Market Performance - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Rabbit, with the Hang Seng Index falling by 1.1% to 26,413.35 points, and the Hang Seng Tech Index dropping by 2.91% to 5,211.5 points [1] - The Hang Seng China Enterprises Index decreased by 1.22% to 8,959.56 points, while the Hang Seng Red Chip Index saw a slight increase of 0.09% to 4,384.28 points [1] - The total market turnover was HKD 165.373 billion [1] Sector Performance - The internet technology sector saw significant declines, with Baidu dropping over 6% and Alibaba falling nearly 5% [1] - Semiconductor stocks also weakened, with Hua Hong Semiconductor down nearly 6% and SMIC declining over 3% [1] - Conversely, the domestic AI large model sector experienced gains, with Zhiyun rising nearly 43% and MiniMax increasing over 14%, both surpassing a market capitalization of HKD 300 billion [1] Notable Stock Movements - Among the Hang Seng Index constituents, JD Health fell by 6.27%, Baidu Group-SW decreased by 6.25%, and Alibaba-W dropped by 4.91% [1] - In contrast, China Petroleum gained 3.7%, Henderson Land rose by 3%, and CSPC Pharmaceutical Group increased by 2.63% [1] - CSPC Pharmaceutical Group's GLP-1/GIP receptor dual agonist long-acting injection received FDA approval for clinical trials targeting weight management in obese or overweight patients with related comorbidities [1] Industry Indices - The Consumer Discretionary Index fell by 3.00%, the Information Technology Index decreased by 2.30%, and the Consumer Staples Index dropped by 1.64% [2] - On the other hand, the Energy Index rose by 1.62%, the Healthcare Index increased by 0.77%, and the Industrial Index saw a gain of 0.31% [2]

Market Overview - The Hong Kong stock market experienced a collective decline on the first trading day of the Lunar New Year, with the Hang Seng Index falling by 1.1% to close at 26,413.35 points, the Hang Seng Tech Index dropping by 2.91%, and the National Enterprises Index decreasing by 1.22% [1] Technology Sector - Most tech stocks saw declines, with Baidu Group down over 6%, Kingdee International and Bilibili down over 5%, Alibaba down 4.91%, NetEase down 4.27%, Xiaomi and SMIC down over 3%, Meituan down 1.58%, and Tencent Holdings down 2.06% [1] Robotics Sector - The robotics sector experienced a surge, driven by the Lunar New Year Spring Festival, with companies like Yujian rising over 21%, Shoucheng Holdings increasing nearly 12%, and Sutech Juchuang up over 9% [1] Oil Sector - Oil-related stocks saw gains, with China Merchants Energy rising by 6.34%, China Petroleum up by 3.7%, and CNOOC increasing by 2.23%. This uptick is attributed to rising international oil prices and concerns over escalating tensions between the U.S. and Iran, particularly in the Middle East oil-producing regions [1] Notable Stock Performance - Zhipu's stock price surged, closing with a gain of 42.72% at 725 HKD, bringing its total market capitalization to 323.2 billion HKD. The stock has seen a cumulative increase of 220.51% since February [1]

中美的这场关税大战，是一场没有硝烟的硬仗，双方较量的不只是关税数字，而是国家综合实力。 最终的结果也很清楚，美国失败了，但在尘埃渐落之后，比胜负更重要的问题开始浮现。 2018年是中美关税战的起点，美国先拿钢铁、铝制品开刀，对这类中国商品加征25%的关税。 没过多久，加税范围一步步扩大，从家电、家具、纺织品，到电子产品、机械零件，前后覆盖了数千亿 美元的中国输美商品。 美国，那个曾指挥全球秩序的超级强国，在一次次"出招失败"中，动用了全部手段，却收效甚微。 而中国却稳稳化解了风险，逐步夺回主动。 美国当时打的算盘，普通人都能看明白。 一是盯着中美贸易逆差，觉得中国卖给美国的东西太多，美国卖过来的太少，想靠加税把逆差强行压下 去。 二是眼红中国的产业升级，眼看着中国制造业从低端加工往高端制造走，新能源、光伏、高端装备越做 越强，怕中国动摇美国的产业主导地位，想把中国摁在全球产业链的底端。 三是想借关税施压，让中国在技术转让、贸易规则上妥协，说白了就是要掌控中国的发展方向，不让中 国继续变强。 美国之所以敢这么做，是因为以前这招屡试不爽。 当年对付日本，美国用贸易施压逼日本签下广场协议，日本经济随后陷入长期停滞； ...

2月20日，港股在马年首个交易日走弱，三大指数集体收跌。 Wind数据显示，截至收盘，恒生指数跌1.1%，恒生科技指数跌2.91%，恒生中国企业指数跌1.22%。AI"新秀"表现亮眼，智谱大涨42.72%，MiniMax-WP 涨14.52%，资金从大型互联网科技权重股，流向AI"新秀"企业。 AI"新秀"获市场青睐 Wind数据显示，截至收盘，智谱大涨42.72%，MiniMax-WP涨14.52%，市值均突破3000亿港元。 1月8日和9日，智谱与MiniMax相继登陆港交所。Wind数据显示，上市以来，智谱股价累计涨超504%，MiniMax股价累计涨超312%。 机器人概念股活跃 从恒生综合行业指数来看，能源板块领涨，收涨1.62%；医疗保健、工业、电讯、金融及地产建筑板块涨幅居前。非必需性消费板块领跌，收跌3%；信息 科技、必需性消费及原材料等板块跌幅靠前。 恒生科技指数权重股普遍下跌。截至收盘，京东健康、百度集团-SW跌超6%，华虹半导体、金蝶国际、腾讯音乐-SW、哔哩哔哩-W等跌幅均超5%，阿里 巴巴-W跌近5%。 | < w | 恒生科技(HSTECH) 5211.50 -156.02 -2. ...

每日经济新闻消息，2月20日，港股迎来农历马年第一个交易日。三大指数集体下跌，截至收盘，香港恒 生指数收跌1.10%，恒生科技指数收跌2.91%，国企指数收跌1.22%。 据媒体报道，Seedance 2.0大模型以春晚为首个公开应用场景完成首秀，深度参与多项节目视觉制作。本届 春晚中，"AI生成影像+实景舞台扩展"的创新模式引发全网热议，而Seedance 2.0正是这一模式的核心技术 支撑。 招商证券近期发布的研报指出，AI应用领域近期呈现出技术突破与商业化竞争同步深化的鲜明趋势。AI应 用相关技术迎来核心突破。叠加"人工智能+"行动作为国家中长期发展战略，为行业提供坚实长期支撑。 指数估值水位略高，但在产业趋势与政策红利的双重驱动下，上行空间值得期待。 图片来源：每经媒资库 港股机器人概念股集体大涨。截至收盘，越疆上涨21.4%，报48.44港元/股；速腾聚创报37.58港元/股，上 涨9.24%；禾赛-W上涨7.93%，报217.8港元/股；优必选上涨4.71%，报144.5港元/股。 2026年马年春晚圆满落幕，首程控股投资和服务企业松延动力、宇树科技、银河通用三家企业同台亮相， 在舞台上展现了中国 ...

Market Overview - The Hong Kong stock market faced significant pressure on the first trading day of the Year of the Horse, closing with the Hang Seng Index down 1.1% at 26,413 points, the Hang Seng Tech Index down 2.91%, and the National Enterprises Index down 1.22% with a total market turnover of HKD 165.4 billion [1][2]. Sector Performance - Technology stocks experienced widespread declines, with major players like JD Health and Baidu dropping over 6%. Other notable declines included Huahong Semiconductor, Kingdee International, Tencent Music, and Bilibili, all falling over 5%. Alibaba and NetEase dropped over 4%, while Xiaomi and SMIC fell over 3% [2][4]. - In contrast, oil and gas producers saw gains, with PetroChina and Henderson Land rising over 3%, and Midea Group, CSPC Pharmaceutical, CNOOC, Li Ning, and Hang Lung Properties increasing over 2% [2][4]. Specific Stock Movements - JD Health closed at HKD 56.85, down 6.27%, while Baidu fell 6.25% to HKD 129.00. Huahong Semiconductor and Kingdee International also saw significant declines of 5.76% and 5.65%, respectively [5]. - In the oil sector, companies like Yanchang Petroleum International led the gains, with shares rising 3.75% to HKD 0.415, and PetroChina increasing 3.70% to HKD 9.520 [10]. Emerging Trends - The robotics sector gained attention, with companies like Yujian rising 15.61% to HKD 70, driven by the popularity of robotics showcased during the Spring Festival Gala. Analysts predict significant growth in the robotics industry from 2021 to 2025, with large-scale production expected to begin in 2026 [14]. - The semiconductor sector is also highlighted, with a focus on storage solutions as a key area for investment, particularly in light of ongoing global inflation trends and improving domestic PPI [16].

Market Overview - After the Spring Festival holiday, Hong Kong stocks faced pressure, with the Hang Seng Index dropping 1.1% to 26,413.35 points, and a total trading volume of 165.37 billion HKD [1] - The Hang Seng Tech Index fell 2.91%, while the Hang Seng China Enterprises Index decreased by 1.22% [1] Blue-Chip Stocks Performance - PetroChina (00857) led blue-chip gains, rising 3.7% to 9.52 HKD, contributing 11.57 points to the Hang Seng Index [2] - Other notable blue-chip performances included Henderson Land (00012) up 3% and Midea Group (00300) up 2.73%, while Alibaba (09988) fell 4.91%, dragging the index down by 101.66 points [2] Sector Highlights - The technology sector was a major drag on the market, with Alibaba down nearly 5% and Tencent down over 2% [3] - Robotics stocks surged, with Yujian (02432) up 21.4% following a successful Spring Festival performance, while AI model stocks also showed strong gains [3][4] - Oil stocks rose due to escalating geopolitical tensions, with WTI crude oil prices reaching a high of 66.70 USD per barrel [6] Investment Insights - Analysts suggest that the robotics industry's advancements are crucial for its transition from experimental to practical applications, with significant growth expected from 2021 to 2025 [4] - The AI model sector is transitioning from free trials to paid subscriptions, indicating a shift towards sustainable monetization [4] Notable Stock Movements - SOTON (02498) reported a significant reduction in net losses for 2025, achieving profitability in Q4, which contributed to a 9.24% increase in stock price [8] - COSCO Shipping Energy (01138) rose 6.34% amid expectations of increased tanker profitability due to geopolitical tensions [9] - Stone Four Pharmaceutical Group (02005) issued a profit warning, predicting a 45%-60% decline in profits for 2025 due to various market pressures [10]

Group 1 - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with the Hang Seng Index falling by 1.10% and the Hang Seng Tech Index dropping by 2.91% [1] - AI applications, robotics, and oil stocks saw gains, while internet technology stocks generally fell, with Baidu down over 6% and Alibaba down nearly 5% [1] - Semiconductor stocks weakened, with Hua Hong Semiconductor down nearly 6% and SMIC down over 3% [1] Group 2 - The Hong Kong Legislative Council member Wu Jiezhuang announced that the first batch of stablecoin issuer licenses is expected to be issued in March, suggesting that eligible citizens could receive stablecoin airdrops or consumption vouchers to stimulate local consumption [1] - CITIC Securities believes that fiat-backed stablecoins may become the most accepted and secure mainstream stablecoin form, maintaining core functions of value measurement, transfer, storage, and inter-temporal value in the Web3 world [1] - Concerns about the impact of stablecoins on fiat currencies and their minting rights depend on their support for economic activities and the strength of the fiat they are pegged to [1] Group 3 - Analysts predict that Hong Kong tech stocks will remain weak in the near term due to intense competition in delivery and red envelope services around the Spring Festival, with expectations for stabilization only after Tencent and other companies report earnings in March [2] - Everbright Securities noted that tech stocks are currently not a major focus for investors, with concerns about the business development of companies like Alibaba and Baidu leading to significant declines in related stocks [2] - Recent reports from招商证券 indicate that the AI application sector is experiencing simultaneous technological breakthroughs and intensified commercialization competition, supported by national strategies for long-term development [2] Group 4 - China Galaxy Securities suggests focusing on sectors such as precious metals and energy, which may experience upward fluctuations due to uncertainties surrounding Fed rate cut expectations and geopolitical tensions [3] - The technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, and potential rebounds expected in the context of accelerated AI model updates and applications [3]

恒指成分股中，中石油、恒基地产涨超3%，美的集团、石药集团、中海油、李宁、恒隆地产涨超2%。 | 代码 | 名称 | | | 112年1 | 涨幅% | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | HSTECH | 恒生科技指数 | | | 5211.50 | -2.91 | -5.52 | | HSI | 恒生指数 | 1 | | 26413.35 | -1.10 | 3.05 | | HSCEI | 恒生国企指数 | 2 | | 8959.56 | -1.22 | 0.51 | | 代码 | 名称 | | | 涨跌幅 ^ | 年初至今涨跌 | 总市值 | | 06618 | 京东健康 | | (0) | -6.27% | 2.43% | 1824.47亿 | | 09888 | 百度集团-SW | | | -6.25% | -1.90% | 3547.72 Z | | 01347 | 华虹半导体 | | | -5.76% | 26.72% | 1635.98亿 | | 00268 | 金蝶国际 | | | -5.65% | -20.77% ...

每经记者｜马原 每经编辑｜金冥羽 记者|马原 编辑|金冥羽 易启江 校对|程鹏 2月20日，港股迎来农历马年第一个交易日。三大指数集体下跌。截至收盘，恒生指数跌1.1%，报26413.35点，恒生科技指数跌2.91%，国企指数跌 1.22%。 科网股多数下跌，百度集团跌超6%，金蝶国际、哔哩哔哩跌超5%，阿里巴巴跌4.91%，网易跌4.27%，小米集团、中芯国际跌超3%，美团跌1.58%，腾讯 控股跌2.06%。 受马年春晚带动，机器人火速"出圈"，机器人概念股爆发，越疆涨超21%，首程控股涨近12%，速腾聚创涨超9%。 石油概念股上涨，中远海能涨6.34%，中国石油股份涨3.7%，中国海洋石油涨2.23%。消息面上，国际油价近期走高，市场忧虑美国与伊朗紧张局势升 级，两国在中东产油区加强军事活动。 值得一提的是，智谱尾盘涨幅扩大至42.72%，股价报725港元，总市值达3232亿港元。2月以来累计大涨220.51%。 智谱(2513) < C 闭市 02-20 16:08:42 725.000 额32.4亿 股本4.46亿 市盈 万得 MRO 型 换2.38% 市值1 3232 市净 +217.000 +4 ...