阿里、腾讯、美团等被总结为建议调出的"老登恒生"成分股。同时，恒生生物科技指数也在当日逆市收 涨0.96%，另外，石油股也出现走强。 值得留意的是，虽然港股互联网主题ETF、恒生科技ETF等节前资金流入最多的ETF并未迎来涨势，但 表现强势的个股也有公募基金的布局身影，次新股以打新的方式布局，而表现强势板块则在此前已有主 动权益基金的加仓迹象。 2月22日，节后首个交易日，恒指和恒生科技虽然没有收涨，但AI概念股的涨势如期而至。 2月20日，港股三大指数集体收跌。其中，恒生科技收跌2.91%，恒生指数收跌1.10%，而恒生国企指数 收跌1.22%。相较于恒生科技的继续下挫，港股上市的AI概念次新股却迎来上涨，网友也出现了调整恒 生科技部分成分股的建议。 小米、中芯国际、比亚迪、腾讯、快手等成分股也在去年四季度被主动权益基金减持，不过，美团在去 年四季度得到主动权益基金增持超过1700万股。 石油、创新药板块走强 港股AI概念股大涨 截至2月20日收盘，智谱延续强势表现，收涨42.72%，报725港元；MiniMax也同样收涨14.52%，报970 港元。两大AI龙头盘中最高市值双双突破3000亿港元，与上市初 ...

图书 交易的真谛 如何找寻交易的确定性 丁亮 / 当代世界出版社 / 2025-1出版 / 280 已读过 ★★★★★ 2025.02.2 豆瓣评分。 9.8 34人 194 43人读过 4人在读 18人想读 前往京东商城购买 纸质版 ¥ 55.63 ¥ 89.00 立即贴 当代世界出版社,2025-1出版,共280页 有人说，字节不上市，等于把时代最大的红利，只留给内部人， 不让二级市场股东（也就是你我、买腾讯阿里的普通人）分享。 - 现在抢腾讯、阿里时长、广告、电商、入口的，是字节 - 但买不到字节股票的，是我们这些普通投资者 - 一边被它抢走用户，一边还拿着它对手的股票 - 等于被"双面收割" 这对普通股民、对长期持有腾讯阿里的人，真的不公平。 为什么说"对用户不好"？ 1. 时代红利被封闭了 AI+短视频+全球增长，这是这十年最确定的大机会。 但它不上市，普通人只能看，不能上车。 2. 你持有的老巨头，在被它持续抽血 时长被抢、广告被抢、用户习惯被抢、AI入口被抢。 你拿着腾讯、阿里，相当于守着旧时代资产，被新时代资产持续压制。 3. 最气的是：你越用它，它越强，你手里股票越难涨 你每天刷抖音、用豆包 ...

随着AI叙述的不断加强，科技类指数在市场中的地位也愈发重要。恒生科技指数作为港股市场科技板块的核心标杆，汇聚了中概互联网与硬科技领域的龙 头企业，具备多重独特优势，使其成为布局中国科技资产的重要工具。 估值处于低位，安全边际充足 当前恒生科技指数的估值水平已回落至历史极低分位。截至2025年2月13，指数动态市盈率（PE-TTM）约为22.10倍，处于过去三年25%以下分位水平，较 2021年初高点时的60倍以上估值已大幅回调。市净率（PB）方面，当前约2.91倍，同样处于历史底部区域。 若剔除受外卖价格战扰动的阿里巴巴、美团、京东三家平台型企业，恒生科技核心成分股增长质量更为突出——2025年收入同比增长13.6%，Non-GAAP净 利润增速进一步提升至21.7%，盈利修复动能强劲。 图：恒生科技指数市盈率 数据来源：Wind 截至：2026.2.13 横向对比来看，恒生科技指数估值显著低于纳斯达克100指数（约34倍PE）及国内创业板指（约40倍以上PE），在全球主要科技指数中具备明显的估值折 价。这种深度回调已较为充分地反映了前期监管收紧、地缘及宏观经济增长放缓等多重悲观预期，为后续估值修复预留了充足 ...

Core Viewpoint - The recent reduction in holdings by prominent investors Warren Buffett and Duan Yongping has raised concerns among ordinary investors about potential market shifts, but their actions are more about strategic portfolio optimization rather than panic selling [1][4]. Group 1: Actions of Warren Buffett - Buffett's Berkshire Hathaway reduced its stake in Apple by 10.29 million shares, a decrease of 4.32%, and significantly cut its Amazon holdings by 77.24%, while completely liquidating its position in Google [3]. - Despite the reductions, Apple remains the largest holding for Berkshire, valued at over $61.9 billion, indicating a strategic reassessment rather than a bearish outlook on the market [5][7]. Group 2: Actions of Duan Yongping - Duan Yongping also reduced his Apple holdings by 7.09%, aligning with Buffett's strategy, while simultaneously increasing his investment in Nvidia by 1110.62% and entering several AI-related companies, reflecting a shift towards sectors with perceived higher value [3][5]. - This adjustment is characterized as a repositioning of assets rather than a complete exit from the market [5][7]. Group 3: Investment Philosophy - Both investors are not attempting to predict market fluctuations but are instead focusing on maintaining their investment within their areas of expertise, which exemplifies true value investing [8]. - The actions of these investors serve as a reminder that investment should not be a follow-the-leader game, emphasizing the importance of a steady and informed approach to investing [11].

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

Group 1 - The core focus for the upcoming week includes the macroeconomic landscape with President Trump's State of the Union address on February 24, outlining policy priorities for the year ahead [5] - Nvidia is set to release its earnings report on February 25, which will significantly impact the AI industry sentiment, alongside Baidu's earnings report on February 26 [5][8] - The MSCI China Index will include 37 new stocks, including Liou Co., Silver Nonferrous, and others, effective after the market closes on February 27 [23] Group 2 - The U.S. PPI data for January will be released on February 27, with expectations of a year-on-year increase of 2.6%, down from 3% [7] - The Japanese Tokyo CPI for February is expected to show a year-on-year increase of 1.4%, slightly down from 1.5% [7] - The Hong Kong government will release its new fiscal budget on February 25, with expectations of a return to surplus due to increased revenue from financial markets [22] Group 3 - Core companies such as Berkshire Hathaway, Salesforce, and Coreweave are scheduled to announce their earnings, providing diverse industry insights [10] - Apple will hold its annual shareholder meeting on February 24, where key decisions regarding executive compensation and board elections will be made [17] - The upcoming geopolitical events, including discussions on Iran's nuclear program and the visit of Germany's new Chancellor to China, may influence market dynamics [6][15]

【#今年来港股市场回购金额超254亿港元#】2月21日消息，据报道，2026年以来，港股市场回购金额超 过254亿港元。行业龙头公司的回购节奏和力度不减，其中，腾讯控股今年以来累计回购金额已超63.58 亿港元，中通快递和小米集团紧随其后，回购金额达到41.03亿港元和35.32亿港元。（券商中国） ...

【环球网财经综合报道】2月20日，港股马年首个交易日，恒生科技指数下跌2.91%，Wind数据显示，自2025年10月以来，恒生科技指数累计 下跌近20%。不过，超千亿元资金借道ETF布局港股市场。 招商证券认为，海外上市、跟踪中国资产的ETF自2025年7月以来不断流入，累计净流入规模超140亿美元。与过去两年外资快进快出的特征不 同，最新一轮净流入呈现缓慢、持续的特点，验证了中国市场从"可交易"向"可投资"的转变。（闻辉） 尽管恒生科技指数持续调整，但仍有大量资金逆势布局。Wind数据显示，自2025年10月以来，跟踪恒生科技指数、中证海外中国互联网50指 数、恒生港股通科技主题指数等类似指数的ETF合计获得1446亿元资金净流入。其中，华夏恒生科技ETF、华泰柏瑞恒生科技ETF、天弘恒生 科技ETF三只产品获得超150亿元资金净流入。 招商证券认为，公募基金对港股的配置远超基准，导致年末港股逆风时卖出压力较大。截至2025年三季报，主动偏股公募基金实际持有港股 5940亿元，远高于基准规模3560亿元。部分基金受基准新规限制，卖出港股、重新买入A股，南向资金在12月出现罕见的周度净流出，成为港 股科技方 ...

Group 1 - The National Development Bank plans to issue loans of 786.3 billion yuan to the urban renewal sector by 2025, focusing on the renovation of old residential areas, urban villages, and infrastructure improvements [2] - The loans will support urban structural optimization, functional enhancement, cultural heritage preservation, and ecological restoration [2] Group 2 - The 2026 annual film box office (including pre-sales) has surpassed 7 billion yuan, with the Spring Festival box office (including pre-sales) exceeding 4.4 billion yuan [3] - The total cross-regional population flow during the Spring Festival has reached 5.08 billion person-times, averaging 250 million person-times per day, marking a historical high [3] Group 3 - The U.S. President announced an increase in the "global import tariff" from 10% to 15%, effective immediately, with further legal tariffs to be determined in the coming months [4] - The Japanese yen's effective exchange rate index has hit a 53-year low due to prolonged economic stagnation [4]

每经编辑｜许绍航 胡玲 王瀚黎 标题点睛 伊朗外交部21日发表声明说，伊朗政府已将欧盟成员国的海军和空军列为"恐怖组织"，以回应欧盟将伊朗伊斯兰革命卫队列入"恐怖组织名单"。（新华 社） 2月21日晚，哈尔滨冰雪大世界发布公告，由于2月20日、21日气温骤然升高，突破历史极值，冰雪景观融化严重，第二十七届哈尔滨冰雪大世界即日起正 式闭园，已购票的游客可通过原购票渠道申请全额退款。同时，位于哈尔滨冰雪大世界园区内的世界最大室内冰雪主题乐园——梦幻冰雪馆，将于2月22 日12时正式开放。 据报道，OpenAI正在重新设定其资本支出预期。OpenAI向投资者表示，到2030年的总算力支出目标约为6000亿美元，较CEO阿尔特曼此前宣称的1.4万亿 美元基础设施承诺大幅缩水。报道称，OpenAI调整后的毛利率在2025年已下滑至33%，该公司仍预计到2030年现金流才能转正。（每经综合） 1 春运前20天预计全社会跨区域人员流动量50.8亿人次 2月21日，2026年春运过半，春运前20天预计全社会跨区域人员流动量达50.8亿人次，日均2.5亿人次，创下历史同期新高。2月21日全社会跨区域人员流动 量预计超3.6亿人 ...