责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | | 恒生指数 8000000 | 26943.13 | +529.78 | +2.01% | | 国企指数 800100 | 9144.91 | +185,35 | +2.07% | | 恒生科技指数 800700 | 5347.67 | +136.17 | +2.61% | 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2月23日消息，港股三大指数开盘拉升，恒生指数、恒生科技指数涨超2%。恒指成分股中，紫金矿业涨 超5%，美团涨超4%，中芯国际、京东、网易、舜宇光学科技等涨超3% 2月23日消息，港股三大指数开盘拉升，恒生指数、恒生科技指数涨超2%。恒指成分股中，紫金矿业涨 超5%，美团涨超4%，中芯国际、京东、网易、舜宇光学科技等涨超3% ...

阿里、腾讯、美团等被总结为建议调出的"老登恒生"成分股。同时，恒生生物科技指数也在当日逆市收 涨0.96%，另外，石油股也出现走强。 值得留意的是，虽然港股互联网主题ETF、恒生科技ETF等节前资金流入最多的ETF并未迎来涨势，但 表现强势的个股也有公募基金的布局身影，次新股以打新的方式布局，而表现强势板块则在此前已有主 动权益基金的加仓迹象。 2月22日，节后首个交易日，恒指和恒生科技虽然没有收涨，但AI概念股的涨势如期而至。 2月20日，港股三大指数集体收跌。其中，恒生科技收跌2.91%，恒生指数收跌1.10%，而恒生国企指数 收跌1.22%。相较于恒生科技的继续下挫，港股上市的AI概念次新股却迎来上涨，网友也出现了调整恒 生科技部分成分股的建议。 小米、中芯国际、比亚迪、腾讯、快手等成分股也在去年四季度被主动权益基金减持，不过，美团在去 年四季度得到主动权益基金增持超过1700万股。 石油、创新药板块走强 港股AI概念股大涨 截至2月20日收盘，智谱延续强势表现，收涨42.72%，报725港元；MiniMax也同样收涨14.52%，报970 港元。两大AI龙头盘中最高市值双双突破3000亿港元，与上市初 ...

2025年3月4日，美国再次将税率提高到20%，中国随即作出回应。4月2日，美国实施了全球对等关税，将对中国商品的税率提升至34%。中国在4月4日回 击，同样提高至34%。随后，4月8日美国的关税再次提高到84%，中国次日匹配。4月9日，美国将税率推高至125%，中国做出了相应调整。4月11日，美国 贸易摩擦始于2018年。当时，特朗普政府认为中国商品价格过低，威胁到美国就业，于是决定加征关税。最初针对的是钢铁和铝，关税分别为25%和10%。 中国迅速作出反应，针对美国的水果和猪肉等商品加征了30亿美元规模的税。中国此举的目的在于稳住供应链，避免事态进一步扩大。与此同时，美国指责 中国在技术转移方面不公平，并要求中国修改相关政策。中国则通过调整出口方向，转向其他市场，以避免与美国发生正面冲突。 2018年7月，美国对340亿美元中国商品加征了25%的关税，中国对此做出了对等回应，涉及大豆和汽车等商品。双方进行了几轮谈判，美国提出暂停某些产 业计划，但中国并未完全同意。到了2019年，美国将关税扩大至2000亿美元商品，中国反制了600亿美元。此时，企业开始加强自我创新，投资研发芯片等 技术。美国农民的收入受到 ...

随着AI叙述的不断加强，科技类指数在市场中的地位也愈发重要。恒生科技指数作为港股市场科技板块的核心标杆，汇聚了中概互联网与硬科技领域的龙 头企业，具备多重独特优势，使其成为布局中国科技资产的重要工具。 估值处于低位，安全边际充足 当前恒生科技指数的估值水平已回落至历史极低分位。截至2025年2月13，指数动态市盈率（PE-TTM）约为22.10倍，处于过去三年25%以下分位水平，较 2021年初高点时的60倍以上估值已大幅回调。市净率（PB）方面，当前约2.91倍，同样处于历史底部区域。 若剔除受外卖价格战扰动的阿里巴巴、美团、京东三家平台型企业，恒生科技核心成分股增长质量更为突出——2025年收入同比增长13.6%，Non-GAAP净 利润增速进一步提升至21.7%，盈利修复动能强劲。 图：恒生科技指数市盈率 数据来源：Wind 截至：2026.2.13 横向对比来看，恒生科技指数估值显著低于纳斯达克100指数（约34倍PE）及国内创业板指（约40倍以上PE），在全球主要科技指数中具备明显的估值折 价。这种深度回调已较为充分地反映了前期监管收紧、地缘及宏观经济增长放缓等多重悲观预期，为后续估值修复预留了充足 ...

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]

特朗普第二次入主白宫后，立即将关税作为自己的主要政策工具。2025年2月1日，他签署了行政命令，对所有中国进口商品加征10%的关税，名义上的理由 是针对芬太尼问题。4日，关税正式生效，随后取消了小额免税通道。到3月初，税率更是提高到了20%。4月2日，特朗普推出所谓的解放日措施，给中国商 品额外加征34%的关税，叠加后，有些商品的关税一度攀升到125%以上。面对美国的强硬姿态，中国并没有采取同等规模的反制，而是在4月4日宣布对美 国的部分农产品和能源品加征关税，同时实施出口许可证管理，针对包括钐、钆、铽、镝等稀土元素，直接卡住了美国国防和高端制造所依赖的关键资源。 相比美国的硬碰硬，中国则采取了更为精准的反制手段，同时加快了产业升级的步伐。稀土管制一出，美国洛克希德·马丁等军工企业立刻遭遇了磁铁和合 金的短缺，F-35战机的相关部件生产也受到了影响。与此同时，中国的科技企业却取得了不小的进步，2025年全年，中芯国际的营收创下了超过93亿美元的 纪录，7纳米制程的良品率稳步提升，深紫外多重曝光技术的突破使得量产达到了新高度。长江存储的新一代闪存产品持续升级，华为的5G基站核心模块逐 步转向国内供应链，即便外部 ...

Group 1 - The core mechanism of the Hang Seng Tech Index is its quarterly rebalancing system, which allows for dynamic optimization of component structure, enabling the index to continuously track industry trends and provide a forward-looking technology allocation tool for investors [1] - The "fast inclusion" rule allows new stocks to be added to the index within 10 trading days if their market capitalization ranks in the top 10 among existing constituents, ensuring the index captures the benefits of large tech IPOs promptly [2] - The index has evolved from being dominated by internet services to a more balanced representation of both soft and hard technologies, with significant changes in component weightings reflecting shifts in the Chinese tech industry [3] Group 2 - The index has seen a gradual decrease in the weight of platform economy stocks while increasing the representation of hard tech companies like semiconductor firms, with hard tech now accounting for 20% of the index [3] - Recent adjustments have included electric vehicle companies, raising the automotive sector's weight to 15%, and AI-related stocks, further increasing the weight of semiconductors and AI hardware to 25% [3] - The index employs a "survival of the fittest" mechanism, removing underperforming stocks and maintaining high profitability and growth quality among its constituents, with removed stocks underperforming the index by an average of 15 percentage points in the following year [4] Group 3 - The index limits the weight of any single constituent to 8% and the top five constituents to a combined 40%, which helps mitigate risks associated with volatility in leading stocks [4] - The Hang Seng Tech Index is characterized by a balanced allocation between soft and hard technologies, with internet platform companies comprising over 50% of the index, while hard tech includes electric vehicle and semiconductor firms [5] - The index's structure captures the resilience of the consumer internet while also positioning itself for growth in the industrial internet space [5]

位于东丽区未来科技城南区的环晟新能源（天津）有限公司3条产线在春节期间连续生产。公司相关负 责人介绍，作为TCL中环旗下高效太阳能叠瓦组件的研发与制造企业，春节期间组织部分产线连续生 产，主要是为了确保紧急交付订单按时履约，特别是针对海外地区的订单，需保障国际客户的供应链稳 定性，维护企业海外市场信誉；同时，部分国内长期合作客户的紧急订单也需优先响应，避免因假期延 误影响后续合作。"我们3条产线春节期间不停工，保留了一半产能，既能减少设备停机重启带来的损 耗，也能保障节后员工返岗后快速衔接生产节奏，避免因工序脱节导致的效率下降，确保全年生产计划 稳步推进。"他表示，"受4月1日光伏行业海关退税政策预期影响，今年一季度企业订单量明显提升，生 产节奏稳步加快，产品合格率保持在行业较高水平，客户满意度持续稳定。" 位于空港经济区的天津海河乳品有限公司巴氏奶产线春节期间一直正常生产。大年初四，供应全国市场 的花色奶产线也全部复工，除了部分行政人员还在休假，生产部门员工全部上岗，日产500吨牛奶的生 产线全速运转，常温奶、酸奶、冰淇淋等100余种乳制品源源不断被打包运往全国各地。公司党委书 记、董事长邹旸告诉记者，产线 ...

Core Viewpoint - The article discusses the competitive landscape of Chinese cities, highlighting the rapid urbanization and the emergence of new economic centers, while ranking the development potential of 337 cities in China, with Beijing, Shanghai, Shenzhen, and others leading the list [2]. Group 1: Beijing - Beijing is positioned as the political, cultural, international exchange, and technological innovation center of China, with a GDP exceeding 4.1 trillion yuan in 2022, making it the second-largest city after Shanghai [9][10]. - The service sector accounts for 84% of Beijing's economy, with finance, headquarters economy, and technological innovation as key pillars [10]. - Future plans include transforming Beijing into a world-class harmonious city while optimizing population distribution to enhance urban vitality [11][13]. Group 2: Shanghai - Shanghai has established itself as an international economic center, with a GDP of approximately 4.5 trillion yuan in 2022, and aims to rival New York in global economic influence [16][24]. - The city’s industrial structure is supported by the automotive, electronics, and financial sectors, with finance contributing 19.3% to the GDP [17][19]. - Shanghai plans to continue its open policies and develop into a globally competitive city, enhancing the Yangtze River Delta region [24]. Group 3: Shenzhen - Shenzhen's GDP surpassed 3.2 trillion yuan in 2022, marking it as the third-largest city in China, with a significant annual population increase of around 600,000 [25][26]. - The city is recognized as a leading innovation hub, with strategic emerging industries accounting for over 41% of its GDP [26]. - Future initiatives focus on enhancing collaboration within the Guangdong-Hong Kong-Macau Greater Bay Area to solidify its status as a global innovation city [29]. Group 4: Guangzhou - Guangzhou's GDP reached approximately 2.9 trillion yuan in 2022, ranking fifth nationally, with a strong manufacturing base in automotive and electronics [30][31]. - The city faces challenges in innovation capacity and financial sector development, with financial services contributing only 9.2% to the GDP [33]. - Future goals include enhancing its role as a national center city and participating in global economic cooperation [34]. Group 5: Hangzhou - Hangzhou's economy has shown robust growth, with a GDP of around 1.9 trillion yuan in 2022, driven by a vibrant private and digital economy [36][37]. - The city is recognized for its strong digital economy, with core digital industries contributing 27.1% to the GDP [37]. - Plans for the future include improving transportation infrastructure and fostering a more open and innovative business environment [41][42]. Group 6: Chengdu - Chengdu's GDP exceeded 2 trillion yuan in 2022, accounting for 36.7% of Sichuan province's economy, and it is recognized as a key economic hub in Western China [43][44]. - The electronics sector is a major contributor, with a significant portion of the industrial output [44]. - Future strategies involve enhancing its role as a national center city and collaborating with Chongqing to develop the Western economic highland [49]. Group 7: Nanjing - Nanjing's GDP approached 1.7 trillion yuan in 2022, with a per capita GDP of 179,000 yuan, ranking fifth among major cities [50][51]. - The city is focusing on developing its automotive, steel, electronics, and petrochemical industries while nurturing emerging sectors [51]. - Future aspirations include becoming an "innovation city" and enhancing its influence in the Yangtze River Delta region [54]. Group 8: Suzhou - Suzhou's GDP reached nearly 2.4 trillion yuan in 2022, making it the top city among prefecture-level cities in China [56]. - The city is recognized as a global industrial powerhouse, with significant contributions from electronics and manufacturing sectors [56]. - Future plans emphasize its role in the Yangtze River Delta urban cluster and advancing towards a high-tech manufacturing base [59].

可几年过去，美国自己先懵了——老办法不管用了。 中国经济没停，反而在好几个关键地方跑得更快了。 中美这场大戏，从贸易战那会儿就正式开锣了。 没人能想到，美国一上来就祭出关税大棒，还把技术封锁玩得越来越狠，以为这么一压，中国就得趴下。 美国这边倒好，制造业空心化的问题越捂越臭，供应链全靠外面输血，结果一打起来，自己先断了气。 现在美国制造业占GDP也就10%左右，听着还行？可这10%里头，四成集中在军工、半导体和制药这三个领域，其他地方基本是空的。 说白了，美国在全球价值链里，早就不是那个能自己造东西的主了，而是个靠别人供货的中间商。 中国呢？连续15年稳坐全球制造业头把交椅，到2024年，制造业增加值已经占到全世界的31.6%。 出口也不再是以前那种"十亿件衬衫换一架飞机"的老路子了，现在卖的是高端机电、数码设备，技术含量高，利润也厚。 美国想用关税把工厂逼回本土，可现实狠狠打了脸——人工贵、地价高、工人还招不到，建厂成本翻着跟头往上蹿。 你让企业回去？回去等于烧钱。 芯片，成了中美掰手腕最硬的那根骨头。 从2018年开始，美国对华技术封锁层层加码，光刻机不卖，EDA软件卡脖子，连先进制程的设备都锁得死死的。 ...