石油石化股方面，中国石油化工股份涨0.37%，收报5.45港元；中国石油股份涨0.85%，收报9.54港 元；中国海洋石油涨2.68%，收报25.32港元。 责任编辑：袁浩 香港本地股方面，长实集团涨3.58%，收报49.78港元；新鸿基地产涨7.12%，收报146港元；恒基地 产涨2.9%，收报35.44港元。 中资金融股方面，中国银行跌0.22%，收报4.64港元；建设银行跌0.12%，收报7.99港元；工商银行 涨0.47%，收报6.45港元；中国平安涨0.22%，收报68港元；中国人寿涨0.64%，收报31.58港元。 新华社香港2月27日电 香港恒生指数27日涨249.52点，涨幅0.95%，收报26630.54点。全日主板成交 2884.2亿港元。 国企指数涨45.2点，收报8859.49点，涨幅0.51%。恒生科技指数涨28.51点，收报5137.84点，涨幅 0.56%。 蓝筹股方面，腾讯控股涨1.17%，收报518港元；香港交易所涨0.87%，收报419港元；中国移动涨 0.89%，收报79.3港元；汇丰控股涨1.59%，收报147.3港元。 ...

Group 1: Market Overview - The Hang Seng Index opened high but closed down 384 points, or 1.44%, at 26,381 points, with significant selling pressure observed throughout the day [3][4] - The market saw a total turnover of 25.93 billion HKD, with net outflow from northbound trading amounting to 736.6 million HKD [3] Group 2: Company Performance - NIO's subsidiary GeniTech secured over 2.257 billion RMB in investment from Chinese investors, maintaining a 62.7% controlling stake post-transaction [12] - New World Department Store China reported a 3.93 times increase in interim profit to 15.327 million HKD, despite a 12.44% decrease in revenue to 536 million HKD [13] - Chow Tai Fook Jewelry Group announced a 15.26% increase in interim profit to 1.334 billion HKD, with revenue rising 5.9% to 12.827 billion HKD [14] - Baidu reported a 65.68% decrease in net profit to 1.782 billion RMB for the fourth quarter, with total revenue declining 4.06% to 32.74 billion RMB [15] Group 3: Industry Developments - Hong Kong Exchanges and Clearing is exploring the development of a multi-asset tokenization platform, contingent on technological capabilities and market demand [7] - The People's Bank of China issued a notice to enhance the management of RMB cross-border interbank financing, aiming to improve transparency and stability in offshore RMB liquidity [10] - The Hong Kong government plans to inject 10 billion HKD into the Hong Kong-Shenzhen Innovation and Technology Park and the New Territories Science Park to bolster public-private partnerships [9]

智通财经APP获悉，2月26日,南方恒生科技（03033）、美团-W（03690）、小米集团-W（01810）南向 资金净流入金额位列市场前三，分别净流入15.56 亿、4.48 亿、4.36 亿 | 郑州银行(06196) | 98.87% | 708.35 万 | 1.080（-0.92%） | | --- | --- | --- | --- | | 沧港铁路(02169) | 93.24% | 186.13 万 | 0.630（0.00%） | | 中国船舶租赁(03877) | 81.65% | 4173.37 万 | 2.480（-0.40%） | | 范式智能(06682) | 79.45% | 1.43 亿 | 40.000（-0.79%） | | 心动公司(02400) | 77.09% | 1.28 亿 | 75.550（-2.89%） | | 中国信达(01359) | 68.99% | 3517.22 万 | 1.270（-1.55%） | 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 南方恒 ...

Core Insights - On February 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.492 billion, 3.391 billion, and 2.065 billion respectively [1] - The same companies also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 4.376 billion, 3.171 billion, and 1.531 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 4.492 billion, net buy of -0.231 billion [2] - Tencent Holdings (00700): Trading amount of 3.391 billion, net buy of +37.9726 million [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 2.065 billion, net buy of -0.246 billion [2] - SMIC (00981): Trading amount of 1.740 billion, net buy of -0.221 billion [2] - CNOOC (00883): Trading amount of 1.709 billion, net buy of -0.626 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 4.376 billion, net buy of -0.657 billion [2] - Tencent Holdings (00700): Trading amount of 3.171 billion, net buy of -0.587 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.531 billion, net buy of -0.379 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.351 billion, net buy of +27.0028 million [2] - Kuaishou-W (01024): Trading amount of 0.808 billion, net buy of -0.06332 billion [2]

净卖出中国海洋石油8.93亿、阿里巴巴-W 8.88亿、长飞光纤光缆6.24亿、腾讯控股5.48亿、中国人寿 4.36亿、中芯国际2.98亿、华虹半导体2.84亿、泡泡玛特2.45亿。 据统计，南下资金已连续7日净买入美团，共计36.1242亿港元；连续5日净买入小米，共计32.2538亿港 元；连续4日净卖出中海油，共计12.2479亿港元。 格隆汇2月26日｜南下资金今日净卖出港股73.66亿港元，为连续第2日净卖出。其中： 净买入美团-W 3.11亿、东方电气1.25亿； ...

蓝筹股方面，腾讯控股跌2.01%，收报512港元；香港交易所涨0.78%，收报415.4港元；中国移动跌 0.88%，收报78.6港元；汇丰控股涨1.61%，收报145港元。 香港本地股方面，长实集团涨3.04%，收报48.06港元；新鸿基地产跌0.07%，收报136.3港元；恒基 地产跌0.4%，收报34.44港元。 新华社香港2月26日电 香港恒生指数26日跌384.7点，跌幅1.44%，收报26381.02点。全日主板成交 2592.77亿港元。 中资金融股方面，中国银行跌0.64%，收报4.65港元；建设银行跌1.6%，收报8港元；工商银行跌 0.62%，收报6.42港元；中国平安跌4.64%，收报67.85港元；中国人寿跌4.1%，收报31.38港元。 国企指数跌220.46点，收报8814.29点，跌幅2.44%。恒生科技指数跌151.17点，收报5109.33点，跌 幅2.87%。 【纠错】 【责任编辑:王雪】 石油石化股方面，中国石油化工股份跌1.63%，收报5.43港元；中国石油股份跌1.46%，收报9.46港 元；中国海洋石油跌3.22%，收报24.66港元。 ...

智通财经APP获悉，2月26日港股市场，北水成交净卖出73.66亿港元，其中港股通(沪)成交净卖出23.11亿港元，港股通(深) 成交净卖出50.55亿港元。 小米集团-W(01810)获净买入1835万港元。消息面上，小米集团董事长兼CEO雷军表示，小米计划未来五年重点攻坚芯 片、AI、操作系统等底层核心技术，向着成为全球硬核科技公司的目标不断努力。 华虹半导体(01347)、中芯国际(00981)分别遭净卖出2.84亿、2.98亿港元。消息面上，摩根士丹利在研报中表示，人工智能 的需求正推动半导体行业剧烈分化。AI存储芯片(如HBM)等上游厂商显著受益；但下游的PC、手机制造商等则可能面临难 以转嫁成本的压力。 中国人寿(02628)遭净卖出4.36亿港元。消息面上，汇丰发布研报称，根据中国A股上市公司规定，如果其年度盈利增长至 少50%，则必须在1月底前发布盈利预告。尽管中国人寿公布2025年九个月的净利润同比增60.5%，但公司并未发布盈利预 告，该行估算或意味国寿在2025年第四季净亏损至少录得74亿元人民币。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 净流入 | | --- | --- ...

Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

[Table_Title] 保险Ⅱ行业 26年险资配置调查结果出炉，增配权益而久期策略不变 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-26 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]刘淇 SAC 执证号：S0260520060001 0755-82564292 liuqi@gf.com.cn 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 唐关勇 SAC 执证号：S0260525070004 021-38003812 tangguanyong@gf.com.cn 请注意，刘淇,唐关勇并非香港证券及期货事务监察委员会 -20% -11% -2% 6% 15% 24% 10/24 01/25 03/25 06/25 08/25 10/25 保险Ⅱ 沪深300 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 保险Ⅱ行业 ...

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | 02 月 日 | 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 34.58 | | 一年内最高/最低（港 | | | 36.16/12.38 | | | | 元） | | | | | | | 总市值（百万港元） | | | | 977,393.50 | | | 流通市值（百万港元） | | | | 257,315.83 | | | 资产负债率（%） | | | | | 91.39 | | 资料来源：聚源数据 | | | | | | 中国人寿(02628.HK) 联系人 点评： 1、从财务指标来看： 3、投资业务：投资收益率同比提升 104bp A、 中国人寿 ...