Market Overview - The Hong Kong stock market faced significant pressure on the first trading day of the Year of the Horse, closing with the Hang Seng Index down 1.1% at 26,413 points, the Hang Seng Tech Index down 2.91%, and the National Enterprises Index down 1.22% with a total market turnover of HKD 165.4 billion [1][2]. Sector Performance - Technology stocks experienced widespread declines, with major players like JD Health and Baidu dropping over 6%. Other notable declines included Huahong Semiconductor, Kingdee International, Tencent Music, and Bilibili, all falling over 5%. Alibaba and NetEase dropped over 4%, while Xiaomi and SMIC fell over 3% [2][4]. - In contrast, oil and gas producers saw gains, with PetroChina and Henderson Land rising over 3%, and Midea Group, CSPC Pharmaceutical, CNOOC, Li Ning, and Hang Lung Properties increasing over 2% [2][4]. Specific Stock Movements - JD Health closed at HKD 56.85, down 6.27%, while Baidu fell 6.25% to HKD 129.00. Huahong Semiconductor and Kingdee International also saw significant declines of 5.76% and 5.65%, respectively [5]. - In the oil sector, companies like Yanchang Petroleum International led the gains, with shares rising 3.75% to HKD 0.415, and PetroChina increasing 3.70% to HKD 9.520 [10]. Emerging Trends - The robotics sector gained attention, with companies like Yujian rising 15.61% to HKD 70, driven by the popularity of robotics showcased during the Spring Festival Gala. Analysts predict significant growth in the robotics industry from 2021 to 2025, with large-scale production expected to begin in 2026 [14]. - The semiconductor sector is also highlighted, with a focus on storage solutions as a key area for investment, particularly in light of ongoing global inflation trends and improving domestic PPI [16].

格隆汇2月20日｜澳大利亚S&P/ASX200指数收盘下跌4.80点，跌幅0.05%，报9081.40点。 ...

格隆汇2月20日｜迪尔公司高管称，联合收割机目前的库存水平仍比峰值低约15%，大马力拖拉机的库 存水平较2025年3月的峰值下降了逾10%。 ...

格隆汇2月20日｜加拿大能源股有望迎来近十八年来的首次创纪录收盘，主要受原油和天然气价格上涨 以及投资者信心回升的推动。S&P/TSX能源指数今年已上涨19%，远超大盘(S&P/TSX 综合指数)5.5%的 涨幅。地缘政治冲突推高油价，冬季风暴拉升气价。同时，政府对出口管道的支持和企业基本面的改善 (如负债降低、利润增加)也是重要推力。 ...

格隆汇2月19日｜周四(2月19日)，沙特证交所全股指数收跌1.87%，报10947.25点，本周(连续五个自然 日)累计下跌2.71%，整体持续走低。 沙特阿美(ARAMCO.AB)收涨0.39%，报25.70沙特里亚尔，本周累跌1.15%。 本周，卡塔尔证交所指数累跌2.49%，科威特证交所超级市场价格回报指数累跌0.46%，以色列特拉维 夫交易所35指数累涨0.54%。 埃及证交所EGX 30指数收跌2.98%，报50667.67点，本周累涨0.35%，2月15日曾涨至52308.32点创收盘 历史最高、2月16日曾涨至52821.72点创盘中历史最高。 在沙特上市的Albilad南方东英MSCI香港中国股票ETF收跌0.08%，报12.40沙特里亚尔，本周累跌 0.96%。 ...

Group 1 - The US stock market is experiencing its worst start relative to global markets since 1995, with the S&P 500 index down 1% year-to-date, while the ACWX index, tracking global markets excluding the US, is up 8% [1] - Over the past year, the non-US international index has increased by 30%, three times the 10% increase of US stocks, indicating a significant shift in market performance [1] - The change in performance is attributed to a shift in geopolitical risks, with many risks now originating from within the US, including trade policies and aggressive rhetoric from the Trump administration [1] Group 2 - Despite underperforming globally, US stock prices remain high, with the average price-to-earnings (P/E) ratio of US stocks being 40% higher than that of other regions [2] - The concentration of the US stock market is concerning, as the top ten companies account for 40% of the S&P 500 index, up from 20% a decade ago [2] - The elevated P/E ratio, exceeding 20 even when excluding the "Magnificent Seven," makes the US stock market particularly vulnerable to declines in AI trading expectations [2]

格隆汇2月19日｜沃尔玛(WMT.US)盘初涨近3%，报130.1美元。消息面上，沃尔玛公布业绩显示，第四 季度营收1906.6亿美元，高于预期的1905.8亿美元；调整后每股收益0.74美元，高于预期的0.73美元。预 计第一季度调整后每股收益0.63美元-0.65美元；预计2027财年调整后每股收益2.75美元-2.85美元，低于 预期的2.97美元。沃尔玛还宣布新的300亿美元股票回购计划。 ...

格隆汇2月19日｜特斯拉(TSLA.US)跌1.3%，纽约州州长霍楚尔撤回在纽约市外推出无人驾驶出租车的 提案。 ...

格隆汇2月19日｜去年加拿大贸易逆差扩大至313亿加元，创下新冠疫情之外的最大年度贸易逆差纪录， 原因是美国加征关税重创了加拿大的主要出口行业。除了2020年公共卫生措施导致部分商业活动停滞 外，加拿大2025年的贸易逆差是自1988年有数据记录以来最大的。去年加拿大年度出口额下降了 0.2%，大多数产品类别出口额都下降。然而，金价的强劲上涨掩盖了与美国的贸易战对加拿大出口造 成的真正损害。去年，未加工黄金、白银、铂族金属及其合金的出口量激增41.7%。若剔除该类别，加 拿大出口额则大幅下降3%。 ...

Core Insights - OpenAI is reportedly nearing the completion of the first phase of a new funding round, expected to exceed $100 billion, marking one of the largest financing deals in tech history [1] - The funds will be utilized for significant investments in AI infrastructure and expanding product offerings, with plans to invest trillions of dollars in infrastructure [1] - The overall valuation of OpenAI may surpass $850 billion, higher than the previously anticipated $830 billion, if the final fundraising amount is included [1] - The first phase of this fundraising is expected to come primarily from strategic investors, including Amazon, SoftBank, NVIDIA, and Microsoft [1]