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]

Core Insights - Baidu's Q4 and full-year financial report highlights significant growth in AI business, with AI revenue surpassing 40% of total revenue, and continued strong growth in intelligent cloud services [1] - The company is advancing the independent listing of its self-developed chip company, Kunlun [1] - Baidu's stock price showed volatility post-earnings, reflecting mixed performance among constituents of the Hang Seng Internet ETF [1] Financial Performance - In Q4, Baidu's AI new business revenue reached 11.3 billion yuan, accounting for 43% of total general business revenue, up from 39% in the previous quarter [1] - The monthly active users of Baidu's AI application, Wenxin Assistant, are projected to reach 202 million by the end of Q4 2025 [1] Strategic Direction - Baidu plans to integrate Baidu Wenku and Baidu Netdisk to accelerate AI application innovation [1] - The company emphasizes that application is more important than the model, as the value of the model is realized through its application [1] Market Context - Industry analysts note a shift in the valuation anchor for Hong Kong tech giants from traditional advertising and traffic-based growth to AI infrastructure and service provision, which adds valuation flexibility [1] - Baidu's stock had previously surged by 40% at the end of last year but has recently faced adjustments alongside the Hang Seng Tech Index [1] Investment Opportunities - Investors can leverage the Hang Seng Internet ETF and other mainland-listed ETFs to capture recovery opportunities among Hong Kong internet giants [2] - Baidu is considering upgrading its secondary listing in Hong Kong to a "dual primary listing" to attract mainland capital [2]

Core Viewpoint - The Hong Kong stock market shows a slight upward trend but remains weak overall, with the Hang Seng Index and Hang Seng Tech Index experiencing minor gains [1][2]. Company Performance - Baidu Group (HK09888) reported a total revenue of 129.1 billion yuan for 2025, with AI business revenue reaching 40 billion yuan; in Q4 2025, total revenue was 32.7 billion yuan, with AI business income accounting for 43% of general business revenue, exceeding market expectations [4]. - BeiGene (HK06160) achieved its first annual profit, with total revenue of 38.205 billion yuan, a year-on-year increase of 40.4%; product revenue reached 37.77 billion yuan, up 39.9%, driven by sales growth of drugs like Zebrutinib and Tislelizumab, with sales from licensed products from Amgen amounting to 3.471 billion yuan, a 33.6% increase [4]. - Tencent Holdings (HK00700) saw a slight rebound in early trading, with a gain of 1.07% [4]. Market Trends - Tencent's app, Tencent Yuanbao, re-entered the top 10 of the Apple App Store free app rankings, indicating a recovery in user demand post-Spring Festival [5]. - The technology sector stocks collectively rebounded, with Alibaba and JD.com showing slight increases, while the automotive sector weakened, with NIO dropping nearly 1% [5]. IPO Market Outlook - Multiple institutions express optimism regarding the Hong Kong IPO market for 2026, with UBS predicting a financing scale exceeding 300 billion HKD and around 150-200 listings [6]. - Huatai Securities estimates the main board IPO financing scale at approximately 310 billion HKD, with around 100 new companies [6]. - Deloitte forecasts about 160 new listings in the Hong Kong stock market, with a financing amount not less than 300 billion HKD [6]. - PwC anticipates around 150 new listings, with total fundraising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [6]. - Analysts from China Merchants Securities note that the current valuation of the Hong Kong technology sector is at a historical low, suggesting it is undervalued in the context of the AI development and technology-driven growth era [6].

花旗发表报告指，百度2025年第四季收入符合预期且盈利胜预期。展望2026年，该行预期昆仑芯收入将 达132亿元，占AI云基础设施总收入52%，该业务收入预计按年增30%至256亿元。AI原生营销业务收入 则预测按年增51%至148亿元。经估值调整后，该行将百度美股的目标价由186美元上调至188美元。基 于估值合理、分拆昆仑芯潜在溢价，以及robotaxi业务海外拓展动能，维持对其"买入"评级。 ...

自去年10月触及阶段高点以来，港股科技股持续走弱，截至最新收盘日，恒生科技指数累计跌幅超23%。 事实上，这一交易逻辑此前已在美股市场引发连锁反应，软件及相关板块个股遭遇大幅杀跌。由于恒生科技指 数的权重股以互联网平台公司为主，其商业模式恰好处于本轮资金撤离的风口浪尖，因而难以避免地受到波 及。 从资金面看，港股市场的悲观情绪正逐步向机构端扩散。据媒体报道，部分原本长期持仓的机构筹码已出现松 动迹象。南向资金最近两个交易日连续净卖出，累计金额超过110亿港元。作为长线资金重要配置标的的盈富 基金，近日亦连续遭遇南向资金减持，昨日单日净卖出额更是超过44亿港元，反映出长线资本对互联网平台前 景的谨慎态度正在升温。 浦银国际分析指出，受外部市场扰动，乐观情绪冲高回落，部分交易型指标动能转弱。估值端看，恒指仍位于 过去五年一倍标准差以上，但恒生科技指数仍偏低，位于过去五年均值附近。盈利端，A股和港股指数盈利预 期出现企稳回升的迹象，若本次业绩期公司普遍上调今明两年业绩指引，盈利有望成为市场向上的关键驱动 力。 部分代表中国新经济的核心科技资产，其估值已经回调至更具吸引力的区间。港股科技50ETF招商（159750） ...