昨晚全球股市上演了一出惊心动魄的"深V"大戏！ 正当大家以为美股要跟着白天的期指一起"跳水"时，它却在开盘后硬生生拉了起来。 最 终，欧美股市全线飘红，但剧情可没那么简单，盘中像是坐过山车，跌了拉，拉了又跌，看得人心惊肉跳。 更刺激的是板块间的冰火两重天。 之前连跌几天的科技巨头英伟达和苹果，突然成了"救市主"，盘中从大跌猛冲到暴涨。 而另一边，有色 金属却集体"扑街"，铜、铝、稀有金属跌得一片惨绿。 中概股则显得有点蔫，整体小幅收跌。 这市场到底唱的哪一出？ 是反弹真的来了，还是只是昙花一现？ 咱们先看看美股的具体表演。 纳斯达克指数低开了0.68%，这开局可不 妙。 但故事才刚开始，开盘后没多久，它就被砸到了下跌1.25%的位置。 你以为这就一跌到底了？ 并没有。 市场资金仿佛突然苏醒，又把它给拉红了。 可好景不长，红盘没保持多久，空头再次发力，指数又掉头 向下。 到了尾盘，又是一波跳水，眼看就要收跌，神秘力量再次出现，临收盘前一顿拉升，最终勉强收涨0.14%。 标普500的剧本也差不多。 同样是低开，开盘二十分钟内跌得最狠，幅度达到1.02%。 之后同样经历了拉红、下砸、再拉起的循环。 最终收 盘上涨0 ...

来源：芝麻AI 一、市场: ●2月19日收盘：美股收高科技股领涨 市场关注联储会议纪要 北京时间 2 月 19 日凌晨，美股周三收高，道指、纳指、标普 500 指数均上涨。英伟达、亚马逊、美光 科技等科技股表现亮眼，部分"不太为人熟知"的工业技术类股也有良好表现。投资者关注美联储 1 月会 议纪要，官员们对后续货币政策方向存在分歧，部分担忧通胀走高需上调借贷成本，部分对是否及何时 降息有不同看法。市场预计美联储在 6 月会议前维持当前政策利率，6 月及 9 月或降息。此外，因美国 称对伊朗动武仍有可能，油价跳涨，软件板块当日下跌。 [1] ●2月19日美股成交额前20：谷歌进军AI音乐创作领域 周三美股成交额前 20 中，英伟达成交 301.82 亿美元居首，收高 1.63%，其与 Meta 达成多年协议，被 指对英特尔不利。特斯拉收高 0.17%，因广告问题调整措辞免被吊销加州驾照。闪迪收高 1.66%，西部 数据将出售其部分股份。美光收高 5.3%，借英伟达工具加速分子发现。苹果虽仅成交 88.84 亿美元但 推出 AI 创建播放列表功能。谷歌 A 类股收高 0.43%，引入音乐类生成式 AI 功能。此外 ...

来源：环球市场播报 2月19日热门中概股涨跌不一 富途控股涨2.40%，华住酒店集团跌1.31% 国际油价大涨，美副总统称伊朗无视美国关键要求，军事打击选项犹存 金价涨约2%，白银涨约5% 欧洲股市升至纪录新高 受强劲的财报提振 宏观 美联储会议纪要显示：联储官员对利率走向存在分歧 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 市场 2月19日收盘：美股收高科技股领涨 市场关注联储会议纪要 2月19日美股成交额前20：谷歌进军AI音乐创作领域 公司 美联储会议纪要透出鹰派气味 一些官员考虑潜在加息可能性 美联储会议纪要显示分歧，1月暂停之下仍有加息言论 美国官员：美国将从叙利亚撤出所有部队 美国对数名伊朗官员实施签证限制 加大谈判施压 特朗普再次改变立场 称英国的查戈斯群岛协议是个"错误" 法国国家银行账户档案系统遭非法访问 以色列提升全国警戒级别 加紧军事准备 尹锡悦涉嫌发动内乱案明日一审宣判 尹锡悦将出席 美国计划建立绕过欧洲和其他地区内容禁令的在线门户网站 谷歌与苹果加码生成式人工智能 进军音乐创作领域 高盛CEO承认持有比特币 尽管长期对加密货币持怀疑态度 李飞飞的人工智能初创公司World ...

Group 1 - The core viewpoint of the articles highlights a significant increase in consumer spending and demand for green, smart, and healthy products during the pre-Spring Festival period, indicating a robust recovery in the retail and catering sectors [1][3][5] Group 2 - Data from the Ministry of Commerce shows that the average daily sales of key retail and catering enterprises increased by 10.6% compared to the same period before the Spring Festival in 2025 [1] - On February 15, foot traffic and sales in 78 monitored pedestrian streets increased by 23.2% and 33.2% respectively compared to the first day of the previous year's holiday [1] - The "trade-in" program has effectively stimulated consumer demand, benefiting 27.56 million people and generating sales of 193.09 billion yuan, with 607,000 cars traded in, leading to new car sales of 99.56 billion yuan [3] - Sales of smart wearable devices on key platforms surged by 130%, with smart blood pressure monitors and blood glucose meters increasing by over 60%, and organic food sales rising by 52% [3] - In the service consumption sector, reservations for New Year's Eve dinners increased by 80.7%, hotel accommodation transactions rose by 32.7%, car rental orders grew by 54%, and spending on ice and snow tourism increased by 120%, while winter vacation spending rose by 68% [5]

记者丨魏彤 编辑丨蒋韵 马年新春，9天新年假期点燃全民出游热情， 广东作为全国最热门的旅游迁入地之一，旅游市 场迎来客流高峰 。 南方财经记者从广东省文化和旅游厅获悉，初步测算， 2026年春节假期第四天（2月18 日），广东省4A级及以上景区接待游客383.1万人次，同比增长5.4%。 携程数据显示，过年期间，游客前往广东的订单量同比增长44%，机票订单量同比上升 18%，酒店订单量同比上升76%。 其中，前往广州的订单量同比上升10%，前往汕头订单 量同比上升56%，前往深圳的订单量同比上升10%，前往珠海的订单量同比上升14%。 南方财经记者现场探访广州多个星级酒店观察到，凭借独特岭南文化、别样年味及舒适气候 等特点，"请到广东过大年"品牌效应得到持续释放。岭南非遗、美食探鲜、温泉康养、精品 广货，成为今年新春来粤旅游关键词。 全国性家庭客群取代成为春节广东酒店预订主力，跨 省定制游、精品游趋势凸显，拉动高客单价消费 。 另一个鲜明趋势则是，民宿市场借"反向过年"新风潮迎来预订爆发，特别是大湾区部分核心 城市和潮汕地区 。有民宿透露，今年预订整体比往年增长三成左右。沉浸式岭南年味与个性 化服务，已成为核 ...

据商务部消息，春节假期前两天，各地年味浓厚，购销两旺，其中绿色、智能、健康类消费需求旺盛。 商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增长超 60%，有机食品增长52%。服务消费方面，2月15日，重点平台年夜饭预订量增长80.7%，酒店住宿交易 额增长32.7%，租车订单量增长54%，冰雪游消费增长1.2倍，避寒游消费增长68%。（央视财经） ...

Core Viewpoint - The market regulatory authority is implementing measures to stabilize prices during the Spring Festival, focusing on various sectors such as accommodation, dining, tourism, and services to protect consumer rights and maintain festive atmosphere [1] Group 1: Price Regulation Measures - The market regulatory authority has deployed local departments to enhance price monitoring and regulation in key areas such as accommodation, dining, scenic spots, food, and life services [1] - Authorities are closely monitoring price fluctuations and guiding businesses to set reasonable prices while ensuring compliance with clear pricing regulations [1] - A high-pressure stance is maintained against price violations, including failure to display prices clearly, collusion to raise prices, price fraud, and price gouging, with several typical cases being investigated [1] Group 2: Regional Regulatory Actions - In Guangdong, Shantou's market regulators established a list of 392 accommodation providers, dispatched over 700 enforcement personnel, and investigated 10 cases of suspected price violations [2] - In Guangxi, market regulators conducted special inspections on hotel accommodation and scenic spot ticket prices, guiding operators to sign compliance agreements for reasonable pricing [2] - In Sichuan, regulators warned hotels with significant price increases to fulfill social responsibilities and adhere to pricing norms [2] - In Yunnan, market regulators initiated investigations into hotels for illegal price hikes and demanded immediate corrections [2] Group 3: Transportation and Service Sector Oversight - In Shandong, market regulators conducted comprehensive checks on rental car prices during the holiday, focusing on price fraud and ensuring transparency in pricing by airlines and train ticket platforms [2] - In Hubei, market regulators investigated price increases at pet stores and monitored service sectors like hairdressing, car washing, and housekeeping to ensure stable pricing during the holiday [3] - In Beijing, market regulators held meetings with 12 major online ticket sales platforms to enforce compliance with pricing regulations and eliminate misleading promotions [3] Group 4: Consumer Protection and Compliance - In Zhejiang, market regulators are rigorously investigating companies for misleading advertising related to New Year goods, while in Guangdong, 65 stores were ordered to remove related products from shelves [3] - Local authorities are enhancing policy dissemination and compliance guidance for businesses to ensure responsible brand operations and advertising practices [3]

北京针对"抢票神器"问题强化监管。北京市场监管部门组织12家涉及火车票网络销售业务的主流平台， 召开行政约谈会。要求平台严格落实主体责任与社会责任，全面排查业务模式、服务流程和平台页面， 下架涉嫌误导性宣传的产品，认真做好明码标价，切实保障消费者的知情权。各地持续加大监管执法力 度，依法严厉打击虚假抢票、诱导交易等违法行为。 新京报讯(记者陈琳)春节假期，节日消费、旅游服务等市场火热升温。市场监管总局部署各地市场监管 部门紧盯住宿、餐饮、景区、交通、年货等重点领域，从严纠治消费服务乱象，全力维护节日市场秩 序，守护好春节的"年味"。 浙江、广东针对有关企业宣传涉嫌误导消费者等年货乱象问题强化监管。浙江市场监管部门对有关企业 涉嫌违法行为依法从严核查、从快处置。广东市场监管部门责令涉事企业65家门店下架相关产品。各地 进一步加强对相关企业的政策宣贯和合规指导，督促严格落实主体责任，进一步规范品牌运营、广告宣 传及经销商管理。 各级市场监管部门强化价格监测预警，密切关注价格波动趋势；指导经营者合理制定价格，并按规定执 行明码标价；及时组织开展价格提醒告诫和行政约谈，指导督促经营者落实价格承诺。聚焦春节假期消 费重 ...

Financial Data and Key Metrics Changes - The company reported a 1.5% growth in RevPAR, indicating resilience in its operating model and brand strength [2][3] - Gross system growth was 6.6% and net system growth was 4.7%, attributed to record hotel openings and development activity [3] - EBIT increased by 13% and adjusted EPS grew by 16%, supported by a $900 million share buyback completed in 2025 [3] Business Line Data and Key Metrics Changes - The company signed over 102,000 rooms across 694 hotels, marking a 9% increase compared to 2024, excluding acquisitions [3] - Fee margin expanded by 360 basis points due to operating leverage and increases in ancillary fee streams [3] Market Data and Key Metrics Changes - The company noted strong trading performance across all three regions in early 2026, indicating positive market conditions [4] - In China, RevPAR is approximately half of that in the U.S., but the company is confident in the recovery trajectory, with positive indicators in Q1 2026 [12][22] Company Strategy and Development Direction - The company announced a new $950 million share buyback program and launched the Noted Collection brand, focusing on expanding its portfolio [4] - Management emphasized a disciplined approach to cost management and capital deployment, aiming for sustainable growth without relying solely on M&A [29][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. market for 2026, citing strong GDP growth, low unemployment, and positive consumer spending trends [68][70] - In China, management noted a gradual recovery, with expectations for continued positive performance in RevPAR and strong signings [22][71] Other Important Information - The company is focused on enhancing its loyalty program, IHG One Rewards, which has grown to 160 million members, contributing to increased engagement and revenue from credit card fees [32] - Management highlighted the potential for branded residences to significantly contribute to revenue starting in 2027 [43][76] Q&A Session Summary Question: Future EPS growth without cost savings and boosts - Management acknowledged that while EPS growth may slow without extraordinary boosts, they expect continued growth in ancillary revenues and strong cost control [16][17] Question: Key money and unit growth expectations - Management indicated that some key money investments may roll over into 2026, but they remain confident in their growth trajectory and system size [10][11] Question: Margins in China and RevPAR concerns - Management confirmed that while margins were slightly down in China, they expect RevPAR to improve as the market recovers [21][22] Question: Fee business overheads and cost efficiencies - Management stated that cost efficiencies were broad-based across regions and emphasized a strategic approach to cost management rather than reactive measures [28][29] Question: Branded residences and future growth - Management expressed excitement about the branded residences segment, expecting substantial increases in revenue starting in 2027 [43][76] Question: Share buyback allocation and cash flow generation - Management explained their capital allocation strategy, prioritizing business investments and maintaining a strong dividend before returning surplus capital to shareholders [57][58]

Financial Data and Key Metrics Changes - RevPAR grew by 1.5%, indicating resilience in the operating model and geographic footprint [2] - Gross system growth was 6.6% and net system growth was 4.7%, driven by record hotel openings and development activity [3] - EBIT increased by 13% and adjusted EPS grew by 16%, supported by a $900 million share buyback [3] Business Line Data and Key Metrics Changes - The company signed over 102,000 rooms across 694 hotels, a 9% increase compared to 2024, excluding acquisitions [3] - Fee margin expanded by 360 basis points due to operating leverage and increases in ancillary fee streams [3] Market Data and Key Metrics Changes - The company reported strong trading performance across all three regions in early 2026 [4] - In China, RevPAR is approximately half of that in the U.S., with indications of gradual improvement [12][14] Company Strategy and Development Direction - The company announced a new $950 million share buyback program and launched the Noted Collection brand [4] - The focus remains on expanding the brand portfolio, particularly in premium and luxury segments, without the need for M&A to grow [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. market for 2026, citing strong GDP growth, low unemployment, and positive consumer spending trends [71][72] - In China, management noted a U-shaped recovery with positive indicators for RevPAR growth [74][75] Other Important Information - The company is focused on maintaining a disciplined approach to cost management, achieving a cost reduction of 3% in 2025 [17][30] - The loyalty program, IHG One Rewards, has grown to 160 million members, contributing to increased engagement and spending [33] Q&A Session Summary Question: Future EPS growth without cost savings and boosts - Management acknowledged that while EPS growth may slow without these boosts, they have other levers to pull to maintain growth [6][15] Question: Key money and unit growth expectations - Management indicated that some key money may roll over into 2026, but they remain confident in growth track records and unit growth potential [10][11] Question: Margins in China and RevPAR concerns - Management noted that RevPAR in China is gradually improving, with confidence in the economic trajectory and hotel performance [12][22] Question: Fee business overheads and cost efficiencies - Management confirmed that cost efficiencies were broad-based across regions and functions, not just targeted at one area [27][30] Question: Credit card fees and ancillary fees growth - Management expressed confidence in the growth of credit card fees, expecting significant increases in the coming years [32][33] Question: Branded residences income and future projections - Management indicated that while current income from branded residences is modest, substantial increases are expected starting in 2027 [46][47] Question: Net unit growth expectations - Management is optimistic about net unit growth returning to around 1.5%, supported by strong signings and brand demand [47][50] Question: Effective royalty rate and new properties - Management clarified that the take rate is not reducing, attributing changes to strategic shifts in brand positioning and key money [86]