Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.44% to close at 26,381.02 points, and a total trading volume of 259.27 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 2.44%, while the Hang Seng Tech Index decreased by 2.87% [1] Blue-Chip Performance - Cheung Kong Holdings (00001) saw a notable increase of 4.52%, closing at 64.8 HKD, contributing 12.09 points to the Hang Seng Index [2] - The sale of UK Power Networks by Cheung Kong's subsidiaries was valued at over 110 billion HKD, with each company selling their respective stakes [5] - Other blue-chip stocks like Cheung Kong Infrastructure (01038) and Power Assets Holdings (00006) also reported gains, while New Oriental (09901) and Innovent Biologics (01801) faced declines [2] Sector Highlights - Large technology stocks faced pressure, with Alibaba down 3.57% and Tencent down 2.01% [3] - Power equipment stocks performed strongly, with Dongfang Electric (01072) rising by 15.52% and Harbin Electric (01133) increasing by 7.15% [3] - The AI computing sector saw significant gains, with Tensent Intelligence (09903) up 20.27% following strong earnings from Nvidia [4] Lithium Sector - Lithium stocks experienced volatility, with major players like Contemporary Amperex Technology (03750) and Ganfeng Lithium (01772) showing mixed results due to Zimbabwe's export ban on lithium [6] - The ban is expected to tighten lithium supply, potentially driving prices up significantly [6] Notable Stock Movements - MINIMAX (00100) showed strong performance, rising 4.64% amid positive analyst reports [7] - Conch Cement (00914) fell by 6.97% following a significant share sale by a subsidiary [8] - Hysan Development (00014) dropped 6.88% after releasing its annual results, which showed a slight increase in revenue but a decrease in recurring profit [9] - Yancoal Australia (03668) faced pressure post-earnings, with a 5.63% decline in share price due to a significant drop in revenue and profit [10]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.44% to close at 26,381.02 points, and a total trading volume of 259.27 billion HKD [1] - The Hang Seng Tech Index dropped by 2.87%, while the Hang Seng China Enterprises Index decreased by 2.44% [1] Blue-Chip Performance - CK Hutchison Holdings (00001) saw a notable increase of 4.52%, closing at 64.8 HKD, contributing 12.09 points to the Hang Seng Index [2] - The sale of UK Power Networks by CK Hutchison's subsidiaries was valued at over 110 billion HKD, with each company selling their respective stakes [5] Sector Highlights - Power equipment stocks performed strongly, with Dongfang Electric (01072) rising by 15.52% and Harbin Electric (01133) increasing by 7.15% [3] - The demand for power systems is expected to rise due to electricity shortages in the U.S., benefiting gas turbines and energy storage sectors [3] Computing Power Sector - Computing power stocks generally rose, with Tianzuo Zhixin (09903) increasing by 20.27% [4] - NVIDIA reported significant revenue growth, indicating a surge in demand for computing power driven by AI advancements [4] Lithium Sector - Lithium stocks experienced volatility, with major players like Contemporary Amperex Technology (03750) declining by 6.49% [6] - Zimbabwe's ban on lithium exports is expected to tighten supply and potentially increase lithium prices [6] Notable Stock Movements - MINIMAX (00100) rose by 4.64%, attributed to its advancements in AI technology [7] - Conch Cement (00914) fell by 6.97% following a significant share sale by a subsidiary [8] - Hysan Development (00014) dropped by 6.88% after releasing its annual performance report [9] - Yancoal Australia (03668) faced pressure post-earnings, with a revenue decline of approximately 13% [10]

Core Viewpoint - The recent bull market has negatively impacted Hong Kong stocks, particularly major internet companies, which have experienced significant declines despite increased capital inflows from mainland investors [1]. Group 1: Tencent - Tencent's stock price has dropped from 683 HKD to 512 HKD, a decline of 24% [2]. - The acceleration in Tencent's stock decline is attributed to the loss of buyback support during the earnings report silence period, market sentiment affected by tax rumors, increased AI investments, and intensified industry competition [2]. Group 2: Alibaba - Alibaba's stock price has fallen from 186 HKD to 144 HKD, a decrease of 22% [4]. - The decline is driven by pressure on profitability, intensified competition, capital withdrawal, and a combination of liquidity and sentiment issues [4]. Group 3: Xiaomi - Xiaomi's stock has plummeted from 60 HKD to 35 HKD, representing a drop of over 40% [6]. - The decline is primarily due to pressure on smartphone business growth, rising costs, uncertainty in the automotive sector, and negative sentiment from executive share reductions [6]. Group 4: Netease - Netease's stock has decreased from 247 HKD to 174 HKD, a decline of 29% [8]. - The drop is linked to slowing revenue growth, significant declines in net profit, and high R&D and marketing expenses [8]. Group 5: Meituan - Meituan's stock has seen a dramatic fall from 217 HKD to 80 HKD, a staggering 62% drop [10]. - The decline is attributed to fierce price wars in food delivery and instant retail, increased subsidies, and rising operational costs [10]. Group 6: Kuaishou - Kuaishou's stock has dropped from 90 HKD to 64 HKD, a decline of 30% [12]. - The decline is driven by regulatory penalties, slowing growth in live streaming and e-commerce, and intensified competition [12]. Group 7: Ctrip - Ctrip's stock has experienced a sharp decline from 613 HKD to 400 HKD, a drop of 34% [14]. - The decline is due to antitrust investigations, declining quarterly performance, and governance concerns following executive departures [14]. Group 8: Tencent Music - Tencent Music's stock has fallen from 104 HKD to 56 HKD, with ongoing declines [16]. - The decline is linked to a drop in monthly active users, reliance on price increases for revenue, and competition from ByteDance's music services [16].

新兴市场股票正逐渐成为今年以来全球股票市场最热门的投资与交易主题之一，并且全球最顶级基金经理们愈发偏好广义上的新兴市场资 产——包含新兴市场股票、债券以及主权货币类资产。花旗集团的股票分析师团队表示，来自全球最大规模的那些资产管理机构的基金经 理们已大幅增加对亚洲、拉丁美洲以及欧洲、中东和非洲新兴市场股票资产的多头仓位。 华尔街金融巨头花旗集团(Citigroup Inc.)的分析师们在审阅投资型基金们已公开发布的展望后表示，全球最大规模的那些资产管理机构—— 累计管理着逾20万亿美元资产，正在大举买入新兴市场股票标的/新兴市场ETF、本币债券甚至某些信用类资产，押注强劲的全球经济增长 态势、受益于全球AI基建狂潮的算力链高度集中和持续走弱的美元将利好新兴市场资产。 花旗集团的股票分析师团队表示，基金经理们已大幅增加对亚洲、拉丁美洲以及欧洲、中东和非洲新兴市场股票资产的多头仓位。新兴市 场债券则是他们最偏好的久期资产押注，与基金经理们对于美国国债和核心欧洲主权债券的空头仓位形成鲜明对比。花旗表示，在信用市 场中，新兴市场公司债务获得最大幅度的超配，而美国投资级债券仍是热门的低配或者减持对象。 即使本周全球市场 ...

2月26日，港股市场早盘延续反弹。 截至发稿，恒生指数开盘报27019.74点，上涨254.02点，涨幅0.95%。 恒生科技指数开盘报5284.51点，上涨24.01点，涨幅0.46%。 携程集团-S（HK09961）公布财报，2025全年归母净利润332.94亿元，同比上升95.08%。 先声药业(HK02096)：2025财年收入约77亿元至78亿元，同比增约16.0%至17.6%。2025年财政年度将录 得归属于本公司权益股东的利润约13亿元至14亿元，同比增长80.1%至93.9%。 兖煤澳大利亚(HK03668)公布财报，2025年收入为59.49亿澳元，同比减少约13%；净利润4.4亿澳元，同 比减少约64%。期内自产煤的整体平均售价176澳元/吨，同比下降17%。可销售证实煤炭储量及可能煤 炭储量6.4亿吨，同比减少5.9%。受业绩下滑影响，早间该公司一度跌超10%。 其他方面，盘面上，科网股涨多跌少，联想、腾讯涨超1%，网易跌超1%。内房股活跃，越秀地产涨超 2%。锂电池板块部分高开，天齐锂业涨超6%。汽车股分化，比亚迪股份高开近1%。 后市展望： 中银国际认为，当前防范地产及相关风险仍是首 ...

纳斯达克中国金龙指数收跌0.47%，热门中概股里，阿特斯太阳能跌5.3%，新东方跌5.1%，大全新能源跌2.9%，小鹏跌2.7%，万国数据跌2.4%，网易、理想 跌超1%，阿里、腾讯至多跌约0.5%，唯品会涨1.9%，亚朵涨2.5%，贝壳涨3%，老虎证券涨4.2%。 美股三大指数集体收涨，纳指涨1.26%，标普500指数涨0.81%，道指涨0.63%。大型科技股全线上涨，奈飞涨约6%，微软、Meta涨超2%，英伟达、英特尔、 特斯拉、亚马逊涨超1%，苹果、谷歌小幅上涨。加密货币概念股普涨，Circle涨超35%，Coinbase涨超13%，BMNR涨超10%，Strategy涨超8%，Robinhood 涨超5%。CME集团收跌3.7%，创去年5月份以来最大单日跌幅。 ...

史上最长春节假期结束。正月初七起，各家科技公司陆续复工，不少大厂的AI部门则开始放假。 借由巨头平台间掀起规模空前的AI战争、和在马年春晚等顶流舞台上演的科技大秀，史上最长春节假期，也演变为了前所未有的科技企业春节营销大战。 春节大战，全员在岗。假期结束，开始休假。 今年春节的这场营销大战，科技企业最新战报已经出炉。 大力出奇迹，阿里系以「字节之法」战字节 AI巨头平台在今年的春节营销大战，以阿里系（阿里、蚂蚁等）和字节间的较量最为激烈。 2月6日（腊月十九）起，阿里和蚂蚁祭出高达数十亿元的营销经费，强推千问和阿福App。 千问App，所有新老用户均可领取一张价值25元的免单卡，在让AI进行奶茶餐饮/零食百货下单、观影和出行/酒店/景点订票等消费时，均可直接抵扣，有效 期可到2月28日。 值得一提的是，在30亿活动经费消耗完毕后，千问又进行了3天的「超级免单卡」返场活动（有效期可到4月30日），配合继续开展的「每日首单必减」活 动，阿里今年这一波春节营销，对用户来说可谓诚意满满，而且获得众多网友赞誉。 QuestMobile数据显示，在上线30亿免单活动的第二天（2月7日），千问DAU（日活跃用户数）就暴涨至 ...

比如字节跳动称，除夕当天，豆包AI互动总次数达到19亿次；阿里宣布，有近2亿用户使用"千问一句 话"下单，点奶茶、订机票酒店、买电影票；腾讯披露，元宝日活用户突破5000万，月活跃用户数达到 1.14亿。 从第三方视角看，参与这场混战的大厂似乎是都是赢家，却又都没有"获胜"，行业竞争格局依旧。但如 果说最终是一个多赢格局也不为过，因为确实网民们得了实惠，电视台多了收入，厂商增了用户，中国 AI应用的渗透率，短时间内大幅提高。 字节跳动投入超过10亿元，豆包深度参与央视春晚互动，发出数亿红包和礼品；阿里冠名四家地方卫视 春晚，配合旗下AI助手千问App，耗资30亿元进行春节推广；腾讯投入10亿元、百度投入5亿元，为AI 应用导流。 马年春节刚过，有媒体粗略统计了几大科技巨头假期期间发起的AI红包大战，投入规模堪称空前。而 今大战过后，各家也公布了自己的阶段性成果。 首先，这场AI战役没有任何一家取得像2015年春节期间，微信借助春晚普及了微信红包那样巨大的战 绩，大力没有出奇迹，而更像"内卷式竞争"。 其次，短期流量爆发无法代表长期价值。大规模红包和补贴确实能迅速拉新，但最终能形成多少稳定留 存、付费转化和持续 ...

智通财经APP获悉，港股三大指数今日走势分化，恒指盘中一度涨近1%，恒科指数则冲高回落，尾盘 再度翻绿。截至收盘，恒生指数涨0.66%或175.4点，报26765.72点，全日成交额2367.65亿港元；恒生国 企指数涨0.3%，报9034.75点；恒生科技指数跌0.19%，报5260.50点。 天风证券指出，短期看，港股在前期估值修复后延续高位震荡格局，南向资金持续净流入与结构性活跃 度对市场形成一定支撑，指数仍具阶段性韧性与结构性机会。但外部环境约束仍然存在。中期维度下， 对港股整体判断维持谨慎乐观，结构优于指数的特征或仍将延续。 蓝筹股表现 2月25日，上海楼市"新七条"重磅发布，其中提到非沪籍家庭外环内购房社保年限缩短至1年，公积金贷 款最高额度提至240万元，成年子女唯一住房暂免房产税。中银国际认为，前防范地产及相关风险仍是 首位，市场的惯性下滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块 出现收益的机会较大，今年建议关注及配置。 3. 餐饮、体育用品等消费股走高。截至收盘，海底捞(06862)涨6.19%，报17.51港元；滔搏(06110)涨 6.53%，报3.1港 ...

"（市值）确实离谱，但暂时无法证伪。"多位布局A、H股的私募投资经理反馈称。在投资经理看来， 稀缺性仍令这两大标的受到追捧—— 智谱依托清华系技术沉淀 ，走to B路线； MiniMax凭借多模态技 术构建全球化C端产品矩阵，海外收入占比超7成 。打开想象的"出海"故事尚难被证伪，中国相较于美 国的电力成本优势又是另一重积极叙事。 不过需要注意的是，减去禁售部分，MiniMax和智谱的真正流通股本仅分别为1700万股和1170万股， 属 于 典型"小股本更容易形成上涨趋势"的香港新经济玩法，在6-12个月锁定期前后则可能面临较大抛压或 盈利审视。毕竟当模型不再稀缺的全球格局下，未来如何变现才是王道。 MINIMAX-WP(H00100) HK] < 會 Q 体市中 02-20 16:10:00 香港时间 报价 讨论 资讯 分析 轮证 财务 简况 970.000 +14.52% HKD 软件服务.HK +0.09% 今开 893.000 最高 980.000 成交量 383.45万 昨收 847.000 最低 809.000 成交额 35.27亿 ≤ -- ADR 0.000 -- % ADR换算价/港股 7 ...