量化金融研究丨深度报告 [Table_Title] 兴业中证港股通互联网 ETF（520790）：AI 主题 多点开花，港股互联网迎配置良机 %% %% %% %% research.95579.com 1 [Table_Summary] 中证港股通互联网指数，从港股通范围内选取 30 家涉及互联网相关业务的上市公司证券作为 指数样本，以反映港股通内互联网主题上市公司证券的整体表现，该指数是对应成分股在调整 市值的基础上按相应的指数编制规则计算出来的。兴业中证港股通互联网 ETF（520790）紧密 跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 邓元哲 刘胜利 SAC：S0490524080006 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 丨证券研究报告丨 报告要点 在美联储后期有望继续降息的预期下，全球市场的流动性有望得到提升，其中由于港股市场当 前估值水平相对适中，所以港股市场有较大概率会在该背景下受到全球投资者的广泛关注。因 此一 ...

在全球经济调整与科技革新背景下，一线城市仍为高薪中心。 在全球经济格局深度调整、科技革新加速演进的大背景下，薪酬数据不仅是企业成本的账单，更是行业景气度与政策导向的晴雨表。 在2026春节后招聘旺季来临之时，人力资源服务商前程无忧51job发布最新一期《人力资源白皮书》，其中薪酬部分对不同地域、岗位层级、核心行业及热 招职位的薪酬数据进行了分析和解读。 交叉对比城市与员工层级的薪酬数据后发现，基层员工的地域间工资差距相对较小，而企业中高层高薪岗位更多集中在一线城市，这也表明高端人才向北上 深的流动趋势。 | 城市 | 平均月薪 | 城市 | 平均月薪 | | --- | --- | --- | --- | | 上海 | ¥12,742 | 青岛 | ¥8,436 | | 北京 | ¥12,518 | 重庆 | ¥8,367 | | 深圳 | ¥11,865 | 武汉 | ¥8,308 | | 广州 | ¥10,604 | 西安 | ¥8,246 | | 杭州 | ¥10,165 | 合肥 | ¥8,052 | | 南京 | ¥9,624 | 大连 | ¥7,945 | | 苏州 | ¥9,586 | 长沙 | ...

责任编辑：栎树 2月27日，据市场消息，字节跳动支持的懂车帝据悉正在考虑香港IPO。 港股频道更多独家策划、专家专栏，免费查阅>> ...

Core Insights - Douyin is launching a long-form content feature by the end of 2025, allowing creators to publish in-depth articles, marking a shift from short video content to longer, more substantial narratives [1][2] - The introduction of AI technology is central to Douyin's strategy, enabling efficient content generation and distribution, particularly in the realm of news and long-form articles [1][6] Group 1: Transition from Short to Long Content - Douyin's long-form content feature supports articles ranging from 300 to 8000 words, aiming to attract quality creators and enhance user engagement through deeper narratives [2][3] - The competition for user attention is intensifying, with platforms like Xiaohongshu also exploring long-form content, indicating a broader industry trend towards deeper engagement [2][3] - Douyin's move reflects a recognition that solely relying on short videos may not sustain future growth, prompting a search for new content forms [3][5] Group 2: AI Integration in Content Creation - Douyin is leveraging AI to enhance content production, with features that allow for real-time news aggregation and summarization, thus improving user experience [6][7] - The AI-driven news content will compete with original long-form articles within Douyin's ecosystem, raising questions about the quality and reliability of AI-generated information [7][8] - The rise of AI-generated content poses challenges for traditional media, as it blurs the lines of accountability and trust in news dissemination [8]

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 ...

近期的恒生科技简直是太逆势了，A股上涨的时候恒生科技跌，A股跌的时候，恒生科技反弹力度依然很弱，今天A股三大指数集体调整，而恒生科技指数 仅仅微幅反弹了0.28%，要知道昨天一度大跌了2.87%，这说明即便是重挫之后，资金抄底恒生科技的力量依然不足。 目前恒生科技无论是日线还是周线，都呈现了典型的空头走势，这种情形下即便再有勇气的资金也是不敢随意抄底的。 为啥恒生科技指数今天走势如此的不堪呢？ 从目前的恒生科技指数的走势看，依然处在一个标准的空头排列，比较好的一点是恒生科技指数在5000点之上徘徊，如果是我自身持有恒生科技指数的话， 如果维持在5000点之上，我会坚定的持有为主，如果恒生科技指数失守5000点，意味着一个重要的整数关口没了，那么对之后的投资就要谨慎应对了，这个 时候不仅仅不能加仓，反而应该适当的减仓回避短期风险了。 免责声明：文中内容仅供参考，不构成任何操作建议或提示，股市有风险，投资请谨慎！ 那么，什么情况下才能改变这种现状呢？ 我觉得两点很关键： 其一，外卖大战停止，市场预期会逐步转好，这对大型互联网平台的业绩稳定有积极作用； 其二，大型互联网公司在AI领域出现突破，形成自身的人工智能应用 ...

Group 1: Semiconductor Industry - Nvidia reported Q4 FY2026 revenue of $68 billion, a 73% year-over-year increase and a 20% quarter-over-quarter increase, exceeding Bloomberg consensus by 2.6% [2] - The company's EPS was $1.62, up 82% year-over-year and 25% quarter-over-quarter, also surpassing Bloomberg consensus by 5% [2] - Nvidia's gross profit margin improved to 75.2% from 73.6% in the previous quarter, exceeding the consensus estimate of 74.3% [2] - Management guided for Q1 FY2027 revenue of $78 billion, indicating a sequential increase of approximately $10 billion, with gross margins expected to remain around 75% [2] - The strong demand for computing power from large cloud providers, emerging cloud, sovereign AI, and enterprise sectors was emphasized by management [2] Group 2: Company Ratings - Zhongji Xuchuang and Shengyi Technology are maintained with a "Buy" rating, expected to benefit directly from Nvidia's sustained demand momentum and platform upgrade cycle [3] - iQIYI reported Q4 FY2025 revenue of RMB 6.79 billion, a 3% year-over-year increase, aligning with Bloomberg consensus [6] - Ctrip's Q4 FY2025 revenue reached RMB 15.4 billion, a 20.8% year-over-year increase, exceeding Bloomberg consensus by 4% [7] - Salesforce's Q4 FY2026 revenue grew 12% year-over-year to $11.2 billion, meeting Bloomberg consensus expectations [7] - BOE Technology Group is projected to have 2025 revenue of HKD 14.533 billion, an 8% year-over-year increase, despite a forecasted decline in net profit [8]

港股科网股持续走强，商汤(00020.HK)涨超7%，哔哩哔哩(09626.HK)涨超3%，腾讯控股(00700.HK)、 美团(03690.HK)等跟涨。 本文源自：金融界AI电报 ...

2月26日，百度发布了2025年第四季度及全年的财务报告。数据显示，2025全年，百度实现营收1291亿元，第四季度营业收入为327亿元。 值得注意的是，本次财报百度进一步披露了AI业务的关键进展。财报显示，2025年百度AI业务营收达到400亿元，25Q4AI业务收入占百度一般性业务收入 的比例达到43%，超出市场预期。 整体来看，这份财报的意义不仅是简单的业绩增长，更是百度全栈AI能力下"技术－商业"闭环的硬核验证。它意味着AI正从百度的"成本中心"转变为"增 长核心"——AI开始在多个业务中产生真实收入，且增长并非依赖短期的市场补贴和流量扩张，而是来自企业和用户为技术溢价与业务增量的买单。 除了AI业务的亮眼表现外，近期百度在资本层面也祭出"50亿美元回购+首次派息+昆仑芯分拆上市"的超常规组合拳。此举试图在向外界释放明确的信 号：百度在战术上走通了AI商业化的同时，也在战略上开启了增长模型的系统性重塑。这家科技巨头正以前所未有的确定性，试图拿回被市场长期低估 的价值份额。 01 AI业务收入占比43%超预期 如果要衡量一家公司AI的商业化深度，AI相关收入占比是最精准的标尺。 2025年第四季度，百度 ...

Market Overview - The Hang Seng Index closed at 26,381, down 1.44% for the day and up 2.93% year-to-date[3] - The Hang Seng Tech Index fell 2.87%, reaching a new low since July of the previous year[9] - The Shanghai Composite Index remained stable, closing at 4,147, with a slight decrease of 0.01% for the day and a year-to-date increase of 4.48%[3] Sector Performance - Major tech stocks in Hong Kong saw significant declines, with Bilibili and Baidu dropping over 4%, and Alibaba falling more than 3%[9] - The biopharmaceutical sector faced heavy losses, with BeiGene down over 9% and WuXi Biologics down over 7%[9] - Conversely, the power equipment sector experienced gains, with Dongfang Electric rising over 15%[9] Investment Insights - Storage concept stocks surged, with Southern Double Long Samsung Electronics up over 15% and Southern Double Long SK Hynix up over 14%[9] - Cryptocurrency stocks collectively rose, with Jin Yong Investment increasing by 29.28%[9] - Nvidia's earnings report did not alleviate market concerns, leading to a decline in tech stocks, with the Nasdaq dropping over 1%[9] Economic Indicators - The U.S. jobless claims increased less than expected, indicating relatively low layoffs[12] - The Federal Reserve's officials suggested potential interest rate cuts if inflation decreases[12] - Ongoing discussions between the U.S. and Iran in Geneva showed positive progress, with further negotiations scheduled[12]