Core Viewpoint - The Hong Kong stock market is undergoing significant adjustments in its major indices, with changes in constituent stocks for the Hang Seng Index and other related indices [2][4][8]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times (03750), Luoyang Molybdenum (03993), and Laopu Gold (06181), while removing Zhongsheng Group (00881) [2][4]. - Laopu Gold has shown a strong performance, with a cumulative increase of nearly 20% since the beginning of 2026 [4]. Group 2: Hang Seng China Enterprises Index Changes - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [6]. Group 3: Hang Seng Composite Index Changes - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank (00023), and remove 28 stocks, increasing its total from 507 to 532 [8]. - The Hang Seng Technology Index will remain unchanged at 30 constituent stocks [8]. Group 4: Market Performance Analysis - Since the beginning of 2026, the Hang Seng Index has risen by 3.65%, while the Hang Seng Technology Index has decreased by 2.82% [10]. - In 2025, both indices saw increases, with the Hang Seng Index up by 27.77% and the Hang Seng Technology Index up by 23.45% [10]. - Among the 88 constituent stocks of the Hang Seng Index, 69 have risen, 18 have fallen, and 1 has remained flat since the end of 2025 [10]. Group 5: Notable Stock Performances - The top performers since the beginning of 2026 include New World Development (41.18%), Techtronic Industries (31.92%), and Pop Mart (31.81%) [11]. - Conversely, the worst performers include Trip.com (-24.22%), Meituan (-20.47%), and NetEase (-13.47%) [11].

Market Movements - U.S. stock index futures are all down, with Dow futures down 0.37%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.31% [1] - European indices also show declines, with Germany's DAX down 0.04%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.43% [2] Oil Market - WTI crude oil is down 0.78% at $62.35 per barrel, while Brent crude is down 0.55% at $67.15 per barrel [2] - OPEC+ is leaning towards resuming oil production increases starting in April, with negotiations continuing before the March 1 meeting [2] Economic Data - The U.S. January Consumer Price Index (CPI) is expected to show a year-over-year increase slowing to 2.5%, down from 2.7% in December, marking the lowest level since May 2025 [4] - Both overall CPI and core CPI are expected to rise by 0.3% month-over-month, consistent with the previous month's increase [4] Software Sector - The software sector is experiencing significant sell-offs, but this presents a buying opportunity according to Byron Deeter from Bessemer Venture Partners, who notes that software stocks are in a state of severe overselling [5] - There is an anticipated divergence among software companies based on growth prospects and fundamentals, rather than a uniform market rebound [5] Interest Rates and Economic Outlook - JPMorgan suggests shorting two-year U.S. Treasuries, citing strong economic fundamentals that may hinder the Federal Reserve from making significant rate cuts [6] - The upcoming inflation report is expected to provide new insights into the Fed's future actions, with any signs of easing price pressures likely to boost demand for short-term bonds [6] Gold Market - ANZ Bank has raised its second-quarter gold price target to $5,800 per ounce, viewing the recent price pullback as a buying opportunity amid ongoing structural support [7] - Major Wall Street banks are showing a consensus bullish sentiment on precious metals, with Goldman Sachs targeting $5,400 and UBS and JPMorgan setting even higher targets of $6,200 and $6,300 respectively [7] Corporate Earnings - Applied Materials (AMAT) reported Q1 revenue of $7.01 billion, slightly down 2% year-over-year but above market expectations, with a positive outlook for Q2 revenue of approximately $7.65 billion [10][11] - Roku's Q4 revenue grew 16.1% year-over-year to $1.395 billion, exceeding expectations, with a positive outlook for the next quarter [10][11] - Airbnb's Q4 revenue reached $2.78 billion, up 12% year-over-year, also surpassing analyst expectations, with a positive growth forecast for 2026 [12] - Vale's Q4 revenue increased 9% to $11.06 billion, but the company reported a significant net loss due to asset impairments [13] - NatWest's Q4 pre-tax profit rose 30% to £1.94 billion, exceeding expectations, with plans to leverage AI for cost reduction and efficiency [14]

Market Movements - US stock index futures are all down, with Dow futures down 0.37%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.31% [1] - European indices also show declines, with Germany's DAX down 0.04%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.43% [2][3] - WTI crude oil is down 0.78% at $62.35 per barrel, while Brent crude is down 0.55% at $67.15 per barrel, amid OPEC+ discussions on potential production increases starting in April [3] Economic Data and Predictions - The US January Consumer Price Index (CPI) is expected to show a year-on-year increase slowing to 2.5%, down from 2.7% in December, marking the lowest level since May 2025 [5] - Both overall CPI and core CPI are anticipated to rise by 0.3% month-on-month, consistent with the previous month [5] Company News - Application Materials (AMAT.US) reported Q1 revenue of $7.01 billion, slightly down 2% year-on-year but above market expectations of $6.86 billion, with a Non-GAAP EPS of $2.38, exceeding the forecast of $2.21 [10][11] - Roku (ROKU.US) exceeded Q4 revenue expectations with a 16.1% year-on-year increase to $1.395 billion, and a GAAP EPS of $0.53, surpassing analyst consensus by 88.8% [11] - Airbnb (ABNB.US) reported Q4 revenue of $2.78 billion, up 12% year-on-year, exceeding analyst expectations, and provided an optimistic revenue outlook for 2026 [12] - Vale (VALE.US) reported Q4 revenue of $11.06 billion, up 9% year-on-year, but faced a significant net loss of $3.844 billion due to a $3.5 billion impairment on nickel assets [13] - NatWest (NWG.US) reported a 30% increase in pre-tax profit to £1.94 billion ($2.6 billion), exceeding analyst expectations, and plans to leverage AI for cost reduction and efficiency improvements [14]

2月13日，恒生指数公司宣布，恒生指数成份股数目将由88只增加至90只。新加入宁德时代、洛阳钼业和老铺黄金，剔除中升 集团控股有限公司。 | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 3750 | 宁德时代新能源科技股份有限公司 - H 股 | 恒生工商业分类指数 | | 3993 | 洛阳栾川钼业集团股份有限公司 - H 股 | 恒生工商业分类指数 | | 6181 | 老铺黄金股份有限公司 - H 股 | 恒生工商业分类指数 | 编辑丨瑜见 ...

智通财经APP讯，中广核矿业(01164)公布，自2026年2月13日起，因工作调动，徐军梅女士辞任公司执 行董事，董事会环境、社会及管治委员会(ESG委员会)主席及提名委员会成员以及首席财务官。因此， 徐军梅女士亦于同日不再担任公司于香港联合交易所有限公司证券上市规则第3.05条项下的授权代表。 因达到退休年龄，孙旭先生辞任非执行董事，董事会审核委员会成员以及ESG委员会成员。因中国国有 企业混合所有制改革基金有限公司不再持有公司股份，刘冠华先生辞任非执行董事，董事会薪酬委员会 成员。 自2026年2月13日起：现任非执行董事王先锋先生获委任为审核委员会成员; 现任执行董事邱斌先生获 委任为授权代表;及李杰先生获委任为执行董事，ESG委员会主席及首席财务官。 ...

Market Overview - The Hang Seng Index closed at 27,032, down 0.86% for the day and up 5.47% year-to-date [1] - The Hang Seng Tech Index fell 1.65% to 5,408, with notable declines in major tech stocks [5] - The A-share market saw the Shanghai Composite Index close at 4,134, up 0.05%, while the Shenzhen Component Index rose 0.86% to 14,283 [5] Currency Performance - The Renminbi Index stood at 98.340, increasing by 0.36% over the past month and 1.44% over six months [2] - The US Dollar Index decreased by 2.10% in the last month and 1.34% over six months [2] Commodity Prices - Brent crude oil rose by 10.06% over the past month, reaching $69.570 per barrel [3] - Gold prices increased by 10.36% in the last month, currently priced at $5,073.21 per ounce [3] Company News - Grab reported its first annual profit of $268 million, a significant turnaround from a loss of $105 million the previous year, with Q4 profit soaring 533% year-on-year [13] - SoftBank's investment in OpenAI has yielded substantial returns, with an estimated investment gain of $19.8 billion, contributing to a return to profitability for the company [14][15] - MINIMAX launched its new programming model, MiniMax M2.5, which is designed for high-performance coding and competes with top international models [16] Stock Performance - Zijin Mining rose by 3.45% to HKD 45.02, making it the best-performing blue-chip stock [19] - Budweiser Asia saw a decline of 5.21% to HKD 7.83, marking it as one of the worst performers [19] IPO Information - Recent IPOs include Xian Dao Intelligent, which debuted at HKD 43.80, and Aixin Yuan Zhi, which started at HKD 24.12, both showing varied performance in their initial trading days [26] Economic Indicators - Hong Kong's overall export volume increased by 21.6% year-on-year in December, with significant growth in exports to Taiwan and the US [10][11]

证券日报网讯2月13日，金岭矿业（000655）在互动平台回答投资者提问时表示，经查询中国证券登记 结算有限责任公司的数据，截至2026年2月10日，公司在册股东人数为37616户(含信用账户合并名册)。 ...

证券之星消息，2月13日新疆国企改革板块较上一交易日下跌1.13%，宝地矿业领跌。当日上证指数报 收于4082.07，下跌1.26%。深证成指报收于14100.19，下跌1.28%。新疆国企改革板块个股涨跌见下 表： 从资金流向上来看，当日新疆国企改革板块主力资金净流出8414.67万元，游资资金净流入3312.71万 元，散户资金净流入5101.96万元。新疆国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP获悉，蛇年末最后一个交易日，港股低开低走，午后跌幅略微收窄，尾盘三大指数悉数走 低。截止收盘，恒生指数跌1.72%或465.42点，报26567.12点，全日成交额为2575.78亿港元；恒生国企 指数跌1.55%，报9032.71点；恒生科技指数跌0.90%，报5360.42点。 中金指出，港股近期回调是基本面依然偏弱情况下，市场担忧流动性收紧和港股特色结构吸引力下降的 共同结果。在整体信用周期震荡甚至阶段走弱的情形下，市场指数层面空间有限(恒指基准点位28000- 29000)，机会主要来自景气结构或指数意外回撤。配置方向上，大思路依然是跟随信用扩张方向，在AI 科技、周期、消费和分红四大领域里，仍以AI科技和周期为主线，这也是当前信用扩张的主要方向。 蓝筹股表现 紫金矿业(02899)领跌蓝筹。截至收盘，跌7.64%，报41.58港元，成交额41.31亿港元，拖累恒指33.26 点。近期，避险情绪上升叠加大宗商品风险抛售等市场氛围烘托，有色金属今日全线回落。兴业证券认 为，有色短期将进入商品降波交易，改节奏但不改方向。一季度后端的旺季基本面具备支撑，若年后宏 观预期端不出现方向性扭转的前提 ...

Report Information - Report Title: 2026 Commodity Outlook - Research Team: Guolian Minsheng Securities Forward-looking Research Team - Report Date: February 13, 2026 [1] Investment Recommendations - Industrial metals: Due to the demand from the electric vehicle, energy storage, wind power, and photovoltaic sectors, and the long - term insufficient capital expenditure in copper mines and China's electrolytic aluminum production capacity approaching the limit, copper and aluminum are recommended for their potentially positive fundamentals [3]. - Minor metals: Benefiting from China's macro - regulation and supervision of strategic minerals and the supply being restricted by mining quotas, rare earths, antimony, and tungsten are recommended [3]. - Precious metals: With their defensive properties, the prices of silver and platinum are expected to enter an upward cycle, so they are recommended [3]. Core Views - The factors influencing commodity prices are divided into short - to - medium - term disturbances, cyclical factors, and trend/structural forces. Capital expenditure in the next 3 - 5 years will affect commodity supply and pricing [3]. Summary by Section 1. Commodity Price Drivers 1.1 Medium - to - Long - Term Influencing Factors: Capital Expenditure Cycle - Copper prices follow the marginal cost pricing principle, while oil prices do not fully conform. The oil price center may have a 5 - year cycle [12][14][15]. 1.2 Short - to - Medium - Term Disturbing Factors: Geopolitics and Supply - Side Restrictions - Commodity price fluctuations caused by geopolitics and supply - side restrictions usually correct within half a year to a year. The flexibility of US shale oil production can offset the impact of OPEC's production changes on oil prices to some extent, and OPEC+ production agreements affect oil prices within 6 months [23]. 1.3 Impact of Technological Progress - The impact of electric vehicle technology on oil demand is slower than on lithium carbonate demand. The new nickel production process has led to a large release of nickel ore capacity, and nickel prices have not outperformed inflation. US natural gas prices have underperformed inflation due to technological progress, and agricultural technological progress has significantly affected agricultural product prices [24][29][34][38]. 2. Traditional Energy: "Stable with Changes", Reshaping the Supply - Demand Structure 2.1 Oil Market - Global oil and gas upstream investment has been increasing since 2020, but it may not return to the high level of 2014 - 2015. OPEC's production recovery may be limited by remaining capacity. Trump's impact on US oil production may be limited. Global oil consumption is increasing, with China and India being the main contributors. The oil market may be in an oversupply situation in 2025 - 2026 [45][51][63][82][87]. 2.2 Natural Gas Market - Asian natural gas demand is stable, and China's dependence on imported LNG has weakened in 2025. US LNG project capacity is expected to grow rapidly, while Europe faces greater LNG import demand [91][98][104][112]. 2.3 Coal Market - Coal remains an important "ballast stone" in the power system. Global coal consumption growth is slowing, and supply is relatively stable. China's coal market is expected to operate stably under the policy of increasing supply and ensuring stable prices [120][126][132]. 3. Steel Industry: Weak Demand, Excess Capacity - Construction steel demand is in a low - growth state, and China's steel exports may be restricted by trade policies. Iron ore supply is expected to be loose, and the coking coal market supply - demand gap is narrowing, with prices fluctuating [134][139][149][159]. 4. Industrial Metals: Improving Supply - Demand Structure, Positive Fundamentals 4.1 Copper - Copper demand is facing a shift in growth drivers, with new energy sectors such as electric vehicles, wind power, and photovoltaics becoming important demand sources. However, copper exploration investment has been low, and the growth of ore - end resources has been suppressed. The slowdown of recycled copper smelting and the decline of processing fees may support copper prices [165][172][178][192]. 4.2 Aluminum - China's bauxite supply is tight, and imports account for a large proportion, with potential overseas supply disruptions. Global electrolytic aluminum production growth is slowing, and China's production is restricted by the capacity ceiling, which may support aluminum prices [199][208][219]. 4.3 Rare Earths - China's rare earth mining and smelting quota growth has slowed down, and the increase in overseas supply is limited [224]. 4.4 Antimony - The demand for antimony in the photovoltaic glass industry is expected to increase, but domestic antimony mine production growth is limited, and global supply is tightening [230][235]. 4.5 Tungsten - The downstream demand for tungsten is expected to improve with the recovery of the manufacturing industry. However, domestic tungsten mine production growth may slow down, while overseas supply may increase [240][246]. 5. Precious Metals: Entering an Upward Cycle - Silver and platinum - group metals may continue to be in a shortage situation. The industrial demand for silver, especially in the photovoltaic sector, is strong, while the demand for platinum and palladium in the automotive industry may decline due to the increase in electric vehicle penetration [252][257]. 6. Agricultural Products: Climate Change Challenges, Regional Market Differentiation 6.1 Soybeans - The global soybean supply - demand structure is expected to remain loose. China's soybean consumption may decline, the US renewable fuel production has decreased, and trade policies may affect the soybean trade pattern. North American and South American soybean production has different trends, and China's soybean import volume may decrease [264][269][273][278][294]. 6.2 Corn - Global corn supply is tightening, with inventory decreasing. China's corn consumption is growing steadily, the US corn production has decreased but exports have increased significantly, Brazil's corn production has different trends, and its domestic ethanol production restricts exports [299][300][309][315][320]. 6.3 Wheat - The global wheat market is in a tight - balance state. China and India's imports may increase, Russia and the EU's supply has decreased due to bad weather, while North America and Australia's wheat production has been positively affected by the weather. The supply of major exporting countries is tight, and prices are stabilizing [321][331][332][339][340].