热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国泰君安期货市场分析师 张驰宁 Z0020302 随着春节长假的结束，我们即将迎来农历新年的首个交易周。在咱们休市的这十天里，海外市场并没有 停下脚步，反而积蓄了不少变数。作为分析师，我认为有必要在开盘前为大家梳理一下假期间外围市场 的核心变化。我们不谈枯燥的数据，主要聊聊这些宏观波动，可能会给国内期货市场带来怎样的开局指 引，助大家开年投资的第一仗，打得更有底气。 l 热点事件 【1、美最高法院驳回关税政策】 假期最大的扰动依然来自贸易端。美国关税政策出现戏剧性反复：最高法院裁定部分关税无效，但特朗 普政府随即宣布了10%的全球临时关税作为"补丁"，并紧接着在第二天，把临时关税提到了上限15%。 【3、美总统访华行程】 假期期间，市场有消息称美总统可能于三月末访华，但中方尚未正式回应。这一消息可能引发市场 的"预期博弈"：访华前夕，美方为增加谈判筹码，不排除在贸易等领域继续施压，特别是在关税裁决受 挫后，其展示政策干预能力的动机较强；但为确保访问顺利，双方也可能保持一定克制。 对交易者而言，需紧盯未来一个多月美方在贸易、科技等领域的动向，任何 ...

②假期期间的港股市场，机器人板块逆势走强，累计涨幅近3%，创出历史新高。 ③今年特斯拉以及国内厂商将同时开启规模化量产，机器人产业链有望持续迎来催化剂。 开源证券研报表示，2026年春晚机器人"出圈"，商业化预期全面升温，港股机器人板块率先大涨，板块 情绪全面激活，2026年特斯拉有望延续节奏实现规模化量产。随着特斯拉机器人量产，人形机器人板块 有望开启全年大贝塔行情。 格隆汇2月24日｜今日A股马年首个交易日，机器人概念爆发，规模最大的机器人ETF最新成交额为 11.15亿，换手率为4.15%，居同标的前列。 资金在春节前就开始埋伏机器人ETF(562500)，截至节前最后一个交易日，连续5日获资金净申购，累计 净流入为14.33亿元，居同标的第一。 消息面上: ①机器人在春晚的国民级曝光，直接拉动消费端热情：马年春晚开播两小时京东机器人订单量增长 150%，银河通用Galbot G1连夜加购近300台，抖音机器人GMV在2月16日至18日同比增长1680%。 相关产品： 市场规模最大的机器人主题ETF：机器人ETF(562500)，权重股包含汇川技术（工业机器人龙头）、绿 的谐波（全球谐波减速器龙头）和石 ...

Group 1 - The core viewpoint of the article highlights a significant decline in the Hong Kong stock market, particularly among robotics concept stocks, with several companies experiencing notable drops in their share prices [1] - The article mentions that after the performance of Yushu Technology's robot last year, four more robotics companies showcased their products on CCTV this year, which has reignited interest in humanoid robots [1] - Despite the renewed interest in robotics, the rental prices for robots are reportedly falling sharply, with daily rental fees dropping below 100 yuan [1] Group 2 - Specific companies that experienced declines include: - Woan Robotics down 10.20% with a market cap of 32.744 billion yuan - Cheng5 Ray down 9.96% with a market cap of 18.619 billion yuan - Shou Cheng Holdings down 8.94% with a market cap of 17.707 billion yuan - Fan Shi Intelligent down 9.42% with a market cap of 21.172 billion yuan - Sanhua Intelligent Control down 6.68% with a market cap of 150.563 billion yuan - Other notable declines include UBTECH, SenseTime-W, and others [2]

今日提示 北交所新股海菲曼（申购代码：920183）今日申购，发行价为19.71元/股 新一轮成品油调价窗口将于今日24时开启 苹果将于太平洋时间2月24日8时举行股东大会 重要新闻提示 智平方宣布完成B轮融资，估值超100亿元；宇树科技机器人集群天坛表演武术视频走红 前沿生物：与葛兰素史克达成独家授权许可协议，将获4000万美元首付款和1300万美元近期里程碑付 款，还将额外获最高9.5亿美元里程碑付款 2026年春节档档期总票房为57.49亿元，《飞驰人生3》成2026年春节档票房冠军 ...

2026年春节A股休市期间，外围海外市场并非风平浪静。 美股科技板块的深度调整，以及港股市场的大跌，使得大家对下周A股的走势捏了一把汗。 虽然展现出相对剧烈的分化、波动，但同时又有各种利好消息对冲，宏观微观都有，情况显得复杂多变。 美股大型科技巨头走势涨跌不一，有AI相关利好消息出现了企稳反弹，没有的则继续寻底。 原因很简单，一方面，华尔街对AI的投资回报率产生疑虑，同时对AI可能颠覆传统软件业的担忧情绪升温，导致大型科 技股遭到集中抛售； 另一方面，当时市场对于美联储的货币政策走向也表现出一定的紧张情绪。 那到底，下周重开的大A，会给我们什么样的表现？ 01 下跌 先看看春节假期，全球市场的表现是如何分化的？ 中概股整体上，则继续弱势。 纳斯达克中国金龙指数在2月13日至2月19日累计下跌0.50%，阿里巴巴、网易、百度等热门中概股均录得下跌，这为港股 节后开市蒙上了一层阴影。 果不其然，2月20日，港股春节后的首个交易日，市场非但没有迎来期盼中的"开门红"，恒指反而低开低走，最终收跌 1.10%，恒生科技指数更是大跌2.91%，科技股则全线下跌。 因此，下周A股重开的时候，需要警惕有可能出现的补跌，尤其是 ...

今天 @openmind_agi 官宣了空投查询网站，千万注意，注册 24 号之前截止。目前已经上线了 Coinbase 路线图，其他的交易所还没有公布。恰好现在是初五迎财神，也是挑了个好时候官宣重要情报我上次打的公售 250k 没退，考虑到今年确实没什么题材可炒了，春晚机器人板块这么火爆算是给了一点币圈机器人概念炒作的希望吧，理性上来说目前确实处在一个估值范畴很迷茫的过渡期，但综合最近和群友交流下来的看法，找到好做市商的项目赢面会更大一些希望 ROBO 别让我输 😂 ...

Market Overview - The Hong Kong stock market experienced a collective decline on the first trading day of the Lunar New Year, with the Hang Seng Index falling by 1.1% to close at 26,413.35 points, the Hang Seng Tech Index dropping by 2.91%, and the National Enterprises Index decreasing by 1.22% [1] Technology Sector - Most tech stocks saw declines, with Baidu Group down over 6%, Kingdee International and Bilibili down over 5%, Alibaba down 4.91%, NetEase down 4.27%, Xiaomi and SMIC down over 3%, Meituan down 1.58%, and Tencent Holdings down 2.06% [1] Robotics Sector - The robotics sector experienced a surge, driven by the Lunar New Year Spring Festival, with companies like Yujian rising over 21%, Shoucheng Holdings increasing nearly 12%, and Sutech Juchuang up over 9% [1] Oil Sector - Oil-related stocks saw gains, with China Merchants Energy rising by 6.34%, China Petroleum up by 3.7%, and CNOOC increasing by 2.23%. This uptick is attributed to rising international oil prices and concerns over escalating tensions between the U.S. and Iran, particularly in the Middle East oil-producing regions [1] Notable Stock Performance - Zhipu's stock price surged, closing with a gain of 42.72% at 725 HKD, bringing its total market capitalization to 323.2 billion HKD. The stock has seen a cumulative increase of 220.51% since February [1]

2月20日，港股在马年首个交易日走弱，三大指数集体收跌。 Wind数据显示，截至收盘，恒生指数跌1.1%，恒生科技指数跌2.91%，恒生中国企业指数跌1.22%。AI"新秀"表现亮眼，智谱大涨42.72%，MiniMax-WP 涨14.52%，资金从大型互联网科技权重股，流向AI"新秀"企业。 AI"新秀"获市场青睐 Wind数据显示，截至收盘，智谱大涨42.72%，MiniMax-WP涨14.52%，市值均突破3000亿港元。 1月8日和9日，智谱与MiniMax相继登陆港交所。Wind数据显示，上市以来，智谱股价累计涨超504%，MiniMax股价累计涨超312%。 机器人概念股活跃 从恒生综合行业指数来看，能源板块领涨，收涨1.62%；医疗保健、工业、电讯、金融及地产建筑板块涨幅居前。非必需性消费板块领跌，收跌3%；信息 科技、必需性消费及原材料等板块跌幅靠前。 恒生科技指数权重股普遍下跌。截至收盘，京东健康、百度集团-SW跌超6%，华虹半导体、金蝶国际、腾讯音乐-SW、哔哩哔哩-W等跌幅均超5%，阿里 巴巴-W跌近5%。 | < w | 恒生科技(HSTECH) 5211.50 -156.02 -2. ...

Market Overview - After the Spring Festival holiday, Hong Kong stocks faced pressure, with the Hang Seng Index dropping 1.1% to 26,413.35 points, and a total trading volume of 165.37 billion HKD [1] - The Hang Seng Tech Index fell 2.91%, while the Hang Seng China Enterprises Index decreased by 1.22% [1] Blue-Chip Stocks Performance - PetroChina (00857) led blue-chip gains, rising 3.7% to 9.52 HKD, contributing 11.57 points to the Hang Seng Index [2] - Other notable blue-chip performances included Henderson Land (00012) up 3% and Midea Group (00300) up 2.73%, while Alibaba (09988) fell 4.91%, dragging the index down by 101.66 points [2] Sector Highlights - The technology sector was a major drag on the market, with Alibaba down nearly 5% and Tencent down over 2% [3] - Robotics stocks surged, with Yujian (02432) up 21.4% following a successful Spring Festival performance, while AI model stocks also showed strong gains [3][4] - Oil stocks rose due to escalating geopolitical tensions, with WTI crude oil prices reaching a high of 66.70 USD per barrel [6] Investment Insights - Analysts suggest that the robotics industry's advancements are crucial for its transition from experimental to practical applications, with significant growth expected from 2021 to 2025 [4] - The AI model sector is transitioning from free trials to paid subscriptions, indicating a shift towards sustainable monetization [4] Notable Stock Movements - SOTON (02498) reported a significant reduction in net losses for 2025, achieving profitability in Q4, which contributed to a 9.24% increase in stock price [8] - COSCO Shipping Energy (01138) rose 6.34% amid expectations of increased tanker profitability due to geopolitical tensions [9] - Stone Four Pharmaceutical Group (02005) issued a profit warning, predicting a 45%-60% decline in profits for 2025 due to various market pressures [10]

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 1.1% to 26,413.35 points, the Hang Seng Tech Index down by 0.9%, and the National Enterprises Index decreasing by 1.55% [1][8] - Technology stocks saw widespread losses, with Baidu dropping over 6%, Alibaba nearly 5%, and Tencent over 2% [1][8] Sector Performance - Despite the overall market downturn, large model and robotics concept stocks surged, with Zhihui rising nearly 43%, MINIMAX increasing over 14%, and both companies' market capitalizations surpassing HKD 300 billion [1][8] - Other notable gains included Yujian up over 21%, Shoucheng Holdings nearly 12%, Sanhua Intelligent Control over 5%, and UBTECH close to 5% [1][8] Real Estate Sector - Some local real estate stocks showed strength, with Hysan Development and Swire Properties B rising over 3%, and Crown Property Trust and Hang Lung Properties increasing over 2% [2][9] - Analysts from Goldman Sachs have upgraded their forecast for Hong Kong property prices from a 5% increase to a 12% increase for the year, citing favorable government visa and immigration policies, a 20% rise in rents over the past three years, and lower mortgage rates encouraging residents to consider buying instead of renting [2][9] Robotics and AI Sector - The robotics sector saw significant growth, with Yujian rising over 19%. The recent CCTV Spring Festival Gala showcased various humanoid robot startups, contributing to heightened interest in the sector [3][10] - Douyin e-commerce reported a staggering 1680% year-on-year increase in GMV for robot products from February 16 to 18, with order volume up 655% [5][12] - AI application stocks also performed well, with Zhihui increasing over 19% following the announcement of a "computing power partner" recruitment plan aimed at optimizing their GLM-5 model [6][14]