2月24日早盘，港股AI全线飘绿，权重龙头阿里巴巴、腾讯控股双双跌超2%，小米集团跌逾1%，AI应用股范式智能重挫逾9%。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格现跌超3.5%，创近10个月新低！场内维持溢价交易，或有资金逢跌介 入。 | 分时 多日 1分 5分 ▼ | | | | | | F9 需前盘后 餐加 九转 圆线 下具 Q (?) > | | | | | | 港股互联网上下印 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.531 | | | | | 513770[港股互联网ETF] 09:50 价 0.492 涨跌 -0.018(-3.53%) 均价（ 4.12% | | | 网 | | 0 492 -0.018 -3.53% | | 513770 | | | | | | | | | | | | | | SSE CNY 9:50:28 交易中 查看L2全导 | | 十八郎 八 第 0+1 | | | | 0.52 ...

Company News - Tongguan Gold expects a net profit of approximately HKD 820 million to HKD 840 million for 2025, representing a year-on-year increase of about 289% to 298%, primarily due to increased production and sales of gold and higher average selling prices [7] - China State Construction Industry anticipates a net profit of approximately HKD 237 million for the fiscal year 2025, down from HKD 650 million in the previous year, mainly due to a decrease in new project volume and revenue [8] - Kintor Group forecasts a net profit increase of over 165% for 2025, exceeding HKD 4.32 billion, driven by growth in investment business and profits from copper-clad laminate segments [9] - Kintor Laminates expects a net profit growth of over 80% for 2025, exceeding HKD 2.39 billion, attributed to strong demand for copper-clad laminates and upstream materials including fiberglass yarn, fiberglass cloth, and copper foil [10] - SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moore Thread MTT S5000 GPU [11] Industry Insights - The storage market has entered a seller's market, with SK Hynix indicating that storage prices will continue to rise this year due to real demand driven by AI and limited cleanroom space, with current DRAM and NAND inventory lasting only about four weeks [5] - The Ministry of Industry and Information Technology, along with two other departments, has issued guidelines for the wine industry aimed at quality improvement and upgrading, targeting the cultivation of over three traditional advantageous wine production areas with annual revenues exceeding RMB 100 billion by 2028 [4]

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, influenced by the hawkish stance of the newly appointed Federal Reserve Chair and a rebound in the US dollar index, which has led to profit-taking in the commodity market [2] - The Chinese GDP growth target for 2026 is anticipated to be set at 4.5%-5%, lower than the previous target of around 5% for 2025, as many provinces have lowered their GDP goals ahead of the Two Sessions [2] - Regulatory measures have been implemented to cool the market, including increased financing margin ratios on the Shanghai and Shenzhen stock exchanges, leading to a collective reduction in leverage across the three markets [2] Sector Focus - AI stocks are expected to perform well due to intensive upgrades in AI large models and rapid growth in the semiconductor industry [3] Corporate News - Estun (002747.SZ), a company specializing in industrial robots, has passed the Hong Kong Stock Exchange listing hearing, targeting high-end industrial equipment markets [10] - Alibaba's Qianwen App facilitated nearly 200 million "one-sentence orders" during the Spring Festival, indicating a significant increase in user engagement [10] - Ant Group reported that its "AI Payment" and Ant Assistant App have both surpassed 100 million users, marking a significant milestone in AI-driven payment solutions [10] - JD Group reported a fourfold increase in user visits to its robot products during the Spring Festival, highlighting a growing interest in robotics and AI-related products [8][10] Economic Indicators - The Hang Seng Index closed at 27,081 points, up 668 points or 2.5%, with a total market turnover of HKD 173 billion [6] - The CRB Commodity Index decreased by 0.28% year-to-date, while gold prices increased by 2.35% [5] - The vacancy rate for Grade A offices in Central Hong Kong fell to 10.1%, the lowest level since 2023, indicating a recovery in leasing demand driven by financial institutions [8][10]

Market Performance - On February 23, the Hang Seng Index rose by 668 points (2.5%) to close at 27,081 points, surpassing the 27,000 mark[1] - The Hang Seng Technology Index increased by 173 points (3.3%) to close at 5,385 points[1] - Daily trading volume in the Hong Kong market reached HKD 173 billion[1] US Market Reaction - The Dow Jones Index fell by 821 points (1.6%) to close at 48,804 points[2] - The Nasdaq Index decreased by 258 points (1.1%) to close at 22,627 points[2] - The S&P 500 Index dropped by 71 points to close at 6,837 points[2] Geopolitical and Economic Factors - Tensions in geopolitics led to a rise in international gold prices, which reached USD 5,100[1][2] - Trump's announcement of a 15% tariff increase on global imports following the Supreme Court's decision has created market uncertainty[1][2] Sector Performance - The automotive sector saw a rise of 2%-5% across most stocks, with over 9 million vehicles exported from mainland China[4] - The healthcare sector, represented by the Hang Seng Healthcare Index, increased by 1.6%[4] - Notable stock movements included a 5.4% rise for劲方生物 (2595 HK) and a 2.9% increase for中国生物制药 (1177 HK)[4] Domestic Travel Trends - Domestic travel orders on the 飞猪 platform for the 2026 Spring Festival increased by over 80% year-on-year, with hotel bookings up by 75%[3] - Popular theme park and attraction packages saw a 140% increase in order volume compared to the previous year[3]

Group 1: A-Share Strategy - The core viewpoint suggests a "mixed strong fluctuation" in the A-share market, recommending a cautious approach with a focus on observing rather than acting in the short term, while maintaining a "systematic slow bull" mindset for medium-term holdings [2][3] - During the holiday period, the A50 index rose by 1.39%, while the US Nasdaq and S&P 500 increased by 1.51% and 1.07% respectively, indicating mixed market factors [2] - The report anticipates that short-term opportunities may arise in AI applications and robotics sectors, which have overseas correlations and cultural relevance to the Spring Festival [2][3] Group 2: Macro Research - The macroeconomic analysis indicates a shift in the US stock market towards defensive strategies, with dividend and value stocks outperforming, while technology stocks face increased pressure [4] - Factors driving this shift include heightened geopolitical tensions, a decline in global risk appetite, and the Federal Reserve's tightening policies, which may lead to sustained high interest rates [4]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

Core Insights - The Chinese consumer market showed strong vitality during the recent Spring Festival, with significant increases in retail and dining sales, driven by government policies and promotional activities [4][5][6] Group 1: Consumer Spending Trends - During the first four days of the Spring Festival, the average daily sales of key retail and catering enterprises increased by 8.6% compared to the same period in 2025 [4] - The government allocated 625 billion yuan for consumer goods replacement subsidies, with 20.5 billion yuan distributed through vouchers and subsidies directly to consumers [5][6] - The "2026 Spring Festival Special Event" included various activities across six categories, enhancing consumer engagement and spending [5] Group 2: Travel and Tourism Insights - The travel market peaked during the Spring Festival, with a 38% increase in air travel compared to the previous year [7] - Popular destinations included Shantou, Fuzhou, and Beijing, with hotel bookings in some areas increasing by over 80% [7][8] - The demand for ice and snow tourism surged, with popular destinations including Harbin and Zhangjiakou [7] Group 3: New Consumption Patterns - New consumption scenarios and business models emerged during the Spring Festival, with technology enhancing traditional cultural experiences [9] - The use of AI in travel planning became a new trend, with a significant portion of inquiries related to transportation and local customs [9] - Cross-border travel saw a notable increase, with long-haul outbound travel products experiencing significant booking growth [10]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short Selling Ratios - The highest short-selling ratio is observed in China Resources Beer (80291) at 100.00%, followed by JD Group (89618) at 92.61% and AIA Group (81299) at 82.83% [1][2]. - Other notable companies with high short-selling ratios include New World Development (80016) at 69.99% and Xiaomi Group (81810) at 69.65% [2]. Short Selling Amounts - The top three companies by short-selling amount are Meituan (03690) with 1.899 billion, Xiaomi Group (01810) with 1.248 billion, and Tencent Holdings (00700) with 1.223 billion [1][2]. - Alibaba (09988) follows with a short-selling amount of 1.107 billion, indicating substantial investor activity in these stocks [2]. Deviation Values - The highest deviation values, which reflect the difference between current short-selling ratios and the average over the past 30 days, are led by Yuan Da Pharmaceutical (00512) at 42.04%, Yuexiu Property (00123) at 40.19%, and COFCO Joycome (01610) at 39.65% [1][2]. - Other companies with significant deviation values include Sunac Services (01516) at 39.64% and China Ship Leasing (03877) at 39.39% [2].

Group 1 - A joint statement from foreign ministers of 19 countries, including Qatar, Saudi Arabia, and Egypt, condemns Israel's increased control over the West Bank [2] - Trump criticizes the U.S. Supreme Court's tariff ruling, suggesting it grants him more power to impose strict tariffs on foreign industries, including batteries and telecommunications [2] - The European Parliament's International Trade Committee has decided to suspend the approval process for the EU-U.S. trade agreement [2] Group 2 - U.S. stock markets saw a collective decline, with the Dow Jones down 1.66%, Nasdaq down 1.13%, and S&P 500 down 1.04% [3][5] - Major tech stocks mostly fell, with Microsoft and Netflix dropping over 3%, while Nvidia and Apple saw slight gains [3][5] - The Nasdaq China Golden Dragon Index fell by 0.95%, with mixed performance among popular Chinese stocks [4] Group 3 - Gold prices increased by 2.52%, reaching $5,227.43 per ounce, while silver rose by 4.49% to $88.01 per ounce [5][7] - WTI crude oil futures fell by $0.17, or 0.26%, closing at $66.31 per barrel, while Brent crude oil futures dropped by $0.27, or 0.38%, to $71.49 per barrel [5][7] Group 4 - South Korea's exports reached a historical high of $43.5 billion from February 1 to 20, with semiconductor exports surging by 134.1% [26] - The U.S. Federal Reserve's interest rate decision in March will depend on February labor market data, with a strong data potentially leading to a rate hold [25] Group 5 - The Chinese film box office surpassed 8 billion yuan in 2026, with the Spring Festival box office exceeding 5.4 billion yuan [27] - Morgan Stanley predicts a 130,000-ton copper supply deficit in 2026, with copper prices expected to be $13,500 per ton in Q2 [28]

Group 1 - The spring market trend after the holiday is expected to continue, with price increases being a core focus for the first quarter [12] - The Ministry of Commerce emphasizes the importance of restoring global semiconductor supply chains and urges cooperation between China and the Netherlands [1] - The National Energy Administration plans to implement a new energy system and various energy planning initiatives by 2026, focusing on strategic projects and small-scale projects [2] Group 2 - The China Securities Regulatory Commission (CSRC) has taken action against Tianfeng Securities for illegal financing and information disclosure violations related to Wuhan Contemporary Technology Group [6] - The CSRC has also initiated an investigation into Qunke Technology for misleading statements during its overseas IPO process [7] - The market experienced significant declines, with major U.S. indices dropping, and notable movements in technology stocks, including Nvidia and Apple showing slight gains while others fell [9][11]