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 National Development Bank plans to issue loans of 786.3 billion yuan to the urban renewal sector by 2025, focusing on the renovation of old residential areas, urban villages, and infrastructure improvements [2] - The loans will support urban structural optimization, functional enhancement, cultural heritage preservation, and ecological restoration [2] Group 2 - The 2026 annual film box office (including pre-sales) has surpassed 7 billion yuan, with the Spring Festival box office (including pre-sales) exceeding 4.4 billion yuan [3] - The total cross-regional population flow during the Spring Festival has reached 5.08 billion person-times, averaging 250 million person-times per day, marking a historical high [3] Group 3 - The U.S. President announced an increase in the "global import tariff" from 10% to 15%, effective immediately, with further legal tariffs to be determined in the coming months [4] - The Japanese yen's effective exchange rate index has hit a 53-year low due to prolonged economic stagnation [4]

来源：正解局 春晚导演组大概自己都没想到，2026年的爆点不是哪个流量明星，而是一群不会说话的机器人。 马年的春晚好不好看暂且不谈，毕竟老外对中国文化的梗也不是很熟知，但海外的一些大外媒却纷纷对 中国的春晚发起了反思——路透社、彭博社、BBC，连一向挑剔的《经济学人》都专门写了分析文章： "中国的人形机器人，怎么突然就跑到我们前面去了？" 有外国网友还在X上@马斯克："你的Optimus要加把劲了。" 从来没有一届春晚，能如2026年的春晚一般，在海外掀起如此多的讨论。 为什么是机器人轰开了春晚的国际传播大门？ 今年春晚传播在外媒最高的节目，是《武BOT》。 20多台机器人高速穿插变阵，最快奔跑速度每秒4米，集体后空翻、跳马、棍术对打，每个动作整齐得 让人头皮发麻。 最关键的是，这些机器人跌倒后能自己爬起来。 有外国网友看完直接破防："这技术是真的吗？我们还在用机器人扫地，中国人已经让机器人打拳了？" 在社交平台X（原推特）上，一名拥有数十万粉丝的海外博主坎布尔（Evrim Kanbur）发布了一段春晚 机器人表演的剪辑。 "中国人形机器人一年内的进步堪称神奇。" "这就是中国速度。如果12个月能实现如此飞跃 ...

Core Insights - The service consumption in lower-tier cities has seen significant growth during the Spring Festival, driven by various social activities and travel trends, marking a highlight in the overall consumption market [1] - The trend of consumption moving to lower-tier cities is becoming increasingly evident, with popular entertainment activities from first and second-tier cities spreading to third and fourth-tier cities, enhancing user experience and activating local economies [2] Group 1: Consumption Trends - During the Spring Festival, leisure and entertainment orders in lower-tier cities increased by nearly 30% year-on-year, with young consumers accounting for over 60% of the spending [1] - The gaming industry, particularly internet cafes, has experienced a nearly twofold increase in transaction volume, indicating a nostalgic return to social gaming among friends [3] - The demand for KTV and billiards has surged, with KTV transactions growing over 20% and billiards consumption increasing by over 30% during the holiday [3] Group 2: AI and Technology Integration - The AI assistant "Xiao Tuan" has been upgraded to provide users with tailored leisure and entertainment recommendations, verifying approximately 120 million merchant details and 140 million user reviews to enhance consumer experience [4] - The integration of AI technology is helping to activate economic vitality in county areas by improving the efficiency of supply and demand matching [2][4] Group 3: Travel and Photography Trends - There has been a notable increase in travel photography consumption in smaller cities, with places like Liuzhou, Jinghong, and Dali seeing transaction volumes double, driven by family-oriented travel experiences [5] - The trend of family and group photography is becoming more popular, with a shift from individual to family-focused travel photography, reflecting changing consumer preferences [6] Group 4: Market Dynamics - The growth in leisure consumption in lower-tier cities is attributed to the influx of people returning home during the Spring Festival, which has boosted local spending power [6] - The expansion of entertainment and leisure activities from first and second-tier cities to lower-tier markets is indicative of a long-term trend of consumption upgrading in these areas [6]

中新网北京2月21日电(记者左雨晴)当马年春晚的聚光灯照亮夜空，22580架无人机在合肥同时升空，勾 勒出徽派建筑的灵动轮廓；16架无人驾驶"空中的士"集群点亮舞台，宣告载人级eVTOL的规模化时代正 在走来。千里之外的宜宾，工业级无人机低空通场，eVTOL水上机场亮相。 更值得关注的不是这场视觉盛宴本身，而是它背后透露的产业信号：低空经济，正在完成从"飞起 来"到"用起来"的关键一跃。 春节前夕，深圳赤湾无人机跨城起降场内，一架丰翼无人机腾空而起，跨越零丁洋，将一份特殊的新春 礼物送往珠海。 "从确认订单到送达只用了4个小时。"在深圳高科技企业工作的黄有鑫，将公司年会抽中的新手机寄给 母亲。视频那头，妈妈的清晰笑颜，跨越山海映入眼帘。 春晚的"炫技"与春节的"配送"，构成了低空经济的一体两面——前者是技术成熟度的集中检阅，后者是 应用场景化的真实落地。 面向2026年，低空经济正加速从"飞起来"向"用起来"跃升。舞台上的集群调度技术，将复用于载人交 通、物流运输、应急管理等领域；已获适航认证的eVTOL航空器，将在更多城市开启常态化运营；水 上机场、城市空中交通运营中心等基础设施加速布局。 粤港澳大湾区、成 ...

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]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 137.775, up 2.59% from the previous close in Hong Kong [2] - Tencent Holdings closed at HKD 531.758, an increase of 1.87% from the previous close in Hong Kong [2] Group 2 - Tencent Holdings reported a latest price of HKD 522.000, down HKD 11.000 or 2.06%, with an ADR price of HKD 531.758, showing an increase of HKD 9.758 compared to the Hong Kong stock price [3] - Alibaba Group (W) had a latest price of HKD 147.100, down HKD 7.600 or 4.91%, with an ADR price of HKD 150.874, reflecting an increase of HKD 3.774 compared to the Hong Kong stock price [3] - HSBC Holdings had a latest price of HKD 134.300, up HKD 0.100 or 0.07%, with an ADR price of HKD 137.775, indicating an increase of HKD 3.475 compared to the Hong Kong stock price [3]

今年春节期间，健康消费已成为越来越多人的选择。从"囤年货"到"囤健康"，蓬勃兴起的健康消费热潮 呈现出中国经济的旺盛活力。 在永辉超市北京丰科万达店，有机粮油、生态猪肉、低GI（血糖生成指数）零食等特色产品摆放在显 著位置，吸引不少消费者驻足选购。永辉超市CEO王守诚告诉记者："过去，年货消费主要是米面粮 油、烟酒糖茶；如今，消费者更倾向于选择具备健康属性的商品作为新年礼物。针对这一趋势，永辉超 市打造全场景健康年货体系，推出有机蔬菜、生态土猪、'吊水'水产等优质生鲜产品，以及有机山茶 油、燕窝粥、花胶、猴菇饼干等健康滋养礼盒，精准对接市民送长辈、送健康的消费需求。" 调研同时显示，83.6%的消费者会为长辈挑选食品礼盒，食品礼盒市场迎来"健康回归"。苏州稻香村食 品集团股份有限公司总裁周立源在接受记者采访时表示，消费者对糕点的需求从单纯口味满足，升级为 营养与口感的多元追求，低糖、低脂、采用天然配料的产品持续走俏，其中低糖糕点细分市场增速远超 行业平均增速。在节日礼品场景中，适配全年龄段、契合健康送礼理念的低糖礼盒，需求呈现爆发式增 长。公司在传统糕点全面降糖降脂的基础上，推出更多融合低糖健康与"药食同源" ...

陈永伟 2月5日，美团在香港联交所发布公告，宣布将以约7.17亿美元的初始对价，收购叮咚买菜中国业务 100%股权。交割完成后，叮咚买菜将成为美团的间接全资附属公司，其财务业绩将并入美团报表。对 于熟悉"生鲜大战"的人来说，这一结局并不意外，却颇具象征意义。 回头看即时零售这条赛道，会发现它的发展轨迹并不复杂：从外卖构建城市级配送网络，到前置仓探索 履约效率的极限，再到平台整合各类供给节点，行业表面上经历了多轮模式更替，但底层逻辑始终未变 ——围绕城市内部的订单密度展开。当电商已经将价格和品类推向极致，零售竞争的核心变量，正在不 可避免地转向时间。 几年前，前置仓曾是最炙手可热的创业赛道之一。成立于2017年的叮咚买菜，一度是这一赛道的头部代 表。凭借成千上万个小型仓库网络，以及"最快29分钟送达"的承诺，叮咚买菜在2021年上市前曾接近90 亿美元市值。然而短短几年后，前置仓模式迅速退潮，代表企业要么出局，要么收缩，行业整体降温。 正是在这一背景下，美团选择出手，将叮咚买菜纳入自己的即时零售版图。这并非一桩单纯的并购事 件，而更像是行业进入整合阶段的信号：创业者探索出的多种模式，正在被平台吸收，逐渐融入城市 ...

宝子们，点外卖时有没有这种感觉？明明想用信用卡结账，觉得可能有优惠，但翻遍美团APP，就是找不到那个 所谓的"信用卡支付专属红包"在哪里领。要么是看到别人晒的大额券自己用不了，要么是领了一堆门槛巨高的"神 券"，结算时发现根本没便宜几块钱。我刚工作那会儿，为了省点饭钱，可是没少在这上面栽跟头，到处搜方法， 结果不是要下乱七八糟的APP，就是要填一堆个人信息，最后券还没领到，差点还被套路。 找到了靠谱的入口，只是第一步。想把羊毛薅明白，下面这些坑你得提前知道，都是我或我朋友交过"学费"的教 训。 坑一：领券"中介"要个人信息。 我遇到过那种，说要帮你领大额券，但必须提供手机号和验证码。宝子们，千万 打住！这极有可能是用你的信息去注册新账号领新手券，或者干更坏的事。规避方法：任何需要你提供密码、验 证码、身份证号的所谓"领券渠道"，立刻关掉。正规领券，最多授权一下外卖账号（也是官方跳转），绝不用给 这些核心信息。 坑二："通用券"实则限制多多。 有些渠道宣传"无门槛通用券"，领到手才发现，仅限某些特定商品、或者某些偏 僻商家使用，你想用的奶茶店、常点的餐馆根本用不了。规避方法：领券前，养成好习惯，点开券的"使用规 ...