【导读】全线调整，蛇年行情收官；铝价突然直线跳水，特朗普拟放松部分钢铝关税 市场共1540只个股上涨，46只个股涨停，3829只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 日中 | 涨停 | 46 | | 涨幅 | > 7% | 61 | | 涨幅 | 5-7% | 48 | | 涨幅 | 3-5% | 132 | | 张唱 | 0-3% | 6621 | | 跌幅 | 0-3% | 3332 | | 跌幅 | 3-5% | 367 | | 跌幅 | 5-7% | 82 | | 跌幅 | > 7% | 48 | | 其中 跌停 | | 16 | | 上涨家数 | | 1540 | | 上跌2 | | 3829 115 | | | | 5484 | | 总品种数 总成交额 总成交 | △零负 | 19989.42 乙 | | | | 114715.37 | | 涨家增减 | | -1202 | | 涨家增幅 | | -43.84% | | 指数量比 | | 0.91 | 军工板块逆市走强，安达维尔、亚星锚链、航发动力等涨停。 | 代码 | 名称 | | 涨幅% ...

Market Performance - A-shares experienced a decline on February 13, with all three major indices dropping over 1%. The Shanghai Composite Index fell by 1.26%, the Shenzhen Component Index by 1.28%, and the ChiNext Index by 1.57% [1][2] - For the lunar year of the Snake, the Shanghai Composite Index recorded a cumulative increase of 25.58%, the Shenzhen Component Index 38.84%, the ChiNext Index 58.73%, and the Sci-Tech Innovation Board Index 64.20% [1] Stock Movement - A total of 1,540 stocks rose, while 3,829 stocks fell, with 46 stocks hitting the daily limit up [2][3] - The military industry sector showed resilience, with stocks like Andavere and Yaxing Anchor Chain reaching their daily limit up [3][4] - Semiconductor stocks saw a midday surge, with Fuchuang Precision rising over 10% [5] Aluminum Price Drop - Aluminum prices experienced a sudden drop on February 13, following reports that Trump may reduce certain U.S. metal import tariffs [12][14] - The U.S. government is reviewing a list of products affected by tariffs and may exempt some items due to concerns that tariffs are harming consumers [14] - Analysts suggest that lowering tariffs could alleviate market distortions and supply chain disruptions, especially as traders reduce positions ahead of the upcoming Spring Festival holiday [14]

作者 |深鹏 数据支持 | 勾股 大数 据（www.gogudata.com） 春节前的最后一个交易日（A股），受隔夜美股市场大跌、以及节前效应的情绪影响，收绿。 对于没能在春节前领最后的一个股市红包，难免会有一点小小的失望。 不过无伤大雅，因为两周之后就重新开市。 大家反而可以趁机沉淀一下，度假之余，顺道思考一下节后的布局。 有几点，可以提前重点地说一说。 黄金坑？ 01 换句话说，估值已经不算贵，而且如果算上另外两个指标，这个估值底是有支撑的。 一个是回购，连续的、日均数亿港元，年回购总额近千亿；另一个股息率，基本稳定在4-5% 左右。 要知道，腾讯的定价权基本由内外的大资金决定，这两个指标很符合他们的胃口，对比美股的 同类科技股的高估值，"便宜"就更明显了。 这就是外资改变过去几年对于腾讯，甚至对恒生科技的看法，他们倾向于认为，港股科技股的 低估值和尚算不错的基本面，是一个能够对冲美股AI科技高估值的洼地，且全球大部分基金目 第一个，要说的腾讯。 最近的表现确实让人有些揪心，作为港股的"定海神针"，从25年10月的高位回调，至今跌幅 已经达23%，市值跌没了1.43万亿，这两周经历了两波非常明显的连续回 ...

Group 1 - The communication industry is experiencing significant activity, which may indirectly impact Zhongjing Electronics (002579) as a PCB supplier. Recent trends in AI hardware demand and supply shortages in the optical fiber and cable sector are expected to boost PCB demand, as PCBs are fundamental components for optical modules and communication devices [1] - The stock price of Zhongjing Electronics has shown volatility over the past week, with a maximum price of 11.90 yuan on February 10 and a minimum of 11.30 yuan on February 6, resulting in a price fluctuation of 17.97%. As of February 13, the closing price was 11.64 yuan, reflecting a 1.57% increase over five days but a 6.43% decline over twenty days, underperforming the market [2] - Brokerage firms maintain a positive outlook on related industry trends but caution about valuation risks. Reports indicate that the optical fiber and cable industry has a high short-term success rate due to AI demand affecting traditional capacity. However, PCB companies like Zhongjing Electronics need to penetrate high-end products and control costs to achieve performance elasticity [3] Group 2 - The optical fiber demand in global data centers has increased by 75.9% year-on-year, with high-end products like hollow-core fibers seeing accelerated industrialization. This surge in demand is expected to lead to a sustained increase in prices [1] - The trading volume for Zhongjing Electronics peaked at 240 million yuan on February 10, with a turnover rate of 3.49%, indicating a recent high in trading activity. However, the latest turnover rate has decreased to 1.89%, suggesting a decline in trading activity [2] - The expansion cycle for upstream optical fiber preform rods is projected to last 2-3 years, reinforcing supply rigidity and the sustainability of price increases. The PCB sector's price-to-book ratio is currently at historical highs, necessitating fundamental support for valuation [3]

Core Viewpoint - The logistics sector has become the latest victim of "AI panic trading," following significant declines in software and financial sectors, with major logistics stocks experiencing sharp drops in both US and European markets [2][5][7]. Market Impact - On February 12, the Russell 3000 Trucking Index fell by 7.8%, with Robinson Global Logistics (CHRW) dropping over 14% and Expeditors International (EXPD) declining over 13% [2][5]. - In the A-share market, several transportation stocks also saw significant declines, with China COSCO Shipping Energy Transportation (中远海能) down over 8% and China Merchants Energy Shipping (招商南油) down nearly 7% [4][5]. Triggering Events - The sell-off was triggered by the announcement from Algorhythm Holdings (RIME) regarding its AI logistics platform, SemiCab, which reportedly increased freight volumes by 300% to 400% without adding operational staff [5][6]. - Algorhythm's stock surged by 79% during trading but closed with a nearly 30% increase, despite its market capitalization remaining below $10 million [6]. Broader Market Context - The current AI "super cycle" is reshaping global industry dynamics, intertwining technological benefits with market anxieties [3]. - Analysts noted that the panic selling is not limited to tech stocks but affects all sectors associated with AI news, leading to a "sell first, think later" mentality [7][8]. Sector Performance - The logistics sector's decline is part of a broader trend where financial services and real estate stocks also faced sell-offs due to AI-related announcements [7]. - Major US stock indices, including the Nasdaq, S&P 500, and Dow Jones, experienced declines, with the Nasdaq dropping 2% [8].

Core Insights - The article emphasizes that AI should be viewed as a tool to support existing business missions and goals, rather than a reason to change core values or business focus [2][3] - It warns against the anxiety surrounding AI, suggesting that individuals should not feel pressured to adapt their strategies solely based on AI trends [3][6] - The author advises that for those in the humanities, the best approach to learning about AI is to invest in paid courses or expert guidance rather than attempting to use AI tools directly [4][5] Group 1: Business Focus - The concept of business focus is defined as understanding what one aims to achieve in the current year, with AI serving merely as a tool to facilitate this [2] - Companies should not let AI dictate their business direction; instead, they should consider how AI can enhance their existing workflows and content [2][3] Group 2: Learning Strategies - For individuals not highly strategic, the recommendation is to pay for expertise rather than trying to navigate AI tools independently [4][5] - The article suggests that paying for professional guidance can resolve most challenges faced by those in the humanities when dealing with AI [5] Group 3: Activities During the Holiday - During the holiday season, companies should focus on content creation that resonates with their audience, leveraging the festive atmosphere to engage followers [6] - It is advised that leaders should continue their personal development and content production without succumbing to AI-related anxiety [6]

Industry Updates - The National Tobacco Monopoly Administration issued a notice prohibiting the use of dessert, candy, and fruit flavor names for e-cigarette products [1] - The Ministry of Industry and Information Technology and eight other departments jointly released the "Automobile Data Export Security Guidelines (2026 Edition)" to promote efficient and secure cross-border flow of automotive data [1] - The State Administration for Market Regulation has deployed measures to enhance quality safety control of infant formula milk powder, urging all manufacturers to conduct testing for Bacillus cereus emetic toxin [1] - In the past two months, the overall sales of technology products in Shenzhen's Huaqiangbei have increased by over 30%, with AI glasses sales rising by 70% to 80% [1] Company News - Shuangliang Energy received a regulatory warning from the Shanghai Stock Exchange due to information disclosure issues, leading to a limit-down opening on February 13 [1] - Zhangyue Technology issued a risk warning after five consecutive trading days of limit-up, stating that the revenue from its AI short drama business for 2025 is expected to be no more than 1% of its main business revenue, with a shareholder planning to reduce holdings by up to 4.389 million shares [1] - Zhiyuan (02513.HK) surged over 22% during trading, reaching a market capitalization close to HKD 220 billion [1] - Zeekr Automotive established a wholly-owned subsidiary, Shenzhen Blue Zeekr Automotive Sales Service Co., with a registered capital of RMB 10 million [1] - Chow Tai Fook Jewelry opened its largest store in Hong Kong on Guangdong Road, investing several tens of millions and preparing for over a year, covering nearly 1,000 square meters [1] - Donghua Testing stated on its investor interaction platform that its multifunctional fiber Bragg grating online intelligent monitoring system based on FBG technology is in the small batch trial production and partial market promotion stage [1] - Lichip Microelectronics launched the ET74LV541V series eight-channel tri-state output buffer/driver with a wide voltage range of 2-5.5V, featuring a strong driving capability of ±35mA and excellent ESD protection and latch-up performance [1]

通信 周跟踪（20260202-20260208） 领先大市-A(维持) ——北美资本开支增长并未见顶，Scaleup 是光通信重要增量 2026 年 2 月 13 日 行业研究/行业周报 通信行业近一年市场表现 行业动向： 1）北美主要 CSP 陆续发布财报，AI 飞轮高速运转，2026 资本开支指引超 预期。近期，北美主要 CSP 完成了 2025 年度财报的公布，普遍向外界传达的信 号是 AI 已从成本中心转为收入引擎，继续扩大投资急迫且真实。 资料来源：常闻 相关报告： 【山证通信】——moltbot 爆火背后 1.1 云业务通过 AI 算力与工具实现高增。例如，AWS 云销售额同比增长 20% 达到 1287 亿美元，其 Bedrock 上托管的 20+个模型得到客户来自项目编程、推理 和代理工作流程的全面需求。谷歌云 2025 年末年化营收突破 700 亿美元成为增 长最快的核心业务，主要得益于企业 AI 基础设施、AI 解决方案及核心云服务的 强劲客户需求。微软 Azure 的年收入已超过 750 亿美元，同比增长 34%，主要来 自 OpenAI 等大客户的长期订单、Azure AI Foun ...

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant declines ahead of the Chinese New Year, with a prevailing risk-averse sentiment overshadowing expectations for a "red envelope market" [1]. Market Performance - A-shares saw all three major indices drop, with declines exceeding 1.2%, while the STAR 50 Index showed resilience with a smaller drop of 0.72, indicating underlying support in the tech growth sector [2]. - The total trading volume in both markets was 19,827 billion yuan, reflecting a decrease of 1,591 billion yuan, driven by a cautious "holding cash for the New Year" mentality [3]. - The Hong Kong market faced more severe adjustments, with the Hang Seng Index closing at 26,535.93 points, down 1.84%, influenced by a significant drop in U.S. stocks, particularly the Nasdaq [4]. Sector Performance - The market exhibited a stark divide, with the defense and military sector rising while cyclical and new energy sectors faced heavy losses [5]. - In A-shares, the comprehensive sector rose by 2.06%, and the defense and military sector increased by 0.65%, making it one of the few sectors in the green. Conversely, cyclical and new energy sectors saw significant declines, with non-ferrous metals down 3.36%, construction materials down 3.10%, and oil and petrochemicals down 3.09% [6]. Drivers of Sector Movements - The military sector's rise was supported by two main factors: improved U.S.-China relations and ongoing domestic policy support for low-altitude economy and aerospace, which bolstered investor sentiment [7]. - The downturn in cyclical and new energy sectors was attributed to a sharp decline in international commodity prices, with silver dropping over 11% and gold also experiencing significant losses, leading to a sell-off in risk assets [8]. Market Outlook - The market is expected to continue a pattern of consolidation, with A-shares showing resilience due to policy support and liquidity. Key opportunities remain in the tech sector, particularly in AI computing, semiconductors, and robotics, as well as in military and low-altitude economy sectors driven by clear policy direction [11]. - However, cyclical sectors are likely to remain under pressure until there are signs of improvement in PPI and real estate policies, while the performance of Hong Kong tech stocks will depend on the stabilization of U.S. tech stocks [12][13].

Core Insights - MOVA's first product has officially rolled off the production line at its Yibin smart manufacturing base, with a target of achieving an annual production capacity of one million units and an annual output value of 7 billion [1] - The company has established a comprehensive smart home ecosystem covering over 60 countries and regions, with a product matrix that includes various smart devices such as robotic vacuum cleaners, smart floor washers, and air purifiers [1] Investment and Strategic Partnerships - The Sky Factory Venture Fund, established in 2023, focuses on investments in AI and the broader robotics industry, aiming to identify high-growth potential projects and empower portfolio companies for accelerated growth [3] - The fund has previously collaborated with the Yibin High-tech Frontier Technology Fund to complete a 1 billion yuan industrial investment, aligning with local industrial needs and fostering quality innovative enterprises [3] Economic Impact and Development - The establishment of the MOVA project is a key move for Yibin's industrial upgrade, expected to create hundreds of high-skilled jobs and attract upstream and downstream supporting enterprises, forming a trillion-level industrial cluster in precision manufacturing and industrial software [3] - The strategic cooperation between Sky Factory and the Yibin government aims to deepen collaboration, with a future investment plan targeting 10 billion yuan, focusing on advanced manufacturing and robotics [3][4] - MOVA is positioned to lead the charge in attracting ecosystem partners, facilitating a shift from single factory operations to a full industrial chain cluster, thereby driving high-quality regional development [4]