智通财经APP获悉，香港联交所最新资料显示，2月12日，HSBC Global Asset Management (Hong Kong) Limited增持金力永磁(06680)94.7万股，每股均价23.1947港元，总金额约为2196.54万港元。增持后最新 持股数目为1241.46万股，最新持股比例为5.28%。 ...

来源：中信证券研究 文|裘翔 高玉森 陈泽平 张铭楷 陈峰 刘春彤 今年2月是个重要的分水岭，AI Coding能力的跃升使得全球有效代码的规模正式进入指数级别膨胀的阶 段，而社会实物生产价值总量和总收入的扩张速度在目前的物理AI技术条件下远落后于AI生成的代码 量扩张的速度，全球大概率会先经历一个代码量膨胀、执行力过剩、竞争加剧和资本投入回报率受损的 过程。我们根据不同行业的物理依赖度和监管/情感壁垒两个维度，可以把行业划分为受损（低物理依 赖、低监管/情感壁垒）、重塑（低依赖、高壁垒）、堡垒（高依赖、高壁垒）和受益（高物理依赖、 低监管/情感壁垒）四个类别。在未来一段时间，实物稀缺的受益者和代码膨胀下的受损者之间的收益 差距或将不断拉大，这个分化趋势还会持续。这是在考虑市场行情和板块配置时不得不重视的新因素。 从短期市场层面来看，A股行业格局以制造和金融为主，在此轮AI冲击下所受影响相对美股和港股更 小，资金流入和人心思涨的格局也未发生变化，节后春季行情有望延续，涨价仍然是一季度的核心配置 线索之一。 全球有效代码的规模正式进入 指数级别膨胀的阶段 如果说去年春节DeepSeek大热让市场对AI应用充满畅 ...

来源：环球市场播报 全球投资者正以十年来最快速度涌入拉美股市，推动该地区全线市场创下多年新高。 巴西、哥伦比亚、墨西哥股市迎来海外资金大举买入，助力MSCI 新兴市场拉美指数创下 11 年新高， 2026 年至今涨幅已超 20%，创下1991 年以来最强开年表现。该指数上周五实现连续第九周上涨，为 2017 年以来最长连涨纪录。 投资者对这一长期被忽视地区重新燃起兴趣，主要是押注巴西、哥伦比亚即将到来的总统大选，市场预 期当地政策可能转向、利率有望下调。上周五美国最高法院驳回特朗普全球关祱后，本轮涨势再添动 力，投资者认为这是拉美股市反弹的又一利好。 "拉美重新回到投资视野，关注度达到10—15 年来未见水平，" 瑞银全球财富管理美洲新兴市场首席投 资官阿莱霍・切沃恩科表示，"新兴市场长期处于低配状态，而拉美尤甚。" 尽管全球资金从美国资产分散、整体利好新兴市场，但拉美资金流入尤为突出。 不过这并非稳赢赌注。前总统博索纳罗之子弗拉维奥・博索纳罗去年末参选，削弱了市场青睐的圣保罗 州长塔西西奥参选的预期，一度引发股市抛售。不少投资者选择等到 4 月（官员必须卸任参选）再大举 押注。 哥伦比亚方面，5 月总统大选 ...

我问你个问题，你有没有发现现在的股市逻辑已经彻底变异了。放在几年前，如果有个总统跳出来说要对全球征收10%的关税，市 场大概率要当场躺平给你看。但就在2026年2月21日的今天，华尔街日报的报道却像是在抽所有传统经济学家的耳光。 即便特朗普威胁要用这10%的全球关税来取代那个刚被最高法院否决掉的旧关税，美国股市居然连眉头都没皱一下，标普500指数 这周稳稳当当地涨了1.1%，道指涨了0.3%，纳指更是像打了鸡血一样冲了1.5%。 我昨晚盯着这些数据看了半天，真觉得这事儿荒诞得有点意思。 大家都在聊关税，都在担心贸易壁垒，可资金的动作却诚实得可怕。我查了下最新的数据，这哪里是关税在左右市场，这分明就是 一场赤裸裸的资金狂欢。你想想，现在全球的流动性已经松到了什么程度。 就在当地时间2026年2月20日，美国商务部公布的2025年12月个人消费支出物价指数同比增长2.9%，虽然通胀还在那儿晃悠，但市 场那帮玩钱的早就认定降息是板上钉钉的事。 现在的市场逻辑就是，坏消息只要能变相催生出流动性，那就是好消息。最高法院判特朗普败诉，本该是政令不通的利空，但因为 涉及退款，变成了利好。特朗普威胁加征新关税，本该是贸易摩擦 ...

Group 1 - BlackRock submitted its Q4 2025 13F report, showing a total U.S. equity holding value of $5.92 trillion, an increase of approximately $210 billion or 3.67% from the previous quarter [1] - The firm's holdings have shifted towards the AI industry, with significant increases in weight for AI-related stocks across storage and computing sectors [1] - In Q4 2025, BlackRock established new positions in 247 U.S. stocks, increased holdings in 3,309 stocks, while liquidating 165 stocks and reducing positions in 1,546 stocks [1] Group 2 - The top five increased positions included Alphabet-A, Alphabet-C, Eli Lilly, Micron, and Apple, with Micron seeing a 7.33% increase in holdings [2] - The top five reduced positions were SPDR S&P 500 ETF call options, ServiceNow, Strategy, AT&T, and Kellanova, with the largest decrease in SPDR S&P 500 call options [2] - The top ten holdings remained stable, with Nvidia, Apple, Microsoft, Amazon, Alphabet-A, Broadcom, Alphabet-C, Meta, Tesla, and Eli Lilly collectively accounting for 30.41% of total holdings [2] Group 3 - BlackRock views AI as a transformative technology revolution that is still ongoing, expecting structural trends in the AI sector to continue into 2026 [3] - The firm anticipates a shift from hardware infrastructure to more applications of AI technology in traditional and emerging industries [3] - Investors are advised to monitor the alignment of valuation levels with cash flow improvements in the tech growth sector, particularly in AI, despite some stocks appearing overvalued [3]

Core Viewpoint - The global market is experiencing fluctuations influenced by narratives and liquidity, while the domestic capital market in China is showing steady progress with A-shares exhibiting a "slow bull" pattern, highlighted by the Shanghai Composite Index surpassing 4000 points and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time [3][4]. Group 1: Macroeconomic Landscape - The external environment is characterized by internal divisions within the US economy and monetary policy considerations that will dominate global liquidity expectations [5]. - The domestic policy framework for 2026 is shifting towards "stability while seeking progress and improving quality and efficiency," focusing on stimulating domestic demand, promoting technological breakthroughs, and addressing deflationary pressures [5]. - Key tasks include expanding consumer spending and driving industrial upgrades, which will outline a clear investment roadmap for the "14th Five-Year Plan" period [5]. Group 2: Market Outlook - The A-share market is expected to strengthen under the support of policies, funding, and fundamentals, continuing the "long bull" trend [6]. - The policy environment is fostering a stable framework for technological innovation and industrial upgrades, directing resources towards high-efficiency sectors [6]. - The trend of residents shifting asset allocation from real estate to financial assets is evident, with A-share dividend yields remaining attractive compared to government bond yields [6]. - Growth in earnings is anticipated in sectors like new energy, computing, and electronics, while some export chains and consumer service sectors may also rebound [6]. Group 3: Investment Strategy - The "long bull" trend is expected to persist in 2026, with structural opportunities emerging [7]. - Fixed income assets will remain a crucial part of investment portfolios, although the bond market may present fewer trend-based opportunities [7]. - A flexible approach to equity and convertible bonds is recommended to capture certain returns in a volatile market, emphasizing the importance of multi-asset and multi-strategy allocations [7].

Group 1 - The U.S. Supreme Court's ruling against Trump's tariffs has led to a strong rally in emerging market assets, with a benchmark index for emerging market currencies reversing weekly losses and an emerging market ETF reaching a historical high [1][5] - Michael Hartnett, a strategist at Bank of America, emphasizes that emerging markets are likely to outperform the U.S. market amid the decline of "American exceptionalism" and a shift in global growth focus [1][7] - The iShares MSCI Emerging Markets ETF has seen a rare "ten consecutive days of gains," reaching a historical peak, with trading volume significantly above its 20-day average [1][4] Group 2 - The strong performance of key stocks like TSMC, Samsung, and SK Hynix has contributed to the iShares MSCI Emerging Markets ETF's rise, which has increased by 14% in 2026, outperforming the S&P 500 and Nasdaq 100 [4] - The ongoing global AI boom and the "sell America" narrative have positioned the Korean stock market as one of the best-performing markets globally, with a 40% increase in its benchmark index this year [4][8] - The Supreme Court's tariff decision is seen as a catalyst for emerging market currencies, highlighting significant uncertainty in U.S. government policies and driving diversification trends [5][8] Group 3 - Recent U.S. economic data indicates weakness, with GDP growth falling short of expectations and inflation measures exceeding forecasts, creating mixed signals for the Federal Reserve's interest rate outlook [6] - Despite geopolitical tensions, most Wall Street strategists believe that these will not escalate into a full-scale war, allowing emerging markets to maintain their strong upward momentum [6][7] - The uncertainty surrounding U.S. fiscal policies and high valuations in the U.S. market are prompting large investors to seek diversification in emerging markets, which are seen as more attractive in terms of valuation and growth expectations [8]

法国巴黎银行资产管理公司 BNP Paribas Asset Management 宣布在以太坊上开展货币市场基金代币化试 点，通过其 AssetFoundryTM 平台发行一只法国注册货币市场基金的代币化份额。该代币采用基于以太 坊的"许可访问模型"，仅允许符合监管要求的合格与授权参与者持有和转让。BNP Paribas Asset Management 担任基金发行人，BNP Paribas Securities Services 负责过户与销售。（The Block） （来源：吴说） ...

Core Insights - The total assets managed by the American Global Investors Company at the end of the quarter amount to approximately $1.5 billion [1] Company Overview - American Global Investors Company has reported managing total assets of around $1.5 billion as of the quarter's end [1]

Core Insights - The Dalio family office has made its first investment in U.S. stocks since the COVID-19 pandemic, amounting to approximately $503 million, which is about one-third higher than the total disclosed at the beginning of 2021 [1] Investment Allocation - Over 75% of the investment is allocated to an ETF that tracks gold prices, with the remaining smaller positions distributed among U.S. Treasury bonds and the S&P 500 index [1] - The total number of holdings related to gold has increased to nearly 12, including ETFs targeting both developed and emerging markets, compared to only two gold-related ETF investments disclosed before 2026 [1] Wealth Status - According to the Bloomberg Billionaires Index, the current net worth of Dalio is approximately $20.1 billion [1]