230余家用人单位招聘 此次对接会，用人单位涵盖中央企业、国有企业、民营企业、外资企业、事业单位等，岗位涉及金 融、医药、教育、旅游、商贸、互联网等诸多行业。 海南春节返乡人才对接会2月27日举办 为了更好地服务广大求职者，此次对接会设置七大特色专区：招才引智区、市县招聘展示区、咨询 服务区、职业指导区、就业创业成果展示区、BOSS直通车专区、直播宣传推介区。 2月27日（农历正月十一）10时至14时，由省委、省政府主办的海南省2026年春节返乡人才对接会 将在海口举行，现已征集230余家用人单位。 其中，咨询服务区将提供数智AI、就业创业政策、公务员招考选调、事业单位招考、大学生志愿 服务西部计划、特岗教师计划、"三支一扶"计划招募、职业培训、就业驿站等咨询服务。职业指导区将 提供职业生涯规划、简历优化、面试技巧等"一对一"就业指导服务。在BOSS直通车专区，用人单位负 责人现场面试，求职者与招聘者双向契合即可当场签约。（记者 易宗平） ...

2月26日，港股市场早盘延续反弹。 截至发稿，恒生指数开盘报27019.74点，上涨254.02点，涨幅0.95%。 恒生科技指数开盘报5284.51点，上涨24.01点，涨幅0.46%。 携程集团-S（HK09961）公布财报，2025全年归母净利润332.94亿元，同比上升95.08%。 先声药业(HK02096)：2025财年收入约77亿元至78亿元，同比增约16.0%至17.6%。2025年财政年度将录 得归属于本公司权益股东的利润约13亿元至14亿元，同比增长80.1%至93.9%。 兖煤澳大利亚(HK03668)公布财报，2025年收入为59.49亿澳元，同比减少约13%；净利润4.4亿澳元，同 比减少约64%。期内自产煤的整体平均售价176澳元/吨，同比下降17%。可销售证实煤炭储量及可能煤 炭储量6.4亿吨，同比减少5.9%。受业绩下滑影响，早间该公司一度跌超10%。 其他方面，盘面上，科网股涨多跌少，联想、腾讯涨超1%，网易跌超1%。内房股活跃，越秀地产涨超 2%。锂电池板块部分高开，天齐锂业涨超6%。汽车股分化，比亚迪股份高开近1%。 后市展望： 中银国际认为，当前防范地产及相关风险仍是首 ...

Core Viewpoint - Huayuan Securities initiates coverage on Hong Kong Exchanges and Clearing Limited (HKEX) with a "Buy" rating, highlighting its unique ecological position connecting "capital" and "goods," along with regional monopoly, scarcity, and commercial viability [1] Group 1: Financial Performance - From 2015 to 2024, HKEX's revenue and other income are expected to grow at a compound annual growth rate (CAGR) of 6.3%, while net profit attributable to shareholders is projected to grow at a CAGR of 5.8% [1] - In Q3 2025, the average daily turnover (ADT) of stock securities products increased by 150% year-on-year to HKD 267.9 billion, with southbound and northbound trading volumes growing by 285% and 144% respectively [1] - For the first three quarters of 2025, revenue from spot trading increased by 75% year-on-year to HKD 11.1 billion, accounting for 51% of total revenue [1] Group 2: Derivatives and Commodity Performance - In Q3 2025, the average daily trading volume of derivative contracts decreased by 7% year-on-year to 727,000 contracts, while stock options saw a 30% increase in daily trading volume [2] - The commodity segment's revenue and other income grew by 9.5% year-on-year, with the average daily trading volume of LME metal contracts increasing by 3% [3] Group 3: Investment and Strategic Initiatives - Investment income for Q3 2025 decreased by 16% year-on-year to HKD 1.02 billion, primarily due to reduced investable funds from property redemptions [4] - HKEX is advancing strategic measures, including the launch of LME-approved warehousing facilities, adjustments to minimum price fluctuations, and the introduction of new products like the Hang Seng Biotechnology Index futures [5] Group 4: IPO Contributions and Market Dynamics - In the first three quarters of 2025, 69 IPOs raised a total of HKD 188.3 billion, marking a new high since 2022, with a significant increase in the number of IPO applications [6] - The top ten stocks by trading volume in Q3 2025 included seven internet and technology companies, contributing 30% to the total market ADT [7]

Market Performance - The Hang Seng Index closed at 26,765.72, up 175 points or 0.66%[2] - The Shanghai Composite Index rose to 4,147.23, an increase of 0.72%[2] - The Shenzhen Component Index increased by 1.29%, closing at 14,475.87[2] Economic Indicators - Hong Kong's inflation rate slowed to 1.1% in January, down from 1.4% in December[6] - The basic inflation rate, excluding one-off government relief measures, was 1%[6] - The year-on-year price increases for various categories included electricity, gas, and water at 3%[6] Corporate Earnings - Hong Kong's San Miguel Brewery reported a profit of HKD 76.12 million for the year, compared to a loss of HKD 20.10 million the previous year[11] - New World Development's rental income from office spaces is expected to decline at a slower rate, with occupancy rates stabilizing at 81.6%[12] - Neway Data's net profit for the six months ending December rose by 9.72% to HKD 531 million[13] Government Fiscal Policy - The government plans to increase tax allowances for dependents, estimating a reduction in tax revenue by HKD 5 billion this fiscal year[7] - The Financial Secretary proposed transferring HKD 150 billion from the Exchange Fund to support infrastructure projects[8] - The Exchange Fund recorded an investment income of over HKD 330 billion in 2025, with total reserves exceeding HKD 780 billion[8] Industry Developments - Steel mills in northern China are required to reduce production by at least 30% to improve air quality during the upcoming National People's Congress[9]

2月26日，港股AI再现回调，港股AI核心资产——港股互联网ETF（513770）场内价格现跌1.44%，再探 近10个月以来新低。 板块个股中，互联网龙头走势分化，小米集团-W涨超1%；阿里巴巴-W、快手-W跌超2%，美团-W跌逾 1%，腾讯控股跟跌0.67%。 2月以来，港股科技剧烈调整，中证港股通互联网指数期间累计跌幅已超10%。南向资金明显加大了买 入力度，逢低积极抢筹。 数据显示，2026年2月以来南向资金累计净买入额超过800亿港元，超过此前的2026年1月全月的累计净 买入额。其中多只港股互联网龙头被重点"扫货"，截至2月24日，南向资金当月增持腾讯控股、阿里巴 巴-W均超3000万股，小米集团-W、美团-W亦获大力增持。 相关ETF亦强势吸金。上交所数据显示，港股互联网ETF（513770）近20日累计获资金净流入4.45亿 元，基金份额突破266亿份历史新高。 资金的持续流入构成支撑，港股互联网是否已回调到位？中金公司认为，后市前景取决于三个维度的变 化：信用周期决定指数空间，产业趋势决定景气结构的强弱，而流动性则会放大波动。由于支撑港股和 估值弹性的主要是科技（尤其是AI）和新消费板块，因 ...

Group 1: Market Overview - The Hang Seng Index closed at 26,765.72, up 175 points or 0.66%, after fluctuating throughout the day, with a high of 26,870 and a low of 26,632 [2][3] - The total market turnover was 236.765 billion, with a net outflow of 4.057 billion from northbound trading [2] Group 2: Economic Indicators - Hong Kong's inflation rate slowed to 1.1% in January, down from 1.4% in December, with the basic inflation rate at 1% [6] - The year-on-year price increases in January were noted in categories such as electricity, gas, and water (3%), miscellaneous services (2.9%), and transportation (1.3%) [6] Group 3: Company News - Hong Kong Sheng Li Beer reported a profit of 76.119 million, with a revenue increase of 3.68% to 737 million [11] - Crown Property Trust's CEO indicated a narrowing decline in office rental income, with a stable occupancy rate of 81.6% and a positive outlook for retail due to increased consumer spending [12] - Neway Group reported a 9.72% increase in shareholder profit to 531 million, attributed to lower borrowing costs and growth in data center revenue [13] - Sinopharm's expected profit for the year is projected to be between 1.3 billion to 1.4 billion, reflecting a growth of approximately 80.1% to 93.9% [14]

2月25日，昆仑万维（维权）跌6.98%，成交额78.11亿元。两融数据显示，当日昆仑万维获融资买入额 9.60亿元，融资偿还9.46亿元，融资净买入1447.99万元。截至2月25日，昆仑万维融资融券余额合计 45.50亿元。 融资方面，昆仑万维当日融资买入9.60亿元。当前融资余额45.36亿元，占流通市值的6.17%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，昆仑万维2月25日融券偿还2.88万股，融券卖出7900.00股，按当日收盘价计算，卖出金额 46.29万元；融券余量23.87万股，融券余额1399.07万元，超过近一年90%分位水平，处于高位。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：网络广告业务38.37%，Opera搜索业务18.51%，短剧平台业务15.61%，海外 社交网络业务13.92%，游戏业务6.40%，闲徕社交娱乐平台业务4.27%，AI软件技术业务1.75%，其他业 务1.16%。 ...

2月26日，港股市场集体高开，其中恒生指数涨0.95%报27019.74点，恒生科技指数涨0.46%报5284.51 点，国企指数涨0.49%报9078.96点，红筹指数涨0.31%报4480.2点；昨日港股三大指数走势分化，恒指 盘中一度涨近1%，展现出一定的上行动力；然而恒科指数却冲高回落，尾盘再度翻绿。 盘面上，大型科技股多走高，腾讯控股涨1.24%，京东集团涨0.47%，小米集团涨0.45%，网易跌 1.85%，快手涨0.98%，哔哩哔哩涨0.52%；锂矿股多数高开，天齐锂业涨6.11%，赣锋锂业涨5.48%，长 和涨2.42%；内房股活跃，越秀地产涨超2%；汽车股分化，比亚迪股份涨近1%，喜相逢集团跌超1%。 业绩有喜有忧，资本运作活跃业绩增长企业亮点纷呈 先声药业2025财年收入约人民币77亿元至人民币78亿元，同比增约16.0%至17.6%，在医药领域展现出 稳健的发展态势。 玖龙纸业发布截至2025年12月31日止六个月中期业绩，收入372.21亿元，同比增加11.22%；净利润 19.66亿元，同比大增318.78%，业绩爆发式增长令人瞩目。 海螺创业拟获海螺集团收购额外股权。 珩湾科技拟议 ...

Core Insights - The article discusses the transformation of business survival logic in the AI era, highlighting the decline of traditional competitive advantages established during the mobile internet age [2][6] - It emphasizes the shift from user loyalty and network effects to a focus on data accumulation and AI capabilities as the new competitive moat for companies [8][23] Group 1: AI Impact on Business Models - During the Spring Festival, over 130 million people experienced AI shopping, indicating a significant shift towards everyday AI applications [2] - The traditional "moats" of mobile internet, such as user habits and traffic logic, are being redefined in the face of AI advancements [2][6] - Companies must adapt to a new competitive landscape where user loyalty is minimal, and switching costs are low, as users prioritize functionality and performance over brand allegiance [6][7] Group 2: Data as a Competitive Advantage - The concept of "data compounding" is introduced as a crucial element for retaining users, where accumulated data about business processes and user habits becomes invaluable [9][23] - Three core dimensions of a data moat are identified: private context, interactive feedback loops, and industry-specific "dark knowledge" [12][14][16] - Companies that can structure and leverage internal data effectively will create barriers that competitors cannot easily overcome [14][24] Group 3: The Future of AI Applications - The article argues that the focus should shift from merely selecting AI models to designing systems that generate high-value feedback data during user interactions [20][23] - Successful B2B AI applications will integrate deeply into business processes, making data an essential part of operational flows [18][24] - As technology evolves, the true value lies in the unique data accumulated over time, which cannot be easily replicated by new models [23][24]

不久前，感情受挫的然然（化名）在测测App上结识了一位"咨询师"，对方通过塔罗牌等占卜，言之凿 凿地说这段感情必将修复。然而，占卜的时间已过，按捺不住的然然继续咨询，"主播就把时间不断往 后推，导致我不停地问询"。 在情感低谷期，她有时一天会联系五六个不同的"赛博算命"主播，反复之间，她称咨询费已经花费了超 4万元。时至今日，人财两空。 然然的遭遇并非孤例。在黑猫投诉 【下载黑猫投诉客户端】平台上，关于测测的投诉案件已累积近千 条。翻看这些投诉记录，"诱导消费""虚假宣传""退款无门""主播质量良莠不齐"等字眼反复出现。 不久前，"网信中国"发布了消息，中央网信办即日起开展为期1个月的"清朗·2026年营造喜庆祥和春节 网络环境"专项行动，明确将"打着改命转运、破除太岁等旗号，提供网上算命占卜服务，宣扬封建迷 信"列为重点整治的突出问题。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "主播告知我，那个男生几月几号一定会回头找我！" 当她意识到问题，并尝试通过测测App平台客服维权时，她遭遇了典型的 "踢皮球"式应对。客服要求她 提供涉事主播的名称，之后反馈往往是"该主播已不在平台 ...