固收周报 避险情绪主导债市 美债收益率显著回落 美债收益率明显回落， 10 年期和 2 年期美债收益率上周分别下行 15 个和 10 个基 点至 3.94% 和 3.37% 。虽然近期数据显示美国通胀压力有所回升，但市场情绪被 避险情绪主导，带动美债收益率明显回落。受到美债收益率明显回落的提振，上 周中资美元债表现较佳，彭博巴克莱中资美元债总回报指数全周上涨 0.4% 。上 周末，美以正式对伊朗展开军事行动，伊朗随即反击，并封锁霍尔木兹海峡，带 动原油价格大幅上涨。特朗普称针对伊朗的军事行动可能会持续四星期，短期内 在避险情绪和通胀预期升温的共振下，美债可能维持波动。高于预期的通胀数据 和地缘冲突触发的能源价格上升，也进一步降低美联储于 3 月降息的可能性。在 岸市场方面， 3 年期和 10 年期国债收益率分别较春节假期前持平和上行 2 个基点 至 1.38% 和 1.82% 。周一，境内利率债市同样受到避险情绪提振，各期限国债收 益率普遍有所回落。两会将在本周召开，届时将公布 2026 年经济目标、财政支 持力度等，并可能释放更多货币政策信号，债市料将会有所定价。 离岸市场：美债市场提前定价战争风险 中资美 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 招商局港口控股有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00144 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,198,009,186 0 4,198,009,186 增加 / 減少 (-) 本月底結存 4,198,009,186 0 4,198,009,186 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1) ...

三亚崖州湾科技城，这座在五年内拔地而起的科技新城，已成为海南打造深海科技创新策源地的核心引 擎。 作为崖州湾科技城的核心板块，深海科技板块立足南山港，打造国际深海科考与装备创新中心。中科院 深海所、中国地质调查局、中国船舶集团、招商局集团等科研院所和重点企业已经入驻。延伸入海的南 山港建成国内首座公共科考码头，不断完善港口服务基础设施，提升深海资源开发和深潜科考保障能 力。最新数据显示，崖州湾科技城聚集45个科研团队、1000余名科研人员，建成10个科研平台，拥有2 个全国重点实验室，形成"三链融合"创新生态。 作为新质生产力重要实践地之一，2026年海南省《政府工作报告》中指出："崖州湾国家实验室落地并 转段运行，国家耐盐碱水稻技术创新中心实质性运行，3家全国重点实验室获批建设。" 在海南自贸港的版图中，约200万平方公里的管辖海域不仅是宝贵的"蓝色国土"，更是培育新质生产力 的战略场域。 "紧扣科技创新这个'牛鼻子'，我们锚定海洋强省战略框架，以'再造一个海上海南'为目标。"海南省海 洋厅相关负责人对《中国经营报》记者表示，"通过坚持'陆海统筹、军民融合、科技引领、开放合 作'，海南正聚焦深海科技策源地、 ...

2月26日，由自治区政府主办的"东盟门户·湾区腹地—2026广西（香港）推介会"在香港举行，共叙 情谊、共商合作。自治区党委书记、自治区人大常委会主任陈刚，香港特别行政区行政长官李家超出席 活动并致辞，共同见证相关协议签约。中央政府驻港联络办副主任张勇，自治区政协副主席、自治区党 委秘书长周异决，外交部驻香港特别行政区特派员公署副特派员李永胜出席活动。 推介会上还举行项目签约仪式，在陈刚、李家超等领导共同见证下，自治区港澳事务办公室和香港 特别行政区政府民政及青年事务局签署《桂港两地青年交流交往合作备忘录》、自治区大数据发展局和 香港特别行政区政府数字政策办公室签署《桂港人工智能合作备忘录》等，当天共签约项目24个，涉及 人工智能、跨境金融、经贸投资、园区合作等领域。推介会前，陈刚等还会见重要商协会和企业代表， 参观"AI出海"主题展区。 香港行政会议召集人叶刘淑仪，中国旅游集团董事长、香港中国企业协会会长王海民，以及香港特 别行政区政府有关部门、国际调解院等国际组织、商协会的有关代表和自治区有关厅局的负责同志，华 润集团、招商局集团、中国太平保险集团、紫荆文化集团、香港中旅国际投资有限公司等央企负责同 志， ...

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]

"我参加各类讲座，跟着大家一起外游，生活变得充实又有意义，还节省了不少生活开支。"李汉声 的话语里满是对社区客厅的感激。 在招商局集团赞助、博爱医院筹备以及义工们的积极参与下，这场别开生面的团年饭顺利开席，吸 引了40余位社区客厅的居民会员欢聚一堂。 当天，社区客厅被浓浓的年味包裹起来：五张圆桌上摆放着红色饰品，墙上挂着同心结，"福"字随 处可见。孩子们在客厅里追逐嬉戏、笑声阵阵，大人们围坐一起闲话家常、其乐融融，不少居民主动化 身义工，走进厨房一展身手。 "这里很有过年的感觉，让我想起小时候看着长辈在厨房忙碌、准备年夜饭的情景。"正在灶台边帮 忙的义工卓贤生一边麻利地配菜，一边笑着说道。 团年饭的背后，是政界、商界和民间三方携手的暖心守护。深水埗东社区客厅于2025年6月正式启 用，由特区政府牵头推动，招商局集团赞助场地，博爱医院向关爱基金申请营运经费并负责营运，形成 了三方协作的服务模式。这个社区客厅以区内劏房住户为主要服务对象，不仅为基层居民提供了宽敞舒 适的延伸生活空间，更为大家搭建起交流互动、丰富精神生活的平台。 "这里很温馨，街坊邻里坐在一起聊家常，就像一家人一样。"在深水埗居住了10多年的居民李 ...

Group 1 - The China Securities Regulatory Commission has approved China Shenhua Energy Co., Ltd. to issue shares to acquire assets from the State Energy Investment Group, with a fundraising target of up to 20 billion yuan [1] - Central enterprises are focusing on enhancing core functions and competitiveness, utilizing capital market platforms for optimizing state-owned economic layout and structural adjustments [1] - Since the release of the "Opinions on Deepening the Reform of the Mergers and Acquisitions Market for Listed Companies," there have been 170 asset restructuring disclosures by central enterprises in the Shanghai market, with 13 major restructurings totaling 179.4 billion yuan [1] Group 2 - Technology innovation is a key feature of central enterprises' transformation and upgrading, with 288 listed central enterprises in the Shanghai market by the end of 2025, accounting for 60% of all listed central enterprises [2] - The capital market is facilitating asset integration and revitalization, with significant projects like China Shipbuilding Industry Corporation's major asset restructuring setting records in A-share mergers [2] - Mergers and acquisitions focusing on industrial synergy are becoming crucial for central enterprises to enhance core functions and competitiveness [3] Group 3 - Central enterprises are increasingly utilizing diverse capital tools for professional integration, such as mergers, cross-border restructuring, and strategic investments [4] - In recent years, central enterprises have actively used the Shanghai Stock Exchange's bond platform, issuing various types of bonds, including technology innovation bonds and green bonds, with a total of approximately 2 trillion yuan in company bonds filed by 2025 [4] - The issuance of innovative financial products, such as asset-backed securities (ABS) and REITs, has been significant, with 500 billion yuan in ABS applications and 348 billion yuan in REITs completed [5][6] Group 4 - The construction of an index investment system for central enterprises is progressing, with 19 central state-owned enterprise theme indices published by the Shanghai Stock Exchange by 2025 [7] - A total of 43 central state-owned enterprise ETF products have been listed, with a combined scale of 71.6 billion yuan [8] - The Shanghai Stock Exchange is enhancing services for central enterprises, conducting over 200 visits annually and hosting more than 30 training events to support high-quality development [8]

Core Viewpoint - The article discusses the implications of the Panama Supreme Court's ruling that invalidated the port concession contracts of Li Ka-shing's Cheung Kong Group, transferring operational rights to Maersk, highlighting the geopolitical tensions between China and the U.S. in the maritime sector [5][6]. Group 1: Geopolitical Context - The ruling is seen as a critical event in the ongoing geopolitical struggle between China and the U.S., particularly in the maritime domain, where the U.S. has been promoting narratives of "Chinese maritime threats" [5][6]. - The U.S. maritime system relies on layered control and offshore outsourcing, leveraging its naval power for global shipping security, while China is developing an independent maritime system that challenges U.S. hegemony [6][11]. Group 2: Systemic Competition - The article emphasizes the need for a systemic analysis of significant commercial actions within the global shipping logistics sector, as they reflect power struggles over control of key supply chain segments [8][9]. - The sale of Cheung Kong's port network to a consortium led by MSC and BlackRock signifies a shift in global shipping dynamics, with potential implications for China's maritime enterprises [8][9]. Group 3: U.S. Strategic Responses - The U.S. has adopted a defensive posture, moving from offshore outsourcing to reshaping its domestic supply chains in response to perceived threats from China's maritime industry [28][30]. - Specific actions include legislative efforts to restrict the procurement of Chinese-made port equipment and investigations into China's shipbuilding capabilities, indicating a comprehensive strategy to limit China's maritime influence [29][30]. Group 4: China's Maritime Development - China's maritime industry has developed an independent and resilient supply chain, rooted in a comprehensive industrial system established over decades, which is now increasingly self-sufficient [21][24]. - The growth of China's shipping industry is driven by internal demand and has led to significant advancements in shipbuilding, port operations, and logistics, positioning it as a global leader in these sectors [24][25]. Group 5: Future Implications - The competition between the U.S. and China in the maritime sector is expected to be long-term and complex, with both nations vying for dominance in a system that is not merely about market share but involves deeper structural and geopolitical considerations [33][31]. - The evolving dynamics of global shipping will likely reshape supply chain risks and structures, reflecting the ongoing power struggle between the two nations [33][32].

Group 1 - The meeting emphasized the importance of adhering to Xi Jinping's thoughts on the work of the United Front in the new era, aiming for new achievements in the work of the United Front within state-owned enterprises by 2025 [1] - There is a focus on deepening political guidance and enhancing the construction of advisory workspaces for non-Party representatives, aiming to strengthen the team of non-Party representatives and improve the overall structure of the United Front work [1] - The meeting highlighted the need for state-owned enterprises to fulfill their social responsibilities, particularly in supporting local disaster relief and basic public services, while also enhancing the management of mixed-ownership enterprise party-building work [1] Group 2 - Companies such as China Huadian, China Steel Research, and China Aneng participated in on-site exchanges, while China National Nuclear Corporation, China Huaneng, China Merchants Group, and China CRRC provided written exchanges [1]

证券代码：001872/201872 证券简称：招商港口/招港B 公告编号：2026-002 招商局港口集团股份有限公司 第十一届董事会2026年度第一次临时会议决议公告 （一）审议通过《关于2026年度投资计划的议案》 （一）董事会会议通知的时间和方式 招商局港口集团股份有限公司（以下简称"本公司"）于2026年1月30日以电子邮件和专人送达的方式发 出第十一届董事会2026年度第一次临时会议的书面通知。 （二）董事会会议的时间、地点和方式 会议于2026年2月6日召开，采取通讯方式进行并做出决议。 （三）董事会会议出席情况 会议应参加董事12名，共有12名董事参与表决。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （四）会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 （二）第十一届董事会战略与可持续发展委员会2026年度第一次会议决议； （三）第十一届董事会提名、薪酬与考核委员会2026年度第一次会议决议。 特此公告。 招商局港口集团股份有限公司 董 事 会 2026年2月7日 会议 ...