2026年2月6日，港股收盘时，一组数字让不少投资者心里一凉。 恒生指数跌了1.21%，恒生科技指数跌了1.11%。 阿里跌了近3%，腾讯、百度跌了近 2%，京东也跌超1%。 一片绿油油的行情里，新能源车却涨得红火，蔚来涨了近7%。 时间往回倒几天，情况更刺激。 2月3日，腾讯的股价在盘中一度暴跌超过6%，眼看着三千多亿港元的市值就蒸发了。 引发这场震荡的，不是什么惊天动 地的官方政策，而是两则在网络上流传、内容经不起推敲的"小作文"。 一篇说，平台型互联网企业可能不再享受高新技术企业的15%优惠税率。 另一篇更夸张，说游戏行业的税率要向白酒行业看齐，可能从现在的6%左右猛 增到32%。 就是这些没头没尾的消息，叠加了全球市场的不安情绪，瞬间点燃了抛售的导火索。 为什么几句漏洞明显的传言，能有如此巨大的威力？ 答案可能不在于传言本身，而在于市场早已脆弱不堪的神经。 当大家都紧绷着的时候，一点风吹草 动，就足以引发一场雪崩。 我们来看看2月6日当天具体的市场表现。 阿里巴巴港股收盘下跌2.88%，股价报68.45港元。 百度集团港股下跌2.20%，股价收在98.70港元。 腾讯控股报 547.50港元，下跌1. ...

本报讯 （记者杨召奎）近日，市场监管总局发布5起人工智能领域不正当竞争典型案例，涉及企业借 助"DeepSeek"字样"搭便车"等。 北京奥蓝德信息科技有限公司（以下简称当事人）利用其运营的网站推广名为"DeepSeek本地部署工 具"的软件，并在网页多处使用"DeepSeek"字样以及官方图标。同时，当事人使用竞价排名的方式利 用"DeepSeek"知名度，取得不正当市场竞争优势，获取不当利益，但当事人、涉案软件开发主体均与 DeepSeek官方运营主体无关联，系利用用户信息壁垒，借助"DeepSeek"字样"搭便车"，赚取流量热度。 （来源：工人日报） 当事人的行为违反了《网络反不正当竞争暂行规定》及《中华人民共和国反不正当竞争法》相关规定， 当地市场监管部门责令当事人立即停止违法行为，并综合裁量案件情节，处罚款5000元。 其他案例包括：上海市徐汇区市场监管局查处上海熵云网络科技有限公司利用网络实施混淆案；上海市 市场监管局查处上海俏聘网络信息科技有限公司帮助虚假宣传案；浙江省杭州市市场监管局查处闵某某 侵犯商业秘密案；杭州市西湖区市场监管局查处杭州博珩传媒文化有限公司利用网络实施混淆案。 ...

Group 1 - The total amount of cornerstone investments in Hong Kong IPOs by institutions has exceeded 30 billion HKD as of February 6 this year, with significant participation from top domestic private equity firms and international funds [1][2] - Notable cornerstone investors in recent IPOs include Tencent,淡水泉, and 泰康人寿, with the IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. raising 3.336 billion HKD at an issue price of 236.6 HKD per share [2] - The influx of large overseas institutions into Hong Kong IPOs is driven by optimism about growth sectors such as AI, biomedicine, and semiconductors, as they seek to capitalize on the potential growth of quality new economy companies [3] Group 2 - The Hong Kong market is expected to see continued opportunities in internet, innovative pharmaceuticals, and high-dividend sectors by 2026, supported by a favorable valuation environment and the influx of risk-averse capital [4] - The market is currently viewed as a global valuation low point, with sufficient momentum for valuation recovery, making it an attractive destination for foreign capital seeking to invest in quality Chinese assets [4] - The rise of artificial intelligence is anticipated to benefit related companies, with the market yet to fully price in these opportunities, indicating potential for continued investment interest [4]

报告导读： 海外金融紧缩预期边际改善，国内政策重心正转向内需主导。恐慌性抛售后， 中国股市已至关键位置，建议持股过节。新兴科技是主线，价值也会有春天。 投 资 要 点 ▶大势研判：持股过节。 近期中国股市波动较大，并出现单日恐慌式抛售，市场悲观情绪弥漫。究其原因：沃什"降息+缩表"倾向引发金融条件紧缩担忧、美股科 技龙头巨额资本开支扰动与前期A股权重ETF持续被抛售交织助推了交易波动和信心走弱，加之临近春节长假观望情绪升温，客观上股市微观结构受到负面冲击。 与当下谨慎共识不同的是，国泰海通策略坚决看好中国市场前景，建议持股过节：1）全球市场正快速计入美联储潜在的鹰派货币立场，但从路径角度沃什的降息 立场更鸽派和确定。与此同时，贝森特澄清强美元政策并非指干预汇率，海外金融紧缩预期边际改善。2）中国政府的政策重心正转向内需主导，并作为首要任 务，有望提振中国经济前景与资产回报。3）证监会近期再次强调"全力巩固资本市场稳中向好势头"，A股上市公司亦掀起回购热潮。我们认为，中国股市将逐步 企稳与展开春季行情，眼下是增持良机。 ▶ 重要的边际：内需政策提速，价值迎来春天。 过去五年，中国内需增长经历了明显下行，比如房地 ...

来源：黄老邪财经 腾讯本周有点拉胯，从598跌到547.5，跌幅达到惊人的8.4%。 看起来挺多的，但一想到历史上腾讯的巨大波动性，这点跌幅连开胃菜都算不上。 不用翻K线图，以我有限的记忆来回想的话，依稀还能记得几个： 2022年俄乌冲突那天，好像有10点大跌； 2023年，游戏征求意见稿那天，好像大跌15%； 2025年，美丽国宣布负面清单的时候，好像又大跌13%。 而且这都是单日下跌的惨烈盛况，给投资人带来的冲击力会更大。 但腾讯就是这么跌呀跌的，从200多走到680，现在无非是再次开启先小跌后再涨的新循环。 如果实在找不到原因，阴谋论就会冒出来，他们会给出一个猜测，会说腾讯未来将会发生一些不好的事情，或者会被针对等 等。 其实这些对于投资又有什么意义呢？ 真的能帮大家精准逃顶，再精准抄底吗？ 腾讯的核心竞争优势已经愈发明显，护城河越挖越深，如果投资这家企业让你总是担惊受怕，要么是自己买错了，要么是自己 一点都不懂。 现在的腾讯，跟200时比起来，差不多一样便宜。 从利润端、投资端、估值端都能一眼做出判断。 经过多次蹂躏的腾讯股东们，面对本周的场面，基本无感。 总有一些大聪明，想为腾讯的下跌找到原因。 例 ...

Group 1 - The core viewpoint is that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The urgency for strategic security investments and new infrastructure in the US reflects a growing competition, balancing short-term shareholder interests with long-term strategic value [2] - China's capital market has already completed the pricing adjustment from virtual to real, currently undergoing a verification and pricing process for quality and efficiency improvements [2] Group 2 - A potential "favorable timing and conditions" for a new upward cycle in the A-share market is anticipated in the coming months, particularly around the Spring Festival [3] - Historical data shows that February, especially around the Spring Festival, is a period of strong market activity, with small-cap stocks likely to outperform [3] - The recent market pullback is seen as an opportunity to regain confidence and prepare for the upcoming upward cycle, especially around the 4000-point level [3] Group 3 - The global market is quickly pricing in the potential hawkish stance of the Federal Reserve, while the Chinese government is shifting its focus towards domestic demand, which is expected to boost economic prospects [5] - The recent emphasis from the China Securities Regulatory Commission on stabilizing the capital market is expected to support a gradual recovery in the A-share market [5] - Recommendations include focusing on emerging technologies and sectors such as consumer services, food and beverage, and traditional manufacturing [5] Group 4 - The recent global asset adjustment is more about digesting emotions rather than fundamental changes, with a favorable environment for market recovery expected post-Spring Festival [6] - Key sectors to focus on include technology manufacturing, resource products, and infrastructure chains, with a particular emphasis on AI hardware and high-end manufacturing [6] - The upcoming period is expected to see increased industry catalysts and a rise in risk appetite, creating opportunities for thematic investments [6] Group 5 - The Hang Seng Technology Index is seen as having value for investment, with expectations of a rebound once the liquidity shock subsides [7] - The market is expected to experience a stronger performance post-Spring Festival, with a focus on sectors benefiting from the "14th Five-Year Plan" [7] - The rotation of investment focus is anticipated to accelerate in February, particularly towards sectors like oil, food and beverage, and construction materials [7] Group 6 - The global risk-off mode has led to a reevaluation of assets, with a focus on physical assets and a recovery in manufacturing trends [8] - Recommendations include investing in commodities like oil, copper, and lithium, as well as sectors with confirmed bottoming out in the Chinese manufacturing industry [8] - The return of capital and easing of pressure from quantitative tightening are expected to support a recovery in consumer sectors [8] Group 7 - The recent adjustments in the A-share market are primarily driven by internal factors, with external shocks having limited impact on the fundamental industry landscape [9][10] - The market sentiment has been sufficiently released, and a continuation of the spring market rally is anticipated post-Spring Festival [10] - Key sectors to watch include AI computing, chemical industries, and power equipment, with potential catalysts from local policy signals [10] Group 8 - The market is expected to maintain a range-bound oscillation, with a shift towards value and consumer sectors as high-valuation tech stocks face selling pressure [12] - Defensive sectors like banking and food and beverage are likely to attract investment, while growth sectors may regain focus post-Spring Festival [12] - The upcoming policy window and recovery in risk appetite are expected to shift market attention back to growth sectors with clear performance catalysts [12]

秘密照片曝光！美媒：爱泼斯坦曾与马斯克、扎克伯格等科技巨头"亲密"共进晚宴 报道介绍称，爱泼斯坦2015年8月2日给好友发邮件，称当晚他将与马斯克、扎克伯格等人共进晚宴。次 日，他给自己发了一张照片，照片中马斯克、扎克伯格及其妻子普莉希拉·陈等人围坐在餐桌旁。 马斯克和扎克伯格方面暂未就这一消息作出回应。 报道提到，美国《名利场》杂志2019年最早披露了这场晚宴相关消息。晚宴由职业社交网站领英联合创 始人里德·霍夫曼在美国加利福尼亚州帕洛阿尔托市为麻省理工学院神经科学家爱德华·博伊登举办，据 称马斯克在这次会面中将爱泼斯坦介绍给扎克伯格。 爱泼斯坦 资料图 图自美 《野兽日报》称，在2015年8月20日发给美国凯悦集团兼凯悦基金会主席汤姆士·普利兹克的一封邮件 中，爱泼斯坦形容这场晚宴很"疯狂"，但出席晚宴的科技巨头们却争相淡化此次会面的情况。霍夫曼今 年2月2日在社交平台X上发帖称，他对"在爱泼斯坦被定罪后与其接触而深感后悔"，并补充说，"我承 诺将继续呼吁全面公开爱泼斯坦案文件。受害者应该得到正义，相关责任人应被追究责任。" 据美国《野兽日报》当地时间7日报道，在美国司法部公开的爱泼斯坦案相关文件中，一张 ...

Group 1 - The bond market is expected to remain stable before the Spring Festival, with a potential shift in market logic after the holiday, as economic recovery and policy expectations may influence bond market sentiment [1][12] - The 10-year government bond yield may drop below 1.80%, with a possible gradual decline in the volatility center from around 1.85% to approximately 1.80% in February [1][12] - If the 10-year government bond yield breaks below 1.80%, it is advisable to consider taking profits near 1.77%, while a rebound to 1.84%-1.85% could present a small-scale buying opportunity [1][12] Group 2 - The stock market is experiencing early and rapid spring momentum, but regulatory guidance is leading to a more rational market [2][15] - Due to increased volatility in asset prices, some funds are adopting a more cautious trading approach, and profit-taking intentions are rising [2][15] - It is recommended to consider taking profits or shifting to a more conservative style before the Spring Festival, with potential opportunities in low-valuation sectors like consumption and real estate after the holiday [2][15] Group 3 - The overseas market shows earnings support, but stock volatility risks remain, with approximately 78% of S&P 500 companies exceeding earnings expectations [15][26] - Concerns over the "AI" bubble may lead to volatility in the U.S. stock market, especially if labor market data continues to show weakness [15][26] - The upcoming release of key economic data, including U.S. non-farm payrolls and inflation figures, will be crucial for market direction [30]

这是国内第二座5万亿城市。 城市发展到底有没有天花板？ 从目前的情况来看，还真没有。最近北京统计局发布数据显示，2025年北京实现地区生产总值52073.4亿元，比上年增长了5.4%，自此北京也成为上海之 后，我国第二座经济规模突破5万亿元的城市。 5万亿听起来好像不高，但我们横向对比一下你就知道一座城市5万亿到底有多夸张。以国内来看，5万亿的经济体量已经相当于安徽、河北省了。 如果放眼国际，这5万亿也相当于瑞典、比利时这类发达国家，如果只看GDP，那也完全可以排在全球前25。 另外上海的人工智能也非常知名，虽然没有杭州那般具有代表性，但还是不容小觑。不管是生物医药还是金融贸易，上海的支柱产业几乎都是目前的风口， 这也决定了上海作为全国第一的经济地位。 而北京作为国内第二座5万亿城市，它的经济结构，则并非是工业，而是高端服务业。在北京，第三产业占比超过了85%，同时也是各种总部、大学大院大 所等高端资源的汇聚地。 最早，北京曾经也是工业重地，但随着有意识的去工业化，到今天北京只剩下汽车、生物医药等为数不多的产业。 这些产业起来后，又开始反哺北京的服务业，然后就是北京高端服务业的崛起。 北上广深一直都被誉为国内 ...

Core Viewpoint - The 2026 Winter Olympics in Milan is showcasing the increasing influence of Chinese technology and brands, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological prowess on a global stage [3]. Group 1: Chinese Technology Empowering the Olympics - Chinese companies like TCL are enhancing the Winter Olympics experience through technology, with TCL providing various products and technical support across venues [6][7]. - TCL's "Olympic Screen Universe" initiative includes the deployment of hundreds of large-screen TVs and digital signage to improve broadcasting and audience engagement [7]. - The integration of AI technology, such as Alibaba's AI model, is making this Winter Olympics the "smartest" in history, improving operational efficiency for participating countries [8][9]. Group 2: Marketing and Sponsorship by Chinese Brands - TCL has signed prominent athletes like Gu Ailing as global brand ambassadors, leveraging the Olympics to enhance its market presence [11]. - Following the success of the Beijing Winter Olympics, brands like Changhong are increasing their involvement in winter sports, partnering with international events to boost brand visibility [12]. - Various Chinese apparel brands are gaining international exposure through their sponsorship of national teams at the Winter Olympics, showcasing the potential of Chinese brands in global markets [13]. Group 3: Athlete Endorsements and Brand Strategy - Sports stars are becoming popular choices for brand endorsements, with athletes like Gu Ailing and Su Yiming representing multiple brands, enhancing their marketability [14]. - The article emphasizes the need for Chinese brands to enhance creativity in their marketing strategies, particularly in leveraging the personal stories of athletes for deeper engagement [14].