特朗普释放美伊局势缓和信号：更倾向协议而非战争。美国总统特朗普：来自假新闻媒体的众多报道一 直在流传，声称丹尼尔·凯恩（Daniel Caine）将军，有时被称为拉辛（Razin），反对我们对伊朗开战。 这些报道并未将这一海量信息归于任何人，且百分之百不实。凯恩将军和我们所有人一样，不希望发生 战争，但如果决定在军事层面与伊朗对抗，他认为我们能够轻易获胜。他非常了解伊朗，因为他曾负 责"午夜之锤"行动，打击伊朗核项目。所有关于可能对伊朗开战的报道都是错误的，而且是蓄意为之。 我是做决定的人，我更愿意达成协议而不是打仗，但如果不能达成协议，对伊朗及伊朗人民来说，那将 是极其糟糕的一天。非常可悲，他们伟大而美好，这样的事情本不该发生在他们身上。 【美股】截至收盘，道指跌821.91点，跌幅为1.66%，报48804.06点；纳指跌258.80点，跌幅为1.13%， 报22627.27点；标普500指数跌71.76点，跌幅为1.04%，报6837.75点。贵金属、有色板块领涨，应用软 件、信息技术服务跌幅居前，IBM(IBM.US)大跌超13%，创2000年以来最大单日跌幅，此前人工智能 (AI)初创公司Anthr ...

Core Viewpoint - The overseas markets showed a slight rebound during the Spring Festival holiday, with U.S. stocks recovering and commodities performing strongly, driven by geopolitical disturbances that significantly increased the prices of oil, gold, and copper. The performance of Chinese assets, particularly the FTSE China A50 index futures, also indicated a positive trend, suggesting a potentially favorable start for the A-share market in the Year of the Horse [2][4]. Group 1: Market Performance and Trends - The overseas non-U.S. assets maintained a strong performance during the holiday, indicating a high risk appetite among overseas investors, which is expected to benefit the A-share market post-holiday [5]. - The inflow of funds into the market remains unchanged, with a notable decrease in household deposits and an increase in non-bank financial institution deposits, suggesting a shift towards equity markets [6]. - Historical data shows that the A-share market typically performs well in the 20 trading days following the Spring Festival, with a 75% probability of the CSI All A Index rising during this period [9]. Group 2: Sector Focus and Investment Opportunities - The focus for investment should be on sectors benefiting from AI and resource commodities, with a particular emphasis on the robotics and AI technology applications showcased during the Spring Festival [13][14]. - The traditional sectors such as real estate and liquor are expected to see a recovery as their valuations are at historical lows, supported by improving fundamentals and policy catalysts [11]. - The "反内卷" (anti-involution) policy is anticipated to enhance the supply dynamics of resource commodities, making them attractive for investment [11]. Group 3: Strategic Recommendations - Investors are advised to focus on the technology sector, particularly in robotics and AI applications, as well as cyclical sectors like chemicals, construction materials, and machinery, which are expected to benefit from rising prices and improved demand [15]. - The market is entering a configuration phase where "technology + cyclical" remains the main theme, with technology sectors likely to respond first to market catalysts [15].

Group 1: Market Reactions and Economic Indicators - The U.S. stock market reacted positively to the Supreme Court's ruling, with major indices closing higher; the S&P 500 rose by 0.7%, the Dow Jones increased by 0.5%, and the Nasdaq gained 0.9% on Friday [1] - Oil prices increased by approximately 5.5% last week, driven by concerns over potential disruptions in supply due to U.S. actions against Iran, resulting in a monthly return of about 11% [1] - The upcoming Producer Price Index (PPI) data is anticipated to provide insights into upstream input costs amid persistent inflation above the Federal Reserve's 2% target [2] Group 2: Corporate Earnings and Economic Data - Nvidia's fourth-quarter earnings report is expected to be a key indicator for the AI trading landscape, with results due on Wednesday [2] - Salesforce's earnings on Wednesday will help gauge the software sector's sell-off, which has significantly impacted the industry [3] - Home Depot and Lowe's earnings reports will serve as alternative indicators for the real estate market [3] Group 3: Tariff and Trade Policy Developments - The Supreme Court ruled against a significant portion of Trump's tariff system, stating that the International Emergency Economic Powers Act (IEEPA) does not grant the president broad authority to impose tariffs [4] - Following the ruling, Trump announced a new 10% global tariff, which was later increased to 15%, indicating a shift in trade policy despite the court's decision [6] - The potential for a refund of tariffs, estimated at $175 billion, is now under consideration by the trade court, with companies likely to file for refunds [5] Group 4: Geopolitical Risks and Oil Market Implications - Oil prices have risen by 15% since early 2026, largely due to tensions with Iran, with potential military actions being considered by the U.S. [7] - The Strait of Hormuz, a critical shipping route for approximately 20 million barrels of oil daily, remains a focal point for market concerns regarding geopolitical stability [7] - Analysts suggest that if U.S. military actions against Iran are limited, oil prices may spike temporarily by about $10 per barrel, but could stabilize quickly [7][8]

Group 1 - The U.S. Supreme Court's ruling against Trump's tariffs has led to a strong rally in emerging market assets, with a benchmark index for emerging market currencies reversing weekly losses and an emerging market ETF reaching a historical high [1][5] - Michael Hartnett, a strategist at Bank of America, emphasizes that emerging markets are likely to outperform the U.S. market amid the decline of "American exceptionalism" and a shift in global growth focus [1][7] - The iShares MSCI Emerging Markets ETF has seen a rare "ten consecutive days of gains," reaching a historical peak, with trading volume significantly above its 20-day average [1][4] Group 2 - The strong performance of key stocks like TSMC, Samsung, and SK Hynix has contributed to the iShares MSCI Emerging Markets ETF's rise, which has increased by 14% in 2026, outperforming the S&P 500 and Nasdaq 100 [4] - The ongoing global AI boom and the "sell America" narrative have positioned the Korean stock market as one of the best-performing markets globally, with a 40% increase in its benchmark index this year [4][8] - The Supreme Court's tariff decision is seen as a catalyst for emerging market currencies, highlighting significant uncertainty in U.S. government policies and driving diversification trends [5][8] Group 3 - Recent U.S. economic data indicates weakness, with GDP growth falling short of expectations and inflation measures exceeding forecasts, creating mixed signals for the Federal Reserve's interest rate outlook [6] - Despite geopolitical tensions, most Wall Street strategists believe that these will not escalate into a full-scale war, allowing emerging markets to maintain their strong upward momentum [6][7] - The uncertainty surrounding U.S. fiscal policies and high valuations in the U.S. market are prompting large investors to seek diversification in emerging markets, which are seen as more attractive in terms of valuation and growth expectations [8]

记者丨张嘉钰 编辑丨江佩霞 周四（2月19日），欧美股市全线收跌。科技股下跌拖累美股，金融股砸盘，截至收盘道指跌0.54%跌 幅超260点，标普500指数跌0.28%，纳指跌0.31%。欧洲斯托克600指数收跌0.53%，跌落周三刷新的收 盘最高纪录。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 49395.16 | 22682.73 | 6861.89 | | -267.50 -0.54% -70.90 -0.31% -19.42 -0.28% | | | | 欧非中东 [3 | | | | 英国富时100 | 法国CAC40 | 德国DAX | | 10627.04 | 8429.03 | 25043.57 | | -59.14 -0.55% 0.00 0.00% -234.64 -0.93% | | | | 意大利MIB | 俄罗斯MOEX 欧洲STOXX5 | | | 45794.22 | 2772.84 | 6059.62 | | -566.87 -1.22% -6.24 -0.22% -43.75 -0.72% | | | 美股大型科技股多数收跌，万得 ...

Core Viewpoint - The article discusses the emergence and significance of the 10BASE-T1S standard in the automotive and industrial sectors, highlighting its advantages over traditional communication protocols like CAN and LIN, particularly in the context of evolving vehicle architectures and increasing sensor integration [2][3][5][33]. Group 1: Background and Industry Opportunity - 10BASE-T1S is a new physical layer standard for automotive and industrial control, established by IEEE 802.3cg in February 2020, featuring a transmission rate of 10 Mbps and designed for short-distance connections of up to 25 meters [3]. - The shift towards zonal architecture in vehicles, which consolidates multiple functions into fewer controllers, necessitates a more efficient communication protocol like 10BASE-T1S to manage the increasing number of sensors and actuators without overwhelming bandwidth [5][6]. - The trend of unifying vehicle networks under Ethernet protocols is driven by the need for over-the-air updates, centralized data processing, and software upgrades, making 10BASE-T1S a suitable choice for modern automotive applications [6][10]. Group 2: Advantages of 10BASE-T1S - 10BASE-T1S supports multi-drop connections, allowing multiple devices to connect over a single pair of wires, significantly reducing wiring complexity and costs, which is crucial for electric vehicles [6][10]. - The limitations of CAN FD in terms of scalability and protocol integration are becoming apparent, prompting manufacturers to consider 10BASE-T1S for long-term platform design [6][10]. - Compared to traditional buses like CAN, RS-485, and RS-232, 10BASE-T1S offers a more integrated and efficient solution, addressing issues of protocol fragmentation and complexity in industrial applications [11][12]. Group 3: Competitive Landscape - Major chip manufacturers are actively developing 10BASE-T1S products, with strategies ranging from simplifying Ethernet integration to completely rethinking edge node architectures [12][19][20]. - Microchip and TI focus on making Ethernet as user-friendly as CAN, integrating MAC and PHY in single packages to facilitate easier adoption in low-end microcontrollers [13][14]. - ADI's E²B technology aims to centralize control by offloading software burdens from edge nodes, enhancing communication efficiency and reducing system costs [19]. - Infineon and NXP emphasize high integration and safety for complex zonal architectures, with Infineon’s BRIGHTLANE switch and NXP’s TJA1410 designed for reliability in safety-critical applications [20][26]. Group 4: Future Outlook - The adoption of 10BASE-T1S is seen as a gradual transition rather than an outright replacement of existing protocols like CAN and LIN, driven by the need for a unified communication framework in the software-defined vehicle era [33]. - The article concludes that 10BASE-T1S is a crucial component in the evolution towards a fully integrated Ethernet architecture in vehicles, addressing the challenges of protocol fragmentation and enhancing overall system efficiency [33].

Core Insights - Nvidia has announced an expansion of its partnership with Meta Platforms, deploying more of its Arm-based Grace processors in Meta's data centers, marking the first large-scale deployment solely using Nvidia Grace [2][6] - Richard Windsor, founder of Radio Free Mobile, views this move as a sign of the accelerating shift of data centers towards Arm architecture, which poses a significant threat to Intel's x86 CPU dominance [2][3] Group 1: Nvidia and Meta Partnership - The deployment of Nvidia's Grace processors is intended for running applications and intelligent agents, indicating a strategic shift in data center operations [2][6] - The partnership is seen as a potential "Intel killer," as it suggests that Arm-based chips are overcoming previous compatibility issues with traditional data center software systems [2][3] Group 2: Market Dynamics and Intel's Position - The server chip market is experiencing a resurgence, with CPU performance being critical for data center operations, benefiting Nvidia's CPU business [2][6] - Nvidia's CPUs provide higher performance per watt, which is increasingly important as concerns about power grid capacity grow [3][7] - The shift to Arm-based CPUs opens opportunities for more server chip manufacturers to participate in Meta's projected $135 billion spending plan for the year [3][7] Group 3: Competitive Landscape - Windsor predicts that Intel is the real loser in this scenario, as all its major product lines face intense competition, particularly from AMD [3][8] - Intel has had to reallocate production capacity from its PC business to meet the surging demand in its data center segment driven by AI [8] - Analysts suggest that AMD's strong partnership with TSMC positions it favorably to meet data center chip demands, with large cloud service providers preferring AMD's server CPUs over Intel's [4][8]

Core Insights - Meta has announced a significant multi-year partnership with Nvidia to deploy millions of Nvidia chips in its AI data centers, including the latest standalone CPUs and the next-generation Vera Rubin system [1] - The collaboration aligns with Meta's long-term vision of providing personalized superintelligence to everyone, as stated by CEO Mark Zuckerberg [1] - Following the announcement, Meta's stock rose over 1% in after-hours trading, while Nvidia's stock increased nearly 1%, and AMD's stock fell approximately 4% [1] Group 1: Partnership Details - The partnership marks an expansion of Meta's long-standing use of Nvidia GPUs, with a notable focus on the independent deployment of Nvidia's Grace CPUs in data centers [2] - Meta will be the first company to deploy Nvidia's Grace CPU independently at scale, which is designed for inference and "intelligent agent" workloads [2] - The next-generation Vera CPU is expected to be operational in Meta's data centers by 2027 [2] Group 2: Infrastructure Investment - This multi-year agreement is part of Meta's broader infrastructure expansion plan, with a commitment to invest approximately $600 billion in data centers and related infrastructure in the U.S. by 2028 [2] - Meta plans to construct 30 data centers, with 26 located in the U.S., including two major AI data center projects currently under construction [2] Group 3: Technology Integration - The agreement also includes Nvidia's networking technology, specifically the Spectrum-X Ethernet switches for GPU interconnects within large-scale AI data centers [3] - Meta will utilize Nvidia's security technology to support AI functionalities in products like WhatsApp [3] Group 4: Competitive Landscape - Despite the partnership with Nvidia, Meta is exploring other options, including the potential introduction of Google's Tensor Processing Units (TPUs) in 2027 and continuing to develop its own chips [3] - The industry is actively seeking alternative suppliers due to increasing AI compute demands and Nvidia's supply constraints, as evidenced by OpenAI's recent collaboration with AMD [3] Group 5: AI Model Development - Meta is developing a new foundational model named "Avocado" as a successor to the Llama series, although the latest version released last spring did not generate strong reactions from the developer community [4] - Meta's stock has experienced significant volatility, with its aggressive AI investments leading to a major single-day drop last October, followed by a rebound of approximately 10% after a strong revenue guidance announcement in January [4]

道琼斯工业平均指数上涨0.07%，报49533.19点； 来源：环球市场播报 华尔街经历了又一个动荡的交易日，围绕人工智能对大量行业影响的担忧持续在股市蔓延。 标普500指数盘中早些时候一度下跌近1%，随后反弹，但涨幅在收盘前收窄。该美股基准指数最终维持 在过去100天均价这一关键技术水平之上。 一项衡量芯片制造商的指标收盘几无变动，而一只备受关注的追踪软件股的交易所交易基金下跌 2.2%。 挪威邮轮控股有限公司上涨，此前报道称维权投资者Elliott Investment Management在该邮轮公司建立了 超过10%的持股。 Fiserv Inc．也走高，消息称维权投资者Jana Partners已建仓该金融科技公司。 人工智能引发的动荡反映出两种日益矛盾的担忧。一种担忧是，人工智能势必对经济的整个领域造成颠 覆性冲击，以至于任何被认为存在一丝被该技术取代风险的公司股票都会遭投资者抛售。另一方面，投 资者也对人工智能巨额投入能否在短期内带来可观回报深表怀疑。 对管理层电话会议逐字稿的分析显示，在企业盈利增长表现亮眼的这个季度，管理层在业绩电话会议中 提及"人工智能颠覆"的次数较上一季度几乎翻倍。 摩根 ...

2026年2月13日，在慕尼黑安全会议上，世贸组织总干事伊维拉对中国2025年全年贸易顺差达到1.2万亿 美元，表达了三点看法： 眼红中国1.2万亿美元贸易顺差，WTO对中国提意见。 第一，认为中国1.2万亿美元贸易顺差"规模过大"，挤压他国贸易空间，导致部分国家出口受阻、经济 承压，引发全球贸易领域"不满情绪"。 第二，指责中国过度依赖出口拉动经济，产业模式"不合理"，要求中国压缩出口、扩大进口，通过"让 利"缓解不满。 第三，声称高顺差可能加剧贸易摩擦，呼吁中国多承担"责任"，主动减少顺差以"减少仇恨"，维护全球 贸易稳定。 伊维拉的话看似冠冕堂皇，实则经不起推敲，带着明显双重标准，完全忽视中国贸易顺差的真相和全球 贸易基本规律。 首先，"顺差过大挤压他国空间"纯属本末倒置。 中国1.2万亿美元顺差，不是靠抢占市场、不公平竞争得来的，而是靠完整产业链、4亿工人的付出，以 及符合WTO规则的公平贸易换来的。 海关数据显示，2025年中国出口同比增长5.5%，全球出口份额突破15%，但这背后是出口结构升级，是 全球市场的主动选择。 更关键的是，不是中国不让他国赚钱，而是西方国家人为设置贸易壁垒。 这些年中国一 ...