2026年2月20日（农历大年初四），港股年后首日开市，恒生指数低开低走，一度跌超1%，现跌 0.76%。 "两桶油"领涨恒指，中国石油（00857.HK）和中海油（00883.HK）现分别涨4.68%和3.82%，因地缘风 险，油价上涨。另一方面，百度（09888.HK）领跌，现跌5.74%；京东健康（06618.HK）、阿里巴巴 （09988.HK）、泡泡玛特（09992.HK）等均跌超3%。 但与此同时，AI和机器人股却大幅攀升，春节前上市的"AI去幻"概念股海致科技（02706.HK）再涨 18.75%，现报142.50港元，已较其发售价27.06港元高出426.61%。 年前发布大模型的MiniMax（00100.HK）和智谱（02513.HK）现也分别上涨9.21%和16.54%，报925.00 港元和592港元。 另一方面，在春晚上大放异彩的机器人概念继续推动行情，机器人股越疆（02432.HK）、优必选 （09880.HK）和极智嘉（02590.HK）等都大涨。 在农历新年期间，全球资产怎么走？对港股有何影响？ 美股现分化，中概股走弱 年前因为对AI投资回报和AI颠覆传统软件业的担忧影响下，美 ...

格隆汇2月20日丨春节假期过后，港股迎来马年首个交易日。投资者纷纷涌入纯粹的人工智能概念股， 同时撤出传统互联网巨头。早盘时段，智谱(2513.HK)股价一度飙升25%，MINIMAX-WP(0100.HK)亦大 涨约16%，随后涨幅有所收窄。自今年1月它们在港股上市以来，这两只股票的股价均已上涨逾四倍。 与此同时，传统科技巨头阿里巴巴(9988.HK)和腾讯控股(0700.HK)等的股价均出现下跌，尽管它们均公 布了强劲的假期业绩。有分析师指出："资金正纷纷涌入纯粹的AI公司，而像阿里巴巴和腾讯这样的多 元化的平台则出现了部分获利回吐的情况。近期中国人工智能模型的发布重新点燃了市场对基础模型领 军企业的兴趣。" 来源：格隆汇APP ...

Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Tech Index saw a decline of 2.7% at its lowest, now down by 2.02% [1] Hang Seng Tech Index Details - The Hang Seng Tech Index opened at 5330.61, with a current value of 5259.18, reflecting a decrease of 108.34 points or 2.02% [2] - The trading volume for the day is 2.2 billion, with a market capitalization rate of 21.7 [2] Hang Seng Index Details - The Hang Seng Index opened at 26657.84, currently at 26524.99, down by 180.95 points or 0.68% [3] - The trading volume is reported at 23.4 billion, with a market capitalization rate of 12.1 [3] Notable Stock Movements - Hai Zhi Technology Group (2706.HK) surged by 19.25%, while MINIMAX-WP (0100.HK) increased by 11.63%, and Zhi Pu (2513.HK) rose by 18.31%, with a total market capitalization reaching 268 billion HKD [3] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform [7][8] - Bitcoin-related stocks, such as Xing Tai Chain Group (0399.HK), increased by 46.67% amid news of upcoming stablecoin licenses in Hong Kong [8] Declines in Tech Stocks - Major tech stocks experienced declines, with Kingdee International and Baidu Group dropping over 5%, and Alibaba and Bilibili falling over 4% [10] - Other notable declines include Netease down by 3.95%, and Tencent Holdings down by 2.25% [10][11] Gains in Other Sectors - Midea Group, Horizon Robotics, and SenseTime saw increases, with Midea Group rising by 1.47% [12]

Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Index is currently at 26,524.99, with a trading volume of 4.29 billion and a market capitalization of 429 billion [2] Stock Performance - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group (2706.HK) rising by 19.25%, MINIMAX-WP (0100.HK) increasing by 11.63%, and Zhipu (2513.HK) up by 18.31%, bringing their market capitalization to 268 billion HKD [1] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform VDX by the Hong Kong Securities and Futures Commission [6] - Bitcoin-related stocks also performed well, with Star Chain Group (0399.HK) surging by 46.67% after news of the issuance of stablecoin licenses in Hong Kong [6] Declines in Tech Stocks - Many tech stocks experienced declines, with notable drops including Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95% [8] - Other companies such as Tencent Music, Meituan, and JD Group also saw declines of over 3% [8][9][10] Notable Gainers - Midea Group, Horizon Robotics, and SenseTime recorded gains, with Midea Group increasing by 1.47% [11]

2月20日，港股跌幅进一步扩大，恒生科技指数跌2.2%，恒指、国企指数跌超1%。恒生科技指数成分股中，金蝶国际跌 5%，百度集团跌近5%，哔哩哔哩、网易、阿里巴巴、理想汽车、腾讯音乐、同程旅行跌超3%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 | 代码 | 名称 | | | | 涨幅% | | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | HSTECH | 恒生科技指数 | 1 | | 5249.58 | -2.20 | | -4.83 | | મટા | 恒生指数 | 1 | | 26427.30 | -1.04 | | 3.11 | | HSCEI | 恒生国企指数 | 1 | | 8972.95 | -1.07 | | 0.66 | | 代码 | 名称 | | | 涨跌幅 ^ | 年初至今涨跌 | 总市值 | | | 00268 | 金蝶国际 | | (0) | -5.02% | -20.24% | 376.24 乙 | | | 09888 | 百度集团-SW | | | -4.94% | -0.53% ...

Market Overview - The U.S. stock market faced pressure from multiple factors, including concerns over artificial intelligence, private credit news, and the situation in the Middle East, leading to a collective decline in major indices [2] - As of the close, the Dow Jones index fell by 0.54% to 49395.16 points, the S&P 500 index decreased by 0.28% to 6861.89 points, and the Nasdaq Composite index dropped by 0.31% to 22682.73 points [2] Geopolitical Factors - Reports indicate that U.S. President Trump is considering a "limited scale" military strike against Iran to compel compliance with nuclear agreement demands, with potential actions targeting specific military or government facilities [2] - This military action is viewed as a phased approach rather than an immediate declaration of war [2] Economic Indicators - Federal Reserve Governor Stephen Milan has revised down his expectations for the extent of interest rate cuts this year, citing better-than-expected employment data and persistent commodity inflation [2] - Milan no longer believes that significant rate cuts, as previously predicted two months ago, are warranted [2] Technology Sector - In the tech sector, Facebook, Tesla, and Amazon saw slight gains, while Nvidia, Microsoft, and Google experienced minor declines, with Apple dropping by 1.43% [4] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the year ending December 31, 2025, compared to Walmart's $713.2 billion for the year ending January 31, 2026 [4] Asset Management Sector - Blue Owl Capital announced a deal to sell $1.4 billion in direct loan investments at a face value of 99.7% to four North American public pension and insurance investors [6] - The asset management sector faced collective pressure, with Blue Owl Capital down nearly 6%, and other firms like Dutch Global Insurance, Blackstone Group, and Apollo Global Management also experiencing declines of 5.83%, 5.38%, and 5.21% respectively [6] Energy Sector - International oil prices have risen recently, influenced by geopolitical tensions, with NYMEX WTI crude futures closing above $66 per barrel [8] - The energy sector saw gains, with Occidental Petroleum and International Offshore Engineering rising over 9% [11] Gold Market - The international gold price has shown significant fluctuations, with COMEX gold futures trading above $5000 per ounce, supported by geopolitical factors [9][12]

Group 1 - The Hang Seng Index opened down by 0.18% [1] - The Hang Seng Tech Index decreased by 0.69% [1] - Bilibili fell nearly 4% [1] - Baidu declined by nearly 3% [1] - Alibaba dropped over 3% [1]

马年港股首日，港股三大指数持续下挫，恒生科技指数跌超2%，恒生指数跌超1%。科指成分股中，百 度跌超5%，网易跌超4%，哔哩哔哩、理想汽车、阿里巴巴跌超3%，小米、舜宇光学科技等跌超2%。 马年港股首日，港股三大指数持续下挫，恒生科技指数跌超2%，恒生指数跌超1%。科指成分股中，百 度跌超5%，网易跌超4%，哔哩哔哩、理想汽车、阿里巴巴跌超3%，小米、舜宇光学科技等跌超2%。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 26431.18 | -274.76 | -1.03% | | 800000 | | | | | E 国企指数 | 8973.39 | -96.93 | -1.07% | | 800100 | | | | | 恒生科技指数 | 5247.78 | -119.74 | -2.23% | | 800700 | | | | | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | | 26431.18 | -274.76 | -1.03% | | ...

Market Overview - The Hong Kong stock market opened lower on the first trading day after the holiday, with the Hang Seng Index down 0.18% at 26,657.84 points, the Hang Seng Tech Index down 0.69% at 5,330.61 points, and the National Enterprises Index down 0.19% at 9,052.67 points. The Red Chip Index, however, rose by 0.79% to 4,415.05 points [1] Company Performance Forecasts - Several companies in Hong Kong are facing significant profit declines for 2025. - Stone Four Pharmaceutical Group (02005.HK) expects a net profit of approximately HKD 1.061 billion, a decrease of 45% to 60% year-on-year [2] - Shougang Resources (00639.HK) anticipates a net profit between HKD 600 million to HKD 700 million, reflecting a year-on-year decline of about 53% to 60% [3] - Pearl River Shipping (00560.HK) projects a net profit between HKD 41 million to HKD 55 million, down 53% to 65% year-on-year [4] - Goodbaby International (01086.HK) expects a net profit decline of 35% to 45%, primarily due to reduced gross margins and increased income tax [5] - Hanyuan Holdings (00439.HK) has issued a profit warning, forecasting a net loss of approximately HKD 130 million to HKD 150 million for 2025 [6] - In contrast, China New Town (01278.HK) has issued a profit alert, expecting a net profit of approximately RMB 76 million for 2025 [7] Biopharmaceutical Sector Developments - The biopharmaceutical sector is experiencing positive developments with several new drug approvals. - Fuhong Hanlin (02696.HK) announced that its HLX15-SC (recombinant anti-CD38 fully human monoclonal antibody injection) for treating multiple myeloma has received FDA approval for a Phase 1 clinical trial [8] - CSPC Pharmaceutical Group (01093.HK) has also received FDA approval to conduct clinical trials for its GLP-1/GIP receptor dual agonist long-acting injection [8] - Bokan Vision Cloud-B (02592.HK) reported that its CBT-199 new drug clinical trial application has been approved for safety advancement [8] - Changfeng Pharmaceutical (02652.HK) has been included in the Hang Seng Composite Index, effective in the next index review cycle [9] Stock Buybacks - Xiaomi Group-W (01810.HK) repurchased 1.5 million shares for approximately HKD 54.7041 million, with a buyback price between HKD 36.38 and HKD 36.50 [10] - NetEase Cloud Music (09899.HK) repurchased 92,400 shares for approximately HKD 14.9949 million, with a buyback price between HKD 160.3 and HKD 163.7 [10] - Other companies such as Geely Automobile (00175.HK), Meitu (01357.HK), and Tanwan Games (09890.HK) also engaged in stock buybacks [10] Institutional Insights - Huatai Securities suggests that the current market volatility is high, with key variables influenced by U.S. stock performance, holiday consumption data, and AI technology advancements. They recommend a balanced allocation, focusing on sectors benefiting from AI progress, such as semiconductors, specialty consumption, and electrical equipment [12] - Daiwa Capital Markets notes that the mainland internet healthcare sector is entering a new phase, driven by AI innovation and policy support, despite ongoing profitability challenges [13] - Analysts from ING indicate that the recent decline in gold prices is a corrective pause rather than the start of a deep pullback, with expectations of stronger demand as market liquidity in Asia recovers [13]

港股马年首个交易日开盘，恒生指数低开0.18%，恒生科技指数跌0.69%。盘面上，油气板块强势，中 国海洋石油涨超2%；科网股集体走弱，阿里巴巴跌超3%。 关于港股后市 著名分析师张忆东在加盟国泰海通后，带领团队发布最新市场研判。首先，政策导向转为积极性和主动 性呵护中国股市。近期随着市场降温，上证4100点以下已经感受到托底的力量。其次，阶段性否极泰 来。港股整体卖空成交占比约19%，其中恒生科技指数卖空成交占比快速回升至21%。海外市场已出现 阶段性跌深反弹迹象，有利于港股短期反弹。 第三，保险为主的配置型战略投资者，开始趁市场调整而加大增持中国股市。第四，中国股市春季行情 的季节性规律，仍有望起作用。历史经验看，春节前市场若偏弱，节后随着资金回流与风险偏好修复， 市场往往更容易走强。中国基本面和资金面，才是决定中国股市行情的核心变量。后续各地两会、全国 两会、十五五规划实施、美国总统访华等一系列政治经济和产业层面的催化频出，内外资共振的增量资 金将推动今年春季行情。投资策略上可持股过节，享受春节红包，把握住近期市场调整倒车接客的时 机，布局2-3月的春季行情。 国联民生证券指出，港股科技前期表现显著滞涨 ...