这位韩国第二大财团掌门人2月20日在华盛顿一场会议上将高带宽内存(HBM)称为"怪兽芯片"，表示该产品正为SK海力士创造巨额利润。这家芯 片制造商凭借AI芯片需求的爆发式增长，股价表现领跑全球半导体行业。 在股价过去一年飙升逾四倍、创下盈利纪录之际，SK海力士母公司SK集团董事长崔泰源承诺将扩大AI存储芯片产能，以满足全球数据中心建设 热潮带来的需求激增。 这一产能扩张计划凸显全球AI竞赛正在重塑半导体供应格局。从微软到Meta等美国科技巨头今年预计将投入约6500亿美元建设AI基础设施，这一 创纪录的支出正导致存储芯片出现全球性短缺。 市场主导地位进一步巩固 目前全球存储芯片市场由SK海力士、其韩国同行三星电子以及美国美光科技主导。在HBM这一AI关键组件领域，SK海力士已确立领先优势。该 公司2026年产能已被预订一空，美光的HBM产品也出现类似情况。 美国科技公司正展开大规模基础设施竞赛，试图在AI技术开发中占据优势。从微软、Meta到其他科技巨头，今年预计总计投入约6500亿美元用于 AI相关基础设施建设。这一史无前例的投资规模直接推动了对高性能存储芯片的需求。 SK海力士今年1月宣布，2026年资本 ...

2月23日，丙午马年港股开市后的第二个交易日，港股三大指数集体大涨。截至收盘，恒生指数涨2.53%，报27081.91点；恒生科技指数涨3.34%，报 5385.35点；国企指数涨2.65%，报9197.38点。 中银证券发布研报称，进入2026年，随着市场进入"盈利驱动上涨阶段"，在"反内卷"和扩内需驱动下，国内再通膨叙事强化，有色金属的强周期属性有望 体现，而金融属性及产业趋势将为行业带来重估机遇。配置上，建议以工业金属与战略小金属为矛，贵金属为盾；工业金属方面，在中期供需格局紧平衡 的状态下，铜价有望获得坚实支持，弱美元周期亦有望为铜价带来产业趋势的增强；战略小金属方面，投资主线正由事件推动的题材炒作，转换至基于长 期战略价值的系统性重估；贵金属方面，黄金中长期价格有望维持高位，短期波动提供布局机会。 $\boxed{\sqrt{\frac{\sqrt{2}}{4}}}$ 盘面上，贵金属板块走强。其中，潼关黄金领涨，赤峰黄金、紫金黄金国际、招金矿业、灵宝黄金等跟涨；半导体板块集体走高，中芯国际涨5.02%，华 虹半导体涨4.51%；科网股普涨，美团-W涨超5%，京东集团-SW、阿里巴巴-W、小米集团-W ...

Group 1 - The core narrative during the holiday period was influenced by macroeconomic factors, with precious metals driven by interest rate cut expectations and risk aversion sentiment [3][19] - Initial pressure on precious metals was due to a strong US dollar and adjustments in equity markets, but later rebounds in tech stocks and calming statements from Federal Reserve officials supported precious metal prices [3][19] - The US Supreme Court's ruling against Trump's previous tariff policies led to a weakening of the dollar, which in turn drove precious metals higher [3][19] Group 2 - Key economic data during the holiday included the US GDP growth rate of 1.4% for Q4 2025, significantly below the expected 2.5%, indicating a slowdown primarily due to government shutdowns and reduced consumer spending [4][20] - The US inflation rate remained stubborn, with the PCE price index rising to 2.9% in Q4, while the core CPI fell to 2.5%, the lowest in five years, indicating persistent inflationary pressures [4][20] - The Federal Reserve's statements regarding potential interest rate cuts were tempered by meeting minutes suggesting a willingness to consider rate hikes if inflation remains high, creating uncertainty in the interest rate path [5][21] Group 3 - Concerns over the impact of artificial intelligence on profits across various sectors led to a decline in equity markets prior to the holiday, but the market stabilized during the holiday period with tech stocks rebounding [5][21] - The Supreme Court's decision to overturn Trump's global tariffs fundamentally changed market pricing frameworks, leading to immediate increases in both stock and precious metal prices [6][22] - The geopolitical landscape remains uncertain, particularly with ongoing tensions in the Middle East and the lack of progress in US-Iran negotiations, which has implications for oil prices and market stability [7][23] Group 4 - The overall macro environment during the holiday was characterized by a lack of clear direction, influenced by narratives around interest rates, AI, geopolitical tensions, and trade tariffs, leading to volatility in the dollar and bond yields [8][24] - The market's focus on Trump's tariff narrative and its implications for pricing dynamics contributed to a stronger performance in precious metals, while the overall market remained sensitive to these narratives [8][24] - Upcoming events to watch include market reactions to the global tariff situation, Nvidia's earnings report, and statements from Federal Reserve officials, all of which could impact volatility [8][24]

2月23日，港股三大股指强势震荡。 截至当日收盘，恒生指数收涨2.53%，收报27081.91点；恒生科技指数涨3.34%，报5385.35点；恒生国 企指数涨2.65%，报9197.38点。 科技龙头、半导体、有色、新能源汽车股表现亮眼。紫金矿业、美团、中芯国际涨超5%，涨幅位居恒 指成分股前列。新能源汽车股普涨，蔚来涨近6%，比亚迪股份涨近5%。 行业方面，恒生原材料业指数大涨4.27%，赣锋锂业涨超8%，紫金黄金国际、五矿资源涨近7%。大模 型概念股回落，智谱跌近23%，MINIMAX跌超13%。 其实，在节前最后一个交易周，聚焦港股科技、互联网及消费板块的相关主题ETF已吸引了较为明显的 资金关注。 港股相关ETF产品节前净流入额居前 春节长假效应显现，股票型ETF在节前最后一周遭遇资金明显撤离。 Wind数据显示，2月9日至13日，全市场1338只股票型ETF持续"失血"，全周均为净流出状态。其中，2 月13日（节前最后一个交易日）的净流出额达到周内最高，为193.49亿元。 不过，在整体资金流出的背景下，部分行业主题ETF逆势获得资金加仓，尤以港股相关ETF产品表现突 出。 数据显示，易方达中概互 ...

2月23日，三大指数高开高走集体大涨。截至收盘，恒指涨2.53%，国指涨2.65%，恒生科技指数涨 3.34%。 科网股普涨，美团涨超5%，阿里巴巴、小米涨超3%，腾讯、京东涨超2%。半导体（核心股）、AI芯 片（核心股）股走强，英诺赛科、壁仞科技涨超9%，华虹半导体、中芯国际涨逾4%。光通讯概念走 强。长飞光纤光缆涨14%，剑桥科技涨超5%。 责任编辑：安东 AI大模型、机器人（核心股）板块回落，智谱大跌超22%，海致科技集团跌超21%，MINIMAX-WP跌 超13%，优必选跌超2%。消费股表现弱势，免税龙头中国中免跌超8%，蜜雪集团跌超1%。 恒生指数成分股中83只上涨，5只下跌，其中紫金矿业涨5.4%；美团-W涨5.3%，股价触底反弹，机构称 AI投资有望进入产业趋势下半场，科网股全线回暖；中芯国际涨5.0%。跌幅方面，蒙牛乳业跌1.9%， 美的集团跌0.7%。恒生科技指数成分股中29只上涨，1只下跌，其中蔚来-SW涨5.6%；华虹半导体（核 心股）涨4.5%，机构认为公司新12英寸晶圆厂Fab9A将于今年达到最高产能。 锂电概念股涨幅扩大，瑞银大幅上调国内锂价预测，市场进入第三次锂价超级周期，电动汽 ...

专题：聚焦美股2025年第四季度财报 作者：马丁・皮尔斯 通常，英伟达的财报会是本周最受期待的，但这次情况可能不同。市场对 AI 将 "摧毁" 软件行业的担 忧，已导致今年以来软件股暴跌20% 至 30%（网络安全股上周五也遭遇重挫）。毫无疑问，这些恐慌 有些过度。毕竟，成熟企业在现有客户关系上拥有巨大优势，客户很难轻易弃用。正如 Lead Edge Capital 合伙人埃文・斯科彭上周五接受《The Information》TITV 采访时所说："如果你问大企 业：'嘿，你们能用更便宜的替代品替换掉 Workday 吗？'他们根本没兴趣。" 他指出，软件在大企业运 营支出中占比极小，大企业 "绝不会去尝试那些花里胡哨的解决方案"。 此外，老牌软件公司大多已将新的 AI 工具融入自身产品。坦白说，企业全面采用这些工具至少还需要 几年时间，因此当前的季度财报只能让我们管中窥豹，其影响程度也各不相同。 在关注本周即将到来的大事之前，我们先来聊聊一家将 "魔幻思维" 发挥到极致的公司 ——OpenAI。我 们在上周五晚间报道了该公司最新的长期营收与利润预测。报告中最关键的信息是：2025 年，OpenAI 的 A ...

Market Overview - The Hong Kong stock market has rebounded, with the Hang Seng Index closing at 27,081.91 points, up 2.53% or 668.56 points, and a total trading volume of 172.96 billion HKD [1] - The technology sector is experiencing increased scrutiny and differentiation, with domestic technology valuations remaining relatively low compared to the U.S. [1] Blue-Chip Performance - Zijin Mining (02899) saw a significant increase of 5.35%, closing at 44.95 HKD, contributing 22.03 points to the Hang Seng Index [2] - Other notable blue-chip stocks include Meituan-W (03690) up 5.26%, SMIC (00981) up 5.02%, while New Oriental Energy (02688) and Chow Tai Fook (01929) experienced slight declines [2] Sector Highlights - Large technology stocks showed a strong recovery, with Meituan-W rising over 5% and other major players like JD, Alibaba, Xiaomi, and Baidu increasing by over 3% [3] - The precious metals sector, particularly gold and copper, performed well, with Zijin Gold International (02099) rising 6.82% [5] - The AI sector is expected to see significant advancements, with Alibaba Cloud launching a new model at competitive pricing, indicating a potential shift in the global AI landscape by 2026 [4] Lithium and Battery Sector - The lithium and battery sectors are experiencing strong growth, with companies like Ruipu Lanjun (00666) increasing by 15.42% and CATL (03750) up 3.14% [7] - UBS has raised its price forecasts for lithium products, indicating a third super cycle for lithium prices and predicting a significant increase in China's market share in the global electric vehicle sector by 2030 [8] Optical Communication Sector - The optical communication sector is seeing notable gains, with companies like Yangtze Optical Fibre and Cable (06869) rising 14.43% due to strong production and demand for high-speed optical modules [6]

记者丨黎雨桐 编辑丨倪新平 2月23日，春节后第二个交易日，港股全线飘红。恒指强势震荡收涨2.53%，恒生科技指数涨3.34%。 盘面结构分化明显，半导体概念、互联网科技股走高，中芯国际、美团涨超5%，华虹半导体涨超4%。 黄金股涨幅居前，赤峰黄金涨约8%，紫金黄金国际涨约7%。 | 名称 | 现价 | 涨跌幅÷ | | --- | --- | --- | | 蔚来-SW | 41.100 | 5.55% | | 9866.HK | | | | 美团-W | 85.000 | 5.26% | | 3690.HK | | | | 中芯国际 | 71.100 | 5.02% | | 0981.HK | | | | 比亚迪股份 | 100.100 | 4.87% | | 1211.HK | | | | 华虹未曾体 | 98.400 | 4.51% | | 1347.HK | | | | 理想汽车-W | 72.850 | 3.92% | | 2015.HK | | | 智谱市值蒸发超700亿港元 千亿通信龙头大涨14% 港股通信设备板块走高，普天通信集团涨超30%，1500亿港元市值长飞光纤光缆收涨超14%，盘中涨 ...

(本文来自第一财经) 恒指强势震荡收涨2.53%，恒生科技指数涨3.34%。科技龙头、半导体、有色、新能源汽车股表现亮 眼，紫金矿业、美团、中芯国际涨超5%。大模型概念股回落，智谱跌23%，MINIMAX跌超13%。 来源：第一财经 ...

公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监督管理委员会(以下简称"中 国证监会")同意注册后方可实施。最终能否通过深交所审核并获得中国证监会同意注册的决定及时间尚 存在不确定性。 格隆汇2月23日丨通富微电(002156.SZ)公布，公司于近日收到深圳证券交易所(以下简称"深交所")出具 的《关于受理通富微电子股份有限公司向特定对象发行股票申请文件的通知》(深证上审〔2026〕34 号)。深交所根据相关规定对公司报送的向特定对象发行股票的申请文件进行了核对，认为申请文件齐 备，决定予以受理。 ...