编者按："AI最像人的一点就是胡说八道，AI出现之前，人类的胡说八道也是有门槛的。AI出现之后， 一切都变了。" 在观察者网2026答案秀·思想者春晚的后台，上海财经大学人文学院院长、历史学者王献华这样形容民 间文史热背后，AI伪造史料给历史学带来的"危机"。在这场围绕"文科危机"与"民间文史热"并存的对话 中，王献华教授表达了在技术更替时代，文史专业从业人员应该有的使命感："专业人士在民间文史热 中扮演的角色，我个人觉得是'帮忙'的，而不是'帮闲'的，特别是不能'装神弄鬼'。最终的落脚点依然是 为人民服务。" 对于近来在网络空间甚嚣尘上的"1644史观"，王献华认为，其根源在于百年以来中国学者在面对西方学 术体系时抛弃了原有的传统，陷入了历史观的错乱与迷茫。 "我们这代人一定要直面这个重大的、根本性的任务，就是要重建属于我们自己传统的、真正称得上历 史观的系统。否则，类似'1644史观'这样的问题会一直像阴影一样萦绕在我们头顶。" 【对话/观察者网 戴苏越】 观察者网：王老师您好，您在观察者网答案年终秀上用古文字的理念讲如何测试AI，产生了很大的反 响。您的初衷是想用比较冷门的文史类话题撬动热门的科技话题。 ...

Core Viewpoints - The current A-share market is characterized as a "confidence bull," driven by improved expectations of national governance and enhanced expectations of technology leading the economy, with the movement of residents' deposits being a result rather than a cause [2][5] - The outlook for A-shares in 2026 is expected to be a "sideways fluctuation with slight strengthening," emphasizing the pursuit of a long-term, slow, and healthy bull market while being cautious of rapid bull markets that may lead to sharp declines [2][6] - The previous "dumbbell" market trend has ended, shifting investment opportunities from "high-growth technology + low-volatility high-dividend" extremes to a focus on mid-cap blue chips, particularly in the cyclical and manufacturing sectors [2][6] Investment Opportunities - Opportunities in cyclical industries are not in the real estate chain but are related to national strategies in three sectors: chemicals, metals, and agriculture [3][7] - AI remains a core focus in technology, with long-term potential, but is currently in a phase of expectation verification, requiring careful stock selection [3][9] - The investment focus for the next 3 to 6 months should be on cyclical and manufacturing sectors, as these align with national strategies and economic transformation [7][8] Market Dynamics - The core drivers of the current market uptrend are improvements in national governance and stronger expectations for technology-led economic growth, with significant achievements in diplomacy, defense, and trade contributing to economic resilience [4][5] - The market is currently at a critical juncture around the 4100-point level, with the need for new drivers to support further upward movement, as previous gains have largely reflected the core drivers [6][12] - The transition from a "dumbbell" market structure to a focus on mid-cap blue chips indicates a shift in risk appetite, with low-volatility, high-dividend stocks losing their appeal [11][12] Future Outlook - The AI sector is expected to experience a period of consolidation and differentiation, with the potential for long-term growth remaining intact despite short-term fluctuations [9][10] - The public fund commission rate reform is prompting a strategic shift in brokerage research departments, moving towards comprehensive service for institutional clients beyond just public funds [17] - The securities research industry is seen as a field of continuous learning and growth, with a call for new talent to join and contribute to the evolving landscape [18]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 编者按： 金融潮涌，万象更新；资本逐浪，洞见为先。在复杂多变的市场环境中，金融逻辑的拆解、资本规律的 探寻，始终是投资者的核心需求。为帮助大众更清晰地理解金融行业肌理、更深刻地洞察资本市场脉 动，证券时报联合海证期货，在券商中国视频号、券中社 APP 特别开设《金融观海》视频栏目，以可 视化呈现让金融思考变得鲜活可感。 本期《金融观海》券商中国记者走进东方证券研究所，与所长黄燕铭进行了深度专访。黄燕铭拥有31年 的从业经验，是业内从业时间最长、最有个性、最敢说的领军人物，他所开创的证券研究框架、研究管 理模式以及人才培养方法也影响了整个卖方研究行业。 在与券商中国记者的交流中，黄燕铭分享了他对于A股的最新展望与观察，也回望了三十余载的投研生 涯，预见了未来卖方行业的发展方向。 精彩观点： 1．本轮A股是"信心牛"，核心驱动力是国家治理预期提升与科技引领经济预期增强，居民存款搬家是 结果而非原因。 2.2026年A股是"横盘震荡、略有走强"格局。要追求长牛、慢牛、健康牛，警惕快牛疯牛的暴跌风险， 不宜把指数目标定得过高。 3．过去三年A股 ...

编者按："AI最像人的一点就是胡说八道，AI出现之前，人类的胡说八道也是有门槛的。AI出现之后， 一切都变了。" 在观察者网2026答案秀·思想者春晚的后台，上海财经大学人文学院院长、历史学者王献华这样形容民 间文史热背后，AI伪造史料给历史学带来的"危机"。在这场围绕"文科危机"与"民间文史热"并存的对话 中，王献华教授表达了在技术更替时代，文史专业从业人员应该有的使命感："专业人士在民间文史热 中扮演的角色，我个人觉得是'帮忙'的，而不是'帮闲'的，特别是不能'装神弄鬼'。最终的落脚点依然是 为人民服务。" 对于近来在网络空间甚嚣尘上的"1644史观"，王献华认为，其根源在于百年以来中国学者在面对西方学 术体系时抛弃了原有的传统，陷入了历史观的错乱与迷茫。 "我们这代人一定要直面这个重大的、根本性的任务，就是要重建属于我们自己传统的、真正称得上历 史观的系统。否则，类似'1644史观'这样的问题会一直像阴影一样萦绕在我们头顶。" 【对话/观察者网 戴苏越】 观察者网：王老师您好，您在观察者网答案年终秀上用古文字的理念讲如何测试AI，产生了很大的反 响。您的初衷是想用比较冷门的文史类话题撬动热门的科技话题。 ...

大家好，今晚继续关注海外市场的表现。 2月13日晚间，美股三大指数走势震荡，时而上涨，时而转跌。 美国劳工统计局报告显示，1月份美国消费者价格指数（CPI）环比上涨0.2%，同比上涨2.4%。根据道琼斯对经济学家的调查，此前市场预期环 比增幅为0.3%，同比增幅为2.5%；剔除波动较大的食品和能源价格后，核心CPI环比上涨0.3%，同比上涨2.5%，均符合市场预期。 TradeStation全球市场策略负责人大卫·罗素表示："对于此前受AI冲击而动荡不安的投资者来说，今天的通胀报告让他们松了一口气。它抵消了本 周强劲非农就业数据带来的压力，给美联储提供了一个略微偏向'鸽派'的理由。然而，通胀率仍远高于央行目标，短期内很难改变大局。政策预 期暂时不会有实质性进展。" 【导读】美股震荡，比特币大涨，黄金白银上涨 中国基金报记者 泰勒 今晚的美股表现其实较为平淡，市场的亮点之一，是加密货币市场反弹了。 美国最大的加密货币交易所Coinbase的股价在经历昨日暴跌后站稳脚跟。此前该公司公布了疲软的季度财报，但一部分"抄底"投资者认为，最糟 糕的情况已经基本反映在股价中。 Coinbase披露，其第四季度营收下降20% ...

Core Viewpoint - The Dow reaching 50,000 may signify a temporary peak as concerns regarding AI impact on various industries rise and expectations for interest rate cuts diminish [1] Group 1: Market Sentiment - Investor sentiment is shifting as fears about the implications of AI technology on multiple sectors become more pronounced [1] - The anticipation of interest rate cuts, which previously supported market optimism, is now fading [1] Group 2: Industry Impact - Various industries are beginning to feel the pressure from AI-related fears, indicating a broader market concern that could affect future performance [1] - The potential for AI to disrupt traditional business models is leading to increased caution among investors [1]

Core Viewpoint - GigaCloud Technology Inc. (GCT) is being revisited ahead of its Q4 earnings report scheduled for March 2, indicating a focus on potential investment opportunities and performance evaluation [1]. Group 1 - The company is positioned as a long-term investment, with a typical investment horizon of 5-10 years, suggesting a strategy that favors stability and growth over time [1]. - The investment approach emphasizes a diversified portfolio that includes growth, value, and dividend-paying stocks, with a particular inclination towards value stocks [1]. - The company occasionally engages in options trading, indicating a strategy that may involve risk management and additional income generation [1].

Stock Performance - On February 10, 2026, the stock price of Nawi Semiconductor (NVTS) experienced a significant decline of 4.66%, closing at $8.79, attributed to overall pressure on the semiconductor sector and macroeconomic data expectations [1] - Previously, on January 2, 2026, the stock surged by 6.86% to close at $7.63, influenced by a 2.90% increase in the semiconductor industry and improved market sentiment [1] Product Development Progress - On December 5, 2025, Nawi Semiconductor launched a full range of 3300V/2300V ultra-high voltage silicon carbide (SiC) products, targeting high-end applications such as smart grids and AI data centers, utilizing proprietary TAP technology and enhanced reliability standards AEC-Plus [2] - The company is transitioning towards the high-power market and announced on November 28, 2025, a partnership with WT Microelectronics to enhance the supply chain efficiency of gallium nitride (GaN) and silicon carbide devices in AI and energy sectors [2] Financial Performance - The third-quarter financial results released on November 5, 2025, showed revenue of $10.11 million and a net loss of $1.923 million [3] - The company projects fourth-quarter revenue to be approximately $7 million, with a fluctuation range of $250,000, and plans to focus on the high-power market through resource restructuring [3] - Long-term strategy includes collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current architecture to address power distribution challenges in AI data centers [3] Industry Policy and Environment - The semiconductor sector is significantly influenced by macro policies and demand changes, with institutions like Galaxy Securities indicating that the explosion in AI computing power and advanced process demand could drive industry recovery, while cautioning against global supply chain volatility risks [4]

Market Performance - US stock market closed mixed on February 14, with all three major indices recording weekly declines [2] - Notable stock movements included a strong revenue forecast from Applied Materials, leading to a significant stock price increase [2] - Chinese concept stocks showed mixed performance, with Alibaba down 2.05% and Tencent Music up 4.52% [2] Commodities and Economic Indicators - International oil prices saw a slight increase, influenced by a balance between easing inflation and OPEC+ production increase expectations [2] - COMEX gold futures rose by 2.17%, closing at $5050.50 per ounce [2] Corporate Developments - SpaceX is considering a dual-class share structure for its IPO to strengthen Elon Musk's control [3] - OpenAI has been selected to participate in the US drone swarm challenge, providing voice control technology [3] - Meta plans to integrate facial recognition technology into its smart glasses [3] Financial Sector Insights - Goldman Sachs launched a "anti-AI replacement" themed stock basket amid concerns over AI's impact on software stocks [3] - Capital Group is betting on the European Central Bank raising interest rates by 2026, contrary to mainstream views [3] Legal and Regulatory News - The US Department of Justice has filed a lawsuit against Harvard University for failing to submit documents related to a racial discrimination investigation in its admissions process [3]

经济观察网 盛大科技近期值得关注的事件主要涉及公司战略动向。 近期事件 2026年2月6日，盛大集团创始人陈天桥发布内部信，系统性阐述旗下MiroMind的技术路线，明确将聚 焦"发现式智能"与"通用求解器"，避开通用聊天机器人赛道，强调通过因果推理和体系化创新推动AI发 展。这一战略调整可能对盛大科技的业务生态产生间接影响。 此外，历史数据显示，2025年12月盛大科技股价出现多次波动，包括12月29日股价飙升5.34%、12月17 日股价跳水5.00%等，但这些均为过去事件。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 ...