点击蓝字，关注我们 今日上午港股 1 . 加密货币概念股早盘再度下跌，截至发稿， 迷策略(02440)跌4.76%，雄岸科技(01647)跌1.37%，欧 科云链(01499)跌0.58% 。 消息面上，周二，比特币一度跌破7.3万美元，跌破了2025年4月7日特朗普 公布对等关税后所创的年内低点。"大空头"巴里警告称，若比特币价格进一步下跌可能会迅速加剧主 要持有者的资产负债表压力，迫使整个加密货币生态系统进行抛售，并引发大范围的价值崩盘。 2 . AI新技术冲击软件股， 聚水潭(06687)今早一度跌近13%，创上市以来新低，截至发稿跌9.27% 。 消息面上，周二，由AI初创巨头Anthropic推出的新型自动化工具引发了市场对软件股的恐慌性抛售， 创下去年4月以来跌幅最大的一天。分析师指出，AI进展的预期已发生质变：从最初认为AI能"助力增 长"，转向质疑AI是否会"彻底取代"传统订阅模式。 3 . 高地股份(01676)盘中跌近40% 。消息面上，香港联交所最新资料显示，1月15日，高地股份股东将 股票由凯基证券亚洲转入富途证券国际香港，转仓市值2095.26万港元，占比13.51%。高地股份发布 ...

加密货币概念股早盘再度下跌，截至发稿，迷策略(02440)跌4.76%，报1.6港元；雄岸科技(01647)跌 1.37%，报0.072港元；欧科云链(01499)跌0.58%，报0.17港元。 Galaxy公司研究主管Alex Thorn预测，比特币的下跌趋势可能会进一步加速，将价格压低至每枚6万美 元以下。其在黄金价格飙升时未能起到对冲货币贬值的作用，以及缺乏近期催化剂，这些都是导致比特 币继续走低的原因。 消息面上，周二，比特币一度跌破7.3万美元，跌破了2025年4月7日特朗普公布对等关税后所创的年内 低点。"大空头"巴里警告称，若比特币价格进一步下跌可能会迅速加剧主要持有者的资产负债表压力， 迫使整个加密货币生态系统进行抛售，并引发大范围的价值崩盘。 ...

Summary of Conference Call on AI Infrastructure and Market Dynamics Industry Overview - The conference focuses on the macroeconomic aspects of AI infrastructure, including capital markets, energy constraints, and valuation in the context of the AI industry [1][2]. Key Insights and Arguments - **Market Sentiment on AI Investments**: There is a high level of interest in the U.S. tech and AI infrastructure sectors, with ongoing debates about potential bubbles in AI investments. Despite optimism, there is acknowledgment that the marginal returns of large AI models are declining, leading to questions about the necessity of advanced models for most users [5][6]. - **OpenAI's Role**: OpenAI is viewed as a critical player in the AI landscape, with its advancements pushing competitors to keep investing heavily. The performance of OpenAI's next model release is crucial for the industry, as underperformance could negatively impact its ecosystem and market share [5][8]. - **SpaceX and XAI Merger**: A significant development is the merger of SpaceX with XAI, creating a new entity valued at $1.2 trillion. This move is seen as a strategy to support XAI amid challenging financing conditions [6][7]. - **Funding Requirements for AI Infrastructure**: Estimates suggest that the U.S. AI data center (AIDC) construction could require $5 to $7 trillion in funding over the next five years. This funding is expected to come from various sources, including investment-grade bonds, project financing, and stock market participation [9][10]. - **Energy Supply Challenges**: The U.S. faces significant energy supply issues, with projections indicating a potential shortfall of 46 GW by 2028 due to AIDC expansion. This shortfall equates to the output of approximately 46 nuclear power plants [11][12]. - **Electricity Generation Solutions**: Several conventional and unconventional methods are proposed to address the energy shortfall, including transitioning mining operations, utilizing natural gas, energy storage solutions, and nuclear power [12][34]. Additional Important Points - **Mining Operations and Energy Transition**: The potential for mining operations to transition to AIDC is highlighted, with estimates suggesting that such transitions could release significant energy capacity. However, concerns exist regarding the stability and reliability of these energy sources [19][20]. - **Valuation Discrepancies**: There is a notable disparity in the market valuations of mining companies transitioning to AIDC versus those without contracts. Companies with energy capacity but lacking contracts are trading at significantly lower valuations [21][35]. - **Regulatory and Environmental Constraints**: The regulatory environment in the U.S. poses challenges for energy infrastructure development, particularly regarding the use of diesel as a primary power source. This regulatory landscape is seen as a significant barrier to addressing the energy shortfall [38][39]. - **Long-term Viability of Investments**: The long-term viability of investments in AIDC is questioned, particularly concerning the depreciation of GPUs and the sustainability of contracts with major clients like Microsoft. The risk of not securing renewals for contracts poses a significant threat to financial stability [30][31]. This summary encapsulates the critical discussions and insights from the conference, focusing on the AI infrastructure industry's current state, challenges, and future outlook.

Core Insights - Solana's DEX trading volume reached approximately $117.7 billion in January 2026, marking a month-over-month growth of about 20% and ranking first among all public chains [1] - During the same period, Solana accounted for approximately 35% of the total on-chain trading volume across all networks [1]

Core Viewpoint - The U.S. Treasury is investigating whether cryptocurrency exchanges and related infrastructure are being used to help Iran evade sanctions, shifting focus from individual wallets to service-layer systems like exchanges, stablecoin channels, and liquidity hubs [1] Group 1: Regulatory Actions - The U.S. has imposed sanctions on cryptocurrency exchanges operating within Iran's financial system for the first time [1] - The Office of Foreign Assets Control (OFAC) of the U.S. Treasury has listed relevant platforms in the sanctions list [1] Group 2: Market Impact - Iran's annual cryptocurrency trading volume is estimated to be between $8 billion and $10 billion [1] - Regulatory authorities believe that the key to combating sanction evasion lies in cutting off liquidity and funding channels rather than targeting individual addresses [1]

2026年1月底，全球金融市场在48小时内经历了前所未有的剧烈震荡。 黄金价格单日跌幅高达12.92%，跌破4500美元/盎司；白银更是出现史诗级闪崩，盘 中暴跌35.89%，创下四十年未见的极端行情。 与此同时，韩国综合股价指数暴跌超过5%，触发熔断机制，交易暂停5分钟，整个亚洲金融市场随之陷入恐 慌。 这场震荡导致全球超过27万个交易账户爆仓，贵金属市场短短两天内蒸发近10万亿美元财富。 加密货币市场同样未能幸免，比特币单日暴跌近7%，全网爆 仓金额超过16亿美元。 从贵金属到大宗商品，从股票市场到数字资产，跨品类资产的共振下跌让市场恐慌情绪达到极点。 韩国股市的熔断不仅反映了单一市场问题，更是全球金融体系结构性调整的体现。 韩国股市高度依赖半导体等少数行业，外资持股比例高，当全球流动性 收紧时，这种结构性脆弱性被放大。 算法交易在市场下跌时自动执行止损指令，形成"下跌—平仓—再下跌"的恶性循环，加速了市场崩溃。 印尼股市在此之前已出现大幅下跌，表明危机从欧美市场向亚洲蔓延的趋势。 这种跨市场联动效应与2008年金融危机初期场景高度相似，但当前全球金融 市场的杠杆水平更高、交易工具更复杂，跨市场联动性更强 ...

Core Insights - Y Combinator has announced that it will allow startup teams to receive funding in stablecoins, typically around $500,000 [1] - Entrepreneurs can choose to receive funds via USDC issued by Circle Internet Group on multiple blockchains, including Ethereum and Solana [1] - Y Combinator indicates that it may expand to other stablecoin options in the future, highlighting stablecoins as a core area of focus [1]

渣打银行下调 Solana 近端价格预期，将 SOL 2026 年底目标价从 310 美元下调至 250 美元，但上调长期 预测，预计 SOL 到 2030 年底可达 2000 美元。渣打指出，Solana 依托极低手续费与高吞吐，正从 Meme 币交易转向 SOL 稳定币交易对，并有望在 AI 驱动的小额支付（micropayments） 场景中占据主 导，但相关应用规模化仍需数年时间。（Decrypt） （来源：吴说） 来源：市场资讯 ...

（来源：吴说） 1.白宫召集 Coinbase、多家加密行业组织及银行业协会，就稳定币奖励的监管处理展开磋商 白宫于 2 月 2 日召集 Coinbase、多家加密行业组织及银行业协会，就稳定币奖励（stablecoin rewards） 的监管处理展开磋商，讨论是否允许第三方平台向用户提供相关收益。会议由总统数字资产顾问委员会 成员 Patrick Witt 主持。加密行业称此次会议是推动两党数字资产立法的重要一步，但银行方面立场较 为强硬，担忧稳定币奖励分流银行存款、冲击社区银行。消息人士称会议尚未达成最终共识，但已明确 分歧点与潜在妥协路径，目标是在 2 月底前寻求解决方案。 5.JPMorgan：89% 家族办公室未持有加密资产，数字资产配置意愿仍偏低 据 JPMorgan Private Bank 发布的《2026 年全球家族办公室报告》，在其调研的 30 个国家、333 家家族 办公室中，约 89% 未配置加密资产，显示即便在地缘政治风险上升的背景下，家族办公室对包括加密 资产和黄金在内的对冲工具配置意愿仍然有限，其中 72% 未持有黄金。报告指出，加密资产的高波动 性及与其他资产相关性不稳定，令 ...

2月3日，在经历了一个波动巨大的周末后，加密货币市场正试图在当前区间内寻找支撑。比特币在从 85000 美元快速跌落至 75000 美元下方后，目前正努力在 75000 美元至 80000 美元之间构筑防御底线。 FXGT表示，这一企稳尝试正面临一个严峻的阻碍，即美元指数（DXY）正以九个月来最强劲的姿态重 新苏醒，这种"跷跷板效应"往往会对风险资产的修复空间形成明显压制。 美元指数的这一轮爆发性增长已引起广泛关注。事实数据表示，DXY 在短短两个交易日内大幅拉升 1.5% 至 97.60，创下去年年中以来最亮眼的短期表现。这种走势的背后，是市场对美联储未来政策路径 的重新定价。由于凯文·沃什被提名为新任美联储主席，其过往深刻的"政策鹰派"标签让市场开始怀疑 此前过于激进的降息预期。FXGT认为，当针对货币贬值的对冲交易开始撤退，美元资产的吸引力自然 反弹，从而显著增加了持有比特币等非美元本位资产的机会成本。 2月3日，在经历了一个波动巨大的周末后，加密货币市场正试图在当前区间内寻找支撑。比特币在从 85000 美元快速跌落至 75000 美元下方后，目前正努力在 75000 美元至 80000 美元之间构筑 ...