"每天有数千亿行COBOL代码在生产环境中运行，支撑着金融、航空和政府部门的关键系统。尽管如此，真正理解这门语言的人却逐年减少。而AI非常擅长 简化那些曾让COBOL现代化改造成本高到难以承受的工作。"Anthropic在博客文章中写道。 当地时间2月23日，国际商业机器公司（IBM）股价大幅下挫，成为人工智能技术飞速发展下最新的直观受害者。此前，Anthropic宣布其旗下的Claude Code 工具可用于对运行COBOL语言的老旧系统进行现代化改造。长期以来，IBM一直销售针对大规模交易处理优化的大型主机系统，这类系统普遍使用COBOL 语言。 值得注意的是，进入2月，一场由人工智能（AI）技术进步引发的市场恐慌正在全球蔓延，软件板块首当其冲。业内消息人士透露，当前人工智能对软件企 业商业模式的冲击日益加剧，叠加融资成本上升和贷款人审查趋严的双重压力，软件公司纷纷推迟债务发行计划。不过，有分析师指出，这可能是一场"误 杀"，现有软件巨头反而可能借此进化。 股价纷纷受挫 当地时间2月23日，美股三大指数收盘均跌超1%，大型科技股多数下跌，其中IBM股价收盘报223.35美元，跌幅为13.15%，创2000 ...

Market Overview - US stock indices attempted to rebound after a significant drop, with the Dow Jones rising by 256.19 points (0.52%) to 49,060.25, the Nasdaq increasing by 92.00 points (0.41%) to 22,719.28, and the S&P 500 gaining 14.11 points (0.21%) to 6,851.86 [3][10] - Concerns over AI's disruptive potential across various industries led to a market sell-off, with major indices declining the previous day [3][10] Company Developments - AMD's stock surged by 6.6% following Meta's announcement of a multi-year partnership, which includes deploying up to 6 gigawatts of AMD GPUs for AI data centers and a potential investment in AMD stock through performance-based warrants [3][10] - Meta previously indicated the use of millions of Nvidia chips in its data center construction, highlighting the competitive landscape in AI technology [3][10] Trade and Tariff Concerns - President Trump's new "unified tariff rate" took effect, raising concerns about the enforceability of last year's trade agreement, with the European Parliament postponing a vote on the agreement [3][10] - The US government is considering imposing new national security tariffs on six industries, including large batteries and telecommunications equipment, following a Supreme Court ruling that invalidated many tariffs from Trump's second term [4][11] Economic Indicators and Federal Reserve Commentary - Chicago Fed President Austan Goolsbee called for a pause in interest rate cuts until more evidence shows inflation is decreasing, emphasizing the need to monitor inflation closely [6][14] - The core personal consumption expenditures price index, a key inflation indicator, was reported at 3%, up 0.2 percentage points from November, partly due to tariffs and pressures in the service sector [6][14] - Market expectations suggest a 50% probability of a rate cut in June and a 71% probability in July, with discussions among Fed officials indicating a cautious approach to further cuts [7][15]

Core Viewpoint - The U.S. stock market is attempting to stabilize after a significant drop, influenced by geopolitical tensions and concerns over AI's impact on various industries [1][2]. Group 1: AMD and Meta Collaboration - AMD's stock surged following Meta's announcement of a multi-year partnership, deploying up to 6 gigawatts of AMD GPUs for AI data centers [5]. - Meta plans to invest in AMD through performance-based warrants, allowing the purchase of up to 160 million shares [5]. Group 2: Market Reactions and Concerns - Major stock indices experienced declines, with the Dow Jones dropping over 800 points, largely due to a 13% decline in IBM's stock [2][5]. - The Nasdaq Composite fell by 1.1% and the S&P 500 decreased by approximately 1%, marking a downturn for the year [2][5]. Group 3: AI-Driven Market Dynamics - A report from Citrini Research discussing AI-driven structural changes heightened market fears regarding the "replacement effect" of AI on software and other industries [6]. - The so-called "AI panic trading" has become a dominant theme in the U.S. stock market, leading to sell-offs across various sectors, including insurance brokerage and real estate services [6]. Group 4: Upcoming AI Events - Traders are closely watching an upcoming event by Anthropic, which is expected to unveil new products and features, contributing to market volatility [7]. - Anticipation surrounding Anthropic's announcements is causing investors to adopt a wait-and-see approach, impacting software stocks negatively [7].

20 February 2026 | 10:10AM HKT Equity Research | | 2025E | | | 2026E | | | 2027E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb m | Old | New | Chg | Old | New | Chg | Old | New | Chg | | Revenues | 7,044 | 7,044 | 0% | 8,743 | 8,743 | 0% | 10,730 | 10,730 | 0% | | GP | 4,697 | 4,697 | 0% | 5,995 | 5,995 | 0% | 7,515 | 7,515 | 0% | | OP | -54 | -112 | na | 400 | 355 | -11% | 774 | 719 | -7% | | Net income | 178 | 94 | -47% | 545 | 501 | -8% | 881 | 827 | -6% | | EPS | 0.05 | 0.03 ...

最高法院裁决后的关税与市场 20260223 摘要 最高法院裁决 IEPA 关税无效，特朗普政府虽尊重判决，但迅速启动 122 条款征收地毯式关税，税率先为 10%后升至 15%，以应对贸易失 衡，但该条款有 150 天时限。 122 条款实施后，中国和印度受益，关税下降；英国和澳大利亚受损， 关税上升。整体关税水平先降后升，市场反应复杂，对不同国家影响各 异。 已征收的对等关税收入退还可能性低，因最高法院未明确，特朗普政府 不愿退还，且资金已用于弥补财政赤字，法律诉讼可能长期持续。 美国长期替代方案包括 301、232 或 201 调查，以维持高额进口关税政 策。贸易代表暗示将加快调查，或考虑 338 条款，以解决贸易逆差等问 题。 科技股表现疲软，小盘股罗素 2000 指数下跌，表明市场对关税调整改 善中小企业困境持怀疑态度。债券市场反应温和，10 年期美债收益率变 动不大。 美国四季度 GDP 数据低于预期，核心 PCE 通胀高于预期，降低美联储 短期降息可能性。美联储纪要暗示可能再次加息，市场情绪受挫。 投资者对 AI 技术持谨慎态度，投资策略转向规避可能被 AI 替代的行业。 私募信贷公司 Blue ...

INSTITUTIONAL INVESTOR POSITIONING CHECKDOWN 机构投资者仓位排查 HF Gross Leverage remains extremely high driven by continued shorting (hedging) in macro products...squeeze risk at the index level is real. 由于宏观产品持续做空（对冲），对冲基⾦的总杠杆率依然极⾼...指数层⾯的挤 压⻛险确实存在。 | Leverage | Overall Book: Gross | Overall Book: Net | Overall: L/S Ratio | Fundamental L/S: Gross | Fundamental L/S: Net | Fundamental: L/S Ratio | | --- | --- | --- | --- | --- | --- | --- | | Current | 306.6 | 80.7 | 1.71 | 221.9 | 56.0 | 1.68 | | Current 1-Yr %ile ...

据港交所2月24日披露，Manycore Tech Inc.(简称：群核科技)向港交所主板递交上市申请书，摩根大 通、建银国际为其联席保荐人。这是该公司第三次向港交所递表。招股书显示，群核科技是领先的云原 生空间设计软件提供商，产品广泛应用于从住宅及办公楼到零售店及商业项目等业务场景。 公司主要瞄准空间设计软件市场，根据弗若斯特沙利文的资料，按2024年收入计，公司以23.2%的市场 份额成为中国最大的提供商。公司已扩展至具身人工智能训练及电子商务产品展示，同时能够进军更广 泛的通用设计及可视化软件市场，其中中国空间设计软件于2024年仅占4.4%。 ...

据港交所2月24日披露，Manycore Tech Inc.(简称：群核科技)向港交所主板递交上市申请书，摩根大 通、建银国际为其联席保荐人。这是该公司第三次向港交所递表。招股书显示，群核科技是领先的云原 生空间设计软件提供商，产品广泛应用于从住宅及办公楼到零售店及商业项目等业务场景。 公司主要瞄准空间设计软件市场，根据弗若斯特沙利文的资料，按2024年收入计，公司以23.2%的市场 份额成为中国最大的提供商。公司已扩展至具身人工智能训练及电子商务产品展示，同时能够进军更广 泛的通用设计及可视化软件市场，其中中国空间设计软件于2024年仅占4.4%。 ...

主營業務與商業模式：訂閱收入佔比超96%的行業領導者 来源：新浪港股-好仓工作室 群核科技（Manycore Tech Inc.）作為中國雲原生空間設計軟件市場的領導者，以"酷家 樂"和"Coohom"分別服務國內外市場。根據弗若斯特沙利文數據，按2024年收入計，公司以23.2%的市 場份額位居行業第一。其商業模式高度依賴訂閱收入，2023-2025年訂閱收入佔比分別達97.5%、97.5% 及96.9%，顯示業務模式的穩定性與集中性。 公司產品以AI技術和專用GPU集群驅動，覆蓋住宅、辦公樓、零售店等多場景，並已拓展至具身人工 智能訓練及電子商務產品展示領域。新興的電子商務解決方案業務呈現爆發式增長，從2023年280萬元 增至2025年1650萬元，兩年間增長489.3%，成為未來業務拓展的重要方向。 營業收入及變化：增速持續放緩至8.6% 公司近三年營業收入保持增長態勢，但增速明顯放緩。2023年營業收入6.64億元，2024年增長13.8%至 7.55億元，2025年增速進一步放緩至8.6%，實現收入8.20億元。 項目 2023年(人民幣千元) 2024年(人民幣千元) 2025年(人民幣千元) ...

每日晨报│2026 年 2 月 10 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 27,027 | +1.76% | +5.45% | | 恒生科技指数 | 5,417 | +1.34% | -1.78% | | 国企指数 | 9,168 | +1.52% | +2.86% | | 沪深 300 | 4,719 | +1.63% | +1.92% | | 上证综合指数 | 4,123 | +1.41% | +3.89% | | 深证成份指数 | 14,208 | +2.17% | +5.05% | | 中小板指 | 8,594 | +1.74% | +4.01% | | 道琼斯指数 | 50,135 | +0.04% | +4.31% | | 标普 500 指数 | 6,964 | +0.47% | +1.74% | | 纳斯达克指数 | 23,238 | +0.90% | -0.01% | | 伦敦富时指数 | 10,386 | +0.16% | +4.58% | | CAC40 指数 | 8,323 ...