恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) 恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) ...

2月24日 农历马年首个工作日 广东召开全省高质量发展大会 主题聚焦"制造业与服务业协同发展" 会上 各地市、各区负责人 企业代表发表讲话 广州市委书记冯忠华 加快打造华南跨境电商货物重要集散地 近年来，肇庆集聚了希音、拼多多等头部电商企业，跨境电商仓储面积超370万平方米，每天有500多万件货物发往全球，年发货值超1000亿元，大旺跨境 电商国际货站投入运营，带动肇庆高新区物流业户增长46%、装卸搬运和仓储业务增长16%。接下来，将深化中国（肇庆）跨境电商综合试验区建设，加 快打造华南跨境电商货物重要集散地，服务更多"广货"行销天下。大力构建"公铁水空"多式联运，加快建设国家重点内河口岸节点和智慧绿色航运枢纽， 依托广州新机场规划建设临空经济区，加快发展临空物流业。 加快建设具有国际竞争力的 现代化产业体系 广州将锚定"排头兵、领头羊、火车头"标高追求，全力以赴建设具有国际竞争力的现代化产业体系。坚持工商并举力促产业体系整体跃升，坚持传统、新 兴、未来产业一起抓，实施"十百千"产业项目计划，推动先进制造业焕新升级，加快人工智能赋能千行百业。积极推进粤港澳大湾区国际科技创新中心和 高水平人才高地建设，建强用好 ...

（来源：大众新闻-大众日报） 2月23日，微信发布2026马年春节数据报告显示，"史上最长春节假期"点燃消费热潮。春节期间，旅行、生活娱乐微信支付笔数同比均增长超20%。 跨境游火爆，马来西亚、马尔代夫线下交易金额同比分别大涨131%和186%，马来西亚小程序春节期间交易金额同比增长超140%；海外入境游客通过在微 信绑定国际银行卡线下交易笔数维持高速增长，日均访问小程序的入境游用户环比增长超1倍。 春节期间发送带封面红包超6亿次，超921万条和春节有关内容在视频号发布。广东省登顶全国"最爱发红包"省份。 Ω 春节快乐 #热气腾腾中国年 视频号话题活动 播放量超3.2亿次 告别大包小包,送礼微信蓝包 春节送礼,今年大家爱用 왕 微信小店日均订单数环比增长4倍, 带动了超42%的小店热门商品成交 东人春节送礼新风潮 广东荣登全国 吊"最爱发红包" 吊"最爱送蓝包" 从5块10块的 ■ 到一键即达的 容 广东人的务实有了新的浪漫 春节"打擂台",亲友齐闯关 ● 小游戏擂台赛挑战超6,000,000次, 玩家获胜领取到超2,600,000+份品牌奖品 （来源：大众新闻-大众日报） 2月23日，微信发布2026马年春 ...

Core Insights - On February 24, 2026, Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.462 billion, 4.066 billion, and 1.797 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 5.689 billion, 4.025 billion, and 1.901 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.462 billion, net buying of +0.393 billion [2] - Alibaba-W (09988): Trading amount of 4.066 billion, net selling of -0.065 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.797 billion, net buying of +0.247 billion [2] - SMIC (00981): Trading amount of 1.696 billion, net selling of -0.121 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.570 billion, net buying of +0.059 billion [2] - Pop Mart (09992): Trading amount of 1.476 billion, net selling of -0.101 billion [2] - CNOOC (00883): Trading amount of 1.379 billion, net selling of -0.049 billion [2] - Meituan-W (03690): Trading amount of 1.232 billion, net buying of +0.025 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.217 billion, net buying of +0.026 billion [2] - UBTECH (09880): Trading amount of 1.028 billion, net buying of +0.024 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.689 billion, net selling of -0.480 billion [2] - Alibaba-W (09988): Trading amount of 4.025 billion, net selling of -0.000384 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.901 billion, net selling of -0.161 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.544 billion, net buying of +0.378 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.465 billion, net buying of +1.327 billion [2] - SMIC (00981): Trading amount of 1.394 billion, net buying of +0.342 billion [2] - Meituan-W (03690): Trading amount of 1.039 billion, net buying of +0.066 billion [2] - CNOOC (00883): Trading amount of 0.874 billion, net selling of -0.05057 billion [2] - Kuaishou-W (01024): Trading amount of 0.763 billion, net buying of +0.0304 billion [2] - Pop Mart (09992): Trading amount of 0.762 billion, net selling of -0.0104 billion [2]

Core Insights - The 2026 Spring Festival holiday has led to a significant surge in consumer spending, with major payment platforms like WeChat and Alipay reporting substantial increases in transaction volumes and amounts [1][5] - AI technology has emerged as a central component in payment processing, transforming consumer experiences and enhancing service efficiency during the holiday period [6][8] Payment Industry Trends - During the Spring Festival, the total number of payment transactions reached 4.931 billion, marking a year-on-year increase of 21.64%, with peak transaction rates hitting 144,700 per second [5] - WeChat reported over 20% year-on-year growth in offline transactions for travel and entertainment during the holiday, with specific destinations like Malaysia and the Maldives seeing transaction amounts increase by 140% and 186% respectively [3] - Alipay noted a 60% increase in transactions from foreign tourists using its services, with some regions experiencing up to 400% growth in spending [4] Cross-Border Payment Dynamics - The trend of "生肖游" (Zodiac travel) has gained popularity, with destinations like Macau and Hong Kong seeing transaction increases of 39% and 24% respectively [3] - The influx of foreign tourists utilizing Alipay has led to a nearly 100% increase in spending in cities like Shanghai, with other major cities also seeing significant growth [4] AI Integration in Payments - Alipay's "AI payment" feature has surpassed 100 million users, marking a significant milestone in its adoption and indicating a shift towards AI-driven consumer interactions [7] - The integration of AI in payment processes has been noted as a key factor in enhancing user experience and driving transaction volumes, with AI now playing a pivotal role in the payment landscape [6][9] - WeChat has also incorporated AI into its services, with users increasingly relying on AI for various inquiries and transactions during the holiday [8] Future Outlook - Analysts suggest that the growth of AI in payment systems will continue, with a focus on enhancing user experience and expanding into high-frequency consumption scenarios such as tourism and retail [9]

Core Viewpoint - The A-share market experienced a strong performance on the first trading day of the Year of the Horse, with all three major indices closing higher, driven by resource sectors and policy expectations as the Two Sessions approach [3][15]. Market Performance - On February 24, the Shanghai Composite Index rose by 0.87% to 4117 points, the Shenzhen Component increased by 1.36% to 14291 points, and the ChiNext Index gained 0.99% to 3308 points [3][15]. - The total trading volume for the day reached 2.2 trillion yuan, an increase of 219.2 billion yuan compared to the previous trading day, indicating heightened market activity [3][15]. Sector Analysis - Resource sectors, particularly oil and gas, led the market rally, with multiple oil and gas ETFs hitting the daily limit [4][16]. - In contrast, the film and media sector saw significant declines, with related ETFs dropping over 7% due to disappointing box office performance during the Spring Festival [4][17]. ETF Market Insights - Oil and gas ETFs showed remarkable performance, with several reaching the daily limit and an average increase of around 10% [5][18]. - The Standard & Poor's Oil and Gas ETF recorded a trading volume of 1.117 billion yuan and a turnover rate of 152.76%, reflecting strong market interest in this sector [5][18]. Investment Themes - Analysts suggest that resource products and technology sectors may become the main themes for the spring market, driven by policy expectations and industry trends [3][11]. - The focus on stable growth policies ahead of the Two Sessions is expected to benefit infrastructure and resource sectors [11][24]. Market Sentiment - Despite the overall market rally, there is a notable divergence in sector performance, with technology stocks experiencing mixed results [21][23]. - Southbound capital flows showed a "buy the dip" strategy, with net purchases of 3.131 billion Hong Kong dollars on February 24, indicating continued interest in the market despite fluctuations [22][24].

一、研究报告 （点击标题查看报告） 三、深度报告节选 【宏观】 新春经济温和修复 春节出行和消费市场呈温和回升、层次鲜明特征，政策聚焦扩内需优结构，实体、物价、流动性各维度数据表现分化。 春运前19天跨区域人员流动日均2.48 亿人次、同比增5.1%，水运成增长亮点，出行市场进入常态化周期；商品消费依托政策与消费升级实现量价回升，智能产品成亮点，服务消费中旅游表现亮 眼，电影消费受供给质量影响表现平淡。近两周政策围绕扩内需稳增长、优结构强创新双线发力，兼顾短期与中长期发展。实体端内需待振外需亮眼，生产分 化，基建资金充裕但项目短缺问题的仍存，节前停工早于往年，出口仍有韧性或对经济起到托底作用，生产分化持续；物价上CPI小幅上涨、PPI整体平稳； 流动性保持合理充裕，人民币持续升值。 风险提示：贸易局势不确定性，国内需求修复不及预期 。 >>以上内容节选自国泰海通证券已经发布的研究报 告： 新春经济温和修复 ， 具体分 析内容（包括风险提示等） 请详见完 整版报告。 01、 宏观｜ 新春经济温和修复 26.02.22 02、 宏观｜ 春节期间：海外有何变化 26.02.22 03、 固收｜ 春节期间不可错过的事 ...

Market Overview - The Hong Kong stock market experienced a decline across all major indices, with the Hang Seng Index falling by 1.82% to close at 26,590.32 points, the Hang Seng China Enterprises Index down by 2.06% to 9,007.86 points, and the Hang Seng Tech Index decreasing by 2.13% to 5,270.70 points due to concerns over tariffs and geopolitical tensions [1][2]. Sector Performance - Large technology stocks saw a significant drop, with Meituan down over 4%, and other major players like Tencent, Xiaomi, Alibaba, and JD.com also closing lower [2]. - Financial stocks were weak, with China Life Insurance dropping by 6% and New China Life Insurance down by 5.79% [2]. - The film sector faced substantial pressure, with notable declines in stocks such as Maoyan Entertainment, which fell over 8%, and Huayi Brothers down over 5% [2][7]. AI and Technology Stocks - AI application stocks showed strong performance, with Zhizhu rising by over 12% and Zhaoyi Innovation increasing by nearly 12% as well [5][6]. - Other notable gainers in the AI sector included MINIMAX-WP, which rose by over 4%, and companies like Huahong Semiconductor and Lenovo also saw positive movement [5][6]. Film Industry Insights - The 2026 Spring Festival box office reported a total of 5.752 billion yuan, marking a year-on-year decline of approximately 40%, with attendance dropping by 36.2% compared to 2025 [9]. - The average ticket price saw a significant reduction of nearly 3 yuan from the previous year's 50.8 yuan, indicating a need for improved content quality in the film industry [9].

可选消费板块下跌，中国中免（601888）跌超10%。 2月24日，港股收盘走低，恒生指数跌1.82%，恒生科技指数跌2.13%。 | 香港股票 △ | | | | --- | --- | --- | | 恒生指数 | 恒生科技 | 恒生生物科技 | | 26590.32 | 5270.70 15654.19 | | | -491.59 -1.82% -114.65 -2.13% -541.42 -3.34% | | | | 港股通消费 | 港股红利 | 港股现金流 | | 1704.19 | 2318.72 | 2555.21 | | -22.73 -1.32% -2.80 -0.12% -41.84 -1.61% | | | 互联网科技股集体走低，阿里巴巴跌2.7%，金山云跌5%，快手、小米等跌逾2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 成交额 | | --- | --- | --- | --- | --- | --- | | 0268 | 全蝶国际 | 9.970 c | -0.840 | -7.77% | 7.21亿 | | 0020 | 商沥-W | 2.610 c | - ...

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.131 billion today [1] - The largest net purchases were in Southern Hang Seng Technology (HKD 1.585 billion), Meituan-W (HKD 0.687 billion), Xiaomi Group-W (HKD 0.437 billion), Kuaishou-W (HKD 0.304 billion), UBTECH (HKD 0.242 billion), and SMIC (HKD 0.22 billion) [1] - Southbound funds have net bought Meituan for five consecutive days, totaling HKD 2.62343 billion, and Xiaomi for three consecutive days, totaling HKD 2.66892 billion [1] Group 2 - Tencent Holdings experienced a decline of 3.4% with a net buy of HKD 0.393 billion [3] - Alibaba-W also saw a drop of 2.8% with a net sell of HKD 0.065 billion [3] - Longi Green Energy had a slight increase of 1.2% with a net buy of HKD 0.247 billion [3] - Bubble Mart faced a significant decline of 5.9% with a net sell of HKD 1.01 billion [3] - Meituan-W declined by 4.2% with a net buy of HKD 0.25 billion [3]