Market Overview - The Hong Kong stock market experienced a broad increase on February 23, with the Hang Seng Index rising by 2.29%, the Hang Seng Tech Index increasing by 3.32%, and the Hang Seng China Enterprises Index up by 2.50% [1] - Technology stocks in Hong Kong saw significant gains, with Meituan up by 6.93%, Alibaba rising by 3.60%, Tencent increasing by 3.35%, and Baidu up by 3.02% [1] Sector Performance - Semiconductor stocks performed strongly, with Huahong Semiconductor rising by 4.83% [1] - The precious metals sector also saw gains, with companies like Chifeng Jilong Gold Mining and Lingbao Gold experiencing increases of over 7% [3] - The price of gold rose by 1% to $5162.24 per ounce, while silver increased by 3.14% to $87.223 per ounce [3] Individual Stock Movements - Notable stock movements included: - Meituan-W at 86.350, up 6.93% [2] - Huahong Semiconductor at 98.700, up 4.83% [2] - JD.com at 108.200, up 4.24% [2] - Alibaba-W at 152.400, up 3.60% [2] - The precious metals sector saw significant increases in individual stocks, such as: - China Dajian Nonferrous Metals at 0.185, up 9.47% [3] - Chifeng Jilong Gold Mining at 39.980, up 8.23% [3] Company-Specific News - Zhipu AI experienced a decline, with shares dropping by 23.72% following an apology regarding the GLM Coding Plan and issues related to user experience [5][7] - The company acknowledged three main errors in the GLM-5 rollout, including insufficient transparency, slow expansion pace, and poorly designed upgrade mechanisms for existing users [7]

Market Overview - The Hong Kong stock market experienced a significant rally on February 23, with the Hang Seng Index rising by 2.29%, the Hang Seng Tech Index increasing by 3.32%, and the Hang Seng China Enterprises Index up by 2.50% [1] - Major tech stocks saw substantial gains, including Meituan up by 6.93%, Alibaba up by 3.60%, Tencent up by 3.35%, and Baidu up by 3.02% [1] Sector Performance - Semiconductor stocks performed strongly, with Huahong Semiconductor rising by 4.83% and SMIC increasing by 4.51% [2] - The technology, internet, consumer electronics, and lithium battery sectors led the market rally [1] Gold and Precious Metals - Precious metals stocks also saw significant increases, with companies like Chifeng Jilong Gold Mining and Lingbao Gold experiencing gains of over 7% [3] - Gold prices rose by 1% to $5162.24 per ounce, while silver prices increased by 3.14% to $87.223 per ounce [4] AI Sector Performance - AI-related stocks faced declines, with Zhizhu falling by 23.72% and MINIMAX-WP dropping by 10.52% [6][7] - Zhizhu issued an apology regarding the GLM Coding Plan, acknowledging issues with transparency and user experience, and announced compensation measures for affected users [8]

每经记者｜赵云 每经编辑｜肖芮冬 经过多日休整，明天（2月24日），A股即将开启农历马年行情。 | F9 不复权 超级叠加 画线 工具 | 10 | 力得至A | | 881001 | | --- | --- | --- | --- | --- | | 2023/01/13-2026/02/13(159周)▼ | | 15:00:05 | | -77.07 -1.13% 十八 ■ ▼ 就要心指数 / ■ + | | | | 全额 | | 2.00万亿 | | | | IVANTH | | 1147.15 Z | | | | | | 6799.24 (-0.51%) | | | | 面向 | | 6832.58 (-0.02%) | | | | 最低 | | 6752.84 (-1.19%) | | | | 三次次日 | 23.2 | 古屋率比 1.91 | | 6000.00 | | 문 | 1.11% 20H | -0.21% | | | | 60日 | 7.78% 文由 | 5.41% | | | | 52周高 | 6930.17 | 52周低 4506.65 | 截至2月13日，万得全A周K线 和过去的 ...

Core Viewpoint - The report from Zhongyin Securities indicates that as the market enters the second phase of a bull market driven by profits by 2026, the narrative of domestic re-inflation will strengthen, highlighting the strong cyclical attributes of non-ferrous metals and presenting revaluation opportunities for the industry [1] Group 1: Investment Strategy - The company recommends focusing on industrial metals and strategic minor metals as offensive investments, while using precious metals as a defensive strategy [1] - In the context of industrial metals, copper prices are expected to receive solid support due to a tight mid-term supply-demand balance and a weak dollar cycle that may enhance industry trends [1] - The investment theme for strategic minor metals is shifting from event-driven speculative trading to systematic revaluation based on long-term strategic value [1] Group 2: Specific Metal Insights - For rare earths, the report notes that rigid supply-side policies and recovering demand from exports, along with long-term growth momentum, have created a strong resonance, suggesting that the upward price trend for rare earths is not yet over [1] - Compared to the price increases from 2020 to 2022, the current rise in rare earth prices is relatively moderate, indicating that leading companies still have further profit release potential [1] Group 3: Precious Metals Outlook - The long-term price of gold is expected to remain high, with short-term volatility providing opportunities for positioning [1] - The strong performance certainty of leading companies this year will aid in the valuation recovery of the sector, with expectations for both profit and valuation increases in 2026 [1]

【导读】马年首个交易日开盘，港股市场大涨，科技股全面爆发，贵金属板块涨幅居前 中国基金报记者 李智 2月23日早盘，港股三大指数高开高走，均涨超2%。截至发稿，恒生指数涨2.32%，恒生科技指数涨 3.63%，恒生国企指数涨2.49%。 | 27025.50 | | 9182.66 | | 5400.76 | | | | --- | --- | --- | --- | --- | --- | --- | | 恒生指数 +2.32% | | 国企指数 +2.49% | | | 恒生科技指数 +3.63% | | | < W | | 恒生科技(HSTECH) | | | | | | | | 02-23 09:46:22 | | | | | | 5393.23 | | 昨收 | 5211.50 | 成交额 | | 90.1亿 | | 181.73 | 3.49% | 今开 | 5303.50 | 成交量 | | 2.1亿 | | 上涨 | 30 | 中 | 0 | 下 跌 | | 0 | | 最高价 | 5406.77 | 市盈率 | 22.2 | 近20日 | | -6.14% | | 最低价 | 5303.50 ...

金银现货和期货价格出现上涨，金价已站上5100美元。 东莞证券2026年2月14日发布的有色金属行业双周报提到，短期黄金市场多空博弈加剧，需等待金价继 续企稳，中长期美元信用逐步弱化，叠加2026年美联储降息仍有预期，黄金配置价值有望进一步提升。 五矿证券2026年2月13日发布的2026年有色金属趋势展望指出，2025年贵金属涨幅居前，COMEX黄金 白银分别上涨81%、178%。东方证券2026年2月13日发布的A股风格及行业配置周报提到，流动性冲击 消化后，有色回归基本面定价，贵金属长期配置逻辑并未改变，近一周铜铝库存基本持稳，但累库幅度 放缓，铜铝等工业品现实转强或可期待，在宏观利好释出且供给扰动增加背景下，供需格局改善的品种 有望继续表现。光大证券2026年2月12日发布的2026年2月五维行业比较观点显示，有色金属行业在五维 行业比较框架下得分较高。国元证券2026年2月发布的有色金属行业双周报提到，截至2月6日， COMEX黄金近2周出现上涨。 产业链及企业梳理 赤峰黄金：聚焦黄金采选业务，通过旗下矿山开展黄金矿石开采与选矿加工，产出合质金等产品对外销 售，当前金银现货和期货价格出现上涨，金价已 ...

Group 1 - Gold and silver prices experienced a sharp increase, with spot silver rising over 3% to $86.46 per ounce and COMEX silver futures up over 5% to $86.48 per ounce [3][4] - Spot gold opened with a quick rise, increasing over 1% before stabilizing, while COMEX gold futures rose over 2% to $5187 per ounce [4] - The increase in precious metals is attributed to geopolitical tensions, particularly the potential military actions by the U.S. against Iran, as reported by The New York Times [4][5] Group 2 - The South Korean stock market saw significant gains, with the composite index rising by up to 2%, reaching a new historical high [7] - Major stocks such as Samsung Electronics and Hyundai Motor increased by over 3%, while SK Hynix rose by 2% [8] - Economic analysts from ING noted that the Bank of Korea is likely to maintain its policy interest rate due to persistent inflation around 2% and ongoing financial instability [8][9]

Market Performance - Gold and silver prices experienced significant increases, with spot gold rising over 1% to exceed $5160 per ounce, and spot silver increasing by nearly 5% [1][2] - The South Korean Composite Index rose by 2% to a record high of 5925.54 points, with Samsung Electronics' stock price increasing by over 3% [1] Precious Metals Prices - As of the latest updates, spot gold was reported at $5166.050, reflecting a 1.07% increase, while spot silver was at $87.056, up 2.94% [2] - COMEX gold reached $5171.9, showing a 1.79% rise, and COMEX silver was at $86.415, up 4.95% [2] Future Price Predictions - ANZ Bank forecasts that gold prices may reach $5800 per ounce in the second quarter of this year, while UBS has a more aggressive prediction of $6200 per ounce by mid-year, driven by central bank and investment demand, expanding fiscal deficits, declining U.S. real interest rates, and geopolitical risks [6] - Jefferies has raised its 2026 gold price forecast from $4200 to $5000, citing inflation and dollar depreciation as key factors [7] - Peter Schiff predicts gold prices could soar to $7000, driven by increased central bank gold purchases and U.S. fiscal deficits, suggesting a potential crisis surpassing that of 2008 [7]

上周，尽管核心PCE通胀数据偏高，但大型科技股的良好表现对市场形成支撑，推动美股主要股指收 涨。从全周表现来看，道指收涨0.25%，标普500指数收涨1.07%，纳指收涨1.51%。 消息面上，据央视新闻报道，当地时间2月21日，美国总统特朗普在其社交平台"真实社交"上发文称， 将把对全球商品加征10%的进口关税的税率水平提高至15%。 特朗普在文中称，"基于对美国联邦最高法院20日就关税问题作出的裁决进行全面、详尽且完整的审查 ——该裁决荒谬、措辞拙劣且极端反美"，"将自即日起，把目前对全球各国征收的10%统一关税，提高 至完全被允许、并经过法律检验的15%水平"。 特朗普表示，在接下来的几个月内，美国政府将确定并公布新的、在法律上允许的关税措施。 特朗普20日在一场白宫记者会上称，他将签署行政令，对全球商品加征10%的进口关税，为期150天， 以取代稍早前被美国最高法院认定违法的一些紧急关税。特朗普称，这一行政令将依据《1974年贸易 法》第122条发布。特朗普当天在美最高法院裁定其关税政策违法后召开新闻发布会时作出了上述表 态。他还表示，该10%的关税政策预计将在"约三天内"开始生效。在20日稍晚时，特 ...

截至7:15，现货黄金报5148.75美元/盎司，日内涨0.74%。 2月23日，金银开盘双双拉升。 韩国综合指数涨幅扩大至2%报5925.54点，再创历史新高。三星电子股价上涨逾3%。 现货黄金日内涨超1%，突破5160美元/盎司。现货黄金涨2.94%，一度涨超3%。 纽约期银日内涨近5%，纽约期金涨超1.7%。 | 贵金属 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 5166.050 | 87.056 | 5171.9 | | +54.925 +1.07% +2.487 +2.94% +91.0 +1.79% | | | | COMEX白银 | SHFE黄金 | SHFE自银 | | 86.415 | 1110.10 | 19782 | | +4.072 +4.95% -18.16 -1.61% -1155 -5.52% | | | 现货黄金日内涨幅近1%，报5157.499美元/盎司。现货白银涨超2.4%，纽约期银涨4.63%。 | 贝尔西 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 ...