2026年丙午马年春节，节日的喜庆氛围与自贸港的政策红利在海岛交融，会产生怎样的化学反应？ 近日，上海证券报记者在三亚、海口等城市实地探访发现，各大免税店内人气十足，新春活动精彩纷呈，免税消费热度不 断升温。 cdf三亚国际免税城内，市民游客在观看舞蹈表演。记者黎灵希摄 "挤"出新年味 苹果销售人员不断提醒游客，今年春节期间离岛游客每人仅能购买一部苹果手机。 在周大福、六福珠宝等门店内，多个黄金首饰柜台被围得水泄不通。记者在六福珠宝门店内看到，黄金戒指等产品的展示 区域已经清空大半。"这些都卖完了，没货摆了。"六福珠宝店内工作人员一边整理着剩余样品，一边对记者说。 正月初三（2月19日）上午9时，距免税店开门营业还有半小时，不少市民游客已在cdf三亚国际免税城门口驻足等待。 2月19日上午，消费者在等待cdf三亚国际免税城营业。记者黎灵希摄 与往年一样，许多消费者在免税店开门后直奔苹果销售店，询问iPhone 17等产品的最新优惠价格。为缓解柜台压力，店内 工作人员举着印有"扫码下单"字样的指示牌，引导消费者通过线上方式下单。 cdf三亚国际免税城苹果销售店。记者黎灵希摄 当日上午10点多，谢瑞麟最新金价刚出 ...

Market Overview - The Hong Kong stock market opened on February 20, 2023, with the Hang Seng Index closing at 26,413.35 points, down 1.1%, and the Hang Seng Tech Index at 5,211.5 points, down 2.91% [1][2] - Despite the overall decline, sectors such as AI, humanoid robots, biotechnology, and oil and petrochemicals showed strong performance, indicating a structural market trend [1][4] AI Sector - AI concept stocks continued to rise, with significant gains observed in the afternoon trading session, marking them as a key highlight of the market [4] - Zhizhu and MINIMAX-WP both surpassed a market capitalization of 300 billion HKD, with Zhizhu's stock price increasing by 42.72% to 725 HKD per share and MINIMAX-WP rising by 14.52% to 970 HKD per share [3][7] - The AI industry is entering a critical development phase, transitioning from a focus on computing power infrastructure to a collaborative model involving "computing power + hardware + applications," broadening the investment landscape [6][8] Humanoid Robots - The humanoid robot sector experienced significant growth, driven by the high-profile appearance of robots during the Lunar New Year Gala, with stocks like Yujian and UBTECH showing notable increases [9] - Specific stock performances included Yujian rising by 21.4% to 48.44 HKD, UBTECH increasing by 4.71% to 144.5 HKD, and SUTENG rising by 9.24% to 37.58 HKD [9] Oil and Petrochemicals - The oil and petrochemical sector also performed well, with the Hong Kong oil and petrochemical index rising by 2.39%, driven by geopolitical tensions leading to higher oil prices [12] - Notable stock performances included Jixing New Energy and Zhonggang Petroleum, both rising over 7% [12] Storage Sector - The storage sector showed active performance, with stocks like Lanke Technology and Zhaoyi Innovation experiencing significant gains, indicating a positive market sentiment towards semiconductor hardware [12]

芯片股多数下跌，费城半导体指数跌0.5%，微芯科技跌超2%，德州仪器跌逾2%，恩智浦半导体跌超2%，英 特尔跌逾1%，高通跌超1%，超威半导体涨超1%。 此外，全球地缘政治局势，令市场情绪再度紧绷。美国《华尔街日报》19日报道说，美国总统特朗普"正在考 虑"对伊朗进行"初步的有限军事打击"，以迫使伊朗接受美方在核协议方面的要求。 地缘政治局势，叠加美联储货币政策分歧，推升市场避险情绪，国际贵金属期货普遍收涨，COMEX黄金期货 涨0.12%报5015.50美元/盎司，COMEX白银期货涨1.09%报78.44美元/盎司。 美国三大股指全线收跌 沃尔玛"全球第一"易主 当地时间2月19日（周四），美国三大股指全线收跌。截至收盘，道指跌0.54%报49395.16点，标普500指数跌 0.28%报6861.89点，纳指跌0.31%报22682.73点。 当地时间2月19日（周四），美国三大股指全线收跌，道指跌0.54%，标普500指数跌0.28%，纳指跌0.31%。美 股科技股普跌，航空股全线走低。沃尔玛此前蝉联十多年的"全球第一"易主——亚马逊以7170亿美元的年度销 售额，正式超越沃尔玛，成为全球营收最高的公 ...

Core Viewpoint - The research conducted by the team led by Deng Yinan reveals a new mechanism for the cycling and enrichment of rare earth elements in deep-sea environments, which is significant for understanding the formation of deep-sea rare earth resources [1][2]. Group 1: Research Findings - The study identifies a dual cycling model for marine rare earth elements, consisting of a "top-down" removal process and a "bottom-up" release process, highlighting that shallow marine sediments release significant amounts of rare earth elements back into the seawater, while deep-sea sediments retain most of the rare earths [2]. - It was found that the total input of rare earth elements from deep-sea hydrothermal areas to seawater is significantly higher than that from non-hydrothermal areas, primarily due to the presence of hydrothermal manganese-iron oxide particles that release rare earths at the water-rock interface [2]. - The research emphasizes the critical role of early diagenesis at the water-rock interface in influencing the cycling of marine rare earth elements, providing new theoretical perspectives and scientific basis for the assessment and exploration of deep-sea rare earth resources [2].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its US stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 US-listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Activities - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR made a small purchase of Google shares, ending the quarter with 7,300 shares, while also acquiring 11,300 shares of TSMC, valued at approximately $3.43 million [8][10]. Group 3: Market Context - The increase in holdings of Pinduoduo and Alibaba aligns with similar moves by other major private equity firms, indicating a collective bullish sentiment towards these stocks despite Pinduoduo's revenue growth slowing to 9% year-over-year [5]. - The AI sector is highlighted as a key area of interest, with ongoing developments in various subfields, suggesting that companies in this space may present significant investment opportunities [8].

Group 1 - The Chinese economy shows resilience and vitality during the Spring Festival, with many listed companies continuing operations to meet market demand [1][3] - Manufacturing companies, such as Liugong and Tianai Technology, are maintaining production during the holiday to fulfill growing orders, particularly from overseas [3] - Companies like Weike Technology and Songzhi Co. are also adjusting their production schedules to ensure timely delivery of orders while adhering to holiday regulations [3] Group 2 - The Spring Festival is a peak consumption period, with companies like Quanjude and Songcheng Performing Arts leveraging this time to enhance customer engagement through various promotional activities [5][7] - Retailers like Yinzuo Co. are integrating cultural experiences into their business models, offering traditional activities to attract customers during the holiday [7] - The overall approach of companies during the Spring Festival reflects a commitment to both seizing market opportunities and fulfilling social responsibilities [7] Group 3 - Digital economy companies, such as Qiming Star and Zongheng Communication, are actively providing 24/7 services to ensure smooth operations for clients during the holiday [9] - Companies involved in overseas projects, like Kangbang Bio and Guangqi Technology, are continuing construction without interruption, indicating a strategic focus on maintaining progress [10]

中国科研团队研发出AI看病系统诊断罕见病"有根有据" 2月19日凌晨，上海交通大学医学院附属新华医院孙锟教授、余永国教授领衔团队与上海交通大学张娅教授、谢伟迪副教授领衔团队联合研发出一款能看 罕见病的人工智能系统，相关成果北京时间2月19日在国际顶尖期刊《自然》上发表。这套名为DeepRare的系统，被称作全球首个"推理过程可追溯"的罕 见病智能医生。 长期以来，罕见病很难确诊，病人常常跑多家医院也查不出是什么病。以往的医疗AI虽然能给出诊断结果，但就像一个只给结论、不给依据的医生，医 生们不敢轻易相信。这套新系统最大的不同，是它每下一个诊断，都会附带完整的"证据链"——就像老医生查房时，一步一步讲清楚为什么这么诊断。 系统的"脑子"里装满了全球顶尖的医学知识和真实病例。它不只是简单查资料，而是会像人类医生一样思考：先提出假设，再找证据验证，发现不对还会 自我纠正，反复推敲后才下结论。 测试数据显示，就算没有基因检测结果，只靠病人的临床症状，这套系统也能判断，第一次诊断的准确率达到57.18%，比原来的国际最好模型提高了近 24个百分点。这意味着，在缺少基因检测设备的基层医院，医生也能用它给罕见病患者做初步筛 ...

Core Insights - The article highlights the growing trend of electric vehicle (EV) purchases in rural areas of China, particularly during the 2026 Spring Festival, driven by multiple subsidy policies and the practice of trading in old vehicles for new ones [1][3][10]. Group 1: Market Dynamics - The county-level automotive market in China is showing robust performance, with EVs becoming a significant growth engine due to government and manufacturer subsidies [1][3]. - The majority of customers in county markets are opting for vehicles priced between 100,000 to 150,000 yuan, indicating a clear demand for affordable EV options [4][10]. - The transition from traditional fuel vehicles to EVs is being accelerated by concerns over emissions standards and the rising costs of maintaining older vehicles [3][4]. Group 2: Consumer Behavior - Consumers in rural areas are increasingly willing to trade in old fuel vehicles for new EVs, with a notable percentage of transactions occurring through trade-in programs [3][4]. - The decision-making process for customers in the 100,000 to 150,000 yuan price range is generally quicker compared to those with budgets over 200,000 yuan, reflecting a pragmatic approach to vehicle purchases in these regions [4][10]. Group 3: Future Projections - The sales of EVs in rural areas are expected to grow significantly, with projections indicating that by 2030, the car ownership rate in rural regions could reach nearly 160 vehicles per 1,000 people, translating to over 70 million vehicles and a market size of approximately 500 billion yuan [11][13]. - The penetration of EVs in the county and rural markets is anticipated to exceed 30% of total vehicle sales, driven by favorable economic conditions and improved charging infrastructure [10][13].

买一辆新能源汽车，回家过年，走亲访友，已经成为2026马年春节期间国内很多县城和乡镇居民假期新常态。上海证券报记者在采访中发现，在多重补贴 政策的刺激下，国内部分地区县域汽车市场表现稳健，新能源汽车以旧换新正成为重要增长引擎。 业内专家对记者表示，中国县乡和小城市汽车市场正孕育巨大的消费潜力，有望对国内整体车市发展起到有力的推动作用。 国补+地补+厂补叠加发力 10万级新能源车成县域消费主力 2月17日，大年初一，安徽省阜阳市颍上县比亚迪鑫世迪4S店内客流不断。市民冯力正在对比几款车型，计划将旧燃油车置换为新能源车。"有国补和厂家 优惠，价格挺划算的，可选择的车型也多。"他告诉上海证券报记者。 该店负责人毕良顺介绍，以旧换新正成为县域市场的重要增长引擎。"2026年1月至今共成交22台新车，其中六七成客户通过以旧换新方式购车。"毕良顺 表示，换购群体主要分为两类：持有老旧燃油车的车主，因排放标准升级、维修成本增加而换购；2018年前后购买首批新能源车的车主，因电池衰减、续 航下降而产生更新意愿。 "针对客户对旧车处置的顾虑，4S店提供评估定价、代办过户等全流程服务，降低了置换门槛。"毕良顺介绍，目前店内主销车 ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its U.S. stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 U.S. listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Actions - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR's strategy aligns with other major private equity firms, such as Highfields and Jinglin Asset, which also increased their stakes in Pinduoduo during the same period [5]. Group 3: Sector Focus - HHLR is maintaining a focus on technology stocks, having made a small purchase of Google shares, bringing its total to 7,300 shares [8]. - The firm also invested in semiconductor company TSMC, acquiring 11,300 shares valued at approximately $3.43 million [8][10]. - Industry experts suggest that the AI sector is rapidly evolving, with various sub-sectors achieving commercial viability, indicating potential investment opportunities in areas like computing power, AI applications, energy storage, and electrical equipment [8].