不惧急跌！ 这个跌幅，反而可以放心了。去年那种阴跌，包括像1月份那种天天涨起来被汇金砸下去才烦躁，大跌反而如释重负了。 今日，三大指数回调明显，大盘指数总算等到像样的急跌了。市场，本来就是反复震荡的过程，大家必须接受急跌，急涨，盘整等等，一轮牛市带走大部利 润很不容易…… 今日跌幅多的依旧是之前涨多的筹码，有色化工、半导体等等，CPO是高开低走了，这个可能还会补跌，白酒银行没跌，证券冲高回落了，地产回调也明 显，不过刚好是消化业绩利空了。 大概率还会继续惯性回踩，不过向下的空间有限了，这次的急跌很干脆，临近收盘都没有护盘的小动作，白酒银行也没有明显的拉升。 如果，市场想指数重拾走势只需要拉升证券就行了，目前没有什么值得担忧的事情。大盘指数需要一次急跌释放风险，让大家冷静，同时也给市场降温，慢 牛不需要这么高的成交量驱动行情上涨。 离春节还有9个交易日，本周的后半段适合拉升，前半段的下跌是为了奠定后面的上涨。关键时刻，还得证券拉升，白酒银行是防御的属性，只有证券配合 科技拉升，市场才容易继续向上。 今日，所有科技都在跌，不仅仅是半导体，还有恒科也跌得莫名其妙了，一切都没有问题，关键是自己的策略了。当下的位置只需 ...

Market Performance - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points, and the China Enterprises Index decreasing by 2.54% to 9,080.19 points [2]. Sector Analysis - The recent market adjustment is attributed to a technical pullback following a rapid rise in indices, compounded by hawkish comments from Fed Chair nominee Waller, which stirred market sentiment. This is not seen as a trend reversal signal [5]. - Key focus remains on the sustainability of volatility, with three main supportive drivers for the first quarter identified: improved liquidity environment, resonance of domestic and foreign capital, and upward revisions in corporate earnings expectations due to economic recovery [6][7]. Investment Strategy - Analysts suggest adopting a mid-term perspective, emphasizing opportunities in small and mid-cap sectors with clear catalysts, such as education, AI applications, and specialty consumption [8]. Sector-Specific Movements - Gold and related stocks saw significant declines, with Shandong Gold dropping by 12.56% and Chifeng Jilong Gold falling by 12.18%, influenced by a broader downturn in commodity prices [10][12]. - The cement and building materials sector also faced losses, with Western Cement declining by 15.47% and China National Building Material falling by 10.14%. The latter is projected to report a loss of approximately RMB 2.3 billion to RMB 4 billion for the year ending December 31, 2025 [13]. - Semiconductor stocks were affected by industry demand fluctuations, with Huahong Semiconductor down by 11.24% and Zhaoyi Innovation down by 9.25%. Reports indicate tightening order reviews by major manufacturers in response to market volatility [15]. Resilient Sectors - Some gaming stocks performed well, with Yabo Technology Holdings increasing by 8.79% and Sands China rising by 4.05%. Yabo announced a technical service agreement with the Hong Kong Gold Exchange [17]. - The liquor sector also showed resilience, with Yiyuan Liquor rising by 8.33% and Qingdao Beer increasing by 1.46%. Analysts expect the liquor industry to hit bottom by 2026, with a potential investment opportunity arising around the Chinese New Year [19]. Notable Stock Movements - Cloud Wisdom saw a rise of 5.49%, with expectations of significant revenue growth from its large model-related business, projected to reach approximately RMB 600 million to RMB 620 million in 2025, marking a year-on-year increase of about 1057% to 1095% [20]. - Kangzheng Pharmaceutical increased by 7.77% following the approval of clinical trials for its complement factor B inhibitor, indicating potential for new product launches [21].

Core Viewpoint - The article discusses the evolving landscape of AI applications in both domestic and international markets, highlighting the competitive strategies of major tech companies and the implications for investment opportunities in the AI sector [2][4][10]. Group 1: Domestic AI Market Developments - Major Chinese tech companies like Alibaba, Tencent, and Baidu are intensifying their AI product promotions around the Spring Festival, reminiscent of early mobile internet strategies that focused on user education through subsidies and traffic allocation [2][6]. - The competition has shifted from individual application features to securing a dominant position in the AI ecosystem, with companies aiming to embed AI capabilities across multiple high-frequency life scenarios [6][10]. - The focus is now on whether AI can generate sustainable user engagement and monetization, moving from "whether AI exists" to "how AI can be monetized" [6][10]. Group 2: International AI Market Trends - Companies like Anthropic are transitioning AI from a "dialogue tool" to a "personal assistant," with products designed for long-term collaboration and efficiency in tasks like writing and analysis [3][4]. - The global AI landscape is witnessing a shift towards embedding AI capabilities into real business scenarios, with a focus on retaining users through seamless integration rather than standalone products [10][11]. - OpenAI's ChatGPT has successfully educated a large user base, with projections of 850 million weekly active users and millions of paid subscribers by the end of 2025, indicating a strong market presence [6][10]. Group 3: Challenges and Opportunities - The introduction of AI agents is reshaping traditional B2B software models, as these agents can automate processes that previously required multiple human interactions, posing challenges to existing revenue models [8][10]. - Companies that can effectively integrate AI into their workflows and understand industry processes will likely thrive, while those that merely offer AI capabilities without deeper integration may struggle [8][12]. - The capital market's focus is shifting from whether AI will change the world to how these changes will translate into sustainable cash flows, emphasizing the need for clear business models and user retention strategies [12].

瑞财经 吴文婷继腾讯元宝、百度文心助手之后，阿里正式入局春节AI大战。 2月2日，千问APP官方发文宣布开启春节红包活动，花30亿请大家吃喝玩乐。 根据官方公布的信息，千问红包采取了免单政策，涉及到淘宝、闪购、飞猪、大麦、高德、盒马等阿里 几大核心业务。 值得一提的是，此次千问30亿春节请客计划，在阿里历史上的春节活动中投入最大，在今年春节大厂 AI大战中投入金额也最高。 此前1月26日，在腾讯年会上，腾讯董事会主席马化腾提及AI应用元宝即将展开的春节分10亿元现金活 动，表示希望重现当年微信红包的盛况。 他还提到，元宝要做社交类产品元宝派，并称这本来是绝密的项目。 1月25日，腾讯元宝发布《关于春节分10亿现金的通知》。通知显示，为回馈广大用户，元宝将在2月1 日开启新春活动，分10亿元现金红包，单个红包金额可达万元。 实际上，腾讯元宝之后，百度文心助手宣布，将在春节期间投入5亿元现金红包；字节跳动旗下的火山 引擎和豆包，也希望借助首次上春晚的机会施展一番拳脚。 业内人士指出，大厂红包大战背后，是对生态入口的流量争夺。从10年前的支付工具，到后来的短视频 平台，再到如今的AI应用，一场用现金换习惯的"卡位战 ...

影视ETF（516620）跟踪的是中证影视指数（930781），该指数从沪深市场中选取涉及视频、直播、游 戏、电影等符合新技术和新消费趋势的上市公司证券，侧重于影视内容制作及传播领域。行业配置上， 以通信服务为主，辅以可选消费与信息技术等行业，以反映中国影视相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 国信证券指出，GEO加速AI应用破圈及商业化落地，重构流量及内容服务生态，AI应用催化板块表 现。重点看好AI营销板块，同时26年多模态应用有望加速走向成熟，重点看好AI漫剧方向。AI应用有 望提升板块整体估值水平，可把握业绩与估值兼备的方向布局机会。 ...

此外，春节期间AI相关催化还有：火山引擎正式成为2026年央视春晚独家AI云合作伙伴；DeepSeek即 将发布新模型。 2月2日，阿里旗下AI应用"千问"宣布投入30亿元启动"春节请客计划"，以免单形式请全国人民在春节期 间吃喝玩乐。就在一周前，百度、腾讯先后宣布旗下AI应用"文心助手""元宝"将在春节期间发放5亿 元、10亿元现金红包。2月1日，腾讯"元宝"已率先开启红包活动，凭借社交优势，很快超越字节旗 下"豆包"，成为苹果应用国内免费下载排行榜第一。 互联网巨头开始从大模型和算力上游布局，走向C端用户、流量和商业化争夺，AI应用竞争白热化。参 照历史，春节庆祝与促销活动能有效帮助互联网公司为其消费级应用吸引大量关注，多家机构看好中国 AI应用的国民时刻即将到来。中信证券表示：节假日高频流量叠加运营侧强刺激，将持续验证AI应用 的留存、活跃与商业化潜力，市场关注度有望阶段性提升。 恒生互联网ETF（513330.SH）及其联接C（013172.OF），该产品对百度、阿里、腾讯三家互联网巨头 的合计持仓占比为港股市场最高，约达36%。 投资工具方面，逢低关注相关ETF，间接布局阿里巴巴、腾讯、百度三大AI ...

各位朋友中午好，我是帮主。上午收盘，估计很多朋友心里都咯噔一下：三大指数齐刷刷跌超1%，整 个盘面绿油油一片。但如果你仔细看，会发现这场下跌"戏份"分配得非常不匀——跌幅榜上，清一色是 前几天还风光无限的有色、黄金、化工等资源股，多只股票直接被按在跌停板上；而另一边，电网设 备、影视这些板块却逆势走强，涨停个股不少。这市场，一边是海水，一边是火焰，到底发生了什么？ 咱们用中长线的视角，来盘盘这盘面背后的门道。 第一，对于大跌的资源板块，务必保持冷静，切勿盲目抄底。 尤其要记住我们之前总结的教训：趋势 死于加速。第一次强分歧后的反弹或许可以博弈，但像今天这样群体性、崩溃式的第二次大跌，往往意 味着逻辑短期证伪，需要更长时间消化。保护本金，不接飞刀，是第一条纪律。 第二，将注意力从"跌幅榜"转向"抗跌榜"和"活跃榜"。 下午重点观察两个方向：一是像电网设备这 样，有强劲产业逻辑支撑、上午逆势走强的板块，其强度能否持续；二是关注是否有新的、低位板块能 承接流出的资金。这能帮助我们判断市场调整的性质和下一步可能的方向。 第三，利用市场波动，审视和优化自己的持仓结构。 问自己一个问题：我持有的公司，其上涨是依赖 于大宗 ...

责任编辑：小浪快报 02月02日消息，截止13:05，AI应用（广告营销）板块强势，浙文互联涨停，天地在线、利欧股份、引 力传媒、新 华 都、值得买等个股涨幅居前。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Market Overview - The current market is in a phase of upward trend with periodic fluctuations, emphasizing a balanced allocation between technology and value sectors, focusing on structural aspects rather than short-term index movements [1] - The market is expected to stabilize and rise before the Spring Festival, driven by fundamental and liquidity factors, with significant political and economic catalysts anticipated [1] Investment Strategy - Focus on sectors benefiting from the Spring Festival effect and macroeconomic catalysts in February, particularly in technology and value assets [1][3] - Maintain value assets as a core holding while increasing exposure to cyclical industry leaders showing improved sentiment [3] Sector Highlights - AI applications are gaining traction, with major tech companies competing for market share during the Spring Festival, including initiatives from Tencent, Baidu, and Alibaba [2] - High-performing technology manufacturing sectors include AI hardware, energy storage, and pharmaceuticals [2] - Future industries of interest include defense, domestic computing power, and controlled nuclear fusion [2] Liquidity and Market Data - The dollar index experienced significant fluctuations, impacting market expectations regarding the Federal Reserve's policies [5] - A notable outflow of approximately 370 billion yuan from broad-based ETFs, while sector-specific ETFs saw inflows, particularly in metals and semiconductors [5] - In the Hong Kong market, short-selling activity has returned to historical averages, with net inflows from southbound funds decreasing [6] ETF Holdings Summary - Significant reductions in holdings of major ETFs, with the CSI 300 seeing a decrease of 5,644 million yuan, leaving a remaining share of 42% [7] - Other ETFs also experienced notable reductions, indicating a shift in investment strategies among institutional investors [7]

今天上午，A股调整，从盘面看，三大板块下跌，对市场影响较大。 首先，受大宗商品市场巨震的传导，有色金属、油气开采、化工、大豆、玉米等板块上午大跌，紫金矿业、洛阳钼业、"三桶油"等龙头股下跌。 其次，受相关业务的增值税税率调整，三大运营商上午集体下跌。 最后，科技股上午调整，存储芯片板块大跌。有机构调研显示，上周DRAM现货价数月来首跌。对此，业内人士表示，存储整体景气度仍在上行，DRAM 价格数月来首次下跌，主要归因于现货价格与期货价格巨大的价差。目前高价现货市场基本处于有价无市，市场的合约价格仍处于持续上涨趋势中。也有 分析称，可能是市场上的囤货，临近春节，出现部分抛售。 市场仍有明显的做多抓手，以电网设备板块为代表的电力基建产业链、以白酒板块为代表的大消费、AI应用等板块表现活跃。白酒板块中，"茅五泸"齐 涨。 截至上午收盘，上证指数下跌1.32%，深证成指下跌1.41%，创业板指下跌1.18%。 | 进儿三次纪 @ 300265 | 15.00 | 14.94% | 7016 | | --- | --- | --- | --- | | 新特电气 | 21.48 | 14.07% | 47.0亿 | | ...