2026年刚刚过去一个多月，美股却已经反复上演同一种情景：盘中急跌、情绪失控、但收盘前迅速修复，甚至重返高位。 据追风交易台，德意志银行在最新报告中指出，仅1月以来，标普500指数已经出现至少5次"快速下挫—迅速反弹"的典型案例。 美股2026开年频现"假摔"戏码：标普500已上演5次盘中暴跌后火速反弹，每次都伴随地缘风波、关税恐慌或AI竞争，却次次化险为 夷。德银认为，判断股市是否会进入真正的持续下行，关键在于宏观预期是否发生"结构性下修"。 这些波动往往伴随着地缘政治、关税威胁、科技股恐慌或AI竞争叙事，但几乎都未对大盘造成实质性、持续性的破坏。 在德银看来，这并非偶然，而可能是当前美股正在形成的一种"新常态"。 最新一例软件与AI竞争再起波澜： 受Anthropic新AI工具影响，软件股集体承压，标普500盘中最大跌幅达到1.64%。但与此前类似，尾盘出现明显修复，最终跌幅不足 1%。 五次"假摔"：风险事件频发，但市场拒绝深跌 德银宏观策略师Henry Allen梳理了2026年初以来几次具有代表性的快速回撤： 1月中旬地缘政治风险升温： 标普500在1月12日创出新高后，因市场担忧美国可能介入伊朗局 ...

Core Insights - The CEO of Meitu, Wu Xinhong, revealed that the company's core business is expected to see significant revenue growth by 2025, driven by innovation and new product incubation [1] - Meitu is positioning itself as a platform for high-quality imaging applications, with products like Meitu Xiuxiu, Meiyan Camera, and Wink achieving notable success globally [1] - The company is focusing on capturing commercial opportunities in vertical imaging products, leveraging AI to enhance product development and market validation [1] Group 1 - Meitu has initiated its first product challenge, encouraging global participation to create imaging productivity tools using AI, with 206 teams registered so far, including 87 one-person teams [1] - The company emphasizes that many new products are not reliant on existing major products for market traction, as demonstrated by RoboNeo's growth without any promotional support [1] - The ease of developing applications in the AI era is acknowledged, but the challenge lies in identifying high-value scenarios and fine-tuning AI effects for successful product launches [1] Group 2 - An innovative product named Artflo was introduced, designed to streamline workflows for designers and operational staff, significantly improving the efficiency of traditional demand processes [2]

来源：环球网 受此影响，多家行业龙头企业股价大幅波动。拥有 Westlaw 数据库的汤森路透连续七个交易日下跌后， 单日暴跌近 16%；英国励讯集团、伦敦证券交易所单日跌幅均超 13%；摩根士丹利资本国际公司 （MSCI）单日大跌约 7%。同时，抛售潮引发连锁反应，阿波罗全球管理、黑石集团等多家资产管理 公司因潜在信贷风险担忧股价受挫，标普 500 指数下跌 0.51%，纳斯达克综合指数重挫 1.51%，英伟 达、Meta、Alphabet 等科技巨头股价也纷纷下挫。 值得注意的是，以往科技股暴跌时常见的逢低买入行情此次缺席，市场避险情绪浓厚。加利福尼亚州海 洋公园资产管理公司首席投资官詹姆斯・圣奥宾表示，本轮抛售实质是市场觉醒于人工智能的颠覆性威 力，软件企业的商业护城河面临挑战，这也可能是劳动力市场即将遭遇调整的预警信号。部分市场分析 人士认为，当前软件股抛售尚未触底，大盘下行风险仍需警惕。 不过，业内对人工智能的冲击影响存在不同判断。英伟达首席执行官黄仁勋指出，有关人工智能将取代 软件及相关工具的担忧 "不合逻辑"。摩根大通美国企业软件研究主管马克・墨菲认为，断言一款大模 型插件能 "取代所有层的关键任 ...

Macro Strategy - The report discusses the impact of liquidity shocks on commodity markets, highlighting that certain commodities, which are fundamentally supported by supply and demand improvements, have been "misjudged" during these shocks. As the risk center stabilizes, these commodities may return to their fundamental pricing logic, presenting better entry opportunities compared to previous rotation phases [1][10]. Financial Products - The report reviews the performance of gold ETFs in January 2026, noting that macro data and policy expectations fluctuated, with interest rate cut expectations providing temporary support for gold asset allocation. The report emphasizes the importance of U.S. macro data, monetary policy statements, and geopolitical developments in influencing gold prices in February 2026 [2][12]. - The report indicates that as of January 30, 2026, the total market value of the Huaan Gold ETF reached 127.526 billion yuan, with a trading volume of 74.397 billion yuan on that day [2][12]. Fixed Income - The report analyzes the outflow of deposits under different scenarios, estimating that by the end of 2026, the total amount of term deposits could reach 188.62 trillion yuan under a low growth scenario, with an excess outflow of 32.3 trillion yuan. In a medium growth scenario, the total could reach 193.11 trillion yuan with an excess outflow of 27.8 trillion yuan, and in a high growth scenario, it could reach 197.60 trillion yuan with an excess outflow of 21.5 trillion yuan [3][4][16]. Industry Recommendations - Huatai Securities plans to issue zero-coupon convertible bonds worth 10 billion yuan to support its overseas business development. The initial conversion price is set at 19.7 HKD per share, with a dilution effect on H shares but minimal impact on A shares. This financing method is seen as beneficial for the company's international business growth [5][17]. - Baba Foods reported a revenue of 1.859 billion yuan in 2025, with a year-on-year growth of 11.2%. The company is expected to accelerate growth in 2026 through new store formats and acquisitions, with projected net profits of 270 million, 330 million, and 400 million yuan for 2025-2027 [7][20]. - Fute Technology, a leading player in the vehicle power supply industry, is expected to see significant profit growth, with projected net profits of 230 million, 365 million, and 535 million yuan for 2025-2027, driven by expanding customer bases and technological advancements [8][21].

本文字数：2725，阅读时长大约4分钟 作者 | 第一财经 樊志菁 随着投资者关注到人工智能技术的快速发展或颠覆某些行业商业模式，同时相关板块的热潮可持续性担忧再次涌现，本周美股部分成长性板块面临巨大 考验，纳指和标普500指数进一步脱离历史高位。 与此同时，资金开始撤出转向工业、运输等避险板块，等待形势进一步明朗。 2026.02. 05 市场抛压加剧 受软件板块与大型科技股走弱拖累，美股本周面临巨大抛售压力。 导火索在于人工智能新贵Anthropic推出全新合规模型对部分行业商业模式的冲击和 威胁。 投资者对大型科技股的集中度风险，以及市场对人工智能的狂热情绪推高板块估值、导致估值泡沫的担忧有所升级。软件股遭遇抛售潮，道琼斯市场数 据显示，道富标普软件与服务交易所交易基金ETF两天下挫近8%，近两周跌幅扩大至15%。 据华尔街两家大型基金的消息人士透露，对冲基金正加大对软件类股的做空押注，成为今年以来该板块遭遇惨烈抛售的一大推手。S3 Partners的数据显 示，随着软件行业总市值蒸发1万亿美元，卖空者今年迄今已从软件类股的交易中斩获240亿美元的暴利。 英伟达CEO黄仁勋在思科的一场活动中驳斥AI引发 ...

英伟达CEO黄仁勋"灭火"暂未见效。 随着投资者关注到人工智能技术的快速发展或颠覆某些行业商业模式，同时相关板块的热潮可持续性担 忧再次涌现，本周美股部分成长性板块面临巨大考验，纳指和标普500指数进一步脱离历史高位。 与此同时，资金开始撤出转向工业、运输等避险板块，等待形势进一步明朗。 市场抛压加剧 受软件板块与大型科技股走弱拖累，美股本周面临巨大抛售压力。导火索在于人工智能新贵Anthropic 推出全新合规模型对部分行业商业模式的冲击和威胁。 投资者对大型科技股的集中度风险，以及市场对人工智能的狂热情绪推高板块估值、导致估值泡沫的担 忧有所升级。软件股遭遇抛售潮，道琼斯市场数据显示，道富标普软件与服务交易所交易基金ETF两天 下挫近8%，近两周跌幅扩大至15%。 据华尔街两家大型基金的消息人士透露，对冲基金正加大对软件类股的做空押注，成为今年以来该板块 遭遇惨烈抛售的一大推手。S3 Partners的数据显示，随着软件行业总市值蒸发1万亿美元，卖空者今年 迄今已从软件类股的交易中斩获240亿美元的暴利。 英伟达CEO黄仁勋在思科的一场活动中驳斥AI引发了市场恐慌的观点。他表示，"这是世界上最不合逻 辑的 ...

Core Viewpoint - Jin Modern (300830, SZ) is facing significant challenges as it anticipates a net loss of 70 million to 90 million yuan for 2025, marking a year-on-year decline of 707.32% to 880.84% [3] Group 1: Business Performance - The company has experienced a continuous decline in revenue and net profit from 2022 to 2024, with the anticipated loss in 2025 being a culmination of years of pressure [3] - Jin Modern's main business focuses on two segments: customized digital solutions for large enterprises and standardized software services based on low-code platforms [4] - The customized business, once a revenue pillar, is now facing intense market competition and profit compression, leading to a strategic decision to shrink inefficient projects [4][5] Group 2: Financial Challenges - A significant factor impacting profits is the large impairment provisions, with the company planning to recognize credit impairment losses of 34.18 million yuan and asset impairment losses of 24.79 million yuan, totaling 58.96 million yuan [7] - High accounts receivable is a prominent issue, with accounts receivable reaching 492 million yuan, exceeding 350% of revenue, indicating substantial bad debt risk [8] - Fixed costs have increased significantly, with new office building depreciation adding approximately 16.5 million yuan and amortization of intangible assets from capitalized R&D costs adding about 13.5 million yuan, collectively reducing net profit by around 30 million yuan [8] Group 3: Strategic Transition - The anticipated loss in 2025 is partly viewed as a "growing pain" during the strategic transition process [9] - Jin Modern is shifting from scale expansion to structural optimization, focusing on high-value standardized products and core customized business, which has shown initial positive results [9] - The company has improved its cash flow situation, with net cash flow from operating activities reaching approximately 100 million yuan, providing a financial buffer for future business transformation and R&D investments [9]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●根据证监会《上市公司募集资金监管规则》（2025年6月15日起施行）等相关规定，掌阅科技股份有 限公司（以下简称"公司"）于2026年2月4日召开第四届董事会第十四次会议，审议通过了《关于使用自 有资金支付募投项目部分款项并以募集资金等额置换的议案》，同意公司及子公司作为募投项目"智能 中台化技术升级项目"的实施主体，在募投项目实施期间根据实际情况先行使用自有资金支付该募投项 目部分款项并以募集资金进行等额置换，该部分等额置换资金视同募投项目使用资金。保荐机构对本次 募集资金置换事项出具了无异议的核查意见。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准掌阅科技股份有限公司非公开发行股票的批复》（证监许可 [2020]3348号）核准，公司非公开发行人民币普通股（A股）股票37,896,835股，发行价格为28.00元/ 股。截至2021年2月3日，公司实际募集资金总额为人民币1,061,111,380.00元，扣除各项发行费用人民币 23,41 ...

Core Viewpoint - The company is currently involved in a lawsuit where the plaintiff has changed the claims, and the case is in the retrial stage, with the company being the defendant. The total amount involved in the case is RMB 59,366,925, of which the amount claimed against the company is RMB 374,100. The outcome of the lawsuit remains uncertain, but it is expected that the case will not materially impact the company's profits for the current or future periods [1][6]. Group 1: Lawsuit Background - In April 2022, the company received a letter from the plaintiff, Gong Haiyan, claiming ownership of 164,000 shares, approximately 0.29% of the company's equity [2]. - The case was accepted by the Wuhan Donghu New Technology Development Zone People's Court, and the initial ruling in November 2023 rejected the plaintiff's claims [2]. - All parties, including the company, appealed the initial ruling, leading to a hearing at the Wuhan Intermediate People's Court in June 2024 [2]. Group 2: Progress of the Lawsuit - In October 2025, the Wuhan Intermediate People's Court ruled that the initial judgment had factual inaccuracies and improper legal application, thus sending the case back for retrial [3]. - Recently, the plaintiff submitted a request to change the claims, seeking to confirm ownership of 0.20% of the company's shares and demanding various actions from the company and third parties regarding share transfer and rights [4][5]. Group 3: Financial Impact of the Lawsuit - The total amount involved in the lawsuit is RMB 59,366,925, with RMB 58,992,825 related to claims against third parties, which are not expected to affect the company's profits [6]. - The company will closely monitor the situation and take necessary legal measures to protect its reputation and shareholder interests, while fulfilling disclosure obligations as required by regulations [6].

Core Viewpoint - The company is currently involved in a legal dispute regarding shareholder qualification, with the plaintiff changing their claims during the retrial process, which may not significantly impact the company's financials. Group 1: Lawsuit Overview - The lawsuit involves a dispute over the shareholder qualification of the plaintiff, Gong Haiyan, who claims to hold 164,000 shares (approximately 0.29% of the company) [3] - The initial court ruling rejected Gong Haiyan's claims, leading to appeals from all parties involved, including the company [3][4] - The higher court found issues with the initial ruling and has sent the case back for retrial [4] Group 2: Current Status of the Lawsuit - The plaintiff has submitted a request to change the lawsuit claims, seeking to confirm ownership of 0.20% of the company's shares (223,500 shares) and demanding various actions from the company and third parties [5][6] - The total amount involved in the lawsuit is RMB 59,366,925, with RMB 58,992,825 related to claims against third parties, which are not expected to affect the company's profits [2][7] Group 3: Financial Impact - The company anticipates that the lawsuit will not have a substantial impact on its current or future profits, as the majority of the claims are against third parties and not directly related to the company [2][7] - The company will continue to monitor the situation closely and take necessary legal actions to protect its interests and those of its shareholders [7]