Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising by 129.47 points, an increase of 0.26% [1] - The Nasdaq Composite gained 175.25 points, reflecting a rise of 0.78% [1] - The S&P 500 index increased by 38.09 points, marking a 0.56% rise [1] Key Stocks Movement - The "Magnificent Seven" tech stocks collectively saw gains, with Amazon rising nearly 2% [1] - Nvidia increased by over 1% [1] - Microsoft rose by 0.69%, Facebook by 0.61%, Google by 0.43%, Apple by 0.18%, and Tesla by 0.14% [1] Oil Prices - International oil prices experienced a significant increase on the 18th, with light crude oil futures for March delivery rising by $2.86 to $65.19 per barrel, a gain of 4.59% [1] - April delivery Brent crude oil futures rose by $2.93 to $70.35 per barrel, reflecting a 4.35% increase [1]

来源：环球网 该报告基于SellCell内部以旧换新数据及40家独立iPhone收购商的二级市场价格趋势分析得出，iPhone 17 Pro Max在以旧换新Top20机型中占比达11.5%。其占比从去年11月末的5.1%增至今年2月初的11.5%， 约12周内实现翻倍，增长势头迅猛。值得注意的是，86%的被置换机型处于几乎全新或良好状态，可见 不少用户在购买后不久便选择置换。 【环球网科技综合报道】2月19日消息，据外媒macrumors报道，SellCell发布的最新以旧换新数据显 示，苹果最新旗舰机型iPhone 17 Pro Max上市仅数月，便迅速登顶独立以旧换新市场，成为当前最热门 的以旧换新智能手机，打破了旧机型主导以旧换新市场的常规格局。 对比来看，iPhone 15 Pro Max与iPhone 14 Pro Max表现依旧突出，各占以旧换新总量的7.3%；iPhone 16 Pro Max与iPhone 13各占7.2%。据悉，Top20机型合计占所有以旧换新活动的47%，而iPhone 17 Pro Max 作为新机能脱颖而出，实属罕见——通常以旧换新市场由保有量高的旧机型主导。 保值力 ...

核心配置上，iPhone 18 Pro将搭载台积电2nm工艺A20 Pro芯片，性能提升15%、能效提升30%，搭配全 新封装技术，进一步提升运行速度与续航表现；同时内置自研C2调制解调器，支持毫米波5G。 影像系统迎来重大突破，首次采用三星研发的三层堆叠传感器，配合全系可变光圈主摄，可手动调节光 圈大小，实现类似单反的景深控制，低光拍摄表现更出色。外观上，机型大致延续iPhone 17 Pro设计， 取消双色调后盖，新增酒红、棕色、紫色三款配色，灵动岛缩小35%，暂不搭载屏下Face ID。 来源：环球网 【环球网科技综合报道】2月19日消息，据外媒macrumors报道，随着苹果iPhone研发推进，iPhone 18 Pro系列的相关传闻已全面曝光。据悉，苹果今年将调整iPhone发布周期，采用两阶段推出策略，iPhone 18 Pro、Pro Max及折叠屏iPhone Fold将于9月亮相，后续机型则在2027年春季推出，其十大升级亮点颇 具吸引力。 此外，iPhone 18 Pro Max电池容量或提升至5100-5200mAh，机身略有增厚增重；相机按键简化设计以 控制成本，同时将支持5G卫星互 ...

Core Insights - H&H International Investment, managed by investor Duan Yongping, has made significant adjustments to its portfolio in Q4 2025, notably reducing its stake in Apple while increasing investments in AI-related stocks [1][2]. Portfolio Adjustments - In Q4 2025, Duan Yongping reduced his holdings in several stocks, including Apple (AAPL) by 10.12%, Occidental Petroleum (OXY) by 1.27%, Alibaba (BABA) by 1.24%, ASML Holding (ASML) by 0.47%, and Walt Disney (DIS) by 0.1% [2]. - Despite the reduction, Apple remains the largest holding in Duan's portfolio, with a market value of $8.797 billion, accounting for 50.3% of the total portfolio, although he sold 2.4706 million shares [3]. Investment in AI - Duan Yongping significantly increased his position in NVIDIA, acquiring 6.6393 million shares, marking a 1110.62% increase, with a total market value of $1.35 billion, making it the third-largest holding at 7.72% of the portfolio [3]. - Additionally, Duan initiated positions in three AI-related companies: CoreWeave (299,900 shares), Credo (141,300 shares), and Tempus (110,000 shares), targeting key areas in the AI supply chain [3]. Strategic Outlook - In early January, Duan expressed a strong interest in learning about AI, indicating a belief that the technology will significantly transform the world in the coming years, potentially more than in the past decades [3].

Core Insights - H&H International Investment, managed by Duan Yongping, reported a total portfolio value of approximately $17.49 billion, equivalent to over 120 billion RMB, as of the end of 2025 [2] - The firm significantly reduced its position in Apple, its largest holding, while increasing its stake in NVIDIA by over 1,100% in Q4 [2][3] - Duan Yongping also made initial investments in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][3] Investment Changes - Apple (AAPL) saw a reduction in shares held from 32,358,507 to 29,887,907, decreasing its portfolio percentage from 60.42% to 50.30% [3] - NVIDIA (NVDA) shares increased from 7,237,100 to 23,876,400, raising its portfolio percentage from 0.76% to 7.72% [3] - Google (GOOG) and Pinduoduo (PDD) were both increased, with PDD seeing a 34.55% increase in shares held [2][3] New Investments - CoreWeave (CRWV) is a cloud service provider focused on AI and high-performance computing, with a portfolio allocation of 0.12% [2][3] - Credo Technology (CRDO) specializes in high-speed connectivity solutions for AI data centers, also holding a 0.12% portfolio allocation [2][3] - Tempus AI (TEM) is a leader in AI-driven precision medicine, with a 0.04% allocation in the portfolio [2][3] Significant Reductions - A substantial reduction of 87.63% was made in ASML, indicating a strategic shift away from this position [2][3] - The firm also reduced its stake in OXY by 2.83% [3] Future Outlook - Duan Yongping expressed a strong interest in understanding AI technologies, indicating a potential for further investment in this sector [4]

Core Insights - Duan Yongping's H&H International Investment reduced its holdings in Apple, Occidental Petroleum, Alibaba, Disney, and ASML in Q4 2025, similar to Berkshire Hathaway's actions [1][3][7] - The reduction in Apple shares was significant, with a decrease of over 7% in holdings, totaling 2.4706 million shares sold [2][8] - Duan has been a long-term investor in Apple since 2011, citing reasons such as user experience, platform ecosystem, and strong customer loyalty [2][8] Investment Strategy - Duan Yongping significantly increased his investment in Nvidia, with a 1110.62% increase in shares, totaling 7.2371 million shares valued at $1.35 billion, making it the third-largest holding in his portfolio [3][9] - The investment in Nvidia reflects a strategic shift towards AI, with Duan expressing admiration for CEO Jensen Huang and the company's vision for the future [11][12] New Investments in AI - Duan initiated positions in three AI-related companies: CoreWeave, Credo, and Tempus, focusing on critical areas of the AI supply chain [11][12] - CoreWeave specializes in high-performance computing and GPU rental services, Credo provides high-speed connectivity solutions for AI data centers, and Tempus focuses on AI-driven precision medicine [5][11] Market Positioning - Despite the reduction in Apple shares, it remains the largest holding in Duan's portfolio, accounting for 50.30% of the total value [10] - The overall portfolio reflects a diversification strategy, with significant investments in technology and healthcare sectors, particularly in AI [10][11]

Goldman has the largest weighting in the Dow, accounting for more than 10% of the index’s value. Its share price is the highest, at more than $900. Its market capitalization of around $270 billion is close to the index’s median of $286 billion. The investment bank was founded in New York City in 1869, but did not become a part of the Dow until 2013.The following is a list of companies that make up the Dow, arranged by stock price from highest to lowest. Stock prices are as of mid-February 2026. For updated ...

Group 1 - The Chinese Consulate in Sapporo has advised Chinese citizens to avoid traveling to Japan following an incident where a Hong Kong resident was assaulted in Sapporo [8] - As of the end of 2025, H&H International Investment, managed by Duan Yongping, has a total portfolio value of approximately $17.489 billion, equivalent to over 120 billion RMB [13] - International crude oil futures saw a significant increase, with WTI crude oil rising by 4.59% to $65.19 per barrel, and Brent crude oil increasing by 4.35% to $70.35 per barrel [4][20] Group 2 - The U.S. stock market indices closed higher, with the Nasdaq up 0.78%, S&P 500 up 0.56%, and Dow Jones up 0.26%, driven by gains in major tech stocks [3] - The market for gold and silver also saw increases, with spot gold rising by 2.08% to $4,979.56 per ounce and spot silver increasing by 5.04% to $77.2335 per ounce [4] - The State Council's Safety Committee and the Ministry of Emergency Management have emphasized the need for strict safety regulations regarding fireworks to prevent accidents [6] Group 3 - Several domestic gold jewelry brands have reduced their prices below 1,500 RMB per gram, with Chow Tai Fook and Lao Miao Gold both pricing at 1,499 RMB per gram [7] - On February 17, the total cross-regional movement of people in China reached 22.4182 million, a 15.5% increase from the previous day and a 9.4% increase compared to the same day last year [7]

Core Viewpoint - The report highlights significant concerns in equity markets due to the disruptive potential of artificial intelligence (AI), leading to a sell-off across various sectors, reminiscent of the Dot-com Bust 2.0 [3][4]. Sector Impact - **Insurance and Financial Services**: Stock prices for insurance companies fell after the introduction of an AI app by OpenAI that could provide homeowners insurance quotes. Similarly, AI capable of advising on tax strategies negatively impacted asset managers and brokerage firms [5]. - **Software Sector**: The release of Anthropic's Claude AI, which can perform legal research and specialized financial tasks, caused a decline in software stocks, affecting companies like PayPal, Salesforce, and Thomson Reuters [6]. - **Tech Stocks**: Amazon experienced its eighth consecutive losing day following a significant increase in its capital budget for AI data centers, while Apple's market value decreased by 5% [7]. - **Commercial Real Estate**: Stocks in commercial real estate plummeted as investors moved away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption. Major firms like CBRE and Cushman & Wakefield saw stock price drops of 12.8% and 14%, respectively [11][12]. Market Sentiment - Investors are exhibiting panic and confusion regarding AI's potential impacts, leading to a flight to safer stocks in consumer staples and energy sectors [8]. - Analysts noted that the sell-off in financial services and real estate was an "AI scare trade," with fears of job losses and business model disruptions driving excessive selling [15][16]. Global Impact - **India's Tech Sector**: The Indian technology sector faced its worst weekly performance since April 2025, with the Nifty IT index dropping 8.2% and erasing approximately $50 billion in value [18][20]. - Concerns are growing that AI could disrupt India's $283 billion information technology services industry, potentially leading to missed growth targets for IT companies [20]. Analyst Perspectives - Some analysts argue that the reaction to AI threats is overly simplistic, emphasizing that IT companies will remain relevant, albeit with a leaner workforce [22]. - The long-term outlook suggests that companies slow to adopt AI may face severe challenges, as AI agents could replace human-led processes [17].

1、 春节假期前两天，绿色、智能、健康类消费需求旺盛。 商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增 长超60%，有机食品增长52%；冰雪游消费增长1.2倍，避寒游消费增长68%。 2、 美联储公布1月会议纪要，再次暴露决策层对利率未来走向的巨大分歧，除了支持降息派和观望派，纪要还首次明确提到有人讨论加息的可能性。 一 些与会者支持利率指引中用"双向"表述，若通胀持续高于2%，可能适合加息； 另一些人认为，若通胀如预期下降可能适合进一步降息；大多数人警告， 通胀下行进程可能比预期更慢、更不均衡。 在1月27 - 28日的会议上，几乎所有美联储与会者都赞成维持利率不变，仅有少数人倾向于降息。 3、 在日本国会首相指名选举中，自民党总裁高市早苗获得过半票数，确认当选日本新任首相。 高市早苗随后组建新内阁，上一届高市内阁的阁僚全部留 任。外界预计，接下来高市将把工作重心转向加快预算审议，并推动落实美日贸易协议。 1、 春节假期，节日消费、旅游服务等市场火热。 为维护春节期间市场价格秩序稳定，市场监管总局部署各地市场监管部门多措并举，加强住宿、餐饮、 景区、食品、生活服务等 ...