Group 1 - The bank's top executives conducted an in-person update with investors in Manhattan [1] - The meeting took place after approximately 20 inches of snow fell in the city [1]

2026 丙午马年春节假期的钟声即将落幕，A股市场明日便将正式鸣锣开市，万千投资者的目光都聚焦于"开门红"能否如期 上演。 而作为 A 股的 "先行指标"，港股在春节期间的三个交易日（2月16日、2月20日、2月23日）已然交出了一份亮眼的成绩 单，其震荡走高的整体走势、板块轮动的鲜明特征，为A股节后行情勾勒出了清晰的参考轮廓。 港股市场此番并非单边普涨，而是呈现出"指数稳、板块活、个股燃"的特点，恒生指数、恒生国企指数稳步上行，恒生科 技指数虽经历一波三折的跳水震荡，最终仍收涨，黄金、新能源、AI上游基建成为三大领涨主线，乳业、传媒及餐饮等传 统板块则黯然走弱，科技股与AI概念更是全程占据市场关注度C位。 本文将深度复盘港股春节行情的涨跌逻辑，梳理假期全球市场的核心资讯，并结合头部券商的最新观点，解锁A股节后的 走势预判与布局方向，为投资者的马年投资布局提供理性参考。 本文将复盘港股近三个交易日的表现，解析板块个股的涨跌逻辑，结合头部券商观点，预判A股节后走势及布局方向，开 市前夜为投资者提供理性参考。 春节假期港股表现梳理 板块方面，由于国际黄金价格近期走势强劲，港股黄金股亦跟随大涨，紫金矿业（02899 ...

Market Overview - The Hong Kong stock market saw a strong performance, with the Hang Seng Index closing at 27,081.91 points, up 2.53% or 668.56 points, and a total trading volume of 172.96 billion HKD [1] - The Hang Seng Tech Index rose by 3.34%, indicating a positive trend in technology stocks [1] Blue-Chip Stocks Performance - Zijin Mining (02899) experienced a notable increase of 5.35%, closing at 44.95 HKD, contributing 22.03 points to the Hang Seng Index [2] - Other blue-chip stocks like Meituan-W (03690) and SMIC (00981) also saw significant gains, with increases of 5.26% and 5.02% respectively [2] Sector Highlights - Large technology stocks rebounded, with Meituan-W rising over 5% and other major players like JD, Alibaba, Xiaomi, and Baidu increasing by more than 3% [3] - The precious metals sector, particularly gold and copper, showed strong performance due to geopolitical tensions and trade policy uncertainties [5] - The lithium sector also saw gains, with companies like Ruipu Lanjun (00666) increasing by 15.42% [6][8] AI and Technology Developments - Alibaba Cloud launched a new open-source model, Qwen3.5-Plus, with competitive pricing, indicating a strong push in AI applications [4] - The AI sector is expected to see significant growth, with predictions of a shift in the competitive landscape by 2026 as domestic models gain traction against international counterparts [4] Geopolitical and Economic Factors - Rising geopolitical risks, particularly in the Middle East, are driving investors towards safe-haven assets like gold, with spot gold prices reaching 5,170 USD per ounce [5] - The market is entering a phase characterized by a focus on profitability and inflation-driven narratives, which may benefit the commodities sector, particularly in metals [6] Notable Stock Movements - Xunce Technology (03317) saw a significant rise of 12.78%, reaching a closing price of 90 HKD, following its inclusion in the Hang Seng Composite Index [9] - China Duty Free Group (01880) experienced a decline of 8.88%, closing at 91.85 HKD, amid changing U.S. tariff policies [9]

Financial Sector Overview - The financial sector has experienced a downturn after a strong performance from 2023 through much of 2025, indicating a shift in market dynamics [1] - Major banks have stalled in their growth, and Berkshire Hathaway's stock has traded sideways, reflecting a broader trend of stagnation in the sector [1] - Broker-dealer equities are currently in decline, suggesting potential challenges for firms operating in this space [1] ETF Focus - The article revisits the iShares US Broker-Dealers & Securities Exch ETF, highlighting its relevance in the current market context [1]

Macro - The international financial market remained stable during the Spring Festival, with a significant event being the U.S. Supreme Court ruling against Trump, which may reduce his influence on the global economy [2][17] - Trump is forced to impose a 15% tariff under the 1974 Trade Act, with a maximum delay of 150 days requiring Congressional approval, indicating increasing limitations on his trade policies [2][17] Stock Index - Chinese financial data shows proactive government financing and optimistic short-term liquidity, with a significant increase in non-bank institution deposits and a sharp decline in household deposit growth [3][18] - The technology sector remains a key focus, with AI and robotics gaining attention, while the U.S. stock market shows a mixed performance in AI, with companies like Nvidia and TSMC remaining stable [3][18] - A-shares are expected to rebound after the market opens, with themes like robotics, AI computing power, new energy, and aerospace remaining active [3][18] Oil - Oil prices during the Spring Festival were primarily influenced by U.S.-Iran nuclear negotiations, with the U.S. military's significant troop buildup in the Middle East being the largest since 2003 [4][19] - The negotiations have a time constraint, with the U.S. aiming for an agreement within two weeks, while Iran may conduct military exercises in the Strait of Hormuz, potentially increasing oil price premiums [4][19] - The cash premium for Middle Eastern oil has recently reached $1 per barrel, with rising freight costs, indicating a strong regional market compared to Europe and the U.S. [4][19] Fuel Oil - Post-Spring Festival, fuel oil prices are driven by geopolitical premiums and domestic resumption of work, with strong support from rising oil prices due to U.S.-Iran tensions [21][22] - Domestic demand for marine fuel is expected to gradually recover as work resumes, with low inventories in Singapore and Zhoushan leading to stronger spot prices [21][22] Asphalt - The stalemate in U.S.-Iran negotiations and military buildup has led to a more than 4% increase in Brent crude prices, raising the valuation of asphalt [23] - Logistics recovery and pre-stocking for infrastructure projects in southern China are expected to boost demand, with a positive market sentiment [23] Methanol - Geopolitical risks eased before the holiday, leading to a significant drop in methanol prices, but renewed tensions during the holiday may influence prices upward [24] Urea - India's RCF urea import tender received bids totaling over 3.07 million tons, with prices around CFR $512 to $508 per ton, indicating strong demand despite a significant price gap between domestic and international markets [8][25] - Domestic urea prices remained stable during the holiday, with slight increases from some manufacturers, and current inventory levels have normalized compared to historical averages [8][25] Copper - Future attention is required on specific measures regarding U.S. tariffs and potential aggressive trade or fiscal policies that Trump may adopt for the midterm elections [26] Aluminum - The London aluminum market showed a trend of initial decline followed by recovery during the Spring Festival, influenced by news of Trump considering the removal of aluminum tariffs [27] Gold and Silver - The release of December PCE data and January FOMC minutes suggests a reduced likelihood of interest rate cuts by the Federal Reserve, which may exert downward pressure on gold and silver prices [28] Platinum and Palladium - Prices for platinum and palladium rose significantly during the Spring Festival due to increased market risk aversion stemming from uncertainties in U.S.-Iran relations [29] Cotton - The NCC projects a 3.2% year-on-year decrease in U.S. spring cotton planting area to 9 million acres, with strong export data supporting higher prices [30] Soybean Meal - Positive demand factors, including high crushing data and rumors of China purchasing 8 million tons of U.S. soybeans post-holiday, contributed to an upward trend in U.S. soybean prices during the Spring Festival [31]

今日关注 1、商务部新闻发言人23日表示，我们注意到美国最高法院公布关税诉讼案裁决结果，正在对相关内容 和影响进行全面评估。我们也注意到，美方正在准备采取贸易调查等替代措施，以期维持对贸易伙伴加 征的关税，中方将对此保持密切关注并坚定维护中方利益。 1、据央视新闻，针对美国国务卿鲁比奥宣布任命新任美国"西藏特别事务协调员"一事，外交部发言人 表示，西藏事务是中国内政，美方此举是在干涉中国内政，中方从来不予承认。 2、23日，全社会跨区域人员流动量预计超3.6亿人次，比2025年同期增长11.9%，全国多地迎返程客流 高峰。 2、2026年中国电影票房（含预售）已突破80亿元，其中，春节档票房超57亿元。目前中国电影票房以 超北美市场近10亿元人民币的成绩领跑全球电影市场。 3、据中国国家铁路集团有限公司消息，23日正月初七是春节假期最后一天，全国铁路迎来返程客流最 高峰，预计发送旅客1850万人次，计划加开旅客列车2297列。 4、25日起，纳税人可以通过个人所得税App提前预约办理2025年度个人所得税综合所得汇算清缴。 2025年度个人所得税综合所得汇算清缴办理时间为2026年3月1日至6月30日。 5、 ...

Market Overview - Concerns over AI and renewed risks from trade wars led to a decline of at least 1% in all three major US stock indices, with financial and software stocks dragging down the market [2] - IBM's stock plummeted 13%, marking its largest single-day drop in 25 years, due to threats posed by Anthropic's products to programming languages [2][9] - The financial sector fell over 3%, with American Express down more than 7% and KKR dropping nearly 9% [2] - Retail stocks sensitive to tariffs also fell, with Wayfair down nearly 10% [2] - European and UK stock indices dropped from record highs, with Novo Nordisk's stock falling over 16% after trial results showed its weight loss drug was less effective than Eli Lilly's [2] US Treasury and Currency Markets - US Treasury yields rebounded, with the 10-year yield approaching a three-month low [3] - Following the Supreme Court's overturning of Trump's tariffs, the US dollar fell from a four-week high over two days [3] - The offshore RMB rose above 6.89, nearing a three-year high [3] AI and Technology Developments - Anthropic announced its Claude Code tool could modernize Cobol systems, causing IBM's stock to drop significantly [9] - Nvidia launched a new laptop chip aimed at re-entering the consumer PC market, focusing on lightweight designs with long battery life [22] - ASML revealed breakthroughs in EUV light source technology, potentially increasing chip production by 50% by 2030 [22] Trade and Tariff Developments - The US Customs announced it would stop collecting tariffs deemed illegal by the Supreme Court starting February 24 [19] - The Democratic Party aims to block any attempts to extend tariffs and is pushing for a refund scheme for previously paid tariffs [19] - The European Parliament has paused the approval of the US-EU trade agreement, with the UK potentially facing the largest impact from new tariffs [20] Private Equity and Market Conditions - Bain & Company reported that the private equity industry is facing a prolonged downturn, with a backlog of $3.8 trillion in assets [24] - The report indicated that profit return rates have dropped to a 16-year low, and investor expectations have risen to a 20% return threshold [24] AI and Economic Predictions - A hypothetical report from Citrini Research suggested that while AI productivity may exceed expectations, it could lead to significant job losses and economic contraction by 2028 [21] - The report triggered a sell-off in various sectors, including food delivery and payment software, as investors reacted to potential risks associated with AI [21] Robotics and AI Applications - The performance of humanoid robots during the Spring Festival Gala highlighted significant advancements in hardware, with expectations for a surge in shipments from 20,000 to 76,000 units by 2026-2027 [29] - The introduction of AI capabilities in robotics is anticipated to drive further applications and market growth [29]

开源证券则表示，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验 证，AI应用有望带动推理需求持续增长，国产AI芯片增长迅速，昆仑芯正式启动中国香港上市进程， 推荐阿里巴巴-W、拼多多，百度集团-SW，受益标的腾讯控股。 科网股全线回暖，截至发稿，美团-W(03690)涨5.14%，报84.9港元；京东集团-SW(09618)涨3.56%，报 107.5港元；阿里巴巴-W(09988)涨2.65%，报151港元；快手-W(01024)涨2.63%，报68.25港元；腾讯 (00700)涨2.01%，报532.5港元。 消息面上，阿里旗下阿里云宣布开源新一代千问Qwen3.5-Plus大模型，其API价格每百万Token低至0.8 元人民币。中银国际发布研报称，本轮AI行情尚未出现明显泡沫化特征，2026年AI投资有望进入产业 趋势下半场。 ...

过去一年，羊毅先后围绕AI与低空装备产业深度融合等课题深入一线调研，将委员履职与本职工作紧 密结合，向下扎根、向上生长。这一年，她所在的龙门实验室不仅入选国家重点研发计划高新技术成果 产业化试点单位，成功通过CNAS认可，更在2025年我省重大产业关键技术攻关"揭榜挂帅"中一举拿下 两个项目，实现了省实验室牵头参与此类项目"零的突破"。 "科研让我保持技术敏感，调研则让我的目光始终精准聚焦专业领域最迫切需要解决的技术瓶颈。新的 一年，我将在委员履职和本职工作中双向发力，为建立具有核心竞争力的低空经济产业链供应链建言献 策。"这位始终以科研人严谨细致为底色的全国政协委员，结合自身成长经历和工作实际，连年围绕航 空工业发展、航空科技创新、体制机制改革等方面提出务实建议。 在科研与履职的双重轨道上，羊毅始终以双重视角洞察前沿、以双重身份推动实践。她的脚步踏实而坚 定，正与无数同行者一起助力低空经济突破关隘，向着绿色可持续的未来翱翔。 □本报全媒体记者 田凯中 本报通讯员 刘远 "我国已经迎来了低空经济发展的黄金机遇期，低空经济将成为经济增长的新引擎、激活消费的新业 态，'空中之城'不再是梦想。"2月14日，春风悄然 ...

Cannae (NYSE:CNNE) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Company ParticipantsBryan Coy - CFOIan Zaffino - Managing DirectorJamie Lillis - Managing Director of Investor RelationsRyan Caswell - CEOConference Call ParticipantsKenneth Lee - VP and Senior Equity Research AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. 4th Quarter and Full Year 2025 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. ...