AI交易与加密资产在经历一轮密集抛售后，可能正在逼近阶段性底部。Fundstrat联合创始人兼研究主管 Tom Lee认为，软件股，Mag 7以及加密货币的回撤已进入"最后几周"。 这一判断出现在英伟达交出"稳健"业绩、但市场反应仍偏克制之际。英伟达CEO黄仁勋也公开表示，市 场对软件板块的抛售"判断错误"，接下来这一观点能否被资金接受，将直接影响AI链条的情绪修复速 度。 在策略层面，他用"1月晴雨表"为风险资产提供支撑：标普500在1月首周与全月分别上涨1.5%和1.3% 后，2月往往是"回吐月"，月度中位数跌幅约0.4%，随后3月可能转强，平均涨幅或达2%，4月表现可能 更佳。 加密货币：回撤或进入最后阶段，Tom Lee押注ETH反弹 在加密市场，Tom Lee继续保持偏多立场，他认为这一轮下跌接近结束，特别指出ETH将止跌反弹。 底部信号：坏消息触发"见底机制"，轮动接近极值 Tom Lee的核心逻辑是"坏消息出底部"。他特别提到本周初Citrini Research的病毒式看空内容对情绪的冲 击，并据此判断市场可能"已经走到相当靠后的位置"。 在他看来，资金从核心拥挤交易中撤出的过程接近极端，意味 ...

入选了2026年格隆汇"全球视野"十大核心资产名单的汇丰控股(0005.HK)午后拉升，一度涨4%，报140.8 港元。消息面上，汇控午间公布业绩显示，去年列账基准除税前利润299.07亿美元，同比跌7.4%，派第 四次股息每股45美仙，高于市场预期。单计第四季度，税前利润68.02亿美元，同比飙升1.99倍，亦高于 预期。 汇控行政总裁艾桥智(Georges Elhedery)表示，2025年是果断行动和雷厉风行的一年，这体现于汇控的强 劲业绩。集团四大业务表现良好，整体增长趋势强劲，因此调高了2026至2028年的目标。目标包括在 2026、2027及2028年的平均有形股本回报率达到17%，甚至更高；股息派付比率目标基准维持在50%； 集团将会以2026至2028年收入按年增长为目标，力求2028年的收入较2027年增长5%。 ...

Market Performance - The A-share market continued its upward trend with the Shanghai Composite Index rising by 1.2% in the morning session, and the total trading volume exceeding 1.5 trillion yuan across the three major markets [1] - The CSI A500 Index increased by 1.4%, while the CSI 300 Index also rose by 1.2%, indicating strong market performance [3][4] - The Hang Seng Index showed a slight increase of 0.9%, led by resource stocks, with technology, pharmaceuticals, and consumer sectors also performing well [1] Sector Performance - The top-performing sectors included rare earths, chemicals, rare metals, and lithium battery electrolyte, while sectors such as optical communication, cultural media, and short drama games experienced declines [1] - The CSI 300 Index consists of 300 large-cap stocks with a rolling P/E ratio of 14.2 times, while the CSI A500 Index, covering 500 stocks, has a rolling P/E ratio of 17.4 times [3][4]

2月24日早盘，A股三大指数早盘集体上涨，沪指半日涨1.17%，沪深京三市半日成交额15210亿元，较前一交易日半天放量3074亿元。全市场超 4200只个股上涨。板块题材上，油气开采及服务、贵金属、光纤概念、磷化工、化学原料、电网设备、煤炭开采加工、CPO、港口航运板块涨幅 居前；影视院线、AI应用、云计算、旅游及酒店、保险、白酒板块跌幅居前；港股低开低走，科技、医药股跌幅居前。 截至午间收盘，中证A500指数上涨1.6%，沪深300指数上涨1.3%，创业板指数上涨1.8%，上证科创板50成份指数上涨0.3%，恒生中国企业指数下 跌2.1%。 | 沪深300指数由沪深市场中规 | 截至午间收盘 | 该指数 | 该指数自2005年 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 行业 | 1.3% | 14.0倍 | 61. 8% | | 中证A500指数由各行业市值较 | 截至午间收盘 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.22%, aiming for a third consecutive increase, while over 2,700 stocks in the market were in the green [1] - Key sectors that performed well included non-ferrous metals, rare earth permanent magnets, chemical fibers, dyes, oil and gas extraction and services, solid-state batteries, computing power leasing, steel, paper, and electricity [1] - Conversely, sectors that experienced declines included film and television, short drama games, education, CPO, copper cable high-speed connections, and photovoltaic equipment [1] Group 2 - The ChiNext Index, which tracks 100 stocks with high market capitalization and liquidity in the ChiNext market, has a significant proportion of strategic emerging industries, with electric equipment, communication, and electronics accounting for nearly 60% [4] - The STAR Market 50 Index, which tracks 50 stocks with high market capitalization and liquidity in the STAR Market, features a prominent "hard technology" characteristic, with semiconductors making up over 65% and combined with medical devices and software development accounting for nearly 80% [4]

Core Viewpoint - The current spring market has entered its second phase, focusing on the valuation recovery of undervalued assets after a year-long market rally [1] Market Analysis - There is a strong demand for market rebalancing from a quarterly to a semi-annual perspective, indicating a shift towards undervalued assets [1] - Many sectors have completed their valuation uplift, and truly cheap assets are limited, suggesting a transition to the valuation recovery phase for undervalued segments [1] Investment Strategy - The fundamental performance is not the primary driver of the current market rally; instead, global macro narratives and technological advancements are leading the way [1] - The company suggests a barbell strategy for investment: one end focuses on traditional quality leaders with low valuations and high cost-performance ratios, while the other end targets the entire tech chain represented by AI [1] - The horizontal part of the barbell strategy includes consumer and cyclical assets [1]

Market Performance - Core assets, particularly liquor stocks, have shown a strong rebound, reminiscent of the performance during the 2019 Spring Festival, although the sustainability of this trend remains uncertain [1] - The market has experienced a significant decline in trading volume, dropping from nearly 3 trillion to around 2 trillion in just one week, indicating reduced participation from investors [1] - The solar energy sector, which performed well previously, faced a sharp decline, exemplifying the volatility in growth styles, while traditional sectors led by liquor stocks began to recover [1] Trading Dynamics - The buying power recorded today was only 800+, which is significantly below expectations, indicating a lack of momentum in the market [3] - The selling pressure exceeded buying power, with over 1000 sell orders, contributing to the market's decline [3] - The market has seen increasing capital outflows over the past three days, suggesting that the current market conditions do not indicate a rebound [3] Sector Highlights - The top-performing sectors today included coal and consumer goods, with 15 stocks hitting the daily limit up, while the market lacked a clear leading theme [5] - The absence of a dominant theme has resulted in low trading volume and diminished market sentiment, leading to speculation that many investors may be exiting the market ahead of the holiday [5] Statistical Insights - Data indicates an increase in stocks that have risen for three consecutive days, with a notable success rate of 54% for stocks rising from five to six days [8] - The current market conditions are characterized by a lack of clear trends, making it advisable for investors to refrain from aggressive trading strategies [8]

Group 1 - The A-share market experienced a collective rebound on February 3, with over 4,800 stocks rising across the market [1] - Key sectors that performed well included photovoltaic equipment, CPO, commercial aerospace, engineering machinery, rare earth permanent magnets, cloud gaming, storage chips, cultivated diamonds, and epoxy propylene [1] - The CSI A500 index rose by 1.9%, the CSI 300 index increased by 1.2%, the ChiNext index gained 1.9%, and the STAR Market 50 index went up by 1.4%, while the Hang Seng China Enterprises Index fell by 0.3% [1] Group 2 - The ChiNext ETF tracks the ChiNext index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, which together account for nearly 60% [3] - The STAR 50 ETF tracks the STAR Market 50 index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 65% and combined with medical devices and software development, accounting for 80% [5]

Group 1 - HSBC Holdings (0005.HK) has been included in the "Top Ten Core Assets" list for 2026 by Gelonghui, leading to a stock price increase of 3.12% [1] - The stock price reached a historical high of 138.9000 HKD, contributing to a total market capitalization of 238.5641 billion HKD [1]

Group 1 - The core point of the news is the appointment of Kevin Warsh as the new Chairman of the Federal Reserve, which signifies a potential shift in monetary policy and power dynamics within the financial system [1][3]. - Warsh, previously known as a hawkish figure against inflation, has shifted his stance to support Trump's tariffs and quicker interest rate cuts, raising questions about the independence of the Federal Reserve [3][4]. - The market is expected to react positively to the anticipation of earlier rate cuts, which could lead to increased global liquidity, benefiting sectors sensitive to liquidity, particularly technology stocks [4]. Group 2 - The potential for a more accommodating Federal Reserve under Warsh could lead to a weaker dollar, easing pressure on the Chinese yuan and improving the environment for foreign capital inflows [4]. - However, there are risks associated with the loss of credibility in Federal Reserve policies, which could trigger global market volatility, and the possibility of rising inflation due to rapid rate cuts could disrupt global economic stability [4]. - The strategy for investors should focus on core assets that benefit from global liquidity while remaining cautious of market volatility and avoiding blind chasing of high prices [4].