各大券商分析师春节"连轴转" 每经记者｜王海慜 每经编辑｜何小桃 赵云 宋思艰 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商的分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的连续七天新春专题路演，到中信证券聚焦AI大模 型的系列电话会，再到多家机构跟踪春节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 《每日经济新闻》记者注意到，今年春节加班路演已经成为各券商研究所的常态，无论是中小券商还是头部券商都在假期中继续"营业"，"加更"观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能概念股表现亮眼。2月20日和23日，恒生科技指数 走势先抑后扬，迎来马年"开门红"。 同时业内预计，美国此次关税裁定落地利好非美市场资产，叠加A股春节效应的历史正向表现，市场对马年节后"红包行情"的延续抱有较高期待。 截图来源：网络 最近，兴业证券策略首席张启尧的春节路演计划表在圈内刷屏：从大年初一至初七，他和团队同事一起每天15:00准时与投资者连线。 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、20 ...

Group 1 - The U.S. government is considering a military strike against Iran if diplomatic efforts fail, with a potential first strike planned in the coming days [1][3] - Trump has indicated that if initial precision strikes do not compel Iran to abandon its nuclear program, a larger military action may be considered later this year [1][3] - U.S. and Iranian representatives are set to meet in Geneva for what appears to be the final round of negotiations to avoid military conflict [1][3] Group 2 - Iran's Foreign Minister has stated that diplomatic solutions to the nuclear issue are still viable and emphasized the importance of negotiations over military actions [4][12] - Iran is preparing a proposal to submit to the U.S. and believes that an agreement could be reached soon, potentially better than the 2015 nuclear deal [4][12] Group 3 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act was unlawful, prompting a response from the Chinese government [2][10] - China opposes unilateral tariff measures and emphasizes that trade wars have no winners, urging the U.S. to eliminate such tariffs [2][10] Group 4 - The Hong Kong stock market saw significant movements, with the Hang Seng Index rising by 2.531% and the Hang Seng Tech Index increasing by 3.336% [5][14] - Notable stock performances included Zijin Mining up by 5.347% and NIO-SW up by 5.290% [6][14] Group 5 - The AI model company Kimi has achieved rapid growth, becoming the fastest domestic company to reach a valuation of over $10 billion, with significant revenue growth driven by international users [7][15] - Kimi's recent funding rounds have exceeded $1.2 billion, and its revenue in the last 20 days surpassed its total revenue for the previous year [7][15] Group 6 - The AI sector experienced volatility, with significant declines in stock prices for companies like Zhiyu and Haizhi Technology, attributed to a recent apology letter addressing user concerns [8][16] - Zhiyu's market value dropped by over 700 billion HKD following the announcement, despite previous strong performance [8][16]

Group 1 - The Hong Kong stock market experienced a significant rise on February 23, with the Hang Seng Index increasing by 2.53%, the Hang Seng China Enterprises Index by 2.65%, and the Hang Seng Tech Index by 3.34% [1] - Major stocks such as Zijin Mining, Meituan, and SMIC led the gains, each rising over 5%, while Tencent and Alibaba increased by more than 3% [1] - During the Chinese New Year holiday, the Hang Seng Index saw a cumulative increase of 1.94%, with the China Enterprises Index up by 1.82% and the Tech Index by 0.47% [1] Group 2 - The AH share premium index fell by 2.34% to 113.68 points, marking the lowest level since July 2, 2018, influenced by the strong performance of the Hong Kong market [1] - As of February 23, there were nine stocks with H shares trading at a premium to their A shares, including CATL with a premium exceeding 31% and others like China Merchants Bank and WuXi AppTec with premiums over 10% [1] - Market analysts believe that the positive performance of the Hong Kong market during the holiday may provide a boost to the A-share market post-holiday, with several brokerage firms optimistic about A-share performance [1]

（来源：经济日报） 转自：经济日报 存储芯片进入卖方市场！ 近日，SK海力士在高盛的电话会上发布对存储行业及公司经营的最新观点。该公司认为，全球存储器 产业已彻底转向卖方市场，2026年价格涨势将贯穿全年。 目前，能够直接参与SK海力士、三星电子等存储龙头投资的公募基金并不多见。华泰柏瑞中证韩交所 中韩半导体ETF是目前市场上少数实现跨境布局的产品，开年以来涨幅达25.65％。 此外，A股市场上聚焦半导体投资的相关基金近期反复活跃。有公募表示，以半导体高端设备、关键零 部件、高价值耗材等为核心的存储扩产链，可能是2026年A股半导体投资能见度最高的方向之一，有更 多机会为市场贡献确定性和韧性。 存储价格涨势将贯穿2026年全年 近日，SK海力士在高盛的电话会上发布对存储行业及公司经营的最新观点。SK海力士认为，全球存储 器产业已彻底转向卖方市场，2026年价格涨势将贯穿全年。 公司透露目前DRAM及NAND库存仅剩约4周，且没有任何客户能完全满足需求。更为严峻的是，2026 年高频宽存储器（HBM）产能已提前售罄，标准型DRAM的极度短缺正大幅提升供应商议价权，产业 链已启动长期合约谈判以锁定未来供应。 SK ...

转自：新华财经 新华财经香港2月23日电（记者林迎楠）23日港股主要指数收涨，截至收盘，恒生指数上涨2.53%至 27081.91点，恒生科技指数上涨3.34%至5385.35点，国企指数上涨2.65%至9197.38点。 当日恒指开盘拉高向上，午前稍有回落，午后开市延续上涨态势，主板成交超1729亿港元。 成交额前三的个股中，腾讯控股涨3.07%，成交超118亿港元；阿里巴巴涨3.47%，成交超68亿港元；美 团涨5.26%，成交55亿港元。 编辑：郭洲洋 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 整体来看，多数板块上涨，新消费、黄金、有色金属、商业航天、新能源车企、科网、银行、券商等股 多为上涨，生物医药、石油与天然气、影视等股有涨有跌，奶制品、纸业等股多有下跌。 个股方面，智谱跌22.76%，携程集团-S涨1.73%，友邦保险涨4.07%，比亚迪股份涨4.87%，MINIMAX- WP跌13.35%，紫金矿业涨5.35%，长飞光纤光缆涨14.43%，宁德时代涨3.14%，老铺黄金涨2.66%，工 商银行涨2.34%，中国太平涨2.06%，华虹半导体涨4.51%，国泰君安国际 ...

据智通财经消息，研微半导体，研微（江苏）半导体科技有限公司完成A轮融资，总融资额近7亿元。 新引入石溪资本、金石投资、高瓴资本、安芯资本、冯源资本、芯辰资本、中证投资、泰达科投、金圆 资本、合肥产投、典实资本、永鑫方舟等多家投资方；老股东湖杉资本、襄禾资本、毅达资本、欣柯资 本、春华资本等持续加码。此次募集资金将重点用于核心产品迭代、产能建设及研发扩容。 转自：智通财经 ...

截至2026年2月23日14:55，恒生科技指数(HSTECH)上涨3.58%，美团-W上涨5.63%，中芯国际上涨 5.10%，华虹半导体、蔚来-SW跟涨。 截至2026年2月13日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近2年夏普比率为1.14，在可比基 金中排名6/26，风险收益比较高。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近今年以来最大回撤9.85%，相对 基准回撤0.07%。 汇添富恒生科技ETF联接发起式(QDII)C是汇添富基金旗下的一只其他型基金，成立于2022年10月31 日。通过投资于恒生科技ETF汇添富(513260)，紧密跟踪标的指数表现，追求跟踪偏离度和跟踪误差的 最小化。现任基金经理乐无穹，具有11.7年证券从业经验，自2022年10月31日任职以来回报达66.33%。 汇添富港股科技配置观测工具箱： 【港股科技宽基·经典载体】汇添富恒生科 ...

Core Viewpoint - Hefei Luxiao Semiconductor Materials Co., Ltd., a subsidiary of Luxiao Technology, has achieved a significant breakthrough in the field of semi-insulating silicon carbide by successfully producing 12-inch silicon carbide single crystal samples, marking a key advancement in the development of a comprehensive product matrix of "conductive + semi-insulating" materials [1][1][1] Group 1 - The successful production of 12-inch silicon carbide single crystal samples indicates a complete process development from crystal growth to substrate testing [1] - This achievement positions Hefei Luxiao as a critical player in the large-size silicon carbide market, suggesting potential competitive advantages in future developments [1][1]

Core Insights - The Hang Seng Tech Index exhibits a highly concentrated weight structure, with the top ten constituent stocks accounting for nearly 70% of the total weight, highlighting a significant disparity in market capitalization distribution [1][4]. Group 1: Weight Distribution and Market Capitalization - The top five constituent stocks of the Hang Seng Tech Index have a combined weight of 39.69%, while the top ten account for 69.09%, and the top fifty make up 99.99%, indicating a highly concentrated characteristic [4]. - The largest individual stock, Alibaba, has a market capitalization of HKD 48,764.54 billion, while the smallest stock has a market capitalization of HKD 388.48 billion, with an average market capitalization of HKD 5,183.27 billion and a median of HKD 1,827.69 billion, reflecting significant market capitalization disparity [4]. Group 2: Industry Analysis of Top Constituents - Alibaba is categorized under consumer discretionary and internet platform sectors, with core businesses including retail, cross-border commerce, cloud computing, and digital media, demonstrating strong platform attributes and resilience against cyclical risks [4]. - SMIC (Semiconductor Manufacturing International Corporation) belongs to the information technology and semiconductor sector, positioned at the core of the semiconductor supply chain, benefiting from domestic substitution and AI computing demand [4]. - BYD is classified under consumer discretionary and the electric vehicle sector, with a comprehensive layout across vehicles, batteries, semiconductors, and rail transit, making it one of the most integrated companies in the new energy industry [4]. Group 3: Overall Index Characteristics - The Hang Seng Tech Index is characterized by a concentration of leading firms, distinct technological attributes, and high growth potential, with the top ten constituent stocks focusing on internet platforms, semiconductors, new energy, and consumer electronics, covering the core asset matrix of China's digital economy [5]. - The ETF aims to balance the allocation of core assets in Hong Kong's technology sector while capturing the medium to long-term growth momentum of China's new economy [5].

Group 1 - A-shares experienced a rise before the holiday, with the Shanghai Composite Index up 0.41%, the Shenzhen Component Index up 1.39%, and the ChiNext Index up 1.22% [1] - After the Spring Festival, the A-share market is expected to trend upwards due to policy expectations, liquidity support, and industry trends, with a focus on policy-driven opportunities [1] - Key sectors to watch include non-competitive concepts benefiting from improved supply-demand dynamics, such as precious metals, oil and petrochemicals, and basic chemicals [1] - The AI and robotics sectors are anticipated to show structural highlights post-holiday, driven by increased attention during the Spring Festival [1] Group 2 - The Spring market is expected to continue, with price increases being a core focus for the first quarter, as AI technology leads to a significant expansion in code generation [2] - Industries are categorized based on physical dependency and regulatory barriers, indicating a widening gap in returns between beneficiaries of physical scarcity and those affected by code expansion [2] - The A-share market is less impacted by AI disruptions compared to US and Hong Kong markets, maintaining a positive sentiment for continued investment [2] Group 3 - The media sector is poised to benefit from new AI applications, with 2026 being a pivotal year for AI integration in media, enhancing digital marketing and content generation [3] - The Spring Festival showcased AI's potential, leading to increased public awareness and interest in technology applications within the media sector [3] Group 4 - A "red envelope market" is anticipated post-holiday, driven by external uncertainties and a favorable exchange rate for the Chinese yuan, which may enhance long-term investment in Chinese assets [4] - The technology sector is expected to see a boost from various catalysts released during the Spring Festival, raising expectations for a tech-driven market [4] Group 5 - The market is currently in a strong oscillation phase, with mixed signals from overseas markets, indicating a cautious approach to trading [5] - The A-share market is expected to experience a trendless opening post-holiday, with a focus on sectors like AI applications and robotics that have shown potential [6] - A "systematic slow bull" opportunity is still favored, with recommendations to hold positions in relatively undervalued sectors such as securities, building materials, and banks [6]