The core viewpoints in the global business and investment sectors for this week (early February 2026) can be summarized into the following ten points:

1. AI Computing Power Demand Triggers "Inflation" Across the Entire Industry Chain, Power and Hardware Become New Bottlenecks

The AI wave is now extending from the software layer to the physical world, triggering "AI inflation". The core conflict has shifted from "whether there are enough chips" to "whether there is sufficient and cheap power and cooling" to run these chips.
Investment Focus: Power equipment (transformers, energy storage), data center infrastructure (liquid cooling, 800V HVDC power supplies), and upstream materials (such as hollow-core fiber for optical modules) have become the most certain beneficiaries.

2. Commercial Space Enters a New Phase of "Space Infrastructure" and "Application Competition"

The dimension of competition has escalated from launch capabilities to a national-level strategic contest involving "competition for frequency and orbital resources, formulation of 6G standards, and construction of the space ecosystem".
Core Trends: Reusable rockets are entering the engineering ramp-up phase; space-based photovoltaics are becoming the core energy solution for orbital data centers; direct-to-cell satellite services have officially begun commercialization, with companies like SpaceX evolving from launch providers into global mobile network operators.

3. The First Year of Humanoid Robot Industrialization Begins, Investment Logic Shifts to Order Fulfillment

2026 is widely regarded as the starting point for mass production and commercial validation of humanoid robots. Tesla's Optimus and several domestic manufacturers are expected to start mass production.
Investment Focus: Shifting from thematic speculation towards order and performance fulfillment of upstream core components (actuators, sensors). The synergy between the "brain" (AI algorithms) and the "cerebellum" (motion control) is key to breakthroughs.

4. Global Capital "Rebalancing," Dollar Assets Face a Test of Trust

The "strong stocks, weak currency" pattern is prominent: US stocks are strengthening on the back of AI profits, but the US dollar is being sold off due to fiscal deficits and policy uncertainty, pushing gold to record highs.
Capital Flows: Funds are being reallocated from a singular reliance on US dollar assets towards emerging markets (e.g., India), strategic regions (e.g., the Middle East), and non-US assets like gold. The internationalization of the Renminbi is accelerating with policy support.

5. The Baijiu Industry Shows Signs of a "Decade-Low Bottom," with Leaders Driving Recovery

Signaled by Moutai's wholesale price rebounding beyond expectations, coupled with industry supply-side consolidation (significant production decline) and improved macro expectations (real estate policies, PPI), the market judges that the baijiu industry may be at a cyclical bottom.
Investment Logic: Focus on valuation recovery for premium leaders (Moutai, Wuliangye), and market share gains for regional leaders (e.g., Gujing Gongjiu) during demand recovery.

6. The Chemical Industry is at a Cyclical Bottom, Awaiting a Supply-Demand Reversal Under "Anti-Internal Competition"

Industry PPI has been negative for consecutive periods, capacity expansion is nearing its end, and valuations are at historical lows.
Core Variable: "Anti-internal competition" policies (energy saving and carbon reduction, industry self-discipline in production cuts) are accelerating supply-side optimization. Demand relies on material growth from new energy, AI, semiconductors, and other emerging industries. Leading companies are expected to see both earnings and valuation recovery.

7. Fierce Competition in Automotive Industry Intelligence Heats Up, Robotaxi Begins Commercial Validation

The growth logic of the automotive industry is shifting from EV penetration to intelligence differentiation. 2026 is a key validation year for high-level autonomous driving (urban NOA) and commercial operation of Robotaxi.
Deciding Factor: The ability to achieve "per-vehicle economic efficiency". Automakers with full-stack in-house R&D capabilities and Tier 0.5 component suppliers will benefit.

8. Software Stocks Hit by "AI-phobia," Valuation System Faces Restructuring

The market fears that AI tools will disrupt traditional software business models, leading to shallower moats and loss of pricing power, triggering a historic sell-off in the software sector.
Market Divergence: Software companies with a clear AI strategy that can convert AI into revenue (e.g., Palantir) will see their performance diverge sharply from companies that will be disrupted. The sector as a whole will need a long time to repair its valuation system.

9. Musk's Concepts Become a Cross-Sector Investment Theme, with Commercial Resonance Imminent

Elon Musk's SpaceX (space), xAI (AI), Tesla (autonomous driving/robots), Neuralink (brain-computer interface) are set to form a rare commercial resonance in 2026.
Investment Map: Investing around the upstream supply chains and core technology links of his six major business segments has become a clear thematic investment theme.

10. A-Share Market at Highs in a Structural Rally, Beware of Liquidity Disturbances

After a strong start to the year, valuations of major tech and cyclical sectors have reached historical highs, entering a phase of "high volatility and valuation digestion".
Core Risk: The market's sensitivity to liquidity shocks (e.g., changes in Fed policy expectations) has increased, making it prone to volatility. The next stage of gains requires new industrial trend clues or earnings validation.

Summary:
This week's business core intertwines three major narratives: "the physical constraints of AI", "the space infrastructure race", and "the cyclical turning point for traditional industries". Global capital is searching for new directions amidst "fluctuations in trust for the US dollar", while at the industry level, the focus points to commercial validation in 2026 (robots, autonomous driving, commercial space applications). Investment requires balancing between the certain demand from the tech revolution and the rebound potential of traditional industries, while also paying close attention to the rhythm disturbances caused by macro liquidity changes.