截至2026年2月23日11:41，恒生科技指数(HSTECH)上涨3.20%，美团-W上涨7.06%，华虹半导体上涨 4.99%，中芯国际、京东集团-SW跟涨。 截至2026年2月13日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，恒生科技ETF汇添富的场外联接产品汇添富恒生科技ETF联接发起式 (QDII)C(013128)单位净值为0.85元。 汇添富港股科技配置观测工具箱： 【港股科技宽基·经典载体】汇添富恒生科技ETF联接发起式(QDII)C(013128)：一键布局互联网平台龙 头，作为板块旗舰宽基，具备极高的行业代表性。旨在均衡配置港股科技核心资产，同步获取中国新经 济的中长期成长动能。 【AI全产业链·高纯度】汇添富恒生港股通中国科技ETF联接C(025167)：聚焦"港股M7"核心资产，深度 覆盖AI算力、终端及应用全产业链。风格定位纯粹，剔除医疗、汽车等非科技板块干扰，是精准捕捉 AI核心价值的配置工具。 消息方面，2026年"两会"将于3月4日起召开，推动科技 ...

23日港股三大指数集体高开，截至9：54，恒指涨2.27%，恒科指涨3.37%。 | 恒生指数 | 恒生科技 | 恒生生物科技 | | --- | --- | --- | | 27012.61 | 5387.00 | 16292.94 | | +599.26 +2.27% | +175.50 +3.37% | +343.77 +2.16% | | 港股通消费 | 港股红利 | 港股现金流 | | 1721.45 | 2315.26 | 2597.68 | | +21.47 +1.26% | +18.84 +0.82% | +58.11 +2.29% | | 恒生综合指数 | 恒指期货 | 恒生科指期货 | | 4137.65 | 27031 | 5391 | | +86.12 +2.13% | +619 +2.34% | +182 +3.49% | | 香港主板涨跌分布 | | | | 跌368 | | 涨894 | | 成交额253亿 | | 南向资金净买入202亿 | 盘面上，科网股普涨，美团涨超5%，京东涨近4%，网易、快手涨超3%，京东、阿里巴巴涨近3%。 半导体板块高开，中芯国际、华虹半导体涨超4% ...

本文源自：金融界AI电报 恒生科技指数涨超3%、华虹半导体(01347.HK)涨5%、美团(03690.HK)涨4.5%、中芯国际(00981.HK)涨 4.3%。 ...

| 恒生指数 | 恒生科技 | 恒生生物科技 | | --- | --- | --- | | 27012.61 | 5387.00 | 16292.94 | | +599.26 +2.27% | +175.50 +3.37% | +343.77 +2.16% | | 港股通消费 | 港股红利 | 港股现金流 | | 1721.45 | 2315.26 | 2597.68 | | +21.47 +1.26% +18.84 +0.82% | | +58.11 +2.29% | | 恒生综合指数 | 恒指期货 | 恒生科指期货 | | 4137.65 | 27031 | 5391 | | +86.12 +2.13% | +619 +2.34% | +182 +3.49% | | 跌368 | 涨894 | | --- | --- | | 成交额253亿 | 南向资金净买入202亿 | 盘面上，科网股普涨，美团涨超5%，京东涨近4%，网易、快手涨超3%，京东、阿里巴巴涨近3%。 半导体板块高开，中芯国际、华虹半导体涨超4%。黄金股普遍上涨，中国黄金（600916）国际涨超3%；汽车股活跃，吉利涨超1%。 智谱、Min ...

截至发稿，ASMPT(02166.HK)涨6%，中芯国际(00981.HK)和华虹半导体(01347.HK)涨4%。 ...

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

对于港股后续走势，中国银河证券建议关注以下板块：第一美联储降息预期不确定性较高，地缘政治局 势反复无常，贵金属、能源等板块有望震荡上行。第二科技板块仍是中长期投资主线，经历近期的回调 后，估值压力下降，在AI大模型更新加快、AI应用加速推进的背景下，相关板块有望反弹回升。 港股马年首个交易日震荡走低，恒生指数收跌1.10%，恒生科技指数收跌2.91%。AI应用、机器人、石 油股等逆势上涨，互联网科技股普跌，百度跌超6%，阿里巴巴跌近5%。半导体股走弱，华虹半导体跌 近6%，中芯国际跌超3%。国产AI大模型板块逆势收涨，智谱涨近43%，MiniMax涨超14%，两者市值 双双冲破3000亿港元。越疆涨超21%，中国石油股份涨超3%。 香港立法会议员吴杰庄表示，香港预计将于今年3月发放首批稳定币发行人牌照，建议在牌照发放后 以"稳定币空投/消费券"方式向合资格市民发放，用于本地中小企消费（如餐饮、娱乐等），以推动采 用并带动经济，相关行政费用可由获牌公司承担。 中信证券认为，从金融逻辑看，锚定法币的稳定币或将成为最具接受性和安全性的主流稳定币形态。从 底层逻辑看，法币稳定币能够延续法币的价值计量、价值转移、价值贮 ...

光格科技介绍，公司电力设施资产监控运维管理系统结合视频深度AI分析，可解决传统运维检测手段效率低、巡检强 度大等痛点。 供应链波动下盈利稳定性受关注。中芯国际在业绩说明会上表示，人工智能对存储的强劲需求挤压了手机等中低端领 域供应，导致晶圆厂中低端订单减少，但与AI、存储、中高端应用相关的订单增加。公司凭借在BCD、模拟、存储等 细分领域的技术储备，在本轮周期中仍能保持有利位置。 欧莱新材表示，在原材料涨价背景下，公司盈利仍具较强支撑性，主要源于持续研发迭代新一代靶材，并向核医疗、 超导、可控核聚变等高价值领域延伸。 【环球网财经综合】据统计，2月9日至15日，共9家科创板公司获得机构调研。华曙高科获调研数量最多，接待23家 机构；利元亨、华锐精密、欧科亿在一周内均接待两批机构调研。 AI、商业航天成关键词。华曙高科在调研中表示，公司3D打印设备主要应用于航空航天领域（含商业航天），助力客 户攻克轻量化、复杂异形结构件制造等技术难点。欧科亿被问及航空航天领域拓展前景时称，随着国产刀具实力提 升，国产刀具在该领域占比逐步提升，公司已针对高温合金及钛合金进行产品储备。关于AI在刀具中的应用，欧科亿 回应称，AI算 ...

Group 1: Core Insights - The internet technology sector is experiencing significant developments in AI technology breakthroughs, policy support, and industry collaboration during the week of February 11 to 18, 2026 [1] - ByteDance released a preview of its image generation model Seedream 5.0 on February 10, while promoting the video model Seedance 2.0, leading to a surge in demand for AI video generation [1] - Meta announced an expansion of its partnership with NVIDIA on February 18, planning to deploy millions of AI chips in data centers, which will boost AI computing power demand [1] Group 2: Stock Market Trends - The A-share technology sector saw significant capital inflow, with the semiconductor sector experiencing a net inflow of 5.69 billion yuan on February 12 [2] - Notable stocks included Zhaopin Co., which rose over 15%, and companies in the liquid cooling server concept, such as Yuke Technology and Capital Online, hitting the daily limit [2] - Google Cloud announced a price increase of 100% for North American data transfer fees starting May 1, prompting a reevaluation of the value in the IDC and computing leasing sectors [2] Group 3: Financial Report Analysis - SMIC reported a net profit of 1.22 billion yuan for Q4 2025, a year-on-year increase of 23.2%, with an annual capacity utilization rate of 93.5% [3] - TSMC's revenue in January surpassed 400 billion New Taiwan dollars for the first time, reflecting a year-on-year growth of 36.8%, indicating strong demand for AI chips [3] - Both companies exceeded expectations, highlighting the robust health of the semiconductor industry chain [3] Group 4: Institutional Perspectives - A Bank of America report indicated that China's AI industry is at a critical turning point, with the explosion of video models driving a surge in computing power demand [4] - There is a noticeable divergence between the US and Chinese AI industries, with US tech stocks under pressure due to concerns over return on investment, while China's model commercialization accelerates [4] - New antitrust compliance guidelines have been introduced, encouraging platform companies to shift from "involution" to innovation, which is beneficial for the long-term health of the ecosystem [4]

Core Viewpoint - The blind expansion of AI data centers may lead to a significant bubble in the AI era, as warned by Zhao Haijun, co-CEO of SMIC [1] Group 1: Investment Trends - Major tech companies are projected to spend a staggering $660 billion on capital expenditures in 2026 alone, with a total global AI-related infrastructure spending potentially exceeding $3 trillion over the next five years [4] - Chinese internet giants are also increasing their investments, with Alibaba raising its budget for AI infrastructure and cloud computing from 380 billion yuan to 480 billion yuan, and ByteDance expected to spend 160 billion yuan in 2026 [4] Group 2: Concerns Over Utilization - Zhao Haijun highlighted the absurdity of companies rushing to build data centers equivalent to ten years of usage within just two years, without a clear understanding of their actual utility [6] - Historical parallels were drawn to the late 1990s internet bubble, where telecom companies over-invested in fiber optics, resulting in underutilization and financial losses [6] Group 3: Technological Risks - Data centers are not ordinary real estate; the chips within them have a limited lifespan, with Meta's AI chips lasting about 5.5 years, and some investors suggesting an effective lifespan of only 2 to 3 years due to rapid technological advancements [8] - If demand falls short, the resulting waste could be irreparable, leading to significant financial losses [8] Group 4: Market Reactions - Despite announcing massive capital expenditure plans, the combined market value of the four tech giants dropped by $950 billion, indicating investor skepticism about the return on such investments [10] - The market is shifting from a focus on "technological imagination" to "commercial realization," reflecting a critical reassessment of AI valuations [10] Group 5: Strategic Recommendations - Zhao Haijun's warnings emphasize the need for rational planning in AI infrastructure to avoid repeating the mistakes of the internet bubble, advocating for alignment with future demand rather than blind over-investment [12] - For Chinese companies, the focus should shift from merely competing in computational scale to creating value in local scenarios, ensuring that data centers serve practical purposes rather than being underutilized assets [14]