隔夜美股三大指数涨跌不一，中概指数大跌1.78%。昨日高开低走的港股三大指数高开反弹，恒指 涨0.25%，国指涨0.04%，恒生科技指数涨0.15%。大型科技股涨跌不一，京东涨约1%，百度跌1%，生 物医药股集体上涨，创新药概念方向领衔，药明生物、再鼎医药涨近5%，汽车股、钢铁股、黄金股多 数上涨。另外，光通讯板块龙头长飞光纤光缆跌4.56%，昨日逆势上涨的天齐锂业、赣锋锂业回调。 ...

港股三大指数今日反弹，恒指及恒科指数均一度涨超1%。截至收盘，恒生指数涨0.95%或249.52点，报 26630.54点，全日成交额2884.2亿港元；恒生国企指数涨0.51%，报8859.49点；恒生科技指数涨0.56%， 报5137.84点。全月来看，恒指累跌2.76%，国指累跌4.91%，恒科指数累跌10.15%。 摩根士丹利报告指出，A股投资情绪指标在农历新年后随成交量回升及对两会预期升温而有所改善。但 受人工智能颠覆影响的担忧及竞争压力，离岸中资股仍面临挑战。大型平台公司的AI能力提升、盈利 改善及外部市场的稳定将是未来的观察关键。 蓝筹股表现 新鸿基地产(00016)创新高。截至收盘，涨7.12%，报146港元，成交额22.96亿港元，贡献恒指22.72点。 摩根大通研报指出，新鸿基地产2026上半财年盈利按年增长17%，远高于该行预期的4%增幅，主要受 惠于中国内地发展物业利润远超预期。这是三年来新地首次提高中期股息3%，此举显示管理层的信 心。 其他蓝筹股方面，药明生物(02269)涨5.07%，报40.22港元，贡献恒指11.5点；中国神华（601088） (01088)涨4.03%，报4 ...

Market Performance - The Hang Seng Index closed up 0.95%, the Hang Seng Tech Index rose 0.56%, and the State-Owned Enterprises Index increased by 0.51% on February 27 [1] - Southbound capital saw a net inflow exceeding 14 billion HKD [1] Stock Movements - Major tech companies such as Tencent rose over 1%, while Meituan, JD.com, and Baidu also experienced gains; Alibaba initially increased by over 1.7% but fell back towards the end of trading [1] - Specific sectors like optical communication, steel, non-ferrous metals, rare earths, and innovative pharmaceuticals saw significant increases, with Longi Green Energy rising nearly 10%, Maanshan Iron & Steel up 6.6%, and Kweichow Moutai increasing by 6% [1] IPO Market Outlook - Multiple institutions express optimism regarding the Hong Kong IPO market for 2026, with UBS predicting a financing scale exceeding 300 billion HKD and around 150-200 listings [3] - Huatai Securities estimates the main board IPO financing scale at approximately 310 billion HKD with about 100 new companies [3] - Deloitte forecasts around 160 new listings in the Hong Kong market with a financing amount not less than 300 billion HKD [3] - PwC anticipates about 150 new listings with total fundraising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [3] Technology Sector Valuation - Analysts from China Merchants Securities indicate that the current valuation of the Hong Kong tech sector has dropped to historical lows, suggesting that the sector is significantly undervalued in the context of the AI development and technology-driven national strategy [3]

智通财经2月27日讯（编辑 胡家荣）港股三大指数本月交易结束，全月整体震荡调整。恒生指数围绕27000点区间反复波动，恒生科技指数回调尤为显著， 月内累计跌幅超10%。 截至收盘，恒生指数累计下跌2.76%，报26630.54点；恒生科技指数累计下跌10.15%，报5137.84点；恒生国企指数累计下跌4.91%，报8859.49点。 值得关注的是，恒生科技指数本月创下2024年1月以来最大单月跌幅纪录。同期的恒生指数也领跌全球主要指数。 此轮调整，本质上反映出市场对当前估值水平与盈利预期的重新定价，投资者风险偏好趋于谨慎，整体资金配置策略更趋审慎。 机构称基本面修复支撑结构性机会 驱动逻辑切换：从业绩修复到政策催化 光大证券指出，当前港股处于"基本面温和修复、流动性内外共振、情绪中性偏暖"格局，市场正由资金驱动向业绩驱动切换，一季度结构性反弹可期。 布局三大主线：政策与季节性机会并重 中信证券指出，2025年四季度压制因素逐步消化，参考历史春季躁动规律，建议重点关注："十五五"政策主线(生物制造、具身智能、6G)；政策催化预期逆 转领域(外卖平台、地产)；春季躁动受益板块(非银金融)。 月度个股表现：景气赛 ...

每经AI快讯，2月27日，港股收盘，恒生指数收涨0.95%，恒生科技指数收涨0.56%，光通信、钢铁、有 色、稀土、创新药板块集体大涨。长飞光纤光缆涨近10%，马鞍山钢铁涨6.6%，金力永磁涨6.7%，中国 神华涨近6%，昭衍新药涨6%，康希诺生物涨7%，药明生物涨超3%。 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.39% closing at 4162 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index dropped by 1.04% [1] - Rare metal stocks experienced a surge, with several stocks hitting the daily limit up, including Hunan Gold, Zhangyuan Tungsten, and Xianglu Tungsten, among others [1] - Tungsten prices have skyrocketed, prompting downstream hard alloy manufacturers to raise prices, with companies like Xinrui Co. and Huarui Precision announcing price adjustments [1] Group 2 - The computing power leasing sector continued its strong performance, with stocks like Yuntian Lifa and Tuowei Information hitting the daily limit up [2] - Hetzner, a major European data center operator, announced a price increase for all products and services effective April 1, marking the second price hike within the month [2] Group 3 - YN Energy Holdings saw a significant increase of 115%, ranking first in monthly gains [3] - Limin Co., a leading pesticide manufacturer, announced a long-term supply contract with Bayer, with an estimated contract value of 800 million yuan over three years [3] - The glass fiber sector faced declines, with companies like International Composites dropping nearly 10% [3] Group 4 - Hong Kong's innovative drug sector rebounded, with companies like WuXi AppTec and CanSino Biologics seeing gains of nearly 8% and over 6% respectively [4] - The recent adjustment in the innovative drug and CRO sectors is viewed as a short-term correction, not affecting the long-term growth prospects of the industry [4]

CSIWM 个股点评 2026 年 2 月 27 日 药明生物 2269 HK 中国医疗保健行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 抛售：资金流动驱动，非基本面因素 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 26 日发布的题为《Sell-off: Flow-led, not fundamentals》 的 报 告 ， 药 明 生 物 （ WuXi Biologics） 及 其 子 公 司 药 明 合 联 （ WuXi XDC） 今 日 分 别 下 跌 约 7%/8%，而香港上市 CRO/CDMO 板块整体下跌 2-9%。中信里昂认为这些波动并非基本面驱动，更多可能是仓位 调整和资金流动所致。 三月指引季或成下一个催化因素 催化因素 (1) 双/多特异性药物引领的项目动能，有望推动2026 年收入重新加速增长；(2) 2025 年新增项目数超预期（净增128 个项目，超越市场预期），为 2026 年预期增速快于 2025 年奠定基础；(3) 地缘政治估值折价因素消退，2026 年该 ...

随着近期多只生物医药股靓丽业绩放榜，今日港股创新药概念也集体活跃。其中，入选了2026年格隆 汇"下注中国"十大核心资产名单的药明合联涨超8%，领涨板块，药明生物涨超5%，康方生物、云顶新 耀、诺诚健华涨超4%，石药集团、再鼎医药、药明康德涨超3%。 | 代码 | 名称 | | 涨跌幅 V | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 02268 | 药明合联 | 0 | 8.40% | 63.250 | 795.68亿 | 4.12% | | 02269 | 药明生物 | | 5.38% | 40.340 | 1669.08 Z | 28.31% | | 09926 | 康方生物 | | 4.81% | 106.800 | 983.78亿 | -5.49% | | 01952 | 云顶新耀 | | 4.27% | 37.600 | 132.95亿 | 1.68% | | 69660 | 诺成健华 | | 4.04% | 12.090 | 213.04亿 | -1.71% | | 01093 | 石约集团 | | 3. ...

点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周四港股市场单边下挫，科网股全线走低，生物 科技股大跌。恒生指数收跌 1.44%，报 26381.02 点；恒生科技指数下挫 2.87%，报 5109.33 点； 恒生中国企业指数下跌 2.44%，报 8814.29 点。 市场成交额为 2592.77 亿港元，较前一交易日的 2367.65 亿港元有所增加。恒生指数成分股中， 中升控股重挫 10.8%，药明生物下挫 7.5%，新东 方-S 下跌 5.1%，长和上涨 4.5%，长江基建集团 上涨 4.5%，电能实业上涨 3.8%。恒生科技指数成 分股中，小鹏汽车-W 下跌 5.1%，华虹半导体下跌 4 ...

Group 1 - CXO concept stocks have shown significant gains, with WuXi AppTec (02268) rising by 7.97% to HKD 63, WuXi Biologics (02269) increasing by 4.7% to HKD 40.08, WuXi PharmaTech (603259) (02359) up by 2.28% to HKD 19.7, and Kanglong Chemical (300759) (03759) also up by 2.28% to HKD 19.7 [1] - According to a report from Citi, investor focus is shifting from AI-enabled industries to AI replacing intermediaries, with a clearer positive impact expected on Contract Research, Development, and Manufacturing Organizations (CRDMO) compared to the mixed effects on Contract Research Organizations (CRO) due to internal AI adoption by pharmaceutical companies [1] - The report indicates that the recent decline in the sector is not driven by fundamentals but rather by position adjustments and capital flows, suggesting that the current pullback is a technical/short-term fluctuation rather than a deterioration in demand or execution [1] Group 2 - The report highlights that leading companies in the industry may experience overselling during this market window lacking catalysts, creating attractive entry points for investors with a 3 to 12-month investment horizon [1]