Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

选股方面，该行看好阿里健康(00241)，维持"买入"评级及目标价7.8港元；预期在创新药及医疗健康产 品增长动能持续、与阿里巴巴-W(09988)协同效应深化，以及AI应用日益普及的推动下，阿里健康2026 至2028财年的收入及经调整净利润年均复合增长率将达13%及24%。 另外，该行亦看好平安好医生(01833)，维持"买入"评级，目标价20港元；预期在与中国平安(02318)协 同效应深化，及AI持续赋能的推动下，公司2025至2027年的收入及经调整净利润年均复合增长率将达 16%及56%。 同时，该行对内地医疗板块维持"增持"评级，偏好领先的创新药企和合约研究、开发及生产组织 (CRDMO)，同时看好能够有效运用真实世界数据以优化AI算法，以提升服务质量的互联网医疗企业。 首选股份包括百济神州(06160)、信达生物(01801)、翰森制药(03692)、中国生物制药(01177)、和黄医药 (00013)、药明生物(02269)、药明康德(02359)及阿里健康。 大华继显发布研报称，内地互联网医疗领域正进入新阶段，推动力包括科技巨头加快AI创新以及国策 支持，例如北京推出的线上初诊试点计划。虽 ...

选股方面，该行看好阿里健康(00241)，维持"买入"评级及目标价7.8港元；预期在创新药及医疗健康产 品增长动能持续、与阿里巴巴-W(09988)协同效应深化，以及AI应用日益普及的推动下，阿里健康2026 至2028财年的收入及经调整净利润年均复合增长率将达13%及24%。 另外，该行亦看好平安好医生(01833)，维持"买入"评级，目标价20港元；预期在与中国平安(02318)协 同效应深化，及AI持续赋能的推动下，公司2025至2027年的收入及经调整净利润年均复合增长率将达 16%及56%。 同时，该行对内地医疗板块维持"增持"评级，偏好领先的创新药企和合约研究、开发及生产组织 (CRDMO)，同时看好能够有效运用真实世界数据以优化AI算法，以提升服务质量的互联网医疗企业。 首选股份包括百济神州(06160)、信达生物(01801)、翰森制药(03692)、中国生物制药(01177)、和黄医药 (00013)、药明生物(02269)、药明康德(02359)及阿里健康。 智通财经APP获悉，大华继显发布研报称，内地互联网医疗领域正进入新阶段，推动力包括科技巨头加 快AI创新以及国策支持，例如北京推出的 ...

Group 1 - DJI's former sales vice president Yuan has been criminally detained for suspected bribery, with allegations of obtaining significant illicit benefits during his tenure from May 2019 to May 2024 [3] - Recent reports indicate a slight price drop in memory products in the domestic market, although the decline is limited, and some flash memory varieties are experiencing a rebound [4] - Tesla has officially discontinued the one-time purchase option for its Full Self-Driving (FSD) feature, transitioning to a subscription model starting February 15 [4] - Tea brand Chayan Yuese plans to open its first store in South China in Shenzhen by the end of April 2026, emphasizing a direct sales model without franchising [4] - Douyin's VP highlighted the platform's focus on enhancing anti-infringement strategies for its Seedance 2.0 feature, which requires real-person verification for digital avatar creation [4] Group 2 - Elon Musk stated that SpaceX's shift in focus to the Moon will not significantly delay Mars mission timelines, potentially accelerating them instead [9] - Spotify's CEO revealed that top developers have not written any code since December, relying entirely on AI for code generation, indicating a significant shift in development practices [10] - Feiyu Technology has completed its first round of financing, planning to establish production bases in key regions including the Yangtze River Delta and Pearl River Delta [10] - Yanwei Semiconductor has raised nearly 700 million yuan in Series A funding, with plans to use the capital for product iteration and capacity expansion [10] - Robo Space announced the completion of several tens of millions in angel round financing, backed by strategic investors [10] Group 3 - The new Dongfeng Yipai 008 test vehicle has been spotted, expected to feature an upgraded 800V platform and urban intelligent driving capabilities [11] - AMD is set to launch the next-generation Xbox with a custom chip design by late 2027, based on the RDNA 5 architecture [13] - The Chinese automotive market showed strong growth in January, with a notable increase in manufacturer sales, particularly in the electric vehicle sector [13] - The 2026 Spring Festival box office has surpassed 400 million yuan, with "Flying Life 3," "Silent Insect," and "Bounty Hunter: Wind Rises in the Desert" leading the ticket sales [15]

Group 1 - The core viewpoint of the articles highlights that the stock prices of the "Tech Seven" in the US have collectively declined since 2026, resulting in a market value loss of approximately $1.51 trillion [1] - The US stock market is currently experiencing a dual narrative of "AI disrupting everything" and "insufficient AI returns," leading to panic selling of software stocks and a rigorous examination of capital expenditure returns [1] - Amazon's stock has fallen for nine consecutive trading days since its earnings report, marking its longest losing streak since 2006 and officially entering a technical bear market, following Microsoft as the second member of the "Tech Seven" to do so [3] Group 2 - Meta's stock has decreased by 19.5% from its peak last August, nearing the 20% threshold for a bear market [3] - Notable investor Jeremy Grantham warns that the AI boom has created a "bubble within a bubble," which lacks historical analogs, and suggests that it may lead to a significant market correction [3] - There is a notable shift in investment flows, with $890 billion moving into non-US markets, significantly surpassing the $160 billion inflow into US stocks, indicating a trend of investors moving towards Asian markets [3]

客户陪伴与投资者教育上，我们深知，客户在什么时候买，能不能在底部加仓，对客户盈利与否至关重 要。频繁申赎、追涨杀跌等是侵蚀收益的主要因素，因此将重点工作围绕基民的投资行为展开。为此， 创金合信基金2021年初筹备专注投资知识分享的子品牌"合信岛"——一个集特色投资课程、沉浸式互动 体验于一体的学习型投资者知识共享平台。合信岛已在各大自媒体平台建立了官方账号，通过直播、短 视频、互动调研、定期主题训练营等方式，向投资者传递各类投资知识。目前合信岛拥有百万粉丝用 户，累计内容曝光过亿，并获评中国基金报2025中国资产管理行业英华典型案例投资者教育创新项目。 投研能力建设方面，创金合信基金在尊重基金经理的个人专长与投资风格，发挥基金经理个人能动性的 同时，强调发挥团队力量，从好的方法论支撑、流程化管理等角度不断提升团队智慧。 （原标题：创金合信基金总经理苏彦祝：践行高质量发展 提升投资者获得感） 公募基金行业需要在服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管理需求等 方面发挥更大的积极作用。创金合信基金坚持做难而正确的事，倡导长期主义，久久为功，致力于不断 提升投资者获得感。 过去的2025年， ...

Core Insights - The article emphasizes that layoffs are not random but rather a targeted elimination based on skill relevance and system maintenance capabilities [1][3][4] - By 2025, over 126,000 tech jobs are expected to be cut, highlighting a significant shift in the job market [1] Group 1: Skills and Job Market Dynamics - The key to surviving layoffs lies in skill positioning, particularly in understanding system operations and maintaining normal functions [2][5] - Roles that are likely to be eliminated include those with low system involvement, such as junior data analysts and QA positions, while roles that ensure system stability are more secure [5][12] - Engineers who can manage production environments and understand the root causes of issues are deemed indispensable [8][12] Group 2: Essential Skills for Job Security - Systemic thinking is crucial; engineers who understand the entire system's operation are less likely to be laid off [7][41] - Data engineers are favored over data analysts, as the ability to build and maintain data pipelines is more valuable than merely analyzing data [13][14] - Cloud cost control is a critical skill, as companies are focused on reducing expenses, and those who can manage cloud costs effectively will stand out [15][19] Group 3: Security and AI Integration - Security awareness is no longer optional; engineers must ensure that they do not deliver code with vulnerabilities [20][24] - The article suggests that viewing AI as a tool to enhance productivity rather than a standalone skill is essential for job security [25][27][28] Group 4: Mindset and Adaptability - The ability to think clearly under pressure is a vital skill that can differentiate employees during layoffs [30][34] - Companies are looking for individuals who can ask the right questions and communicate effectively, as these traits contribute to team stability [40][42] - Continuous learning and adapting to responsibilities rather than merely acquiring technical skills are emphasized as crucial for career longevity [36][37]

Group 1 - The article emphasizes the importance of domestic demand in China's economic strategy, aiming to build a strong domestic market and promote consumption and investment [1] - The Chinese government will implement a visa-free policy for ordinary passport holders from Canada and the UK starting February 17, 2026, facilitating business and tourism for up to 30 days [2] - The National Investment Fund has introduced a compensation plan for investors affected by valuation adjustments, with over 90% of investors expected to receive full compensation [2] Group 2 - The A-share market has entered a "Spring Festival holiday" mode, with significant events expected during this period, including the release of flagship models like DeepSeek V4 [2] - The China Securities Regulatory Commission has launched a package of measures to optimize refinancing, which is seen as a positive development for the investment banking sector [5] - Several listed companies in the food and beverage sector are preparing for the Chinese New Year by offering pre-packaged meal options, indicating a strategic focus on seasonal consumer demand [5] Group 3 - The nuclear power industry is experiencing a revival driven by AI demand, with high growth potential and profit margins expected to lead to a revaluation of the sector [6] - The digital RMB is being promoted through various consumer incentive programs, indicating a push towards digital consumption and financial inclusion [9] - The banking sector is facing regulatory scrutiny, with significant fines imposed on major banks for various violations, highlighting the need for compliance and risk management [10]

•《求是》杂志发表习近平总书记重要文章《当前经济工作的重点任务》 •我国对加拿大、英国实施免签政策 •应急管理部紧急召开调度会，督促加强烟花爆竹各环节安全监管 •本周A股开启"春节休假"模式，DeepSeek V4或将发布 •国投白银LOF出台补偿方案，超九成投资者将获全额补偿 •美联储货币政策框架或将转向，预计容忍更高通胀率 1、2月16日出版的第4期《求是》杂志将发表习近平总书记重要文章《当前经济工作的重点任务》。文 章强调，2026年经济工作头绪多，要抓住关键、纲举目张。坚持内需主导，建设强大国内市场。统筹促 消费和扩投资，用好我国超大规模市场优势。深入实施提振消费专项行动，制定实施城乡居民增收计 划，扩大优质商品和服务供给，优化"两新"政策实施，清理消费领域不合理限制，释放文旅等服务消费 潜力。着眼惠民生增后劲，推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两重"项目， 优化地方政府专项债券用途管理，继续发挥新型政策性金融工具作用，高质量推进城市更新，有效激发 民间投资活力。 2、为进一步便利中外人员往来，中国决定自2026年2月17日起，对加拿大、英国持普通护照人员实施免 签政策，两国持普 ...

新 春 快 乐 迈入2026年，"十五五"规划蓝图徐徐展开，内需潜力持续释放，新发展动能不断增强，绿色低碳转型稳步推进，投融资协调的资本市场功能进一步健全，更加有 力地促进科技、资本、产业良性循环，经济长期向好的基础更加稳固，我们对中国经济和资本市场前景充满信心。 易方达基金将努力建设综合性、平台型、全球化、智能化的一流投资机构，坚定履行专业机构投资者的使命担当，做实做深金融"五篇大文章"，与各方携手共 进，更好服务经济社会高质量发展和中国式现代化大局。 在此，我衷心祝愿大家新春快乐、阖家幸福！ 责编：战术恒 排版：刘珺宇 校对： 刘星莹 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限可能。 易方达基金董事长刘晓艳在《预见金马》年终策划中表示，迈入2026年，"十五五"规划蓝图徐徐展开，内需潜力持续释放，新发展动能不断增 强，绿色低碳转型稳 ...