2026.02.05 本文字数：1676，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三，受科技股抛售潮加剧影响，纳指标普承压收跌，资金流向工业等板块避险。截至收盘，道指涨 260.31点，涨幅0.53%，报49501.30点，纳指跌1.51%，报22904.58点，标普500指数跌0.51%，报6882.72 点。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 49501.30 22904.58 | 6882.72 | | +260.31 +0.53% -350.61 -1.51% -35.09 -0.51% | | 明星科技股跌多涨少，苹果涨2.60%，微软涨0.72%，谷歌跌2.16%，亚马逊跌2.36%，Meta跌3.28%。特 斯拉跌3.78%。 软件板块因AI技术发展挑战继续承压，甲骨文跌5.19%。 美股延续周二抛压，投资者对板块高估值存忧，同时质疑华尔街本轮人工智能行情是否已见顶，纷纷撤 离高风险成长股，转向沃尔玛等周期股。科技板块成为当日标普500指数中表现最差的板块。 Certuity首席投资官斯科特・韦尔奇表示："去年年底，市场已开始区分人工智能领 ...

Core Viewpoint - The inflow of funds into thematic ETFs has significantly accelerated since the beginning of the year, indicating a shift in investor preferences towards these investment vehicles [1][5]. Group 1: ETF Growth and Performance - As of the end of January, 14 ETFs have seen their scales increase by over 10 billion yuan, with resource and technology-related ETFs being particularly prominent [2][3]. - Resource-related ETFs, especially those focused on non-ferrous metals and gold, have shown remarkable growth, with the Huaan Gold ETF increasing by 33.54 billion yuan and the Southern CSI Non-ferrous Metals ETF growing by 24.22 billion yuan in January alone [3][4]. - Technology-themed ETFs have also attracted significant investment, particularly in sectors like power grids, satellites, and semiconductor equipment, reflecting a sustained interest in these growth areas [3][4]. Group 2: Performance of High-Quality Products - The ETFs that have expanded significantly are generally backed by strong performance, with the Huaan Gold ETF and Southern CSI Non-ferrous Metals ETF rising by 19.34% and 23.15% respectively since the beginning of the year [4]. - Other notable performers include the Huaxia CSI Electric Grid Equipment ETF, which has increased by 16.16%, and the Guotai CSI Semiconductor Materials Equipment ETF, which has risen by 19.49% [4]. - The strong performance of the underlying indices, such as SGE Gold 9999 and non-ferrous metals, has provided direct support for the rapid expansion of these ETFs [4]. Group 3: Thematic ETFs as Investment Tools - The recent trend shows that investors prefer to use ETFs to participate in thematic market opportunities, which are often linked to clear industrial logic or economic conditions [6]. - ETFs offer a transparent and efficient way for investors to track overall sector performance, especially in a market characterized by thematic dominance and stock performance divergence [6]. - The diversification of ETF holdings helps mitigate the impact of individual stock volatility, aligning with the needs of investors looking to make concentrated investments at the beginning of the year [6].

美股科技股突遭猛烈抛售。 隔夜美股市场，科技股全线重挫，纳指盘中一度大跌超2%，芯片股集体大跌，费城半导体指数一度暴跌超6%， AI算力芯片公司AMD暴跌超17%，"存储四巨头"集体大跌，闪迪暴跌超15%，美光科技跌超9%。另外，AI应用股 AppLovin、Palantir均跌超10%。 有分析指出，AMD的财报指引不及分析师的高预期是芯片股大跌的"导火索"。另外，软件板块掀起的抛售持续蔓 延加剧了市场担忧情绪。对此，英伟达公司首席执行官黄仁勋公开表示；"难以理解，软件产品是工具，人工智能 （AI）会使用这些工具，而不是重新发明它们。" 美股盘后，科技巨头谷歌的母公司Alphabet披露的财报显示，公司2026年资本支出将达到惊人的1750亿美元至 1850亿美元，大超市场预期。受财报影响，其股价盘后剧烈波动，截至发稿，跌超1%。 科技股全线重挫 美东时间2月4日，美股开盘后，三大指数明显分化，资金迅速从前期强势的科技板块撤出，纳指跌幅一度扩大至 2.45%，芯片股指数一度大跌超6%，道指则逆势走高，截至收盘，纳指跌1.51%，标普500指数跌0.51%，道指涨 0.53%。 美股大型科技股多数下挫，英伟达 ...

Market Performance - The US stock market continued its style rotation, with the Nasdaq Composite Index falling over 1% for the second consecutive day, closing at 22,904.58 points, and breaking below the 100-day moving average [1] - The S&P 500 Index decreased by 0.51% to 6,882.72 points, while the Dow Jones Industrial Average rose by 0.53% to 49,501.3 points [1] S&P 500 Component Stocks - Among the S&P 500 components, 363 stocks closed higher, leading to a 0.9% increase in the equal-weighted S&P 500 index [2] - Notable gainers included Advanced Micro Devices (AMD) down 17.31% after disappointing earnings, and other AI-related stocks like AppLovin and Palantir, which fell over 10% [2] - The "storage giants" also saw significant declines, with SanDisk down 15.95% and Micron Technology down 9.55% [2] Key Company Developments - Nvidia's CEO expressed confusion over the software sector's decline, emphasizing that AI tools are not replacing existing tools [2] - Alphabet announced a staggering capital expenditure forecast of $175 billion to $185 billion for the current fiscal year, significantly higher than the analyst expectation of $119.5 billion [3] - Following Alphabet's announcement, Broadcom, which produces TPUs for Google, saw its stock rise over 5% in after-hours trading [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.95%, with Alibaba down 2.76% and JD down 1.75% [6] Earnings Reports - Eli Lilly's stock rose 10.33% after a positive earnings report and optimistic sales guidance, solidifying its position in the obesity treatment market [7] - AMD experienced its largest single-day drop since 2017, down 17.31%, due to weak earnings guidance [8] - Qualcomm's disappointing earnings guidance led to an 8% drop in its stock [9] - Arm Holdings' stock fell 10% despite meeting market expectations for the quarter [10] - e.l.f. Beauty's stock surged 15% after significantly exceeding analyst expectations in both earnings and guidance [11]

"这是轮动，而不是断裂，"Nationwide首席市场策略师Mark Hackett表示。"科技股回调的同时，周期性 和防御性股票正在接棒。尽管周二的波动引人关注，但数据表明这是一轮技术性调整，而非基本面破 裂"。 在人工智能引发的软件股抛售再次蔓延至更广泛市场之际，科技股连续第二个交易日大幅下挫。 纳斯达克100指数收跌1.8%，连续第二日走低，创下去年10月以来最大两日跌幅。 资金从软件股撤出的趋势几乎没有缓解迹象，投资者担忧更强大的AI工具将带来商业冲击。 iShares扩展科技软件行业ETF下跌1.8%，AppLovin和Intapp跌幅居前。 AMD股价创下逾七年来最大跌幅，该芯片制造商的销售额预期令投资者失望。 标普500指数下跌0.5%，衡量市场波动的VIX指数徘徊在19附近。 英伟达首席执行官黄仁勋表示，本周市场因担心人工智能带来的颠覆性影响而抛售软件股，这毫无道 理。 在美国政府部分停摆导致官方数据发布受限的情况下，市场更多转向替代数据。 ADP公布的数据显示，美国企业1月新增就业人数远低于预期，表明劳动力市场在年初持续放缓。 由于业务活动有所回升，美国服务提供商上个月录得2024年以来最强 ...

斯托克欧洲600指数收盘几无变动，此前一度上涨0.7%。化工股录得近四年来最好一天，市场看好该地 区放宽减排规则，这助推了向增长前景势将改善的公司轮动的势头。电信和必需消费品等防御性板块也 上涨。 斯托克欧洲600指数收盘几无变动，此前一度上涨0.7%。化工股录得近四年来最好一天，市场看好该地 区放宽减排规则，这助推了向增长前景势将改善的公司轮动的势头。电信和必需消费品等防御性板块也 上涨。 欧洲股市表现平淡，汽车和化工等周期性板块的上涨抵消了科技股的下跌。诺和诺德在发布令人大跌眼 镜的销售预测之后股价暴跌17%。 相比之下，科技股延续跌势，前日软件股因市场对人工智能颠覆性影响的担忧而下跌。Cellnex Telecom SA因周二晚些时候宣布新的高层管理架构而上涨，提振了所在板块。由于金属反弹势头在尾盘消退， 矿业股回吐涨幅，最终收跌。 个股方面，葛兰素史克上涨6.9%，受HIV药物和一种现已获批用于治疗肺部疾病的哮喘药物提振，该公 司报道的第四季度业绩强于预期。诺和诺德跌幅为7月以来最大，市值蒸发超过400亿美元，给医疗保健 板块带来了压力。 桑坦德走低3.5%，此前这家西班牙的银行宣布以120亿美元收购 ...

英伟达首席执行官黄仁勋表示，本周市场因担心人工智能带来的颠覆性影响而抛售软件股，这毫无道 理。英伟达的设备位于全球人工智能数据中心建设的核心。黄仁勋在思科周二晚些时候的一场活动中表 示，软件产品是工具，人工智能会使用这些工具，而不是重新发明它们。他表示，"这是世界上最不合 逻辑的事情。有人认为工具正在衰落，将被人工智能取代。你是会用螺丝刀还是发明一把新的螺丝刀 呢？"由于担心Anthropic及其他人工智能模型开发商发布的工具可能最终将实现公司内部大量工作的自 动化，软件相关股票连续第二天下跌。英伟达的黄仁勋表示，他自己的公司已经广泛采用了这类工具， 其结果是为员工腾出了更多时间，让他们能够专注于公司擅长的领域：设计半导体和计算机系统。 来源：滚动播报 ...

罗素 1000 价值指数（RLV）自 11 月初至本周二累计上涨8.6%，跑赢成长型指数14 个百分点。历史 上，此类显著超额收益出现后，价值股往往会继续跑赢成长股。 但这一趋势背后也暗藏隐忧：上一次罗素 1000 价值指数在如此短时间内大幅跑赢成长指数，还要追溯 到2022 年的熊市暴跌以及2001 年互联网泡沫破裂初期。 美国科技股三个月的暴跌，让长期低迷的价值股显得相对强势。华尔街日益达成共识：这一风格切换才 刚刚开始。 此次风格切换也引发华尔街策略师警示：科技巨头主导的时代或将接近尾声。这一转变在本周二表现得 淋漓尽致：软件股暴跌引发科技股全面抛售（成长指数的核心权重板块），而罗素 1000 价值指数则创 下历史新高收盘。 与此同时，消费必需品生产商、能源企业和原材料矿业公司纷纷上涨，投资者开始布局有望从经济增长 预期回升中受益的企业。 纽约时间周三上午 10：48，价值股上涨0.5%，而成长股则下跌0.6%。 CFRA 研究公司的山姆・斯托瓦尔几周前曾写道，大盘成长股的交易逻辑如今显得 "不合时宜"。自那以 后，价值股对科技巨头的超额收益进一步扩大。 内德・戴维斯研究公司也基本认同这一观点，其美国首 ...

Group 1 - The technology sector is experiencing significant pressure, with major stocks like AMD dropping sharply due to disappointing earnings guidance, which has raised concerns about the company's progress in the AI field [2][7] - AMD's stock plummeted by 15%, while other tech stocks also faced declines, including Applovin Corporation down 13.73%, SanDisk down 11.52%, and Micron Technology down 8.88% [3][7] - The iShares Expanded Tech-Software Sector ETF saw a decline of approximately 3%, indicating ongoing investor concerns about the commercial risks associated with software companies as AI tools become more powerful [4][7] Group 2 - Analysts suggest that the market is not abandoning AI but is pricing it more cautiously, with AMD's performance being penalized for not exceeding high expectations set by previous rumors [7] - The storage sector is also facing significant declines, with SanDisk down over 11%, Western Digital nearly 10%, and Micron Technology down over 9%, while Seagate Technology has seen a drastic drop of over 65% [7] - Despite the challenges, there are positive implications for the AI supply chain, as memory and chip manufacturers will be essential for the operation of new AI tools and products [7]

Group 1 - The core point of the news highlights a significant decline in technology stocks, particularly AMD, which dropped 15% due to disappointing earnings guidance, signaling potential issues in the AI sector [3][10] - The Dow Jones Industrial Average saw an increase, while the Nasdaq Composite experienced a substantial drop for the second consecutive trading day [2] - Concerns are rising among investors regarding the commercial risks associated with software companies as AI tools become more powerful, leading to a nearly 3% drop in the iShares Expanded Tech-Software Sector ETF [7] Group 2 - AMD's performance was deemed satisfactory, but the market's expectations were not met, resulting in a punitive reaction from investors [10] - Analysts predict that software stocks will remain under pressure in the short term, but this may not negatively impact the AI supply chain, as memory and chip manufacturers are essential for the operation of new AI tools [11] - The storage sector stocks also faced significant declines, with SanDisk dropping over 11%, Western Digital nearly 10%, and Micron Technology over 9% [12] Group 3 - Precious metals experienced a downturn, with gold prices falling and silver prices significantly narrowing their gains [14]