受隔夜美股大跌影响，港股上午盘三大指数低开低走，恒生指数跌1.79%失守二万七关口，国企指数、 恒生科技指数分别下跌1.74%及1.65%，指数连续2日调整近乎抹平日前反弹幅度。作为市场风向标的大 型科技股集体下挫，美团、百度、京东皆刷新阶段新低，金银价格下行，黄金股领衔有色金属股下跌， 保险股、石油股、银行股、汽车股纷纷走低。另外，中国AI大模型春节前密集"上新"，"全球大模型第 一股"智谱盘中大涨超22%续刷新高，荣登大模型市值第一宝座！(格隆汇) ...

格隆汇2月13日｜据酒价内参，中国白酒市场十大单品的终端零售均价仍呈结构性分化走势。其中，贵 州茅台飞天酒价格大幅上涨32元/瓶，达1790元/瓶，逼近1800元关口，创下近一个月新高。 ...

Core Viewpoint - Citigroup's report indicates that despite the expected decline in processing fees (TC/RC) by 2026, Jiangxi Copper's copper smelting business is anticipated to remain profitable due to rising sulfuric acid prices [1] Group 1 - The expected completion of the acquisition of Solgold is projected to drive long-term profit growth starting in 2028 [1] - Citigroup has raised the target price for Jiangxi Copper's H-shares from HKD 39.8 to HKD 54.1, maintaining a "buy" rating [1]

Group 1 - The core viewpoint of the report is that the overall valuation of lithium batteries and the ChiNext board is projected to be 28.69 times and 46.07 times, respectively, as of February 12, 2026, maintaining a strong market rating for the industry based on development prospects [1] - In January 2026, the lithium battery sector outperformed the CSI 300 index, attributed to prior sector corrections and overall price increases in the supply chain [1] - The overall industry prosperity is expected to continue rising, with short-term focus on upstream raw material price trends, monthly sales, domestic and international policies, and advancements in solid-state batteries [1] Group 2 - The long-term outlook for the domestic and international electric vehicle industry is confirmed, making the sector a key area of interest [1] - It is anticipated that individual stock performance and trends will show divergence, suggesting a continued focus on leading companies within specific sub-sectors [1]

A股三大指数集体下跌，截至午间收盘，沪指跌0.7%报4105.04点，深成指跌0.67%，创业板指跌 0.96%，北证50指数涨0.87%。沪深京三市半日成交额12137亿元，较上日缩量1264亿元，全市场超2600 只个股下跌。盘面上，油气、光伏设备、港口航运、有色金属等板块走低，军工装备、存储芯片等板块 逆势上涨。 ...

延续昨日涨势，A股市场半导体（核心股）板块今日继续集体上涨，其中，微导纳米涨超14%，富创精 密涨超12%，盛科通信涨超11%，京仪装备涨超7%，强一股份、敏芯股份、杰华特、恒运昌涨超6%， 华海诚科、珂玛科技涨超5%，美芯晟、燕东微、利扬芯片、晶合集成、拓荆科技、派瑞股份、芯源微 涨超4%。 责任编辑：栎树 股票频道更多独家策划、专家专栏，免费查阅>> ...

该行下调网易2026年至2027年收入预测4%至5%，盈利预测下调6%至7%，主要由于收入递延周期延长 及新游戏预期推迟至2026年下半年推出，相应调低游戏收入预测。大和重申对网易"买入"评级，惟将目 标价从263港元下调至257港元，仍然基于18倍2026年预测游戏税后净营业利润的企业价值倍数。 大和发表研报指，网易2025年第四季在线游戏收入及经调整每股盈利较市场共识分别低7.0%及22.8%。 非通用会计准则经营溢利仅低于共识6%，惟净利润差距较大，主因本季录得17亿元的投资亏损，网易 维持2025年40%的股息支付率。 ...

里昂发表报告指，百威亚太公布2025年第四季业绩后股价反应疲弱，可能由于中国业务疲软、管理层对 2026年餐饮渠道复苏持保守态度，以及股息计划存在不确定性。该行认为餐饮业复苏前景不明朗，尽管 认同管理层聚焦家用及O2O渠道的策略，但预期复苏将是渐进过程，且销量回升可能被额外投资及平均 售价下调所抵销。里昂下调百威亚太2026-2027财年盈利预测，但同时将估值前移一年，故目标价维持9 港元，维持"跑赢大市"评级。该行指，仍在等待明确催化剂，餐饮业或O2O渠道若传出好消息，可能构 成上行风险。 ...

Group 1 - The report from Daiwa indicates that if the GDP target for 2026 is set at around 5% during the National People's Congress on March 5, it may suggest stronger economic stimulus measures are forthcoming [1] - The anticipated fiscal stimulus is expected to focus on fixed asset investment, consumption, and real estate [1] - Daiwa maintains an optimistic outlook for the Chinese stock market in the first half of 2026, with the stimulus policy season likely extending until April [1] Group 2 - The likelihood of large-scale stimulus policies remains low, but the introduction of gradual stimulus measures along with strong policy assurances could boost investment sentiment in the short term [1] - Companies such as China Resources Land and Midea are expected to benefit from these developments as part of Daiwa's preferred stocks [1] - Due to strong downstream demand driving price increase expectations, companies like Laopu Gold and Kingsoft Cloud have been added to the preferred list [1]

展望2026年，该行预期，联想集团可通过上调零售价格转嫁上升的存储器成本，并改善与供应商的议价 能力；基础设施方案业务集团扭亏为盈亦将贡献盈利增长。基于个人计算机利润率稳健及平均售价上 升，里昂上调2026年至2028年非香港财务报告准则净利润预测7%、11%及13%，目标价从10.3港元轻微 上调至10.4港元，维持"跑赢大市"评级。 里昂发表研报指，联想集团2026财年第三季业绩优于市场预期，受惠于个人计算机业务收入强劲及 7.3%的经营溢利率。凭借行业领先的盈利能力，公司预计2026年智能设备业务集团将录得正增长，由 AI个人计算机及高端型号需求带动平均售价上升所推动。公司预期基础设施方案业务集团将于2026财 年第四季扭亏，并在重组措施下维持盈利。 ...