Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

Core Viewpoint - Huahong Semiconductor (01347) has shown a significant increase in stock price, currently up 4.62% to HKD 98.4, with a trading volume of HKD 321 million. The company has recently announced its performance for Q4 2025 and the full year, with management guidance for Q1 2026 revenue between USD 650 million and USD 660 million, and a gross margin of 13% to 15% [1] Group 1 - The company is expected to maintain high capacity utilization and accelerate its 12-inch product portfolio in 2025, although its current valuation appears high according to CMB International [1] - The new 12-inch wafer fab, Fab9A, is projected to reach maximum capacity this year, while the capacity enhancement of Fab9B will also accelerate. Capital expenditures for 2026 are expected to slightly decrease year-on-year, with a significant increase anticipated in 2027 according to Credit Lyonnais [1] - Guohai Securities forecasts that Huahong Semiconductor will achieve Q1 2026 revenue of USD 650-660 million, representing a quarter-on-quarter decrease of 0.7% and a year-on-year increase of 21.1%. The consensus estimate from institutions is USD 695 million, with a gross margin expectation of 13%-15% [1] Group 2 - The company’s power management (BCD) platform is expected to continue its rapid growth driven by the AI wave. Additionally, there is still room for price increases in the 12-inch product line in 2026 [1] - Fab9B is anticipated to begin equipment installation in October 2026, and the overall capacity of the company is expected to see significant growth in 2027 [1]

招商证券表示，2026年一季度以来，各类存储产品价格环比急剧上涨，目前在能见度范围内今年存储价 格持续上涨可期，同时2026年全球新增供给有限，预计存储紧缺趋势将延续至2027年。在价格与需求共 振情况下，今年海内外存储将迎来业绩释放大年，后续市场价格趋势和各环节公司业绩增长持续性是核 心关注点，建议关注存储+设备+产业链三大核心环节相关公司。 智通财经获悉，在2月20日举行的虚拟投资者会议上，SK海力士向高盛透露了存储市场的最新动态。 SK海力士在电话会上释放强烈信号：存储行业已全面进入卖方市场。受AI真实需求驱动及洁净室空间 受限影响，今年存储价格将持续上涨。该公司透露，目前其DRAM和NAND库存已降至仅约4周的"极低 水位"，且预计将在全年继续下降 。更为严峻的是，2026年高频宽存储器(HBM)产能已提前售罄，标准 型DRAM的极度短缺正大幅提升供应商议价权，产业链已启动长期合约谈判以锁定未来供应。 相关概念股： 对于市场最关注的HBM(高带宽内存)，海力士明确表示，2026年的产能分配已成定局。鉴于目前的生产 计划，很难在2026年对HBM和标准型DRAM的产线进行有意义的调整。由于标准型DRAM ...

另外，有报道称，三星正就其最新代人工智能存储芯片HBM4的定价进行谈判，价格将比上一代高出 20%至30%，预计售价约为700美元。盛宝市场首席投资策略师Charu Chanana表示，这表明AI存储芯片 市场供应依然紧张，三星在高端芯片市场重新获得了定价话语权。 Bernstein半导体行业分析师Mark Li警告称，内存价格正在呈现"抛物线式"上涨。虽然这将为三星电 子、美光科技和SK海力士带来丰厚利润，但电子行业的其他领域将在未来数月付出沉重代价。 智通财经APP获悉，在2月20日举行的虚拟投资者会议上，SK海力士向高盛透露了存储市场的最新动 态。SK海力士在电话会上释放强烈信号：存储行业已全面进入卖方市场。受AI真实需求驱动及洁净室 空间受限影响，今年存储价格将持续上涨。该公司透露，目前其DRAM和NAND库存已降至仅约4周 的"极低水位"，且预计将在全年继续下降 。更为严峻的是，2026年高频宽存储器(HBM)产能已提前售 罄，标准型DRAM的极度短缺正大幅提升供应商议价权，产业链已启动长期合约谈判以锁定未来供应。 对于市场最关注的HBM(高带宽内存)，海力士明确表示，2026年的产能分配已成定局。 ...

一、宏观政策：美联储"加息放缓"预期，是港股流动性的最大催化剂。 如果你今天刷盘面，看到恒指一路往上冲，科技股更是集体起飞，估计第一反应都是：行情又起飞了？ 别急，这波上涨不是"心血来潮"，而是宏观政策、资金流向、板块轮动三股力量一起发力的结果。尤其是半导体板块的爆发，背后有更深层的逻辑。 下面我带你把这三条线捋顺，看懂这波行情到底在涨什么。 港股的命门是什么？流动性。 而流动性的总闸门在美国手里。 过去两年美联储持续高利率，让全球资金都缩着头。但最近市场普遍预期——美联储加息周期接近尾声，甚至可能在年内进入降息窗口。 这对港股意味着什么？ 美联储松口气，港股就能喘大气。 而恒指本身估值已经压到历史低位，一旦流动性改善，反弹力度往往比其他市场更猛。 - 美元强势减弱，资金压力缓解。 - 港元利率下行空间打开。 - 风险偏好回升，资金更愿意流向低估值市场。 一句话： 二、资金流向：南向资金稳定加仓，外资态度从"观望"转向"试探性回流" 从公开市场评论与资金流向趋势可以看到： 过去三个月，南向资金持续净流入，而外资持仓从低位开始回升。 这说明两件事： 1. 南向资金：越跌越买的坚定派。 南向资金对港股的态度一直很 ...

其他蓝筹股方面，美团-W(03690)涨5.26%，报85港元，贡献恒指37.67点；中芯国际(00981)涨5.02%， 报71.1港元，贡献恒指24.67点；新奥能源(02688)跌0.22%，报69港元，拖累恒指0.19点；周大福(01929) 跌0.14%，报14.26港元，拖累恒指0.06点。 热门板块方面 智通财经APP获悉，马年春节假期火爆收官，港股重返27000关口。港股三大指数今日集体翻红，恒 指、国值均涨超2%，恒科指数表现最好，尾盘收涨逾3%。截至收盘，恒生指数涨2.53%或668.56点，报 27081.91点，全日成交额为1729.63亿港元；恒生国企指数涨2.65%，报9197.38点；恒生科技指数涨 3.34%，报5385.35点。 开源证券表示，近期美股、港股和A股，市场对科技的审美与要求进一步提高，在科技整体估值高位 下，科技板块"内卷"，科技内部分化现象显著。然而，相较美股科技板块，国内科技估值相对较低，科 技分化或相对可控。港股科技估值相对可控，叠加国内互联网企业AI投入相对温和，科技分化或相对 可控，应坚定"科技为先"不动摇。 蓝筹股表现 紫金矿业(02899)表现亮眼 ...

（文章来源：每日经济新闻） 每经AI快讯，2月23日，港股半导体股午后再度走强，中芯国际涨近6%，华虹半导体涨超5%，纳芯微 涨近5%，天数智芯涨超4%。 ...

投资建议：公司是中国大陆特色工艺晶圆代工龙头，积极推进产能扩张，产能利用率持续满载。我们预 计公司2025-2027 年营收分别为173.08/209.24/253.36 亿元，归母净利润分别为4.13/12.84/15.44 亿元。首 次覆盖，给予"强烈推荐"评级。 风险提示：下游终端市场需求不及预期风险，新技术、新工艺、新产品无法如期产业化风险，市场竞争 加剧风险，产能扩充进度不及预期的风险，系统性风险等。 25Q4 公司实现收入6.60 亿美元，同比增长22.4%，环比增长3.9%，再创历史新高，主要系付运晶圆数 量上升和ASP 提升。毛利率13.0%，同比提升1.6pct，主要系ASP 提升及降本增效；环比减少0.5pct，主 要系人工开支上升。月产能达48.6 万片（折合8 寸，下同），环比增长1.8 万片。产能利用率103.8%， 产能增长的同时产能利用率持续满载。ASP 环比增长0.45%升至455.72 美元；2025 年公司已针对部分领 域进行提价，预计2026 年仍有提价空间。公司预计26Q1 收入约6.5-6.6 亿美元，毛利率13-15%。 技术平台：25Q4 嵌入式非易失性存储器收入 ...

2月23日，港股在马年第二个交易日迎来全线上涨。截至早盘收盘，恒生指数涨2.29%，恒生科技指数涨3.32%，恒生国企指数涨2.50%。 港股科网股普涨，截至早盘收盘，美团涨6.93%、阿里巴巴涨3.60%、腾讯涨3.35%、百度涨3.02%；半导体概念股走强，华虹半导体涨4.83%，科技、互联 网、消费电子、锂电池板块领涨。 智谱称，这次改版主要犯了三个错：规则透明度不够、GLM-5灰度节奏太慢、老用户升级机制设计粗糙。智谱介绍，GLM-5发布后，流量超出预期，公 司扩容节奏没有跟上，不得已将GLM-5按照Max、Pro、Lite的顺序逐步开放。 目前Max对用户已经全面开放，对Pro用户虽已开放，但高峰期可能会因集群负载较高遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。针对受到影 响的Lite和Pro用户，公司支持自主申请退款，如不选择退款，那包括Max在内的所有用户统一延期15天。 | 名称 | 最新 | 涨幅↓ | | --- | --- | --- | | 美团-W | 86.350 | 6.93% | | 03690 | | | | 华虹米导体 | 98.700 | 4.83% | | 0 ...