中新社香港2月20日电 (记者 戴小橦)2月20日，港股迎来农历丙午马年首个交易日，市场呈现显著结构 性分化。截至收市，香港恒生指数报26413.35点，跌1.1%，恒生科技指数跌2.91%。与此同时，大模 型、机器人概念股逆势大涨，成为盘面亮点。 板块方面，人工智能(AI)大模型方向表现强势，智谱飙涨近43%，MINIMAX涨超14%，两家公司市值双 双突破3000亿港元。机器人概念股同步走高，越疆涨超21%，首程控股涨近12%，三花智控、优必选均 涨近5%。 2月20日，香港交易所举行新春开市仪式。图为香港特区政府财政司司长陈茂波(右八)、香港交易所主 席唐家成(左八)敲锣。 中新社记者 陈永诺 摄 香港交易及结算所有限公司(简称"港交所")当日举行新春开市仪式，香港特区政府财政司司长陈茂波出 席并致辞表示，过去4个马年中，港股有3年录得升市且均实现双位数涨幅；蛇年恒生指数累计上升近 6500点，涨幅达32%，创下历史最佳蛇年表现。他指出，尽管外围环境复杂多变，但香港凭借自由开放 的投资环境、稳定的经贸金融政策，成为了资金的安全港，国际投资者纷纷增加对香港市场的配置。 他认为，科技变革正加速演变，人工智能 ...

加密货币概念股亦逆势大涨，星太链集团暴涨122.22%，连连数字一度大涨超6%，OSL集团一度大涨超2%。前一交易日，相关概念股均集体大涨。消息 面上，香港立法会议员吴杰庄透露，香港预计将于今年3月发放首批稳定币发行人牌照。 2月20日，农历正月初四，香港金融市场迎来丙午马年首个交易日。香港交易所（以下简称港交所）举行了隆重的开市仪式，敲响了农历新年的第一声锣 响。香港财政司司长陈茂波、港交所主席唐家成及行政总裁陈翊庭亲临现场致辞。尽管港股在马年首个交易日未能如愿红盘高开，但仪式现场透露出的市 场数据与信心，展现出香港金融市场强劲的韧性与活力。 2月20日，恒生指数与恒生科技指数双双承压下探，板块呈现分化态势，科技板块表现疲软，而部分周期类板块逆势逞强，个股涨跌互现，市场整体情绪 偏谨慎。截至当日收盘，香港恒生指数收跌1.10%，恒生科技指数收跌2.91%。 不过，国产AI大模型板块逆势收涨，智谱及MiniMax市值双双冲破3000亿港元。 石油概念股上涨，中远海能涨6.34%，中国石油股份涨3.7%，中国海洋石油涨2.23%。消息面上，国际油价近期走高，市场忧虑美国与伊朗紧张局势升 级，两国在中东产油区加强 ...

陈茂波：对马年市场审慎乐观 继续推动市场改革 陈茂波表示，回顾过去四个马年，有三个都是升市，而且都录得双位百分比的涨幅。他说："总的来 说，我对今年丙午马年的市场是审慎乐观的，因为我们资本市场的发展具备了马的好几个特质。" 中国基金报记者 郭玟君 1月20日，在香港交易所举行的马年首个交易日开市仪式上，香港特区政府财政司司长陈茂波表示，对 丙午马年的市场审慎乐观。香港交易所主席唐家成表示，当前香港交易所正在排队申请IPO的企业还有 488家，市场成交也日益活跃。香港交易所集团行政总裁陈翊庭则透露，香港交易所将积极拓展固收、 货币、商品业务，在满足国际投资者多元化配置需求的同时，为人民币国际化和国家经济的发展贡献力 量。 【导读】香港财政司司长看好马年市场，港交所排队上市企业达488家 唐家成致辞时表示："2026年我们开了个好头。目前已经完成了24宗IPO，集资额超过870亿港元。而正 在排队申请IPO的企业还有488家。"他同时强调，在数量提升的同时，审核过程也绝不松懈，一定会确 保持续维护香港作为一个备受认可的高质量市场地位。 一是"骏马奔腾，跨越险阻"。陈茂波说："去年外围环境风高浪急，但香港坚持自由开 ...

2月20日，农历正月初四，香港金融市场迎来丙午马年首个交易日。香港交易所（以下简称港交所）举 行了隆重的开市仪式，敲响了农历新年的第一声锣响。香港财政司司长陈茂波、港交所主席唐家成及行 政总裁陈翊庭亲临现场致辞。 "整个马年，以2026年来说，我们已经开了一个好头。"唐家成感叹道："排队等候上市的还有488家。大 家从来没有这么忙过，但忙得开心，因为这代表市场活跃、货如轮转。" 唐家成强调，在追求"量"的同时，港交所对"质"的把控绝不松懈。审核过程中的严格把关，旨在确保香 港持续作为高质素的金融市场 。此外，他预告了今年的重点改革工作，包括公布优化上市制度以 及"T+1" 的咨询文件。至于第二阶段收窄买卖价差，也计划在年中落实。 陈翊庭则从国际交流的视角，分享了全球投资者近几年对香港市场的浓厚兴趣，在参加国际交流或会议 时，港交所一次比一次受欢迎。过去几年，全球对亚洲市场的关注度和讨论度都大幅提升。"在全球交 流当中，有一个非常清晰的信号：国际投资者都在做资产多元化配置，很多人都想了解，该如何投资香 港、内地以及亚洲市场。" 陈翊庭表示，港股市场的"股票货架"已经摆满了新能源、生物科技等优质产品。但港交所的雄 ...

来源：观点地产网 此外，特区政府将联同监管机构、交易所及业界，共同探索更多提升市场发展的新措施，包括进一步丰 富产品种类、优化交易机制，例如发展债券与股票互通的托管管理系统，推动跨产品、跨市场、跨范畴 的抵押品互通，以提升市场流动性。在中央支持下，预计更多内地企业将通过香港融资「出海」，进行 全球产业链及供应链布局；同时，随着互联互通机制持续深化，将为市场带来更大流动性。政府亦会积 极拓展与海外市场联系，开拓新资金来源，争取更多海内外发行人来港上市，并推动与海外市场的交易 所买卖基金（ETF）互挂，全面提升香港股票市场的广度与深度。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 陈茂波又指，虽然今年外围环境仍然复杂多变，波动在所难免，但香港凭借自由开放公平的市场环境、 稳定的经贸金融政策，以及持续推动市场改革、完善基建及风险管理，成功吸引国际投资者视香港为 「安全港」，增加对本地市场的配置。他形容香港资本市场具备「骏马」特质，能够奔腾向前、跨越险 阻，像骏马一样在挑战中持续迈进。 观点网 香港报导：2月20日，香港财政司司长陈茂波在港交所马年新春开市仪式致辞时表示，刚过去的 ...

Core Viewpoint - The Hong Kong government is optimistic about the market outlook for the Year of the Horse, despite a complex external environment, and aims to enhance market competitiveness through reforms and technological advancements [1] Group 1: Market Outlook - The Financial Secretary of Hong Kong, Paul Chan, expressed optimism for the market in the Year of the Horse, citing a favorable market environment and ongoing reforms [1] - The Hang Seng Index saw a significant increase of 6,500 points last year, representing a 32% year-on-year rise, marking the best performance in the Year of the Snake [1] Group 2: Technological Advancements - Rapid technological changes, including AI, life sciences, and quantum computing, are reshaping Hong Kong's competitiveness and influencing market development [1] - The Hong Kong government plans to attract more technology companies to list in the region and collaborate with regulatory bodies to explore new measures to enhance market competitiveness [1] Group 3: Market Infrastructure and Connectivity - The government aims to manage risks and disruptions effectively while continuing to improve market infrastructure and development [1] - The deepening and expansion of connectivity mechanisms are expected to bring higher liquidity to the capital markets [1]

Group 1 - The core viewpoint of the article is that quantum computing will not "destroy blockchain," and this issue is considered "very easily solvable" by Coinbase CEO Brian Armstrong [1] - Coinbase has established a quantum advisory board and is in regular communication with major blockchain networks regarding upgrade paths in a post-quantum cryptography world [1] - Armstrong defended Coinbase's opposition to the previous draft of the CLARITY Act, particularly concerning the treatment of stablecoin yields, denying claims that Coinbase is "obstructing" legislation [1]

Core Viewpoint - The narrative appeal of cryptocurrencies is gradually losing ground to gold as a store of value, with cryptocurrencies experiencing significant declines while precious metals are on the rise [2][9]. Market Trends - In 2025, both Bitcoin and Ethereum recorded negative returns, and the broader cryptocurrency market saw a market cap evaporation of approximately $1.3 trillion in the fourth quarter [2][9]. - Despite the new year, cryptocurrencies continued to weaken in January, with any brief rebounds being driven more by technical adjustments than by renewed confidence [2][9]. Investment Logic - Both cryptocurrencies and precious metals are viewed as hedges against currency devaluation, excessive fiscal expansion, and financial system vulnerabilities, indicating a deeper value reassessment when funds flow towards one and away from the other [2][9]. Global Liquidity Changes - In the U.S., years of quantitative tightening have reduced the excess capital that previously supported speculative enthusiasm, while a new capital demand has emerged from large cloud service and software companies, which are now consuming capital to build AI infrastructure [2][9]. Regional Differences - In Asia, particularly China, the money supply growth significantly outpaces nominal GDP growth, and the prohibition of cryptocurrency trading and mining has redirected domestic liquidity towards tangible value storage, benefiting precious metals [10][11]. Market Sentiment and Innovation - The initial promise of cryptocurrencies to redefine "money" and create a parallel financial system has largely gone unfulfilled, as they remain costly and inefficient as payment methods, with limited real-world applications [10][11]. - The center of innovation has shifted towards artificial intelligence, electrification, and infrastructure investment, leading to increased competition for investor attention [11][12]. Vulnerabilities of Cryptocurrencies - Unlike stocks, bonds, or physical assets, cryptocurrencies do not generate cash flow, lack legal recourse, and have no institutional backing, making their value heavily reliant on collective belief [11][12]. - Recent market performance indicates that in times of geopolitical tension and fiscal uncertainty, investors are favoring gold over cryptocurrencies, which are perceived more as speculative assets with diminishing narrative momentum [12]. Emerging Risks - Quantum computing poses a potential threat to the security of mainstream blockchain technologies, introducing uncertainty into the cryptocurrency market [5][12]. - Political dynamics have also contributed to volatility, with past political support for cryptocurrencies in the U.S. leading to price surges that have since retraced, highlighting the transient nature of such support [12]. Market Evolution - The cryptocurrency market is entering a new phase characterized by tightening liquidity, shifting attention, and the introduction of new risks, leading to a more discerning allocation of funds [6][12].

大家好，我是佩妮。 本来想休假纯躺平的，但是看着春晚，实在是忍不住我吐槽的洪荒之力（我知道是老梗），必须爬上来和大家一起唠嗑…… 今年这届春晚，是我 过去几年看得最认真的一届春晚 。无它，过去两年"科技"成为了一二级市场的主旋律，连带这届春晚也成了科技（广 告？）含量最高的一届，也成为了和资本市场关系最紧密的春晚。 这就叫： 过去的我嗤之以鼻，现在的我逐帧学习…… 被玩梗说春晚导演是不是提前上杠杆重仓了，承载了全国股民的希望的一台晚会…… 当然，大 A 很体贴，春节期间赌场不开门，除了一些年前就埋伏了的朋友，就只能看看港股的表现了。 好了，正片开始，主要列一下我感兴趣的点： 1）大家最关注的肯定是这次 春晚 4 家机器人大战 了。 一开始大家都在传，几家机器人公司为了上市重金砸了上亿上春晚，但是咱们仍未知道到底花了多少钱。 说真的，这种编排好的表演有啥意思，都说直接让这4家公司各派一个机器人上去直接格斗得了，更好看。哈哈哈。 结果吧，有目共睹， 宇树杀死了比赛。 就这个武术表演动作控制的 流畅度和稳定度 吧，绝了！ 最后超大型人形机器人的出场也非常惊艳，进步太大了，比去年扭秧歌被人拎着后脖颈 下台强太多了。 ...

Group 1 - The Spring Festival Gala this year featured a significant focus on technology, particularly robotics, reflecting the trends in the primary and secondary markets [1][2][3] - Four robot companies participated in a competition during the gala, with one company, Yushu, standing out and potentially boosting its stock value [2][5] - The performance quality of the robots, especially the large humanoid robot, was noted to have improved significantly compared to previous years [4][5] Group 2 - The gala included various performances that seemed to serve as advertisements, with a notable emphasis on brand presence and product placement [20][22][27] - ByteDance's involvement was highlighted, aiming to establish itself as a leader in AI applications, with impressive visual effects showcased during the event [23] - The gala's format appeared to cater more to advertising than traditional entertainment, with many performances perceived as hard advertisements [22][27] Group 3 - The event featured a segment on low-altitude economy and eVTOL water airports, indicating a growing interest in aviation technology [29] - The gala's setting in Yiwu, known as the global small commodity hub, suggests a continued trend towards international expansion in 2026 [32] - The inclusion of quantum computing references in the gala indicates a forward-looking approach towards emerging technologies [32]