据公开平台数据统计，除夕夜至大年初七，全市场超100场券商路演密集排期。其中，2月16日至18日（除夕至初二）已有超20场在线路演，2月19 日至23日万得3C会议显示超80场路演陆续上线。卖方分析师假期持续开展电话会议，聚焦AI、港股等领域，为投资者提供不间断研究服务。 【环球网财经综合报道】近日，西部证券"春节八天不打烊，研究相伴不停歇"的线上直播安排在社交平台引发关注。据悉，西部证券研究所于2月 16日至23日（除夕至初七）开展连续八天线上服务，期间共计安排15场电话会议，除夕当晚9点，该研究所副所长、科技首席郑宏达围绕AI产业 开讲，成为假期热门场次。 这场假期路演热潮背后，是公募降费背景下卖方研究行业的竞争加剧。Wind数据显示，2025年上半年券商分仓佣金总额44.72亿元，同比下滑 33.98%。其中，西部证券分仓佣金收入同比下滑超20%，开源证券下滑超40%，方正证券、华安证券、中邮证券、德邦证券、国投证券等下滑幅 度超50%。佣金收入收缩，推动中小券商以更高频次路演与更及时服务争夺市场份额。 对于行业未来发展，中金公司分析称，大型综合券商将保持研究业务战略性投入；以公募分仓佣金为重要盈利来源 ...

Group 1 - The U.S. stock market experienced significant volatility and structural differentiation during the Year of the Snake, with major indices showing mid-tier performance globally, while the internal dynamics highlighted a clear "tech-traditional" dichotomy [1] - Major memory chip companies such as Western Digital, Micron Technology, and Seagate Technology saw dramatic stock price increases of 495%, 368%, and 333% respectively, marking them as the biggest winners [1] - Gold mining stocks like Gold Rush, Newmont, and Barrick Gold also surged over 226%, correlating with the significant rises in COMEX silver (150.21%) and gold (82.97%) prices [1] Group 2 - Following the unexpected global tariff policy introduced by the Trump administration, the S&P 500 experienced a two-day drop of 10.53%, resulting in a market capitalization loss of $6.6 trillion, while the Nasdaq and Russell 2000 entered a technical bear market [2] - The market rebounded dramatically, with the Nasdaq soaring 12% in a single day and the S&P rising nearly 10%, driven by AI giants like Nvidia, which saw its market cap exceed $4 trillion and $5 trillion, surpassing the combined market cap of the UK and French stock markets [2] - Traditional stocks represented by companies like Goldman Sachs and Caterpillar began to rise, indicating a shift in capital towards cyclical sectors amidst increasing caution regarding tech monopolies [2] Group 3 - Looking ahead to 2026, there is a notable divergence in outlook among major investment banks: Morgan Stanley is optimistic, predicting the S&P 500 will rise to 7800 points, favoring small-cap, cyclical, and financial sectors due to expected profit growth and AI efficiency [3] - Morgan Chase suggests a "structural bull market" with a target of 7500 points for the S&P, while Goldman Sachs warns of economic slowdown risks in the second half of the year, indicating limited rotation potential [3] - The Year of the Snake showcased a dramatic narrative in the capital markets, transitioning from tariff-induced declines to AI-driven exuberance, raising questions about the sustainability of growth in AI and the potential for traditional industries to overcome concentration challenges [3]

扬帆出海 作者丨子墨 时间到了2026年，中国企业出海早已不是简单地"把货卖出去"，而是整个经营重心向全球化转移。在这一热潮中，港交所的角色非常关 键。 近些年，很多互联网出海企业、跨境电商公司扎堆去港股上市，逻辑其实很务实。一方面，香港市场背后是国际资金，这些投资者看海 外业务的目光和全球市场更为同频，也让这些公司的估值更合理。另一方面，在香港挂牌意味着公司需要采用国际通行的财务与监管披 露体系，这对企业在海外拿牌照、做本土化推广是十分有力的背书。可以说，去香港上市不仅仅是为了去二级市场筹钱，更多的是企业 在为长期的全球化战略做基础的架构。 基于此，我们梳理了2026年以来在港交所上市/递表的出海企业，并从财务情况、海外核心业务、市场布局及商业模式等维度进行了深度 拆解与分析，探索这批全球化新势力的底层增长逻辑。与此同时，我们对2026年资本市场将如何重塑出海企业价值进行了趋势展望，旨 在为后续入局者提供具有价值的参考。 智谱 智谱于2026年1月8日在港交所主板正式挂牌上市。根据其招股书披露的财务数据显示，公司在往绩记录期内实现了收入的跨越式增长。 2024年总收入达3.12亿元，较2023年的1.24亿 ...

美银Michael Hartnett团队认为，特朗普"可负担性"政治推动资金从"华尔街精英阶层"转向"主街普通民众"：小盘价值股崛起，科技巨头承压；AI叙事 从"惊叹"转向"致贫"，相关债务激增；日元与日股相关性转正预示长期牛市，但需警惕日元急升引发全球去杠杆。新兴市场和小盘股有望领跑新时代。 追风交易台消息，2月12日， 美银证券Michael Hartnett的研究团队发表研报指出，钱正在离开过去几年的明星资产。 年初至今，黄金涨了13.4%，石油涨了9.5%，国际股票涨了8.7%。美股跌了0.2%，比特币暴跌25%。 （韩国股票4周资金流入创纪录） 这背后的核心因素在于"可负担性"政治。特朗普政府正激进转向讨好"主街"（普通民众）而非"华尔街"（精英阶层）的政策。美银强调这意味着三大关键 变化： 第一，美国大盘成长股向小盘价值股的历史性轮动已经开启； 第二，AI叙事正从"AI惊叹"转向"AI致贫"，科技股面临压力； 第三，日元与日股的相关性自2005年以来首次转正，这是结构性牛市的特征。但需警惕日元升值过快（跌破145）引发全球去杠杆。 "可负担性"政治下，"主街"资产崛起 当前市场的总开关是政治对"可 ...

Core Insights - The Milan-Cortina Winter Olympics is showcasing a strong presence of global brands, particularly Chinese sponsors, marking a significant moment in sports marketing [1][7]. Group 1: Sponsorship and Advertising - Major sponsors like TCL, Alibaba, and Coca-Cola are leveraging the Olympics for extensive advertising, with TCL securing the largest outdoor billboard in Milan [1][2]. - The city has transformed into a winter Olympics-themed venue, with advertisements from various sponsors visible in public spaces, including bus stops and tram bodies [2]. - The current Winter Olympics features 12 TOP sponsors, including three from China, highlighting the increasing influence of Chinese brands in global sports [3][7]. Group 2: Services and Products Provided by Sponsors - TOP sponsors are not only providing financial support but also services, such as TCL setting up a lounge in the Olympic Village equipped with their products [4]. - Other sponsors like Alibaba and Procter & Gamble are also providing unique experiences and products for athletes, enhancing the overall Olympic experience [4]. - The use of advanced technology, such as AI and cloud services, is evident in the broadcasting and event management, with Alibaba's AI assistant deployed for operational support [9]. Group 3: Economic Impact and Market Dynamics - The TOP sponsorship program is a significant revenue source for the International Olympic Committee, with companies paying over $300 million per cycle [6]. - The financial contributions from TOP sponsors are crucial for the organization and development of Olympic events globally [5]. - TCL's market share in Italy has grown by approximately 50%, indicating the effectiveness of sports marketing in enhancing brand recognition [10]. Group 4: Changes in Sponsorship Landscape - The upcoming Paris Olympics will see a shift in the sponsorship landscape, with several long-standing sponsors exiting the TOP program, creating opportunities for new entrants [8]. - The departure of traditional sponsors reflects a broader trend of industry transformation, with a focus on new technologies and market dynamics [8]. - The increasing presence of Chinese brands in the TOP sponsorship ranks signifies a shift in global commercial power within the Olympic framework [7].

Market Overview - The A-share market exhibited a structural upward trend last week, with the Shanghai Composite Index closing at 4082.07 points, remaining stable throughout the week [1] - The growth sector performed strongly, highlighted by a 3.37% increase in the STAR 50 Index, indicating robust momentum in technology and innovation themes [1] - In contrast, the value sector showed relative weakness, with the Shanghai 50 and CSI Dividend Index experiencing slight declines [1] - Internationally, the U.S. stock indices collectively fell, with the S&P 500 down 1.39%, while European markets saw moderate gains [2] - Asian markets performed strongly, with the Korean Composite Index soaring 8.21% and the Nikkei 225 rising 4.96% [2] Sector Performance - The Information Technology sector rose by 3.62%, and the Communication Services sector increased by 2.43%, showcasing strong performance [1][9] - Conversely, the Consumer Staples sector declined by 2.45%, and the Financial sector fell by 1.41%, marking the weakest performances [1][9] - The rise of AI technologies has propelled the TMT (Technology, Media, and Telecommunications) sector, leading to accelerated sector rotation during the earnings forecast period [1][9] Fund Issuance and Performance - A total of 64 funds were launched last week, including 24 equity funds, 19 mixed funds, 8 bond funds, 2 QDII funds, and 11 FOF funds, with a total fundraising amount of 58.33 billion [1][17] - The overall performance of funds was positive, with the Wind All Fund Index rising by 0.79%, and the ordinary equity fund index increasing by 1.40% [5] - The equity funds significantly outperformed bond funds, with the equity mixed fund index rising by 1.52% [5] Bond Market Overview - The bond market sentiment was warm, with the convertible bond index leading gains, and both 10-year and 30-year government bond futures slightly rising [13] - Domestic long-term interest rates remain at historically low levels, indicating a stable bond market environment [13]

Core Insights - The Melania Trump-themed meme coin and the Trump memecoin have experienced significant declines of 36.11% and 41.55% respectively over the past month, with the World Liberty Financial also losing 43.82% of its value [1] - The downturn in the cryptocurrency market is attributed to macroeconomic factors, including the nomination of Kevin Warsh as Fed chair, disappointing earnings from major tech companies, and a correction in precious metals [2] - Bitcoin has fallen nearly 50% from its peak in October, with a sell-off in early February leading to over $2.7 billion in liquidations, marking its sharpest decline since 2022 [3] Cryptocurrency Market Trends - The popularity of speculative meme coins is seen as a contributing factor to the struggles of Bitcoin and the broader crypto market [7] - Celebrity-backed cryptocurrencies, such as those associated with Eric Adams and Haliey Welch, have also led to investor losses, highlighting the risks associated with investing in such tokens [4][6] - Other popular meme coins like Dogecoin and Shiba Inu are also experiencing significant volatility, indicating a broader trend of instability in the digital asset market [8] Regulatory and Market Sentiment - Criticism has been directed at the Trump administration's approach to cryptocurrency regulation, which some believe has made the market less appealing to everyday investors [3][6] - There are mixed views on Trump's crypto agenda, with some predicting Bitcoin could bottom between $58,000 and $63,000, while others argue that his policies could benefit the crypto industry [9][11]

Core Viewpoint - The emergence of the video model Seedance 2.0 has sparked widespread discussion and concern due to its ability to generate highly realistic videos from simple prompts, leading to potential misinformation issues in the digital space [2] Group 1: AI Video Generation and Public Reaction - Seedance 2.0 is capable of producing movie-quality videos with just a few prompts, creating a viral sensation on social media platforms [2] - The realistic nature of some generated content has raised concerns about the difficulty in distinguishing between real and AI-generated videos [4] Group 2: Regulatory Response to Misinformation - Authorities have taken action against accounts that publish AI-generated content without proper identification, resulting in the processing of 13,421 accounts and the removal of over 543,000 pieces of illegal information [4] - Specific cases include accounts that created misleading narratives or impersonated public figures using AI technologies for profit, which have been dealt with legally [4][5][6] Group 3: Future Measures and Community Responsibility - The regulatory body plans to maintain a strict oversight on AI-generated content lacking proper identification and encourages content creators to comply with guidelines to prevent public deception [6]

近期，市场对新一代AI工具可能颠覆相关行业的担忧从软件领域蔓延至保险、财富管理和交通运输等 板块。B Riley Wealth首席市场策略师Art Hogan表示："这就像一场'打地鼠'游戏，大家都在猜AI下一个 会摧毁什么行业。由于这项技术还很新，人们可以随意编织各种叙事，甚至认为AI最终会吞噬整个世 界。那大概不会发生，但当前市场情绪确实如此。" 投资者转向此前表现相对滞后的板块，能源、必需消费品、材料和工业板块获得更多关注。Nationwide 首席市场策略师Mark Hackett表示："目前市场领涨力量的更替已是不争的事实。这种转变正逐渐根植于 投资者的心理。" 下周，市场将聚焦多项核心资讯。美国方面将公布第四季度GDP初值、月度消费者信心调查，以及美联 储偏好的通胀指标——个人消费支出（PCE）物价指数。摩根士丹利此前将2026年美国经济增长预期上 调至2.6%，原因是纳入"更为强劲的资本支出假设"，指出与大型云计算企业支出增长相关的业务投资更 为稳定，同时警示美国经济最大风险已从贸易保护主义转为AI泡沫风险。 下周三，美联储1月货币政策会议纪要将对外公布，汇丰银行分析师指出，纪要或详细说明支持" ...

Group 1 - China will implement zero tariff measures for 53 African countries starting May 1, while promoting the signing of economic partnership agreements and expanding product access through upgraded "green channels" [2] - The State Administration for Market Regulation has interviewed major platform companies including Alibaba, Douyin, and Tencent, urging them to comply with the Anti-Unfair Competition Law and eliminate "involution" competition [2] - The US stock market is undergoing a significant shift, with major tech companies experiencing substantial declines; Amazon's stock has fallen for nine consecutive trading days, marking its longest losing streak since 2006, and its market value has evaporated by approximately $1.51 trillion this year [2] Group 2 - ByteDance has officially released the Doubao Model 2.0, achieving significant advancements in multimodal understanding and reasoning capabilities, while reducing reasoning costs by about an order of magnitude [3] - The China Banking and Insurance Asset Management Association reported a significant increase in the equity investment confidence index for Q1, rising to 67.55 from 58.04 year-on-year [7] - The Ministry of Industry and Information Technology aims to upgrade the liquor industry, targeting the cultivation of over three trillion-yuan traditional liquor production areas by 2028 [9]