每经记者｜杜宇 每经编辑｜何小桃 记者|杜宇 编辑|何小桃 杜恒峰 校对|段炼 | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 天数智芯 | | 237.800 | -7.61% | -19.600 | | 9903.HK | | | | | | 澜起科技 | | 192.100 | -7.11% | -14.700 | | 6809.HK | | | | | | 壁仞科技 | | 38.420 | -5.93% | -2.420 | | 6082.HK | | | | | | 爱芯元智 | | 28.300 | -5.79% | -1.740 | | 0600.HK | | | | | | 伟志控股 | | 0.940 | -5.05% | -0.050 | | 1305.HK | | | | | | 普达特科技 | | 0.290 | -4.92% | -0.015 | | 0650.HK | | | | | | 兆易创新 | | 412.600 | -4.53% | -19.600 | | 3986.HK | | | | ...

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Index rising by 0.66% to 26,765.72, while the Hang Seng Tech Index fell by 0.19% to 5,260.50 [1][2] - The overall market showed signs of recovery after a significant drop the previous day, with the Hang Seng Index and the National Enterprises Index both posting gains of 0.66% and 0.30%, respectively [1] Sector Performance - Technology stocks showed a rebound, with Meituan rising by 1.6%, while Alibaba, Tencent, and JD.com also saw slight increases [4] - Real estate stocks surged following the announcement of new housing policy adjustments in Shanghai, with Country Garden and CIFI Holdings both gaining over 6% [5][6] - The construction materials sector also performed well, with Conch Cement rising over 5% [6][7] - Steel stocks experienced broad gains, with New Mining Resources up by 20% and Chongqing Steel rising over 8% [8] - Copper and aluminum stocks saw collective increases, with WanGuo Gold Group rising by 6.91% and China Gold International up by over 4% [9][10] - The gold and precious metals sector was active, with Long Resources increasing by over 13% [11] - The sportswear sector saw gains, with Tmall rising by 6.53% and Anta Sports up by 2.48% [13] - The restaurant sector collectively rose, with Haidilao increasing by 6.19% due to strong consumer demand during the Spring Festival [15] Weak Performers - Semiconductor stocks faced declines, with companies like Lattice Semiconductor and Aisino falling over 7% [16][17] - Paper stocks dropped, with Nine Dragons Paper down by 4.29% [18] - The electricity sector showed weakness, with Datang New Energy falling over 4% [19] - Automotive stocks declined, with Li Auto down by 3.71% and NIO down by 2.64% [20] - Education stocks performed poorly, with Chuanglian Holdings dropping over 5% [21] Capital Flow - Southbound funds recorded a net sell of HKD 4.057 billion, with the Shanghai-Hong Kong Stock Connect seeing a net sell of HKD 5.495 billion [23] Market Outlook - Huatai Securities noted increased market differentiation during the Spring Festival, with AI and internet giants showing diverging trends, while consumer data remained strong but did not significantly boost sector performance [23]

Market Performance - The Hong Kong stock market indices experienced a decline in the afternoon, with the Hang Seng Tech Index falling by 0.19%, while the Hang Seng Index and the National Enterprises Index rose by 0.66% and 0.3% respectively, halting the previous day's significant drop [1] Sector Performance - Major technology stocks showed signs of recovery, with Meituan increasing by 1.6%, and Alibaba, Tencent, and JD.com also experiencing slight gains. Tencent hit a recent low during the previous trading session [1] - The real estate sector saw a boost following Shanghai's new housing policy "沪七条," which further relaxed housing purchase restrictions, leading to a rally in domestic property stocks. Notably, Chongqing Steel surged by 27% at one point, ultimately closing up by 8.7% [1] - The non-ferrous metal sector, including copper, aluminum, and gold stocks, was notably active, with Lingbao Gold reaching a historical high. Major players like WISCO Resources, China Aluminum, and China Hongqiao all saw significant increases [1] - The restaurant sector performed well during the Spring Festival, with Haidilao leading the gains among restaurant stocks [1] Weak Performers - Semiconductor storage concept stocks, which had led the market in the previous day, mostly retreated, with Langqi Technology dropping over 7% and Zhaoyi Innovation falling by 4.5% [1] - Other sectors such as paper, automotive dealerships, electric power, water utilities, and automotive stocks showed weak performance [1]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.66% to 26,765.72 points, while the Hang Seng Tech Index fell by 0.19% to 5,260.5 points [1] - Major technology stocks had varied movements, with Alibaba up 0.2%, Tencent up 0.48%, and Meituan up 1.6%, while Xiaomi and NetEase saw declines of 0.39% and 0.61% respectively [1] Sector Highlights - The steel, non-ferrous metals, and rare earth sectors led the gains, with Chongqing Steel rising nearly 8% and China Aluminum up 5% [1] - The semiconductor sector weakened, with Lattice Semiconductor down over 7% [1] - The AI application sector experienced a pullback, with Zhiyun down 10.75% [1] Company-Specific Movements - Sinochem Fertilizer saw a rise of over 3% due to international phosphate prices exceeding $700 per ton [2] - Dongyue Group increased by nearly 7% supported by low refrigerant inventory and bullish price expectations [3] - Dazhu CNC rose over 5% after its laser drilling machine received certification from NVIDIA [4] - Huizhu Technology surged over 10%, reaching a historical high after raising HKD 1.635 billion [5] - Hongteng Precision increased over 6% as it transitions towards high-margin AI server interconnect and electric vehicle businesses [6] - Mingming Henan saw a rise of nearly 9% as its leading position in the industry was reaffirmed [8] Analyst Insights - Analysts from China Galaxy Securities highlighted three main themes for the Hong Kong market: rising geopolitical risks boosting precious metals, consumer policy driving low-valuation consumer stock recovery, and the release of valuation pressure in the tech sector [12] - Haitong International expressed optimism about the pharmaceutical sector, particularly Stone Pharmaceutical Group, expecting it to return to an upward cycle by 2026 [12]

2月25日消息，据微信官方，微信最近更新"面对面收照片和文件"的功能。 入口为微信首页点击右上角'+'再点击'扫一扫'，依次点击'我的二维码-面对面收照片和文件'，对方扫描 二维码即可发送。 微信官方表示，手机不同，没加好友，不用流量，也能快速收发原图。 此外，微信还上线找图功能。 如果忘记图都发给谁，可以找到这张图，长按图片点击'查看该图片包含的聊天'，就能秒锁定这张图 的"流向"，点击聊天还能看看当时唠了啥。 责任编辑：李思阳 2月25日消息，据微信官方，微信最近更新"面对面收照片和文件"的功能。 入口为微信首页点击右上角'+'再点击'扫一扫'，依次点击'我的二维码-面对面收照片和文件'，对方扫描 二维码即可发送。 微信官方表示，手机不同，没加好友，不用流量，也能快速收发原图。 责任编辑：李思阳 此外，微信还上线找图功能。 如果忘记图都发给谁，可以找到这张图，长按图片点击'查看该图片包含的聊天'，就能秒锁定这张图 的"流向"，点击聊天还能看看当时唠了啥。 ...

2月24日下午，《广东省制造业与服务业协同发展白皮书》政策解读新闻发布会在广州召开。据发布会 消息，近期，广东将出台制造业与服务业协同融合发展的行动方案，以更大力度、更实举措推动两业协 同融合不断开创新局面。 龚桢梽介绍，为加快推动两业协同融合发展，广东在即将出台的行动方案里专门部署了要素保障行动。 平台方面，广东将大力培育一批具有产业链整合能力的龙头骨干企业，鼓励制造业企业把研发、检测等 内部服务独立出来，为产业链上下游企业提供专业服务。人才方面，推广"订单式"人才模式，推动企 业、高校、人力资源机构共建人才培养联盟，精准培养制造业与服务业协同融合所需的跨界人才。金融 方面，广东将统筹用好各类政策资金，对两业协同试点项目、平台、企业给予重点支持，落实好研发费 用加计扣除等税收优惠政策。 同时，广东还将发挥省战略性新兴产业基金等政府投资基金的引导作用，支持符合条件的融合型企业通 过上市、发债等方式拓宽融资渠道，让更多"好苗子"获得长线滋养。 此外，广东将打造一批看得见、摸得着的标杆场景。实施"人工智能+制造"，培育工业垂直大模型，建 设智能工厂和数字园区；鼓励发展全屋智能、车联网、服务机器人等跨行业融合应用场 ...

Group 1 - The core idea of the article emphasizes the "Matthew Effect" in the technology sector, where leading companies strengthen their market position through technological barriers, user loyalty, scale effects, and capital advantages, leading to a "winner-takes-all" scenario [1] - Institutional funds tend to concentrate on core assets with certainty premiums rather than diversifying investments, driven by the stronger risk resistance of leading companies, liquidity needs, and the pronounced moat effect in the technology industry [1] - The "Hong Kong Stock M7" refers to seven representative technology leaders in the Hong Kong market, including Tencent, Alibaba, Xiaomi, Meituan, SMIC, BYD, and Lenovo, which cover key technology sectors [2][3] Group 2 - The index tracking the "Hong Kong Stock M7" has a weight distribution where the top six companies account for 60.43% of the total index weight, reflecting a focus on pure information technology [3] - High concentration in investment tools leads to a trade-off, sacrificing coverage of potential "dark horses" for higher aggressiveness during favorable industry trends [4] - Leading companies benefit from multiple positive feedback loops during industry upcycles, resulting in a multiplier effect on index performance when they are all in a favorable cycle [5][6] Group 3 - Historical performance shows that the index tracking the "Hong Kong Stock M7" outperforms more diversified indices during technology stock upcycles due to the concentrated investment in leading companies [7] - The design of the index, with a maximum weight of 12% for individual stocks, aligns with the "Matthew Effect" and the trend of institutional funds concentrating on leading companies [8] - The investment strategy allows investors to indirectly hold a portfolio of "Hong Kong Stock M7" with a low entry threshold, sharing in the benefits of the technology industry's evolution [8]

Market Performance - The A-share market opened high and continued to rise, with the Shanghai Composite Index up 0.72% and the ChiNext Index, Shenzhen Component Index, and Sci-Tech Innovation Index all rising over 1% [1] - More than 3,700 stocks in the market rose, with 101 stocks hitting the daily limit, marking over two consecutive days of more than 100 stocks reaching the limit [1] Rare Earth Sector - The rare earth permanent magnet concept saw a significant surge, with stocks like Northern Rare Earth (600111), China Rare Earth (600259), and others hitting the daily limit [1] - Prices of rare earth products increased significantly, with praseodymium-neodymium oxide averaging 882,000 CNY/ton, up 41,600 CNY/ton; neodymium metal at 1,036,700 CNY/ton, up 31,700 CNY/ton; dysprosium oxide at 1,622,900 CNY/ton, up 170,000 CNY/ton; and terbium oxide at 6,438,000 CNY/ton, up 118,000 CNY/ton [1] Basic Metals Sector - The basic metals sector experienced a surge, with stocks like Feilihua (300395) rising over 18%, and several others hitting the daily limit [1] Semiconductor Industry - The semiconductor industry saw an expanded upward trend, with stocks like Youyan Silicon (20cm) hitting the daily limit and others like Fuchuang Precision and Jiangfeng Electronics rising over 10% [2] Commercial Aerospace Sector - The commercial aerospace sector showed a strong performance, with stocks like Aerospace Development (000547) hitting the daily limit and others like Keshun Co. rising over 14% [2] - Blue Arrow Aerospace announced plans for a recovery test of its reusable rocket in the second quarter of this year [2] Real Estate Sector - The real estate sector performed strongly, with stocks like I Love My Home (000560) and City Investment Holdings (600649) hitting the daily limit [2] - New policies were announced in Shanghai to relax housing purchase restrictions and optimize housing fund loan policies, effective from February 26 [2] Phosphate Chemical Sector - The phosphate chemical sector saw explosive growth, with stocks like Chengxing Co. (600078) and others achieving consecutive limit-ups [2] Declining Sectors - The storage chip sector faced declines, with stocks like Purun Co. dropping over 7% and others like Lanjie Technology and Jiangbolong falling over 3% [3] - The film and television cinema sector also saw a downturn, with Hengdian Film (603103) experiencing consecutive limit-downs [4] Hong Kong and International Markets - The Hong Kong stock index showed a slight increase, with the Hang Seng Technology Index fluctuating but ultimately rising by 0.13% [4] - The Nikkei 225 index in Japan rose by 2.20%, while the KOSPI index in South Korea increased by 1.91%, marking a historic close above 6,000 points [4]

文｜象先志 春节档AI大战现在基本落幕。过年前大厂活动力度就很猛，当时想春节后回看下表现，给各家产品从夯到拉排个序。之前有消息说DeepSeek会发布R2，这 也是我个人预期最有希望给到夯的选手，可惜R2还是一如既往跳票了。 如果以一年前R1的表现作为夯的参考标准，那显然今年没有任何产品够上了这个bar。但今年跟去年区别最大的一点是，去年是DeepSeek一枝独秀，今年更 像百花齐放，选手们普遍比较踊跃，技术和营销两方面都值得讨论，参评素材要丰富很多。 下面对BAT御三家的春节档AI大战表现做个简要点评。 字节守，阿里攻 综合各方面表现看，字节和阿里都是属于能给到顶级的选手。官宣字节拿下春晚的时候，口径上其实说得是火山引擎是主角，豆包打配合。当然后来事实 上，爆光资源还是被豆包拿了。 另一个把字节排到顶级的原因是，Seedance 2.0斩获了视频生成领域的SOTA。 在创作者和媒体圈，这个模型非常火，甚至出现国外向国内求"反向邀请码"的情况。但KOL的话能看不能信，这群人之前吹可灵吹Veo都是同样的套路。而 且客观上说，视频生成模型仍然相对小众，谈不上真正出圈，评判技术实力最核心的指标还是要看语言模型。 根 ...

京东的香港金融版图，正从合规层面的入场许可，演进至商业层面的品牌蓄力。 据香港知识产权署公开信息，北京京东三佰陆拾度电子商务已递交了"JDA 京东保险顾问"商标申请。 值得注意的是此次申请的业务辐射面： 而京东此次以独立申请经纪牌照、自建自有品牌团队的方式入局，资产模式更轻，也更聚焦于渠道与客群的运营。 这套逻辑，隐约有着京东在内地保险业务的影子； 该商标涵盖的类别编号为36，其范畴并未局限于狭义的保险经纪、保险咨询与承保，而是大面积延伸至金融管理、保付代理服务、商业经纪、艺术品估价、 不动产管理、海关金融经纪服务、信托乃至典当等多个细分领域。 这是一场筹谋已久的南下，申请商标亦是京东近期在港险市场连番动作的冰山一角。 将时间线拨回去年10月，京东旗下Jingda HK Trading Co., Limited正式获香港保险业监管局批出保险经纪牌照，获牌后，该主体火速更名为"京东保险顾问 （香港）有限公司"。 此次商标申请，可视作牌照落地后的配套动作，标志着京东在港的保险中介业务正式启动品牌化运作。 从目前的落地节奏来看，京东采取了"牌照先行、团队跟进"的稳健打法。 在猎聘等招聘渠道上，京东已释放出包括香港保 ...