Market - US stock market closed higher for the second consecutive day, with AI concept stocks rising broadly. The Dow Jones, Nasdaq, and S&P 500 all increased. Nvidia and Salesforce are set to release earnings reports, leading investors to reassess tech stock valuations amid concerns about the sustainability of AI capital expenditures. Nvidia's stock rose, but its recent performance has been poor, raising market concerns about AI spending being unsustainable. Some investors believe current market fears are excessive [2][4][5] Company - Nvidia reported fourth-quarter earnings that exceeded expectations, with core data center revenue growing 75% year-over-year, becoming a major driver. Adjusted earnings per share and total revenue also surpassed expectations, with net profit nearly doubling. The company expects first-quarter revenue of $78 billion, significantly outperforming other large tech stocks this year [25][26] - Microsoft shares rose 2.98% despite facing an antitrust investigation by Japan for potential unfair competition in the cloud services market [55] - Salesforce's fourth-quarter revenue was $11.2 billion, a 12% year-over-year increase, marking the fastest growth in two years. However, the company's guidance for fiscal year 2027 indicates a growth of only 10%-11%, which is below Wall Street's expectations. Salesforce has allocated $50 billion for stock buybacks [31] - Samsung launched its Galaxy S26 series, with prices increasing by $100 for two models. The average smartphone price is expected to rise by 6.9% in 2026 due to a shortage of storage chips [22] - Ctrip reported a 60% year-over-year increase in international OTA bookings for Q4 2025, serving approximately 20 million inbound tourists throughout the year [29]

当日趣活成交额达1061万美元，换手率39.82%，量比高达46.35，显示资金参与度急剧上升。股价振幅 达19.11%，盘中最高触及1.09美元，最低0.90美元，最终收于1.06美元，涨幅4.72%。低流通市值（约 0.27亿美元）背景下，资金流入易放大波动。 2月25日，美股纳斯达克指数上涨1.26%，趣活所属的软件服务板块当日涨幅为2.69%。板块整体走强对 个股形成正向拉动，同时公司股价年初至今仍下跌2.06%，存在一定补涨需求。 资金动向 来源：经济观察网 经济观察网 根据截至2026年2月25日的公开信息，趣活集团（QH.OQ）当日股价上涨主要受其所属板块 整体表现及市场交易活跃度影响。 板块变化情况 公司基本面 公司近期未披露重大经营变动，最新财报为2025年上半年数据（营收11.31亿元）。股价波动主要源于 市场情绪和交易行为，而非具体业绩或公告驱动。 以上内容基于公开资料整理，不构成投资建议。 ...

西王食品（000639.SZ）2月25日在投资者互动平台表示，公司聘请金蝶公司对公司现有的"金蝶 EAS 系 统"进行焕新升级，将其升级为云星瀚系统，以便进一步推动公司数字化转型，提升精细化管理水平。 每经AI快讯，有投资者在投资者互动平台提问：西王食品与港股金蝶国际合作，通过"金蝶云·苍 穹"和"金蝶云·星瀚"等系统深度融入Ai应用，打造了一个营销与财务一体化的平台。该项目可搭建业财 一体化平台，规范业务标准、提升精细化管理，并实现更高、更安全的运营效率是否属实？ （文章来源：每日经济新闻） ...

格隆汇2月25日｜甲骨文(ORCL.US)盘前一度涨3%。此前Oppenheimer将甲骨文评级从与大盘一致上调 至"跑赢大盘"，目标价185美元。 ...

证券日报网讯2月25日，顶点软件（603383）在互动平台回答投资者提问时表示，公司股价短期波动受 多重外部因素影响，公司始终专注主业经营，持续推进信创、AI等核心业务发展，不断提升内在价 值，力争以更好的经营业绩回报广大投资者。 ...

格隆汇2月25日｜据澎湃，近日，研究机构Citrini Research发布一篇名为《2028年全球智能危机》的报 告，假设了在2028年6月可能发生的场景，称届时美国失业率将突破10%。这篇报告进一步刺激了正在 对AI的颠覆性影响感到恐慌的美股市场，2月23日，标准普尔指数跌超过1%，其软件和服务指数跌至去 年4月美国总统特朗普宣布"解放日"关税以来的最低水平。 当地时间2月24日，上述报告的作者之一、Citrini Research的创始人詹姆斯·范·吉伦表示，要是他早知道 这篇文章会对市场造成如此大的冲击，绝不会将其免费公开。他警告称，未来市场还会有更多波 动："我们正进入一个市场波动非常剧烈的时期。"吉伦指出，市场对AI影响这一类话题的敏感程度已接 近临界点："这篇文章显然成为了投资者关注的焦点，他们原本就担忧AI会对现有企业造成二次冲击， 而当我们的文章指出最糟糕的情况时，这种焦虑情绪更是达到了顶峰。" ...

从盘面来看，剔除停牌的智洋创新，科创板其余603只个股涨多跌少，高价股、低价股均多数上涨。细 分领域来看，电气设备股、元器件股表现强势，软件服务股、元器件股跌幅靠前；半导体股、专用机械 股表现分化。 经新华财经统计，2月25日，剔除停牌的智洋创新，科创板其余603只个股平均涨幅1.25%，平均换手率 2.92%，合计成交额2394亿元，平均振幅为4.19%。 2月25日，科创综指全日收涨1.20%，收于1819.72点，总成交额约2394亿元。 转自：新华财经 新华财经北京2月25日电（胡晨曦）科创50指数2月25日早盘探底回升，午后指数窄幅震荡，最终小幅收 涨。至收盘时，科创50指数报1473.28点，涨幅0.54%，指数振幅为1.83%，总成交额约700.4亿元。 个股表现方面，有研硅、和林微纳涨停，涨幅靠前；开普云跌14.78%，跌幅居首。 成交额方面，中微公司成交额63.7亿元，位居首位；ST帕瓦成交额737.6万元，位居末位。 换手率方面，电科蓝天换手率为35.51%，位居首位；佰仁医疗换手率为0.19%，位居末位。 编辑：罗浩 ...

投资者对此感到不安。标准普尔指数23日下跌超过1%，其软件和服务指数跌至去年4月美国总统特朗普 宣布"解放日"关税以来的最低水平。科技股受到打击，纳斯达克综合指数一度下跌超过1%。 24日，美国白宫经济顾问委员会代理主席皮埃尔·亚雷德表示，Citrini Research近日发布的报告是"一篇 有趣的科幻小说"。 智通财经记者 南博一 美国一份病毒式传播且完全基于猜测的报告，让美国股市23日遭遇一波AI恐慌。 这篇名为《2028年全球智能危机》的报告，由鲜为人知的美国公司Citrini Research发布在在线写作平台 Substack上，虚构了从现在开始到2028年6月结束的情景，称届时美国失业率将突破10%，"占领硅谷"运 动的参与者将在AI企业OpenAI和Anthropic的办公场所外扎营。一系列广泛使用AI代理的事件将冲击软 件公司，并向外扩散，波及到私人信贷和抵押贷款，导致经济陷入恶性循环，出现螺旋式下滑。 据《卫报》报道，Citrini设定的情景如下： AI代理消除所有中介服务 情景始于AI代理实现能力大幅提升。Citrini提到了Anthropic的Claude Code、OpenAI的Co ...

Core Viewpoint - The article discusses the potential risks associated with the rapid advancement of AI technology, suggesting that the optimism surrounding AI may signal a bear market rather than economic growth. It highlights the disconnect between GDP growth driven by AI and the actual economic benefits experienced by the general population [5][45]. Group 1: Market Reaction - On February 23, 2026, the U.S. stock market experienced a significant drop, with the Dow Jones falling over 800 points and only 27% of stocks rising [5]. - Major companies like DoorDash, MongoDB, ServiceNow, and Salesforce saw declines of 7%, 6%, and 4% respectively, while financial firms like American Express and KKR dropped over 8% [5]. Group 2: Economic Implications of AI - The article introduces the concept of "Ghost GDP," where economic output increases without benefiting the average person, as AI-driven productivity bypasses human consumption [7][25]. - A negative feedback loop is described, where AI advancements lead to layoffs, which in turn drive further investment in AI, perpetuating job losses without a self-correcting mechanism [9][10]. Group 3: Corporate Behavior - Companies threatened by AI, such as ServiceNow, are becoming aggressive adopters of AI technologies, often resulting in significant layoffs to fund these investments [12][19]. - The article notes that traditional companies are rapidly embracing AI due to the immediate threats they face, contrasting with past scenarios where new entrants disrupted established firms [19][20]. Group 4: Consumer Spending Dynamics - The article emphasizes that machines do not spend money, which poses a risk to the consumer-driven economy, as 70% of U.S. GDP is derived from human consumption [25]. - The impact of white-collar job losses on consumer spending is highlighted, noting that the affluent contribute significantly to overall consumption, and their job losses could lead to a substantial decline in spending [29][30]. Group 5: Financial Sector Risks - The growth of private credit in the U.S. has led to increased funding for software companies, which may face revenue declines as AI replaces traditional roles [30][31]. - The article warns that even high-quality mortgage loans may become problematic as borrowers lose jobs or face salary reductions due to AI advancements [33][34]. Group 6: Policy Limitations - Traditional monetary policy tools, such as interest rate cuts, may not effectively address the structural unemployment caused by AI advancements [36][38]. - The article argues that existing economic frameworks are based on the assumption of human labor scarcity, which is being challenged by AI's capabilities [40][41].

财新观察｜预制菜如何获得消费者信任 财新观察｜预制菜如何获得消费者信任 预制菜⾏业需在科学规范中⾼质量发展 近⽇，国务院⻝安办、国家卫⽣健康委等部⻔就《⻝品安全国家 标准 预制菜》《预制菜术语和分类》以及《推⼴餐饮环节⾃主明示 的公告》三份⽂件公开征求社会意⻅。其中，《⻝品安全国家标准 预制菜》是主管部⻔⾸次发布相关国标。它规定了预制菜的定义，提 出了原料、⻝品添加剂使⽤、⽣产过程、营养品质、包装、标签标 识、经营过程和产品指标等⽅⾯的要求。三份征求意⻅⽂件，回应了 社会关切，是公众进⼀步了解预制菜的重要途径，也有助于在完善规 范和标准中推动预制菜⾏业⾼质量发展。 围绕预制菜的讨论中，很多⼈关⼼，究竟什么是预制菜？《⻝品 安全国家标准 预制菜》征求意⻅稿中，明确界定预制菜的定义与管 理范畴。预制菜是指以⼀种或多种⻝⽤农产品及其制品为原料，使⽤ 或不使⽤调味料等辅料，不添加防腐剂，经⼯业化预加⼯（如搅拌、 腌制、滚揉、成型、炒、炸、烤、煮、蒸等）制成，配以或不配以调 味料包，加热或熟制后⽅可⻝⽤的预包装菜肴产品。它并不包括主⻝ 类⻝品、净菜类⻝品、即⻝类⻝品和中央厨房制作的菜肴。 预制菜并⾮新⽣事物，更不是洪⽔ ...