同时，澳新银行也提及白银市场因持续的工业供应短缺，预计将与金价保持高度联动，共同推高贵金属板块的整体表现。 澳新银行分析师称："银价仍将锚定于金价涨势。我们预计银价将跑输黄金，这意味着金银比将均值回归至70:1。" 近期市场波动后，交易所上调了保证金要求，这给市场流动性带来了挑战，从而加剧了价格波动。尽管近期的波动引发了黄金价格是否已见顶的疑问， 但"我们认为，此轮涨势尚未成熟到足以在短期内逆转。" 分析人士指出，市场关注点正越来越多地转向关税可能产生的影响，而这些影响尚未完全体现在经济或通胀数据中。对美联储未来信誉的担忧持续存在， 这营造出一种可能推高投资者对黄金等实物资产需求的环境。 尽管黄金近期从每盎司5600美元的历史高位回落，但澳新银行的分析师表示，此次回调可能会吸引新的投资，理由是持续的结构性支撑以及几乎没有趋势 逆转的迹象，预计到2026年第二季度价格将达到每盎司5800美元。 澳新银行分析师索尼库马里和丹尼尔海因斯在一份报告中称，宽松的美国货币政策、不断升级的地缘政治紧张局势、持续的政策不确定性以及美元走弱表 明，当前金价的走势与1980年或2013年的投机性泡沫顶峰有着本质区别，目前的上涨更 ...

每股认购股份3.0港元的认购价较于认购协议日期联交所所报每股股份收市价3.08港元的折让约2.6%。 认购事项所得款项总额约为5010万港元，而所得款项净额约5000万港元拟用于以下用途：与广州星伦安 全实业有限公司在工业物联网、工业软体及智能製造等领域开展业务合作;及╱或一般营运资金。 中国数智科技(01796)发布公告，于2026年2月13日，本公司与认购人订立认购协议，据此，本公司同意 根据认购协议所载条款及条件发行及配发且认购人同意按每股认购股份3.0港元的认购价认购1670万股 认购股份。 假设除认购事项之外，于本公告日期至完成日期期间，本公司已发行股本概无变动，则认购股份总数将 相当于本公司现有已发行股本约3.5%及本公司经发行认购股份扩大的已发行股本约3.4%。认购股份将 根据一般授权发行。 ...

Core Viewpoint - Private equity firms are striving to convince investors that their portfolios are resilient against the recent sell-off in the software sector, driven by concerns over artificial intelligence undermining competitiveness in the industry [1] Group 1: Company Performance and Portfolio Exposure - Ares reported that approximately 6% of its overall assets are invested in software companies, with a diversified portfolio minimizing exposure to AI-related risks [2] - Apollo Global Management has less than 2% exposure to the software industry, with its private equity business having nearly zero exposure [2] - KKR has about 7% of its portfolio in the software sector, while Blue Owl has 8%, both experiencing significant stock price declines of 29% and over 36% respectively in the past six months [3][6] Group 2: Market Reactions and Investor Sentiment - Despite strong financial performance, private equity firms have seen stock sell-offs, with one firm experiencing a nearly 6% drop this week and an 11% decline over the past six months [3] - Concerns about excessive investments in AI by alternative asset management firms have led to fears of potential losses if AI fails [6][7] - Analysts suggest that the narrative around alternative asset management firms suffering losses due to AI's transformative impact may be flawed, indicating a potential misjudgment in market sentiment [7]

Group 1 - Michael Hartnett, a strategist at Bank of America, indicates that U.S. trade policies are creating a "new world order," leading investors to shift from U.S. dollars and stocks to non-U.S. assets [1] - Hartnett notes that the Trump administration's policies have resulted in a new trading environment focused on "everything except the dollar," suggesting a global rebalancing [1] - Emerging market commodity-producing countries are expected to benefit from the growth in artificial intelligence demand, while investor allocations to China and India remain insufficient [1] Group 2 - Since the announcement of significant tariffs by President Trump in April 2024, U.S. assets have experienced volatility, raising concerns about the end of U.S. dominance in the global economy [4] - Despite the withdrawal of several tariff measures, the S&P 500 has underperformed compared to international indices, with the dollar index declining by approximately 10% since late 2024 [4] - Hartnett's preference for non-U.S. stocks has proven prescient, as the S&P 500 has risen by 15% but lagged behind the MSCI global index (excluding the U.S.) which has increased by 39% [4] Group 3 - The trend of capital flow towards international markets has continued into 2026, with European, Japanese, Korean, and emerging market indices collectively outperforming U.S. stocks [4] - The decline of the dollar has enhanced the attractiveness of overseas markets, increasing the relative value of foreign corporate earnings and boosting returns on international stocks [4] - In January, investors saw a net inflow of $51.6 billion into international equity ETFs, indicating a significant rise in monthly capital inflows since late 2024 [4] Group 4 - Some investors label the current trend of overseas allocation as "Sell America 2.0," but fund managers clarify that this buying spree in international stocks does not equate to a complete abandonment of U.S. equities [5] - Many still believe that U.S. stocks will continue to lead global markets, although the extent of that leadership may diminish compared to recent years [5] - Investors are increasingly questioning the rationale behind a singular focus on U.S. stocks, suggesting a potential shift towards international diversification in their portfolios [5]

曼妠(08186)公布2025年业绩，收益3550.6万港元，同比增长21.78%;净利169万港元，同比增长约7.94倍; 每股盈利1.5港仙。 ...

（原标题：曼妠(08186)公布2025年业绩 净利169万港元 同比增长约7.94倍） 智通财经APP讯，曼妠(08186)公布2025年业绩，收益3550.6万港元，同比增长21.78%;净利169万港元， 同比增长约7.94倍;每股盈利1.5港仙。 ...

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

惠陶集团(08238)发布公告，根据供股提呈发售的供股股份(发售股份)合共2.61亿股。董事会宣布，于 2026年2月12日(星期四)下午四时正(即供股股份的最后接纳时限)，共接获六份有效接纳，涉及合共 4896.94万股供股股份，相当于发售股份总数约18.74%。据此，供股出现2.12亿股供股股份的认购不 足，相当于发售股份总数约81.26%，该等股份将受补偿安排所规限。 ...

Group 1 - The core point of the article is that Hanzhong Precision Machinery (002158.SZ) reported a significant decline in its 2025 annual performance, with operating revenue decreasing by 20.32% compared to the previous year due to a downturn in the photovoltaic industry and reduced terminal demand [1] - The company's net profit attributable to shareholders fell by 45.54% year-on-year, primarily due to the drop in operating revenue and a decline in gross margin [1] - The company also faced foreign exchange losses resulting from fluctuations in the TWD/USD exchange rate, which further impacted its overall profitability for the 2025 fiscal year [1]

智通财经APP获悉，据港交所2月13日披露，普莱医药(江苏)股份有限公司(简称：普莱医药)向港交所主 板递交上市申请，中信证券为其独家保荐人。公司核心产品PL-5于2024年在中国进入监管申报阶段，已 向国家药品监督管理局药品审评中心提交新药上市申请。 毛利 公司简介 招股书显示，普莱医药是一家于2009年4月成立的领先创新型抗菌肽(AMP)治疗药物公司，专注于四个 核心治疗领域，即抗感染、代谢疾病、肿瘤及自身免疫疾病，致力于通过公司的专有突破性技术及候选 药物解决全球重大未被满足的健康需求。截至最后实际可行日期，普莱医药有九种候选药物，包括一种 核心产品(即PL-5)及两种主要产品(即PL-3301及PL-18)。 根据弗若斯特沙利文的数据，公司的核心产品PL-5(培来加南)是首款已在全球提交新药上市申请(NDA) 的加南类药物。凭借创始人于2006年首次共同提出的"膜区分机理"理论，PL-5代表了一种新作用机制， 其肽二级结构折迭以破坏微生物膜的完整性，以应对抗生素耐药 性危机。凭借其抗耐药性、广谱及高 效性的关键优势，PL-5为治疗多重耐药感染提供了突破性的解决方案。其已连续入选国家十二五、十三 五"重 ...