港股恒生指数跌0.39%，跌104点，报26661点；恒生科技指数跌1.65%。港股早盘成交1309亿港元。 AI数据中心爆发式增长提振电气设备股，东方电气（600875）(01072)涨超17%；哈尔滨电气(01133)涨 超6%。 重庆机电(02722)涨超11%，美国科技巨头将承诺自供电力，AIDC拉动大马力发动机需求。 MINIMAX(00100)涨超3%，推出MaxClaw模式，高盛指其正处于高速增长阶段。 稳定币概念股活跃。美股Circle绩后暴涨35%，香港将于下月发出首批牌照。国富量子(00290)涨6%；连 连数字(02598)涨2%。 万咖壹联(01762)涨超10%，预期年度溢利同比增幅至多约795.7%，AI商业化服务平台实现精准投放。 博彩股继续走低，春节假期澳门赌收不及预期，小摩轻微下调2月赌收预测。新濠国际发展(00200)跌 5.2%；银河娱乐(00027)跌4.7%。 宁德时代（300750）(03750)跌5.5%，津巴布韦收紧锂精矿出口或推升锂价，下游电池厂家成本增加。 金风科技（002202）(02208)涨7%，全年中国风电吊装达130GW，风机价格有望继续小幅修复。 ...

AI数据中心爆发式增长提振电气设备股，东方电气(01072)涨超17%；哈尔滨电气（01133）涨超6%。 智通财经APP获悉，港股恒生指数跌0.39%，跌104点，报26661点；恒生科技指数跌1.65%。港股早盘成 交1309亿港元。 重庆机电(02722)涨超11%，美国科技巨头将承诺自供电力，AIDC拉动大马力发动机需求。 博彩股继续走低，春节假期澳门赌收不及预期，小摩轻微下调2月赌收预测。新濠国际发展(00200)跌 5.2%；银河娱乐(00027)跌4.7%。 宁德时代(03750)跌5.5%，津巴布韦收紧锂精矿出口或推升锂价，下游电池厂家成本增加。 MINIMAX(00100)涨超3%，推出MaxClaw模式，高盛指其正处于高速增长阶段。 稳定币概念股活跃。美股Circle绩后暴涨35%，香港将于下月发出首批牌照。国富量子(00290)涨6%；连 连数字(02598)涨2%。 万咖壹联(01762)涨超10%，预期年度溢利同比增幅至多约795.7%，AI商业化服务平台实现精准投放。 金风科技(02208)涨7%，全年中国风电吊装达130GW，风机价格有望继续小幅修复。 光通信概念股走高，2026 ...

消息面上，近日，西门子能源披露2026年第一财季财报，得益于燃气轮机和电网设备需求持续旺盛，该 公司本财季的订单额大增34%至176.09亿欧元，使得积压订单达到创纪录的1460亿欧元。财通证券认 为，当前海外重燃主机厂扩产节奏克制，供需硬缺口将长期延续。估计2025年全球重燃意向订单已超 80GW，而实际可交付产能仅约50GW，三菱重工测算GTCC联合循环重燃市场需求或接近100GW，供 需矛盾显著。核心原因在于头部厂商扩产周期(3-5年)滞后于AIDC、调峰等需求爆发。 华泰证券指出，数据中心Time to power诉求下，轻燃、内燃机成为多元化的主供电新方案。头部重燃扩 产仍待2027年后释放，30%+的供需缺口下需求外溢趋势短期内仍将加强。一方面，国内轻燃已实现自 主知识产权和热部件自供能力，看好国产燃机出海趋势。另一方面，传统用于备电和船舶的内燃机在电 力短缺下亦有望提供主供电解决方案，看好国内内燃机及相关产业链出海。 电力设备股逆市上扬，截至发稿，东方电气(01072)涨13.8%，报39.9港元；哈尔滨电气(01133)涨 4.15%，报27.08港元；上海电气(02727)涨3.66%，报4 ...

此外，蓝箭航天近日宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验，并根据回 收试验情况争取于今年第四季度尝试首次回收复用飞行。此外，上交所官网显示，蓝箭航天科创板IPO 的审核状态变更为"已问询"。金风科技通过旗下平台参与持股蓝箭航天，持股比例约为4.14%。 智通财经APP获悉，金风科技(02208)再涨超5%，截至发稿，涨5.49%，报15.56港元，成交额4.31亿港 元。 消息面上，2025年，全国风电新增装机容量达1.3亿千瓦，同比增长49.9%。金风科技以2590万千瓦新增 装机位居第一。价格方面，当前风电反内卷趋势向好，风机中标价格震荡上行，加上招标量充足带来的 需求稳定等因素，2026年风机价格有望继续小幅修复。 ...

消息面上，2025年，全国风电新增装机容量达1.3亿千瓦，同比增长49.9%。金风科技以2590万千瓦新增 装机位居第一。价格方面，当前风电反内卷趋势向好，风机中标价格震荡上行，加上招标量充足带来的 需求稳定等因素，2026年风机价格有望继续小幅修复。 金风科技（002202）(02208)再涨超5%，截至发稿，涨5.49%，报15.56港元，成交额4.31亿港元。 此外，蓝箭航天近日宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验，并根据回 收试验情况争取于今年第四季度尝试首次回收复用飞行。此外，上交所官网显示，蓝箭航天科创板IPO 的审核状态变更为"已问询"。金风科技通过旗下平台参与持股蓝箭航天，持股比例约为4.14%。 ...

电力设备股逆市上扬，截至发稿，东方电气（600875）(01072)涨13.8%，报39.9港元；哈尔滨电气 (01133)涨4.15%，报27.08港元；上海电气（601727）(02727)涨3.66%，报4.82港元；金风科技 （002202）(02208)涨3.53%，报15.28港元。 消息面上，近日，西门子能源披露2026年第一财季财报，得益于燃气轮机和电网设备需求持续旺盛，该 公司本财季的订单额大增34%至176.09亿欧元，使得积压订单达到创纪录的1460亿欧元。财通证券 （601108）认为，当前海外重燃主机厂扩产节奏克制，供需硬缺口将长期延续。估计2025年全球重燃意 向订单已超80GW，而实际可交付产能仅约50GW，三菱重工测算GTCC联合循环重燃市场需求或接近 100GW，供需矛盾显著。核心原因在于头部厂商扩产周期(3-5年)滞后于AIDC、调峰等需求爆发。 华泰证券指出，数据中心Time to power诉求下，轻燃、内燃机成为多元化的主供电新方案。头部重燃扩 产仍待2027年后释放，30%+的供需缺口下需求外溢趋势短期内仍将加强。一方面，国内轻燃已实现自 主知识产权和热部件自供能力 ...

Group 1 - The core viewpoint of the news highlights the significant impact of China's export controls on rare earth prices, particularly heavy rare earths, which have seen substantial price increases in the European market [1] - As of February 12, 2026, the price of yttrium in Europe reached its highest level since 2012, doubling to $850 per kilogram by February 19, 2026 [1] - The price of dysprosium, used in electric vehicle motor permanent magnets, reached $1,100 per kilogram on February 19, 2026, marking the highest level since 2015 [1] Group 2 - Data from the US Geological Survey and the China Rare Earth Industry Association indicates that by 2025, China will account for over 70% of global heavy rare earth production and over 90% of separation processing capacity, demonstrating strong supply dominance [1] - The growth rate of domestic rare earth mining control indicators in China is projected to be only 5% in 2026, alongside a contraction in imports from Myanmar, leading to a rigid supply characteristic [1] - Institutions forecast that export controls will become a norm, maintaining high volatility in heavy rare earth prices, enhancing pricing power for domestic leading enterprises, and accelerating global supply chain restructuring [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 61.43% of the index, with notable companies including Northern Rare Earth, Goldwind Technology, and Xiamen Tungsten [2] - The Jiashi Rare Earth ETF (516150) closely tracks the China Rare Earth Industry Index, providing a convenient tool for investors to access the domestic rare earth industry chain [2] Group 4 - Investors can also leverage the Jiashi Rare Earth ETF linked fund (011036) to capitalize on investment opportunities in the rare earth sector [3]

Group 1 - The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index decreased by 0.13%, and the ChiNext Index dropped by 1.06% as of February 26 [2] - The "Belt and Road" initiative is seeing significant investment, with the Export-Import Bank of China planning to issue 640 billion yuan in new loans by 2025, focusing on trade, infrastructure, overseas investment, advanced manufacturing, green development, and improving people's livelihoods [2] - The total balance of "Belt and Road" loans from the Export-Import Bank has exceeded 2 trillion yuan, covering over 130 countries involved in the initiative [2] Group 2 - In 2025, China's total import and export value with "Belt and Road" countries is projected to reach 23.6 trillion yuan, marking a year-on-year growth of 6.3%, significantly higher than the overall growth rate of China's foreign trade [3] - The proportion of trade with "Belt and Road" countries in China's total foreign trade is expected to rise to 51.9% in 2025, indicating that more than 5 out of every 10 yuan in China's foreign trade will come from these partners [3] - The "Belt and Road" initiative is solidifying its role as a cornerstone and main channel for China's foreign trade [3] Group 3 - The E Fund "Belt and Road" ETF (515110) is positioned to capitalize on strategic investment opportunities in "Belt and Road" countries [4]

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies. Group 1: Recent Increases in Holdings - VITASOY INT'L (00345) saw an increase of 0.09%, bringing its latest holding percentage to 3.75% [1] - 恒生科技ETF (03032) increased by 0.04%, with a current holding of 18.49% [1] - 永升服务 (01995) experienced a rise of 0.01%, now holding 4.57% [1] - 南方东西精选 (03441) had the largest increase over five days at 18.46%, reaching 41.03% [4] - 喜相逢集团 (02473) increased by 10.04%, with a holding of 45.14% [4] - 兆易创新 (03986) rose by 4.95%, now at 6.65% [4] Group 2: Recent Decreases in Holdings - 南方恒生科技 (03033) experienced the largest decrease of -0.14%, with a current holding of 68.87% [2] - 医渡科技 (02158) decreased by -0.03%, now at 22.59% [2] - 盈富基金 (02800) saw a reduction of -0.02%, with a holding of 3.49% [2] - 山东墨龙 (00568) had a five-day decrease of -1.30%, now at 53.56% [5] - 亿华通 (02402) decreased by -1.00%, with a holding of 27.49% [5] - 国富氢能 (02582) saw a reduction of -0.90%, now at 20.14% [5] Group 3: Long-term Trends in Holdings - Over a 20-day period, 喜相逢集团 (02473) had the highest increase of 42.45%, reaching 45.14% [6] - 南方东西精选 (03441) increased by 27.31%, now at 41.03% [6] - 钧达股份 (02865) rose by 15.74%, with a holding of 64.80% [6] - 天齐锂业 (09696) experienced a significant decrease of -6.48%, now at 31.50% [6] - 金风科技 (02208) decreased by -5.88%, with a holding of 42.49% [6]

Core Viewpoint - The rare earth sector has shown significant growth, with related ETFs experiencing strong performance, particularly on February 25, when the A-share market surged and the rare earth sector rose by 8% [1][5]. ETF Performance - On February 25, a total of 1,052 ETFs increased in value, with the highest gain reaching 7.26% [1]. - The top-performing ETFs included the Brazil ETF from E Fund, which rose by 7.26%, and several rare earth ETFs, such as the E Fund Rare Earth ETF, which increased by 6.25% [2][8]. - The trading volume for the Brazil ETF was 1.109 billion, indicating high investor interest [2]. Sector Analysis - The rare earth industry accounts for 29.23% of the CSI Rare Earth Industry Index, while the CSI Rare Metals Theme Index has a lower allocation of 18.72% to rare earths [6]. - The demand for rare earth materials is driven by the explosive growth in AI hardware, which has increased the need for rare earth permanent magnet materials [7]. Market Sentiment - The market sentiment is bullish, with significant inflows into stock ETFs, totaling 5.634 billion on February 24, reversing the trend of outflows seen prior to the holiday [9]. - The overall market is experiencing heightened enthusiasm, with various sectors, including semiconductors and steel-related ETFs, also showing considerable gains [8].