Core Viewpoint - Supermicro's investigation following the resignation of Ernst & Young found no fraud but highlighted governance issues, leading to the need for a new chief financial officer and a chief accounting officer [1][2]. Group 1: Investigation Findings and Governance Changes - The investigation revealed "lapses" in the rehiring process of nine employees, with the CFO, David Weigand, having primary responsibility for these lapses [2]. - Supermicro appointed Kenneth Cheung as the chief accounting officer shortly after the investigation but has not yet found a replacement for the CFO position [3]. - The prolonged search for a new CFO indicates challenges in attracting qualified candidates due to the company's past accounting issues and the competitive market for finance leaders [4][6]. Group 2: Market Position and Strategic Importance - Supermicro is positioned as a key player in the AI ecosystem, with significant relationships with Nvidia and other major tech companies, aiming for net sales of at least $40 billion this year [9][10]. - The company has expanded its staff significantly to support growth in the AI market, indicating a strong focus on innovation and R&D [8]. - Supermicro's unique offerings, such as its Data Center Building Block Solution and proprietary liquid-cooling technology, enhance its competitive edge in the rapidly evolving tech landscape [9]. Group 3: Challenges in CFO Recruitment - The search for a new CFO is complicated by the need for a candidate with a strong governance track record and strategic relationships, which are critical for the company's future [17][18]. - The market for CFOs is highly competitive, with a preference for experienced candidates, making it difficult for Supermicro to attract top talent [16][19]. - The ambiguity surrounding the CFO search and lack of updates may indicate potential discord within the company's leadership, further complicating recruitment efforts [6][7].

Market Overview - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Rabbit, with the Hang Seng Index down 0.6% to 26,544.62 points, the Hang Seng Tech Index down 2.28% to 5,245.1 points, and the National Enterprises Index down 0.59% to 9,016.99 points [1] - Major technology stocks saw significant declines, including Alibaba down 3.75%, Tencent down 1.97%, and JD Group down 1.42% [1] AI and Robotics Sector - The AI and robotics sectors saw explosive growth, with several stocks reaching historical highs. MINIMAX-WP (00100) surged over 14% to 980 HKD, marking a year-to-date increase of over 450% [2] - The company launched the MiniMax M2.5, a production-grade model designed for Agent scenarios, which has attracted significant developer interest [2] - Zhizhu (02513) opened over 5% higher at 534 HKD, with projections of a 120% compound annual growth rate in revenue from 2025 to 2028 [2] - Aixin Yuanzhi (00600) saw a rise of over 16%, nearing a market capitalization of 20 billion HKD, following the successful testing of its high-end smart driving chip M97 [2] Earnings Disparity - Suton Ju Chuang (02498) reported a significant turnaround, with a forecast of achieving its first quarterly profit of at least 60 million RMB in Q4 2025, indicating a scaling phase for its robotics business [3] - The company Wang Guo Gold Group (03939) anticipates a profit increase of 143%-161% for the 2025 fiscal year, driven by rising gold prices and increased production [3] - Conversely, Shisi Pharmaceutical Group (02005) warned of a profit decline of 45%-60% for 2025 due to factors such as the lack of a major flu outbreak and price reductions in collective procurement [3] Buybacks and Fund Movements - Xiaomi Group-W (01810) repurchased 1.5 million shares for approximately 54.7 million HKD, while NetEase Cloud Music (09899) repurchased 92,400 shares for nearly 15 million HKD [4] - Other companies like Geely Automobile and Meitu also engaged in significant share buybacks [4] - Southbound capital flows showed a mix of cautious sentiment and recovery, with expectations for a rebound in Hong Kong tech stocks amid RMB appreciation [4] Institutional Insights - According to CICC, the recent pullback in Hong Kong stocks is attributed to hawkish expectations from the Federal Reserve and concerns over AI capital expenditures, but there is potential for recovery [6] - Analysts from ING noted that the recent decline in gold prices is a corrective pause, with expectations for strong demand as liquidity in Asian markets improves [6] - Electric equipment stocks rose, with Shanghai Electric up 7.38% and Harbin Electric up 4.45%, as analysts see long-term investment opportunities in the sector due to ongoing electricity shortages in the U.S. [6]

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index down by 0.61% to 26,544.12 points, the Hang Seng Tech Index down by 2.28%, and the National Enterprises Index down by 0.59% [1][2] Sector Performance - Technology stocks faced significant losses, with Baidu and Bilibili dropping over 5%, Alibaba and NetEase down over 3%, and Xiaomi and Kuaishou down over 2% [1] - Conversely, oil stocks showed resilience, with PetroChina rising over 4% amid geopolitical tensions in the Middle East [2] - The robotics sector saw a surge, particularly with Yujian rising over 19% following a strong performance during the Chinese New Year Gala [3][4] AI and Robotics Stocks - AI application stocks also experienced notable gains, with Zhiyu rising over 19% after announcing a "computing power partner" recruitment plan aimed at optimizing their GLM-5 model [4][5] - The sales of robotic products on Douyin e-commerce saw a significant increase, with GMV growing by 1680% and order volume increasing by 655% from February 16 to 18 [3]

阅读须知：本文内容所有信息和数据，均为作者查阅官方信息和网络已知数据整合解析，旨 在让读者更清晰了解相应信息，如有数据错误或观点有误，请文明评论，作者积极改正！ （创作不易，一篇文章需要作者查阅多方资料，整合分析、总结，望大家理解） 一份措辞犀利的讲话稿在网上流传，核心观点就一句，人民币最大的敌人，是中国人自己。 这话听起来刺耳，甚至有些"恨铁不成钢"的味道。 但如果你仔细看完里头的逻辑链，再对照当下的现实，背后那股寒意，恐怕不是空穴来风。 全球半导体产业的半壁江山，现在是谁在掌舵？ 英特尔的陈立武、博通的陈福阳、AMD的苏姿丰……全球前五大芯片厂商，华裔掌门人占了多数。 再看营收巨头，台积电、联发科、英伟达（文中"漫威304"疑为笔误）、瑞昱、联咏、SK海力士，哪个 背后没有华人技术和管理团队的身影？ 这说明了什么？说明在决定人类下一轮科技革命走向的顶级智力竞赛场，华人族群的表现，堪称碾压 级。 再看奥数、AI这些硬核竞技场，西方国家的顶尖代表队里，华裔面孔几乎成了"标配"。 这背后是东亚儒家文化圈极致的"内卷"自强，叠加一些研究中提到的族群智力优势，共同造就的恐怖竞 争力。 按理说，拥有这样一群"最强大脑 ...

一批新生代基金经理正走向台前。 近年来，基金经理队伍不断扩容，最新数据已突破4100人，而担任基金经理年限不足三年的人数接近 1500人，占比超过35%。尽管近年来市场更强调投研平台化、基金经理去明星化等，但是从基金业绩榜 上仍不难看出，一批新生代基金经理正走向台前，凭借鲜明的风格特征，业绩表现进攻性强，成为同行 中的翘楚，受到业内关注。 业绩排行榜涌现新锐基金经理 基金业绩榜显示，近一年业绩表现居前的基金经理中，不少基金经理担任基金经理年限不足三年。此 外，有不少人在其管理产品任内业绩实现翻倍。 所管产品任内回报实现翻倍业绩增长的基金经理人数更多，如长城基金基金经理陈子扬、信达澳亚基金 经理张明烨、前海开源基金经理梁策、华泰柏瑞基金经理陈文凯、融通基金经理李进、华商基金基金经 理彭雾、易方达基金经理何一铖、嘉实基金基金经理彭民、申万菱林基金经理卜忠林、路博迈基金经理 黄道立等。 任内实现50%以上回报的基金经理更是比比皆是。 具体来看，长城基金基金经理陈子扬自2023年8月开始公开管理公募产品，在至今2.5年时间内取得 103%的绩优业绩。 不难发现，上述基金经理中，除了一些行业赛道基金经理凭借行业波动贝塔 ...

值得注意的是，SK海力士去年8月向英伟达供应HBM4时单价约为500美元，仅半年后价格便再度大幅 攀升。彭博情报分析师Masahiro Wakasugi在报告中写道，700美元的定价意味着三星HBM4的营业利润 率高达50%至60%。"如果三星向英伟达供应更多HBM芯片，2026年三星与SK海力士的平均售价差距将 会缩小，因为面向英伟达的（芯片）定价会高于其他客户。" HBM4报价走高的背后，是AI驱动的存储芯片供需持续失衡。韩国KB证券指出："截至2月，与去年第 四季度相比，内存芯片的短缺程度进一步加剧，主要客户的订单满足率仅为60%。AI数据中心企业占据 了三星内存出货量的70%。"面对需求激增，三星与SK海力士均已提前推进扩产计划——三星将平泽P4 工厂投产时间前移约三个月至今年四季度，SK海力士则计划将龙仁一期晶圆厂试运行提前至明年2至3 月。 2月20日，受三星电子HBM4芯片涨价消息提振，港股存储概念股走强，其中澜起科技（06809.HK）盘 中一度涨超8%。 据韩国《朝鲜日报》报道，三星电子正就其最新一代高带宽内存芯片HBM4展开定价谈判，计划将单颗 售价定在约700美元，较上一代HBM3E高出 ...

高盛认为经济周期尚早但部分标的的市场估值过高，预计AI与科技股高位震荡，资金持续涌向"便 宜"的周期性资产。投资者应警惕高估值板块，拥抱受益复苏的新兴市场与旧经济板块，以分散配置应 对未来的波动分化。 据追风交易台，高盛2月19日发布报告《全球市场观点：周期顺风，估值逆风》，指出2026年全球市场 的核心矛盾：经济周期尚早，但市场周期已晚。这意味着尽管宏观经济数据持续走强，但部分股票和信 贷市场的"高估值"已成为脆弱点。 对投资者而言，这创造了明确的投资方向，拥抱那些受益于经济复苏但估值仍然便宜的周期性资产，同 时警惕已经涨幅过大的AI和大型科技股。 具体来看，新兴市场股票、澳元、铜以及美股中的资本品和材料板块大幅上涨，而此前领涨的AI/大型 科技主题则遭遇剧烈波动。高盛认为这场周期性轮动还有继续的空间。 经济数据依然坚挺：市场低估了增长前景 增长数据继续支撑周期性资产的表现。美国ISM指数在过去几个月持续上升，数据意外指数转为正值， 劳动力市场也在企稳。 从全球来看，1月发达市场制造业PMI达到过去一年的最高水平，新兴市场制造业PMI也环比上升。 高盛数据显示，市场对美国经济增长的定价仍低于其2.5%的全年 ...

Market Performance - The Hang Seng Index has continued to decline, with a drop of 1.0%, currently at 26,434.72 points [1] - The Hang Seng Tech Index has also seen a decline, falling over 2% [1] - The FTSE China A50 Index futures have expanded their losses, currently down 1.0% at 14,714.0 points [2] Stock Movements - Internet technology stocks have broadly declined, with Baidu down over 5%, Alibaba down over 4%, and Tencent down over 2% [1] - Bitcoin-related stocks in Hong Kong have shown strength, with Star Chain Group rising over 18% and OSL Group up 2.54% [2] - AI application stocks have performed well, with Haizhi Technology Group increasing by 15%, MINIMAX-WP up 5.43%, and Zhipu up 5.12% [3] Legislative Developments - Hong Kong legislator Wu Jiezhuang announced that the first batch of stablecoin issuer licenses will be issued in March, aiming to promote usage through stablecoin airdrops [2] - SothisAI has upgraded its platform to fully integrate Zhipu GLM-5 and Alibaba Qwen 3.5 models, simplifying and optimizing enterprise AI platform construction and operation processes [3]

Group 1: Market Overview - On February 20, the Hong Kong stock market opened lower, with the Hang Seng Index down by 1.01%, the Hang Seng Tech Index down by 2.17%, and the Hang Seng China Enterprises Index down by 1.1% [1] Group 2: AI and Robotics Sector - AI application stocks performed strongly against the market trend, with Zhihui rising over 21%, Haizhi Technology Group up by 23%, and MINIMAX-WP increasing by 10% [2] - Zhihui announced a "Computing Power Partner" recruitment plan, aiming to collaborate with chip manufacturers and service providers to optimize their GLM-5 model [2] - The robotics sector saw significant gains, with companies like Yujian rising over 20%, Sutech increasing by nearly 12%, and UBTECH up by 10% [3] - The popularity of robotics was boosted by performances during the Spring Festival Gala, attracting audience attention and driving sales on platforms [3] Group 3: Oil Sector - Oil stocks surged, with China National Offshore Oil Corporation rising by 2.23%, reaching a historical high of HKD 25.70, and a total market capitalization of HKD 12,215.20 million [4] Group 4: Technology Sector - The majority of technology stocks in Hong Kong experienced declines, with Kingdee International down over 5%, Baidu down over 5%, Alibaba and Bilibili down over 4%, NetEase down over 3%, and Tencent down over 2% [5] Group 5: Precious Metals - Precious metals like gold and silver saw slight adjustments, with spot gold down by 0.11% and spot silver down by 0.29% [6] - Goldman Sachs indicated that central bank purchases and increased exposure to gold by private investors due to potential Fed rate cuts could lead to gold prices gradually rising to USD 5,400 per ounce by the end of 2026 [6]

Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Index is currently at 26,524.99, with a trading volume of 4.29 billion and a market capitalization of 429 billion [2] Stock Performance - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group (2706.HK) rising by 19.25%, MINIMAX-WP (0100.HK) increasing by 11.63%, and Zhipu (2513.HK) up by 18.31%, bringing their market capitalization to 268 billion HKD [1] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform VDX by the Hong Kong Securities and Futures Commission [6] - Bitcoin-related stocks also performed well, with Star Chain Group (0399.HK) surging by 46.67% after news of the issuance of stablecoin licenses in Hong Kong [6] Declines in Tech Stocks - Many tech stocks experienced declines, with notable drops including Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95% [8] - Other companies such as Tencent Music, Meituan, and JD Group also saw declines of over 3% [8][9][10] Notable Gainers - Midea Group, Horizon Robotics, and SenseTime recorded gains, with Midea Group increasing by 1.47% [11]