在AI及算力发展浪潮的驱动下，自2025年第三季度起，全球存储市场迎来涨价行情。业内人士普遍预 计，全球存储芯片涨价将持续2026年一整年。2025年底以来，中微半导、必易微、国科微、英集芯、美 芯晟、欧姆龙、ADI、英飞凌等多家国内外公司，已经宣布了产品涨价。涨价主要原因是上游原材料成 本上涨，导致制造成本上升。 截至2026年2月26日 10:33，上证科创板芯片指数下跌0.64%。成分股方面涨跌互现，仕佳光子领涨 2.66%，芯原股份上涨2.04%，睿创微纳上涨1.39%；中船特气领跌，龙芯中科、晶合集成跟跌。 天风证券认为，数字芯片设计行业在科技板块中前景明朗，其预收账款和合同负债指标持续高增，表明 订单需求强劲，AI服务器和高效能运算的长期需求将支撑行业增长确定性。 数据显示，截至2026年1月30日，上证科创板芯片指数前十大权重股分别为澜起科技、海光信息、中芯 国际、寒武纪、中微公司、芯原股份、华虹公司、佰维存储、拓荆科技、源杰科技，前十大权重股合计 占比59%。 科创芯片ETF（588200）跟踪上证科创板芯片指数，是布局科创板芯片板块的便利工具。 没有股票账户的场外投资者可以通过科创芯片ETF ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.63%, S&P 500 up 0.81%, and Nasdaq up 1.26%, driven by Nvidia's strong earnings report [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector showed mixed results, with the Hang Seng Technology Index slightly down by 0.19% [1] - In the US, major tech stocks like Microsoft and Facebook saw gains, while the Nasdaq China Golden Dragon Index fell by 0.47% [2] Investment Opportunities - The report emphasizes the importance of "self-reliance in technology" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see long-term development opportunities [3] - The recent policies from the Ministry of Industry and Information Technology regarding national computing power and communication infrastructure are expected to boost domestic computing and communication sectors [3] - Investors are advised to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services, as well as undervalued central state-owned enterprises with high dividends [3] Key Company Highlights - Haidilao (6862.HK) led the Hang Seng Index component stocks with a gain of 6.2%, while HSBC Holdings (0005.HK) and Longfor Group (0960.HK) rose by 5.5% and 4.6%, respectively [1] - The report notes that the recent adjustments in Shanghai's real estate policies are expected to release pent-up demand, benefiting core area property companies and their supply chains, such as Longfor Group and China Resources Land [10] - The Hong Kong government announced plans to issue licenses for stablecoin issuers and establish a committee focused on AI and industry development, which could benefit sectors related to digital assets and fintech [11]

截至2026年2月26日 09:32，中证人工智能主题指数(930713)上涨0.22%，成分股润泽科技上涨7.14%，星 宸科技上涨7.09%，芯原股份上涨2.58%，光环新网上涨2.13%，合合信息上涨1.29%。AI人工智能 ETF(512930)上涨0.22%，最新价报2.28元。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 消息面上，英伟达四季度营收681亿美元，同比增长73%；数据中心营收为623亿美元，市场预期为 606.2亿美元。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能 ...

| 名称 | 现价 | 涨跌幅, | | --- | --- | --- | | 兆易创新 | 425.000 | 3.01% | | 澜起科技 | 195.000 | 1.51% | | 爱芯元智 | 28.680 | 1.34% | | 天数智芯 | 240.600 | 1.18% | | 中芯国际 | 70.650 | 1.15% | | 华虹未曾体 | 103.800 | 0.97% | | 壁仞科技 | 38.680 | 0.68% | | 英诺赛科 | 68.300 | 0.44% | 2月26日，香港恒生指数高开0.95%，恒生科技指数涨0.46%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 27019.74 | 254.02 | 0.95% | | HSTECH 恒生科技 | | 5284.51 | 24.01 | 0.46% | | HSBIO | 恒生生物科技 | 15707.37 | 56.92 | 0.36% | | HSCEI | 恒生中国企业指数 | 9078.96 | 44 ...

2026年以来，港股IPO市场延续火热态势，新股上市节奏加快，募资规模同步攀升。新股数量方面，截 至2月25日，港股市场已迎来了24只新股，2月26日—28日港股暂无新股上市安排，新股数量较2025年前 2个月的9只大幅增长166.67%。根据安排，下一只备受关注的新股为岚图汽车，将于3月19日正式登陆 港交所。新股募资端的表现更为亮眼，据同花顺iFinD统计，已上市的24只新股合计募资额超890亿港 元，较2025年前2个月大增10倍。值得一提的是，AI赛道掀起的资本热潮也仍在继续，壁仞科技、智 谱、MINIMAX等AI企业均完成港股上市。 港股IPO开年募资大增 经同花顺iFinD统计，截至2月25日，已有24家企业完成港股IPO，根据最新安排，2月26日—28日港股市 场未有新股发行上市安排。这也意味着开年两月，港股将迎来24只新股，这与上年同期的9只上市新股 相比增长166.67%。 募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股 份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体 ...

募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股 份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体的募资数据。 从募资规模来看，已上市的24股中，牧原股份募集资金总额居首，达106.84亿港元；东鹏饮料则以 101.41亿港元的募资额排在第二位；募资额排在第三位、第四位的分别是澜起科技、壁仞科技，分别约 为80.99亿港元、64.2亿港元；募资额处于50亿—60亿港元的上市公司还有MINIMAX、兆易创新、豪威 集团、智谱；剩余个股募资额则处于50亿港元之下。 反观2025年前两个月上市的新股，共9只，并未出现募资额超百亿港元的个股。具体来看，募资额最高 的系古茗，募集资金总额达20.3亿港元；剩余8只新股的募资额则均在20亿港元以下。 经计算，24只港交所新股的募资金额合计达892.26亿港元，较去年前两个月80.12亿港元的募资总额增长 1013.65%。 2026年以来，港股IPO市场延续火热态势，新股上市节奏加快，募资规模同步攀升。新股数量方面，截 至2月25日，港股市场已迎来了2 ...

格隆汇2月25日丨根据联交所最新权益披露资料显示，2026年2月20日，澜起科技(06809.HK)遭JPMorgan Chase & Co.以每股均价215.6235港元减持好仓27.69 万股，涉资约5971.35万港元。 | 最后来说 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 三大 | 股份到 | | | ( 語參閱 · · · · · · | 有投票權股(日/月/年) 樓 | | | | | | | | | 份自分比 | | CS20260225E00104 | JPMorgan Chase & Co. | 1201(L) | | 276,934(L | HKD 215.6235 | 7.456.731(L) | 9.84(L)20/02/2026 | | | | | | | | 139.900(S) | 0.18(S) | | | | | | | | 677.431(P ...

经同花顺iFinD统计，截至2月25日，已有24家企业完成港股IPO，根据最新安排，2月26日—28日港股市场未有新股发行上市安排。这也意味着开年两月，港 股将迎来24只新股，这与上年同期的9只上市新股相比增长166.67%。 募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体的募资数据。 从募资规模来看，已上市的24股中，牧原股份募集资金总额居首，达106.84亿港元；东鹏饮料则以101.41亿港元的募资额排在第二位；募资额排在第三位、 第四位的分别是澜起科技、壁仞科技，分别约为80.99亿港元、64.2亿港元；募资额处于50亿—60亿港元的上市公司还有MINIMAX、兆易创新、豪威集团、 智谱；剩余个股募资额则处于50亿港元之下。 反观2025年前2个月上市的新股，共9只，并未出现募资额超百亿港元的个股。具体来看，募资额最高的系古茗，募集资金总额达20.3亿港元；剩余8只新股 的募资额则均在20亿港元以下。 经计算，24只港交所新股的募集资 ...

Market Overview - A-shares welcomed a strong start to the year with all three major indices rising, and over 3,700 stocks closing in the green on February 25, with a total trading volume of 2.48 trillion yuan, an increase of 262.8 billion yuan from the previous day [1][24]. Sector Performance - The cyclical leaders continued to perform well, with the non-ferrous ETF (159876) rising by 4.02% after a previous increase of 3.18%, driven by the U.S. government's intervention in key mineral pricing [1][25]. - The chemical ETF (516020) also saw a significant increase of 1.6%, reaching its highest point since January 2022, following the inclusion of key herbicides in national defense materials [1][25]. - The real estate ETF (159707) surged by 2.33% after Shanghai announced new housing purchase policies, recovering four moving averages [1][25]. - The military industry ETF (512810) rose by 1.84%, marking its fourth consecutive day of gains, fueled by SpaceX's lunar plans and China's upcoming rocket recovery tests [1][25][34]. - The "full-chip" technology ETF (589190) saw a peak increase of 1.45%, reflecting a renewed price surge in the global storage market [1][25]. Investment Trends - There is a strong capital inflow into AI sectors, with the entrepreneurial AI ETF (159363) receiving a net subscription of 78 million units, and the sci-tech AI ETF (589520) attracting over 30 million yuan in two trading days [2][25]. - The market sentiment is optimistic, with expectations for a "spring market" driven by historical performance trends during the period from the Spring Festival to the Two Sessions [3][26]. Strategic Recommendations - Investment strategies suggest a "barbell strategy," focusing on technology growth in AI and manufacturing, while defensive positions should include high-dividend assets and quality cyclical leaders benefiting from policy expectations [4][27]. - The non-ferrous metal sector is highlighted for its strong performance, with predictions of continued price increases for key minerals like tungsten, which has seen a price increase of over 220% in the past year [29][30]. Sector-Specific Insights - The military sector is expected to benefit from a significant increase in demand due to the growth of commercial aerospace and military trade, with projections for defense spending to maintain a growth rate of around 7% [10][35]. - The semiconductor industry is experiencing a systemic price increase across all segments, driven by low inventory levels and high demand, with major companies like SK Hynix indicating a shift to a seller's market [12][36].

Core Viewpoint - The semiconductor industry is experiencing a significant upward trend, with the "Chip Innovation" ETF showing positive performance and key companies in the sector reporting substantial revenue growth and profitability improvements [1][3][4]. Group 1: ETF Performance - The "Chip Innovation" ETF by Huabao (589190) saw an early morning increase of 1.45% and closed up by 0.83% [1]. - The ETF includes 50 stocks related to semiconductor materials, equipment, design, manufacturing, and testing, with over 90% weight in core areas like integrated circuits and semiconductor equipment [5][15]. - The annualized return of the Shanghai Stock Exchange Chip Index since its inception is 17.93%, outperforming similar indices [7][18]. Group 2: Industry Trends - Global storage giant SK Hynix indicated that the memory chip industry has shifted to a seller's market, with DRAM and NAND flash inventories at historical lows [1][12]. - The semiconductor industry is entering a systemic price increase phase across all segments and categories [1][12]. - Domestic AI chip models have been launched, marking a significant collaboration phase in the domestic AI chip ecosystem [3][13]. Group 3: Company Projections - Companies like Cambricon (寒武纪-U) are projected to achieve revenues of 6-7 billion yuan in 2025, with a year-on-year growth of 410.87%-496.02% [3][4][14]. - Other companies such as SMIC and Montage Technology are also expected to report significant profit increases, indicating a strong upward trend in the industry cycle [3][4][14].