分散投资是现代资产配置理论的基石，其核心逻辑在于通过资产组合的多元化构建，在降低非系统性风险的同时保留预期收益，实现风险调整后的 收益最优化。其中，不同经济体处于经济周期的异步阶段，叠加汇率波动与政策差异，全球配置可有效规避单一国家的政策风险与汇率贬值冲击。 恒生指数成分股构成呈现显著的"三元结构"特征：约35%为香港本地蓝筹股（如汇丰控股、友邦保险），50%为在港上市的内地企业（H股、红筹 股），剩余为国际大型企业。这种独特的地域分布使指数兼具三重属性——既受香港国际金融中心制度红利庇护，又深度绑定中国内地经济增长引 擎，同时保持与全球资本的流动性连接。 图：恒生科技指数行业分布 数据来源：Wind 截至：2026.02.26 注：行业为恒生一级行业 在全球资产配置框架下，恒生指数与沪深300、标普500的长期相关性并不高。因此，当A股受内地流动性周期影响、美股受美联储政策约束时，港股 常因独立的资金结构（南向资金+国际机构资金并行）呈现差异化走势。2025年的市场数据印证了这一点：当全球主要市场因贸易摩擦震荡之际，恒 生指数年内涨幅仍达28.89%，为组合提供了有效的贝塔对冲工具。 恒生指数以港币计价交易 ...

（文章来源：第一财经） 中国银河证券表示，预计2月上旬至春节市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标的 或将成为焦点，资产配置重心将从总量"beta"转向结构"alpha"行情。由于春节在2月中旬，结合2026年 春节较晚，市场风格难以出现较大的转换。当前港股正在形成AI全产业链上市体系，随着人民币温和 升值进一步提升中国资产估值，港股或将受到A股情绪外溢的影响，呈现震荡上行态势。 ...

Group 1 - Southbound funds have significantly increased their investment in the Hong Kong stock market, with a cumulative net inflow exceeding 120 billion HKD since the beginning of 2026, reaching a total of 125 billion HKD as of February 8 [1] - In the last three trading days (February 4-6), the net buying amount exceeded 10 billion HKD each day, with February 6 recording a single-day net buying amount of 24.98 billion HKD, marking a recent high [1] - The Hang Seng Tech ETF has also attracted substantial capital, with continuous net inflows for seven consecutive trading days, and the fund's latest scale exceeding 12.8 billion HKD, ranking high in terms of scale and liquidity among peers [1] Group 2 - According to a report by China Merchants Securities, the Hang Seng Tech Index is currently trading at a significant discount compared to the A-share tech index, nearing historical lows, indicating that the Hong Kong tech sector is "significantly undervalued" [2] - The recent sharp decline in the Hang Seng Tech Index is attributed to a liquidity shock, but the fundamental outlook and bullish logic for Hong Kong tech stocks remain unchanged [2] - The current valuation of Hong Kong tech stocks relative to A-share tech stocks is at a historical high discount, suggesting substantial allocation value at this position [2]

Market Overview - In January, A-shares and Hong Kong stocks experienced a general upward trend, with major A-share indices rising, particularly the Sci-Tech 50, which increased by 15.8% [4] - The Hong Kong market also showed a positive trend, with the Hang Seng Index rising by 5.8% and the Hang Seng Technology Index by 4.3% as of January 27, 2026 [4] A-share Insights - The recommendation for investors is to maintain a stable position and hold stocks through the holiday, anticipating a new market trend post-Spring Festival [5] - The upcoming spring market is expected to be promising, with potential positive news in both policy and fundamentals over the next few months [5] - Focus areas include growth sectors such as humanoid robots, AI industry chain, gaming, and film, alongside cyclical sectors benefiting from strong commodity prices and policy support [5] Hong Kong Stock Insights - The overall trend in the Hong Kong market remains positive due to earnings recovery, improved liquidity, low valuations, and policy support [6] - The market is transitioning from being driven by funds to being driven by performance, with a structural rebound expected in the first quarter [6] Investment Strategy - The strategy suggests capturing structural opportunities amidst market volatility, focusing on the AI industry chain and defensive assets like non-ferrous metals, chemicals, and insurance for stable returns [7]

消息面，COMEX黄金期货价格最高突破5626美元/盎司，再创历史新高，2026年开年以来累计涨幅已超 27%。 信达期货认为，展望后市，短期来看由于地缘事件的发展不确定性较大，地缘政治风险对金价的即时刺 激可能在后续出现阶段性降温，金价在快速拉升后不排除出现高位震荡甚至技术性回调。但从更宏观的 视角看，相关不确定性并未消除，特朗普政府对外政策风格激进且行动路径复杂，地缘扰动呈现反复出 现且难以定价的特征，这意味着地缘风险仍将以尾部风险的形式持续存在，为金价提供长期风险溢价支 撑。 截至发稿，恒生指数开盘报27627.11点，下跌199.80点，跌幅0.72%。 | 分割 5日 = 5分 15分 30分 00分 国K 国K 用K #K = | 同意位 · 其他 · ■ / : 恒生指数 (HSt) | | | | | | --- | --- | --- | --- | --- | --- | | 恒生酶数 均线 ▼ | 0000 | 27627.11 | 4-199.80 | | | | | 27826.91 | 行情报险 | | | | | | 27500 0 | 成交量 | 6,48亿 最高 | 2762 ...

Group 1 - The report indicates a slight decrease in the total share of active equity funds, with a total of 26,662.1 billion, reflecting a reduction of 727.8 billion from the previous quarter, although the rate of decline has narrowed [7][8] - The performance of active equity funds in Q4 showed a slight retreat, with the active stock index down by 3.04% and underperforming the CSI 300 by nearly 3 percentage points [12][13] - The allocation to cyclical sectors has increased, with significant additions in materials, chemicals, and oil sectors, while technology and consumer sectors have seen a reduction in allocation [24][20] Group 2 - Fund managers are optimistic about the market outlook for Q1 2026, expecting a continuation of a "slow bull" market supported by economic recovery, liquidity easing, and policy support [28][24] - The report highlights a focus on sectors such as AI, semiconductors, and renewable energy, indicating a shift towards balanced growth and value stocks complementing growth stocks [28][24] - The top holdings in active equity funds include Zhongji Xuchuang, with significant increases in positions in China Ping An, Meituan, and Dongshan Precision [28][24]

Core Viewpoint - The A-share market experienced a collective rise, with the Shanghai Composite Index increasing by 0.08%, the Shenzhen Component Index by 0.7%, and the ChiNext Index by 0.54%, while the STAR Market Composite Index rose by 2.32% [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 2.62 trillion yuan [1] - The Hong Kong market also saw gains, with the Hang Seng Index up by 0.37% and the Hang Seng Tech Index up by 1.11% [1] Sector Highlights - Key sectors that performed well included gold, non-ferrous metals, natural gas, semiconductors, and CPO [1] Investment Strategy - According to Ping An Asset Management, focusing on long-term investment and asset allocation can help investors capture main trends and core assets in both A-shares and Hong Kong stocks [1] - The emphasis is on structural opportunities in technology growth, the transition between old and new economic drivers, and moderate inflation recovery [1] Manager Insights - Zhang Chuan, head of the FOF business at Ping An Asset Management, noted that the A-share market has shifted from liquidity-driven to profit-driven, with a focus on technology growth, particularly in the AI industry chain, and benefiting from cyclical and consumer sectors [1] - The valuation of Hong Kong stocks is expected to recover due to the influx of southbound funds and foreign capital, with a focus on technology, innovative pharmaceuticals, new consumption, and resource products [1] Strategic Asset Allocation - Gold is supported by "de-dollarization" and geopolitical dynamics, maintaining its strategic allocation value [1] - Utilizing diversified asset allocation through FOF and other flexible tools can help balance returns and risks, capturing structural opportunities in the first year of the 14th Five-Year Plan [1]

据秦淮数据官微消息，9月10日，由深圳市东阳光（600673）实业发展有限公司(简称"东阳光集团")牵 头、涵盖保险投资机构与地方政府基金的银团收购方与贝恩投资正式达成交易协议，以280亿元现金收 购秦淮数据中国区全部业务。这是中国数据中心行业迄今为止规模最大的并购交易。 对此，秦淮数据CEO吴华鹏表示："东阳光集团与秦淮数据的携手，是产业端与算力端在绿色发展、技 术创新、战略布局、价值理念等多维度的深度共振。双方在绿色低碳领域的资源互补与战略协同，将驱 动'算电协同'新模式的构建，为行业可持续发展定义新范式、确立新基准；秦淮数据领先的冷却技术与 东阳光在液冷材料、精密制造等领域的深厚积淀相结合，也将显著提升算力基础设施的能效水平；随着 双方整合向深入推进，依托各自上下游优势资源，双方也将有机会向以AIDC为核心的AI全产业链拓展 业务，释放更多元的协同价值。" 东阳光集团董事长张寓帅表示："本次收购是东阳光集团主动融入国家'东数西算'战略布局、服务构建 全国一体化算力网络的关键一步，收购完成后，将优先确保业务的连续性和稳定性。未来，通过整合双 方在液冷材料、AIDC领域及清洁能源的相关资源，东阳光集团将与秦 ...