随着AI叙述的不断加强，科技类指数在市场中的地位也愈发重要。恒生科技指数作为港股市场科技板块的核心标杆，汇聚了中概互联网与硬科技领域的龙 头企业，具备多重独特优势，使其成为布局中国科技资产的重要工具。 估值处于低位，安全边际充足 当前恒生科技指数的估值水平已回落至历史极低分位。截至2025年2月13，指数动态市盈率（PE-TTM）约为22.10倍，处于过去三年25%以下分位水平，较 2021年初高点时的60倍以上估值已大幅回调。市净率（PB）方面，当前约2.91倍，同样处于历史底部区域。 若剔除受外卖价格战扰动的阿里巴巴、美团、京东三家平台型企业，恒生科技核心成分股增长质量更为突出——2025年收入同比增长13.6%，Non-GAAP净 利润增速进一步提升至21.7%，盈利修复动能强劲。 图：恒生科技指数市盈率 数据来源：Wind 截至：2026.2.13 横向对比来看，恒生科技指数估值显著低于纳斯达克100指数（约34倍PE）及国内创业板指（约40倍以上PE），在全球主要科技指数中具备明显的估值折 价。这种深度回调已较为充分地反映了前期监管收紧、地缘及宏观经济增长放缓等多重悲观预期，为后续估值修复预留了充足 ...

2026年开年，华尔街的寒意比往年来得更加刺骨。全球软件板块迎来了一场罕见的暴跌，标普500软件 与服务指数在短短数周内跌幅超过18%，市值蒸发近万亿美元。这不是常见的周期性回调，也不是宏观 经济波动带来的短期恐慌，而是一种更深层、更结构性的焦虑——市场开始怀疑，AI Agent(智能体)正 在从根本上改写软件行业的价值分配逻辑。 与此同时，硬件层面的地震也在悄然发生。OpenAI正式发布基于Cerebras晶圆级芯片的GPT-5.3-Codex- Spark模型，这是主流头部模型公司首次实质性削弱对英伟达GPU生态的依赖。硬件多元化的信号释放 得异常清晰，曾经固若金汤的算力垄断版图出现了裂痕。 而就在这种内外交困的背景下，全球AI产业链的"心脏"——英伟达(NVDA.US)的财报即将揭晓。 这不仅仅是一次常规的业绩披露，更是一次关于"AI支出是否还能继续狂奔"的压力测试。当应用层的盈 利故事受到质疑，当硬件层的单一依赖开始松动，站在产业链最上游的英伟达，能否继续维持其高估值 的信仰？市场正在等待一个答案。 软件行业的动荡，正在动摇AI支出的根基 软件板块的暴跌，其核心焦虑并不是短期盈利的波动，而是商业模式是 ...

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

02月23日 - 03月01日当周重磅财经事件一览，以下均为北京时间： 首先，宏观层面迎来"特朗普时刻"。 美国总统特朗普将于2月24日发表国情咨文，阐述未来一年的政策重点。同日，其援引《贸易法》第122条签 署的10%全球临时进口关税正式生效，尽管此前最高法院裁定其最初依据的法案违宪，但白宫迅速启用备用法律，维护其关税议程。与此同时， 美国1月PPI、耐用品订单等数据将发布，中国2月LPR预计维持不变，香港新一份财政预算案也将出炉。 其次，聚焦英伟达财报。 英伟达将于2月25日盘后发布财报，其业绩与指引不仅关乎自身股价，更将直接影响整个AI产业链的投资情绪。此外， 中国AI代表百度也将于次日公布财报。同时，苹果年度股东大会于2月24日召开，iOS 26.4测试版计划当周推送，市场关注其AI战略的最新进展。 伯克希尔哈撒韦、Salesforce等知名企业的财报也将为市场提供更多元的行业视角。 最后，地缘政治暗流涌动。 伊朗局势骤然紧张，特朗普透露正考虑对伊朗进行"有限军事打击"，美国国务卿也将于2月28日前往以色列讨论伊核 问题，地缘风险或将对油价产生显著影响。另一方面，德国新任总理默茨将于2月24日至26日 ...

从需求结构来看，SK海力士分析称，虽然PC和移动端客户存在"降规"（降低规格以控制成本）的可能 性，但整体供应增长的受限预计将抵消这部分需求疲软带来的影响。目前，服务器客户的库存水平已调 整至健康状态，而PC和移动端客户的库存则呈现下降趋势，这为后续的补货需求埋下了伏笔。 库存状况是反映市场供需关系的重要指标。SK海力士透露，其DRAM和NAND产品的库存水平目前维 持在极为紧张的约四周左右。如此低的库存水位，意味着供应商在定价谈判中拥有了显著增强的话语 权。SK海力士进一步明确表示，在今年，没有任何一家客户能够完全满足其对内存的需求，无论客户 规模大小、实力强弱。（青山） 据分析师透露，SK海力士在会议中向投资者和分析师指出，当前内存市场正经历着显著变化，最为突 出的便是客户行为的理性化。过去，市场常出现恐慌性囤货现象，客户为确保货源充足，往往会采 取"双倍下单"策略。然而，如今客户已深刻认识到，短期内产能爬坡困难重重，"双倍下单"不仅无法获 取更多货源，反而会推高市场价格。这一认知的转变，标志着内存市场从过去的非理性囤货阶段，迈入 了更为理性的供需博弈阶段。 来源：环球网 【环球网科技综合报道】2月22日 ...

NIQ Global Intelligence plc (NYSE:NIQ) is among the 11 Newly-Listed NYSE Stocks to Buy Now. BofA Reinstates Coverage of NIQ Global Intelligence plc (NIQ) with a Buy Rating and a $20 Price Target On February 17, 2026, BofA analyst Curtis Nagle reinstated coverage of NIQ Global Intelligence plc (NYSE:NIQ) with a Buy rating and a $20 price target. Curtis Nagle said that as BofA resumes coverage of 19 Information and Business Services companies, the firm is “generally constructive” on the group and is foreca ...

分组1 - "Free cash flow" has gained prominence as a key valuation metric beyond traditional equity analysts, driven by significant capital expenditure plans from AI hyperscalers [1] - The increasing focus on free cash flow reflects a broader trend in the investment community, indicating its relevance in evaluating company performance and potential [1] 分组2 - The article emphasizes the importance of narrative in financial data communication, highlighting the role of storytelling in making complex financial information accessible [1] - There is a noted interest in thematic investing and macro drivers of various asset classes, suggesting a shift towards a more holistic view of market dynamics [1]

Core Insights - The AI wealth effect is remarkable, with companies MiniMax and Zhipu becoming the stars of the Hong Kong stock market, both surpassing a market capitalization of 300 billion HKD [2][12] - MiniMax and Zhipu have seen stock price increases of over 400% in just two months, showcasing a significant upward trend since their listings [14][15] Company Performance - Zhipu, known as the "first global large model stock," debuted on January 8, 2026, with an initial price of 116.2 HKD per share, reaching a market cap of 578.9 billion HKD on its first day [14][15] - As of February 20, 2026, Zhipu's stock price surged by 42.72% to 725 HKD, with a market cap increase of 967 billion HKD in a single day [3][15] - MiniMax launched on January 9, 2026, with a first-day increase of 109.09%, closing at 345 HKD and achieving a market cap of 1,067 billion HKD [4][15] - By February 20, 2026, MiniMax's stock price rose to 970 HKD, reflecting a nearly 90% increase since February 9, 2026, and a total market cap of 3,042.3 billion HKD [4][15] Investment Landscape - Both companies have attracted significant attention from institutional investors, with Zhipu receiving over 50 institutional investments before its IPO, including notable VC and PE firms [5][17] - Early investors in Zhipu, such as Zhongke Chuangxing, have seen their initial investment of 40 million CNY grow to a market value of 4.33 billion CNY as of February 20, 2026 [6][18] - MiniMax's early backers, including Hillhouse Capital and IDG, have also experienced substantial returns, with their initial investment of 200 million USD now valued at over 100 times that amount [19] Market Trends - The recent stock price surges of MiniMax and Zhipu reflect a broader trend in the AI large model sector, with significant financing activities occurring in the market [21][22] - Companies like Moonlight and Jiyue Xingchen have also reported substantial funding rounds, indicating a robust investment climate in the AI sector [21][22] - The competitive landscape is expected to intensify, with resources increasingly concentrating on leading companies as the market evolves [23]

Neptune Insurance Holdings Inc. (NYSE:NP) is among the 11 Newly-Listed NYSE Stocks to Buy Now. Evercore ISI Reduces its Price Target on Neptune Insurance Holdings Inc. (NP) to $30 and Maintains an Outperform Rating On February 19, 2026, Evercore ISI reduced its price target on Neptune Insurance Holdings Inc. (NYSE:NP) to $30 from $35 and maintained an Outperform rating. That same day, Keefe Bruyette upgraded Neptune Insurance to Outperform from Market Perform with a $25 price target, lowered from $26, f ...

Key TakeawaysThe global alcohol industry has lost $830 billion in market value over the past four years, representing a 46% decline from its June 2021 peak as Gen Z and health-conscious consumers pivot away from traditional drinking.U.S. software and services sectors have shed approximately $2 trillion in value since October, driven by an "AI Scare Trade" where investors are selling firms perceived as vulnerable to rapid automation.Wealth management stocks like Charles Schwab (SCHW) and LPL Financial (LPLA) ...