【今日头条】 津巴布韦暂停出口锂精矿和原矿 津巴布韦已暂停出口锂精矿和原矿，此举旨在推动矿业公司在该国建立加工业务。津巴布韦矿业部长周 三表示，该出口禁令立即生效，直至另行通知。非洲各国政府一直试图迫使矿业公司在当地精炼矿产， 以从其国家资源中获取更大的经济收益。根据官方数据，津巴布韦拥有非洲最大的锂储量之一，也是全 球主要生产国之一，估计资源量为1.26亿吨。津巴布韦矿业部长表示，只有在矿商遵守政府要求的情况 下，禁令才会解除。去年，该国曾表示将于2027年禁止锂精矿出口，这是促使外国矿业公司在当地发展 精炼业务努力的一部分。涉及港股锂矿板块。 美国地质调查局最新报告显示，预计2025年津巴布韦锂矿产量为2.8万吨(按锂含量计)，仅次于阿根廷、 中国、智利。 【大势展望】 纳斯达克中国金龙指数跌0.48% 隔夜美股道指涨307.65点，涨幅为0.63%，报49482.15点;纳指涨288.40点，涨幅为1.26%，报23152.08点; 标普500指数涨56.06点，涨幅为0.81%，报6946.13点。英伟达(NVDA.US)涨1.4%，在公布财报后盘后一 度涨超3%，Circle(CRCL.US)涨35 ...

Group 1 - JPMorgan Chase & Co. increased its stake in Conch Cement (00914.HK) by purchasing 2,103,733 shares at an average price of HKD 24.8358 per share, totaling approximately HKD 52.248 million [1] - Following this acquisition, JPMorgan's total holdings in Conch Cement rose to 144,177,501 shares, increasing its ownership percentage from 10.93% to 11.09% [1][2]

Market Overview - A-shares are performing significantly better than Hong Kong stocks, with expectations for a spring rally following a pre-holiday downturn [1] - Gold prices surged, breaking $5,200 per ounce, driven by geopolitical tensions and market speculation [1] Oil and Shipping Industry - The cost of renting a Very Large Crude Carrier (VLCC) to transport Middle Eastern oil to China has skyrocketed to over $170,000 per day, tripling since the beginning of the year [2] - Korean shipping company Changjin Shipping is set to become the largest VLCC operator globally by acquiring second-hand ships and securing charter agreements [2] - Companies like COSCO Shipping Energy and COSCO Shipping Holdings are also experiencing significant price increases due to tight shipping capacity [2] Rare Earth and Metals - Prices for rare earth elements, such as neodymium and dysprosium, have increased, with neodymium oxide averaging 885,000 yuan per ton [3] - Companies in the metals sector, including Minmetals Resources and Aluminum Corporation of China, have seen stock prices rise significantly due to increased demand [3] Real Estate Sector - Shanghai has introduced favorable policies for the housing market, allowing non-local residents to purchase additional properties and increasing the maximum housing provident fund loan amount from 1.6 million to 2.4 million yuan [4] - Real estate companies like Country Garden and Beike have seen stock price increases following these announcements [4] - The demand for steel and cement is expected to rise due to the recovery in the real estate market, benefiting companies like Chongqing Steel and Ansteel [4] Cement Industry - Anhui Conch Cement announced a plan to repurchase A-shares worth between 700 million and 1.4 billion yuan, leading to a nearly 8% increase in stock price [5] - Other companies in the cement sector, such as China Resources Cement, also experienced stock price gains [5] Consumer Sector - The restaurant sector is benefiting from positive consumption data during the Spring Festival, with companies like Haidilao seeing stock price increases [5] - The U.S. has reduced tariffs on Chinese goods, which may benefit export-oriented textile manufacturers [5] Lithium Market - Zimbabwe has imposed a ban on the export of raw minerals and lithium concentrates, which is expected to drive up prices for lithium carbonate and lithium concentrates globally [7] - Key companies in the lithium sector, such as Tianqi Lithium and Ganfeng Lithium, are likely to be affected by this export ban [7] Gold Mining Sector - Zhaojin Mining Industry is expected to benefit from rising gold prices due to geopolitical tensions, with analysts predicting a significant increase in gold prices in the coming years [8] - The company reported a revenue of 12.052 billion yuan for the first three quarters of 2025, a 54.1% increase year-on-year, with a net profit of 2.117 billion yuan [9] - The company has substantial gold reserves and is developing a major underwater gold mine, which is projected to significantly contribute to future production [9]

Market Overview - The Hong Kong stock market experienced a mixed performance with a structural characteristic of "strong cyclicals, weak technology" as policy support and rising commodity prices drove the market upward, while profit-taking affected the technology sector [1][2] - The Hang Seng Index rose by 0.66% to 26,765.72 points with a trading volume of 236.765 billion HKD, while the Hang Seng Tech Index slightly declined by 0.19% to 5,260.5 points with a trading volume of 51.908 billion HKD [1][2] Sector Performance - Cyclical sectors such as real estate services (+5.48%), building materials (+3.51%), and mining (+3.29%) led the gains, supported by favorable policies and rising commodity prices [2] - In contrast, technology sectors like software (-5.11%) and semiconductor materials and equipment (-3.94%) saw significant declines due to profit-taking from previously high-performing stocks [2] Individual Stocks - Notable gainers included Tianbao Energy (+69.49%) due to a projected profit increase of 84.5% year-on-year, and Semir Holdings (+60.53%) benefiting from active small-cap market sentiment [2] - Major decliners included Zhijing International Financial (-26.32%), Zhuoyue Holdings (-23.08%), and China National Pharmaceutical Group (-18.75%) [2] Trading Activity - The top three stocks by trading volume were Tencent Holdings (11.981 billion HKD), Alibaba-W (7.110 billion HKD), and HSBC Holdings (6.193 billion HKD) [2] Policy and Economic Developments - The Hong Kong budget proposed optimizing the listing system, including revising "same share, different rights" requirements and advancing T+1 settlement cycle consultations, aiming to enhance market efficiency [2] - New policies in Shanghai's real estate market, including shortening the social security period for non-local buyers and increasing public housing loan limits, stimulated the Hong Kong real estate sector [2] Future Outlook - Analysts suggest focusing on three sectors: precious metals and energy due to rising geopolitical risks, consumer sectors at relatively low valuations, and technology sectors expected to rebound as AI applications accelerate [3] - Concerns over potential VAT increases in service sectors may affect investor sentiment, but pre-meeting policy expectations could support the Hong Kong market [3] - The real estate sector showed overall gains during the Spring Festival, with a continued positive outlook for first-tier and select second-tier cities [3]

21世纪经济报道记者 黄子潇 深圳报道 2月25日，港股市场在政策利好与大宗商品价格走强推动下震荡上行，但科技板块受获利回吐影响表现 偏弱，市场呈现"周期强、科技弱"的结构性特征。南向资金净流出35.69亿港元。 海螺集团计划增持海螺水泥A股（7到14亿元）及海螺创业股权（10.61%），带动建材股上涨；海底捞 春节期间全国门店接待超1400万人次，股价涨6.2%。国际方面，美国将磷元素及草甘膦纳入国防关键 物资，推动磷化工板块热度；印尼镍矿事故引发供应担忧，镍价预期走强。 | | | | | Wind香港概念板块指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 彩票 | 铁矿石 | 富士廣 | 钢铁 | 稀土永磁 | 水泥 | 本地银行 | 结金属 | 小金属 | | 6.78% | 4.76% | 4.47% | 4.11% | 3.96% | 3.92% | 3.50% | 3.31% | 3.26% | | 智能建筑 | 今日头条系 | 有色金属 | 涉矿 | 连锁快餐店 | 新材料 | 体育用品 | 本地設 ...

Group 1 - The core point of the article is that JPMorgan has increased its stake in Conch Cement (00914) by purchasing 2,103,733 shares at a price of HKD 24.8358 per share, totaling approximately HKD 52.2479 million [1] - After the purchase, JPMorgan's total holdings in Conch Cement amount to approximately 144 million shares, representing a stake of 11.09% [1]

潜在收购事项(受限于获得相关政府机构批准)将于公开市场按当时的市场价格，并在主要考虑本公司当 时的市场价格和当时市况后，在海螺集团认为适当的时间进行。紧随潜在收购事项完成后(如实现)，(i) 海螺集团，连同其附属公司和海螺集团之一致行动人士(定义见香港证券及期货事务监察委员会刊发的 香港公司收购及合并守则)，将持有合计少于30%附于本公司全部已发行股份的投票权;(ii)海螺集团预期 将重构本公司董事会组成;及(iii)本公司将被视为海螺集团的附属公司，及本公司的财务业绩将并入海螺 集团合并财务报表中。 于本公告日期，海螺集团直接及间接透过安徽海螺水泥（600585）股份有限公司(一家于中国成立的股 份有限公司，其A股于中华人民共和国(中国)上海证券交易所上市(股份代号：600585)及H股于联交所上 市(股份代号：00914)，并由海螺集团拥有36.40%股权)(海螺水泥)及其附属公司持有本公司已发行股本 约10.39%，并为本公司单一最大股东;而安徽省国有资产监督管理委员会间接持有海螺集团51%股权， 本集团持有海螺集团49%股权。海螺集团主要从事资产营运、投资、融资、产权交易、进出口贸易、建 材、化工产品 ...

Group 1 - The core point of the announcement is that Anhui Conch Group is considering acquiring additional shares of Conch Venture, which would result in the group holding approximately 21% of the company's issued share capital after the potential acquisition [1] - The acquisition is subject to approval from relevant government authorities and will be conducted in the open market at prevailing market prices [1] - Following the completion of the potential acquisition, Conch Group, along with its subsidiaries and concert parties, is expected to hold less than 30% of the voting rights of the company's issued shares [1] Group 2 - As of the announcement date, Conch Group, through Anhui Conch Cement Co., holds approximately 10.39% of the issued share capital of Conch Venture, making it the largest single shareholder [2] - Anhui Conch Cement Co. is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with Conch Group owning 36.40% of its shares [2] - Conch Group is primarily engaged in asset operation, investment, financing, property trading, import and export trade, and the production and sale of building materials and chemical products [2]

Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index rising by 0.66% to close at 26,765.72 points, while the Hang Seng Tech Index fell by 0.19% to 5,260.50 points. The total trading volume was HKD 2,367.65 million [1] - Tianfeng Securities noted that the market is experiencing high-level fluctuations after previous valuation adjustments, supported by continuous net inflows from southbound funds and structural activity [1] Blue-Chip Stocks Performance - Haidilao (06862) led the blue-chip stocks with a 6.19% increase, closing at HKD 17.51, contributing 3.12 points to the Hang Seng Index. The company served over 14 million customers during the recent Spring Festival holiday, a significant increase compared to last year [2] - Other notable blue-chip performances included HSBC Holdings (00005) up 5.47% to HKD 142.7, contributing 140.04 points, and Longfor Group (00960) up 4.6% to HKD 10.24, contributing 1.83 points [2] Sector Highlights - Large technology stocks showed mixed results, with Tencent rising by 0.48% and Alibaba by 0.2%. The market saw strong performance in rare earth and tungsten stocks due to rising prices [3] - The Shanghai real estate market's new policies led to a positive performance in property stocks, with Country Garden (02007) up 6.45% and CIFI Holdings (00884) up 6.02% [4] - Consumer stocks, particularly in the restaurant and sports sectors, performed well, with Haidilao and Anta Sports (02020) rising by 6.19% and 2.48%, respectively [5] Consumption Trends - Dazhong Securities reported that the recent Spring Festival holiday showed positive consumption data, indicating a preliminary recovery in the domestic market, particularly in tourism and dining sectors [6] - The report highlighted structural growth opportunities in industries like dining and experiential consumption, supported by potential policy backing and overseas growth prospects [6] Notable Stock Movements - HSBC Holdings (00005) reported a revenue increase of USD 2.4 billion to USD 68.3 billion for 2025, with a net interest income of USD 34.8 billion, reflecting a 4% growth [7] - Green Tea Group (06831) announced a profit forecast for 2025 of approximately RMB 460 million to RMB 508 million, representing a year-on-year increase of 31.4% to 45.1% [8] - Conch Group stocks were active, with Conch Cement (00914) rising by 5.53% after announcing a plan for significant share buybacks [8]

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 ...