Market Overview - The Hong Kong stock market has rebounded, with the Hang Seng Index closing at 27,081.91 points, up 2.53% or 668.56 points, and a total trading volume of 172.96 billion HKD [1] - The technology sector is experiencing increased scrutiny and differentiation, with domestic technology valuations remaining relatively low compared to the U.S. [1] Blue-Chip Performance - Zijin Mining (02899) saw a significant increase of 5.35%, closing at 44.95 HKD, contributing 22.03 points to the Hang Seng Index [2] - Other notable blue-chip stocks include Meituan-W (03690) up 5.26%, SMIC (00981) up 5.02%, while New Oriental Energy (02688) and Chow Tai Fook (01929) experienced slight declines [2] Sector Highlights - Large technology stocks showed a strong recovery, with Meituan-W rising over 5% and other major players like JD, Alibaba, Xiaomi, and Baidu increasing by over 3% [3] - The precious metals sector, particularly gold and copper, performed well, with Zijin Gold International (02099) rising 6.82% [5] - The AI sector is expected to see significant advancements, with Alibaba Cloud launching a new model at competitive pricing, indicating a potential shift in the global AI landscape by 2026 [4] Lithium and Battery Sector - The lithium and battery sectors are experiencing strong growth, with companies like Ruipu Lanjun (00666) increasing by 15.42% and CATL (03750) up 3.14% [7] - UBS has raised its price forecasts for lithium products, indicating a third super cycle for lithium prices and predicting a significant increase in China's market share in the global electric vehicle sector by 2030 [8] Optical Communication Sector - The optical communication sector is seeing notable gains, with companies like Yangtze Optical Fibre and Cable (06869) rising 14.43% due to strong production and demand for high-speed optical modules [6]

每经AI快讯，迅策(03317.HK)午后涨幅一度扩大近20%，截至发稿，涨11.97%，报89.35港元，成交额 8222.17万港元。 ...

此外，中国春晚的机器人节目再度刷屏，多家硬科技企业同台竞技，投资者热情高涨，国泰君安国际发研报指，作为中国版Palantir，迅策的增长故事才刚 刚开始，预测2024-2029年营收的复合年增长率达40%，并预测公司将于2026年实现盈利。该行看好公司在资产管理行业的强大市场地位，多元化业务板块 的增长潜力巨大，以及将人工智能融入现有产品带来的新兴机遇。(格隆汇) 马年开局，迅策(3317.HK)"策马奔腾"连续两个交易日大涨，今日一马当先强势领涨港股AI概念股，午后涨幅进一步扩大至19.67%报95.5港元，股价续创上 市新高，市值站稳300亿港元。迅策于2025年12月30日登陆港交所，迄今仅36个交易日，现价较招股价48港元已累涨约一倍。 消息面上，恒生指数公司2月13日宣布季度检讨结果，迅策获纳入恒生综合指数，相关调整将于3月6日收市后实施，并于3月9日正式生效。据LiveReport大 数据预测，中国数据基础设施及分析公司迅策有望于2026年3月9日的定期检讨中纳入港股通。 ...

公开资料显示，迅策是中国领先的AI实时数据基础设施供应商，为企业提供涵盖实时数据处理和分析 的解决方案根据弗若斯特沙利文数据，2024年公司在中国实时数据基础设施及分析市场位居头部；而在 对数据实时性、准确性要求最高的资产管理行业，公司以11.6%的市场份额排名第一，并实现对中国前 十大资管机构的全覆盖，构筑起深厚的行业壁垒。 智通财经APP获悉，迅策(03317)午后涨幅扩大近20%，登顶热门股涨幅榜，总市值亦突破300亿港元。 截至发稿，涨11.97%，报89.35港元，成交额8222.17万港元。 消息面上，2月13日，恒生指数公司宣布季度检讨结果，相关调整将于3月6日收市后实施，并于3月9日 正式生效。迅策此次获纳入恒生综合指数，并有望于3月正式纳入港股通。此外，近期，国产大模型领 域迎来一轮密集上新与版本升级，在"从买算力到用数据"的产业逻辑演进下，能够支撑大模型稳定运行 与持续优化的数据基础设施企业，成为资本市场新的焦点。 ...

Company - Xunce Technology (3317.HK) experienced a strong surge, rising by 16.54% to reach 93 HKD, marking a new high since its listing, with a market capitalization exceeding 30 billion HKD [1] - The company has accumulated over 31% growth in the first two trading days of the lunar year [1] - Xunce focuses on AI real-time data infrastructure and analytical solutions, building a millisecond-level AI Data Agent platform to drive real-time data analysis and efficient decision-making across various industries [2] Industry - The Chinese Spring Festival Gala featured a robot program that captured significant attention, showcasing multiple hard-tech companies and generating high investor enthusiasm [1] - Recent reports highlight that top-level design and policy support are steering the development of the robotics industry in China, establishing a solid foundation for growth [1] - The robotics market in China is positioned to gain a competitive edge globally, with expectations for smarter and more inclusive robots to empower various sectors [1]

智通财经APP在《从迅策（03317）将入通说起：AI下半场，谁在掌控数据流动的定价权？》中指出， 谷歌近日宣布自2026年5月起正式上调北美、欧洲和亚洲的对等互联(peering)数据传输服务，其中北美 地区翻倍。表面看是网络成本调整，实则释放出一个关键信号：数据流通的"通道费"战略价值，正在超 越算力硬件本身。迅策仅用45天即获纳入恒指的资格，并有望于3月正式纳入港股通，彰显其稀缺性与 成长确定性。而这也标志着资本市场正重新定价AI产业链的价值重心——从"谁算得快"，转向"谁让数 据流得稳、准、快"。 消息面上，2月13日，恒生指数公司宣布季度检讨结果，迅策获纳入恒生综合指数，相关调整将于3月6 日收市后实施，并于3月9日正式生效。此外，国泰海通证券近期发布研报称，迅策科技凭借"数据流"核 心能力，正从资管行业向多元领域复制"中国版Palantir"模式。 智通财经APP获悉，迅策(03317)早盘涨超16%，高见93港元，再创上市新高。截至发稿，涨12.28%，报 89.6港元，成交额3760.77万港元。 ...

智通财经APP获悉，迅策(03317)午后涨超12%，高见79.65港元，再创上市新高。截至发稿，涨7.97%， 报76.5港元，成交额3657.27万港元。 消息面上，2月13日，恒生指数公司宣布季度检讨结果，迅策获纳入恒生综合指数，相关变动将于3月6 日收市后实施，并于3月9日正式生效，此举意味着迅策随后有望成为港股通标的，吸引更多境内资金关 注。 值得注意的是，近日，国泰海通证券首次覆盖迅策，给予"增持"评级，目标价104.78港元，对应目标市 值338亿港元。在AI大模型从通用能力向垂直场景深化的关键转折期，研报分析，迅策科技凭借"数据 流"核心能力，正从资管行业向多元领域复制"中国版Palantir"模式。 ...

Core Viewpoint - Cathay Securities initiates coverage on XunCe Technology (03317) with a "Buy" rating and a target price of HKD 104.78, corresponding to a target market capitalization of HKD 33.8 billion, highlighting the company's potential to replicate a "Chinese version of Palantir" model across various sectors, leveraging its core capability in "data flow" during a critical transition in AI large models from general capabilities to vertical scenarios [1] Industry Transition - The AI industry is undergoing a strategic shift from "larger models" to "better data flows," emphasizing that true commercial value from large models requires differentiation in vertical scenarios rather than just algorithmic advantages [1] - The report identifies a significant opportunity in China's real-time data processing market, noting a transition from fragmented to holistic data management approaches, which enhances strategic efficiency by embedding global algorithmic models into business and data flows [1] Company Positioning - XunCe Technology has established a strong foothold in the real-time data infrastructure sector over the past decade, with its unified data platform capable of collecting, cleaning, managing, and analyzing heterogeneous data from multiple sources within seconds, aligning perfectly with the immediate decision-making needs of enterprises [3] - The company has built a comprehensive lifecycle solution covering investment monitoring, order execution, valuation, risk management, and compliance, positioning itself as a leader in the real-time data field by 2024 [3] - The market for real-time data infrastructure and analytics in China is projected to grow at a CAGR of 46.1% from 2020 to 2024, with an expected market size of RMB 50.5 billion by 2029, indicating significant growth potential as AI large models catalyze market expansion [3] Diversification and Growth - XunCe is actively expanding its business across various industries, including financial services (beyond asset management), urban management, production management, and telecommunications, with revenue from diversified sectors increasing from 26% in 2022 to 61% in 2024, becoming a key growth driver [4] - The company has demonstrated sustainable business model viability, with the number of paying customers increasing from 182 to 232 and ARPU rising from RMB 1.58 million to RMB 2.72 million from 2022 to 2024, indicating enhanced pricing power as brand recognition and solution optimization improve [4] - Cathay Securities forecasts XunCe's revenue to reach RMB 1.183 billion, RMB 2.177 billion, and RMB 3.311 billion in 2025, 2026, and 2027, respectively, with growth rates of 87%, 84%, and 52%, and anticipates a return to profitability with a net profit of RMB 101 million in 2026, further increasing to RMB 311 million in 2027 [4]

Core Viewpoint - Cathay Securities initiates coverage on XunCe Technology (03317) with a "Buy" rating and a target price of HKD 104.78, corresponding to a target market capitalization of HKD 33.8 billion, highlighting the company's potential to replicate a "Chinese version of Palantir" model across various sectors, leveraging its core capability in "data flow" during a critical transition in AI large models from general capabilities to vertical scenarios [1] Industry Transition - The AI industry is undergoing a strategic shift from "larger models" to "better data flows," emphasizing that true commercial value from large models requires differentiation in vertical scenarios rather than just algorithmic advantages [1] - The report identifies a significant opportunity in China's real-time data processing market, noting a transition from fragmented to holistic data management approaches, which enhances strategic efficiency by embedding global algorithmic models into business and data flows [1] Company Positioning - XunCe Technology has established a strong foothold in the real-time data infrastructure sector over the past decade, with its unified data platform capable of collecting, cleaning, managing, and analyzing heterogeneous data from multiple sources within seconds, aligning perfectly with the immediate decision-making needs of enterprises [3] - The company has built a comprehensive lifecycle solution covering investment monitoring, order execution, valuation, risk management, and compliance, positioning itself as a leader in the real-time data field by 2024 [3] Market Growth - The real-time data infrastructure and analytics market in China is projected to grow at a CAGR of 46.1% from 2020 to 2024, expected to reach RMB 50.5 billion by 2029, with current market penetration below 4%, indicating explosive growth potential driven by AI large models [3] - Data has been recognized as the fifth production factor in national strategy, with policies like "Data Twenty Articles" and the inclusion of data assets in financial statements driving increased investment in data infrastructure by enterprises [3] Diversification and Financial Performance - XunCe is actively expanding its business across various sectors, including financial services (beyond asset management), urban management, production management, and telecommunications, with revenue from diversified industries increasing from 26% in 2022 to 61% in 2024, becoming a key growth driver [4] - The number of paying customers grew from 182 to 232 between 2022 and 2024, while the Average Revenue Per User (ARPU) increased from RMB 1.58 million to RMB 2.72 million, indicating sustainable business model validation [4] - Revenue projections for 2025-2027 are estimated at RMB 1.183 billion, RMB 2.177 billion, and RMB 3.311 billion, with growth rates of 87%, 84%, and 52% respectively, and a forecasted return to profitability with a net profit of RMB 101 million in 2026, further increasing to RMB 311 million in 2027 [4]

Major Events - Xunce (03317) has been included in the Hang Seng Index series [1] - Zhonghui Biotech-B (02627) has been included in the Hang Seng Composite Index [1] - Woan Robotics (06600) has been included in the Hang Seng Composite Index [1] - Guangdong-Hong Kong-Macau Holdings (01396) has been included in the MSCI China Small Cap Index [1] - Different Group (06090) has been included in the Hang Seng Index series [1] - Jinfang Pharmaceutical-B (02595) has been included in both the Hang Seng Index series and MSCI Index [1] - Huitongda Network (09878) has completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - Yingda Real Estate (00432) has received a $400 million offer to acquire Rafflesia Investment Limited [1] Operating Performance - SF Holding (06936) reported a total revenue of 26.86 billion yuan from its express logistics, supply chain, and international businesses in January, a year-on-year increase of 2.22% [1] - Lukoil (06623) announced a total revenue of 24.513 billion yuan for the fiscal year 2024 [1] - YTO Express International (06123) issued a profit warning, expecting a net loss of approximately 145 million to 154 million HKD for the fiscal year 2025 [1] - Sands China Ltd. (01928) reported a net profit of $896 million for 2025, a year-on-year decrease of 14.3% [1] - Shanghai Fudan (01385) reported a net profit attributable to shareholders of approximately 232 million yuan for 2025, a year-on-year decrease of 59.42% [1] - Ronshine China (03301) reported a total contract sales amount of approximately 21.8 million yuan in January, a year-on-year decrease of 37.71% [1] - Greater China Financial (00431) reported a shareholder loss of 113 million HKD for 2024, a year-on-year decrease of 75.98% [1]