每经记者｜杜宇 每经编辑｜何小桃 | | ◀ 2025-10-02日》 - ◀ 2026-02-26日》 (98日) | | | --- | --- | --- | | 涨跌幅 | -20.98% 年化收益率 | -45.15% | | 行业对比 ② | - 最大回撤 2 | -23.92% | | 涨跌 | -1356.33 最大上涨 | 31.44% | | 前收盘价 | 6465.66 开盘价 | 6483.22 | | 收盘价 | 5109.33 最高价 | 6715.46 | | 均价 | 5735.36 最低价 | 5109.33 | | 振幅 | 24.84% 上涨天数 | 46 | | 成交额 | 6.79万亿 下跌天数 | 52 N | | 成交量 | 1548.94亿 平盘天数 | 0 | | 区间换手 | 83.30% 最大虽 | 38.58 Z | | 日均换手 | 0.85% 最小虽 | 5.28 5 | 盘面上，建材、医药、汽车等板块跌幅居前。 记者|杜宇 编辑|何小桃 杜恒峰 校对|程鹏 2月26日，港股收跌，其中恒生指数跌1.44%，恒生科技指数重挫2.87%。香港主板市场超1 ...

今日（2月26日），港股市场高开低走，最终主要指数显著回落。 截至收盘，恒生指数报26381.02点，回落384.70点，跌幅1.44%。 恒生科技指数高开低走，最终收盘报5109.33点，下跌151.17点，跌幅2.87%，创下去年6月24日以来新 低。 恒生科技指数成分股中，小鹏汽车-W（HK09868）跌超5%，华虹半导体、哔哩哔哩、理想汽车、百度 集团、快手、地平线机器人跌超4%。权重较大的个股中，中芯国际、比亚迪股份、阿里巴巴跌超3%， 腾讯跌超2%。 受业绩利好刺激，香港交易所股价今日逆势飘红，最终上涨0.78%。 其他方面，盘面上，风电股强势领涨，东方电气大涨15%；建材水泥股集体弱势，海螺水泥跌超6%。 港股创新药集体回落，百济神州跌超9%，药明合联跌超8%，先声药业、药明生物跌超7%。 资金方面，南向资金大规模净卖出。截至收盘，南向资金净卖出港股超73亿港元。 展望后市： 焦点方面，香港交易所（HK00388）公布2025年全年业绩。公告显示，香港交易所2025年收入及其他收 益为291.61亿港元，较2024年上升30%，股东应占溢利为177.54亿港元，较2024年上升36%。2025年 ...

作者｜骑鲸出海 周松 马年春节的年味还没散尽，欧盟已经给中国跨境电商卖家送来了一份"大红包"。 只不过，这个红包拆开一看，是关税。 近日，欧盟委员会税务与海关联盟总司正式公布跨境电商进口监管改革方案：自2026年7月1日起，欧盟将废除沿用数十年的150欧元以下小额包裹关税豁 免政策，改为对每一件进口商品统一征收3欧元关税。 图源：欧盟官网 现实数据足够刺眼：仅在2024年，进入欧盟的低价小包裹就高达46亿件，其中91%来自中国。 问题也因此不再只是"成本上升多少"，而是更残酷的拷问: 当免税红利彻底终结，欧洲这块全球最大的跨境电商消费市场，还能容纳多少依赖低价生存的中小卖家？而欧洲电商的游戏规则，又将被改写成什么样 子？ 两年"缓冲期" 说起来，欧盟的小包裹免税政策，并不是为中国跨境电商量身定制的。 它最早可以追溯至1983年，并在1991年和2008年做出两次调整，逐步提升免征关税包裹的价值额度。与此同时，欧盟对低于22欧元进口包裹的增值税实行 了长期豁免，便利了小额包裹跨境流通。 按照规划，"3欧元"固定关税只是过渡方案，将从2026年7月1日持续至2028年7月1日，必要时可延长。过渡期结束后，150欧 ...

南向资金净卖出73.66亿港元，中国海洋石油、阿里巴巴-W、长飞光纤光缆分别遭净卖出8.94亿港元、 8.88亿港元、6.25亿港元。净买入方面，美团-W、东方电气、小米集团-W净买入额位列前三，分别获 净买入3.11亿港元、1.25亿港元、0.18亿港元。 (本文来自第一财经) ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 1.44% and the Hang Seng Tech Index falling by 2.87%, reaching a new low since July of the previous year, down over 23% from the peak in October [1] - Technology stocks collectively fell, with notable declines in companies such as Bilibili (down approximately 5%), Baidu and Kuaishou (both down over 4%), Tencent (down 2% below HKD 520, hitting a new low), and Alibaba (down 3.57%) [1] Sector Performance - The automotive and semiconductor sectors also saw declines, with Xpeng Motors down about 5% and Hua Hong Semiconductor down nearly 5% [1] - Biopharmaceutical stocks faced significant drops, with WuXi AppTec and BeiGene both declining by approximately 9% [2] - Other sectors such as automotive dealerships, building materials, gambling, AI applications, coal, oil, domestic real estate, photovoltaic, and precious metals also experienced downturns [3] Notable Gainers - In contrast, some stocks within the Hang Seng Index showed gains, including Cheung Kong Infrastructure, CK Hutchison, and Power Assets, with notable increases in electric power, optical modules, and optical communications [3] - Noteworthy performers included Dongfang Electric, which surged by 15.5%, and Cambridge Technology, which rose by 8% [3] Semiconductor Sector Activity - Following Nvidia's recent quarterly earnings report, which positively impacted tech stocks in the US and A-shares, the Hong Kong semiconductor sector became active, with Tensun Zhixin rising over 20% to reach a new high and Zhaoyi Innovation increasing by over 3% [3][4] Future Outlook - Looking ahead, the market outlook suggests that investors should focus on three key sectors: 1. Precious metals and energy sectors may see upward movement due to rising geopolitical risks and increased investor caution 2. The consumer sector, currently at relatively low valuations, is expected to continue rising 3. The technology sector remains a long-term investment focus, with potential for rebound following recent corrections and accelerated AI applications [5]

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]

Group 1 - U.S. Chinese concept stocks are experiencing a pre-market decline, with Pinduoduo down by 1% [1] - JD.com and Tencent Music both fell by 2% [1] - Xpeng Motors, Li Auto, Baidu, Beike, and Alibaba all saw a drop of 3% [1]

以下文章来源于数字社会发展与研究 ，作者程普 数字社会发展与研究 . Digital Society Development Research Center 数字社会发展研究中心 | 专注于数字技术发展及相应经济、 社会、人文领域的新现象，新问题的公共性观察与研究。 程普 独立科技观察者 本文转载自"数字社会发展与研究" 2025年，具身智能领域仍在努力完成从实验室向产业化落地的惊险一跃。 随着大模型在感知与决策层面的突破，以及国家战略资源的集中注入，这种跨越取得了一些实质性进展， 但供应链重构、复杂场景验证以及商业模式闭环等层面的挑战依然严峻。 这一年，从宇树机器人登上春晚舞台的惊艳亮相，到具身智能被正式写入2025年政府工作报告，并纳入国 家"十五五"规划建议，行业获得了从政策到资本的全方位加持，到工信部人形机器人与具身智能标委会成 立，再到机器人马拉松在北京亦庄拉开帷幕，钢铁躯体在赛道上的奔跑，成为行业狂奔的缩影。 2025年，是名副其实的量产元年，也是资本狂热之年，更是泡沫与现实激烈碰撞的一年。 资本与产业 资源集聚与市场分化的双重变奏 2025年具身智能一级市场，呈现出资金集聚与结构分化并存的复杂局 ...

2月26日，港股三大指数呈现高开低走行情，尾盘加速下跌。 截止收盘，恒生科技指数大跌2.87%，创去年7月以来新低，较去年10月高点回调超23%，恒生指数、国企指数分别下跌1.44%及2.44%。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | | 恒生科技指数 | 5109.33 | -151.17 | -2.87% | | 800700 | | | | | 国企指数 | 8814.29 | -220.46 | -2.44% | | 800100 | | | | | 恒生指数 | 26381.02 | -384.70 | -1.44% | | 800000 | | | | 具体盘面上，大型科技股、大金融股(银行、保险、券商)、中字头等权重集体下跌大市承压十分明显，汽车经销商股大跌，生物医药股、建材水泥股、濠赌 股、AI应用概念股、煤炭股、石油股、内房股、光伏股、黄金等有色金属股纷纷下跌。电力设备股逆市上扬，影视股部分反弹，存储概念股再度活跃。 | 行业热力图 × | 领域板块 | | | | | | | | | | --- | --- | --- | ...

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]