2026年开年以来，南向资金持续"扫货"，成为支撑港股行情的重要力量。在全球主要市场中，当前港股 仍处于估值洼地，恒生科技指数市盈率低于全球多数主流市场指数，配置价值凸显。 多家机构认为，在企业盈利预期企稳与各类资金持续流入的背景下，港股市场具备"估值+盈利"回升的 潜力。 资金流向方面，南向资金加仓力度持续加大。截至2026年2月13日收盘，年初至今，南向资金累计净买 入额达1528.4亿元。仅2月份以来，南向资金累计净买入额就达838.69亿元。 在南向资金中，保险资金占比最高。截至2025年三季度，险资持仓市值占港股整体市值比例约 25%。"当前，稳健资金的债券仓位开始向股票配置转移，成为红利股关键增量资金来源。"招商证券策 略分析师张夏表示。 行业龙头以及成长股受到资金青睐。沙利文捷利(深圳)云科技有限公司研究总监袁梅对《证券日报》记 者表示，在港股市场，腾讯控股、阿里巴巴、美团等互联网平台企业凭借稳定的现金流构成市值基石； 同时，智谱、壁仞科技、天数智芯等未盈利AI独角兽，年内累计涨幅惊人。 展望未来，积极因素正在累积。张夏认为，从流动性看，海外流动性冲击高峰已过；从相对估值看，目 前港股科技股相对 ...

Core Insights - The cryptocurrency market is experiencing volatility, with Bitcoin trading down from a high of $124,714.85 to a low of $62,839.77 over the past year, while recent price movements show slight increases for Bitcoin, Ethereum, and Solana [2][3] - Long-term expectations for digital assets remain positive due to a favorable regulatory environment and increasing institutional acceptance, particularly with the passage of the GENIUS Act [4] - Companies like Strategy and Riot Platforms are transitioning their business models to adapt to market changes, focusing on AI and high-performance computing (HPC) infrastructure [8][11] Cryptocurrency Market Overview - Cryptocurrencies operate on decentralized blockchain networks, enhancing security and transparency, which supports broader adoption and investor confidence [1] - Bitcoin has faced bearish sentiments due to macroeconomic conditions and tighter liquidity, impacting its trading performance [2] Company Performance - Coinbase reported earnings of 66 cents per share, missing estimates by 28.3%, and significantly down from $3.39 per share a year ago [3] - Strategy raised $25.3 billion in 2025, making it the largest equity issuer among U.S. public companies, and holds 713,502 bitcoins, representing about 3.4% of total bitcoin supply [6][7] - Riot Platforms is shifting from Bitcoin mining to data center development, with significant power capacity and plans for AI and HPC expansion [8][9] Strategic Developments - TeraWulf is evolving towards AI and HPC infrastructure, generating recurring revenues supported by long-term contracts, while also expanding its Bitcoin mining capacity [11] - The company aims to add 250-500 MW of HPC capacity annually, driven by strong demand in AI [11] Financial Considerations - Strategy's digital asset balance increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025, indicating strong liquidity [7] - Riot Platforms faces near-term capital expenditure pressures of approximately $214 million for its Corsicana buildout, alongside ongoing market volatility [10] - TeraWulf's shift towards HPC has raised operating costs and capital intensity, with total debt reaching roughly $1.5 billion [12]

Core Insights - Zhao Ming will serve as the co-chairman of Qianli Technology, focusing on advancing the AI business model and its closed-loop strategy [2][3] - Zhao Ming's extensive experience in the mobile and communication industry, spanning over 20 years, has led him to believe that AI is the next significant area for investment over the next two decades [2] - Both Qianli Technology's chairman, Yin Qi, and Zhao Ming have confirmed this development, expressing enthusiasm for the collaboration and the potential of the AI business [3] Company Developments - Zhao Ming's appointment is seen as a strategic move to leverage his expertise in mobile technology for AI applications [2] - The partnership aims to create a robust AI business ecosystem that can sustain growth and innovation over the next decade [3] Industry Implications - The shift towards AI by established figures in the mobile industry indicates a broader trend of integrating AI into traditional sectors [2][3] - This move may attract further investments and interest in AI-driven technologies within the telecommunications and mobile sectors [2]

Financial Data and Key Metrics Changes - The company closed the quarter with a 16.9% ROE and 19% for the full year, reflecting record high net income and diversification of revenue sources across various segments [16][45] - Net interest income increased by 4.2%, driven by loan portfolio growth and a contraction in interest expenses, resulting in a NIM of 6.6% [20][43] - The NPL ratio stood at 4.5%, indicating improved asset quality, while the cost of risk was 1.8% [19][42] Business Line Data and Key Metrics Changes - In Universal Banking, BCP reinforced its leadership in Peru, serving over 3.2 million loan clients and achieving a full-year ROE of 24.7% [9][25] - Microfinance, through Mibanco, delivered double-digit loan growth and improved profitability, with a NIM of 15.2% [10][34] - The insurance and pensions business, Grupo Pacífico, achieved a solid ROE of 21.4%, with net income rising 13% [36][37] Market Data and Key Metrics Changes - Peru's GDP grew around 3.5% in 2025, supported by strong domestic demand and high commodity prices [6][22] - In Colombia, GDP growth was around 2.7%, while inflation accelerated to 4.51% [8][24] - Chile's GDP also expanded around 2.7%, driven by investment, with inflation slightly above target [8] Company Strategy and Development Direction - The company aims to expand financial inclusion, deepen risk and capital discipline, scale AI and digital platforms, and build trust through operational excellence [13] - A strategic acquisition of Helm Bank for $180 million aims to enhance cross-border capabilities and strengthen the U.S. offering [14][15] - The company plans to continue investing in data transformation and disruptive initiatives to bolster long-term competitive positioning [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Peru's economic stability and growth potential, expecting GDP growth around 3.5% in 2026 [22][46] - The company anticipates total loan growth of approximately 8.5% in 2026, driven primarily by retail banking [46] - Despite local political uncertainties, management believes the fundamentals are in place to support profitability levels [49] Other Important Information - Yape, the company's digital wallet, closed the year with nearly 16 million monthly active users, significantly contributing to revenue growth [12][31] - The company expects non-interest income growth to pick up in the low double digits in 2026, driven by increased activity and diversification efforts [47] Q&A Session Summary Question: Update on political outlook and upcoming elections - Management noted that López Aliaga is leading the polls with 12%, while Keiko Fujimori follows at 8%, with a significant portion of undecided voters [51][53] - The elections for Congress members will occur on April 12, 2026, which is expected to provide more political stability [56][57] Question: Expectations for operating expenses growth - Management indicated that operating expenses are expected to moderate compared to 2025, with a focus on achieving operational leverage from ongoing investments [60][62] Question: Yape's revenue contribution and cost of risk - Yape's lending now represents over 20% of revenue, with a shift towards multi-installment loans expected to maintain controlled provisioning levels [69][71]

Group 1: Private Equity Expansion - The number of private equity managers in China with over 10 billion yuan in assets has reached a record high of 122, with a net increase of 10 this year [1] - Shanghai leads the country with 57 such private equity firms, accounting for nearly half of the total, followed by Beijing and Shenzhen [1] - Among these firms, 38 have more than 50 employees, and 86 are focused on stock strategies [1] Group 2: Investment in Automotive Sector - Jianghuai Automobile announced a private placement, raising approximately 3.5 billion yuan, with notable investments from private equity mogul Ge Weidong and his associate Fang Wenyuan, each investing around 1 billion yuan [3] - Ge Weidong's previous investments in Jianghuai suggest confidence in the company's potential to capture market share in the high-end automotive sector, especially with backing from Huawei [3] Group 3: Commodity Market Insights - Dushuquan Investment highlights the potential in the mining sector, suggesting that post-cycle opportunities are emerging due to factors like resource nationalism and aging equipment [5] - The firm notes that the global mining landscape is changing, providing Chinese companies with opportunities for international expansion [5] Group 4: AI and Technology Investment Trends - Dongfang Hongwan emphasizes the competitive landscape in the AI sector, with traditional software facing significant challenges and new opportunities arising in C-end hardware and AI social interactions [7] - The firm suggests that investors should strategically position themselves in emerging technologies to capitalize on these shifts [7] Group 5: Multi-Asset Investment Strategies - Xiangju Capital advocates for a multi-asset and multi-strategy approach in response to market volatility, suggesting that this can help mitigate risks and enhance returns [12] - The firm expresses caution regarding market valuations and emphasizes the importance of a diversified investment strategy [12] Group 6: Precious Metals Market Analysis - Wenbo Investment discusses the volatility in the precious metals market, attributing it to trading behaviors and market sentiment rather than geopolitical factors [15][16] - The firm advises investors to carefully assess risk and return profiles during periods of high volatility [16] Group 7: Technology and Cyclical Investment Focus - Xitai Investment maintains a focus on AI, electric power equipment, and non-ferrous metals, indicating a strategy of increasing positions in these sectors [17] - The firm anticipates a return to a slow bull market, emphasizing the importance of individual stock selection within these themes [17]

美股周五早盘，避险情绪主宰市场，科技股拖累主要股指走低。苹果（AAPL -0.8%）和思科（CSCO -1.2%）领跌，而应用材料（AMAT +9.9%）因乐观的AI工具指引上涨，Pinterest（PINS -20.8%）因疲 软前景暴跌。 责任编辑：张俊 SF065 美股周五早盘，避险情绪主宰市场，科技股拖累主要股指走低。苹果（AAPL -0.8%）和思科（CSCO -1.2%）领跌，而应用材料（AMAT +9.9%）因乐观的AI工具指引上涨，Pinterest（PINS -20.8%）因疲 软前景暴跌。 责任编辑：张俊 SF065 ...

核心提示： （1）中国自动驾驶出海，中东是热土、新加坡是高墙。后者开出的条件近乎苛刻：巴士准点向地铁看 齐，2分钟早到、5分钟晚到都算违约。蘑菇车联选择了爬墙，这不仅是市场更是考场——选择本身即反 映出其对自身技术边界的判断。 （2）自动驾驶巴士究竟在压缩人类的存量岗位空间，还是带来更多幸福感？这是许多科技公司都不愿 直面的问题。蘑菇车联副总裁吕斌对此的认知是，自动驾驶巴士不是要取代人类司机，反而在解决公交 司机短缺的刚性难题时，通过准点调度、降本增效和适老化设计，让公共交通更有"人情味儿"。 （3）自动驾驶发展催生了新的岗位，"远程安全员"。有人认为远程安全员依旧属于"人驾"，吕斌指 出，安全员的注意力状态、责任边界、职业认同都异于传统司机，而某种程度上，行业泡沫是探索、试 错到聚焦过程中必然伴随的产物。 自动驾驶技术一度是科技圈最炙手可热的明星。然而，随着自动驾驶商业化进程的缓慢推进和技术瓶颈 逐步显现，外界的聚光灯有所分散。 行业数据显示，2021年国内自动驾驶行业融资总金额达932亿元的峰值，但到了2025年，这一数字已降 至350亿元。单纯靠技术叙事吸引投资的时代已经结束，如今投资方更关注可验证的落 ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with XunCe (03317) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC research, XunCe is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing duration [1] Group 2 - XunCe Technology focuses on real-time data infrastructure and analytical solutions, developing a millisecond-level AI Data Agent platform [1] - The platform drives real-time data analysis and efficient decision-making across various industries, including finance, urban operations, energy, high-end manufacturing, healthcare, satellites, robotics, telecommunications, and consumer markets in the AI era [1] - During the implementation of large AI models, XunCe's real-time data platform assists enterprises in addressing challenges related to data dispersion and insufficient real-time capabilities [1]

Group 1 - New convenient service devices have been installed at Tiananmen Square to assist citizens and tourists, including self-service lockers, AI photo booths, and vending machines for medications [2][3][6] - The self-service lockers consist of 18 groups with 120 units, offering luggage storage services for visitors, with the first 2 hours free and subsequent charges based on hourly rates [2] - AI photo booths are set up in two locations, allowing visitors to take commemorative photos with iconic landmarks, with the system designed to optimize photo quality based on user feedback [3] Group 2 - Two self-service vending machines for over-the-counter medications have been installed, each offering 43 types of common drugs, including cold medicine and band-aids, enhancing accessibility for tourists with urgent medical needs [6]

Core Viewpoint - The article discusses the impact of Elon Musk's statements on the space photovoltaic industry and the subsequent market reactions, highlighting the volatility of the A-share space photovoltaic index and the challenges facing the commercialization of space solar power in China [1]. Group 1: Market Reactions - On February 13, the space photovoltaic concept stock, Shenyang Double Energy (600481.SH), closed at the daily limit down after a previous surge due to news of receiving orders related to SpaceX's Starship launch base expansion [1]. - The Wind space photovoltaic index rose nearly 40% in January following Musk's comments at the Davos Forum, but has since declined over 8% from its peak due to multiple companies issuing clarification announcements [1]. Group 2: Industry Insights - Industry experts indicate that large-scale commercialization of space photovoltaic technology is unlikely in the short term, with ground-based power stations remaining the primary source of energy consumption [1]. - Factors such as international politics make it unrealistic for Chinese photovoltaic companies to secure large orders from the U.S. market [1]. - There is a call for the Chinese photovoltaic industry to enhance collaboration with domestic commercial space ventures to support China's space strategy, with some perovskite companies already testing joint applications with satellite firms [1].