Group 1 - Tencent has launched a voice input feature for its WeChat desktop application, compatible with both Windows and macOS, available in version 4.1.7 and above [3] - ByteDance is in talks to sell its gaming subsidiary, Mu Tong Technology, to Saudi Savvy Games Group, with the deal valued between $6 billion and $7 billion, potentially closing this quarter [5] - Anta Sports has received written approval from shareholders for the acquisition of a 29.06% stake in Puma, with the transaction progressing as planned [7] Group 2 - The AI-driven short drama production costs only 25% of traditional live-action dramas, with a significant increase in popularity as indicated by a rise in "top 100 rate" from 7% to 38% [7] - Microsoft executives predict that most white-collar jobs could be fully automated within the next 12 to 18 months, raising concerns about job displacement due to AI [13] - Xiaomi has completed the delivery of the last unit of its first-generation SU7, with plans for the next generation to be launched in April [13] Group 3 - PayPay, a subsidiary of SoftBank, has officially submitted its IPO application in the U.S., reporting a profit of 103.3 billion yen and revenue of 278.5 billion yen for the nine months ending December 31 [18] - Stark Defence, a German drone manufacturing startup, has achieved a valuation exceeding 1 billion euros following a recent funding round [18] - Didero, an industrial AI startup, has raised $30 million in Series A funding to enhance global supply chain procurement processes [18]

Core Viewpoint - The rise of "folk historical enthusiasm" in China reflects societal progress, as people seek cultural engagement after basic needs are met, highlighting a contrast with the ongoing "crisis in the humanities" [3][4] Group 1: Historical Perspective - The "1644 historical view" represents a confusion in historical perspectives, stemming from a century of Chinese scholars abandoning traditional views in favor of Western academic frameworks [4][12] - The need to reconstruct a genuine historical perspective rooted in Chinese tradition is emphasized, as failure to do so will allow misconceptions like the "1644 historical view" to persist [16][12] Group 2: Role of Professionals - Professionals in the humanities should act as facilitators rather than authoritative figures, providing constructive input without imposing their views on the public [4][7] - The internet has democratized access to historical knowledge, reducing the mystique surrounding the field and allowing non-experts to engage with historical research [7][8] Group 3: Challenges of AI and Misinformation - The advent of AI poses significant challenges to historical accuracy, as AI can generate convincing but false historical narratives, complicating the public's understanding of history [8][9] - The proliferation of misinformation through AI and social media has led to a situation where even experts struggle to counteract false narratives effectively [8][13] Group 4: Educational and Social Responsibilities - There is a call for scholars to bridge the gap between academic knowledge and public understanding, ensuring that their work serves the community effectively [17][19] - The importance of integrating high-level knowledge with practical societal applications is highlighted, as professionals must demonstrate their expertise through meaningful contributions to public discourse [18][19]

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]

Core Insights - The current A-share market is characterized as a "confidence bull," driven primarily by improved expectations of national governance and enhanced technological leadership in the economy, with the movement of residents' deposits being a result rather than a cause [2][5][23] - The outlook for 2026 indicates a market pattern of "sideways fluctuations with slight strengthening," emphasizing the pursuit of a long-term, slow, and healthy bull market while cautioning against overly high index targets [2][6][24] - The previous "dumbbell" market trend has ended, shifting investment opportunities from "high-growth technology and low-volatility high-dividend" extremes to a focus on mid-cap blue chips, particularly in the cyclical and manufacturing sectors [2][19][25] Investment Opportunities - Opportunities in cyclical industries are not found in the real estate chain but are linked to national strategies in three key sectors: chemicals, metals, and agriculture [3][20][25] - The AI sector remains a core focus for technology, with long-term potential, but is currently in a phase of expectation verification, requiring careful stock selection [5][28][29] - The manufacturing sector is highlighted as a key area, with China being a manufacturing powerhouse, focusing on equipment across various fields such as machinery, new energy, robotics, military, and semiconductor manufacturing [25][26] Market Dynamics - The market is transitioning from a "two ends" structure to a focus on mid-cap blue chips, with a shift in risk appetite towards more stable investments [30][31] - The core drivers of the market's performance are rooted in changes in expectations rather than liquidity factors, emphasizing the importance of political, economic, and technological developments [31][32] - The upcoming period is expected to see a verification and correction phase for the AI sector, with overall market volatility likely to decrease [28][29] Industry Evolution - The public fund commission rate reform is significantly impacting the securities research industry, prompting a strategic shift towards providing comprehensive services across investment banking, institutional business, and wealth management [35][36] - The future of securities research will involve deeper integration with the core business areas of securities firms, expanding the client base to include enterprises, institutions, and individual clients [35][36]

Core Viewpoint - The rise of "folk historical enthusiasm" in China reflects societal progress, as people seek cultural engagement after basic needs are met, highlighting a contrast with the ongoing "crisis in the humanities" [3][4] Group 1: Historical Perspective - The "1644 historical view" represents a confusion in historical perspectives, stemming from a century of Chinese scholars abandoning traditional views in favor of Western academic frameworks [3][12] - The need to reconstruct a genuine historical perspective rooted in Chinese tradition is emphasized, as failure to do so will allow misconceptions like the "1644 historical view" to persist [16][19] Group 2: Role of Professionals - Professionals in the humanities should act as facilitators rather than authoritative figures, providing constructive input without imposing their views on the public [4][7] - The importance of engaging with the public's enthusiasm for history is highlighted, suggesting that professionals should contribute positively to this interest [4][18] Group 3: Impact of Technology - The internet has democratized access to historical materials, allowing the public to engage in historical research, but the advent of AI poses challenges by generating misleading information that can confuse even experts [7][8] - The ability of AI to produce convincing but false historical narratives raises concerns about the integrity of historical knowledge and the role of professionals in clarifying these issues [8][9] Group 4: Educational and Social Responsibilities - There is a call for professionals to bridge the gap between the "crisis in the humanities" and the public's historical enthusiasm, emphasizing the need for a service-oriented approach in academia [3][17] - The discussion highlights the necessity for scholars to adapt to the changing landscape of knowledge dissemination and to prioritize genuine engagement with societal needs [19][20]

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]