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]

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 ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3, and $2.1 million, or $0.24 per share in Q4 2024 [16] - Economic earnings for Q4 were $3.3 million, or $0.36 per share, compared to $3.4 million, or $0.39 per share in Q4 2024 [17] - Assets under management totaled $17.4 billion, with $16.5 billion in AUM and $0.9 billion in assets under advisement [17] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4] - Managed Investment Solutions secured its first institutional client, reflecting strong sales growth of $2.5 billion for the year, up 20% from $2.1 billion [4] - Institutional channel gross sales grew by 36% year-over-year, while intermediary distribution achieved 32% growth, marking the strongest annual performance in several years [8][9] Market Data and Key Metrics Changes - The S&P 500 rose less than 3% in Q4 but ended the year up 18%, indicating a mixed market environment [5] - The U.S. economy recorded modest growth despite low consumer confidence, with the Federal Reserve cutting short-term rates by 75 basis points [5] - The firm experienced net outflows of $1 billion in AUM, offset by $1 billion in market appreciation [18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [7] - A disciplined, multiyear evolution of the wealth division aims to enhance client experience and scalability, targeting ultra-high-net-worth families [12] - The launch of new strategies and ETFs, such as the Enhanced Income Opportunity ETF, reflects the company's commitment to innovation and meeting diverse client needs [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the disappointing outflows in Q4, primarily from the Large Cap Value product, which struggled in a narrow market environment [21] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management emphasized the importance of high-quality companies and the potential for attractive shareholder returns in the current market [8] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The firm maintains a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Q&A Session Summary Question: What are the reasons behind the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [21] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 2025 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 2025 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3 2025, and $2.1 million, or $0.24 per share in Q4 2024 [16] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million in assets, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4] - Managed Investment Solutions team secured its first institutional client, indicating growth in this business line [4] - The institutional channel achieved gross sales growth of 36% year-over-year, reflecting strong performance in Mid-Cap and Small-Cap Value strategies [7] Market Data and Key Metrics Changes - Firm-wide assets under management totaled $17.4 billion, with institutional assets at $8.3 billion, wealth management assets at $4.3 billion, and mutual fund assets at $3.9 billion [17] - The company experienced net outflows of $1 billion in assets under management, offset by $1 billion in market appreciation [18] - The company reported a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [6] - A disciplined, multiyear evolution of the wealth division is underway, aimed at enhancing client experience and scalability [11] - The launch of new strategies, including the Westwood Enhanced Income Opportunity ETF, is part of the company's strategy to expand its product offerings [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged disappointing outflows in Q4, primarily from the Large Cap Value product, which has struggled in a narrow market environment [22] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management expressed confidence in the strategic positioning and value proposition of the company moving forward [13] Other Important Information - The board approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The company closed its second oversubscribed private equity fund with over $300 million in commitments, indicating strong capital-raising capabilities [12] Q&A Session Summary Question: What are the reasons for the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [22] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22] Question: How is the company positioned for future growth? - Management expressed bullishness on the ETFs launched in recent years and the overall growth strategy, emphasizing the importance of high-quality investment solutions [24]

Group 1: Economic Indicators - In January, the US Consumer Price Index (CPI) rose by 0.2% month-over-month and 2.4% year-over-year, slightly below market expectations of 0.3% and 2.5% respectively [1] - The core CPI, excluding volatile food and energy prices, increased by 0.3% month-over-month and 2.5% year-over-year, aligning with market expectations [1] Group 2: Market Reactions - The US stock market showed mixed performance, with investors reacting positively to the inflation report, which provided a slight dovish outlook for the Federal Reserve [1] - The cryptocurrency market experienced a rebound, with Coinbase's stock price recovering after a significant drop, as some investors believed the worst was already priced in [1][2] Group 3: Coinbase Financial Performance - Coinbase reported a 20% decline in fourth-quarter revenue to $1.8 billion, exceeding expectations, primarily due to a decrease in token prices affecting trading activity [2] - The company recorded a net loss of $667 million when accounting for cryptocurrency holdings and investment impairments [2] - Coinbase's trading volume has shrunk, highlighting its sensitivity to digital asset price fluctuations and retail speculation [2] Group 4: Stock Performance - Coinbase's stock price rebounded by 15% to around $162 after a previous drop of approximately 8%, with a cumulative decline of about 50% over the past year [2] - The stock's trading volume was reported at 12.8 million shares, with a significant price fluctuation observed [3]