周五（2月27日），电力板块狂掀涨停潮，多只大牛股连板！其中，豫能控股七连板，赣能股份三连 板，华银电力两连板，协鑫能科、涪陵电力、金开新能首板涨停，甘肃能源、乐山电力、永泰能源、建 投能源等多股大涨超5%。 热门ETF方面，电力ETF华宝（159146）场内再涨2.64%连创上市新高，开年以来日线斩获四连阳，单 日放量成交超1亿元。 | 分时 多日 1分 5分 15分 30分 # 综合屏 F9 前震权 超级鼎加 画线 工具 (2 > | 电力ETF学宝 | | 159146 | | --- | --- | --- | --- | | 159146.SZ[电力ETF华宝] 2026/02/27 收 1.051 幅 2.64%(0.027) 开 1.024 高 1.056 低 1.024 均 ਲਿੰਦੇ | 0 | | +0.027 +2.64% | | C MA5 1.018T MA10 1.007T MA20 1.0021 2026/01/20-2026/02/27/28日) | SZSE CNY 15:00:00 闭市 | | 104 | | 1.060 1.056- | 净值走势 | 华宝申证全指电力公 ...

美国现在到底怎么了？街头混乱、社会分裂，却依然稳坐全球资本高台，这看似矛盾的现象，让人很难用传统的国家治理好坏去理解。美国今天更像一台冷 酷的资本增值机器，外表披着国家的外衣，实质上按金融逻辑运作。它就像一个超大型对冲基金，人们常把美国的混乱当作衰败信号，但在我看来，这种混 乱恰恰是机器的润滑油：底层的痛苦越多，上层的财报就越耀眼。 经济的冷热分化在美国已经到了极致。AI成为资本追逐的核心赛道，科技巨头动辄投下数百亿美元，推动产业呈现火热态势。OpenAI与英伟达、甲骨文等 企业的合作协议，更是让这股热潮持续发酵，吸引全球投资者目光。 进入2026年，美国呈现出一种极端的分裂景象：街头治安问题仍然严重，实体经济的中小企业接连陷入困境，失业率缓慢攀升。然而另一方面，美股却不断 刷新历史新高，AI领域投资热潮高涨，虚拟货币资产的收割规模屡创新纪录。这样的矛盾画面让外界迷惑：为何社会困顿、民生压力巨大，但经济金融领 域仍能保持强势？这背后，是美国在混乱中运作的独特逻辑。 美国能够在这样的格局中保持强势，核心在于其将国内矛盾与全球格局转化为资本增值的机会。国内贫富分化、产业失衡，并未成为阻碍，反而让资本集中 力量布局 ...

发布2026财年第四季度财报后的第二天，美股2月26日，英伟达股价下跌5.46%，市值缩水超2500亿美 元，几乎蒸发了一个英特尔的市值（2271亿美元），收盘市值4.5万亿美元。同日，美股芯片股中， AMD跌了3.41%，博通跌了3.19%，晶圆代工商台积电也跌了2.82%。 【#英伟达市值一夜蒸发了一个英特尔##谁在唱空英伟达#？】反映AI热潮风向标的英伟达最新季度财 报，即便超出市场预期，仍然难挡股价下跌。 来源：第一财经 最近一个季度，英伟达营收681亿美元，同比增长73%，创历史新高，并展望2027财年第一季度营收预 测中点为780亿美元。对比此前LSEG（伦敦证券交易所集团）数据显示的分析师平均预测第四季度营收 660亿美元、下季度营收720亿美元，英伟达给出的数据明显超预期。 ...

在将韩国打造成全球最火热股市之前，李在明只是一个三十多岁的交易新手，月复一月地亏损。这段"被割韭菜"的痛苦经历，如今成为这位韩 国总统推动金融改革的动力——他坚信当年的亏损被控股股东的不公平交易一再放大。 自去年6月上台以来，李在明推行了一系列激进改革，包括股东权益平等化规则和强化董事会问责制。这些措施引爆了全球最大的股市涨势。23 日，韩国首尔综指涨幅扩大至2%，今年已上涨36%，较李在明就任时累计涨幅达115%，远超他竞选时提出的"Kospi 5000"目标。 这场涨势让李在明在韩国1400万散户投资者中成为"民间英雄"。据盖洛普韩国调查，他的支持率在2月中旬升至63%，创下三个多月来新高。改 革也在重塑韩国人的财富观念——房地产曾占家庭资产近四分之三，KB Securities全球投资策略师Peter S. Kim表示，"房地产相对金融资产的 过度集中即将逆转，这是未来十年韩国最深刻的趋势之一"。 但分析师仅将部分功劳归于李在明的改革。摩根大通韩国股票策略主管Mixo Das指出，全球AI热潮推动三星电子和SK海力士等韩国科技股上 涨，"改革很重要且确实有助于估值，但若说Kospi涨到5000仅因政府政 ...

Market Overview - The IPO market in Hong Kong has shown a strong recovery, leading the global IPO fundraising rankings with a total of HKD 286.71 billion in 2025, a year-on-year increase of 225.9% [4] - The number of new listings reached 119, including 114 IPOs, marking a 62.9% increase compared to the previous year [4] IPO Market Characteristics Issuance Structure - The distribution of IPOs includes 8 super-large (over HKD 10 billion), 4 large (HKD 5-10 billion), 21 medium (HKD 2-5 billion), and 81 small (under HKD 2 billion) offerings, indicating growth across both large and small enterprises [4] Key Data - The Hang Seng Index rose by 27.77% over the year, outperforming major global stock markets, with total trading volume and average daily trading volume reaching historical highs [4] Investment and Intermediary Landscape Investment Institutions - 78.07% of IPOs included cornerstone investors, with total investments reaching HKD 106.60 billion, a record high [4] Intermediary Institutions - Chinese securities firms dominated the underwriting market, with CICC leading with 41 IPOs, followed by CITIC Securities and Huatai International [4] Policy and Filing Dynamics - In 2025, 187 companies completed the filing process for overseas listings, a 19.1% increase year-on-year, with 139 companies listing in Hong Kong, doubling from the previous year [4][5] Market Trend Outlook - The trend of technology companies going public in Hong Kong is expected to continue into the first half of 2026, supported by the influx of capital from both domestic and international sources [4] - The AI boom is driving ongoing interest in IPOs within the technology and semiconductor sectors, while healthcare and consumer sectors remain focal points for the market [4]

Core Insights - The AI glasses market is transitioning from a niche product to mass production, with companies like Qiu Guo Plan aiming to provide innovative solutions in this space [1] - The company emphasizes the importance of practical applications for AI technology, warning against speculative bubbles if AI fails to deliver real-world value [1] Group 1: Technology and Performance - Qiu Guo Plan's flagship product, the Wigain AR glasses, features aggressive performance specifications, integrating Qualcomm's XR Gen1 and Gen2 chips with a processing power of 42 TOPS [2] - The company has made breakthroughs in self-developed diffraction waveguide technology, achieving an F50 field of view and aiming for F100 [2] - The glasses are designed to function as intelligent agents with capabilities for real-time SLAM spatial positioning, environmental awareness, and complex decision-making [2] Group 2: Market Strategy and Differentiation - Unlike many competitors focusing on gaming or entertainment, Qiu Guo Plan targets the traditional Chinese medicine health sector, presenting a unique cross-industry approach [3] - The company's "1+3+N" strategy includes one core platform (AI OS and intelligent agents), three core hardware products (AR glasses, smart watches, and smart rings), and multiple vertical scenarios focusing on office, health, and industrial applications [4][5][6] - The upcoming smart health watch will serve as a "health sensor," converting traditional Chinese medicine practices into quantifiable digital models, thus creating new opportunities in the health market [6] Group 3: Entrepreneurial Philosophy and Vision - The founder of Qiu Guo Plan embodies a new generation of Zhejiang entrepreneurs, characterized by practical realism and forward-thinking industry insights [7] - The company operates with a flat organizational structure, allowing for rapid responses to market demands, with the founder directly overseeing the R&D team [7] - The founder believes that maintaining a keen sense of market dynamics is crucial for success, especially as the mass production of AI glasses approaches [8]

Market Performance - The Japanese stock market continues to rise, reaching a historical high, driven by renewed confidence in domestic politics and the government's economic agenda [1][3] - The Nikkei 225 index surpassed 58,000 points for the first time, with a year-to-date increase of 15% [1][3] Political Influence - The market rally is largely attributed to the political optimism following Prime Minister Sanae Takaichi's overwhelming victory in the House of Representatives elections [3] - Investors are anticipating larger fiscal spending, tax cuts, and a more aggressive economic agenda as a result of this political support [3] Economic Discrepancies - Analysts warn that the stock market's enthusiasm may be ahead of the clarity regarding policy funding sources, indicating a growing disconnect between stock prices and economic fundamentals [3][4] - Japan's economy contracted by 0.4% quarter-on-quarter for the three months ending in September, marking the first contraction in six quarters, with an annualized decline of 1.8% [4] Debt Concerns - Japan is noted to have the highest debt levels globally, with a projected debt-to-GDP ratio nearing 230% by 2025, raising concerns about the sustainability of increased fiscal spending [5] Market Drivers - The current market dynamics are driven by sentiment, liquidity, and narrative rather than fundamental economic strength [6] - The global AI investment wave has also positively impacted the Japanese stock market, although this connection makes it sensitive to fluctuations in global tech enthusiasm and exchange rate volatility [7][8] Currency Impact - The depreciation of the yen has historically benefited export-oriented manufacturing companies, but this effect may diminish as the yen's value is perceived to be excessively low [9][10] - The yen has depreciated approximately 3.67% against the dollar over the past six months [11] Government Intervention - Japan has indicated potential market intervention if the yen continues to depreciate, with concerns raised by the Finance Minister regarding unilateral yen depreciation [12] Future Outlook - Despite current vulnerabilities, structural reforms in corporate governance, capital efficiency, and shareholder returns are expected to provide sustainable growth momentum [15] - Some asset management firms believe that the overall fundamentals of Japanese companies still have support, contingent on the realization of reform expectations [15][16] - There is a warning that if the pace of improvements slows, there could be downside risks to the market [17]

Core Viewpoint - Goldman Sachs reports that SMIC (00981) is expected to exceed operational profit forecasts for Q4 2025, with Q1 revenue guidance meeting expectations. The optimistic growth outlook leads Goldman Sachs to anticipate continued capacity expansion and advancement in process technology transfer, setting a target price of HKD 134 and a "Buy" rating [1] Group 1: Financial Performance - The company is expected to benefit from increased domestic customer demand, ongoing capacity expansion, and product mix optimization this year [1] - The projected increase in capacity includes an additional 49,000 wafers per week (measured in 12-inch wafers) by 2025, while maintaining strong wafer yield [1] Group 2: Market Trends - The demand for high-margin products is expected to grow at a faster rate than traditional products, driven by the AI boom, supply chain restructuring opportunities, and the trend of "localization of production" [1]

Core Viewpoint - Goldman Sachs has released a report indicating that SMIC (00981) is expected to exceed operational profit forecasts in Q4 2025, with Q1 revenue guidance meeting expectations. The optimistic growth outlook suggests that SMIC will continue to expand production and advance process technology transfer. The target price is set at HKD 134, with a "Buy" rating [1] Group 1: Financial Performance - The company is expected to benefit from increased domestic customer demand, ongoing capacity expansion, and product mix optimization this year [1] - The revenue guidance for Q1 aligns with market expectations, indicating stable financial performance [1] Group 2: Production Capacity and Technology - SMIC plans to add 49,000 wafers per week capacity (measured in 12-inch wafers) by 2025, while maintaining strong wafer yield [1] - The demand growth is driven by the AI boom, supply chain restructuring opportunities, and the trend of "localization of production" [1] Group 3: Market Trends - High-margin product demand is expected to grow at a faster rate than traditional products, reflecting a shift in market dynamics [1]

Core Viewpoint - Goldman Sachs reports that SMIC's operating profit for Q4 2025 exceeds expectations, and the revenue guidance for Q1 this year meets expectations [1] Group 1: Company Performance - The company is expected to benefit from increased domestic customer demand, ongoing capacity expansion, and product mix optimization this year [1] - SMIC plans to add 49,000 wafers per week capacity (based on 12-inch wafers) by 2025 while maintaining strong wafer yield [1] Group 2: Market Trends - The demand for high-margin products is expected to grow faster than traditional products, driven by the AI boom, supply chain restructuring, and localization trends [1] Group 3: Investment Outlook - Based on the optimistic growth outlook, Goldman Sachs anticipates that SMIC will continue to expand capacity and advance technology transfer in advanced processes, setting a target price of HKD 134 and rating the stock as "Buy" [1]