"宁王"纳入恒生指数！ | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 3750 | 宁德时代新能源科技股份有限公司 - H 股 | 恒生工商业分类指数 | | 3993 | 洛阳栾川钼业集团股份有限公司 - H 股 | 恒生工商业分类指数 | | 6181 | 老铺黄金股份有限公司 - H 股 | 恒生工商业分类指数 | 2月13日晚间，恒生指数有限公司公布截至2025年12月31日的恒生指数系列季度检讨结果，宁德时代正式被 纳入恒生指数成份股，此外洛阳钼业、老铺黄金等也一同被纳入恒生指数，中升集团被剔除，在此次调整 之后的恒生指数成分股数量将由88只增加至90只，相关调整3月9日起正式生效。 进入2026年以来，港股市场内部出现结构性分化，一方面，恒生指数继续上涨，另一方面，科技含量更高 的恒生科技指数则出现调整。数据显示，2026年以来，恒生指数累计上涨3.65%，同期恒生科技指数则累 计下跌2.82%。而在2025年，恒生指数和恒生科技指数均实现上涨，全年分别上涨27.77%和23.45%。 广发策略曾指出，逻辑上看，恒生指数和恒生科技指数虽然也具有极强的顺周期性 ...

Core Insights - OpenAI announced the discontinuation of five older ChatGPT models starting this Friday [1] - The GPT-4o model has been at the center of multiple legal disputes overseas due to issues related to self-harm, delusional behavior, and what is referred to as "AI psychosis" [1] - GPT-4o scored the highest on the "overly accommodating users" metric, raising concerns about its safety and ethical implications [1] - In addition to GPT-4o, the models GPT-5, GPT-4.1, GPT-4.1 mini, and OpenAI o4-mini are also being phased out [1]

近期事件 2026年2月10日，辰安科技股东户数增至1.49万户，较上期（1月30日）增加1.43%，人均持股数下降 1.41%，反映筹码分散化趋势。此外，应急管理部与工业和信息化部于1月27日印发的《关于加快应急 管理装备创新发展的指导意见》持续引发市场关注，文件提出到2027年攻克20项以上关键核心技术，推 动应急装备与AI、5G等技术融合，辰安科技作为应急管理概念股可能受益于政策红利。 经济观察网 2026年2月13日，辰安科技（300523）股价震荡收跌，最新收盘价为24.20元，单日跌幅 0.37%，振幅3.25%，成交金额5981万元，换手率1.05%。资金流向显示主力资金净流出588.97万元，散 户资金净流入589.97万元，超大单和大单均呈净流出状态。技术面上，股价近期处于震荡区间，20日布 林带压力位25.20元，支撑位22.84元，KDJ指标显示短期超买迹象（J值89.39）。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes optimism regarding the company's growth driven by new game launches, overseas expansion, and AI empowerment [5] - The company achieved revenue of 27.5 billion yuan in Q4 2025, with a year-on-year increase of 3.0% and a quarter-on-quarter decrease of 2.9% [5] - The report highlights a strong growth momentum in contract liabilities, which increased by 5% to 20.5 billion yuan by the end of Q4 [5] - The company is expected to benefit from the long-term operation of classic games and the launch of new titles, with adjusted net profit forecasts for 2026-2028 being 37.2 billion, 41.9 billion, and 45.1 billion yuan respectively [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: 105.3 billion yuan for 2024, 112.6 billion yuan for 2025, 119.6 billion yuan for 2026, 129.9 billion yuan for 2027, and 136.1 billion yuan for 2028, with year-on-year growth rates of 1.8%, 7.0%, 6.2%, 8.7%, and 4.7% respectively [6] - Net profit estimates are 29.7 billion yuan for 2024, 33.8 billion yuan for 2025, 37.2 billion yuan for 2026, 41.9 billion yuan for 2027, and 45.1 billion yuan for 2028, with corresponding year-on-year growth rates of 1.0%, 13.7%, 10.2%, 12.6%, and 7.6% [6] - The projected P/E ratios for 2026, 2027, and 2028 are 14.1, 12.5, and 11.6 respectively [6]

Core Insights - Insurify's launch of an AI-based conversational car insurance comparison and purchasing application has caused significant market disruption, leading to a 3.89% drop in the S&P 500 insurance index and the largest stock price declines for traditional insurance brokers since the 2008 financial crisis [1] - The underlying fear in the market stems from the realization that AI is fundamentally altering the business logic of insurance distribution, moving from a complex, manual process to a streamlined, automated experience [1][2] Group 1: Insurify's Impact - Insurify aims to transform the traditional insurance process, allowing users to complete risk information collection and real-time comparisons through natural dialogue with AI, reducing the time required from hours or days to minutes [3] - The automation of information gathering, algorithmic matching, and online purchasing is redefining the efficiency boundaries of insurance distribution, leading to a significant revaluation of companies reliant on manual processes [4] - The capital market's swift reaction indicates a consensus that the core competitiveness in insurance is shifting from channel coverage to technological efficiency and scenario engagement [4] Group 2: Chinese Market Dynamics - The Chinese car insurance market is expected to evolve beyond simply replicating Insurify's model due to its unique industry structure and regulatory environment [5] - The rise of new energy vehicles is reshaping the risk structure of car insurance, necessitating a shift from traditional pricing models to a multi-dimensional approach that incorporates various data points [5] - Regulatory measures in China are emphasizing compliance and cost control, which means that technology must enhance efficiency while ensuring robust compliance and risk management capabilities [6] Group 3: Car Technology's Strategic Position - Car Technology is establishing a competitive advantage by focusing on deep integration with the automotive industry, offering a comprehensive service that spans the entire vehicle lifecycle [6] - The company is extending AI capabilities across the entire insurance process, from pricing to claims management, significantly improving efficiency and risk management [7][8] - By embedding insurance services into the purchasing and maintenance processes of new energy vehicles, Car Technology is positioning itself as a key player in the evolving insurance distribution landscape [8][9] Group 4: Future Outlook - Car Technology's MGA model is creating a new paradigm in insurance technology, providing modular capabilities to empower insurance companies and automotive partners [9] - The company's approach is more sustainable and aligned with the long-term development direction of the Chinese car insurance industry compared to Insurify's online comparison model [10] - The integration of AI technology, autonomous risk control, and partnerships with new energy vehicle manufacturers positions Car Technology as a potential leader in the Chinese insurance market, representing a significant advancement beyond Insurify's framework [10]

搜狐科技对话北京电影学院原副院长、北京电影学院中国动画研究院院长孙立军 出品 | 搜狐科技 编辑 | 杨锦 近日，字节跳动AI视频生成模型Seedance 2.0的发布，让影视圈炸了锅。 股价震动之余，更让从业者惊叹的是，它不仅能生成视频，还能自己切分镜、配音效，让角色在不同镜头里保持长相一致——就像一个不用吃饭、不用睡觉 的"虚拟剧组"。 有人欢呼技术平权，有人焦虑饭碗不保。但在孙立军看来，Seedance 2.0是随着AI技术不断迭代发展下的必然产物。 作为北京电影学院原副院长、北京电影学院中国动画研究院院长，孙立军身上叠着三重身份：他是见证中国动画起落的老动画人，也是从业几十年的"老电 影人"，更是一辈子站在讲台上的教育工作者。 三年前，当大多数同行还在排斥AI生成的"怪图片"时，他已经决心拥抱AI；两年前，他出版世界第一本聚焦生成式人工智能绘画的专著《AI绘画：当代水 墨艺术正发生》，把自己的画喂给大模型学习，并将AI绘画与原稿同屏并置，探讨AI绘画的优势与局限；如今，他正在用AI辅助制作一部20年前就想做、 却因技术和资金搁浅的院线三维动画电影《雪域獒王》。 "可能原来五年做一部（电影），现在一年就 ...

Group 1: Core Viewpoint - Shenzhou Information (000555) is expected to turn a profit in 2025, projecting a net profit of between 46 million to 69 million RMB, a significant recovery from a loss of 524 million RMB in 2024, driven by market expansion, improved receivables, and reduced goodwill impairment [2] Group 2: Performance and Business Situation - The company announced an employee stock ownership plan aiming to raise up to 110 million RMB by purchasing no more than 10 million shares, representing approximately 1.02% of the total share capital [3] - Shenzhou Holdings (00861.HK) plans to sell up to 2.95% of Shenzhou Information's total share capital in 2026, with proceeds intended for development in AI and other fields [4] Group 3: Stock Performance - Following the positive earnings forecast, Shenzhou Holdings' stock surged nearly 50% in a single day on February 2, 2026; Shenzhou Information's stock has shown volatility, closing at 18.13 RMB on February 10, 2026, with a net inflow of 89.24 million RMB in the past five days [5]

研究显示，AI 确实提升了局部效率，却直接引发 任务膨胀 。原本不会接、没时间做、可以推迟的工作，因为 AI 降低了门槛，全都变成了 "你应该做"。 老板的期待变高，个人为了不被淘汰只能主动加码， 效率提升的红利，最终变成了打工人的加班时长 。 更现实的是，AI 让工作启动成本几乎为零，午休、睡前、周末都能随时开工， 工作和生活的边界彻底消失 。 看似轻松的工具，实则把人绑在了永不停止的流水线上。 近期，《哈佛商业评论》联合加州大学伯克利分校发布一项针对职场的跟踪研究， 研究团队在一家 200 人科技公司蹲点 8 个月，访谈 40 多名员工后发现：AI 确实提升了效率，但省下来的时 间，全被更多任务填满。 长期下来，员工普遍出现认知疲劳、职业倦怠， AI 不是解放双手的神器，而是一根无形的电子鞭子 。 简单总结： AI 不替你干活，只是让你能干更多活 。 （参考：哈佛商业评论、 The Register ，本文经由 AI 优化） ...

谈及跨境电商行业最直观的变化，Jason认为是合规化全面推行。 经济观察报 记者 钱玉娟 编者按：2025年，科技互联网的齿轮转动得比以往任何时候都要快。在技术洗牌的前夜，没有人敢停 下。 我们看到，大厂在算力和大模型应用里厮杀，电商在监管与合规的夹缝中重塑底线。做无人机的去卷扫 地机器人，一批公司蜂拥去做智能眼镜，整个硬件圈陷入了一种"无所不能"的集体幻觉与入口焦虑。 我们也看到，人形机器人刚踉踉跄跄地走出实验室，在车间干些零活，就迎来残酷的价格战；短剧告别 了一夜暴富的粗放模式，漫剧直接降维打击，头部内容公司既兴奋又不安。 这不再是写份PPT就能拿到千万融资的时代，技术、商业化场景和生态优势，丢了哪头都不行。活下 去，并且要硬核地活下去，成了2025年TMT行业的共识。 2025年开春，跨境电商老兵Jason决定走出去，带领投流团队拜访新加坡及马来西亚等地的本土卖家， 并熟悉东南亚主要国家的本地仓库。两个多月后，他租下了新加坡河畔金融区的一间写字楼，专职做起 了本地化业务。 跨境电商服务商Jason深耕外贸二十余年，在国内，他知道哪个产业带出货好，哪家工厂能做小单快 返；到了海外，他能把这些供应链能力精准 ...

Core Viewpoint - Amazon's stock price has experienced a nine-day decline, entering a technical bear market, making it the second member of the "Mag7" (the seven largest U.S. tech companies) to do so, following Microsoft. The total market value of the Mag7 has decreased by approximately $1.51 trillion this year [1][2]. Group 1: Stock Performance - Amazon's stock closed at $198.79 per share, down over 23% from its recent peak [2]. - Microsoft was the first Mag7 member to enter a bear market, with its stock down 27.8% from its recent high as of Friday's close [2]. - Meta is on the verge of entering a bear market, having declined 19.6% from its peak, just 0.4% away from the 20% threshold [2]. Group 2: Institutional Selling - UBS and Goldman Sachs have significantly reduced their holdings in several major U.S. tech stocks, as indicated in their recent 13F filings with the SEC [2][4]. - UBS reduced its stake in Nvidia by 10.57 million shares, representing an 11.47% decrease, and also reduced its positions in Microsoft, Apple, Amazon, and Google by varying percentages [4]. - Goldman Sachs also reduced its holdings in Microsoft, Tesla, Broadcom, and Meta, with reductions ranging from 5.86% to 13.51% [4]. Group 3: Market Trends and Influences - The decline in the Mag7 stocks coincides with similar trends in the A-share market, indicating a potential shift in global investment styles [5]. - Factors contributing to this trend include investor skepticism regarding the return on investment from AI expenditures by tech giants and a potential negative shift in free cash flow due to increased capital expenditures [5]. - The U.S. short-term liquidity market is showing signs of strain, with overnight reverse repos dropping to a low of $3.77 billion, indicating a tightening liquidity environment [5].