| 名称 | 现价 | 涨跌幅÷ | | | --- | --- | --- | --- | | 翔鹭钨业 | 41.56 | 10.01% | 0.00% | | 002842.SZ | | | | | 章源钨业 | 40.60 | 10.00% | 0.00% | | 002378.SZ | | | | | 中稀有色 | 102.08 | 10.00% | 0.00% | | 600259.SH | | | | | 厦门钨业 | 69.00 | 8.20% | 0.00% | | 600549.SH | | | | | 中钨高新 | 64.68 | 7.44% | 0.26% | | 000657.SZ | | | | | 洛阳铜业 | 23.46 | 1.87% | -0.09% | | 603993.SH | | | | 消息面上，章源钨业上调2026年2月下半月长单采购报价。另据智通财经报道，自2025年以来，全球钨产业链供需失衡加剧，叠加政策管控、需求爆发等 多重因素，钨粉、钴粉、碳化钨粉价格开启持续暴涨模式，屡创历史新高。据中钨在线数据统计，截至2月25日，钨粉已达1800元/公斤，1个月内钨粉 ...

Group 1 - AI-related stocks experienced significant gains in the morning session, with Kingsoft Cloud (03896) rising by 9.35% to HKD 7.25 [1] - Xunke (03317) saw an increase of 8.88%, trading at HKD 89.50 [1] - Huoliang Technology (01860) rose by 5.58%, reaching HKD 12.30 [1] - Kingdee International (00268) increased by 4.66%, priced at HKD 10.34 [1]

每日市场观察 2026 年 2 月 27 日 【今日关注】 沪深两指全天围绕零轴小幅震荡，最终上证指数以微跌收盘，深证成 指收涨 0.19%。两市个股涨跌数量相当。热点方面，前期热点贵金属板 块早盘一度延续活跃趋势，随后电网产业链相关板块先后拉升，领涨 至收盘。消费、保险领域延续弱势表现，房地产概念同样转弱。 电网产业链的上涨逻辑与 AI 相关预期有关，此方向市场早先已有关注。 根据资金聚焦路径，可知 AI 相关热点正从下游逐渐向上游扩展。因此， 长期来看，电网产业具备较高投资价值。 节后两个交易日后，AI 概念重回资金关注视野。回顾之前成长概念股 投资逻辑，可合理推测 AI 概念有望延续从核心逐渐扩展至周边的相似 路径。因此，后续 AI+相关概念值得深入挖掘和关注。但短期内受年报 及一季报披露期影响，预计大概率仍以板块轮动为主。 【市场回顾】 市场概况：2 月 26 日，市场探底回升，三大指数涨跌不一，创业板指 盘中一度跌超 1%，黄白线分化。截至收盘，沪指跌 0.01%，深成指涨 0.19%，创业板指跌 0.29%。 【资金面】 主力资金流向：2 月 26 日，上证净流入 141.84 亿元，深证净流入 ...

恒生科技指数，在很多投资者心里是个让人"又爱又恨"的存在。 爱的是它的弹性：在市场行情启动时，常常表现突出，且弹性很大； 恨的是它的波动：一轮上涨之后，往往伴随着剧烈回调，想要从中获益，不仅要找准进入时点，还要精准把握退出时机。 今天，我们就换一个视角来看待这个高波动资产。就像经历四季轮回，恒生科技也有自己的"春夏秋冬"。理解它处在哪个 季节，或许比预测明天的涨跌更重要。 01 冬：暗流涌动，体感不好 先来看看恒生科技指数最近的走势。 近一个月以来，恒生科技指数从1月26日的5725.99点跌至2月25日的5260.50点，区间跌幅9.27%，多数交易日呈现下跌态 势，仅少数日期出现短暂反弹。持有体验确实不太好。 （数据来源：wind，20260126-20260225，指数历史表现不预示未来，也不代表基金业绩） 这背后有清晰的宏观逻辑。港股市场在盈利端，和A股一样受益于中国经济的基本面； 但在估值端，作为离岸市场，它更受美元流动性环境的影响。近期美元流动性趋紧，是恒生科技表现承压的重要原因。 虽然美联储正处于降息周期，但下一任美联储主席人选沃什，市场普遍认为属于"结构性鹰派"。他计划在降息的同时缩减 美联储 ...

1. Industry Investment Rating - No information provided 2. Core Viewpoints - On February 14, all the current contracts of the four major stock index futures declined. IF dropped 1.61%, IH dropped 1.84%, IC dropped 1.92%, and IM dropped 1.7% [1] - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 51,556 lots, IH by 28,092 lots, IC by 27,924 lots, and IM by 30,724 lots. In terms of positions, the total positions of IF increased by 10,693 lots, IH by 9,279 lots, IC by 612 lots; while IM's total positions decreased by 4,355 lots [2] 3. Summary by Relevant Catalogs 3.1期指期现数据跟踪 - **Stock Index Futures Data** - **CSI 300**: The closing price was 4,660.4, down 1.25%, with a turnover of 452.88 billion [1] - **IF Contracts**: All contracts declined, with IF2602 down 1.61%, IF2603 down 1.92%, IF2606 down 2.05%, and IF2609 down 2.04%. The trading volume and positions of most contracts increased, except for the positions of IF2602 which decreased by 337 [1] - **SSE 50**: The closing price was 3,034.4, down 1.47%, with a turnover of 125.97 billion [1] - **IH Contracts**: All contracts declined, with IH2602 down 1.84%, IH2603 down 2.06%, IH2606 down 2.09%, and IH2609 down 2.18%. The trading volume of all contracts increased, while the positions of IH2602 decreased by 479 [1] - **CSI 500**: The closing price was 8,299.6, down 1.47%, with a turnover of 406.32 billion [1] - **IC Contracts**: All contracts declined, with IC2602 down 1.92%, IC2603 down 2.02%, IC2606 down 2.19%, and IC2609 down 2.24%. The trading volume of most contracts increased, while the positions of IC2602 decreased by 4,591 [1] - **CSI 1000**: The closing price was 8,204.8, down 1.32%, with a turnover of 438.92 billion [1] - **IM Contracts**: All contracts declined, with IM2602 down 1.70%, IM2603 down 1.75%, IM2606 down 1.91%, and IM2609 down 1.88%. The trading volume of all contracts increased, while the positions of IM2602 decreased by 6,643 [1] 3.2期指前20大会员持仓增减 - **IF Contracts**: The long - order increase of IF2601 was 820, IF2602 was 5,634, IF2603 was 5,379, and IF2606 was 1,351. The short - order increase of IF2601 was 451, IF2602 was 946, IF2603 was 5,339, and IF2606 was 1,132 [5] - **IH Contracts**: The long - order increase of IH2601 was 45, IH2602 was 6,647, IH2603 was 1,500, and IH2606 was 1,157. The short - order increase of IH2601 was - 70, IH2602 was 4,992, IH2603 was 1,655, and IH2606 was 1,102 [5] - **IC Contracts**: The long - order increase of IC2601 was - 3,585, IC2602 was 1,451, IC2603 was 5,837, and IC2606 was 2,300. The short - order increase of IC2601 was - 3,616, IC2602 was - 1,876, IC2603 was 4,639, and IC2606 was 2,589 [5] - **IM Contracts**: The long - order increase of IM2601 was - 5,206, IM2602 was 1,708, IM2603 was 2,378. The short - order increase of IM2601 was - 4,703, IM2602 was - 2,297, IM2603 was 1,440. The data for IM2606 was not announced [5] 3.3趋势强度 - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3.4重要驱动 - **Credit and Monetary Data**: In January, the increment of social financing scale was 7.22 trillion yuan, 166.2 billion yuan more than the same period last year; RMB loans increased by 4.71 trillion yuan, with a year - on - year increase of 6.1% at the end of the month. At the end of January, M2 increased by 9% year - on - year, and M1 increased by 4.9% year - on - year [7] - **Housing Price Data**: The month - on - month decline of second - hand housing prices in first, second, and third - tier cities narrowed comprehensively in January, with a narrowing of 0.4, 0.2, and 0.1 percentage points respectively compared with the previous month. The second - hand housing prices in Yangzhou and Zhanjiang increased by 0.4% and 0.3% month - on - month respectively. Year - on - year, the prices of new and second - hand houses in 70 large and medium - sized cities continued to decline, and the decline further widened [7] - **Regulatory Policies**: The "Anti - monopoly Compliance Guidelines for Internet Platforms" was released, specifying 4 types of monopoly risks such as monopoly agreements, abuse of market dominance, concentration of undertakings, and abuse of administrative power to exclude and restrict competition, and listing risk examples such as "choose one of two" and "the lowest price across the network". The CSRC seriously investigated and dealt with the illegal financing and information disclosure violations of Tianfeng Securities for Dangdai Group. The Hubei Securities Regulatory Bureau plans to impose a maximum fine of 25 million yuan on Tianfeng Securities and Dangdai Group, and a total fine of 34.8 million yuan on 9 responsible personnel. The actual controller of Dangdai Group, the former chairman of Tianfeng Securities, and the former vice - president and chief financial officer were subject to a lifetime ban from the securities market [7] 3.5 Other Market Information - **US Tariff Policy**: US President Trump signed an executive order to impose a 10% ad valorem import tariff on goods imported into the US for 150 days starting from February 24, and later raised the tariff to 15%. Importers and retailers may face a long - term struggle to recover up to 170 billion US dollars in tariffs paid to the US government [8][9] - **Stock Market Performance in China**: On the last trading day of the Year of the Snake, the Shanghai Composite Index fell 1.26% to 4,082.07 points, the Shenzhen Component Index fell 1.28%, and the ChiNext Index fell 1.57%. The Hong Kong Hang Seng Index fell 1.72% to 26,567.12 points, the Hang Seng Tech Index fell 0.9%, and the Hang Seng China Enterprises Index fell 1.55% [9][10]

在美银首席策略师Michael Hartnett看来，2026年的市场逻辑已发生根本性位移：AI概念内部正在剧烈分化，资金流向正从美国溢出至日韩。 面对地缘政治的迷雾与高位震荡的美股，Hartnett认为，投资者应当短期"交易石油"，中期"持有黄金"；而美股若想打破当前"极度看涨却又滞 涨"的僵局，急需中东油价崩盘或中美贸易缓和这两大"外部冲击"来破局。 市场风格剧变？ 在美银（BofA）首席策略师Michael Hartnett看来，2026年的市场逻辑已与前两年截然不同。 如果说2024年和2025年是"AI领跑者"的独角戏，那么2026年的市场风格可能会发生剧变。Hartnett认为，市场正在抛弃那些资本开支巨大的"支出 者"，转而拥抱基础设施的"建设者"： 市场正在抛弃那些资本开支巨大的"支出者"（如科技七巨头Mag7），转而拥抱基础设施的"建设者"（如半导体与原材料）；资金也在 从"被颠覆者"（软件股）撤离，流向AI技术的"应用者"（银行股）。 当然，剧烈的板块轮动也会带来风险。当前，科技、电信和金融板块合计占据标普500指数56%的权重，一旦领跌股的市值蒸发速度超过领涨股的 拉升速度，大盘将面临崩 ...

阿里、腾讯、美团等被总结为建议调出的"老登恒生"成分股。同时，恒生生物科技指数也在当日逆市收 涨0.96%，另外，石油股也出现走强。 值得留意的是，虽然港股互联网主题ETF、恒生科技ETF等节前资金流入最多的ETF并未迎来涨势，但 表现强势的个股也有公募基金的布局身影，次新股以打新的方式布局，而表现强势板块则在此前已有主 动权益基金的加仓迹象。 2月22日，节后首个交易日，恒指和恒生科技虽然没有收涨，但AI概念股的涨势如期而至。 2月20日，港股三大指数集体收跌。其中，恒生科技收跌2.91%，恒生指数收跌1.10%，而恒生国企指数 收跌1.22%。相较于恒生科技的继续下挫，港股上市的AI概念次新股却迎来上涨，网友也出现了调整恒 生科技部分成分股的建议。 小米、中芯国际、比亚迪、腾讯、快手等成分股也在去年四季度被主动权益基金减持，不过，美团在去 年四季度得到主动权益基金增持超过1700万股。 石油、创新药板块走强 港股AI概念股大涨 截至2月20日收盘，智谱延续强势表现，收涨42.72%，报725港元；MiniMax也同样收涨14.52%，报970 港元。两大AI龙头盘中最高市值双双突破3000亿港元，与上市初 ...

股票近期走势截至2026年2月20日，课标科技股价收于0.18美元，单日下跌16.08%，近5日累计跌幅达 89.20%。2月13日至18日期间，股价出现剧烈波动（单日最高涨幅125.44%，随后连续大幅回调），换 手率一度超过300%，显示资金短期博弈激烈后快速撤离。 来源：经济观察网 经济观察网 根据公开信息，课标科技（JDZG.OQ）近期股价持续下跌主要受以下因素影响： 资金面情况小微盘股特征：公司总市值仅约0.04亿美元，流通性不足易放大波动。行业资金流出：2026 年1月全球资金从中国权益市场流出962亿美元，新兴市场科技股整体承压。美股科技股调整：2025年12 月以来，AI概念股因估值高企及美联储政策不确定性经历深度回调，间接影响中概科技板块情绪。 未来发展若股价长期低于1美元，可能触发纳斯达克退市警告程序。当前股价已远低于该阈值，需关注 公司后续是否采取合规措施。 公司基本面公司2025财年Q6（截至2025年12月）财报显示，尽管营收同比增长5.18%至938.36万元人民 币，但净利润亏损448.14万元人民币，同比扩大186.62%。作为成人教育支持服务商，其盈利能力的持 续恶化可能加剧 ...

Market Overview - On February 20, Hong Kong stocks resumed trading after the holiday, with major indices opening lower and subsequently widening their losses. The Hang Seng Index fell approximately 1%, while the Hang Seng Tech Index dropped over 2% [1][12]. Stock Performance - The Hang Seng Index closed at 26,420.63, down 285.31 points or 1.07% [2][13]. - The Hang Seng Tech Index was at 5,228.51, down 139.01 points or 2.59% [2][13]. - The Hang Seng China Enterprises Index decreased by 98.38 points, or 1.08%, closing at 8,971.94 [2][13]. - The Hang Seng Biotechnology Index saw a slight increase of 0.34%, closing at 15,851.11 [2][13]. Sector Highlights - AI applications and humanoid robotics concepts experienced gains despite the overall market decline. Notable increases included: - Yujian (越疆) up nearly 20% [2][14]. - Sutonju Chuang (速腾聚创) up nearly 11% [2][14]. - UBTECH (优必选) up over 9% [2][14]. - MicroPort Robotics (微创机器人) up over 5% [2][14]. Humanoid Robotics Market Insights - The 2026 CCTV Spring Festival Gala featured the highest density of robots, marking a significant milestone in the industry. Companies like Yushutech, Magic Atom, Galaxy General, and Songyan Power showcased their innovations [3][14]. - During the gala, JD.com's robot search volume surged over 300%, customer inquiries increased by 460%, and order volume rose by 150%, indicating strong market interest [4][15]. - The advanced manufacturing research center noted that humanoid robots are transitioning from concept to viable technology, with ongoing breakthroughs in key technologies driving long-term growth in the sector [4][15]. AI Application Stocks - Haizhi Technology Group saw an initial surge of over 28%, with the current increase narrowing to approximately 14% [5][16]. - Zhipu AI experienced a peak increase of 25%, currently at about 13%, following the launch of its new flagship model GLM-5, which has expanded its parameters significantly [7][18]. - MiniMax also saw an initial rise of over 15%, now reduced to around 3%, with other companies like SenseTime and Baifeng Cloud also experiencing gains [10][21].

机器人、AI概念股逆市大涨。 2月20日，港股节后恢复交易，主要指数均低开，随后跌幅扩大。截至发稿，恒生指数跌约1%，恒生科 技指数跌超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26420.63 | -285.31 | -1.07% | | HSTECH | 恒生科技 | 5228.51 | -139.01 | -2.59% | | HSBIO | 恒生生物科技 | 15851.11 | 53.47 | 0.34% | | HSCEI | 恒生中国企业指数 | 8971.94 | -98.38 | -1.08% | AI应用、人形机器人等概念逆市走高。 人形机器人方面，越疆涨近20%，速腾聚创涨近11%，优必选涨超9%，微创机器人涨超5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 2432 | 越疆 | 47.860 | 7.960 | 19.95% | | 2498 | 速腾聚创 | 38.100 | 3. ...