编辑｜杜伟 多年前，苹果用「There's an app for that」开启了移动互联网的黄金时代。从那之后，一个个应用图标统治了我们的数字生活。 而如今，随着 LLM、Agent 的快速发展，这一切正在发生变化。 就在昨天，AI 大神 Karpathy「现身说法」，并抛出了一个激进的观点： 未来的应用不应该是被「下载」的，而应该是被「即兴创作」的 。 他以自己正在进行的有氧运动为例，没有选择去应用商店搜索任何一款「心率管理工具」，而是直接命令 AI 逆向工程了跑步机的云端 API，为自己量身定制了一 个为期八周的、极其私密的实验仪表盘。 这释放出了一个明显的信号：软件的本质正在从现成的商品降维成瞬时的服务。 那么问题来了： 当应用可以随用随建，我们还需要那个臃肿的应用商店吗 ？ | RHR 50 -> 45 Experiment | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 8-week zone 2 + HIIT plan · Feb 18 - Apr 14, 2026 · Dashboard | ...

Core Viewpoint - Citigroup maintains a "Buy" rating on Microsoft (MSFT.US), citing the sustained momentum of the Copilot business and the robust fundamentals of the Azure cloud business, which solidify the company's leading position in the enterprise AI software sector [1][2] Group 1: Business Developments - Recent meetings with Microsoft's investor relations team revealed positive signals regarding competitive landscape, strategic positioning post-OpenAI partnership adjustments, resource allocation, and capital expenditure paths [1] - Management's statements confirm the continuous improvement in Copilot adoption rates, which have become a primary growth driver for Microsoft 365 commercial business, gradually surpassing the impact of the E5 package [1] - Azure cloud business is currently constrained by supply limitations, but the company has established a clear resource allocation framework to support the orderly growth of AI-related demands [1] Group 2: Profitability Outlook - Microsoft remains optimistic about the long-term sustainability of Azure's profit margins, with expectations for improved operational efficiency driven by in-house Maia chips, software enhancements, and ongoing optimization of internal large language models (LLMs) [2] - The broader AI total addressable market is expected to support growth, while the company will focus on enhancing free cash flow and gross profit scale in the short term [2] - Citigroup's analysis reinforces a constructive view on Microsoft's long-term prospects, highlighting the company's comprehensive advantages in data, workflows, and security, which are likely to expand its competitive edge in the AI-driven enterprise software market [2]

Core Insights - BlackRock has increased its holdings in major tech stocks such as Nvidia, Apple, and Microsoft, reflecting a strategic shift in its investment portfolio [1][2]. Group 1: Portfolio Overview - BlackRock's total portfolio value reached $5.92 trillion, marking a quarter-over-quarter increase of 3.67% [1]. - The firm added 247 new stocks and sold off 165 stocks during the fourth quarter [1]. - The top ten holdings account for 30.41% of the total portfolio value [1]. Group 2: Major Stock Increases - Nvidia saw a 0.75% increase in shares, totaling approximately 1.943 billion shares, with a market value of about $362.52 billion, representing 6.13% of the portfolio [2]. - Apple’s shares increased by 0.73%, holding around 1.155 billion shares, valued at approximately $313.91 billion, making up 5.31% of the portfolio [2]. - Microsoft’s holdings rose by 1.70%, with about 602 million shares valued at approximately $291.09 billion, accounting for 4.92% of the portfolio [2]. - Amazon's shares increased by 1.67%, totaling around 734 million shares, valued at approximately $169.51 billion, representing 2.87% of the portfolio [2]. Group 3: New Investments in Materials and Chemicals - BlackRock has made new investments in the materials and chemicals sectors, including Solstice Advanced Materials with a holding value of approximately $838 million and Qnity Electronics valued at around $1.3 billion [4]. - The firm has shown a differentiated approach in the electric vehicle sector, significantly increasing its stake in NIO and Xpeng while slightly reducing its position in Li Auto [4][6]. Group 4: Electric Vehicle Holdings - BlackRock increased its holdings in NIO by 337,590 shares to 5.5827 million shares, a 153% increase, with a total market value growth of 69.3% to approximately $28.47 million [4]. - The firm raised its stake in Xpeng by 77,980 shares to 2.8721 million shares, a 37% increase, with a market value of approximately $5.82 million [5]. - Conversely, BlackRock reduced its holdings in Li Auto by 61,400 shares to 826,200 shares, a 7% decrease, with a market value of approximately $1.40 million [6].

新浪科技讯 2月20日晚间消息，美图公司公告显示，2月20日，美图公司回购205.7万股股票，回购价格 为每股6.04港元至6.1港元，本次回购金额达1250.847万港元。 这是美图本月第二次回购股票。2月16日，美图斥资2001.51万港元回购321.7万股，每股平均回购价为 6.222港元。 公开信息显示，这也是美图公司自2020年以来首次启动规模性回购。截至目前，两次共回购527.4万 股，回购金额共计超3252万港元。分析师认为，此举显示了公司对业务前景和长期发展的坚定信心。 责任编辑：尉旖涵 新浪科技讯 2月20日晚间消息，美图公司公告显示，2月20日，美图公司回购205.7万股股票，回购价格 为每股6.04港元至6.1港元，本次回购金额达1250.847万港元。 这是美图本月第二次回购股票。2月16日，美图斥资2001.51万港元回购321.7万股，每股平均回购价为 6.222港元。 公开信息显示，这也是美图公司自2020年以来首次启动规模性回购。截至目前，两次共回购527.4万 股，回购金额共计超3252万港元。分析师认为，此举显示了公司对业务前景和长期发展的坚定信心。 美图公司将于3月27日 ...

Group 1 - US Bank plans to invest $25 billion in private credit transactions, extending its existing direct lending business through its capital markets division [2] - Accenture mandates senior employees to regularly use internal AI tools to qualify for promotions, tracking usage frequency as a performance metric [3] - Nvidia is close to finalizing a $30 billion investment in OpenAI, replacing a previous $100 billion long-term commitment [2] Group 2 - Meta has reduced equity-based awards for most employees by approximately 5%, marking the second consecutive year of cuts [2] - Newmont Corporation expects a 10% decrease in gold production by 2026 due to underperformance at two jointly operated mines with Barrick [2] - AppLovin is developing its own social network platform, which could enhance user data access and increase competition with established social media giants [3] Group 3 - AstraZeneca's Calquence combination therapy has been approved by the FDA for treating chronic lymphocytic leukemia and small lymphocytic lymphoma [3] - Google has released the Gemini 3.1 Pro model, which boasts double the inference performance compared to its predecessor [3]

在春节假期期间，谷歌正式推出了Snapseed 3.15版本，增加了专业相机功能，支持手动调整参数，加入 了包括柯达Portra 400、富士Superia 200在内的10款胶片滤镜，在维持Snapseed专业修图的基础上，更加 丰富了软件的功能。 本次更新的3.15版本Snapseed，现在用户可以通过软件右上角的"相机"图标直接进入拍照模式，而非此 前需要添加小组件的方式。Snapseed的相机模式支持手动调整感光度、快速门速度、对焦距离等，还提 了10款胶片滤镜。 Snapseed的十款滤镜如下： KP2：灵感源自柯达 Portra 16 KG1：灵感源自柯达金 200 KE1：灵感源自柯达 E200 FS1：灵感源自富士 Superia 200 FS2：灵感源自富士 Superia 800 FP1：灵感源自富士 Pro 400h AG1：灵感源自 Agfa Optima 200 AS1：灵感源自 Agfa Scala 200 PD1：灵感源自宝丽来 600 TC1：灵感源自 Technicolor 拍摄技术 目前，最新版本的Snapseed已经上架苹果App Store，用户可免费下载或者更新即可获 ...

Market Performance - On February 19, US stock indices closed lower, with the Dow Jones down 0.54% at 49,395.16 points, the S&P 500 down 0.28% at 6,861.89 points, and the Nasdaq down 0.31% at 22,682.73 points [3] - The large-cap tech stocks showed mixed performance, with the Wind US Tech Seven Giants Index declining by 0.29%. Apple fell over 1%, while Google, Microsoft, and Nvidia experienced slight declines; Meta, Tesla, and Amazon saw slight increases [5][6] - The Nasdaq China Golden Dragon Index fell by 0.35%, with notable declines in stocks like Huya, JinkoSolar, Yum China, and Qifu Technology, while Hesai Technology, Huazhu Group, and Pony.ai saw gains [8][9] Commodity Market - International precious metals prices generally rose, with COMEX gold futures up 0.12% at $5,015.50 per ounce and London gold up 0.49% at $5,000.22 per ounce. COMEX silver futures increased by 1.09% to $78.44 per ounce, and London silver rose by 1.74% to $78.549 per ounce [11][12] - Oil prices also increased, with light crude oil futures for March delivery rising by $1.24 to $66.43 per barrel (up 1.9%), and Brent crude oil for April delivery increasing by $1.31 to $71.66 per barrel (up 1.86%) [12] Trade Deficit - The US Commerce Department reported a record merchandise trade deficit of $1,240.9 billion for 2025, an increase of $25.5 billion or 2.1% from the previous year. Total exports and imports were $2,197.5 billion and $3,438.4 billion, respectively [14] - The trade deficit with the EU decreased by $17.1 billion to $218.8 billion, while deficits with Mexico and Vietnam increased by $25.4 billion and $54.7 billion, respectively [14] - The December 2025 merchandise and services trade deficit was $70.3 billion, a month-on-month increase of $17.3 billion or 32.6%, marking the second consecutive month of significant increase [15]

每经编辑｜张明双 王晓波 1 隔夜市场 美股三大指数集体收跌，道指跌0.54%，纳指跌0.31%，标普500指数跌0.28%，大型科技股多数收跌，苹果、奈飞、英特尔跌超1%，微软、谷歌、英伟达 小幅下跌；亚马逊、特斯拉、Meta小幅上涨。中概股多数下跌，纳斯达克中国金龙指数跌0.35%，霸王茶姬跌逾2%，百胜中国、奇富科技跌超1%，禾赛科 技涨超2%，华住集团涨逾1%。 国际油价集体大涨，美油主力合约涨2.49%，报66.67美元/桶；布油主力合约涨2.25%，报71.93美元/桶。 国际贵金属期货普遍收涨，COMEX黄金期货涨0.12%，报5015.50美元/盎司；COMEX白银期货涨1.09%，报78.44美元/盎司。 欧洲三大股指收盘多数下跌，德国DAX指数跌0.93%报25043.57点，法国CAC40指数持平报8429.03点，英国富时100指数跌0.55%报10627.04点。 2 国务院安委会对湖北宜城烟花爆竹爆燃事故查处挂牌督办 据央视新闻2月19日报道，2月18日，湖北省襄阳市宜城市郑集镇一烟花爆竹零售店发生一起爆燃事故，造成12人死亡。根据《重大事故查处挂牌督办办 法》，国务院安委会决定对 ...

Hangzhou GreenCloud Software Co., Ltd. 杭 州 綠 雲 軟 件 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作向香港公眾人士提供資料。 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任 何損失承擔任何責任。 此申請版本為草擬本。其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即表示 閣下知 悉、接納並向杭州綠雲軟件股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問及包銷團成員表示 同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會 向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於 香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於發售期內向公 ...

Market Overview - On February 19, US stock indices opened lower, with the Dow Jones down 0.36%, Nasdaq down 0.51%, and S&P 500 down 0.28% [1] - Major technology stocks experienced a decline, with most large tech companies showing losses [1] Technology Sector - OpenAI is reportedly nearing the completion of the first phase of a new funding round, expected to exceed $100 billion, with a potential overall valuation surpassing $850 billion, up from an initial estimate of $830 billion [4] - The pre-funding valuation for OpenAI is expected to remain at $730 billion [4] - Key strategic investors in this funding round include Amazon, SoftBank, Nvidia, and Microsoft, with final investment decisions anticipated by the end of the month [4] - Nvidia's CEO Jensen Huang mentioned preparations for new chips for GTC 2026, emphasizing the challenges in technology development [4] Retail Sector - Walmart's stock rose nearly 2% after initially dropping over 3%, following the company's forecast for adjusted earnings per share of $2.75 to $2.85 for the fiscal year 2027, which is below market expectations [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.41%, with major Chinese stocks like Alibaba, Pinduoduo, and Tencent ADR all experiencing declines [6] - Specific declines include Alibaba down 0.63%, Baidu down 0.79%, and Tencent down 0.66% [7] Commodity Market - As of the latest update, spot gold increased by 0.17%, and spot silver rose by 0.77% [6] - WTI crude oil futures rose by 1.68% to $66.14 per barrel, while Brent crude oil futures increased by 1.54% to $71.43 per barrel [6]