Market Overview - The Hong Kong stock market has shown volatility after the Spring Festival, with mixed performance across sectors. Public funds are actively positioning themselves in the market to seize future opportunities, particularly in technology and cyclical sectors [1][2]. Fund Flows - As of February 24, half of the top ten ETFs with increased shares this year are cross-border ETFs investing in the Hong Kong market. Notably, the Huatai-PB Hang Seng Technology ETF saw an increase of 13.436 billion shares, while several other ETFs also reported significant increases [2]. - Active funds are also adjusting their portfolios to include Hong Kong stocks, with notable holdings in major internet companies like Tencent, Alibaba, Meituan, and Xiaomi [2]. Long-term Investment Outlook - According to Huaxia Fund, the Hong Kong market may present a noteworthy investment window in 2026, driven by attractive valuations and expectations of improved liquidity. The current valuations are at historically low levels, providing a safety margin for investors [2]. - The market is experiencing a resurgence of foreign capital inflows, which is expected to support the Hong Kong stock market [2]. Sector Focus - The technology and cyclical sectors are identified as the main investment themes in the Hong Kong market, with a focus on the AI industry, which is anticipated to see explosive capital expenditure growth [3][4]. - The ongoing economic transformation and industrial upgrades in China are providing significant support for the valuation of the technology sector in Hong Kong [4]. Investment Sentiment - Fund managers express optimism about the Hong Kong market, citing the potential for valuation recovery linked to corporate performance and favorable macroeconomic conditions, including a potential decline in U.S. interest rates [3][4]. - The perception of AI is shifting towards a more rational assessment of return on investment, which is expected to reduce bubble risks and enhance long-term opportunities in the technology sector [4].

近期，港股市场显著分化。一方面，恒生科技指数震荡回落，部分互联网龙头持续调整；另一方面，以 智谱、MiniMax为代表的人工智能（AI）公司股价近期表现强势，尽管2月25日出现调整，但资金关注 度明显提升。 身处同一市场以及相似赛道，股价走势差异如此之大，究竟是短期的情绪波动，还是意味着港股投资逻 辑的根本性重构？当"新AI"加速迭代，"旧互联"面临重估，资本市场正在审视什么？ ● 本报记者 王雪青 "新旧"科技股显著分化 今年以来，港股科技板块出现"冰火两重天"走势，引发市场关注。Wind数据显示，从去年10月的高点 （6715.46点）至今年2月25日收盘，集结了港股互联网巨头的恒生科技指数累计回调超20%。今年2月 以来，恒生科技指数下跌8%。 部分权重股表现偏弱。今年2月以来，腾讯控股跌近14%、阿里巴巴下跌超12%、百度集团跌超15%、美 团跌近15%。 与大部分宽基指数不同，恒生科技指数成分股仅30只，前十大重仓股权重合计接近70%。这意味着，阿 里巴巴、美团、腾讯控股等几家巨头的股价只要有风吹草动，就会立刻体现在指数层面。 近期，智谱、MiniMax等AI大模型公司接连上演"市值跃迁"，成为资金 ...

Core Insights - The article highlights the rapid rise of ByteDance's new app "Dou Sheng Sheng" in the local lifestyle sector, indicating a shift in the competitive landscape of the internet industry following the Spring Festival [1][3]. Group 1: Dou Sheng Sheng's Market Performance - "Dou Sheng Sheng" has consistently ranked in the top five of the App Store's free chart in China shortly after its launch, outperforming competitors like Yuanbao, Pinduoduo, and Meituan [1][3]. - The app reached the second position in the free shopping category on its first day and climbed to the top spot by February 13, maintaining a strong presence in the top five during the Spring Festival [7][11]. Group 2: Strategic Shift and App Development - ByteDance's strategy has evolved from a broad approach to a more collaborative ecosystem, with "Dou Sheng Sheng" marking a significant step in establishing a dedicated transaction platform for local services [3][11]. - The app's design is streamlined, focusing on user experience by allowing direct login with Douyin accounts and integrating order management within the Douyin wallet [4][11]. Group 3: Competitive Landscape and Future Plans - The local lifestyle market is highly competitive, with Meituan, Alibaba, and JD.com also vying for dominance, making "Dou Sheng Sheng's" entry a notable development [11][12]. - ByteDance aims to integrate AI technology into "Dou Sheng Sheng" to enhance user experience and operational efficiency, positioning it as a tool for exploring offline entertainment options [12][19]. Group 4: AI Integration and Ecosystem Development - The article discusses ByteDance's "App Factory 2.0," which leverages AI to create interconnected products across various sectors, enhancing the overall user experience [13][19]. - New AI-driven apps like "Sui Bian" and "AI Douyin" are part of this strategy, aiming to improve user engagement and content delivery [14][17].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 02 月 25 日 [Table_Title] 资产配置日报：再战前高 2 月 25 日，权益市场放量上涨。万得全 A上涨 1.05%，全天成交额 2.48 万亿元，较昨日（2 月 24 日）放量 2627 亿元。港股方面，恒生指数上涨 0.66%，恒生科技下跌 0.19%。南向资金净流出 40.57 亿港元，其中腾讯控 股和美团分别净流入 8.18 亿港元和 6.78 亿港元，而中远海能则净流出 3.58 亿港元。 指数面临前高的考验。万得全 A 放量上涨，触及 1 月 14 日和 1 月 26 日前高，且这两天的成交额分别为 4 万 亿元和 3.28 万亿元，意味着有较多的筹码在此时进场，随着行情回落遭遇亏损。今日早盘大涨后，这些筹码成功 扭亏，部分资金或选择兑现，形成午后指数回落的局面。往后看，若强势突破前高，则确认反弹趋势；若行情回 落，意味着市场短期内或仍将震荡。 资源品&PCB 及其上游，仍是主要线索。资源品方面，工业有色继续受益于涨价逻辑， Wind 稀土和铜产业指 数分别上涨 8.45%和 3.67%。同时，磷化工指数上涨 6 ...

Investment Rating - The report assigns a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) as a first coverage [4]. Core Insights - The report highlights that Hong Kong Exchanges and Clearing Limited experienced a significant increase in revenue and net profit for the first three quarters of 2025, with revenue and net profit growing by 37% and 45% year-on-year, reaching HKD 21.9 billion and HKD 13.4 billion respectively [4]. - The EBITDA margin improved by 5 percentage points to 79% due to scale effects, with Q3 alone showing an 8% and 10% quarter-on-quarter growth in revenue and net profit [4]. - The report emphasizes the strong performance in spot trading and stock options, with average daily trading amounts (ADT) for stock securities products increasing by 150% year-on-year to HKD 267.9 billion in Q3 [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the revenue from spot trading increased by 75% year-on-year to HKD 111 billion, accounting for 51% of total revenue [5]. - The average daily trading amount for southbound and northbound trading increased by 285% and 144% respectively, contributing to the overall growth in trading volume [5]. - The financial derivatives segment saw a decline in average daily contract volume by 7% year-on-year, while stock options trading increased by 30% [5]. Strategic Initiatives - Hong Kong Exchanges and Clearing Limited has implemented several strategic measures, including the launch of LME-approved warehousing facilities and adjustments to minimum price fluctuations in the securities market [6][7]. - The company is also focusing on enhancing market vitality and technological empowerment, with plans to shorten the settlement cycle for the cash market [6][7]. IPO Contributions - In the first three quarters of 2025, there were 69 successful IPOs on the Hong Kong Exchange, raising a total of HKD 188.3 billion, marking the highest level since 2022 [8]. - The report notes that internet and technology stocks were the main contributors to trading volume, with the top ten stocks accounting for 30% of the total market ADT [8]. Profit Forecast and Valuation - The report projects that the net profit for Hong Kong Exchanges and Clearing Limited will reach HKD 17.9 billion, HKD 20.3 billion, and HKD 22.1 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 37.5%, 13.1%, and 9.0% [9]. - The current price-to-earnings (P/E) ratios are forecasted to be 29.1, 25.7, and 23.6 for the years 2025, 2026, and 2027 [9].

北京商报讯（记者魏蔚）2月25日，美团AI管家"小团"发布最新春节数据显示，假期期间，有过亿人次 用户通过"小团"规划吃喝玩乐消费，休闲玩乐、餐饮堂食、短途周边游是用户问询最多的场景。根据数 据，超30%"小团"提问中提及"父母"、"适老"等关键词，用户使用"小团"提出了最多覆盖20种本地消费 场景的问题，超过30字的提问中，语音输入占比接近50%。首次使用后一周内，多次通过"小团"解决本 地消费需求的用户占比30%。 （文章来源：北京商报） ...

（来源：每日经济新闻） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公开资料显示，自变量机器人成立于2023年12月，也是目前公开披露的唯一一家同时获得阿里巴巴、美 团、字节跳动3家中国互联网巨头战略投资的创业公司。在本轮融资前，自变量机器人融资总额已达约 30亿元，融资轮数至少有9轮。 每经北京2月25日电（记者赵雯琪）记者从通用具身智能企业自变量机器人方面获悉，继1月官宣由字节 跳动、红杉中国等机构参与的10亿元融资后，自变量机器人一个月内又完成数亿元新融资，由上汽金 控、中金上汽基金等头部产业资本领投，美团龙珠、红杉中国、北京信息产业发展投资基金、国开金 融、啟赋资本、渶策资本、广发信德等众多老股东加码追投。 ...

2月末，春节的喧嚣逐渐散去，抖音、微信、小红书、美团等平台陆续发布的春节消费报告。这些数据 记录的不只是订单与交易，更揭示了我们如何在互联网的辅助下，悄悄重构了这一古老传统。 最醒目的变化往往藏在具体的动作里。有人把绞尽脑汁的拜年祝福语、琐碎的春晚节目单，以及精确的 高速免费时间交给了AI搜索框，也有人把寻找本地吃喝玩乐的决策权交给了AI管家。 这种变化直接反映在支付数据上。微信披露，假期内旅行、生活娱乐的交易笔数同比涨幅均超过20%， 年味更多地落进了热闹的商圈、远方的景区和流光溢彩的夜色里。 美团的数据也印证了这种"流动性"，平台用户人均打卡2.2个城市，到访多个城市的文旅消费人数同比 增长了50%，而小红书上"反向过年"的相关搜索量更是暴涨了45倍。人们不再扎堆大城市或守在老家火 炉旁，而是向着更具性价比、更清静的小城进发，春节正在从一次固定的"回归"演变成一场流动的"探 索"。 在广阔的县城和小镇，消费逻辑也在被互联网商业服务彻底重构。抖音生活服务数据显示，春节团圆饭 套餐订单量同比增长216%，三线及以下城市的团购销售额增长了66%。即便是最看重传统的下沉市 场，也开始接受一种更细碎、更随时补齐的节 ...

（原标题：他们，将影响你的生意和生活丨国家市场监管管理总局党组书记、局长罗文） 关键词：强大国内市场、经营主体活力 6.不断深化国际交流合作，强化规则标准互联互通，主动服务我国企业出海，深度参与国际组织工作。 要坚持既要"放得活"又要"管得好"，努力开创全国统一大市场建设新局面；要充分运用质量技术基础手 段，持续助力现代化产业体系建设；要进一步强化风险意识，坚决守牢"三品一特"安全底线。 ——2025年12月28日召开的全国市场监管工作会议指出 核心关注： 市场监管部门要更好统筹活力与秩序的关系，做到既"放得活"又"管得好"，不断放大中国市场的规模效 应和集聚效应，在更大范围内深化分工协作、促进充分竞争，实现市场整体运行效率的提升。 政策扫描： 1.持续深化公平竞争治理，加力破除行政性垄断，加强反垄断反不正当竞争执法，深入整治"内卷式"竞 争。 2.推动提高经营主体发展质量，完善市场准入退出制度，提升经营主体信用水平，强化知识产权和商业 秘密保护。 3.强化平台经济常态化监管，压实平台企业"守门人"责任，突出抓好平台规则治理，加快平台监管"一 库一码一系统"建设。 4.深入推进质量强企、强链、强县（区、镇）建 ...

下一步需着力完善规则、强化协同、提升能力、优化监督与数据应用，切实提升执法统一性。 当前全国市场监管执法的基本面 1.执法体制完成整合，形成统一管理架构。根据2018年启动的深化党和国家机构改革方案，原分散于国 家工商行政管理总局、国家质量监督检验检疫总局、国家食品药品监督管理总局，以及国家发改委的价 格监督检查与反垄断执法职责等，被统一整合至新组建的国家市场监督管理总局。目前，全国省、市、 县三级市场监管综合执法队伍整合已全面完成，实现了执法主体、事权与组织的统一，为从根本上解决 多头执法、重复检查问题奠定了制度基础。 2.重点领域执法常态化，案件查处覆盖主要违法类型。针对民生领域、数字经济反垄断、反不正当竞争 执法已实现常态化，针对"内卷式"竞争等新问题能及时作出回应。《中国反垄断执法年度报告 （2024）》显示，2024年民生领域反垄断执法专项行动纵深推进，在医药领域，执法行动推动涉案药品 降价62%；在机动车检测领域，执法行动有效降低了群众生活成本和经营主体负担；在数字经济领域， 督导阿里巴巴、美团、知网等进行整改，切实维护了该领域的竞争秩序。2026年1月，市场监管总局发 布综合整治"内卷式"竞争十 ...