Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 1.44% and the Hang Seng Tech Index falling by 2.87%, reaching a new low since July of the previous year, down over 23% from the peak in October [1] - Technology stocks collectively fell, with notable declines in companies such as Bilibili (down approximately 5%), Baidu and Kuaishou (both down over 4%), Tencent (down 2% below HKD 520, hitting a new low), and Alibaba (down 3.57%) [1] Sector Performance - The automotive and semiconductor sectors also saw declines, with Xpeng Motors down about 5% and Hua Hong Semiconductor down nearly 5% [1] - Biopharmaceutical stocks faced significant drops, with WuXi AppTec and BeiGene both declining by approximately 9% [2] - Other sectors such as automotive dealerships, building materials, gambling, AI applications, coal, oil, domestic real estate, photovoltaic, and precious metals also experienced downturns [3] Notable Gainers - In contrast, some stocks within the Hang Seng Index showed gains, including Cheung Kong Infrastructure, CK Hutchison, and Power Assets, with notable increases in electric power, optical modules, and optical communications [3] - Noteworthy performers included Dongfang Electric, which surged by 15.5%, and Cambridge Technology, which rose by 8% [3] Semiconductor Sector Activity - Following Nvidia's recent quarterly earnings report, which positively impacted tech stocks in the US and A-shares, the Hong Kong semiconductor sector became active, with Tensun Zhixin rising over 20% to reach a new high and Zhaoyi Innovation increasing by over 3% [3][4] Future Outlook - Looking ahead, the market outlook suggests that investors should focus on three key sectors: 1. Precious metals and energy sectors may see upward movement due to rising geopolitical risks and increased investor caution 2. The consumer sector, currently at relatively low valuations, is expected to continue rising 3. The technology sector remains a long-term investment focus, with potential for rebound following recent corrections and accelerated AI applications [5]

2026 年 2 月 26 日 星期四 ➢ 每日大市点评 2026 年 2 月 26 日 星期四 不承担责任声明 2 月 25 日，周三港股因美股反弹及外围股市早好，港股大盘先升后回落。恒生指数上午走高后午后升幅收窄，最终收盘 升 175 点（0.7%），收报 26,765 点；恒生科技指数微跌 10（0.2%）收盘报 5,260 点；全天大市成交额 2,368 亿元。南 下资金净流出 40.6 亿元。上海发布楼市"沪七条"，进一步放松住房限购政策，内房股拉升。碧桂园（2007 HK）、旭 辉控股（884 HK）、龙湖集团（960 HK）涨 5%-6.5%。市场期待消费市场复苏，体育服饰板块拉升，安踏（2020 HK）、 滔博（6110 HK）、361 度（1361 HK）分别涨 1.6%-6.5%。汇丰集团（5 HK）公布业绩，去年第四季度收入和税前利润均 高于市场预期。管理层更指引未来三年股东权益回报将达 17%或以上，也高于原先市场预期。市场认为亮眼业绩将带动 股价短期向上。周三汇丰上扬 5.5%，创一年新高。 美股方面，美国时间周二晚上，特朗普发表国情咨文，指出美国正迎来"黄金时代"，当中提出"AI ...

【重要事项】 中芯国际：拟发行股份购买中芯北方49%股权的申请文件获上交所受理 法兰泰克：控股股东筹划公司股份转让事宜 股票停牌 汇隆新材：筹划公司控制权变更 股票停牌 领益智造：拟共同投资朝全基金，基金主要投资先进装备终端制造企业 顺灏股份：参股公司轨道辰光计划2031年至2035年卫星大规模批量生产并组网发射且在轨对接建成大规 模太空数据中心 【投资&签约】 山东海化：拟投资48.37亿元实施纯碱装置提质增效节能环保改造工程 爱博医疗：拟6.83亿元收购德美医疗68.31%股权 智洋创新：拟以3亿元现金投资灵明光子 【增减持&回购】 温氏股份：拟以8-12亿元回购公司股份 用于员工持股计划或股权激励 【经营&业绩】 赛诺医疗：2025年净利润同比增长3057.05% 南亚新材：2025年净利润同比增长378.65% 华峰测控：2025年净利润5.38亿元 同比增长61.22% 芯动联科：2025年净利润同比增长36.10% 恒玄科技：2025年净利润5.88亿元 同比增长27.75% 百邦科技：全资子公司续签苹果独立维修提供商协议 华电科工：中标8.27亿元内蒙古华电腾格里4×100万千瓦煤电项目钢结构间 ...

新春伊始，万象更新。2月25日，省委常委、市委书记盛阅春走访中央在汉单位和企 业、联系服务企业和春节期间不停工不停产企业，看望慰问一线工作人员。他强调，要深入 学习贯彻习近平总书记考察湖北重要讲话精神和中央经济工作会议精神，鼓足干劲、乘势而 上，全力抓生产、扩投资、优服务，奋力实现一季度"开门红、开门好"，为完成全年目标任 务打下坚实基础。 来到水利部长江水利委员会，盛阅春向大家致以新春问候，了解今年长江流域气候预 测、防洪抗旱形势等情况，并与长江委党组书记、主任廖志伟交流。他说，长期以来，长江 委扛牢长江大保护政治责任，有效指导我市流域防汛抗旱、水利规划设计、水生态文明建设 等工作，为保障江河安澜、人民安宁、城市安全作出了重要贡献。希望长江委一如既往指导 支持武汉开展长江保护与治理开发，共同谱写长江经济带高质量发展新篇章。 来到三峡集团，盛阅春代表市委、市政府感谢企业为武汉经济社会发展作出的重要贡 献，了解企业发展情况，与三峡集团总经理李富民就深化央地合作进行交流。他说，三峡集 团与武汉情谊深厚、合作基础良好，希望双方深化拓展在长江大保护、科技创新、清洁能 源、总部经济等领域合作，加强重大项目谋划，积极搭建 ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

2022年至2025年，国发股份对子公司广州高盛生物科技有限公司（以下简称"高盛生物"）累计计提商誉 减值准备1.78亿元。 连续三年亏损 资料显示，国发股份经营的主要产业包括医药制造及医药流通、司法IVD（体外诊断）、分子医学影像 中心等。2003年初，公司在沪市主板上市。 长江商报消息 ●长江商报记者 徐佳 沪市医药上市公司国发股份（600538.SH）业绩再次亏损引发监管高度关注。 业绩预告显示，2025年，国发股份预计实现营业收入3.3亿元左右，归属于母公司所有者的净利润（以 下简称"归母净利润"）为亏8500万元左右，扣除非经常性损益后的净利润（以下简称"扣非净利润"）亏 8550万元左右，同比减亏900万元、450万元。 连续三年亏损，国发股份的业绩表现异常受到监管部门高度关注。2月23日晚间，国发股份对上交所关 于公司业绩预告相关事项的问询函作出回复。 长江商报记者注意到，2025年，在营业收入同比下降3.2%的情况下，国发股份的毛利率为22.6%，同比 减少3.03个百分点。 除了主营业务利润空间收缩之外，对并购而来的子公司计提商誉减值，成为拖累国发股份业绩表现的重 要原因。 日前，国发股份发 ...

产业高质量发展，不出意外再度成为各地节后第一天的"关键词" 从省份来看，广东连续四年将高质量发展大会作为"新春第一会"，今年聚焦制造业和服务业协同发展； 浙江则再次将"高质量发展建设共同富裕示范区"作为主题，以求回答"推动发展红利惠及千家万户"之 问。 作为省内"领头羊"，不少经济强市也已开跑。将冲刺"全国增长极"作为目标的成都，"新春第一会"同样 剑指高质量发展，又颇具特色——2月24日，成都召开推进重点产业链高质量发展工作会议，以重点产 业链建圈强链破题，无疑为高质量发展锚定了更为具体的承载。 推动成都能级提升，重点产业链作用不容小觑。去年，成都GDP达到2.48万亿元、增长5.8%，在近2.5 万亿元的经济体量上实现"高位增长"；其中，产业突围格外引人瞩目：成都在2个万亿级产业集群的基 础上，千亿级产业链增至13条，同时，国家先进制造业集群、国家中小企业特色产业集群数量均位居副 省级城市第二。 会上，成都亮出目标：今年作为"十五五"规划开局之年，成都将推动4条产业链迈上新的千亿台阶，其 中软件和信息服务业营收突破9000亿元。由此，成都将向第三个万亿产业集群挺进。站上新起点、面对 新挑战，成都将如何谋局 ...

2024年—2025年度，高盛生物因市场竞争激烈，收入和毛利率下降；受财政资金紧张、公安客户缩减预 算开支的持续影响，公司部分公安客户回款不及时，进一步加剧公司应收账款及存货的资金占用，这些 因素导致2024年、2025年度实现业绩与收购时营业收入和净利润预测值差异较大。 如2023年，高盛生物的主要客户公安局受财政预算缩减等因素影响，行业竞争加剧，高盛生物中标金额 由2022年11,021.31万元下降至6,812.50万元，下降幅度达38.19%，2023年受需求影响收入利润同比大幅 度下滑。 因此前收购的一家司法鉴定技术公司业绩下滑，北海国发川山生物股份（600201）有限公司(证券简 称：国发股份（600538），600538.SH)对其连续三年计提大额商誉减值。 2月23日晚，国发股份发布公告，回复上海证券交易所此前对公司2025年度业绩预告的问询函，就营业 收入、医药流通业务、以及商誉减值等情况进行了说明。此前，国发股份于1月16日发布业绩预亏公 告，公司预计2025年度实现营业收入约3.3亿元，归母净亏损约8500万元；扣非归母净亏损8550万元左 右。 国发股份主营业务包括医药制造及医药流通、 ...

Core Viewpoint - Zhejiang Medicine (600216.SH) has signed a partnership agreement to invest in the Langfang Xinhui Silver Economy Equity Investment Fund, committing a total of 250 million yuan, which represents 31.25% of the fund's total capital of 800 million yuan [1] Group 1 - The partnership involves several entities, including CITIC Medical Health Private Equity Fund Management (Beijing) Co., Ltd. as the general partner and fund manager [1] - The fund will primarily focus on investments in the silver economy and the healthcare sector, aiming to enhance the value of the invested companies and maximize returns for all partners [1] - The establishment of the fund is intended to achieve a win-win outcome through reasonable commercial efforts to increase the capital of the fund [1]

Group 1 - The core strategy of the company involves expanding its product pipeline in the pharmaceutical industry through "BD + independent research and development," while also focusing on merger and acquisition opportunities to inject new product resources and market channels into its pharmaceutical sector [1] - In the AI healthcare field, the company positions itself as "AI + scenarios," leveraging its extensive medical and elderly care scenarios to drive technological industry layout [1] - The company has fully integrated its hospitals with the DeepSeek platform, launching AI smart report interpretation and AI medical assistant applications, which enhance the efficiency of diagnosis and treatment processes [1] Group 2 - Recent performance indicates that for the first nine months of 2025, the company achieved a revenue of 2.256 billion yuan, a year-on-year decrease of 23.40%, and a net loss of 38 million yuan, with losses expanding by 167.83% year-on-year [2] - The company is accelerating its strategic layout in rehabilitation and elderly care robotics, while also exploring investment opportunities in upstream and downstream core technology enterprises [3] - The company primarily engages in the production and sales of pharmaceuticals, as well as hospital management and related businesses [3]