银河证券指出，展望未来，全球地缘政治风险扰动仍存，美联储降息预期下降，预计港股持续震荡。配 置方面，建议关注以下板块：(1)科技板块仍是中长期投资主线，在产业链涨价、国产化替代、AI应用 加速推进等多重利好共振下，有望震荡上行。(2)地缘政治局势反复无常，能源、贵金属(核心股)(核心 股)等板块有望震荡上行。(3)消费板块当前估值处于相对低位，临近春节，促消费政策有望增多，消费 板块有望实现反弹。 华泰证券表示，1月下旬反弹以来，情绪指数在短短16天内就从恐慌区间进入乐观区间，我们在之前也 提示以投资心态而非投机心态看待港股机会。经历了如此调整后，当前的核心问题是波动的持续性和会 不会终结市场表现。当前情绪已在乐观区间，且拥挤度尚未明显回落，波动短期或持续，但更多是回撤 而不是反转。一季度市场空间的三个驱动因素——流动性改善、资金面共振与盈利预期上修仍然成立。 建议更应立足中期视角，重视空间，淡化斜率。板块上以业绩确定性公司作为底仓，近期回调程度较高 的科技+周期耗材主线并未变化，可择机增配。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 恒生指数低开0.14%，恒生科技指数跌0.87%。科网股走低。国恩 ...

A股开盘，三大指数集体低开，沪指低开0.08%报4064.68点，深证成指低开0.39%，创业板指低开 0.8%。盘面上，现货黄金重新站上5000美元大关，贵金属板块再度活跃；AI应用、半导体板块调整。 ...

Core Viewpoint - Waffo, a global payment and monetization platform, has successfully completed a total financing of $30 million, with over $15 million raised in its Series A round, led by Illuminate Financial and Gao Rong Capital, with participation from HSBC and BAI Capital [2] Group 1: Financing and Investment - The recent funding will focus on three main areas: enhancing payment solutions for various industries, expanding global acquiring capabilities, and developing precise payment services for different scenarios [3] - Illuminate Financial, one of the lead investors, specializes in fintech and financial infrastructure, backed by a consortium of leading global financial institutions [2][3] Group 2: Payment Infrastructure - Waffo integrates over 430 local payment methods across 50+ countries through a unified API, addressing challenges in cross-border payments such as fragmented local payment methods and complex regulatory environments [4] - The platform supports high concurrency processing of 2000 transactions per second (TPS) and boasts a service availability of 99.99%, providing a stable payment infrastructure for businesses [4][9] Group 3: Modular Payment Solutions - Waffo offers modular payment solutions, including a global payment gateway, smart routing systems, subscription management, unified settlement services, and a comprehensive compliance framework [5] - These solutions cater to various business scenarios, ensuring efficient financial management across multiple regions and currencies [5] Group 4: Client Applications and Market Impact - Waffo has provided payment and monetization infrastructure services to leading companies in gaming, AI, and digital content, significantly improving user conversion and retention rates in major markets [6] - The platform's localized payment and settlement capabilities have accelerated the commercialization and sustainable monetization of its clients [6][8] Group 5: Investor Insights - Gao Rong Capital's partner highlighted the importance of payment infrastructure in supporting AI and digital economy enterprises, emphasizing Waffo's role in facilitating internationalization and efficient cash flow management [9] - Waffo aims to simplify cross-border operations and drive global revenue growth for digital enterprises [9]

Core Viewpoint - The article discusses the emergence of a new entrepreneurial era driven by AI and global expansion, emphasizing the importance of mentorship and investment in early-stage startups [5][6][38]. Group 1: AI Super Trend - The current era is identified as a "ChatGPT moment," marking a significant opportunity for entrepreneurship that could last for approximately 15 years [6][10]. - The belief is that future great companies will likely be founded by small teams today, capitalizing on the AI revolution [7][10]. Group 2: Coaching Camp Initiative - The Coaching Camp aims to support early-stage entrepreneurs by providing mentorship, investment, and resources, focusing on three main areas: AI applications, technology expansion, and smart manufacturing [13][14]. - The initiative is described as "spending money to support" entrepreneurs, with investment serving as an entry ticket for selected startups [21][24]. Group 3: Technology Expansion - The focus on "technology" in global expansion is due to China's leading position in several sectors, including consumer electronics, AI, and robotics, which allows companies to enter international markets without engaging in price wars [25][27]. - The article highlights that Chinese companies can leverage their technological advantages to create value in overseas markets [27][30]. Group 4: Entrepreneur Selection Criteria - The selection process for entrepreneurs emphasizes the importance of the founder's qualities, including judgment, execution ability, and resilience [31][33]. - The initiative seeks entrepreneurs who are genuinely passionate about their projects and have a clear understanding of their motivations for starting a business [36][38]. Group 5: Funding and Support Structure - The Coaching Camp plans to allocate a fund of 60 million yuan (approximately 8.5 million USD) to support around 10 promising teams, focusing on AI applications, technology expansion, and smart manufacturing [40]. - The application process for the first cohort will open on December 28, 2025, with a deadline for submissions by April 15, 2026 [40].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 02 月 03 日 [Table_Title] 资产配置日报：绝地反击 2 月 3 日，随着市场逐渐消化美联储换帅的潜在影响，近期超跌资产普遍进入修复状态。伦敦金现货单日涨 幅超 5%，重新站上 4900 美元/盎司，伦敦银现货涨幅则超过 9%，价格回升至 86 美元/盎司之上；亚太地区主流 指数迎来普涨，日经 225、韩国综指涨幅达到 3.92%、6.84%；国内股指同样重振旗鼓，沪深 300、中证 2000、 科创综指分别上涨 1.18%、2.83%、2.44%。 权益市场缩量反弹。万得全 A上涨 2.12%，全天成交额 2.57万亿元，较昨日（2月 2日）缩量 410亿元。港 股方面，恒生指数上涨 0.22%，恒生科技下跌 1.07%。南向资金净流入 9.52 亿港元，其中腾讯控股净流入 19.55 亿港元，中芯国际和阿里巴巴则分别净流出 15.77 亿港元和 11.98 亿港元。 大跌之后，个股普遍反弹，题材行情接力低位修复逻辑。地产和白酒在开盘后表现活跃，两者均为 1 月 29 日 低位反弹的代表性品种，指向开盘时部分资金仍尝试博弈 ...

Core Insights - Major tech companies are launching significant marketing campaigns during the Spring Festival, with a total budget exceeding 45 billion yuan, aiming to promote AI applications and engage a broader user base [3][31][41] - The competition is centered around integrating AI into social and transactional contexts, with each company betting on different strategies to capture market share in the AI space [39][41][56] Group 1: Company Initiatives - Tencent's "Yuanbao" has allocated 10 billion yuan for cash red envelopes, utilizing social sharing through WeChat and QQ to enhance user engagement [9][36] - Alibaba's "Qianwen" is launching a 30 billion yuan "Spring Festival Treat Plan," allowing users to redeem red envelopes for various services, including movie tickets and hotel bookings [6][35] - Baidu's "Wenxin" is offering 5 billion yuan in cash red envelopes, integrating AI functionalities within the Baidu app to enhance user interaction [7][36] - ByteDance's "Doubao" is collaborating with CCTV for the Spring Festival Gala, focusing on brand positioning and technology showcase [9][36] Group 2: User Engagement Strategies - The red envelope campaigns are designed to facilitate user education on AI applications, with companies investing in user acquisition through monetary incentives [10][38] - Each company's strategy involves leveraging existing user bases and ecosystems to drive adoption of AI features, with Tencent focusing on social connections, Alibaba on transactional habits, and Baidu on search behavior [39][41] - The effectiveness of these campaigns will be measured by user retention post-festival, as companies aim to convert initial engagement into long-term usage [46][56] Group 3: Market Dynamics - The AI application market is experiencing a competitive surge, with significant user growth reported for leading apps like Doubao and Yuanbao, while others struggle to maintain user engagement [41][43] - The penetration rates for AI applications are estimated at around 14% for Doubao, indicating a critical transition from early adopters to mainstream users [44] - The upcoming months will be crucial for these companies as they seek to sustain user interest and optimize their AI offerings following the initial influx of users during the Spring Festival [46][56]

Macro Dynamics - The People's Bank of China (PBOC) Shanghai Headquarters emphasizes the need for reasonable growth in financing throughout the year, particularly in the first quarter, and balanced allocation of credit [2] - Beijing's financial system aims to enhance support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises, while also improving risk management and regulatory effectiveness [3] Financial Institutions - Ningbo Bank's vice president, Fu Wensheng, has received approval for his appointment from the Ningbo Financial Regulatory Bureau [6] Market Data - In January 2026, A-share new account openings reached 4.9158 million, a month-on-month increase of 89% and a year-on-year increase of 213% compared to January 2025 [5] - The Shenzhen Component Index rebounded over 2%, with more than 4,800 stocks in the market rising, while the Shanghai Composite Index and ChiNext Index also saw gains [8] - As of February 2, the total margin balance in the two markets decreased by 5.93 billion yuan [11] Company Dynamics - *ST Hengji received a court ruling for a performance compensation payment of 175 million yuan [12] - Beijing's first land auction of 2026 raised 8.56 billion yuan, with ByteDance acquiring a commercial financial service land in Haidian for 2.8 billion yuan [13] - Hongfu Han signed a contract worth 480 million yuan with Guangdong Quanxiang for the supply of robots and related products, which is expected to significantly impact the company's future performance [14] - Ningde Times has repurchased 15.9908 million A-shares for a total amount of 4.386 billion yuan as of January 31, 2026 [17] - Kweichow Moutai has repurchased 416,900 shares for a total payment of 571 million yuan as of the end of January 2026 [18]

Core Viewpoint - The Hong Kong stock market experienced significant volatility, with major tech stocks like Alibaba and Tencent seeing sharp declines before stabilizing, influenced by rumors regarding tax adjustments for high-tech enterprises [1][3]. Market Performance - The Hong Kong Internet ETF (513770) saw a price drop of 0.56%, with a peak decline of over 3% during the day, marking a three-day losing streak, although there was a net inflow of 69.95 million yuan yesterday and a total of 1.313 billion yuan over the past 20 days [1][3]. - The current price-to-earnings (P/E) ratio of the Hong Kong Internet ETF is 25.31, which is significantly lower than the P/E ratios of the ChiNext Index (41.62) and the Nasdaq 100 (36.37), indicating a favorable valuation compared to other markets [3][4]. Industry Trends - The competition for AI market entry is intensifying as major players like Tencent and Alibaba ramp up their marketing efforts, with Alibaba planning to launch its new AI model during the Spring Festival to capitalize on high traffic [3][4]. - The AI application industry is expected to become a "must-have" by 2026, with a projected turning point in revenue contributions occurring in the second half of 2025, supported by strong profit elasticity and operational leverage [3][7]. Investment Opportunities - The top holdings in the Hong Kong Internet ETF include major companies such as Alibaba, Tencent, and Kuaishou, which collectively account for nearly 77% of the fund, highlighting the dominance of leading tech firms in the sector [3][4]. - For investors seeking to mitigate volatility while still gaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, as it combines high-growth tech stocks with stable dividend-paying companies [4].

Group 1 - The core viewpoint of the articles indicates a positive trend in the Hong Kong stock market, particularly in the consumer sector, with the CSI Hong Kong Stock Connect Consumer Theme Index rising by 1.3% and the CSI Consumer 50 Index increasing by 1.1% [1] - The recent inflow of funds into consumer ETFs, specifically the E Fund Hong Kong Stock Connect Consumer ETF (513070), has attracted over 300 million yuan in the past week, indicating strong investor interest [1] - According to a report from Galaxy Securities, the short-term expectation for the Federal Reserve to lower interest rates has decreased, which may affect investor risk appetite. The technology sector is expected to remain a long-term investment focus due to multiple favorable factors such as price increases in the supply chain, trends in domestic production, and accelerated AI applications [1] Group 2 - The consumer sector is anticipated to continue benefiting from policy support, with current valuations at relatively low levels, suggesting significant medium to long-term upside potential. Future attention should be paid to the implementation of policies and improvements in consumer data [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊市场号 文 | 尚扬 2026年2月初最刺激的事，不是年味渐浓，而是A股给股民们上演的"过山车特技"，2月2日黑色星期一 惊魂跳水，2月3日步履蹒跚弱势反弹，两天行情把人整得哭笑不得，堪称"节前精神内耗现场"，重仓者 emo，轻仓者看热闹，空仓者拍大腿，怕踏空也怕被套。 月初指数上演"过山车"特效 复盘这两天的名场面，2月2日，沪指下跌2.48%，一天跌没102点，深证成指、创业板指等也跟风跌超 2%，全市场4600多只个股飘绿，九成股票在"比惨"，123只个股直接跌停，总市值一天蒸发2.87万亿 元，朋友圈满屏都是"我是谁，我在哪，我的钱去哪了"。 2月3日，市场未再继续杀跌，而是上演了弱势"回血"，沪指上涨1.29%，深证成指、创业板指、科创板 指、北证50等主要股指纷纷收涨。但看似止跌，成交量却在继续萎缩，全天成交额2.57万亿元，比前一 天还少400多亿元，典型的"缩量反弹"（附图），网友们调侃"这反弹比我工资涨幅还敷衍"。 2月初的大跌小涨，不是A股故意"整活"，而是内外因素联手"搞事情"的结果，罪魁祸首主要 ...