当前，科技巨头已纷纷入局AI重资产比拼，预计亚马逊、微软、Meta与字母表4家公司2026年在AI方面 的支出合计将达到6600亿美元。巨额基建投入能否持续转化为稳定盈利仍是未知数。近期4家公司发布 财报后在股市遭遇重挫，市值已合计蒸发9000亿美元，体现出市场对AI投资回报的焦虑，投资者担 忧，相关资本支出规模正超越新技术本身的盈利潜力。此外，行业内的资本扎堆可能引发资源浪费，如 果更多企业盲目跟风加大投入，而忽视技术差异化与商业化可行性，或将催生新的AI泡沫。 （文章来源：经济日报） 字母表公司此次发债背后的核心支撑是其在AI领域的全栈布局与领先优势。字母表公司最新财报显 示，谷歌云业务实现48%的同比增长，创下176.64亿美元的单季收入，展现出AI变现的潜能。同时，不 同币种、不同期限的债券品种能够吸引资产管理公司和对冲基金，以及偏好长期债券的养老金和保险公 司等各类投资者，并避免对单一美元市场的依赖。 此次发布的百年债券引起了广泛讨论。通常来讲，仅有政府、大学等大型机构发行长达百年的债券，而 企业由于面临较多不确定性因素，一般发行债券的最长期限为40年。上一次发行百年期债券的企业还要 追溯到1997 ...

本报记者 梁傲男 作为全年唯一的"国民级"流量窗口，AI厂商在马年春节掀起的未来流量入口卡位战愈发激烈。 字节跳动旗下AI助手豆包拿下央视春晚合作；腾讯让旗下AI助手元宝凭借简单的红包裂变，在微信群和朋友圈中传播，以 最低成本拉新获客；阿里另辟蹊径，让AI助手千问深度绑定其丰富的消费场景，用实实在在的"免单"福利，在买年货的过程中 培养用户的支付习惯。 人们在元宝里抢现金，在千问中点奶茶、囤年货，在豆包里玩抽奖……一轮轮升级的"红包大战"，也将各大AI应用轮番推 上应用商店下载榜首。 从除夕夜巅峰对决的"红包雨"，到霸榜应用商店的AI助手，这个春节，AI究竟如何走进千家万户？真金白银砸下去之后， 它们又能留住多少用户？《证券日报》记者在春节前后全程参与体验，并持续跟踪采访线下用户，旨在记录下这场名为"红 包"、实为"卡位"的流量暗战。 决战除夕： AI应用霸榜应用商店 记者根据各AI厂商公开数据统计，多家互联网巨头在2026年春节档合计投入或超过80亿元。这场春节攻势背后，是各家对 AI未来形态与入口地位的战略押注。 从预算分配来看，各家押注的决心清晰可见：千问App以30亿元刷新其春节活动投入纪录，并持续拓 ...

Core Perspective - The article highlights the journey of Wei Zhen, a former prominent figure in the internet industry, who chose to abandon his successful career to pursue a simpler, more tranquil life in the countryside, reflecting a growing trend of individuals seeking peace away from the fast-paced urban lifestyle [1][3]. Group 1: Background and Career - Wei Zhen was a key figure in the Chinese internet sector, having graduated from the University of Science and Technology of China and started his career at Huawei before joining Tencent in 2004 as a programmer [1][3]. - He quickly distinguished himself at Tencent, achieving significant success within two years among over 600 employees [1]. Group 2: Decision to Withdraw - Wei Zhen's decision to retreat from the bustling internet industry surprised many, as he chose to leave behind not only his career but also valuable connections and opportunities [3]. - The decision to withdraw was made jointly with his wife, indicating a strong partnership and mutual support in facing this life-changing choice [5]. Group 3: New Life in the Countryside - Wei Zhen and his wife settled in Zhipeng Mountain, Anhui, transforming a previously abandoned area into their new home, which involved significant effort and dedication [6]. - They created a hundred-acre orchard and vegetable garden, along with a pasture and recreational areas, showcasing their commitment to building a dream space [6]. Group 4: Adaptation to a Slower Pace - Initially, Wei Zhen struggled to adapt to the slower pace of rural life, as he was accustomed to a high-efficiency work style [8]. - Over time, the tranquil environment helped him to relax and appreciate the present, improving his relationship with his wife and family [8][10]. Group 5: Family and Community Engagement - Wei Zhen placed great importance on family life, spending more time with his wife and children, which strengthened their bonds [10]. - The couple's efforts in creating a family-friendly environment included building a playground to ensure their children could enjoy their surroundings without damaging the garden [12]. Group 6: Sustainable Living Practices - Wei Zhen emphasized ecological sustainability on their farm, integrating planting and livestock areas to create a self-sustaining ecosystem [13]. - They cultivated vegetables without chemical fertilizers or pesticides, ensuring a natural and healthy lifestyle [13]. Group 7: Social Connections - Despite their rural lifestyle, Wei Zhen and his family maintained connections with friends and relatives, hosting gatherings during spring and autumn to enjoy nature together [13].

Market Performance - Global major stock indices mostly rose, with the Korean Composite Index, French CAC40, and FTSE 100 leading with increases of 5.5%, 2.5%, and 2.3% respectively from February 16 to 20[2] - Major 10-year government bond yields mostly declined, with Japanese, French, British, and Italian bonds down by 6.1bps, 3.8bps, 2.7bps, and 2.3bps respectively, while the 10-year U.S. Treasury yield rose by 4.0bps[2] - Most major commodities saw price increases, with Brent crude oil and WTI crude oil rising by 5.9% and 5.7% respectively during the same period[2] Currency Movements - The Japanese yen and British pound experienced significant declines, falling by 1.5% and 1.3% respectively, while the U.S. dollar index rose by 0.9%[3] Geopolitical Events - The U.S.-Iran crisis escalated, with WTI crude oil prices increasing from approximately $62.33 to $66.39, marking a 6.5% rise, and Brent crude oil rising by 6.4% to $71.76 due to military tensions in the region[3] - The FOMC meeting minutes indicated a neutral yet hawkish stance, with market expectations for a potential rate cut of about 60 basis points this year, reflecting a slight easing compared to previous expectations[4] Legal and Trade Developments - The U.S. Supreme Court ruled against Trump's "emergency" tariffs, leading to a significant shift in trade policy, with Trump announcing a new 10% tariff on global imports for 150 days[5] - Following the Supreme Court's decision, the market reacted positively, with the Nasdaq index rising by 0.90% due to eased supply chain pressures[7] Economic Outlook - Japan's new Prime Minister, Fumio Kishida, emphasized a "responsible active fiscal policy," proposing significant tax cuts and public investments, which are expected to boost Japan's GDP growth forecast for 2026[8]

港股方面，截至2026年02月23日，阿里巴巴-W(09988)收盘价报152.20港元，当日上涨3.47%，但近一周 区间累计下跌2.06%；美股方面，截至2026年02月20日，阿里巴巴(BABA.N)收盘价报154.45美元，当日 微涨0.12%，近一周区间下跌0.82%。股价波动受市场情绪、行业竞争及宏观因素综合影响。 中信证券于2026年02月23日发布研报，维持阿里巴巴"买入"评级，目标价234港元。该行指出，公司 25Q4经营性业绩稳健，AI技术全场景深度赋能，游戏业务延续"经典IP长线运营+新游全球化突破"双轮 驱动，长期成长潜力凸显。 股票近期走势 经济观察网 财报季临近尾声，阿里巴巴的业绩将成为市场焦点之一。投资者正密切关注其2025年第四 季度财务表现，以评估AI技术赋能下的业务韧性。 机构观点 监管动态：2026年02月20日，市场监管总局约谈阿里巴巴等平台企业，要求规范促销行为，避免"内卷 式"竞争，以维护公平市场环境。 近期事件 以上内容基于公开资料整理，不构成投资建议。 AI技术进展：2026年02月期间，阿里巴巴开源千问Qwen3.5-Plus大模型，宣称性能媲美全球顶尖开源模 ...

Market Performance - The Hang Seng Index closed at 26,413, down 1.10% for the day but up 3.05% year-to-date [1] - The Hang Seng Tech Index fell 2.91% to 5,211, with a year-to-date decline of 5.52% [1] - The Dow Jones Index increased by 0.47% to 49,625, with a year-to-date gain of 3.25% [1] Currency Trends - The Renminbi Index stands at 98.340, showing a 1M increase of 0.36% and a 6M increase of 1.44% [2] - The USD/JPY exchange rate is at 155.570, with a 1M increase of 1.66% but a 6M decrease of 5.30% [2] Commodity Prices - Brent crude oil is priced at $71.460 per barrel, up 11.37% over the last month and 9.20% over the last six months [3] - Gold is trading at $5,038.03 per ounce, reflecting a significant increase of 50.48% over the last six months [3] Economic News - The U.S. GDP growth for Q4 last year was estimated at 1.4%, significantly below the expected 3% [5][14] - The unemployment rate in Hong Kong has risen to 3.9%, an increase of 0.1 percentage points [20] Company Updates - JD.com reported a 150% increase in robot order volume during the Spring Festival, driven by a significant rise in search and inquiry volumes [22][23] - Xuan Bamboo Biotechnology has been included in the Hang Seng Composite Index, effective March 9, 2026 [25] Sector Performance - The technology sector has shown a decline, with the Hang Seng Tech Index down nearly 3% [6] - The financial and real estate sectors remained stable, with notable increases in certain real estate stocks [6]

Group 1 - The first trading day of the Year of the Horse is approaching, with investors hopeful for a strong market performance similar to previous years [1] - The A-share market has seen significant growth, with nearly 5,500 listed companies and a total market capitalization of 124 trillion yuan [1] - Historical data shows that the last trading day before the Spring Festival has generally been positive, with the Shanghai Composite Index rising in 17 out of the last 27 years [2] Group 2 - The performance of the A-share market during the Year of the Horse has been notable, with the last occurrence seeing the Shanghai Composite Index increase by nearly 60% [3] - The Year of the Snake saw a strong performance, with the Shanghai Composite Index rising by 25.58%, driven by advancements in AI technology [3] - The Year of the Dragon has consistently shown positive returns across three cycles, while the Year of the Tiger has seen declines in all three cycles [4] Group 3 - Global markets have shown positive trends during the Spring Festival, with major indices in the US and Europe experiencing gains [5][6] - The Hong Kong market has also rebounded, with significant increases in the Hang Seng Index and technology sectors [7] - Analysts express optimism for the A-share market post-Spring Festival, citing historical trends and potential for recovery in trading volume and price [8] Group 4 - The Spring Festival Gala showcased advancements in humanoid robotics, increasing public awareness and acceptance of these technologies [9] - The appearance of humanoid robots on a major television event is expected to boost orders significantly, with a reported increase in search and inquiry volumes on e-commerce platforms [10] - Companies involved in the humanoid robotics sector are likely to benefit from this heightened interest and technological advancements [10]

Group 1 - The U.S. government is considering a military strike against Iran if diplomatic efforts fail, with a potential first strike planned in the coming days [1][3] - Trump has indicated that if initial precision strikes do not compel Iran to abandon its nuclear program, a larger military action may be considered later this year [1][3] - U.S. and Iranian representatives are set to meet in Geneva for what appears to be the final round of negotiations to avoid military conflict [1][3] Group 2 - Iran's Foreign Minister has stated that diplomatic solutions to the nuclear issue are still viable and emphasized the importance of negotiations over military actions [4][12] - Iran is preparing a proposal to submit to the U.S. and believes that an agreement could be reached soon, potentially better than the 2015 nuclear deal [4][12] Group 3 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act was unlawful, prompting a response from the Chinese government [2][10] - China opposes unilateral tariff measures and emphasizes that trade wars have no winners, urging the U.S. to eliminate such tariffs [2][10] Group 4 - The Hong Kong stock market saw significant movements, with the Hang Seng Index rising by 2.531% and the Hang Seng Tech Index increasing by 3.336% [5][14] - Notable stock performances included Zijin Mining up by 5.347% and NIO-SW up by 5.290% [6][14] Group 5 - The AI model company Kimi has achieved rapid growth, becoming the fastest domestic company to reach a valuation of over $10 billion, with significant revenue growth driven by international users [7][15] - Kimi's recent funding rounds have exceeded $1.2 billion, and its revenue in the last 20 days surpassed its total revenue for the previous year [7][15] Group 6 - The AI sector experienced volatility, with significant declines in stock prices for companies like Zhiyu and Haizhi Technology, attributed to a recent apology letter addressing user concerns [8][16] - Zhiyu's market value dropped by over 700 billion HKD following the announcement, despite previous strong performance [8][16]

Group 1 - The Hong Kong stock market experienced a significant rise on February 23, with the Hang Seng Index increasing by 2.53%, the Hang Seng China Enterprises Index by 2.65%, and the Hang Seng Tech Index by 3.34% [1] - Major stocks such as Zijin Mining, Meituan, and SMIC led the gains, each rising over 5%, while Tencent and Alibaba increased by more than 3% [1] - During the Chinese New Year holiday, the Hang Seng Index saw a cumulative increase of 1.94%, with the China Enterprises Index up by 1.82% and the Tech Index by 0.47% [1] Group 2 - The AH share premium index fell by 2.34% to 113.68 points, marking the lowest level since July 2, 2018, influenced by the strong performance of the Hong Kong market [1] - As of February 23, there were nine stocks with H shares trading at a premium to their A shares, including CATL with a premium exceeding 31% and others like China Merchants Bank and WuXi AppTec with premiums over 10% [1] - Market analysts believe that the positive performance of the Hong Kong market during the holiday may provide a boost to the A-share market post-holiday, with several brokerage firms optimistic about A-share performance [1]

今天港股大涨，明天2月24日，马年A股即将开跑。从假期各方信息看，没有负面消息，全部正面，大概率是开门红，且有可 能高开高走。高开概率8成，高开高走概率6成，主观判断，仅供参考： 1，过节期间，利好基本符合预期。 2，港股开门红，给了A股正向情绪。 3，黄金原油等大宗商品上涨，资源股情绪正向，节前我们已经提醒。 4，人形机器人在春晚爆火，话题性打满，预计会带动机器人板块整体上涨。 5，AI红包带动互联网巨头股价上涨，港股BAT等股票已经有所表现。 6，美股对AI泡沫的恐慌在消退，这方面美股英伟达股价可以看出（本文在23日美股开盘前）。 | 周 预 测 | | 2月23日-2月27日 | | 轮盘性质 | 中线 | | --- | --- | --- | --- | --- | --- | | 日期 | | | | | | | FE | H | 3980 箱底 | | 箱顺 | 4200 | | カ | 指 | 4000 强支撑 | | 大盘反转 | | | 支 | | | | | | | 撑 | | 4050 第 一 支 | | 第一阻力 | 4150 | | 预 | | 撑 | | | | | 测 | | ...