Core Viewpoint - The silver market experienced extreme volatility in 2025 and early 2026, driven by liquidity influx, strong industrial demand, and self-reinforcing market sentiment, leading to a dramatic price surge followed by a sharp decline [1][3][5][8]. Group 1: Liquidity and Market Dynamics - In 2025, the Federal Reserve's interest rate cuts led to a surge in liquidity, attracting significant capital into the silver market, which has a total market value only one-tenth that of gold [3]. - The influx of retail and speculative investors, drawn by low prices, resulted in unprecedented premiums for silver funds and record-high open interest in COMEX silver futures [3]. - The market's structure became increasingly crowded with long positions, setting the stage for a sharp correction when prices began to fall [9]. Group 2: Industrial Demand - Silver transitioned from being a mere precious metal to a critical industrial component, particularly in the photovoltaic sector, which consumed about one-sixth of the global silver production in 2025 [4]. - The demand for silver surged due to advancements in high-efficiency battery technologies and the expansion of data centers and electric vehicles, while supply remained rigid due to the nature of silver extraction [4]. - The London Bullion Market Association reported that deliverable silver stocks fell to levels sufficient for only 1.2 months of global consumption, indicating a precarious supply situation [4]. Group 3: Market Sentiment and Price Fluctuations - By the end of 2025, social media buzz around silver investments created a speculative bubble, with prices soaring over 140% throughout the year [5]. - On January 29, 2026, silver prices peaked at $121.65 per ounce before a sudden collapse triggered by the nomination of a hawkish Federal Reserve chair, which reversed market expectations for further rate cuts [8]. - The market's fragile structure led to a cascade of forced liquidations, resulting in a record single-day price drop of over 35%, with prices plummeting to near $74 [9]. Group 4: Long-term Supply and Demand Outlook - Despite the short-term volatility, the World Silver Survey projected a supply deficit of 67 million ounces in 2026, indicating persistent structural demand from industries like photovoltaics and AI [11]. - The rising silver prices have pressured manufacturers, particularly in the photovoltaic sector, to innovate and reduce silver usage, potentially impacting long-term demand growth [15]. - Silver's dual role as both an industrial metal and a financial asset creates a complex market dynamic, with its price sensitivity to monetary policy and industrial demand [12][15].

21世纪经济报道记者黄子潇 A股尚处春节休市期，港股已抢先开市。 大年初四（2月20日），港股迎来马年首个交易日。截至收盘，恒生指数跌1.10%，恒生科技指数跌2.91%。 尽管大盘的"开门红"未能如愿，但"春晚效应"正在显现，多只机器人概念股逆势走高。 同日，香港交易所、香港黄金交易所均举行新春开市仪式，港交所主席唐家成表示，今年以来已有24只新股上市，募资金额超过870亿港元，目前有488家企 业正在排队等候上市。"希望港股市场气氛能一直延续整个马年。"他表示。 此外，香港金市收获红盘。 港交所举行马年新春开市仪式。来源：港交所官网 恒指走弱收跌，机器人板块逆势上涨 2月20日，恒生指数低开后维持震荡，截至收盘全日下跌1.1%；恒生科技指数受软件板块拖累表现较弱，收跌2.91%。 从成交量来看，恒生指数、恒生科技指数等交易量均较节前（2月13日）降幅近40%，原因或为港股通的缺席。Wind数据显示，2025年港股通成交额占港股 市场总成交比例约55.3%。春节休市时间表显示，2月14日至2月23日，A股、沪/深港通（北向）、港股通（南向）均处于休市期，而港股在除夕（2月16 日）开市半日，在初四（2月20 ...

Core Insights - TTM Technologies (TTMI) is transitioning into a significant player in the AI and defense industry infrastructure, moving away from its previous reliance on cheap consumer electronics and market fluctuations [1] Company Overview - TTM Technologies has evolved from a company dependent on consumer electronics to one focused on high-growth sectors such as AI and defense [1] Investment Strategy - The investment strategy emphasizes growth by identifying fundamental momentum indicators such as EPS, ROE, and revenue, along with price-volume confirmation and macroeconomic filters [1] - The analysis incorporates econometric tools to assess market direction, cycles, and behavior [1] Analyst Background - The analyst managing personal capital since 2020 has a background in Business Administration and Economics, currently pursuing a master's in Finance with a thesis on the impact of financial results announcements on stock returns and trading volumes in micro-cap gold mining companies [1]

2月20日，港股迎来马年首个交易日。截至收盘，恒生指数报26643.69，跌0.98%，恒生科技指数报 5222.75，跌2.70%。尽管大盘走弱，但人工智能与机器人概念股集体逆市大涨，多只个股再创历史新 高，表现亮眼。 前海开源基金首席经济学家杨德龙认为，从投资的角度来看，机器人预计有三年左右的比较好的投资机 会，2025年相当于是炒概念的阶段，2026年进入到炒订单的阶段，2027年进入到炒业绩的阶段。在2025 年，那些宣布要做机器人相关业务的零部件公司都大涨，但是大家无法分辨哪家公司最终会获得大厂订 单；到2026年，就要逐步来看哪家能拿到大厂的订单，比如进入特斯拉机器人产业链、进入宇树机器人 产业链等等，有可能就会聚焦订单炒作；到2027年就要进入到业绩兑现阶段，看最终能不能释放出业 绩。 2月20日，港股开盘后，AI与机器人概念股全线爆发，机器人概念股中，越疆盘中一度涨超24%，截至 收盘涨21.40%，首程控股涨11.90%，速腾聚创涨9.24%，禾赛-W涨7.93%，优必选、三花智控分别上涨 4.71%、5.57%。 （文章来源：南方都市报） 东吴证券机械研究团队发布观点表示，机器人核心能力进 ...

Core Viewpoint - The Hong Kong stock market has shown a divergence in technology stocks post-Lunar New Year, with generative AI startups experiencing significant gains while traditional internet giants like Alibaba and Tencent faced declines, indicating a shift in investor preference towards more focused AI companies [1][4]. Group 1: AI Companies Performance - Generative AI startups have seen substantial increases, with companies like Zhiyu and MiniMax rising by 31% and 13% respectively, continuing their strong performance since their January listings, with total gains exceeding four times [1]. - The humanoid robot performance during the Spring Festival has sparked investor enthusiasm, leading to significant stock price increases for companies like UBTECH and Yujian, which saw intraday gains of 13% and nearly 23% respectively [1]. Group 2: Traditional Internet Giants - Despite strong operational data during the holiday, Alibaba and Tencent's stock prices fell by 1.83% and 0.29%, respectively, as the market reassessed the intensity of their AI investments and the pace of returns [4][7]. - Alibaba's AI application, Qianwen, processed 130 million orders during the Spring Festival, while Tencent's Yuanbao app had over 50 million daily active users, but investors are questioning the conversion of this engagement into visible profit contributions [7][8]. Group 3: Market Dynamics and Regulatory Environment - The acceleration of capital rotation towards "pure AI" stocks is evident, driven by the rapid release of new models and features by Chinese AI companies, as well as competitive pressures to iterate products ahead of major releases [5]. - Regulatory scrutiny on promotional practices and "involution" competition has increased pressure on platform companies, with major firms like Alibaba, Baidu, and Tencent being called for discussions to curb aggressive promotional strategies [9].

2025年12月4日，白宫发布了2025年版的《美国国家安全战略》。这份由川总亲自签署的文件正式宣布，从前那个喜欢到处管 闲事的世界警察不复存在了，取而代之的是一个只认钱不认人的国家级加钱哥。川总对这份文件所规划的纲领非常满意，他在 序言中明确写道，这份文件，是确保美国继续成为人类历史上最伟大、最成功国家的路线图。 我在之前的很多篇文章里都提过一个概念，川总是个商人，并且也擅长经商，在他荣登大典之后，他就是用管理公司的理念来 管理美国这台庞大老旧的国家机器的。 在川总的眼中，美国的本质就是一家大公司，以前公司效益好，除了给自己员工升职加薪和带薪假期以外，公司还愿意拿出不 少钱来做公益活动，比如说搞搞价值观输出啊，提携一下全球的小弟啊，跑去中东调节邻里矛盾等等。这些公益活动有助于公 司形象的提升，从长远来看，公司可能会因此获得很多意想不到的回报，但是这些回报并非是直接收益，回报周期可能会比较 长。 但是现在的局面不同了。公司的基本面恶化，财务压力越来越大，通胀压力和债务压力像是两个相互掣肘的死对头，让公司管 理层左右为难。川总是个精明的商人，非常看重投入产出比，他绝不能容忍钱花出去了，但是回报未知。 所以我们在 ...

机器人、AI概念股逆市大涨。 2月20日，港股节后恢复交易，主要指数均低开，随后跌幅扩大。截至发稿，恒生指数跌约1%，恒生科 技指数跌超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26420.63 | -285.31 | -1.07% | | HSTECH | 恒生科技 | 5228.51 | -139.01 | -2.59% | | HSBIO | 恒生生物科技 | 15851.11 | 53.47 | 0.34% | | HSCEI | 恒生中国企业指数 | 8971.94 | -98.38 | -1.08% | AI应用、人形机器人等概念逆市走高。 人形机器人方面，越疆涨近20%，速腾聚创涨近11%，优必选涨超9%，微创机器人涨超5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 2432 | 越疆 | 47.860 | 7.960 | 19.95% | | 2498 | 速腾聚创 | 38.100 | 3. ...

Company News - SOTON Juchuang announced on February 19 that it expects a significant reduction in net losses for the full year of 2025, with a projected profit of no less than 60 million RMB in the fourth quarter of 2025, marking its first quarterly profit [4] - NIO reported on February 19 that on February 18, the total number of battery swaps reached 158,300 times in a single day, setting a new historical high. Currently, over 8,600 NIO charging and battery swap stations have been established nationwide, including more than 3,700 battery swap stations and over 1,000 highway battery swap stations, connecting 550 cities across 9 vertical and 11 horizontal city clusters [4] - Zhongke Shuguang announced on February 19 that its SothisAI has recently upgraded to fully integrate the Zhiyu GLM-5 and Alibaba Qwen 3.5 large models, further simplifying and optimizing the construction and operation processes of enterprise AI platforms [4] Industry News - Chinese scientists have developed a new type of organic cathode material that overcomes traditional organic lithium battery limitations such as low energy capacity and practical usability. This new organic soft-pack battery has an energy density exceeding 250 watt-hours per kilogram, surpassing the widely used lithium iron phosphate batteries. The battery operates effectively in temperatures ranging from -70°C to 80°C, showcasing excellent flexibility and safety [1] - In the field of optical communication and 6G, Chinese scientists have achieved a breakthrough by realizing the cross-network integration of fiber optic and wireless communication systems, setting a new record for data transmission rates. The new system developed can transmit fiber optic communication signals at 512 Gbps and wireless communication signals at 400 Gbps [2] - The China Geological Survey has revealed a new mechanism for the cycling and enrichment of rare earth elements in the deep sea, which has significant scientific implications for understanding the formation of deep-sea rare earth resources. The study indicates that shallow sea sediments release a large amount of rare earth elements back into the seawater, while deep-sea sediments retain most of the rare earth elements [2] Box Office News - The total box office for the 2026 Spring Festival (February 15-23) has exceeded 3 billion RMB, reaching 3.174 billion RMB as of February 20 at 7:22 AM [3]

Core Viewpoint - The article discusses the emergence of EvoMap, a platform for AI agents that facilitates experience sharing and collaborative evolution, stemming from the challenges faced by the AI community and the need for a decentralized protocol to ensure the autonomy of AI development [2][5][17]. Group 1: EvoMap Development and Background - EvoMap was developed by Zhang Haoyang, founder of AutoGame, and has received several million dollars in angel funding [2][5]. - The creation of EvoMap is a response to the challenges faced by the ClawHub community, particularly the removal of many skills and the recruitment of Peter Steinberger by OpenAI [3][5]. - Zhang Haoyang's background as a young developer and his previous successes in the gaming industry contributed to the development of EvoMap [5]. Group 2: Functionality and Benefits of EvoMap - EvoMap serves as a global platform for AI agents to share experiences and evolve collaboratively, addressing the issue of isolated AI experiences that waste resources [7][9]. - The platform allows agents to encapsulate and share solutions to common problems, significantly reducing the costs associated with training and development [10][11]. - By utilizing EvoMap, agents can inherit solutions from others, leading to a potential reduction of up to 99% in trial-and-error costs [11]. Group 3: Economic System and Performance - EvoMap introduces an economic system where agents earn credits for contributing high-quality solutions, which can be exchanged for computational resources [12][13]. - Testing of the "OpenClaw+EvoMap" combination showed that it outperformed leading models like DeepSeek R1 and GPT-5 in both accuracy and cost efficiency, achieving over 50% higher accuracy while reducing operational costs to less than one-tenth of those models [12][17]. - The platform aims to explore new pathways for AI evolution by leveraging shared experiences rather than solely relying on increased computational power [17].

很多人以为，年过完了只是"又要上班"，其实从春节后开始，生活会悄悄露出更真实的一面。 热闹是暂时的，现实才是长久的。如果不出意外，春节过后，社会上大概率会出现5种"现象"，跟每个 人的钱袋、饭碗、选择都有关。 现象一：春节后钱不够花 第一个现象，很多人已经亲身体验了：年一过完，钱就不够花。 年前那阵子，很多人有一种"花钱幻觉"： 红包要给足，否则没面子；年货要买齐，家里来客才像样；回家一趟车票、礼品、聚餐，样样都是钱。 一两个月工资，就这么被"年"吃掉了大半。 到了春节后，现实立刻追上来： 工资还没到账，信用卡账单先到了；房贷、车贷、房租，该交的都没少；小孩的学费、老人的药费，也 不能拖。 很多人只能： 用花呗、白条先顶着；或者找亲戚朋友临时周转；嘴上说着"明年一定省着花"，心里其实知道——明年 大概率还是这样。 钱不够花，不完全是挣得少，而是很多人还没学会"给节日开支设上限"。 2026届全国普通高校毕业生规模预计1270万人，比去年又多出48万。再加上往届没就业的、考研落榜转 而就业的，求职队伍非常庞大。 问题不只是人多，而是"岗位变了"： 很多传统行业，比如建筑、部分制造业，用人需求在收缩； 新兴行业如 ...