Market Overview - On the first trading day after the resumption of Northbound trading, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling below the 27,000 mark, closing down 1.82% or 491.59 points at 26,590.32 points, with a total turnover of HKD 250.99 billion [1] - The Hang Seng China Enterprises Index dropped 2.06% to 9,007.86 points, while the Hang Seng Tech Index fell 2.13% to 5,270.70 points [1] Sector Performance - The technology sector remains a long-term investment focus, with valuation pressure easing after recent pullbacks, and potential for rebound driven by accelerated AI model updates and applications [1] - The energy and precious metals sectors are expected to rise amid heightened geopolitical risks in the Middle East and adjustments in U.S. tariff policies [1] - The consumer sector, currently undervalued, is anticipated to have upward potential as consumption policies are strengthened [1] Blue-Chip Stocks - WH Group (00288) led blue-chip gains, rising 4.42% to HKD 10.39, contributing 5.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Henderson Land (00012) up 2.08% and China Resources Beer (00291) up 2.02% [2] - China Biologic Products (01177) fell 6.58%, negatively impacting the index by 7.48 points [2] Hot Sectors - Major tech stocks faced pressure, with Tencent down over 3% and Alibaba down over 2% [3] - Storage concepts saw significant gains, with Zhaoyi Innovation (03986) up 11.91% and Longsys Technology (06809) up 4.92% [3] - Oil and gas stocks rose amid concerns over escalating tensions in Iran, with Shandong Molong (00568) up 11.41% [4] AI and Technology - The AI sector continues to show promise, with significant growth in token usage, particularly in Chinese models, which account for 61% of the total token volume [5] - The market anticipates ongoing rapid growth in AI applications and commercial viability [5] Film Sector - The film sector faced challenges, with the 2026 Spring Festival box office down approximately 40% year-on-year, indicating a need for improved content quality [6] - Major film stocks like Maoyan Entertainment (01896) and Huayi Brothers (01003) saw declines of 8.18% and 5.26%, respectively [6] Notable Stock Movements - Kwan Hung Holdings (01888) surged 12.37% following a profit forecast indicating a 165% increase in net profit for the fiscal year ending December 2025 [7] - Weichai Power (02338) rose 7.29% after a report highlighted its emergency generator's use in a major data center [8] - China Shipbuilding Defense (00317) reached a new high, up 5.37%, following a significant shipbuilding contract announcement [9] - Standard Chartered (02888) saw a 3.07% increase after reporting a 6% rise in operating income for the fiscal year 2025 [10] - China Duty Free Group (01880) faced a 10.51% drop due to losing some operating rights at major airports [11]

| 代码 名称 | 最新价 | 涨跌额 | 涨跌幅 へ | | --- | --- | --- | --- | | 800700 恒生科技指数 | | 5270.70 -114.65 -2.13% | | | 800100 国企指数 | 9007.86 | -189.52 | -2.06% | | 800000 恒生指数 | | 26590.32 -491.59 -1.82% | | 数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 2月24日，关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生指数跌1.82%，国企指 盘面上，大金融股(银行、保险、券商)全天表现弱势，保险股跌幅尤其明显，中国银河、中金公司领衔中资券商股下跌；春节挡票房同 比大幅下滑，影视板块跌幅较大，旅游观光股、光伏股、有色金属股纷纷走低。另一方面，半导体储存概念股逆势上扬，兆易创新大涨 近12%领衔，港口及海运股、油气股全天活跃。 | | | | 油气生产商 | 能源储存装 | 消费性电讯设 -1.81% | 生物技术 -2.39% | | 服装 -1.19% | | --- ...

Market Overview - The Hang Seng Index closed down by 1.82% at 26,590.32, with a decline of 491.59 points and a trading volume of 251 billion [2] - The Hang Seng Tech Index fell by 2.13% to 5,270.70, decreasing by 114.65 points with a trading volume of 68.9 billion [2] - The Hang Seng Biotech Index dropped by 3.34% to 15,654.19, down by 541.42 points with a trading volume of 11 billion [2] - The Hang Seng China Enterprises Index decreased by 2.06% to 9,007.86, down by 189.52 points with a trading volume of 90 billion [2] - The Hang Seng Composite Index fell by 1.69% to 4,078.66, down by 70.08 points with a trading volume of 178.1 billion [2] Sector Performance - Technology stocks experienced widespread declines, with notable drops including SenseTime and Tencent Music falling over 5%, Meituan and Kingsoft down over 4%, and Ctrip and Tencent Holdings down over 3% [2] - Other major tech companies such as Kuaishou, Alibaba, Baidu, SMIC, Xiaomi, and JD Health all saw declines exceeding 2% [2] Individual Stock Movements - Kingdee International saw a significant drop of 7.77% to 9.970, with a trading volume of 721 million [3] - SenseTime fell by 5.78% to 2.610, with a trading volume of 2.326 billion [3] - Tencent Music decreased by 5.62% to 57.100, with a trading volume of 170 million [3] - Meituan dropped by 4.24% to 81.400, with a trading volume of 5.524 billion [3] - Kingsoft fell by 4.23% to 26.740, with a trading volume of 424 million [3] - Ctrip Group decreased by 3.83% to 406.800, with a trading volume of 2.044 billion [3] - Tencent Holdings fell by 3.35% to 520.000, with a trading volume of 18.829 billion [3] - Other notable declines included Alibaba Health down 2.94%, Kuaishou down 2.77%, Alibaba down 2.76%, SMIC down 2.39%, Xiaomi down 2.24%, and JD Health down 2.15% [3] Robotics Sector - The robotics sector collectively weakened, with UBTECH falling over 8%, Sanhua Intelligent Control down over 6%, and Horizon Robotics down 2% [5][6]

Market Performance - The Hang Seng Index closed down by 1.82% [1] - The Hang Seng Tech Index fell by 2.13% [1] Sector Performance - All sectors including internet technology, robotics, pharmaceuticals, and duty-free retail experienced declines [1] - China Duty Free Group saw a drop of over 10% [1] - Tigermed fell by over 3.6% [1] - Zhaoyan New Drug decreased by 7.3% [1] - Sanhua Intelligent Control dropped by 6.5% [1] Major Companies - Tencent Holdings declined by nearly 3.3% [1] - Alibaba decreased by 2.7% [1] - Kingsoft Cloud fell by 5% [1] - Kuaishou and Xiaomi both dropped by over 2% [1]

Group 1 - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling by 1.82% and the Hang Seng Tech Index dropping by 2.13% [1] - Various sectors, including internet technology, robotics, pharmaceuticals, and duty-free, all saw declines, indicating a broad market downturn [1] - Notable declines included China Duty Free Group, which fell over 10%, and other companies such as Tigermed, which dropped by over 3.6%, and Zhaoyan New Drug, which fell by 7.3% [1] Group 2 - Major tech companies also faced losses, with Tencent Holdings down nearly 3.3%, Alibaba down 2.7%, and Kingsoft Cloud down 5% [1] - Other companies like Kuaishou and Xiaomi experienced declines of over 2%, reflecting a negative sentiment in the tech sector [1]

| 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.315 | 2.25 | 757.14% | -50.71% | | 京城机电股份 | 4.380 | 14.1 | 285.62% | 12.60% | | (00187) | | | | | | 中石化油服(01033) | 1.010 | 3.22 | 282.18% | -2.51% | | 弘业期货(03678) | 3.190 | 9.96 | 273.98% | 2.61% | | 南京熊猫电子股份 | 5.280 | 14.78 | 235.23% | -0.03% | | (00553) | | | | | | 凯盛新能(01108) | 4.070 | 11.11 | 227.03% | 1.59% | | 钧达股份(02865) | 35.700 | 97.15 | 225.97% | -17.30% | | 复旦张江(01349) | 3.200 | 8.62 | 222.81% | -15.46% | | 安德利果 ...

此外，里昂的渠道调查显示，受金价波动影响，黄金珠宝销售仍面临压力，而部分奢侈品牌则在年初至 今表现强劲。该行认为，春节数据更偏向强劲的出行及旅游业，且高端消费表现良好，将有利里昂首选 股包括：新秀丽(01910)、法国奢侈品巨擘LVMH和卡地亚母公司瑞士历峯集团(Richemont)，以及与国 内需求相关的安踏体育(02020) 。 里昂发布研报称，虽然正等待内地文化和旅游部的春节数据，但截至昨日(23日)数据显示，内地消费整 体维持正面，旅游出行热度良好。跨境旅游方面，国家移民管理局预计，日均跨境客流量年增约14%。 海南免税店的消费在更强劲的促销活动及政策推动的增量需求下保持韧性，但很大程度上已反映在中国 中免（601888）(01880,601888.SH)的股价中。但电影票房表现疲软，创下八年来的最低纪录。 ...

Group 1 - The core viewpoint of the article highlights that over 4,000 stocks in the market experienced an increase, with 92 stocks hitting the daily limit up, indicating a strong market performance despite some short-term risks [1] - The number of stocks with consecutive limit up (连板) reached 7, with 3 stocks achieving three consecutive limit ups, while the upgrade rate for limit stocks was 60% excluding ST and delisted stocks [1] - The market saw a decline in the high-performing stocks, with the previously five consecutive limit up stock,掌阅科技, hitting the limit down, leading to a reduction in the limit up height to four [1] Group 2 - The consumer sector faced significant declines, with major film companies like 博纳影业, 横店影视, and 中国电影 hitting the limit down, alongside the leading duty-free company 中国中免 [1] - Sectors that had high public interest during the holiday, such as AI applications, computing power leasing, and robotics, experienced a sharp drop as funds were concentrated on profit-taking [1] - Price increase themes flourished across various sectors, including oil and gas, precious metals, shipping, chemicals, optical fibers, MLCC, glass fiber, and storage chips, leading these sectors to lead the market [1] - Export-oriented industries, represented by electric grid equipment and engineering machinery, strengthened following a ruling by the U.S. Supreme Court that deemed the Trump administration's large-scale tariff policies illegal, with companies like 思源电气 and 徐工机械 reaching historical highs [1]

消息面上，美国海关与边境保护局表示，将于美国东部时间周二凌晨12:01停止征收依据IEEPA开征的 关税。此前，美国最高法院已裁定这些关税非法。特朗普则表示他计划对全球实施15%的关税，因其在 最高法院遭遇挫败后急于维护其贸易议程。 值得注意的是，去年4月，中方反制美国政府宣布的"对等关税"。国泰海通证券当时指出，中美互加关 税或将加大有税和免税价差，中高端进口商品销售有望向免税渠道倾斜。此次美国关税政策被判违法， 扰动市场情绪，市场关注各国关税政策后续变化。 中国中免（601888）(01880)重挫逾10%，截至发稿，跌9.42%，报91.25港元，成交额3.5亿港元。 ...

此外，里昂的渠道调查显示，受金价波动影响，黄金珠宝销售仍面临压力，而部分奢侈品牌则在年初至 今表现强劲。该行认为，春节数据更偏向强劲的出行及旅游业，且高端消费表现良好，将有利里昂首选 股包括：新秀丽(01910)、法国奢侈品巨擘LVMH和卡地亚母公司瑞士历峯集团(Richemont)，以及与国 内需求相关的安踏体育(02020) 。 智通财经APP获悉，里昂发布研报称，虽然正等待内地文化和旅游部的春节数据，但截至昨日(23日)数 据显示，内地消费整体维持正面，旅游出行热度良好。跨境旅游方面，国家移民管理局预计，日均跨境 客流量年增约14%。海南免税店的消费在更强劲的促销活动及政策推动的增量需求下保持韧性，但很大 程度上已反映在中国中免(01880,601888.SH)的股价中。但电影票房表现疲软，创下八年来的最低纪录。 ...