF：恒生科技指数ETF(513180.SH)、恒生互联网ETF(513330.SH)、港股通科技 ETF基金(159101.SZ)，均在内地交易所上市，且支持T+0日内灵活交易。 其中，恒生互联网ETF(513330.SH)更聚焦港股互联网巨头(阿里巴巴/百度集团/腾讯控股/网易/京东集团 等)；港股通科技ETF基金(159101.SZ)除了覆盖互联网/新能源汽车，还兼顾创新药龙头(百济神州/药明 生物/信达生物等)。 自去年10月以来，恒生科技指数调整时间超80个交易日，回撤幅度已接近20%。该调整时长和调整空 间，均超过历史均值(历史均值：20个交易日，调整幅度-18%) 相比A股科技的优势在于弹性大，港股科技优势则在于韧性强，但AI科技方向整体面临的现状是：短期 受到商业化兑现极度慢的质疑，但长期确定性强。 华夏基金看好港股科技后续反弹空间。板块汇聚国产AI核心资产，涵盖算力、模型、软件应用和硬件 终端等龙头企业，在应用端尤其是互联网与商业场景融合方面具有优势，AI与电商、娱乐、企业服务 的结合有望催生现象级产品。 ...

Market Overview - The market is experiencing a phase of adjustment as it approaches the Spring Festival, following a "17 consecutive days of gains" [1][8] - This short-term pullback does not signify the end of the current slow bull market trend [1][8] - The primary reason for this adjustment is the significant prior increase in multiple sectors, which attracted a concentrated influx of investors [1][8] Trading Volume and Investor Behavior - The daily trading volume of the two markets once approached 4 trillion yuan, with margin financing balances exceeding 2.6 trillion yuan, reaching a historical high [1][8] - The recent market overheating has increased profit-taking pressure, serving as a risk reminder for investors [1][8] - The current adjustment is viewed as an opportunity to position quality stocks or funds rather than a panic-driven sell-off [11] Sector Rotation and Investment Opportunities - The adjustment has led to noticeable corrections in previously high-performing technology stocks, while the overall index has not declined significantly [9] - There is an emerging rotation among sectors, with the brand liquor sector benefiting from the upcoming consumption peak during the Spring Festival [9] - The anticipated rotation sequence may follow "small-cap stocks first, then mid-cap stocks, and finally large-cap stocks," with small-cap stocks primarily referring to technology stocks [9] Future Market Predictions - Investors who did not allocate to technology stocks last year may have experienced weaker returns, but there are expectations for better performance from mid-cap and large-cap stocks in the new year [2][9] - The potential for a more robust rotation among sectors is seen as beneficial for a more stable and lasting market [2][9] - Concerns regarding the U.S. stock market's peak and the potential for a bubble in AI stocks have been raised, with expectations that the U.S. market may enter a phase of adjustment rather than a significant downturn [10] Economic Context - Global debt risks are rising, with total global debt exceeding 300 trillion USD, approximately 2-3 times the global GDP [10] - The market is currently characterized by structural differentiation, with technology innovation sectors showing significant gains while traditional sectors remain relatively subdued [11] - A substantial amount of fixed deposits, approximately 50 trillion yuan, is set to mature in 2026, which may lead to a shift of funds from savings to higher-yielding assets [11]

本报讯（记者廖欣）邕城年味何处寻？盏盏花灯映团圆。2月6日晚，以"壮美广西·灯耀南宁"为主题的2026年青秀山新春灯会正式亮灯迎客。走进南宁青秀 山风景区东区，市民游客仿佛踏入一幅可听、可感、可触摸的邕城新春画卷——灯影摇曳、笑语盈盈，传统年味与科技光影交相辉映，为绿城之夜增添动人 光彩。 2026年青秀山新春灯会正式开幕，夜色中，灯光与自然环境融为一体，将"夜南宁"装扮得美如画。 本报记者 潘浩 摄 除了璀璨灯组，丰富多彩的文艺会演也为今年灯会增添别样魅力。文艺会演将于2月6日至8日、2月17日（大年初一）至3月3日（元宵节）轮番上演，演出地 点覆盖叶子花园、豆梨草坪、丛林乐园、音乐大草坪等区域。今年的文艺会演以"非遗火艺"与"AI科技"为主题，为市民游客带来多元惊喜。从大年初一至初 八，700架无人机将飞上夜空组成"梦幻编队"，勾勒吉祥画卷；智能机器人、机器狗多场地灵动巡游，与市民游客趣味互动，让人们近距离感受科技魅力。 灯影流转映邕城，欢歌笑语贺新春。这场融合传统年味与未来感的新春灯会，承载着人们对新年的美好期许与团圆向往，为市民游客提供了的好去处共度热 闹喜庆、欢乐祥和的新春佳节。 与去年相比，今年青 ...

Core Viewpoint - The Hong Kong stock technology sector is experiencing a pullback, with the Hong Kong Technology ETF (513020) declining over 0.8%, but it has seen net inflows for three consecutive days, indicating potential for positioning during the pullback [1] Group 1: Industry Trends - The dual main lines of industry fundamentals for the next 3-5 years are technology and overseas expansion, which are reshaping the market's profit structure and are expected to drive profits into a new upward cycle by 2026-2027 [1] - The essence of the "new" is the transition of AI technology to downstream applications, moving from infrastructure to supply-demand gaps, with upstream focus on copper, storage, and power equipment, and downstream focus on AI applications and components [1] - The "old" essence involves traditional industries moving away from outdated models, with profits from overseas business stabilizing and growing, extending the trend from downstream manufacturing to midstream and upstream sectors such as engineering machinery, wind power, electrical equipment, chemicals, building materials, and industrial metals [1] Group 2: Index Performance - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which covers core assets in Hong Kong's technology sector, including internet, semiconductors, innovative pharmaceuticals, and new energy vehicles, reflecting the diversified characteristics of the technology industry [1] - From the base date at the end of 2014 to the end of 2025, the Hong Kong Stock Connect Technology Index has achieved a cumulative return of 224.25%, outperforming the Hang Seng Technology Index (83.87%) by over 140%, consistently beating similar indices [2]

A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 东方证券指出，临近春节，活跃资金交投有降温迹象，板块轮动较快，带给短线资金体验并不太好，但 本轮大跌之后的反弹依然力度较大，预示着未来稳市预期更加牢固，而本轮"走向慢牛"的政策引导将会 促使更多的活跃板块不时出现。 东莞证券认为，短期来看，经历了近两个月的快速上涨后，股市热门赛道已经出现剧烈波动，资金获利 了结压力相对较大；中长期来看，年初监管主动出手进行了适度的降温，在市场情绪逐步回归理性后， 随着物价和内需逐步企稳，以流动性，以及 AI 科技宏大叙事所推动的"估值牛"将逐步演绎为以"业绩驱 动"的慢牛行情。 截至2026年2月5日 11:30，中证A500指数(000510)成分股方面涨跌互现，光线传媒领涨8.21%，网宿科技 上涨6.70%，珀莱雅上涨5.37%；捷佳伟创领跌。A500ETF基金(512050)最新报价1.22元。 流动性方面，A500ETF基金盘中换手27.77%，成交111.77亿元，市场交投活跃。拉长时间看，截至2 ...

2月5日消息，小鹏汽车董事长何小鹏发微博表示，小鹏即将迎来第一款旗舰级大六座SUV，命名为：小 鹏GX。 对于小鹏为什么还要造一台大六座SUV，何小鹏表示，当前市场上三排座SUV的不可能三角，舒适、空 间、操控不可兼得，这迫使许多家庭，在每一次出行前，都要做出妥协。 "我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。"他说。 以下为微博原文： 小鹏即将迎来第一款旗舰级大六座SUV，我们把它命名为：小鹏GX。 有人问我：小鹏为什么还要造一台大六座SUV？ 我们调研很多真实用户，他们说，第三排坐久了不舒服；一家人坐满时，行李却塞不下；开起来既笨重 又不好开。这是当前市场上三排座SUV的不可能三角，舒适、空间、操控不可兼得，这迫使许多家庭， 在每一次出行前，都要做出妥协。 我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。 它的研发代号是G01。这个"1"，代表我们从 "第一性原理"出发，用完整的AI思维，重新设计一台全尺 寸家用旗舰SUV。当它即将走向千家万户时，全新名字：小鹏GX。 "X"，代表着对出行美好未知的探索（eXploration），更代表着小鹏骨子里的科技基因（X-tech）—— ...

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 最近的市场跟 "坐过山车"似的：黄金冲到 5500 美元 / 盎司历史高位，转头一天跌 9% 创 40 年最大跌幅；美元指 数上周跌至近 4 年新低，又因"沃什提名"反弹。 不少粉丝朋友在问我们：新美联储主席沃什的提名 + 炒得火热的 AI 科技， 到底会让美元变强，还是给黄金挖个抄底 "坑"？ 今天给大家拆解一下背后的影响逻辑和机会判断。 01 先看大环境：全球旧秩序回不去，美国自己一堆麻烦 现在的全球格局很直白：以前一起搭伙做生意，现在各算各的账。特朗普上台后把 "美国优先"和"极限施压"贯彻到 底，对盟友加关税、逼乌克兰让渡矿产权益，甚至想"买"格陵兰岛，欧盟、加拿大直接反制，这就是逆全球化的真实 样子。 02 再聊 AI 科技：或成美元走强"新引擎"，对黄金有两面性 从外国投行数据看， AI 正成为美国经济的核心增量：高盛预测 2030 年 AI 产业将占美 GDP 的 7% ，摩根士丹利 测算 AI 算力基建（数据中心、芯片产业链等）每年拉动私人投资增长 4% ，非农部门生产效率因 AI 应用提升 1 ...

最近的市场跟"坐过山车"似的：黄金冲到5500美元/盎司历史高位，转头一天跌9%创40年最大跌幅；美元指数上周跌至近4年新 低，又因"沃什提名"反弹。 01 背后更关键的是美元信用在松动。当前全球黄金总价值（38.2万亿美元）快赶上美债规模（38.5万亿美元），这是80年代以来 头一回。以前美元是老大，美债是硬通货，现在黄金能跟它平起平坐，说明大家对美元没那么信了——就像以前都认一家银行 的存单，现在大家开始把钱换成黄金藏着，信号再明确不过了。 02 再聊AI科技：或成美元走强"新引擎"，对黄金有两面性 不少粉丝朋友在问我们：新美联储主席沃什的提名+炒得火热的AI科技，到底会让美元变强，还是给黄金挖个抄底"坑"？今天 给大家拆解一下背后的影响逻辑和机会判断。 先看大环境：全球旧秩序回不去，美国自己一堆麻烦 现在的全球格局很直白：以前一起搭伙做生意，现在各算各的账。特朗普上台后把"美国优先"和"极限施压"贯彻到底，对盟友 加关税、逼乌克兰让渡矿产权益，甚至想"买"格陵兰岛，欧盟、加拿大直接反制，这就是逆全球化的真实样子。 杀敌一千自损八百，美国经济也跟着遭殃。最近生产端通胀（PPI）超预期，企业生产的东西还是贵 ...

Core Viewpoint - The international precious metals market recently experienced significant volatility, with gold futures dropping over 11% and silver futures plummeting by 31.37%, marking the worst single-day performance since March 1980. This decline followed a bullish trend in precious metals, prompting warnings from prominent investors about potential risks [2]. Group 1: Market Analysis - On January 28, a notable private equity figure, Dan Bin, warned of a potential market correction following a surge in prices, referencing historical data where gold and silver experienced drastic declines after reaching peak prices in 1980 and 2011, respectively [2]. - Dan Bin has been heavily invested in U.S. AI technology stocks and has shown little interest in gold stocks, leading to skepticism about his warnings regarding gold. He clarified that his lack of investment in gold does not influence his perspective [3]. Group 2: Performance Metrics - Dan Bin's management of 77 private equity products has yielded an average return of ***% for 2025, with a three-year average return of ***%, placing him at the top among private equity founders in the last three years [4]. - The latest disclosures of Dan Bin's fund, Dongfang Gangwan, revealed a total holding of 10 U.S. stocks valued at approximately $1.316 billion, equivalent to over 9.1 billion RMB, with Google surpassing Nvidia as the largest holding [5][6].