人民幣兌美元中間價報 6.8909，按日上調 52 點，創自 2023 年 4 月 25 日以來新 高。人民銀行 18 日在公開市場開展 205 億元人民幣七天期逆回購操作，操作利 率持平於 1.4%。有 265 億元逆回購到期，單日淨回籠 60 億元。A 股三大指數早 市個別發展，午後全線上升，創板表現最強升超過 2%。滬綜指全日升 13 點或 0.3%，收報 4,062 點，成交 8,763 億元。深成指全日升 148 點或 1.1%，報 14,187 點，成交 1.17 萬億元。創板指數全日升 66 點或 2%，報 3,346 點，成交 5,399 億 元。 主席鮑威爾在記者會上坦言，央行預測今年通脹將會緩解，但進展速度並不如 預期，而伊朗戰爭導致油價飆升，預計短期內將加劇通脹。美股其後跌幅擴大， 道指全日跌 768 點或 1.6%，報 46,225 點，創今年收市新低；標普 500 指數跌 91 點或 1.4%，至 6,624 點；納指跌 327 點或 1.5%，至 22,152 點。 聯儲局周三一如預期維持關鍵利率不變，維持今年減息一次的預期，但認為由 於中東戰爭而增加不確定性。委員會以 11 比 ...

Core Viewpoint - The A-share market showed overall weakness on March 19, with major indices declining, while the coal and CPO concept sectors experienced significant gains, indicating a divergence in market performance [1][5][8]. A-share Market Performance - The A-share market exhibited a lackluster performance, with the Shanghai Composite Index down by 0.95% to 4024.23, and the Shenzhen Component Index down by 1.11% to 14030.34, with nearly 4700 stocks declining [5][6]. - The overall trading volume in the A-share market reached 1.31 trillion [6]. Sector Performance - The coal sector emerged as one of the strongest performers, with stocks like Shaanxi Black Cat hitting the daily limit up, and other coal stocks such as Daya Energy and Shaanxi Coal also showing gains [8][9]. - The CPO concept sector saw a significant rise, with the CPO concept index increasing by over 3%, and individual stocks like Changguang Huaxin rising by over 15% [9][10]. Futures Market - In the domestic futures market, liquefied gas futures surged by 10.99%, reaching a new high for the year [3][17]. - Low-sulfur oil futures also experienced a substantial increase, with intraday gains exceeding 14% before narrowing [18]. Hong Kong Market Performance - The Hong Kong market displayed overall weakness, with the Hang Seng Index dropping by over 2%, led by declines in stocks like Zijin Mining and Tencent Holdings [2][12]. - However, Chery Automobile saw a significant increase of over 9% following its earnings announcement, projecting a revenue increase from RMB 269.9 billion to RMB 300.3 billion for 2025, representing an 11.3% growth [12]. Notable Stock Movements - Eden Software experienced a dramatic rise, with intraday gains exceeding 50% following the announcement of a strategic cooperation agreement with Super Fusion Digital Technology [11][15].

** The blue-chip CSI300 index also dipped 1%. ** Risk sentiment took a beating globally after Tehran fired missiles at oil and gas targets throughout the Gulf, sending ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 2.1%. ** "Stock market volatility will ⁠stay elevated ‌for now and there's little visibility about how the conflicts will unfold. Both have dampened investors' willingness to ⁠deploy capital and kept them on the sidelines," said Cusson Leung, chief investment officer at KG ...

站在理性的视角， 无论是上涨还是下跌导致情绪过于一致（过于乐观或过于悲观）时，往往容易上演反转的剧情 。近期的反弹就是一个很好的 情绪逻辑验证。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 众所周知，从2025年10月初以来， 恒生科技 指数先后经历了 2波较大的调整，累计最大回撤超25% 。其中，第2波调整（主要发生在2026年2 月）导致恒生科技的表现在全球大类资产中垫底，对恒生科技的质疑仿佛一场大型网暴现场，让很多投资者感到绝望，以致引发市场热议。 3、AI叙事对恒生科技是危险也是机会 扫码看全文 -- 恒生科技近半年经历了2轮不一样的调整 首先，让我们来回顾下恒生科技近期的两波调整。 而站在当前时点，普通投资者不禁要问： 现在的恒生科技，究竟是 "黄金坑"的做多机会，还是再次"接飞刀"的陷阱？ 本文将结合最新数据与市 场逻辑，为你深度拆解这一核心问题。 和臭排 恒生科技可以布局了吗? 1、从估值看:恒生科技已经到了"便宜"区间 2、内资在"越跌越买"，外资重估港股避险价值 截至2026年3月17日， 恒生科技指数的滚动市盈率（ PE-TTM）已降至约20 .93 倍。 低于指数成立 ...

Core Viewpoint - Tencent is accelerating its AI industry iteration with the launch of "OpenClaw" applications, creating new decentralized entry points for both ordinary users and professionals, integrating its PC products with Tencent Cloud offerings [2][3] Group 1: AI Development and Product Launches - The "OpenClaw" applications do not require users to wait for results and possess memory and personality, functioning more like an assistant [2] - Tencent has rapidly launched dozens of products and security solutions, such as WorkBuddy and QClaw, to meet diverse needs of individuals, developers, and enterprises [2] Group 2: Financial Performance - Tencent reported a revenue of 751.766 billion yuan for 2025, a year-on-year increase of 14%, with a net profit attributable to equity holders of 224.842 billion yuan, up 16% [3] - The company's gross profit for 2025 increased by 21% to 422.593 billion yuan, driven by high-margin contributions from self-developed games, video accounts, and WeChat marketing services [3] - Tencent's gross margin improved from 53% in 2024 to 56% in 2025, reflecting enhanced cost efficiency in financial technology and cloud services [3] Group 3: Investment in AI - Tencent plans to invest heavily in AI, with capital expenditures reaching 79.2 billion yuan and R&D expenditures at 85.75 billion yuan for 2025, both setting historical highs for the company [3]

3月19日股市早报 一、重要财经信息 ①3月18日全市场有7只主动权益基金成立(以普通股票基金和偏股混合基金为统计口径)，其中有5只募集规模超10 亿元。 2026年以来募集规模在10亿元以上的主动权益基金，已接近40只。 3月19日股市早报 一、重要财经信息 ①3月18日全市场有7只主动权益基金成立(以普通股票基金和偏股混合基金为统计口径)，其中有5只募集规模超10 亿元。 2026年以来募集规模在10亿元以上的主动权益基金，已接近40只。 ②伊朗南帕尔斯石油化工设施遭美国和以色列袭击。 伊朗报复打击利雅得炼油厂美方专属区域，卡塔尔拉斯拉凡工业城遭袭击。 ③中东战火点燃化工涨价链。 ②伊朗南帕尔斯石油化工设施遭美国和以色列袭击。 伊朗报复打击利雅得炼油厂美方专属区域，卡塔尔拉斯拉凡工业城遭袭击。 < 巴斯夫周三宣布，欧洲多类化工品最高涨价30%，化工巨头本月初已经对塑料添加剂提价。 ④美股三大指数集体收跌，道指跌1.64%，纳指跌1.46%，标普500指数跌1.36%。 ⑤国际油价上涨，WTI原油期货收于每桶96.32美元，涨幅为0.11%；布伦特原油期货收于每桶107.38美元，涨幅为 3.83%。 ⑥国 ...

Core Viewpoint - Tencent is entering a new strategic cycle driven by AI investments, prioritizing long-term AI infrastructure over short-term profit growth [3][5] Investment Strategy - Tencent plans to double its investment in AI products, including the "Hunyuan" model, by 2026, while reducing share buybacks this year [3][6] - The shift from share repurchase to increased AI investment has led to market volatility, with Tencent's ADR dropping 4% and its major shareholder Prosus falling 8% [3][6] Profit Expectations - Goldman Sachs has lowered Tencent's net profit growth forecast for 2026 to 7%, down from a previous estimate of 10%, due to increased operational costs associated with AI [6][7] - The operating profit margin is expected to narrow by 65 basis points in the 2026 fiscal year due to rising AI-related expenses [6][7] Valuation Multiples - Despite the downward revision in profit expectations, Goldman Sachs maintains a "Buy" rating on Tencent, citing potential for valuation multiple recovery [9] - Tencent's forward P/E ratio is currently around 16 times, lower than the 18 times at the beginning of the year and below international peers like META and Alphabet [9][13] Core Business Performance - Tencent's total revenue grew by 13% year-on-year in Q4 2025, with the gaming business increasing by 22% driven by AI efficiencies [10][11] - Marketing services revenue is expected to grow by 19% year-on-year, supported by enhanced AI advertising models [10][11] Future Focus - The recovery in valuation will depend on the successful integration of AI into core businesses and the commercial performance of new AI products like Hunyuan 3.0 and WeChat AI Assistant in the next 3 to 6 months [12][13]

硬·AI 作者 | 杨 宸 编辑 | 硬 AI 继腾讯云之后，阿里云与百度智能云也宣布涨价。受Token调用量爆发与供应链成本攀升双重催化，云基础设施服务正式 由降价步入涨价拐点。大摩认为，AI时代，中国云市场正在打破二十年来的通缩魔咒，一个前所未有的提价周期正在降 临。 中国云计算行业正在出现罕见的定价反转。继腾讯云之后，阿里云与百度智能云也宣布涨价，这标志着中 国云 市场长达二十年的"持续降价"逻辑开始松动，一场史无前例的涨价周期正在降临。 3月18日午间，阿里云在官网公告称，因全球AI需求爆发，叠加供应链涨价，将对AI算力，存储等产品进 行调价， 最高上调34% 。阿里云MaaS业务百炼在今年1-3月创下历史最高增速，阿里云正将紧缺的AI算 力资源向Token业务倾斜。 同日A股收盘后，百度智能云也发布调价公告， AI算力相关产品服务上调约5%-30%，并行文件存储等上 调约30%。 两家头部厂商在不到四小时内先后提价，凸显AI算力供需紧张正在向价格层面传导。 摩根士丹利在本周稍早前的一份报告中指出，云计算一直是一个价格通缩的行业——规模越大，成本越 低，价格就越向下。 AI时代正在打破这一范式，伴随T ...

18 Mar 2026 18:21:03 ET │ 22 pages Tencent Holdings (0700.HK) Ac t i o n | | n Buy | | | --- | --- | | Price (18 Mar 26 16:10) | HK$550.50 | | Target price | HK$787.00↑ | | from HK$783.00 | | | Expected share price | 43.0% | | return | | | Expected dividend yield | 1.1% | | Expected total return | 44.1% | | Market Cap | HK$5,013,049M | | | US$639,726M | Price Performance (RIC: 0700.HK, BB: 700 HK) Alicia Yap, CFA AC +852-2501-2773 alicia.yap@citi.com Resilient Core & Strong CF Support AI Transformation Inve ...

Investment Rating - The report maintains a BUY rating for Tencent with a target price of HK$750.00, down from the previous target of HK$760.00, indicating a potential upside of 36.2% from the current price of HK$550.50 [2][11]. Core Insights - Tencent reported in-line 4Q25 results with total revenue increasing by 13% YoY to RMB194.4 billion and non-IFRS operating income rising by 17% YoY to RMB69.5 billion, aligning with Bloomberg consensus estimates [1][2]. - The company is set to double its investment in new AI products in FY26 to over RMB36 billion, which is expected to strengthen its core businesses and capture emerging opportunities in AI, despite potential short-term earnings drag [1][7]. - Revenue growth is projected to be sustainable at 10%/7%/5% over FY26-28E, with adjusted net profit growth expected to decelerate to +6% YoY in FY26E before reaccelerating in FY27/28E [7][8]. Financial Performance - For FY25, Tencent's total revenue was RMB751.8 billion, with adjusted net profit at RMB259.6 billion, and EPS (Adjusted) at RMB28.55 [2][22]. - The company expects FY26 revenue to reach RMB823.5 billion, with adjusted net profit forecasted at RMB276.2 billion and adjusted EPS at RMB30.3 [2][8]. - The gross profit margin is projected to decline slightly to 56.8% in FY26E due to increased AI investments [8][9]. Business Segments - Games revenue grew by 21% YoY to RMB59.3 billion in 4Q25, driven by both domestic and international game sales [7]. - Marketing services revenue increased by 17% YoY to RMB41.1 billion, supported by AI-enhanced ad performance [7]. - Fintech and Business Services revenue rose by 8% YoY to RMB60.8 billion, with business services revenue growth accelerating to 22% YoY in 4Q25 [7]. Valuation Breakdown - The SOTP-derived target price of HK$750.0 includes HK$347.4 for the games business, HK$33.2 for the SNS business, HK$148.5 for marketing services, HK$105.8 for fintech, HK$33.4 for cloud services, and HK$72.7 for strategic investments [11][12][13][14][15].