(本文来自第一财经) 2月20日，港股开盘后，大模型公司智谱和MINIMAX股价均大幅上涨，创上市以来新高。截至记者发 稿，智谱股价上涨36%至 691港元，MiniMax股价上涨12%至957港元，两家大模型企业市值均突破3000 亿，接连超越携程、快手和京东市值，逼近泡泡玛特（3273亿港元）与百度（3500亿港元）。（第一财 经记者刘佳） 来源：第一财经 ...

"在超市买了草莓和三文鱼，上传发票后中了50元，好幸运！""和好朋友吃了一顿西式轻食，中了10 元，这个新年彩头不错！"……上海"乐享消费 有奖发票"活动启动之后，这样的小惊喜在上海的大街小 巷、商场餐厅不断上演。小票据承载大民生，小奖励撬动大消费。记者走访市场后发现，真金白银的抽 奖福利有效激发市民消费意愿，带动零售、餐饮、文旅等多行业人气回升、客流增长，为新春消费市场 持续注入活力。 凑单图个新年好彩头 2月12日10时，2026年上海市有奖发票活动启动。凭单张价税合计金额不低于100元的符合要求的电子普 通发票，即可参与抽奖，最高奖800元。叠加新春期间商场的福利和消费券，让消费者"买买买"的劲头 更足了。 "有奖发票的活动开启后一周左右，门店客流环比增加30%，客单价上升了20%，开票率也上升了 20%。"世纪联华外高桥店店长李坚用一组数据证明了活动热度。他告诉记者，因为单张发票必须超过 100元，不少消费者为了达到这一门槛而凑单，拉高了客单价。 "春节期间正是消费旺季，今年健康消费趋势明显，长白山人参、福鼎白茶、挪威三文鱼、高端奶制品 等都是热销的节日礼物，红酒也比平日里卖得好。"李坚说，为了使发票 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of "smart money" in the Hong Kong stock market, with southbound funds showing a pattern of buying more as prices drop, achieving a cumulative net purchase of 136.15 billion yuan year-to-date as of February 13 [1] - Southbound funds have focused on major technology stocks, with Tencent Holdings and Xiaomi Group being the primary targets, net buying 12.88 billion HKD and 12.13 billion HKD respectively, while China Life, China Construction Bank, Pop Mart, and Kuaishou each received over 5 billion HKD in net purchases, continuing the "technology + dividends" strategy [1] - According to Everbright Securities, the overall trend of the Hong Kong stock market is positive due to factors such as profit recovery, improved liquidity, low valuations, and policy support, indicating a market condition of "moderate fundamental recovery, synchronized internal and external liquidity, and neutral to warm sentiment" [1] Group 2 - The "Huitianfu Hong Kong Stock Technology Selection Mixed Fund C" (025545) focuses on high-quality technology theme assets within the Hong Kong Stock Connect range, with a clear investment logic and a minimum of 60% of its assets in stocks, and at least 80% of non-cash assets in Hong Kong Stock Connect stocks [1] - The "Huitianfu Hang Seng Technology ETF Linked Fund C" (013128) aims to balance the allocation of core assets in Hong Kong technology, representing the sector well and capturing the medium to long-term growth momentum of China's new economy [2] - The "Huitianfu Hang Seng Stock Connect China Technology ETF Linked Fund C" (025167) focuses on core assets in the "Hong Kong M7," covering the entire AI industry chain, and is designed to capture the core value of AI by excluding non-technology sectors [2]

2026年2月20日（农历大年初四），港股年后首日开市，恒生指数低开低走，一度跌超1%，现跌 0.76%。 "两桶油"领涨恒指，中国石油（00857.HK）和中海油（00883.HK）现分别涨4.68%和3.82%，因地缘风 险，油价上涨。另一方面，百度（09888.HK）领跌，现跌5.74%；京东健康（06618.HK）、阿里巴巴 （09988.HK）、泡泡玛特（09992.HK）等均跌超3%。 但与此同时，AI和机器人股却大幅攀升，春节前上市的"AI去幻"概念股海致科技（02706.HK）再涨 18.75%，现报142.50港元，已较其发售价27.06港元高出426.61%。 年前发布大模型的MiniMax（00100.HK）和智谱（02513.HK）现也分别上涨9.21%和16.54%，报925.00 港元和592港元。 另一方面，在春晚上大放异彩的机器人概念继续推动行情，机器人股越疆（02432.HK）、优必选 （09880.HK）和极智嘉（02590.HK）等都大涨。 在农历新年期间，全球资产怎么走？对港股有何影响？ 美股现分化，中概股走弱 年前因为对AI投资回报和AI颠覆传统软件业的担忧影响下，美 ...

Market Overview - On February 20, the Hong Kong stock market experienced a decline on its first trading day of the Year of the Horse, with the Hang Seng Index, Hang Seng Tech Index, and other indices showing weakness, particularly the Hang Seng Tech Index which fell over 2% [1][8] - The Hang Seng Index closed at 26,544.62, down 161.32 points or 0.60%, while the Hang Seng Tech Index was at 5,245.10, down 122.42 points or 2.28% [2][9] AI and Robotics Sector Performance - Despite the overall market decline, AI application stocks surged, with Haizhi Technology Group rising over 28% to a peak of 154.4 HKD per share, marking a new high since its listing. Other notable gains included Zhiyuan up nearly 20%, and Yujian up over 18% [2][9] - The Spring Festival Gala showcased humanoid robots from four companies, highlighting advancements in robotics and AI technology, which have garnered significant public interest [4][11] - Douyin e-commerce reported a substantial increase in sales of robot products during the Spring Festival, with GMV growing 1680% and order volume increasing 655% from February 16 to 18 [4][11] Industry Insights - Dongwu Securities emphasized that advancements in core robotic capabilities are crucial for the technology's transition from laboratory to factory settings [5][12] - According to a recent report by招商证券, the AI application sector is witnessing simultaneous technological breakthroughs and intensified commercial competition, supported by national strategies for long-term development [6][12] - The report also noted that while index valuations are slightly high, the dual drivers of industry trends and policy benefits suggest potential upward movement in the market [6][12] Storage Sector Developments - On the same day, storage concept stocks in Hong Kong showed slight gains, with companies like 澜起科技 rising over 8% and 兆易创新 nearly 4% [6][12] - Reports indicated that Samsung Electronics is negotiating pricing for its latest generation of AI storage chips, which could be up to 30% higher than the previous generation [6][12]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.18%, the Hang Seng Tech Index down 0.69%, and the Hang Seng China Enterprises Index down 0.19% [1][18] - The market continued to decline, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index reaching a decline of 2.7% at one point [1][18] - By the time of reporting, the major indices had narrowed their losses but remained predominantly in the red [1][18] Sector Performance - The media and consumer sectors experienced widespread declines, with notable drops in companies such as DaMai Entertainment (over 6%), NetEase Cloud Music (over 5%), and Tencent Music (nearly 4%) [2][21] - Conversely, sectors such as oil and petrochemicals, semiconductors, and enterprise services showed resilience, with AI applications gaining significant traction [2][20] AI Sector Highlights - The AI application sector continued its upward momentum, with HaiZhi Technology Group surging over 28% to a peak price of 154.4 HKD per share, marking a new high since its listing [10][27] - ZhiPu Technology's stock reached a peak of 635 HKD per share, reflecting a 25% increase, with a total market capitalization exceeding 270 billion HKD [11][29] - MINIMAX also saw a strong performance, rising over 15% to a peak of 980 HKD per share [30][31] Investment Insights - Recent developments in AI technology, including the integration of major models like ZhiPu GLM-5 and Alibaba Qwen3.5, are expected to enhance the capabilities of enterprise AI platforms [32][33] - The AI sector is witnessing a dual trend of technological breakthroughs and intensified commercial competition, supported by national strategies promoting "Artificial Intelligence+" [33]

Core Insights - The article highlights the resurgence of traditional food brands and the emergence of new popular dining spots in Shanghai during the Spring Festival, showcasing a vibrant consumer atmosphere and increased foot traffic in commercial areas [2][3][4]. Group 1: Traditional Brands - Established brands like Xiao Shao Xing and De Xing Guan have successfully attracted large crowds, with long queues forming outside their locations on Shanxi South Road, which has become a new hotspot for dining [2][3]. - Xiao Shao Xing has adapted to modern consumer preferences by introducing new menu items such as baked crème brûlée and osmanthus rice milk, appealing to younger customers and international tourists [2]. - De Xing Guan experienced a surge in popularity due to a mention in a popular drama, leading to increased customer traffic and adjustments in operating hours to accommodate demand [3]. Group 2: New Consumption Scenes - New consumption brands in Shanghai are creating innovative shopping experiences, such as the themed pop-up events at BFC Financial Center, which combine traditional elements with modern trends to attract consumers [4]. - The introduction of pop-up stores, like the one by Lao Pu Huang Jin, has significantly increased foot traffic, with customers often waiting hours to enter, benefiting surrounding shops as well [5][6]. - The LV giant "Louis" continues to draw crowds, with all reservation slots for its exhibition fully booked during the Spring Festival, indicating strong interest from both local and international visitors [6]. Group 3: Consumer Behavior - The festive atmosphere and new shopping experiences have encouraged local residents to stay in Shanghai for the holiday, contributing to a vibrant local economy [4]. - Consumers are increasingly engaging with new brands and experiences, leading to a shift in shopping habits and preferences during the festive season [5][6].

Market Overview - The Hang Seng Index (HSI) closed at 26,541.96, down by 163.98 points or 0.61% on February 19 [1] - The index opened at 26,658.57, reached a high of 26,674.58, and a low of 26,480.63, with a trading volume of 24.6391 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 135.722, up by 1.13% compared to the previous close [2] - Tencent Holdings closed at HKD 532.399, down by 0.11% compared to the previous close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 533.000, with a slight increase of 1.000 or 0.19% [3] - Alibaba Group (09988) latest price is HKD 154.700, down by 0.700 or 0.45% [3] - HSBC Holdings (00005) latest price is HKD 134.200, down by 1.500 or 1.11% [3] - AIA Group (01299) latest price is HKD 82.350, up by 2.050 or 2.55% [3] - Meituan (03690) latest price is HKD 82.050, down by 0.100 or 0.12% [3] - JD.com (09618) latest price is HKD 105.900, down by 0.500 or 0.47% [3]

Core Insights - The discussion between Li Tiantian and Feng Lun highlights the unique business logic of Henan entrepreneurs, characterized by being grounded, Chinese, and socialist in nature [1][2][3] Group 1: Business Logic - Henan entrepreneurs focus on serving the broadest base of ordinary consumers, exemplified by companies like Mixue Ice City and Guoquan Shihui, which emphasize cost efficiency and large-scale consumer engagement [1] - The business models of these companies are not reliant on high-tech concepts but rather on meticulous cost management and a strong supply chain, demonstrating that low-margin businesses require high operational efficiency [1] Group 2: Social Responsibility - The "very Chinese" aspect reflects a relational logic where businesses are embedded in social structures, emphasizing trust and long-term cooperation over aggressive competition [2] - The "very socialist" characteristic is illustrated by companies like Pang Donglai, which prioritize employee welfare and service quality, viewing employees as assets to enhance organizational cohesion and competitiveness [2] Group 3: Growth and Sustainability - Henan entrepreneurs are not limited to traditional expansion; they leverage digital systems, supply chain platforms, and social media to enhance their business models and achieve global reach [2] - The ability to thrive in challenging environments and identify consumer needs among ordinary people is a key strength of Henan entrepreneurs, contributing to the foundational stability of the Chinese economy [3]

【求同存异慢慢来！英国驻华大使这样期许中英关系】英国驻华大使魏磊能够说一口流利的中文，他 用"求同存异"、"慢慢来"表明对中英关系发展的期许。近日，魏磊接受CGTN主持人田薇专访。他以泡 泡玛特和奇瑞汽车出口英国为例，表示中英两国正致力于稳定双边关系，聚焦于双边的合作机遇，两国 可以携手共进，互利共赢。In an exclusive interview with CGTN host Tian Wei, British Ambassador to China Peter Wilson, taking Pop Mart and Chery Automobile as examples, said that China and the UK are committed to stabilizing bilateral relations, focusing on cooperative opportunities. The two nations can really help each other. （来源：CGTN） 转自：CGTN ...