Core Viewpoint - The article emphasizes the importance of consolidating and enhancing Hong Kong's status as an international financial, shipping, and trade center, while also supporting its development as an international innovation and technology hub, in line with the 15th Five-Year Plan of China [1] Group 1: Economic and Social Development - The central government fully supports Hong Kong in maintaining its unique position and advantages, fostering a free and open business environment, and expanding international connections [2] - Hong Kong is ranked third globally as a financial center in 2024, with its fintech level ranked ninth worldwide, and it is the largest international asset management and private wealth management center in Asia [2] - Hong Kong handles approximately 80% of global offshore RMB settlements, reinforcing its status as the largest offshore RMB center [2] - The city has maintained its position as the world's top air cargo hub for several consecutive years and ranks fourth globally in registered shipping tonnage [2] - Hong Kong's free trade policy keeps it at the top of the list of the world's freest economies, with a projected global competitiveness ranking of third and second in Asia by 2025 [2] - The emerging startup ecosystem in Hong Kong is ranked third globally and first in Asia, with a talent influx of 220,000 individuals [2] Group 2: Strategic Positioning - The new era brings new connotations to Hong Kong's strategic position, focusing on deepening connectivity with the mainland and enhancing offshore RMB business [3] - There is an emphasis on optimizing the securities market and developing an international gold trading center in Hong Kong [3] - The strategy includes enhancing the shipping center's status through tax incentives and developing a high-value shipping service sector [3] - The trade center's status will be reinforced by establishing a high-value supply chain service center and expanding trade networks, particularly with Europe and the Belt and Road countries [3] - The support for building an international innovation and technology center aims to integrate deeply into the Guangdong-Hong Kong-Macao Greater Bay Area and focus on national strategic needs in technology [3] Group 3: Implementation Measures - The article outlines proactive measures to align with the national 15th Five-Year Plan, emphasizing cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area [4] - It highlights the need for a dual-engine development approach for finance and innovation, enhancing Hong Kong's influence in global technology innovation [4] - The article calls for broader and closer international cooperation, including strengthening higher education and hosting high-level academic exchanges [4] - There is a focus on building Hong Kong as a world-class tourism destination and a cultural exchange center [4]

具体来看，2月25日共有32只ETF资金净流入超1亿元。其中，中证500ETF以14.24亿元的资金净流入排 在首位；电网设备ETF、A500ETF南方分列第二、第三位，资金净流入分别为10.59亿元、6.18亿元。 头部基金公司旗下ETF继续获得资金净流入。易方达基金方面，恒生科技ETF易方达净流入2.7亿元，上 证50ETF易方达净流入2.29亿元，人工智能ETF易方达净流入2.03亿元，中概互联网ETF易方达净流入 1.68亿元。 华夏基金方面，电网设备ETF、恒生互联网ETF资金净流入居前，分别达10.59亿元、6.03亿元；最新规 模分别达204.65亿元、372.13亿元，对应跟踪指数近1个月日均成交额分别为13.32亿元、32.52亿元。 创业板ETF资金净流出居前 【导读】2月25日股票ETF资金净流出约14亿元 2月25日，A股三大指数集体收涨。股票ETF市场上，资金选择"落袋为安"，当日净流出约14亿元。 港股市场ETF资金净流入居前 数据显示，截至2月25日，全市场1344只股票ETF（含跨境ETF，下同）总规模为4.18万亿元。从股票 ETF市场资金流向来看，2月25日基金份额减少5. ...

Core Insights - The report from Goldman Sachs indicates a divergence in offline entertainment trends during the Spring Festival, with quality live content being the core driver of entertainment consumption [1] - Travel consumption increased by 19% year-on-year during this year's Spring Festival, while box office revenue for movies was disappointing at 5.7 billion, a 40% decline compared to the previous year, returning to pre-pandemic levels [1] - The lack of quality films this year is highlighted, contrasting with the 4.8 billion box office revenue from the film "Nezha 2" during the Spring Festival in 2025 [1] Company Analysis - Recent stock price corrections due to concerns over the disruptive impact of artificial intelligence and competition have brought some companies' stock prices close to the lower end of their five-year price-to-earnings (P/E) ratios, such as Tencent at 15x, NetEase at 13x, and Kuaishou at 10x [1] - It is anticipated that earnings per share will achieve high single-digit to low double-digit year-on-year growth by 2026 [1] Industry Outlook - In the gaming sector, Tencent and NetEase are expected to maintain strong performance due to their enduring IP advantages, despite the increasing supply of new games and the importance of overseas expansion as a key growth engine [1] - The impact of AI models on game publishing and operations is considered limited [1] - In terms of competitive landscape in the entertainment industry, Kuaishou and Bilibili have solid business foundations and AI potential, while the music and live streaming sectors face more intense competition [1]

格隆汇2月26日｜盛宝银行市场首席投资策略师Charu Chanana在报告中指出，尽管英伟达业绩强劲，但 人工智能相关交易的波动性仍将持续。AI叙事已趋成熟，投资者现在需要看到盈利能力和支出纪律方 面的证据。市场日益关注需求的质量、结构（训练与推理）、定价能力，以及随着竞争加剧，"轻松赚 钱"消失的速度。投资者应对AI应用层企业保持谨慎，因其盈利时间表不确定且竞争激烈。这使其成为 AI交易中波动性最大的部分。相比之下，从电力、冷却到网络连接等供应链上的AI基础设施供应商可 能更具韧性。 ...

每经记者｜李旭馗 每经编辑｜陈星 2月25日，香港特区政府财政司司长陈茂波发表2026/2027财政年度特区政府财政预算案。本次预算案 以"创科驱动、金融赋能；多元发展、关爱惠民"为主题。预算案一经发布，推广全民AI（人工智能）培 训、推动"金融+"等措施迅速成为香港各界关注的焦点。 在当日下午举行的记者会上，陈茂波表示，本次预算案背后的核心思路之一是"AI+"结合"金融 +"。"AI+"会让香港国际金融中心的内涵变得更加丰富，发展更加有力，二者是相互融合、相互促进的 关系。"从多元化融资渠道到离岸人民币市场，AI在不同的环节都可以支持与赋能产业发展，让金融业 更大更强。" 致同（香港）会计师事务所税务主管合伙人陈锦荣在接受《每日经济新闻》记者采访时分析，特区政府 向包括"AI+"在内的创新科技领域投入大量资源，是本次预算案的突出亮点。"经济朝更多元化转型是香 港的必由之路。尽管金融领域近年来新增不少投资产品，巩固了香港国际金融中心地位，但香港不能仅 依赖旅游、金融等传统四大支柱产业。" 陈锦荣表示，当前北部都会区、河套深港科技创新合作区已具备企业进驻条件，如今特区政府投放大量 资源加速产业落地，正是在为香港 ...

Core Insights - Perplexity has launched "Perplexity Computer," a powerful multi-modal system that allows 19 top AI models to work collaboratively without manual intervention, marking a significant advancement in personal computing [1][3][11] - Anthropic has announced the acquisition of Vercept, aiming to enhance Claude's capabilities to operate computers more like humans, thereby improving its task execution efficiency [8][38][39] Group 1: Perplexity Computer - Perplexity Computer can perform end-to-end tasks including research, design, coding, deployment, and project management through the orchestration of multiple AI agents [4][12] - The system automatically selects the best model for each task, utilizing Claude for reasoning, Gemini for research, and Grok for speed, and can operate autonomously for hours or even days [6][12] - It is designed to remember users' past work and is equipped with hundreds of connectors for persistent memory and direct internet access [12][15] - Perplexity Computer allows users to manage multiple projects simultaneously, akin to conducting an orchestra [15][17] - The system is currently available to Max subscribers on the web, with a pay-per-use model and a promotional offer of 20,000 points for new and existing users [23][30] Group 2: Anthropic and Claude - Anthropic's acquisition of Vercept is aimed at enhancing Claude's ability to perceive and interact with software like a human, addressing a long-standing limitation in AI task execution [38][39] - Claude has shown significant improvement in computer usage capabilities, achieving a score of 72.5% on the OSWorld benchmark, nearing human-level performance [43][45] - The integration of Vercept's technology into Claude is expected to further enhance its operational capabilities, emphasizing the importance of effective task execution in AI competition [45]

Core Viewpoint - Wuxi NCE Power Co., Ltd. (新洁能) announced a price increase of at least 10% for its MOSFET products, effective from March 1, 2026, due to rising costs of raw materials and key precious metals [1][4]. Group 1: Price Adjustment Details - The price adjustment applies specifically to MOSFET products [4]. - The increase is set to take effect on March 1, 2026 [4]. - The company expressed regret for any impact this adjustment may have on customers and seeks their understanding and support [4]. Group 2: Company Background and Financial Performance - Wuxi NCE Power Co., Ltd. is a leading player in the domestic power semiconductor sector, focusing on the research, design, and sales of power devices such as MOSFETs and IGBTs [6]. - The company's products are widely used in various downstream sectors, including new energy vehicles, smart grids, industrial control, and consumer electronics [6]. - In the first three quarters of 2025, the company reported a total revenue of 1.385 billion yuan, a year-on-year increase of 2.19%, and a net profit attributable to shareholders of 335 million yuan, up 0.7% year-on-year [6]. - However, the third quarter of 2025 saw a decline in revenue to 456 million yuan, down 5.5% year-on-year, and a net profit of approximately 99.4 million yuan, down 13.23% year-on-year, indicating pressure on profitability [6]. Group 3: Industry Context - The price increase by Wuxi NCE is part of a broader trend of rising prices in the domestic chip market, with several companies, including Zhongwei Semiconductor and Guoke Microelectronics, also announcing price hikes ranging from 10% to 80% across various product categories [6]. - This price surge is driven by cost pressures and increased demand from AI applications, affecting not only storage chips but also power semiconductors and other critical components [6][7]. - Recent reports indicate significant price increases in the semiconductor industry, with NAND flash contract prices rising by 55%-60% and server DRAM prices increasing by nearly 90% [7].

2月26日，隔夜美股三大指数收涨，英伟达财报亮眼，港股三大指数追随亚太股市高开后震荡下挫，截 止午盘，恒生指数跌0.39%报26661.2点，恒生科技指数跌1.65%报5173.65点，国企指数跌1.29%报 8918.15点，红筹指数跌0.6%报4439.45点。 大型科技股中，阿里巴巴跌2.09%，腾讯控股跌0.77%，京东集团跌1.97%，小米集团跌0.17%，网易跌 1.63%，美团跌1.51%，快手跌2.41%，哔哩哔哩跌2.27%；芯片股走弱，华虹半导体跌超5%，上海复旦 跌近3%。大金融股(保险、银行、券商)等权重低迷拖累大市下行，非洲最大锂矿出口国宣布"断供"，锂 电池股走势分化，赣锋锂业、天齐锂业走强，宁德时代、中创新航下挫。另外，机构看好国内内燃机及 相关产业链出海，电力设备股拉升明显，军工股、光通讯概念股部分活跃。 盘面表现：板块涨跌互现 科网股多数走低 科网股整体表现不佳，跌多涨少。快手、阿里巴巴、百度集团等知名科网股纷纷走低，对市场人气形成 一定压制。在科技行业竞争日益激烈的当下，这些企业面临着来自国内外同行的多重挑战，业绩增长压 力凸显，导致股价表现疲软。 锂电池板块先扬后抑 万咖 ...

接受新加坡金管局调查的专家上调了对这个城邦国家的增长预测，称 人工智能热潮是一个关键驱动因 素。新加坡金融管理局3月份的调查显示，经济学家和分析师目前预计今年国内生产总值将增长3.6%。 这一预估中值高于12月份调查中预测的2.3%的增幅，但低于2025年录得的5.0%的增幅。占新加坡GDP 约20%的制造业预计也将比去年表现更好，调查预计其增幅为4.3%，而12月份调查的预测增幅为3.6%。 然而，新加坡金管局调查的受访者预计，2027年的经济增速将放缓至2.5%。关税仍然是这个东南亚国 家经济前景的一个主要影响因素，近期的事态发展给其输美商品将面临何种税率增添了新的不确定性。 （智通财经） ...

在上调经济增长和通胀预测后，韩国央行周四维持基准利率为2.5%不变，符合经济学家预期，延续了 自去年7月开始的暂停降息周期。与此同时，韩国央行暗示未来六个月内不太可能调整政策，为政策制 定者提供时间以观察相关风险。 韩国央行在权衡金融稳定风险之际延续观望态势 韩国央行周四的声明强化了风险均衡的观点。委员会指出，芯片出口支撑了经济增长，而通胀即便保持 在目标附近，也可能略有上升。同时，房地产市场和美国贸易政策带来的风险仍需进一步观察。 韩国央行此次按兵不动之际，近期经济数据已缓解了官员采取新政策行动的压力。1月份消费者价格同 比上涨2%，核心通胀也为2%，与央行目标一致。部分受股市上涨提振，2月份消费者信心升至去年11 月以来最高水平。与此同时，与人工智能相关的半导体需求支撑了出口表现。 经济学家Hyosung Kwon表示："下一任韩国央行行长将面临多重交织的局面。经济在全球对计算机芯片 的强劲需求推动下正在获得动能。通胀仍稳定在2%的目标水平。但对首尔房价上涨的担忧依然存在。" 韩国首尔公寓价格已连续一年多(按周计算)上涨，并随着投资者增加按揭债务引发了对金融稳定风险的 担忧。不过，根据韩国房地产委员会的数 ...