（一）重要市场新闻 1、美股三大指数集体收涨，纳指涨1.04%，标普500指数涨0.77%，道指涨0.76%；大型科技股多数上 涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊涨逾1%，英伟达、 Meta小幅上涨，谷歌小幅下跌；PayPal两个交易日累计上涨13%，创2022年以来最大同期涨幅。中概股 多数上涨，纳斯达克中国金龙指数涨1.37%，小鹏汽车涨超6%，霸王茶姬涨近5%，金山云涨超4%。欧 洲三大股指收盘涨跌不一，德国DAX指数跌0.02%报24986.25点，法国CAC40指数涨0.26%报8519.21 点，英国富时100指数跌0.04%报10680.59点。 2、国际油价小幅震荡，截至发稿时，美油主力合约跌0.17%，报66.2美元/桶；布油主力合约涨0.17%， 报71.23美元/桶。国际贵金属价格走低，截至发稿时，现货黄金跌1.37%，报5154.83美元/盎司， COMEX黄金期货跌0.94%，报5176.4美元/盎司；现货白银跌1.32%，报87.05美元/盎司，COMEX白银期 货涨0.73%，报87.22美元/盎司。 （二）行业掘金 1、2月24日，据新 ...

来源：芝麻AI 一、国际新闻 美国期货与期权市场交易员正押注美联储降息周期将持续至2027年，与担保隔夜融资利率（SOFR）挂 钩的期货价差深度倒挂，反映市场对长期货币宽松的预期。美联储理事莉萨·库克警告，美联储或无法 有效应对人工智能（AI）普及引发的失业率上升，市场认为AI除推动数据中心建设及能源需求外，本 质具有通缩效应，促使长期美债反弹[1]。 周二美股三大指数收涨，道指涨0.76%，纳指涨1.04%，标普500指数涨0.77%；大型科技股普涨，AMD 涨超8%，英特尔涨超5%，甲骨文涨超3%，苹果、特斯拉、奈飞涨超2%，亚马逊、微软涨超1%[2]。 纳斯达克中国金龙指数同步收涨1.36%，嘉楠科技涨15.90%，Tims中国涨8.57%，世纪互联涨6.68%，小 鹏汽车涨6.69%[3]。 大宗商品市场方面，黄金价格日内波动显著，现货黄金先后失守5130美元/盎司（日内跌0.33%）、5110 美元/盎司（日内跌2.26%）、5100美元/盎司（日内跌2.49%），随后反弹突破5150美元/盎司（日内涨 0.18%）[4][5][6][7]；纽约期金则失守5150美元/盎司（日内跌0.51%）、51 ...

李强主持召开国务院常务会议对抓紧做好春节假期后政府工作作出部署研究推进银发经济和养老服务发展有关工作 商务部：中方愿与美方在将于近期举行的第6轮中美经贸磋商中开展坦诚磋商 中国人民银行：2月25日将开展6000亿元MLF操作期限为1年期 国务院总理李强2月24日主持召开国务院常务会议，对抓紧做好春节假期后政府工作作出部署。会议研究推进银发经济和养老服务发展有关工作。会议指 出，我国银发经济潜力很大，要完善支持举措、强化政策落实，促进养老事业和养老产业发展，为应对人口老龄化提供有力支撑。要进一步释放银发消费需 求，提升消费能力，发挥消费补贴等政策牵引作用，打造一批银发消费新场景新业态。（新华社） 商务部新闻发言人24日就美近期关税调整举措答记者问时表示，中方正密切关注并将全面评估美方相关举措，后续将视情适时决定调整针对美方原芬太尼关 税和对等关税的反制措施。中方将保留采取一切必要措施的权利，坚决捍卫自身合法权益。中方愿与美方在将于近期举行的第6轮中美经贸磋商中开展坦诚 磋商。（新华社） 商务部新闻发言人24日就中韩在热轧板卷反倾销案中达成价格承诺协议答记者问时表示，本案"软着陆"体现中韩双方相互尊重、相互理解、 ...

当前DRAM（动态随机存取存储器）与NAND（闪存）库存仅够维持约4周，价格持续上涨已成定 局……2026年马年春节刚过，全球存储巨头SK海力士的最新发声，让全球存储市场的涨价潮再度升 温。2月24日，A股存储概念股持续走高，北京君正、太极实业、香农芯创等个股涨幅均超过5%。 在AI及算力发展浪潮的驱动下，自2025年第三季度起，全球存储市场迎来涨价行情。业内人士普遍预 计，全球存储芯片涨价将持续2026年一整年。 在产业高景气背景下，中国存储产业正加速突围，长江存储、长鑫科技等企业在技术、产能上持续突 破，国产模组厂商同步发力，中国存储力量的崛起正成为影响全球存储格局、决定行业发展走向的"胜 负手"。 事实上，自2025年第二季度起，全球存储行业景气度开始触底反弹，闪迪打响NAND涨价第一枪后，三 星、美光及长江存储、兆易创新等存储厂商（包括NAND、DRAM）纷纷跟进上调价格。 巨头最新发声：库存仅剩约4周 2月20日，SK海力士举行虚拟投资者会议，向高盛透露了最新的数据及对产业趋势的研判。 SK海力士表示，当前公司DRAM及NAND整体库存仅剩约4周，处于历史极低水平，从谷歌、微软等云 厂商，到Open ...

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.76% at 49,174.5 points, the S&P 500 up 0.77% at 6,890.07 points, and the Nasdaq up 1.04% at 22,863.68 points [1] - Major tech stocks mostly rose, with AMD increasing over 8%, Intel over 5%, and Tesla, Netflix, and Apple each rising over 2% [1] Chinese Stocks - Most Chinese stocks saw gains, with Global Data up over 6%, Century Internet over 6%, and XPeng Motors over 6% [1] - Declines were noted in companies like Hesai Technology, which fell over 2%, and Zai Lab, which dropped over 1% [1] European Market - European indices had mixed results, with Germany's DAX down 0.02% at 24,986.25 points, France's CAC40 up 0.26% at 8,519.21 points, and the UK's FTSE 100 down 0.04% at 10,680.59 points [1] Commodity Prices - International precious metal futures showed mixed results, with COMEX gold futures down 1.25% at $5,160.50 per ounce and COMEX silver futures up 0.57% at $87.07 per ounce [1] - Crude oil prices fell slightly, with the main U.S. oil contract down 0.35% at $66.08 per barrel and Brent oil down 0.06% at $71.07 per barrel [1] Currency and Debt Markets - The U.S. dollar index rose 0.17% to 97.90, while the offshore RMB against the dollar increased by 95 basis points to 6.8798 [1] - U.S. Treasury yields were mixed, with the 2-year yield up 2.73 basis points at 3.461% and the 10-year yield down 0.38 basis points at 4.031% [1] - European bond yields collectively fell, with the UK 10-year yield down 0.9 basis points at 4.304% and Germany's 10-year yield down 0.4 basis points at 2.705% [1]

Core Viewpoint - The technology sector has experienced a convergence of excess returns over the past month (January 15, 2026 - February 13, 2026), but not all sub-sectors are weakening uniformly. The excess drag is attributed to AI applications influenced by overseas SaaS, while optimistic earnings guidance from recent financial reports has stabilized SaaS stock prices, indicating that the phase of panic may be nearing its end [1][3][9]. Group 1: Market Performance and Trends - Since mid-January, the technology sector has shown relative convergence with the broader market, but not all sub-sectors are experiencing weakness. AI computing reached new highs in the last trading week before the holiday, while AI applications have shown deeper corrections and weaker recoveries, remaining over 5% below their mid-January peak [3][10]. - The software development sector in A-shares has retreated over 13% from its January 14 high, influenced by rapid declines in U.S. SaaS stocks on January 12 and January 25 due to the impact of ClaudeCowork and OpenClaw [3][10]. - The technology sector's ability to remain a key theme for the year will depend on industry trends and actual earnings performance, with a dual drive from technology and cyclical recovery expected to favor technology if earnings verification occurs [3][10]. Group 2: Sector Allocation and Configuration - The current allocation in the electronics industry exceeds 20%, with the overall TMT sector over-allocated by more than 17 percentage points. However, the current level of allocation does not directly impact future excess returns [4][11]. - The marginal changes in allocation are more closely linked to the current quarter's excess, with limited significance for the next quarter's guidance. The excess return convergence threshold for technology sub-sectors is at 2.5 or higher, with most sub-sectors below this level [4][11]. Group 3: Identifying Certainty in Technology - To identify certainty within the technology sector, two dimensions can be explored: forward-looking financial indicators and industry cycle trends. The "deferred revenue + contract liabilities" metric can provide insights into order conditions, highlighting sectors with accelerating improvements or sustained high growth over the past two quarters [5][12]. - Key sectors showing accelerated improvement include semiconductors, communication equipment, and digital chip design, while those with sustained high growth include consumer electronics and optical components. The DRAM and NAND Flash contract prices have been rising rapidly since Q4 2025, supported by long-term demand in AI servers and enterprise storage [5][12].

重要新闻提示 开普云：终止重大资产重组；拟5000万至1亿元回购股份维护公司价值 中科曙光：2025年实现归母净利润21.13亿元，同比增长10.54% 通威股份：筹划购买丽豪清能100%股权，公司股票今起停牌 财经新闻 1. 据新华社报道，2月24日召开的国务院常务会议，对抓紧做好春节假期后政府工作作出部署，研究推 进银发经济和养老服务发展有关工作，审议通过《关于加强基层消防工作的意见》，讨论《中华人民共 和国水法（修订草案）》。会议指出，我国银发经济潜力很大，要完善支持举措、强化政策落实，促进 养老事业和养老产业发展，为应对人口老龄化提供有力支撑。要进一步释放银发消费需求，提升消费能 力，发挥消费补贴等政策牵引作用，打造一批银发消费新场景新业态。 2. 2月24日，中国人民银行授权全国银行间同业拆借中心公布新一期贷款市场报价利率（LPR），1年期 为3.0%，5年期以上为3.5%，均与上期持平。 3. 据新华社报道，文化和旅游部2月24日公布2026年春节假期文化和旅游市场情况。春节假日9天，全国 国内出游5.96亿人次，较2025年春节假日8天增加0.95亿人次；国内出游总花费8034.83亿元，较20 ...

当地时间2月24日，美股三大指数集体上涨，纳斯达克指数涨逾1%，大型科技股多数上涨，特斯拉、苹 果、亚马逊、微软、英伟达、META均上涨，谷歌-C小幅下跌。 热门中概股多数上涨，纳斯达克中国金龙指数上涨1.37%。现货黄金、现货白银价格均跌逾1%，国际原 油价格下跌。 美股三大指数均上涨 当地时间2月24日，美股三大指数集体上涨，道琼斯工业指数、纳斯达克指数、标普500指数分别上涨 0.76%、1.04%、0.77%。欧洲主要股指涨跌不一。 大型科技股多数上涨，美国科技七巨头指数上涨1.08%，特斯拉上涨2.39%，苹果上涨2.24%，亚马逊上 涨1.60%，微软上涨1.18%，英伟达上涨0.68%，META上涨0.32%，谷歌-C下跌0.25%。 消息面上，当地时间2月24日，苹果举行线上年度股东大会，苹果首席执行官蒂姆·库克和即将卸任的总 法律顾问Kate Adams主持会议。在会议召开前，苹果提请股东批准与高管薪酬及董事会相关的提案，并 确认安永会计师事务所为公司的独立审计机构。 银行股多数下跌。摩根大通下跌0.08%，高盛集团、摩根士丹利涨逾1%，花旗集团、美国银行跌逾 1%，富国银行下跌0.70%。 ...

Group 1 - AMD and Meta have reached a strategic partnership agreement for the procurement of AI chips worth up to $60 billion over the next five years, marking a significant shift in the AI chip market dynamics [1] - This agreement signifies Meta's transition from being a hardware buyer to a strategic partner in the supply chain, providing AMD with its largest single order in history [1] - AMD's AI chips, such as the MI300 series, rely heavily on advanced packaging technologies like CoWoS, indicating a substantial demand for high-quality packaging capabilities [1] Group 2 - ASMPT, a leading semiconductor packaging equipment supplier, is expected to benefit directly from the expansion of AMD and the overall industry due to its key equipment for advanced packaging [2] - The major demand for advanced packaging capacity is driven by Meta's large order, with TSMC being the primary provider of CoWoS capacity [1][2] Group 3 - The Nasdaq China Golden Dragon Index rose by 1.37%, reflecting a positive trend in popular Chinese concept stocks, including AMD, which saw an increase of over 8% [3] - Major technology stocks, including Intel and Tesla, also experienced gains, contributing to the overall positive market sentiment [3] Group 4 - Panasonic has decided to transfer its TV sales business in North America and Europe to Skyworth, focusing instead on the Japanese market and high-end model production to reduce costs [4] - This strategic adjustment aligns with Panasonic's goal to optimize its operational model based on regional market conditions [4] Group 5 - Federal Pharmaceutical's UBT251 injection has completed Phase II clinical research in overweight/obese patients in China, indicating progress in its innovative drug development [5] - Haizhi Technology Group has entered a strategic cooperation framework agreement with Zhizhu Technology to collaborate in model training and application scenarios [6][7] Group 6 - Sanofi's partnership with Pfizer has led to significant revenue recognition, with a reported net profit of 2.939 billion yuan for 2025, reflecting a 317.09% year-on-year increase [8] - The company achieved a revenue of 4.199 billion yuan for the same period, marking a 251.81% increase [8] Group 7 - Harbin Electric has forecasted a net profit of 2.65 billion yuan for 2025, representing a year-on-year growth of approximately 57.2%, driven by increased revenue and improved product profitability [13] - The company is expected to benefit from the high demand for reliable power systems in the U.S. due to ongoing electricity shortages [13]

*Anthropic新产品提振软件股 *AMD与Meta达成芯片协议 *中概股多数走高 美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%，收于6890.07点；纳斯达克综合指数上涨236.41点，涨 幅1.05%，收于22863.68点。 标普500指数板块中，非必需消费品板块和科技板块涨幅居前，医疗保健板块表现最弱。 DocuSign股价上涨2.6%，此前Anthropic表示其Claude Cowork现在可以连接到DocuSign以及企业现有的其他工具，如Drive和Gmail。此举让投资者感到乐 观，认为人工智能或许能够弥补软件公司，而非取代它们。 这种乐观情绪也延伸到了软件领域的其他板块。赛富时和ServiceNow的股价分别上涨了4.1%和1.7%。iShares扩展软件与技术行业ETF上涨2%。 FactSet上涨5.9%，汤森路透美股上涨11.5%，Salesforce上涨4.1%，成为道指涨幅居前个股之 ...