港股大市走弱：2月13日恒生指数下跌1.72%，恒生科技指数下跌0.90%，科技股普遍承压。京东所属的 线上零售商板块当日跌幅达1.98%，板块情绪低迷。 经济观察网 根据截至2026年2月13日的市场数据，京东集团-SW（09618.HK）在2月13日收盘报106.40 港元，当日下跌1.85%，股价跌破60日移动平均线（113.187港元）。此次下跌主要与以下因素相关： 行业板块情况 截至2月13日，京东港股市盈率为8.56倍，市净率1.19倍，估值处于历史低位，但市场对电商行业增长放 缓及竞争加剧的担忧压制了估值修复动力。 综上，京东2月13日破60日新低是市场整体情绪、资金流出及技术面破位共同作用的结果，而非单一利 空事件驱动。 外围市场拖累：同期美股纳斯达克指数下跌2.03%，中概股集体走弱，全球科技股面临流动性收紧及AI 替代担忧，间接影响港股科技板块表现。 以上内容基于公开资料整理，不构成投资建议。 资金面与技术面 无重大利好对冲：尽管京东在2月13日发布新春贺信，宣布春节投入超13亿元福利补贴及未来5年220亿 建设"小哥之家"计划，但市场更关注其短期业绩承压及新业务投入带来的盈利压力。 海外 ...

Core Viewpoint - BeiGene's subcutaneous formulation of Tislelizumab has received implied approval from the National Medical Products Administration for clinical trial supplementation, aimed at treating malignant tumors, marking a significant advancement in drug formulation that is expected to enhance patient compliance and market potential [1] Stock Performance - As of February 13, 2026, BeiGene's A-shares (688235) were priced at 279.62 CNY, with a 5-day cumulative increase of 2.61%; Hong Kong shares (06160) were at 208.60 HKD, up 1.66% over the same period; while U.S. shares (ONC.OQ) were at 346.07 USD, down 2.22% [2] - On February 13, 2026, A-share net outflow of main funds was 8.49 million CNY, with a trading volume of 316 million CNY, indicating short-term profit-taking pressure influenced by market sentiment and company events [2] Financial Report Analysis - BeiGene plans to release its financial results for Q4 and the full year of 2025 on February 26, 2026; preliminary data shows a revenue of 27.595 billion CNY for the first nine months of 2025, a year-on-year increase of 44.21%, and a net profit attributable to shareholders of 1.139 billion CNY, up 130.88% year-on-year [3] - The high growth in performance is primarily driven by the sales expansion of core products like Tislelizumab, with investors advised to focus on annual profitability and globalization progress [3] Institutional Perspectives - In the past 90 days, 9 institutions have rated BeiGene, with 8 giving a buy rating and 1 an outperform rating, setting a target average price of 320.0 CNY [4] - Analysts indicate that the company's fundamentals are robust, with strong globalization progress and profitability, although financial risks and market competition should be monitored [4]

Core Viewpoint - Qifu Technology is expected to report a net profit of between 5.88 billion to 6.08 billion yuan for the full year of 2025, reflecting a year-on-year change of -2% to +1%, with a significant loss of approximately 420 million yuan in the fourth quarter due to the discounted disposal of a personal consumption bad asset package valued at 7.429 billion yuan, resulting in a discount rate of only 4.15% [1] Financial Performance - The company is transitioning to a light capital model following the implementation of new lending regulations in 2025, but the high costs associated with this transition have not yet translated into significant financial returns, compounded by fluctuations in the macroeconomic environment, leading to short-term operational pressure [1] Stock Performance - Recently, Qifu Technology's stock price has shown volatility, with an 8.44% rebound from February 5 to 11, 2026, closing at 64.85 HKD, but with low trading volume (average daily turnover of approximately 1.06 million HKD), indicating low investor participation [1] - As of February 13, 2026, the stock closed at 61.20 HKD, down 2.16% for the day, with a five-day fluctuation of 3.73% and a narrowing amplitude of 1.68%, while the US stock performance was weaker, closing at 15.55 USD with a five-day decline of 3.30% and an amplitude of 11.75% [1] - The stock price fluctuations reflect market concerns regarding the company's performance losses, deteriorating asset quality, and increasing industry regulation [1]

Group 1 - The company has announced a "2026 New Retail Strategy" aiming to establish 1,000 new retail franchise stores across eight major regions in China to enhance the integration of online and offline digital ecosystems [3] - Collaboration with Haier Group and Kataychi is expected to further unlock value and strengthen the "content + transaction + service" closed-loop, enhancing cross-scenario collaboration capabilities [4] - As of Q3 2025, the company reported a net revenue of 1.778 billion yuan and a net profit of 436.6 million yuan, with a cash dividend of 1.20 USD per American Depositary Share (ADS), indicating strong cash flow [5] Group 2 - The online marketing and other business revenues grew by 32.1% year-on-year, with the new retail business becoming a major growth driver, while traditional media service revenues face competitive pressure [5] - As of September 2025, the daily active users on mobile platforms reached 76.56 million, reflecting the effectiveness of content ecosystem development with a year-on-year growth of 5.1% [7] - The automotive industry policies in 2026, such as trade-in subsidies and new national standards for battery safety, may indirectly impact the business environment, necessitating attention to the policies' effects on consumer demand [6]

和黄医药 以上内容基于公开资料整理，不构成投资建议。 分时图 日K线 周K线 月K线 23.26 0.08 0.35% 1.38% 0.91% 0.47% 0.00% 0.47% 0.91% 1.38% 22.86 22.97 23.07 23.18 23.29 23.39 23.50 09:30 10:30 12:00/13:00 14:00 16:10 0 5万 9万 14万 经济观察网和黄医药近期在业务进展与全球合规方面取得多项里程碑。公司计划于2026年3月5日举行董 事会会议审议2025年年度业绩；新型脾酪氨酸激酶抑制剂索乐匹尼布用于治疗温抗体型自身免疫性溶血 性贫血的III期研究已达到主要终点，计划在2026年上半年向中国国家药监局提交新药上市申请；抗体靶 向偶联药物候选药物HMPL-A580和HMPL-A830预计2026年启动1期临床研究；此外，凡瑞格拉替尼和 赛沃替尼的新药申请已获受理并纳入优先审评。另据浦东发布消息，和黄医药上海旗舰生产基地近日 以"零483缺陷项"通过美国食品药品管理局现场检查，进一步夯实全球供应链能力。 近7天(2026年2月7日至13日)和黄医药港股(00013)股价 ...

Business and Technology Development - Alibaba's AI application Qianwen App achieved over 10 million downloads in its first week of public testing, with the Cloud Intelligence Group's revenue continuing to grow due to AI demand [1] - The company plans to invest 380 billion yuan in cloud and AI infrastructure over the next three years, with the possibility of additional investments [1] Performance and Operating Conditions - For the first quarter of fiscal year 2026 (April to June 2025), Alibaba reported revenue of 247.65 billion yuan, with the Cloud Intelligence Group's revenue increasing by 26% year-on-year, and AI-related product revenue achieving triple-digit growth for several consecutive quarters [2] - Investors should monitor upcoming quarterly earnings releases to assess the monetization effects of AI investments [2] Strategic Advancement - Over the past four quarters, Alibaba's capital expenditure on AI and cloud infrastructure amounted to approximately 120 billion yuan, with 31.5 billion yuan spent in the second quarter of fiscal year 2026, representing an 80.1% year-on-year increase [3] - The company is optimizing its capital allocation by divesting non-core assets and promoting IPOs of invested enterprises, such as MiniMax and Changxin Technology, to focus on the AI sector [3] Business Progress - Following the release of Quark AI glasses in November 2025, Alibaba continues to enhance its consumer application matrix, including the AI upgrade of Gaode Map and the transformation driven by DingTalk Agent, strengthening the synergy between AI, e-commerce, and local services [4] - These initiatives may impact future user experience and revenue structure [4]

Core Viewpoint - Enphase Laser (LASR.OQ) is under market scrutiny as it prepares to release its Q4 2025 earnings report, with expectations for EPS growth and continued improvement in gross margin [2][5]. Financial Performance - The company reported Q3 2025 revenue of $66.742 million, showing year-over-year growth, but still faced net losses attributable to shareholders. The market is focused on whether the company can achieve profitability through cost control or revenue structure optimization [5]. Stock Performance - Enphase Laser's stock has exhibited high volatility, closely linked to the overall performance of the semiconductor sector. As of February 11, the stock price has increased over the past week, but daily fluctuations and trading volume have been significant. Future stock performance will depend on the semiconductor industry's trends and changes in capital flows [3]. Institutional Opinions - Stifel maintained a "Buy" rating on Enphase Laser as of February 5, 2026, with a target price of $60. The analyst's performance over the past year has garnered market attention, and any adjustments in ratings or target prices by other institutions will be closely monitored [4].

经济观察网根据近期公开信息，美国美盛(MOS.N)股票有以下值得关注的事件动态，主要基于2026年2 月的市场报道和分析。 股票近期走势 行业政策与环境 2026年2月初美国制造业PMI升至52.6，重回扩张区间，传统制造业板块景气度提升；作为全球主要磷 肥和钾肥生产商，美盛受益于农业需求回暖及资金从高估值科技股向传统板块轮动，同期软商品板块整 体走强。 公司估值 美盛当前市盈率(TTM)为7.68倍，市净率0.74倍，低于行业平均水平，估值修复空间受到市场关注。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司2025财年第三季度(截至2025年9月30日)业绩表现强劲，营收90.79亿美元，同比增长9.29%，净利润 10.94亿美元，同比大幅增长；机构在2026年2月的最新预测显示，第三季度每股收益同比增长 205.88%，基本面改善为股价提供支撑。 机构观点 摩根士丹利于2026年1月将美盛目标价从33美元上调至35美元，维持"持有"评级；当前17家机构给出的 目标均价为31.78美元，较2月13日收盘价存在差异，2026年2月机构评级中50%为买入或增持，反映对 行业景气度和估值修复的 ...

未来发展 公司重申数据中心业务(包括CPU和GPU)未来3-5年复合年增长率或达60%，2027年AI业务年收入目标为 数百亿美元。但花旗等机构指出，MI450系列面临执行风险和竞争压力，短期股价或处于"观望"模式。 公司状况 客户端和游戏业务在2025年第四季度表现强劲，但2026年第一季度因游戏机周期等因素预计环比下滑。 研发费用持续高企(第四季同比增36%至23.3亿美元)，反映公司为追赶竞争对手而加大投入。 以上内容基于公开资料整理，不构成投资建议。 经济观察网基于公开信息，美国超威公司(AMD)股票在2026年2月前后有以下值得关注的事件，主要围 绕财报表现、产品路线图及市场反应： 业绩经营情况 AMD于2026年2月初公布2025年第四季度业绩，收入102.7亿美元，同比增长34%，非GAAP每股收益 1.53美元，均超市场预期。数据中心业务收入同比增长39%至54亿美元，创纪录。但公司对2026年第一 季度的收入指引为98亿美元(±3亿美元)，虽高于市场共识，但环比下降5%，且中国市场的MI308芯片收 入从第四季的3.9亿美元预计降至1亿美元。这一指引被部分投资者视为增长动能放缓信号，导致财报 ...

行业板块情况 经济观察网根据截至2026年2月15日的公开信息，艾马克技术(AMKR)股价在2月13日出现显著回调，单 日下跌7.97%至47.48美元，主要受以下因素影响： 股价异动原因 公司在2月9日盘后发布超预期的2025年第四季度财报后，股价连续三个交易日累计上涨13.98%(2月11日 收盘至56.26美元)。快速上涨后部分投资者选择获利了结，导致2月13日成交额放大至6.11亿美元，换手 率达5.16%，抛压显著。尽管财报显示第四季度净利润同比增长62.58%，毛利率提升至16.66%，但股价 短期涨幅较大后估值升至市盈率(TTM)31.65倍，引发资金对短期估值偏高的谨慎情绪。 资金面与技术面 回调当日量比达1.94，显示成交活跃度骤增，但资金流向以卖出为主导。尽管Needham于2月10日将目 标价上调至65美元(基于先进封装业务增长潜力)，市场在连续上涨后仍需消化短期涨幅。此外，股价在 2月11日触及57.09美元高点后出现技术性回落，部分技术性卖盘加剧波动。 以上内容基于公开资料整理，不构成投资建议。 2月13日美股半导体板块下跌0.33%，纳斯达克指数下跌0.22%，行业情绪偏弱对个股形 ...