对于港股后续走势，中国银河证券建议关注以下板块：第一美联储降息预期不确定性较高，地缘政治局 势反复无常，贵金属、能源等板块有望震荡上行。第二科技板块仍是中长期投资主线，经历近期的回调 后，估值压力下降，在AI大模型更新加快、AI应用加速推进的背景下，相关板块有望反弹回升。 港股马年首个交易日震荡走低，恒生指数收跌1.10%，恒生科技指数收跌2.91%。AI应用、机器人、石 油股等逆势上涨，互联网科技股普跌，百度跌超6%，阿里巴巴跌近5%。半导体股走弱，华虹半导体跌 近6%，中芯国际跌超3%。国产AI大模型板块逆势收涨，智谱涨近43%，MiniMax涨超14%，两者市值 双双冲破3000亿港元。越疆涨超21%，中国石油股份涨超3%。 香港立法会议员吴杰庄表示，香港预计将于今年3月发放首批稳定币发行人牌照，建议在牌照发放后 以"稳定币空投/消费券"方式向合资格市民发放，用于本地中小企消费（如餐饮、娱乐等），以推动采 用并带动经济，相关行政费用可由获牌公司承担。 中信证券认为，从金融逻辑看，锚定法币的稳定币或将成为最具接受性和安全性的主流稳定币形态。从 底层逻辑看，法币稳定币能够延续法币的价值计量、价值转移、价值贮 ...

Group 1 - The Hang Seng Index closed down 1.10%, while the Hang Seng Tech Index fell by 2.91% [1] - Internet technology stocks experienced a broad decline, with Baidu dropping over 6% and Alibaba falling nearly 5% [1] - Semiconductor stocks weakened, with Hua Hong Semiconductor down nearly 6% and SMIC declining over 3% [1] Group 2 - The domestic AI large model sector rose against the trend, with both Zhipu and MiniMax's market capitalization surpassing 300 billion HKD [1]

Core Viewpoint - Samsung Electronics' stock price reached a new high, driven by plans to increase the price of its HBM4 components by 20% to 30% compared to HBM3E [1] Group 1: Company Developments - Samsung Electronics' stock rose over 8%, reaching a peak of 229.8 HKD, marking a record high since its listing [1] - The company plans to set the price of its HBM4 components at approximately 700 USD, which is significantly higher than previous models [1] Group 2: Industry Insights - SK Hynix is also expected to price its HBM4 components at elevated levels, indicating a trend in the memory chip market [1] - Citigroup's recent report highlights that the growth in CPU server demand and advancements in AI applications may drive increased usage of DIMM memory modules, benefiting companies like 澜起科技 [1] - Citigroup has given 澜起科技 a "Buy" rating with a target price of 205 HKD, suggesting a potential earnings growth of approximately 54 times from the second half of this year to the first half of next year [1]

截至发稿，AI大模型公司智谱和MiniMax在香港分别上涨31%和13%，延续1月上市以来的强势，两只股票累计涨幅均已超过四倍。 $$\begin{array}{l}{{\phi_{\blacksquare}\supset\exists t}}\\ {{\models\bot\vdash}}\end{array}$$ 港股农历新年假期后复市，科技股走出分化行情，生成式AI初创公司大涨，传统互联网巨头回调，资金偏好正从"综合平台"转向更纯粹的AI标的。 中国人形机器人春晚炫酷表演 点燃香港股市投资者的热情。机器人板块的优必选周五在香港一度上涨13%，越疆一度飙升近23%，创4月份以来最大盘中涨 幅。 华尔街机构对MiniMax的态度也在为行情提供支撑。摩根士丹利，Jefferies和瑞银已完成对MiniMax的覆盖，评级相当于"买入"。 其中，瑞银给出的目标价为1000港元。Morgan Stanley预计，MiniMax收入到2027年可能达到约7亿美元，意味着未来两年存在最高约十倍的增长空间。 互联网巨头回调，投入与回报被重新定价 阿里巴巴和腾讯在假期期间披露的运营数据并不弱，但市场焦点转向"投入与回报"。 ...

Federal Reserve Insights - The Federal Reserve shows little inclination towards rate cuts, with discussions leaning towards raising the target rate instead [1][2] - New regional Fed presidents believe tariffs are inflationary and oppose rate cuts, which has led to a contrary effect on inflation [2][3] Economic Growth and Deregulation - Anticipation exists that the Fed will not cut rates until a new chairman is appointed, with potential cuts expected in the second half of the year [3][5] - Significant fiscal policy changes, including 100% expensing for companies, are expected to drive investment and consumer aid, with tax refunds increasing over 20% year-over-year [4][5] Fed Models and Predictions - Current Fed economic models predict a growth rate of only 1.7%, which is viewed as unrealistic given the actual growth rate of around 4% [5][6] - The Fed's models do not account for the impact of deregulation and supply-side tax cuts, which are believed to lower inflation and stimulate economic growth [11][12] Future Economic Outlook - There is a belief that the economy could grow by 5% with a CPI inflation rate of less than 1% by 2026, especially if geopolitical tensions are resolved [15][17] - The combination of deregulation, tax reform, and energy dominance is seen as essential for enhancing productivity and achieving growth without inflation [17][18]

Group 1: Amazon's Market Position - Amazon has overtaken Walmart to become the top company in the Fortune 500 list for the first time in 13 years, with a total revenue of $716.9 billion compared to Walmart's $713.2 billion, which saw a 4.7% increase from the previous year [1] - In 2010, Amazon's revenue was only $34.2 billion, while Walmart's was $422 billion, highlighting the significant growth Amazon has experienced, particularly during the pandemic [2] Group 2: Amazon's Retail Strategy - Amazon is focusing on expanding its same-day online delivery service and plans to open over 100 new Whole Foods stores in the coming years [2] Group 3: AWS Contribution - Amazon Web Services (AWS) reported $45.6 billion in operating income on $128.7 billion in revenue for 2025, marking a 20% year-over-year increase, and while it contributes less than 20% of Amazon's total revenue, it accounts for over half of the company's operating profit [3] Group 4: Walmart's Adaptation - Walmart is adapting to changing consumer patterns, with U.S. e-commerce growing 27% year-on-year and global online sales up 24%, making e-commerce 23% of Walmart's U.S. sales, a record high [4] - Walmart is investing in AI-driven shopping, partnering with OpenAI for in-app browsing and checkout within ChatGPT, and has introduced its own generative AI assistant, Sparky, for personalized shopping support [5] Group 5: Stock Performance - Year-to-date, Walmart's stock has increased by 10.74%, while Amazon's stock has declined by 9.55% amid a broader tech sell-off [6]

二、筛选逻辑：汇添富025545的"三道过滤网" 汇添富港股通科技精选混合发起式C(025545)在构建组合时，通常遵循严谨的"自下而上"选股流程。与 其说是"寻找黑马"，不如说是通过"三道过滤网"来规避风险、锁定确定性。 港股科技板块素以"高波动、高分化"著称。在经历了贝塔（Beta）行情的普涨修复之后，市场往往会进 入个股分化的阿尔法（Alpha）阶段。汇添富港股通科技精选混合发起式C(025545)作为一只主动管理型 基金，其核心价值在于通过基本面筛选"做减法"，剔除伪成长，锁定高质量。本文将客观阐述其在港股 通范围内的选股逻辑与动态管理机制。 一、市场观察：指数的局限与主动的必要性 在港股市场的反弹初期，被动指数基金（ETF）凭借高仓位与宽覆盖，是捕捉市场贝塔收益的利器。然 而，市场普遍认为，随着行情向纵深发展，指数编制规则的"被动性"也面临一定的局限：无法主动剔除 基本面恶化的个股、市值加权机制可能在过热阶段被动追高。 多位公募基金经理判断，2026年港股将从估值修复转向盈利驱动，同一赛道内的个股表现将显著分 化，"去伪存真"成为检验投研能力的关键。在这种环境下，"选股"的胜率开始优于单纯的"择时" ...

Group 1 - The core viewpoint of the article highlights the increasing trend of "smart money" in the Hong Kong stock market, with southbound funds showing a pattern of buying more as prices drop, achieving a cumulative net purchase of 136.15 billion yuan year-to-date as of February 13 [1] - Southbound funds have focused on major technology stocks, with Tencent Holdings and Xiaomi Group being the primary targets, net buying 12.88 billion HKD and 12.13 billion HKD respectively, while China Life, China Construction Bank, Pop Mart, and Kuaishou each received over 5 billion HKD in net purchases, continuing the "technology + dividends" strategy [1] - According to Everbright Securities, the overall trend of the Hong Kong stock market is positive due to factors such as profit recovery, improved liquidity, low valuations, and policy support, indicating a market condition of "moderate fundamental recovery, synchronized internal and external liquidity, and neutral to warm sentiment" [1] Group 2 - The "Huitianfu Hong Kong Stock Technology Selection Mixed Fund C" (025545) focuses on high-quality technology theme assets within the Hong Kong Stock Connect range, with a clear investment logic and a minimum of 60% of its assets in stocks, and at least 80% of non-cash assets in Hong Kong Stock Connect stocks [1] - The "Huitianfu Hang Seng Technology ETF Linked Fund C" (013128) aims to balance the allocation of core assets in Hong Kong technology, representing the sector well and capturing the medium to long-term growth momentum of China's new economy [2] - The "Huitianfu Hang Seng Stock Connect China Technology ETF Linked Fund C" (025167) focuses on core assets in the "Hong Kong M7," covering the entire AI industry chain, and is designed to capture the core value of AI by excluding non-technology sectors [2]

2026年春节，AI赛道的竞争迎来白热化拐点，千问、元宝、豆包三大产品展开"三国杀"式对决， 均将目标锁定AI入口的用户争夺战。字节豆包借力春晚 曝光发放现金红包，腾讯元宝试图复刻微信红包的流量神话，而阿里旗下千问APP则走出差异化路径，推出30亿元补贴的"免单卡"活动。 殊不知，千问这 看似常规的营销动作，却成为了一场数亿人参与、规模空前的现代版"草船借箭"，其背后的商业逻辑与行业影响，值得深度拆解。 01 借势巧布局，千问免单卡的"草船"与"稻草人" 诸葛亮"草船借箭"的精妙之处，在于"借箭而不损人"；千问免单卡的高明之处，同样在于实现了多方共赢。 对普通用户而言，免单卡带来的不仅是实惠，更让原本"高高在上"的AI技术真正"下沉"。数据显示，活动期间近半数订单来自县城及乡镇，超过156万60 岁以上用户首次通过AI点外卖，体验到"一句话购物"的便捷——千问免单卡打破了老年人与数字技术之间的壁垒，成为普通人接触AI的窗口。 对线下商家而言，千问免单卡带来了海量订单与曝光量。活动期间，全国30多万家奶茶店出现集中爆单，重庆、武汉等地部分门店订单积压超1400杯，不 少店员坦言"小票打印机几乎没有停歇的时间"。 ...

Veteran market strategist Tom Lee signaled that the US stock market may be approaching a pivotal turning point. He highlighted three sectors, including crypto, as potential leaders in the next market rally. Market Rotation and Crypto Set the Stage for Next Rally, Tom Lee Says Speaking on CNBC’s Closing Bell, Lee outlined a cautiously optimistic scenario in which the S&P 500 could climb toward 7,300 as risk-off positioning eases and earnings remain strong. “Stocks have taken some hits,” Lee said, pointin ...