港股晨报 港股回顾 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。 周二港股市场单边下挫，恒生指数收跌 1.82%， 报 26590.32 点；恒生科技指数跌 2.13%，报 5270.7 点；恒生中国企业指数下挫 2.06%，报 9007.86 点。市场成交额 2509.92 亿港元，较前 一交易日 1729.63 亿港元显著放量。恒生指数成 分股中，中国生物制药跌 6.6%，翰森制药跌 6.4%，中国人寿跌 6.1%，万洲国际涨 4.4%。恒生 科技指数成分股中，金蝶国际跌 7.8%，商汤-W 跌 5.8%，华虹半导体涨 3.1%。港股通成分股中，中 国中免跌 10.5%。 美股市场 1. 周 ...

Group 1 - The Hang Seng Technology Index opened strong, with key stocks like Alibaba, Tencent, and Meituan recovering, indicating a rebound in the Hang Seng Technology Index ETF and Hang Seng Internet ETF [1] - Investor fears regarding AI disruption in software have eased, with Morgan Stanley's trading department suggesting that the market's anxiety is nearing a local peak [1] - Anthropic, a company gaining attention for its Claude product, announced collaborations with traditional software firms to launch workplace-oriented intelligent agents, signaling a message of "collaboration rather than replacement" [1] Group 2 - The Hang Seng Internet ETF focuses on major Hong Kong internet companies with high AI software and application content, including Alibaba, Tencent, Baidu, Meituan, and others, many of which have seen nearly a 20% decline over the past 20 days [2] - The Hang Seng Internet Technology Index has dropped approximately 13% cumulatively [2] - These ETFs are listed on mainland stock exchanges, allowing for T+0 intra-day trading, providing A-share investors with a low-threshold and convenient way to invest in undervalued Hong Kong technology stocks [2]

Group 1 - The phosphorus chemical sector remains active, with companies like Chengxing Co., Hebang Bio, Liuguo Chemical, Chuanjin Nuo, Yuntianhua, and Chuanfa Longmang experiencing gains [1] - On February 18, Trump signed an executive order designating elemental phosphorus and glyphosate as critical defense materials, indicating that supply disruptions could threaten U.S. defense and food security [1] - The White House has instructed the Department of Agriculture and the Department of Defense to develop measures to ensure stable domestic supply of these materials [1] Group 2 - The A-share market opened with slight gains across major indices, with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.21%, and the ChiNext Index up 0.15% [2][3] - The Hong Kong stock market also opened higher, with the Hang Seng Index rising 0.58% and the Hang Seng Tech Index increasing by 0.86%, driven by gains in companies like Haidilao and XPeng Motors [4][5]

盘面上，油气、海运、化工、有色金属板块再度走强，超导、PEEK材料、高速铜连接概念股活跃。 盘面上，油气、海运、化工、有色金属板块再度走强，超导、PEEK材料、高速铜连接概念股活跃。超硬材料、存储器、光伏、AI应用、宇树机 器人、离境退税题材走弱。 09:21 港股开盘丨恒生指数高开0.58% 恒生指数高开0.58%，恒生科技指数涨0.86%。海底捞、中国宏桥、小鹏汽车、金蝶国际、携程集团涨逾2%。 | Hટા | 恒生指数 | May 5 | 26745.20c | 154.88 | 0.58% | | --- | --- | --- | --- | --- | --- | | HSTECH 恒生科技 | | hurr | 5316.09c | 45.39 | 0.86% | 09:20 现货白银站上88美元/盎司，日内涨1%。 09:26 磷化工板块延续活跃，澄星股份2连板，和邦生物、六国化工、川金诺、云天化、川发龙蟒跟涨。消息面上，2月18日，特朗普签署行政 令，将元素磷及草甘膦等关键除草剂纳入国防关键物资。白宫认定其供应中断将直接威胁美国国防工业与粮食安全，指示农业部与国防部制定 配套措施，保障两类物 ...

2月24日，在大盘回暖的背景下，软件板块却继续承压。Wind软件指数（882250.WI）当日下跌2.58%。 自1月中旬以来，投资者对AI颠覆性的长期不确定性，引发了一波软件股的抛售潮。中国市场的软件股也随之受到影响，1月13日至今，Wind软件指数已 累计下跌超12%。在业内看来，在AI浪潮下，传统软件公司既面临机遇，也不得不面临潜在的颠覆风险。 1月以来下跌超10% 市场对软件股的担忧在1月底就开始升温。1月12日，Anthropic推出了Claude大模型的Cowork工具及行业插件。这些覆盖法律、金融、销售、营销和数据 分析等多领域的插件，使AI能自主处理文件、编辑组织并自动化多步骤任务，其展现出的高度自主性，被视作对传统SaaS按用户账号收费模式的正面挑 战。 到2月初，市场开始担心AI可能不仅提升生产力，还可能替代传统软件功能（如自动化、内容生成、法律/数据分析等），引发了投资者对传统软件业务模 式的深度忧虑。 2月4日，全球软件股遭遇大规模抛售浪潮。据外媒报道，当周软件和服务类股票市值蒸发近1万亿美元，其中包括多个大型软件企业股价明显下挫。社交 媒体与策略报告的反复讨论，更是加剧了市场"先卖再 ...

17 February 2026 | 9:05AM HKT Equity Research China Software: Dec revenues slowed to 11.7% YoY while MoM increase; Accelerated roll-out of Gen-AI models to drive applications China software industry growth in December was +11.7% YoY (vs. Nov/ Oct 2025 at +14.6%/ 14.9% YoY), with both YoY and MoM growth, leading to aggregate 2025 revenues +13.2% YoY (vs. 2024 at 10.0% YoY). Due to weak seasonality and CNY, we expect to see QoQ decline in 1Q26 and sequential growth ahead. However, we see an accelerated roll-o ...

20 February 2026 | 10:10AM HKT Equity Research | | 2025E | | | 2026E | | | 2027E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb m | Old | New | Chg | Old | New | Chg | Old | New | Chg | | Revenues | 7,044 | 7,044 | 0% | 8,743 | 8,743 | 0% | 10,730 | 10,730 | 0% | | GP | 4,697 | 4,697 | 0% | 5,995 | 5,995 | 0% | 7,515 | 7,515 | 0% | | OP | -54 | -112 | na | 400 | 355 | -11% | 774 | 719 | -7% | | Net income | 178 | 94 | -47% | 545 | 501 | -8% | 881 | 827 | -6% | | EPS | 0.05 | 0.03 ...

4、美称中国一人工智能企业违反美出口管制，外交部：中方已多次表明原则立场 1、特朗普考虑征收新的国家安全关税 美国最高法院上周的一项裁决宣布总统特朗普第二任期的多项征税无效，现在特朗普政府考虑对六 个行业征收新的国家安全关税。据知情人士透露，考虑征收的新关税可能涵盖大型电池、铸铁和铁配 件、塑料管道、工业化学品以及电网和电信设备等行业。这些关税将根据《1962年贸易扩展法》(Trade Expansion Act of 1962)第232条征收，该条款赋予总统基于国家安全风险征收关税的广泛权力。新的第 232条关税将独立于特朗普自最高法院周五上午驳回其多项关税以来已宣布的其他税项。已宣布的关税 包括一项新的15%关税，可维持五个月，以及计划在该期限后征收的多项关税，后者将根据《贸易法》 (Trade Act)第301条发布。 2、美媒：特朗普军方最高顾问警告袭击伊朗风险 据Axios援引两名消息人士透露，美军参谋长联席会议主席丹・凯恩将军已向特朗普总统及高级官 员建议，对伊朗发动军事行动可能存在重大风险，尤其是可能陷入长期冲突。 特朗普政府高层正就是 如何应对伊朗对峙、以及不同方案将带来何种后果展开激烈争论。 ...

恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) 恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) ...

Market Overview - The Hang Seng Index closed down by 1.82% at 26,590.32, with a decline of 491.59 points and a trading volume of 251 billion [2] - The Hang Seng Tech Index fell by 2.13% to 5,270.70, decreasing by 114.65 points with a trading volume of 68.9 billion [2] - The Hang Seng Biotech Index dropped by 3.34% to 15,654.19, down by 541.42 points with a trading volume of 11 billion [2] - The Hang Seng China Enterprises Index decreased by 2.06% to 9,007.86, down by 189.52 points with a trading volume of 90 billion [2] - The Hang Seng Composite Index fell by 1.69% to 4,078.66, down by 70.08 points with a trading volume of 178.1 billion [2] Sector Performance - Technology stocks experienced widespread declines, with notable drops including SenseTime and Tencent Music falling over 5%, Meituan and Kingsoft down over 4%, and Ctrip and Tencent Holdings down over 3% [2] - Other major tech companies such as Kuaishou, Alibaba, Baidu, SMIC, Xiaomi, and JD Health all saw declines exceeding 2% [2] Individual Stock Movements - Kingdee International saw a significant drop of 7.77% to 9.970, with a trading volume of 721 million [3] - SenseTime fell by 5.78% to 2.610, with a trading volume of 2.326 billion [3] - Tencent Music decreased by 5.62% to 57.100, with a trading volume of 170 million [3] - Meituan dropped by 4.24% to 81.400, with a trading volume of 5.524 billion [3] - Kingsoft fell by 4.23% to 26.740, with a trading volume of 424 million [3] - Ctrip Group decreased by 3.83% to 406.800, with a trading volume of 2.044 billion [3] - Tencent Holdings fell by 3.35% to 520.000, with a trading volume of 18.829 billion [3] - Other notable declines included Alibaba Health down 2.94%, Kuaishou down 2.77%, Alibaba down 2.76%, SMIC down 2.39%, Xiaomi down 2.24%, and JD Health down 2.15% [3] Robotics Sector - The robotics sector collectively weakened, with UBTECH falling over 8%, Sanhua Intelligent Control down over 6%, and Horizon Robotics down 2% [5][6]