AI（人工智能）热潮下，投资者的担忧始终存在——此前忧虑"泡沫"，如今"恐慌"技术替代风险。 Wind数据显示，近日全球股市波动加剧，尤其是美股科技股。截至2月26日收盘，纳斯达克指数下 跌1.18%，半导体、医药生物等板块领跌；即便是财报超预期的英伟达，股价仍大跌超5%。受美股拖 累，部分互联网科技中概股波动显著。 反观A股，传统周期股与资源股表现较佳，钢铁、有色金属、基础化工位列近一周申万一级行业涨 幅前三，传媒板块则跌幅居首。 对此，市场观点分化：一方认为AI技术将对部分行业形成替代风险，高成长板块面临调整压力； 另一方则指出科技浪潮仍在持续，AI"泡沫"及技术替代恐慌均被显著夸大。 成长股调整 过去一周，全球资本对人工智能行业产生分歧。担忧者认为AI将颠覆传统行业，看好者则认为AI 并非颠覆软件行业，而是带来迭代升级、共同进步。 跌幅居前的被动指数基金包括传媒、动漫游戏等主题及港股互联网ETF。相比之下，算力板块依旧 强势，部分重仓算力股的基金近期涨幅居同类前列。 尽管今年春节期间AI、人形机器人元素依旧吸睛，但节后资金热情明显回落。以港股机器人板块 为例，开市后多个标的股价大涨，但随后迅速"降温"。 ...

豫能控股公告称，公司股票于2026年2月13日、2月24日连续两个交易日收盘价格涨幅偏离值累计超 20%，属异常波动。公司2月11日披露筹划参股投资先天 算力暨关联交易，目前所涉资产审计、评估未 完成，增资金额、比例等未确定，相关协议未签署，最终能否参与交易存不确定性。2月11日至24日， 公司股价累计涨幅达46.42%，显著偏离指数，提醒投资者注意风险。 ...

Market Performance - Wuhan Landian's stock price has shown a fluctuating adjustment trend over the past week, with a closing price of 33.98 yuan on February 13, down 1.28% for the day, and a trading volume of 14.8764 million yuan, resulting in a turnover rate of 2.17% [1] - The highest price during this period was 35.37 yuan on February 9, while the lowest was 33.91 yuan on February 13, indicating a price fluctuation of 4.23% and a cumulative decline of 1.54% [1] - The average daily trading volume was approximately 348,000 shares, reflecting a moderate level of market activity [1] Shareholder Structure - As of September 30, 2025, the number of shareholders was 5,922, a decrease of 21.60% from the previous period, with an increase in the average circulating shares per shareholder to 3,382 shares, indicating a rise in shareholding concentration [1] Financial Analysis - The latest financial data is based on the third-quarter report of 2025, showing a total share capital of 80.0747 million shares and a circulating share capital of 20.0332 million shares, with the top ten shareholders holding 76.81% of the shares [3] - Due to the financial report data not being updated in the last seven days and no new earnings forecast released, the current financial report has limited impact on short-term stock price [3] Industry Context - The company operates in the battery testing equipment sector, which is part of the new energy industry chain, and can be indirectly influenced by macro policies such as the State-owned Assets Supervision and Administration Commission's promotion of computing power investment and developments in the new energy vehicle sector [2]

经济观察网近7天，西部数据股价主要受存储芯片行业供应短缺及AI算力需求推动。2026年2月12日， 据《证券时报网》报道，DRAM出现"15年以来最严重供应短缺"，引发美股存储概念股集体上涨，西部 数据当日涨幅显著。同时，全球AI算力需求爆发和国内国资委扩大算力投资等政策预期，间接利好存 储产业链。行业景气度提升直接提振市场预期。 西部数据于2026年1月30日发布的第二财季(截至2025年12月)业绩超预期，营收30.2亿美元，同比增长 25%，净利润18.4亿美元，同比增长210%，调整后每股收益2.13美元高于市场预期。尽管财报发布时间 较早，但其显示的AI驱动增长动能持续影响近期股价，公司对第三财季营收指引(32亿美元±1亿)也显著 乐观。盈利能力的提升(调整后毛利率46.1%)支撑了市场信心。 机构观点 机构对西部数据前景保持乐观。2026年2月9日，Wedbush重申"跑赢大盘"评级，目标价325美元。瑞银 分析师指出，存储行业供给紧张态势可能持续至2028年，AI数据中心需求将强化产业链议价能力。当 前机构目标价均价为322.91美元，买入或增持评级占比达75%，凸显行业景气度预期。 以上内容基 ...

pl 研 2026年2月12日 服务研究 投资咨询从业资格号:Z0020476 liuyuxuan023982@gtjas.com 音全属其本面数据 | | | 昨日收盘价 | 日 涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金2602 | 1,130.40 | 0. 82% | 1130. 70 | 0. 44% | | | 黄金T+D | 1,124.47 | 0. 63% | 1127.50 | 0. 31% | | | Comex黄金2602 | 5107. 80 | 1. 19% | 1 | | | | 伦敦金现货 | 5084. 75 | 1. 14% | l | - | | | 沪银2602 | 20944 | 3. 16% | 20965. 00 | 2. 27% | | | 白银T+D | 19899 | 3. 24% | 19760 | 0. 77% | | 价格 | Comex白银2602 | 84. 085 | 4. 35% | 23 | l | | | 伦敦银现货 | 84. 215 | 4. 29 ...

资讯日报：美国非农就业创逾一年最大增长 股票市场概览 港股市场表现 美股市场表现 2026 年 2 月 12 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常缺 | 間常失 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 27,266 | 0.31 | 2.66 | 6.38 | | 恒生科技 | 5.500 | 0.90 | 2.88 | (0.29) | | 恒生国企 | 9.268 | 0.28 | 2.62 | 3.98 | | 上证指数 | 4.132 | 10.09 | 1.63 | 4.11 | | 日经225 | 57.651 | 0.00 | 6.26 | 14.52 | | 新加坡海峡 | 4.985 | 0.41 | 1.02 | 0.00 | | 标普500 | 6.941 | : (0.00) | 0.13 | 1.40 | | 纳斯达克 | 23,066 | (0.16) | 0.15 | (0.76) | | 道琼斯工业 | 50 ...

Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, it offers trading suggestions for various futures products, such as "long - term bullish, buy on dips" for stock index futures, "range trading" for many commodities like copper, tin, etc. [1] Core Views - The report provides trading strategies and market analysis for different futures sectors, including macro - finance, black building materials, non - ferrous metals, energy chemicals, cotton - textile industry chain, and agricultural livestock. It takes into account factors such as supply - demand relationships, macroeconomic data, and geopolitical events to form trading suggestions. [1] Summary by Directory Macro - Finance - **Stock Index**: Long - term bullish, buy on dips. Before the holiday, it may oscillate, and it is advisable to hold positions lightly with a defensive approach. Factors include US employment data, market expectations of interest rate cuts, and domestic policies on AI and central enterprise investment. [1][5] - **Treasury Bonds**: Oscillate. The overall price level shows a mild recovery, but the bond market reacts little to price data. After the holiday, there are uncertainties regarding important meetings and bond supply, so treasury bonds may oscillate. [5] Black Building Materials - **Coking Coal**: Short - term trading. The coal market shows short - term fluctuations. Although prices have increased slightly, the sustainability of the price increase is limited due to factors such as weak downstream demand and early shutdown of private coal mines. [7][8] - **Rebar**: Range trading. The rebar futures price is at a relatively low static valuation. In the short term, it may oscillate, and it is recommended to trade with a light position before the holiday. [8] - **Glass**: Buy on dips. Although there are rumors in the industry and the glass price has upward pressure, the futures price has fallen to a relatively low level again, and it is expected to oscillate upward. [9][10] Non - Ferrous Metals - **Copper**: High - level oscillation. General traders are advised to reduce trading positions before the holiday, while hedgers are advised to increase the hedging coverage rate. The copper market is affected by macro factors, and although there is a risk of a supply shortage, the inventory is increasing. [11] - **Aluminum**: High - level oscillation. It is recommended to strengthen observation. The supply of electrolytic aluminum is expected to increase, while the downstream demand is weakening. [13] - **Nickel**: Oscillate. It is recommended to observe. Although the nickel price has risen due to news of quota cuts in Indonesia, the current market has fully priced in the information, and the fundamentals are weak. [15] - **Tin**: Range trading. The supply of tin ore is tight, and the downstream demand is in a state of rigid procurement. It is expected to continue to oscillate. [16][17] - **Silver**: Range trading. The short - term price is in an adjustment state, and the medium - term price center has moved up. It is recommended to conduct range trading. [17] - **Gold**: Range trading. Similar to silver, the short - term price is in an adjustment state, and the medium - term price center has moved up. It is recommended to conduct range trading. [17][18] - **Lithium Carbonate**: Range oscillation. The supply and demand are in a state of game, and the price is expected to continue to oscillate. [18] Energy Chemicals - **PVC**: Range trading. The current supply - demand situation is weak, but there are opportunities for industrial upgrading in the long term. It is recommended to be cautious about chasing up. [19][20] - **Caustic Soda**: Temporarily observe. The demand is weak, and the supply pressure is large. There may be support in the medium term if the market atmosphere of related commodities improves. [20] - **Styrene**: Range trading. It rebounds due to factors such as export increase and device maintenance, but the valuation is high. It is recommended to be cautious about chasing up. [22] - **Rubber**: Range trading. Before the holiday, the market has both positive and negative factors, and the rubber price is expected to oscillate upward. [22] - **Urea**: Range trading. The supply is increasing, the demand is supported by compound fertilizer enterprises, and the price is expected to oscillate within a certain range. [23] - **Methanol**: Range trading. The supply in the inland area is decreasing, the downstream demand is weak, and the price in some areas is strong due to geopolitical and port factors. [24] - **Polyolefins**: Weak oscillation. The downstream demand is weakening before the holiday, the supply pressure is increasing, and the inventory is accumulating. [25][26][27] - **Soda Ash**: Temporarily observe. The supply is in a state of over - supply, but the cost support is strong, and it is recommended to leave the market temporarily. [27] Cotton - Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillate and adjust. The global cotton supply and demand situation is changing, and the long - term expectation is optimistic, but it is recommended to be cautious in the short term. [28] - **Apple**: Oscillate. The overall market in the production area is stable, and the trading volume of different grades of apples varies. [28] - **Red Dates**: Oscillate. The purchase price of Xinjiang grey dates in the 2025 production season varies by region, and the raw material purchase adheres to the principle of high - quality and high - price. [30] Agricultural Livestock - **Pigs**: Build a bottom through oscillation. Partially close short positions before the Spring Festival, and adopt a strategy of shorting on rebounds. The supply is increasing, and the price is under pressure, but there are also factors such as secondary fattening and frozen product storage that may support the price. [30] - **Eggs**: Rebound from a low level. Before the holiday, the trading volume on the futures market decreases, and the price fluctuates greatly. It is recommended to be cautious about shorting, and hold positions lightly during the holiday. The supply of eggs is sufficient, and the demand is weakening. [32] - **Corn**: The upward space is limited. Be cautious about chasing up in the short term, and grain - holding entities can wait for the price to rebound and conduct hedging. The supply - demand pattern of corn in the 2025/2026 season is relatively loose. [32][34] - **Soybean Meal**: Oscillate at a low level. Pay attention to the support level of 2700 yuan/ton for the M2605 contract, and short on rebounds. The market is affected by factors such as the US - South American soybean situation and domestic demand. [34] - **Oils and Fats**: High - level oscillation. It is recommended to buy on dips, and pay attention to position risks before the holiday. The fundamentals of the three major oils and fats are mixed, with different performances for each variety. [33][35][40]

1 证 券 研 究 报 告 2026 年 2 月 12 日星期四 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 特朗普称赞 1 月非农强劲表现，再度呼吁大幅降息 消息称特朗普私下权衡是否退出美墨加贸易协定 特朗普拟发布新行政令：利用政府资金重振煤炭行业 欧佩克维持全球石油需求预期不变 李强：全面推进人工智能科技创新、产业发展和赋能应用 国务院国资委推动中央企业积极扩大算力有效投资 2035 年我国将全面建成全国统一电力市场体系 中国 1 月 CPI 同比 0.2%，低于预期 Meta 将斥资超 100 亿美元建设数据中心 消息人士：字节跳动自研 AI 芯片 与三星洽谈代工事宜 0 5,000 10,000 15,000 20,000 25,000 30,000 2 年期美债收益率涨 6.41 个基点报 3.512% 5 年期美债收益率涨 4.51 个基点报 3.743% 10 年期美债收益率涨 2.77 个基点报 4.170% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 ...

此外，国务院国资委要求中央企业强化开源开放协同，加快推动开源"焕新社区"迭代升级，努力成 为"赋能型企业"，推进"AI+"产业共同体建设，不断涵养互利共赢的产业生态。 近年来，国务院国资委全力推进中央企业"AI+"专项行动，推动中央企业找准与人工智能技术和产业发 展趋势的结合点和突破口，实现高价值应用场景加快落地、数据集共建共享稳步推进、智能算力供给能 力持续提升、自主可控模型构建加速突破、开源开放产业生态不断完善，发展人工智能产业取得了明显 成效。 来源：新华社 （文章来源：中国证券报） 国务院国资委推动中央企业积极扩大算力有效投资 新华社北京2月11日电国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推 进"算力+电力"协同发展，提升全链条数据治理能力，不断夯实人工智能产业基础底座。 记者11日获悉，国务院国资委日前召开中央企业"AI+"专项行动深化部署会。此次会议上，国务院国资 委提出央企要强化自主创新，着力突破关键核心技术，持续攻关"大模型"技术，推动更多自主创新成果 从样品变成产品、形成产业；要强化场景培育，加强人工智能与主责主业、产业需求的精准对接，在高 适配、高价值、高可靠上 ...

（文章来源：21世纪经济报道） 国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进"算力+电力"协同发 展，要持续攻关"大模型"技术，推动更多自主创新成果从样品变成产品、形成产业。 此外，要加快推动开源"焕新社区"迭代升级，推进"AI+"产业共同体建设。 ...