港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周二港股市场单边下挫，恒生指数收跌 1.82%， 报 26590.32 点；恒生科技指数跌 2.13%，报 5270.7 点；恒生中国企业指数下挫 2.06%，报 9007.86 点。市场成交额 2509.92 亿港元，较前 一交易日 1729.63 亿港元显著放量。恒生指数成 分股中，中国生物制药跌 6.6%，翰森制药跌 6.4%，中国人寿跌 6.1%，万洲国际涨 4.4%。恒生 科技指数成分股中，金蝶国际跌 7.8%，商汤-W 跌 5.8%，华虹半导体涨 3.1%。港股通成分股中，中 国中免跌 10.5%。 美股市场 1. 周 ...

Core Viewpoint - The market is shifting its pricing logic from "expandable light asset narratives" to "buildable, irreplaceable physical capacities and networks" due to higher real interest rates, geopolitical fragmentation, supply chain restructuring, and a wave of AI capital expenditure [2][3] Group 1: Market Dynamics - Goldman Sachs describes this shift as "scarcity repricing," where the market rewards capacity, infrastructure, and engineering complexity, which are costly to replicate and less likely to be technologically obsolete [3][4] - The report highlights that companies are decisively returning to tangible assets, with unprecedented value appreciation for capacity, infrastructure, and long-cycle assets [4][5] Group 2: Impact of AI on Asset Valuation - The rapid rise of AI is challenging the profitability and terminal value of previously dominant "new economy" models, particularly in software and IT services [6][7] - AI is reshaping capital expenditure patterns, with major tech companies expected to invest approximately $1.5 trillion in capital expenditures from 2023 to 2026, significantly surpassing their historical investments [9][10] Group 3: Performance of Heavy vs. Light Assets - The performance of Goldman Sachs' "heavy asset portfolio" has outperformed the "light asset portfolio" by 35% since 2025, indicating a market preference for tangible assets [10] - The valuation gap between heavy and light assets has narrowed significantly, with heavy asset companies driving the convergence rather than a broad devaluation of light asset companies [10][11] Group 4: Defining Heavy Assets - Heavy assets are characterized by high physical capital requirements and low obsolescence rates, with industries like utilities, energy, and telecommunications firmly in this category [11][12] - In contrast, software and IT services are categorized as light assets, heavily reliant on human capital rather than physical capital [12] Group 5: Macroeconomic Factors - Heavy asset stocks tend to perform well in high-interest rate environments, benefiting from stronger nominal economic activity and government spending [13][14] - The profitability outlook for heavy asset companies is improving, with expected EPS compound annual growth rates of 14%, compared to 10% for light asset companies [15] Group 6: Investment Trends - Despite recent performance, the rotation towards heavy assets is still in its early stages, with significant underallocation in value stocks compared to growth stocks [16][17] - The physical assets' "bulletproof" characteristics are becoming increasingly valuable in an AI-accelerated market, highlighting a potential long-term shift in market leadership [17]

纳斯达克的市场定位主要体现在以下几个方面： （一）从企业规模与发展阶段角度 纳斯达克全球精选市场：定位为全球范围内的大盘蓝筹企业，是纳斯达克最高层次的市场。主要吸引已经发展成熟、具有强大实力和优秀业绩的大型企业， 如苹果、微软等科技巨头。其上市标准是三个层次中最高的，对公司的财务状况、市值、流动性等方面都有较高要求，旨在挑选出具有优秀业绩和强大实力 的公司。 纳斯达克市场以其独特的市场定位、鲜明的特征和多层次的上市标准，成为全球资本市场中璀璨的明珠。为科技创新企业提供了广阔的发展空间，为投资者 创造了丰富的投资机遇，也为全球经济的创新发展注入了强大动力。无论是对于寻求融资发展的企业，还是渴望获取高回报的投资者，纳斯达克市场都具有 不可抗拒的吸引力。在未来，随着科技的不断进步和全球经济的深入发展，纳斯达克有望继续发挥其独特优势，引领全球资本市场的创新与变革。本文将从 市场定位、特征以及上市标准等方面进行剖析。 ▍纳斯达克市场定位 纳斯达克以科技股为主导，是全球科技企业的主要融资平台之一，吸引了众多科技、互联网、生物医药等新兴行业的企业上市。这些行业具有高成长性、高 创新性和高风险性等特点，与纳斯达克市场对成长型 ...

Core Viewpoint - Anthropic's recent developments in AI tools have triggered significant volatility in the software industry, leading to substantial stock declines for traditional software companies like IBM, while also creating new opportunities for collaboration and growth in AI-driven services [1][2][5][12]. Group 1: Impact on Traditional Software Companies - IBM's stock fell over 13% on February 23, marking its largest single-day drop in over 25 years, primarily due to concerns over Anthropic's AI capabilities modernizing COBOL, a language critical to IBM's mainframe business [1][6]. - The software sector has seen a market value loss exceeding $1 trillion since late January, with companies like CrowdStrike, Zscaler, and Salesforce also experiencing significant stock declines [8][12]. - Despite the downturn, some analysts believe the current sell-off may be overdone, suggesting that traditional software companies could rebound as AI enhances their service offerings [13][14]. Group 2: Anthropic's AI Developments - Anthropic launched 10 enterprise-level AI plugins on February 24, aimed at various sectors including finance and legal compliance, which positively impacted the stock prices of previously affected companies like Thomson Reuters and Salesforce [1][9]. - The company reported that its AI tools could modernize COBOL codebases in a matter of quarters rather than years, addressing a critical need in industries reliant on this legacy technology [6][15]. - Anthropic's rapid growth is evident, with an annualized revenue of $14 billion, reflecting a tenfold increase over three years, positioning it as a significant player in the AI market [15]. Group 3: Market Reactions and Future Outlook - The market is divided on the implications of AI for traditional software; some view it as a threat to existing business models, while others see it as an opportunity for transformation and adaptation [12][14]. - Analysts have noted that AI's introduction is reshaping pricing models and user interactions in software, potentially leading to a more flexible and open ecosystem [12]. - The contrasting fortunes of traditional software stocks and AI startups, such as Anthropic's recent $30 billion funding round, highlight the ongoing tension and potential for disruption within the industry [14][15].

近一个多月以来，Anthropic正在全球软件行业引发一场堪比"雪崩"的连锁反应。 美东时间2月23日，IBM股价收盘暴跌超13%，创下其逾25年来最惨烈的单日跌幅。导火索就是Anthropic，当日，该公司宣布其旗下工具Claude Code能够对 COBOL这一古老的编程语言进行现代化改造，这种语言要在IBM的大型机上运行。 开年以来，笼罩在AI阴影下的传统软件巨头远不止IBM。从网络安全领域的CrowdStrike、Zscaler，到SaaS领域的Salesforce、ServiceNow，这些股票均遭遇 了不同程度地抛售。行业认为AI正摧毁传统软件赖以生存的商业模式。 但就在2月24日，剧情有了新的变化。Anthropic宣布推出10款企业级AI插件，覆盖股票研究、投资银行、法律合规等多个领域，而合作方正是此前被视 为"受害股"的汤森路透、FactSet、Salesforce旗下Slack等公司。消息一出，汤森路透涨超10%，IBM、Cloudflare也跟涨近3%。 天使投资人、资深人工智能专家郭涛对第一财经记者表示，此前软件股的暴跌，是恐慌情绪与现实竞争压力的共同结果。"虽然AI工具确实替代了部分 ...

Group 1 - The total issuance scale of new funds in China has exceeded 209.4 billion yuan, with 227 new funds established as of February 24, 2026 [1] - 65 funds have raised over 1 billion yuan, with 15 funds exceeding 3 billion yuan, indicating strong market interest [1] - Insurance institutions are optimistic about the A-share market and plan to slightly increase their allocation to A-shares in 2026 [1] Group 2 - Over 93.2% of insurance asset management products have achieved positive returns this year, with nearly 20 products yielding over 10% [1] - The focus for insurance asset management institutions is expected to shift towards technology innovation and high-quality listed companies in key sectors [1] Group 3 - The private credit fund industry is facing warnings of potential defaults, with UBS predicting a default rate could reach 15% [2] - Concerns have been raised about the stability of private credit funds, particularly following redemption restrictions by Blue Owl Capital [2] Group 4 - The banking sector has seen a cold start to the year, with institutions expressing concerns over credit quality and lending trends [2] - Recent financial data indicates a rare year-on-year decline in credit issuance, raising questions about the banking sector's performance [2] Group 5 - The cancellation of export tax rebates for the photovoltaic industry is set to take effect on April 1, 2026, which may accelerate industry consolidation [3] - Companies are increasing production to maximize exports before the policy change, but there are concerns about demand in the second quarter [3] Group 6 - The global storage chip market is expected to see price increases starting in Q3 2025, driven by advancements in AI and computing power [4] - Chinese storage companies are making significant progress, positioning themselves as key players in the global market [4] Group 7 - HP reported a first-quarter revenue of $14.4 billion, a 6.9% increase year-on-year, with personal systems business revenue growing by 11% [6] - The company expects adjusted earnings per share for the fiscal year to be between $2.90 and $3.20 [6] Group 8 - Keep anticipates a narrowed loss of approximately 72 million yuan for the fiscal year ending December 31, 2025, compared to a larger loss in the previous year [6] - The company also expects to report an adjusted profit of around 25 million yuan for the same period [6] Group 9 - Huayi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [7] - The application is subject to approval from regulatory bodies, indicating potential future growth opportunities [8] Group 10 - Kaipu Cloud has terminated its major asset restructuring plan to acquire a 70% stake in Nanning Taike Semiconductor due to market changes [9] - The company has committed to not planning any major asset restructuring for at least one month following the announcement [9] Group 11 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately $175 million, pending shareholder approval [10] - The transaction is not classified as a related party or major asset restructuring, but it carries uncertainties regarding implementation [10] Group 12 - Supor reported a slight increase in revenue for 2025, but a 6.58% decline in net profit, attributed to decreased export orders and rising sales expenses [11] - The company is focusing on cost reduction and efficiency improvements to enhance profitability [11] Group 13 - Aidi Pharmaceutical reported a revenue increase of 72.49% for 2025, but still incurred a net loss of approximately 19.73 million yuan [12] - The increase in revenue is linked to higher sales of innovative HIV drugs and the consolidation of Nanda Pharmaceutical's operations [12] Group 14 - Weidong Nano reported a revenue decline of 2.52% for 2025, with a net profit decrease of 6.12%, influenced by reduced acceptance of photovoltaic equipment [13] - The company continues to invest heavily in R&D to maintain its competitive edge in new photovoltaic technologies [13] Group 15 - U.S. stock markets saw collective gains, with the Nasdaq rising by 1.04%, driven by rebounds in software and AI-related stocks [14] - The dollar index rebounded, while gold and silver prices experienced declines after recent highs [14]

周二，Anthropic在其企业智能体活动中宣布，将为其生产力工具"Claude Cowork"推出重大更新。此次 发布标志着该产品从研究性质正式向企业级转型，一口气推出了10款全新的AI插件工具，将AI的触角 拓展到投资银行、财富管理、人力资源(HR)、私募股权(PE)及工程设计等多个垂直场景。这些更新允许 企业将其集成到包括赛富时(CRM.US)旗下的Slack、财捷(INTU.US)、DocuSign(DOCU.US)、 LegalZoom(LZ.US)、慧甚(FDS.US)以及谷歌(GOOGL.US)Gmail在内的众多企业应用中。 在人工智能(AI)初创公司Anthropic宣布与一系列企业建立合作伙伴关系后，投资者周二重新开始寻找遭 受重创的软件公司股票的底部信号。此前，由于市场担忧包括Anthropic工具在内的AI技术将颠覆其商 业模式，软件股在最近几周遭受了严重打击。 风险犹存，但"严重超卖" 周二反弹的背景是软件板块近期遭遇历史性抛售。此前Anthropic推出Claude Cowork代理工具的消息曾 引发多类股票严重抛售。本周一，IGV更是触及10个月低点，因市场研究机构Citrini ...

昨晚美股终于红了。道指涨0.76%，纳指涨超1%，AMD大涨8.8%，软件股集体回血。 资金发现AI不会一夜之间干掉软件公司，反而可能成为它们的工具，于是回来捡便宜的筹码。但别指 望回到去年那种普涨。分化才是常态。 给你三条操作建议： 第一，别只看涨跌，看逻辑。手里那些靠情绪推着的票，趁反弹调一调。 第二，盯住合作、订单、业绩。AMD涨是因为Meta签了合同，不是因为它又讲了新故事。 但你要看清一个细节——这次涨的，和以前不一样。 以前涨，是AI在"讲故事"。英伟达一飞冲天，沾AI就涨。昨晚涨，是AI在"签合同"。Meta跟AMD签了 多年协议，要部署6000兆瓦的GPU；Anthropic说Claude可以连DocuSign了，软件股应声而起。 这意味着什么？资金正在从"听故事"切换到"看实锤"。谁有订单、谁有合作、谁能落地，谁就涨。那些 只靠概念撑着的，继续跌。 另一个信号更有意思。美联储理事沃勒说，在他有生之年，没见过这样的技术革命。但他同时也说，就 业数据好，降息不急。古尔斯比更直接：通胀还在3%，别急着降。 这话翻译过来就是：利率高位会持续，但AI的产业趋势，他们看在眼里。 所以今晚的美股反弹，本质 ...

研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 25 日 星期三 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、美联储理事沃勒表示，首席执行官们表示人工智能将导致大量裁员。疲软的劳 | | | | | 动力市场状况可能持续下去。就业市场看起来有需求问题，而不是供给问题，仍认 | | | | | 为劳动力市场疲软且脆弱。 | | | | | 2、Citrini Research 一份设想 2028 年 AI 引发白领失业、消费萎缩与经济收缩的 | | | | | 情景报告，引发市场剧烈反应。DoorDash、American Express、KKR、Blackstone | | | | | 等股价大跌，支付与软件板块同步承压。 | | | | | 3、随着市场对 ...

【美联储理事警告：美联储货币政策可能无法应对AI引发的失业潮 】库克称，AI已引发美国劳动力市场的代际更迭，可能导致失业率上升，美联储可能无 法以降息应对，货币政策可能陷入两难——降息既无法有效应对结构性失业，又可能推高通胀；AI或先推高、后压低中性利率；生产率统计数据或需五到 十年才体现AI影响。另一理事沃勒认为，周一引发软件等行业股大跌的Citrini报告"夸大了AI对就业的潜在影响"，强调AI是种工具，不会替代人类。详见 ...