Market Performance - During the week from February 16 to February 20, the Hong Kong stock market experienced fluctuations with the Hang Seng Index declining by 0.58% to 26,413.25 points, the Hang Seng Tech Index falling by 2.78% to 511.50 points, and the Hang Seng China Enterprises Index decreasing by 0.81% to 8,959.56 points [1][6][30] - Among the primary sectors, 8 sectors saw gains while 3 sectors experienced losses. The energy, materials, and industrial sectors had the highest increases, rising by 3.65%, 2.27%, and 1.03% respectively. Conversely, the consumer discretionary, consumer staples, and communication services sectors faced the largest declines, dropping by 1.86%, 1.50%, and 0.13% respectively [1][7][30] Market Liquidity - Due to the Spring Festival holiday, the Hong Kong stock market only operated for half a day on February 16, with a trading volume of HKD 850.56 billion. On February 20, the trading volume was HKD 1,654.61 billion, which is lower than the previous week's average daily trading volume of HKD 2,406.43 billion. The short-selling amount was HKD 237.27 billion, accounting for 14.43%, significantly higher than the previous week's average of 12.56% [2][13][15] Valuation and Risk Premium - As of February 20, 2026, the PE and PB ratios of the Hang Seng Index were 12.09 times and 1.23 times, respectively, placing them at the 79% and 55% percentiles since 2010. The Hang Seng Tech Index had PE and PB ratios of 21.51 times and 2.83 times, respectively, at the 18% and 49% percentiles since 2010 [3][17][22] - The risk premium of the Hang Seng Index was calculated at 4.19%, which is at the 5% percentile since 2010, while the risk premium based on the 10-year Chinese government bond yield was 6.48%, at the 42% percentile since 2010 [3][19][21] Investment Outlook - The geopolitical risks in the Middle East are rising, which may lead to increased volatility in energy and precious metals sectors. The U.S. is exerting pressure on Iran, with potential military actions being considered [4][9][30] - The consumer sector is currently valued relatively low, and with increasing consumer promotion policies, there is potential for growth in this sector [4][30] - The technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, and is expected to rebound due to accelerated AI model updates and applications [4][30]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - Geopolitical risks and tariff risks are impacting the Hong Kong stock market, with a focus on how these factors will influence market performance post-holiday [1]. - The report highlights that the U.S. GDP growth rate for Q4 2025 was 1.4%, significantly below the expected 2.5%, indicating a slowdown in the U.S. economy [2][44]. - The report suggests that the recent increase in U.S. tariffs from 10% to 15% on global goods may lead to heightened investor risk aversion, benefiting sectors like precious metals and energy [2][46]. - The consumption sector is currently at a relatively low valuation, with potential for growth as consumer policies increase [2][46]. - The technology sector remains a long-term investment focus, with reduced valuation pressure and potential for rebound due to advancements in AI [2][46]. Market Review - During the week of February 16 to February 20, 2026, the Hong Kong stock market saw declines, with the Hang Seng Index down 0.58% to 26,413.25 points, the Hang Seng Tech Index down 2.78% to 511.50 points, and the Hang Seng China Enterprises Index down 0.81% to 8,959.56 points [4][6]. - Among the primary sectors, 8 sectors increased while 3 sectors decreased, with energy, materials, and industrial sectors showing the highest gains [6][14]. - The trading volume was affected by the Spring Festival, with a total turnover of HKD 850.56 billion on February 16 and HKD 1,654.61 billion on February 20, lower than the previous week's average [14][18]. Valuation and Risk Premium - As of February 20, 2026, the PE and PB ratios for the Hang Seng Index were 12.09 and 1.23, respectively, placing them at the 79% and 55% percentiles since 2010 [22][29]. - The risk premium for the Hang Seng Index was calculated at 4.19%, indicating a low-risk environment compared to historical data [29][31]. - The report notes that the dividend yields for the energy and communication services sectors are above 5%, suggesting stable income opportunities for investors [36][41]. Investment Outlook - The report recommends focusing on sectors that may benefit from geopolitical tensions and tariff adjustments, particularly precious metals and energy [46]. - The consumption sector is expected to gain momentum as consumer policies are implemented, while the technology sector is anticipated to rebound due to advancements in AI [46].

【#全球媒体通过春节解码中国# 】#中国春节何以让外国网友惊叹# 95亿人次在这个节日踏上旅程，机 器人在春晚舞台"大展身手"，外国人扎堆来华体验中国年……透过全球媒体的报道，中国春节的火热图 景生动地呈现在世界面前。在全球媒体的"聚光灯"下，春节不仅是辞旧迎新、团圆和谐的节日，更是一 个窥见中国经济活力、创新能力与文化魅力的窗口，世界看到了一个"自信向未来"的中国。"我们只在 科幻电影中见过的武术盛宴"、"当好莱坞还在拍摄《终结者》系列电影时，中国已经在展示真正的机器 人"。——匈牙利和泰国媒体如此点评春晚舞台上的"人机共武""2026年中国春节的一大亮点，是外国游 客数量的强劲增长。"——《秘鲁21世纪报》报道说，旅行便利化措施的进一步实施，为中国旅游业带 来"乐观数据""火车准时驶离上海。窗外，整个国家正在流动。"这是西班牙《世界报》记者德拉卡尔笔 下的中国见闻。农历春节前夕，他融入春运铁路客流潮，开启"一趟12小时的春节之旅"。入境热潮的背 后，全球媒体看到的是中国持续扩大的"免签朋友圈"。俄罗斯主流媒体《俄罗斯报》报道，数据显示， 2026年春节期间，俄罗斯游客赴华旅行预订量同比增长471%。免签政 ...

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...

Group 1 - The global market is focused on the new 15% tariffs announced by President Trump, which may face legal challenges, while bilateral trade agreements remain valid [4][10] - The A-share market is set to open for trading after the Spring Festival, with public funds prepared for investment, anticipating a balanced market structure with a focus on "technology growth" and "Chinese advantages" [5] - The Spring Festival box office has exceeded 5 billion yuan, marking the eighth consecutive year of over 100 million viewers [6] Group 2 - The Chinese government is pushing for modernization in agriculture, emphasizing the integration of various sectors and the development of technology-driven agriculture [2] - The steel industry in China has achieved significant reductions in energy consumption and emissions, with over 80% of crude steel capacity meeting ultra-low emission standards [6] - The AI industry is experiencing strong demand, with companies like SK Hynix and Huagong Technology reporting full order books and operational capacity [8] Group 3 - The global investment landscape is seeing a surge in capital inflow into Latin American markets, with the MSCI Emerging Markets Latin America Index reaching an eleven-year high [11] - The Chinese yuan has been appreciating against the US dollar, driven by favorable external conditions and increased corporate demand for currency exchange [11]

正月初二至初七 央视新闻联合多家博物馆推出 《文博日历》"博物馆里过大年"系列活动 （文末有惊喜） 喜迎马年 在南越王博物院 有一位来自东汉的"顶级射手" 人马合一，箭在弦上，蓄势待发 尺寸虽小，细节却满满 一位勇士骑在战马上拉弓射箭 人马合铸 战马昂首嘶鸣，体态饱满健壮 马背上的勇士，穿靴着袍 举弓欲射，箭在弦上 蓄势待发，动态十足 整个画面就差一个"嗖"的音效了 更特别的是 这位马背上的勇士"双线操作" 一面冷静回望来路，一面目光锐利瞄准目标 这在战场上属于"全景视角" 攻防意识拉满 这件青铜骑射俑出土于南越国宫署遗址 是呈现东汉骑射艺术的珍贵实物 也是岭南地区东汉青铜铸造技艺的 典型代表 02 方寸之间看见 东汉岭南地区的"骑射"密码 仔细观察这尊青铜骑射俑 我们可以发现 ①马背上没有脚蹬 这意味着勇士需要 凭借腰腿的核心力量与娴熟技巧 来保持平衡并完成骑射 展现了骑兵高超的驾驭能力 ②马匹膘肥体壮却不高大 这很可能就是 适应岭南丘陵地形的"果下马" 骑行者穿行于果树之下也不会碰触枝条 更灵活机敏 广西特有的德保矮马 是目前世界上最矮的马 据说就是"果下马"的后代 《汉书》中描述"果下马"为："高三尺， ...

95亿人次在这个节日踏上旅程，机器人在春晚舞台"大展身手"，外国人扎堆来华体验中国年……透过全 球媒体的报道，中国春节的火热图景生动地呈现在世界面前。在全球媒体的"聚光灯"下，春节不仅是辞 旧迎新、团圆和谐的节日，更是一个窥见中国经济活力、创新能力与文化魅力的窗口，世界看到了一 个"自信向未来"的中国。 让外媒惊叹的，不仅是机器人高超的武艺，更是中国技术发展的速度。德国《焦点》周刊发现，与2025 年春晚节目相比，新一代人形机器人已解决平衡难题——如今不仅能做后空翻，还能挥舞双节棍。路透 "我们只在科幻电影中见过的武术盛宴"、"当好莱坞还在拍摄《终结者》系列电影时，中国已经在展示 真正的机器人"。 ——匈牙利和泰国媒体如此点评春晚舞台上的"人机共武" "2026年中国春节的一大亮点，是外国游客数量的强劲增长。" ——《秘鲁21世纪报》报道说，旅行便利化措施的进一步实施，为中国旅游业带来"乐观数据" 带动经济的庞大引擎 "火车准时驶离上海。窗外，整个国家正在流动。"这是西班牙《世界报》记者德拉卡尔笔下的中国见 闻。农历春节前夕，他融入春运铁路客流潮，开启"一趟12小时的春节之旅"。 入境热潮的背后，全球媒体看到 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 10 日 证券研究报告·中山每日点评 ——2 月 10 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 主要指数窄幅震荡 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.13 | 北证 50 | -0.61 | | 深证成指 | 0.02 | 万得全 A | 0.06 | | 沪深 300 | 0.11 | 中证 500 | -0.06 | | 科创 50 | 0.91 | 红利指数 | 0.43 | 资料来源：Wind，中山 ...

重要新闻提示 港交所主席唐家成指出，2026年以来，已有24只新股上市，集资额超过870亿港元，目前排队上市的企 业有488家。港交所今年将全力推进各项工作，包括公布提升上市制度和T+1的咨询文件。 特区政府财经事务及库务局副局长陈浩濂在香港黄金交易所农历年黄金启市日暨2026年新春开市仪式上 表示，为进一步多元发展香港的国际金融业务，特区政府正全力推动香港成为国际黄金交易中心。陈浩 濂说，将以三年超越2000吨为拓展在港黄金仓储的目标，打造香港成为区域黄金储备枢纽。在推动大宗 商品交易方面，目前已有15个伦敦金属交易所认可的仓库在香港营运。港交所也会深化与广州期货交易 所及内地其他大宗商品市场的联通发展。 春节假期商品消费需求旺盛，智能眼镜、智能血糖仪等智能产品备受青睐 国家发展改革委将重点从四方面推动现代化首都都市圈建设 2026春节档档期总票房（含预售）突破39亿元；2026年年度电影总票房（含预售）突破60亿元 1. 据央视新闻2月20日报道，商务大数据显示，春节假期前四天，全国重点零售和餐饮企业日均销售额 较2025年假期前四天增长8.6%。 商品消费需求旺盛。以旧换新政策效应持续显现，截至2月19 ...

Group 1 - The media sector has seen a significant surge, with multiple stocks experiencing strong performance and daily trading volume exceeding 180 billion, marking a near two-year high in market share [1] - Investors are cautioned to look beyond surface-level market enthusiasm and focus on the underlying trading intentions of capital, as the direction of the market is primarily driven by actual fund movements rather than mere news or hype [1] - Quantitative data analysis is highlighted as a valuable tool for investors to gain insights into market dynamics, helping them to avoid subjective biases and understand the true intentions of capital [1] Group 2 - The article emphasizes the importance of recognizing "profit-taking" signals when prices are rising, as this indicates that previous investors may be cashing out, which can lead to a slowdown in price momentum [2] - A case study illustrates that during a period of price increase, five out of eight trading days were dominated by "profit-taking" behavior, suggesting that despite rising prices, significant capital was exiting the market, leading to potential corrections [5] - The concept of "short covering" is introduced as another critical signal, indicating that previously bearish investors are starting to buy back, which can stabilize or reverse downward price trends [5][6] Group 3 - The article provides examples of "short covering" where, despite price declines, the majority of trading days showed signs of buying activity from short sellers, indicating a potential rebound in prices [11] - Quantitative data is presented as a means to objectively assess market conditions, allowing investors to see behind price movements and avoid being influenced by emotional reactions to market fluctuations [14] - The use of quantitative analysis is portrayed as a way to equip investors with a clearer understanding of market realities, enabling them to make more informed decisions without relying on complex terminology or gut feelings [14]