智通财经APP获悉，中国银河证券发布研报称，推理算力资源亟需扩张，算力行业仍处于较高景气周期 上。春节期间国内通信行业全面发展，"十五五"开局首年，5G-A赋能马年春晚，5G-A的三大核心能力 (UCBC、RTBC、HCS)全面激活，支撑了超高清素材回传、跨会场演员"同台"互动以及分会场低空空域 的安全防护。结合春节期间算力应用的发展，以及春节前海外云厂商2026年资本开支计划及光通信产业 链订单情况，算力行业仍处于高景气周期中，且我国光通信产业链春节期间积极复产复工，假期对订单 兑现度的短期影响预计较小，META与英伟达合作预计将加速CPO的普及。 推理算力资源亟需扩张，算力行业仍处于较高景气周期上 春节期间国内通信行业全面发展，5G-A、卫星互联网、6G以及光通信行业受假期影响相对较小，应用 端AI智能体相关公司如智谱寻找算力合伙人、豆包2月16日暂停视频通话功能能等均体现出算力不足的 现状，AI应用的持续发展带动算力规模的持续上行； 事件：2026年春节期间国内外通信行业相关主题事件较多，产业链蓬勃发展。 海外相关新闻主要集中于数据中心建设以及GPU-XPU的路线上，英伟达当前行业龙头地位稳固，收购 G ...

风险提示 中国银河证券主要观点如下： 春节假期重要事件回顾：(1)全球视角：贸易政策不确定性再起，美国最高法院裁定特朗普政府大规模 关税政策违法，特朗普称将对全球商品加征15%进口关税;1月货币政策会议纪要显示，美联储内部对货 币政策前景存在明显分歧;地缘扰动持续，美伊事态紧张。(2)国内视角：春节期间出行火热，春运前20 天预计全社会跨区域人员流动量达50.8亿人次，日均2.5亿人次，创下历史同期新高;截至21日晚上，春 节档电影总票房(含预售)已突破44亿元;科技题材成为春节假期焦点，央视春晚带动人形机器人相关产品 的消费热潮;《求是》杂志发表习近平总书记重要文章《当前经济工作的重点任务》。 三维度看节后市场如何布局?(1)政策：稳预期+做增量。2024年9月24日以来，A股迎来了一系列稳预 期、做增量的政策支持，旨在推动资本市场高质量发展，增强投资者信心，并为市场注入更多流动性。 春节后即将迎来"两会"，市场或提前布局政策预期。"两会"预计紧扣内需主导、创新驱动、改革攻坚、 对外开放等重点领域。在政策红利与产业升级共振下，A股市场长期稳健运行基础将进一步夯实。(2)流 动性：从三个价格看A股怎么走?从汇 ...

Core Viewpoint - The Hong Kong stock market experienced fluctuations and declines due to the Chinese New Year holiday, with a recommendation to focus on sectors such as precious metals, energy, consumer, and technology for potential investment opportunities [1][5]. Market Performance - The Hong Kong stock market had only two trading days during the week (February 16 to February 20), with the Hang Seng Index falling by 0.58%, the Hang Seng Tech Index down by 2.78%, and the Hang Seng China Enterprises Index decreasing by 0.81% [2]. - Among the primary industries, eight sectors rose while three fell, with energy, materials, and industrial sectors showing the highest gains of 3.65%, 2.27%, and 1.03% respectively. Conversely, consumer discretionary, consumer staples, and communication services sectors faced declines of 1.86%, 1.50%, and 0.13% respectively [2]. Market Liquidity - Due to the holiday, the Hong Kong market had a half-day trading session on February 16, with a trading volume of HKD 85.056 billion. On February 20, the trading volume was HKD 165.461 billion, lower than the previous week's average of HKD 240.643 billion [3]. - Short selling amounted to HKD 23.727 billion, representing 14.43% of the total, significantly higher than the previous week's average of 12.56% [3]. - Over the past week, there was a net inflow of USD 321 million from active foreign funds and USD 697 million from passive foreign funds into Hong Kong stocks, both lower than the previous week's inflows [3]. Valuation and Risk Appetite - As of February 20, the Hang Seng Index had a PE ratio of 12.09 and a PB ratio of 1.23, which are at the 79% and 55% percentile levels since 2010 [4]. - The 10-year U.S. Treasury yield rose by 4 basis points to 4.08%, with the risk premium for the Hang Seng Index at 4.19%, positioned at the 5% percentile since 2010 [4]. - The AH share premium index for the Hong Kong-Shanghai Stock Connect decreased by 1.02 points to 116.40, at the 9% percentile level since 2014 [4]. Investment Outlook - The U.S. GDP growth rate for Q4 2025 was revised down to an annualized rate of 1.4%, below the expected 2.5% and the revised 4.4% from Q3 [5]. - President Trump announced an increase in the import tariff on global goods from 10% to 15% [5]. - The report suggests focusing on sectors such as precious metals and energy due to rising geopolitical risks and adjustments in U.S. tariff policies, as well as the consumer sector, which is expected to benefit from increased consumption policies [5]. The technology sector remains a long-term investment focus, with potential rebounds anticipated due to advancements in AI [5].

Group 1: Market Influences - The key events impacting the market during the holiday include the Trump tariff situation, the "Robot + AI Technology Spring Festival Gala," the strong appreciation of the RMB to the 6.89 range, and escalating changes in the Middle East situation [1] - The "2026 Spring Festival box office surpassing 5 billion" is highlighted as an industry bright spot that will positively catalyze related A-share sectors [1] Group 2: Trump Tariff Situation - The U.S. Supreme Court ruled that tariffs imposed by Trump under the IEEPA were unconstitutional, leading to a new 10% temporary import tariff effective February 24, with certain exemptions [3] - Analysts predict that the average tariff rate on China may temporarily decrease by 5 percentage points, while specific estimates suggest a potential 34% reduction in tariffs faced by mainland China [4] Group 3: Human-shaped Robot Industry - The 2026 Spring Festival Gala showcased several domestic humanoid robots, significantly boosting interest in the humanoid robot sector, with related stocks in Hong Kong experiencing a surge [5] - Reports indicate that the Spring Festival Gala has catalyzed significant attention and investment in the humanoid robot industry, with expectations for accelerated production and improved technology [5] Group 4: RMB Exchange Rate - The RMB showed strong appreciation during the holiday, entering the 6.89 range against the USD, primarily due to a weakening dollar rather than a strengthening RMB [7] - Analysts forecast that the RMB could reach an extreme value of 6.8 against the USD, with long-term appreciation expected as a result of ongoing dollar weakness [7] Group 5: Middle East Situation - The geopolitical tensions in the Middle East have increased demand for safe-haven assets, with U.S. military forces gathering in the region, impacting oil prices positively [8] - The uncertainty surrounding the Middle East situation is expected to benefit sectors such as gold and oil, which may see short-term market opportunities [9] Group 6: A-share Market Outlook - Multiple brokerages express a cautious optimism regarding the A-share market post-holiday, with expectations of a "systematic slow bull" opportunity [10] - Analysts suggest that the strong performance of the Spring Festival box office indicates a recovery in the film industry, recommending attention to quality film production companies and leading cinema chains [12]

产业是发展的"压舱石"，今年丰台区经济开局锚定项目"硬指标"——150个区级重点产业项目9月30日前全部开工，全年固定资产投资预计917亿 元。 在丽泽金融商务区，将大力发展现代金融商务新业态，年内入驻企业将突破1700家；依托与银河证券共建的"耐心资本社区"，让金融"活水"精准 浇灌产业发展；建成3.8公里城市公园环绿道、丰泽人才公园，提升莲花河滨水空间，实现产业发展与生态宜居的双向奔赴，向国际化花园商务区 稳步进阶。 在中关村丰台园，将搭建中关村丰台园智能决策中枢应用平台框架，加快中车二七智能制造产业园一期一标段厂房改造，年内实现4万平方米厂 房释放、不少于5家企业入驻园区，加强与全国重点实验室、高校院所对接，全年累计实现30个科技成果在园区转化落地。 "今年，丰台区要加大应用场景建设和开放力度，把场景建成开放式、跨领域的'中试平台'，让科技创新成果真正转化为企业的发展机会。"丰台 区委书记王少峰说。 南中轴地区焕然一新。 丰台区委宣传部供图 本报记者 孙颖 昨天是大年初七，春节假期最后一天，丰台区2026年度重点工作任务部署暨目标责任书签订大会举行，十大领域、35大项、400余项重点任务全 面启动。 开 ...

Core Viewpoint - The announcement details the launch of the CIB CSI Technology Advantage Growth 50 Strategy ETF, which will be listed on the Shanghai Stock Exchange on February 27, 2026, with the full disclosure available on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1][2]. Group 1: Fund Information - The fund will open for regular subscription and redemption on normal trading days of the Shanghai and Shenzhen Stock Exchanges, with specific times outlined in the prospectus or related announcements [2]. - The minimum subscription unit for the fund is set at 1 million shares, and the fund manager may adjust this based on operational and market conditions [3][4]. - The fund manager can impose limits on daily subscription amounts and individual investor holdings to protect existing shareholders' interests [3][4]. Group 2: Fees and Charges - Subscription and redemption agents may charge a commission of up to 0.50% on the subscription amount, which includes fees from the stock exchange and registration institutions [5][7]. - The minimum redemption unit is also set at 1 million shares, with similar conditions for adjustments as in the subscription process [6]. Group 3: Fund Sales and Management - Investors must conduct subscription and redemption transactions through designated agents, which include various securities firms listed in the announcement [8]. - The fund manager is required to disclose the net asset value of the fund shares on the next trading day after transactions are processed [9][10]. Group 4: Additional Information - The announcement emphasizes that the fund's management will adhere to principles of honesty and diligence but does not guarantee profits or minimum returns [1][19]. - Investors are encouraged to read the fund contract, prospectus, and product information documents for detailed information [11].

周恒 制图 □ 2012年至2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假 期后表现同样值得期待 □ 机构表示，央视2026年春晚科技感十足，人形机器人表现进步超预期，科技成为共识度较高的两大主 线之一，节后可关注机器人与AI技术应用板块 ◎记者 汪友若 马年A股的第一个交易日即将到来。春节长假期间，海外市场整体小幅反弹。美股止跌回升，大宗商品 表现强势，原油、黄金和铜价显著上涨。中国资产方面，富时中国A50指数期货上涨，港股主要指数震 荡整理。 光大证券则从日历效应角度分析，认为节后市场有望震荡上行。光大证券表示，从历史经验来看，受微 观流动性好转及投资者风险偏好抬升影响，A股市场在春节后的20个交易日里通常表现较好。2012年至 2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假期后表现同 样值得期待。除了日历效应之外，外围市场的上涨、国内产业端的催化等也将对行情产生积极影响。 "整体而言，资金流入和人心思涨的市场格局没有变化，节后春季行情有望延续。"中信证券在报告中提 示。该机构表示，配置型资金的流入趋势并未发生变化。中国人 ...

春节假期落幕，A股市场即将迎来节后交易窗口。但在2026年春节假期（2月15日-2月23日）期间，全球资本市场并未休憩。在地缘政治博弈、货币政策 预期与产业技术变革的多重交织下，港股、美股、大宗商品市场均出现显著异动，为节后A股投资布局提供了重要参考。 港股先抑后扬，科技成最大亮点 作为A股节后行情的重要风向标，港股市场在春节期间经历了"先抑后扬"的波动轨迹。恒生指数区间累计上涨1.94%，恒生中国企业指数上涨1.82%，恒生 科技指数微涨0.47%。 | 序号 | 证券代码 | 证券简称 区间涨跌幅 | | | --- | --- | --- | --- | | | | | ［区间首日］2026-02-15 | | | | | [区间尾日] 2026-02-23 | | | | [单位] % | | | 1 | HXC.GI | 纳斯达克中国金龙指数 | -0.5530 | | 2 | HSI.HI | 恒生指数 | 1.9377 | | 3 | HSCEI.HI | 恒生中国企业指数 | 1.8230 | | ব | HSTECH.HI | 恒生科技 | 0.4651 | | 5 | : DJI.GI | ...

会上，今年全区十大领域、35大项、400余项重点任务全面启动，其中就包括助推国家博物馆南馆、中 国航天博物馆、中华民族共同体博物馆等一批博物馆稳定选址方案或完成选址落位。 大红门博物馆群文博合院年内开工 城市更新是焕新颜值的"画笔"，在400余项重点工作中，不少涉及城市更新。 国家自然博物馆年内启动地上主体结构施工，首都规划展览馆年内完成土护降施工，中央芭蕾舞团业务 用房项目5月底竣工验收投用……在南中轴，大红门博物馆群建设还将有一系列新任务启动：年内助推 中国航天博物馆、国家博物馆南馆、中华民族共同体博物馆等一批博物馆选址稳定方案或完成落位，开 工建设博物馆群一期公共空间的文博合院、序厅以及配套道路及综合能源站，让文化成为丰台发展的独 特标识。 2月23日大年初七，春节假期最后一天，丰台区2026年度重点工作任务部署暨目标责任书签订大会举 行。 在丽泽金融商务区，将大力发展现代金融商务新业态，年内入驻企业将突破1700家；依托与银河证券共 建"耐心资本社区"，年内吸引不少于5家私募证券、资产运营机构集聚，让金融"活水"精准浇灌产业发 展；建成3.8公里城市公园环绿道、丰泽人才公园，提升莲花河滨水空间，实现产 ...

1月非银存款多增现象是多重因素共同作用的结果。去年同期低基数以及年初股市活跃吸引居民存款入 市成为推动非银存款增长的重要力量。 招商证券研究报告认为，2024年12月1日实施的同业存款利率新规直接导致2025年1月非银存款大幅多 减，构成了低基数效应。叠加当前积极的资本市场走势带动居民存款向非银存款搬家，最终表现为居民 存款同比少增和非银存款同比多增。 自2025年以来，居民存款增速逐步回落、非银存款持续多增的现象备受市场关注。这一存款结构的调 整，既反映出居民财富从传统存款向资管产品迁移的趋势，也让各方对银行体系流动性状况的关注日益 增加。 非银存款多增持续 数据显示，1月人民币存款增加8.09万亿元。其中，居民存款增加2.13万亿元，非金融企业存款增加2.61 万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 与往年相比，1月人民币存款新增规模大幅高于2025年同期的4.32万亿，且处于近年最高位置。居民存 款较2025年同期少增3.39万亿，非银金融存款则较2025年同期多增2.56万亿。 居民存款同比少增、非银存款同比多增现象在1月持续。 今年1月，人民币存款同比大幅多增 ...