Core Viewpoint - The Hong Kong technology sector is experiencing a volatile adjustment phase, with the Hang Seng Technology Index showing structural opportunities amidst fluctuations [1][3]. Group 1: Market Performance - The Hang Seng Technology Index closed at 5211.5 points on February 20, down approximately 5.7% from 5526.31 points on February 2 [1]. - Trading volume fluctuated between 45.371 billion and 103.465 billion, indicating cautious market sentiment [1]. Group 2: Influencing Factors - The volatility in the sector is influenced by multiple factors, including the overall adjustment in the global technology sector and valuation fluctuations of overseas AI giants affecting Hong Kong tech stocks [3]. - Domestic technology companies are experiencing performance divergence and increased investment in computing power, leading investors to adopt a wait-and-see approach [3]. Group 3: Long-term Outlook - Despite short-term pressures, the core competitiveness of Hong Kong tech stocks remains intact, with leading companies like Tencent and Alibaba continuing to invest in AI and cloud computing, indicating long-term growth potential [3]. - Recent trends show domestic tech companies, including Kuaishou, Tencent, and Alibaba, actively issuing bonds to fund AI investments and infrastructure development, which may inject new vitality into the Hong Kong tech sector [3]. - The current market fluctuations present both short-term challenges and opportunities for investors to position themselves in quality tech stocks, particularly those focused on computing power and AI applications [3].

人民财讯2月23日电，港股收盘，恒生指数收涨2.53%，恒生科技指数涨3.34%。黄金股涨幅居前，赤峰 黄金涨近8%，紫金黄金国际涨超6%。科技股、汽车股上涨，美团、蔚来涨超5%。大模型股下跌，智谱 跌超22%，MINIMAX跌超13%。 转自：证券时报 ...

Group 1 - Tesla, AMD, and Broadcom experienced declines of over 1% in after-hours trading [1] - Bitmine Immersion Technologies fell by more than 3% [1] - Strategy and Coinbase dropped by over 2% [1] - Robinhood and Circle saw declines of nearly 2% [1]

编者按 辞蛇岁，迎马年。在2026年新春佳节之际，期货日报邀请各大机构相关专家，盘点当前大类资产市场态 势，掘金新一年核心配置机会与优质投资赛道。 马年首个交易日即将到来，新的一年该布局哪些板块，如何做好资产配置才能稳健获利？国投期货首席 宏观分析师李而实结合过去几年市场的行情脉络，针对马年资产配置逻辑、潜力板块及操作逻辑给出了 建议。 国内市场进入再通胀交易阶段 李而实表示，2024年以来，国内市场进入了再通胀交易阶段。 "去年国内宏观政策发力叠加美联储货币政策转向，使市场重估大中华区大类资产的价值。对大类资产 而言，必然是一个国债交易难度增加、股票市场表现强势、商品再通胀交易逻辑扩散的过程。"在李而 实看来，过去几年商品市场各板块表现分化，并未出现普涨行情。在宏观流动性充裕的背景下，商品市 场上金属板块表现强势，股票市场上科技板块领涨。 李而实认为，进入马年之后，市场有两个方向相对比较明确：一是随着人民币升值趋势确立，国内资产 偏积极的环境仍然存在；二是随着金融属性偏强的品种价格大幅上涨，市场结构大概率会进入一个再平 衡的过程，即"盈利交易兴起，再通胀交易扩散"。 "从股票市场来看，在科技板块和以有色金属 ...

Economic Performance Summary - The U.S. economy is projected to grow at a rate of 2.2% in 2025, which is a decline from 2.8% in 2024 and represents the lowest growth rate since 2021 [1] - The initial annualized quarterly growth rate for Q4 2025 is estimated at 1.4%, significantly below the expected 2.8%, marking the slowest growth since the tariff impacts began in Q1 2025 [1] Economic Challenges - The U.S. economy faces multiple headwinds, including unpredictable tariff policies, a weak labor market, strict immigration policies, and record federal government shutdowns [1] - The economy experienced a contraction in Q1 2022 due to a surge in imports before tariffs were implemented, marking the first quarterly shrinkage since Q2 2022 and the worst performance in nearly three years [1] Consumer Spending and Investment - Consumer spending, which accounts for two-thirds of U.S. economic activity, increased by 3.5% and 2.4% in the last two quarters of the previous year [2] - The surge in technology stocks has boosted household wealth, leading to increased consumer spending, particularly in AI-driven computer and peripheral expenditures, which grew by 70% over the past year, exceeding $300 billion by the end of 2025 [2] Wealth Disparity and Economic Outlook - The economic landscape shows a widening wealth gap, with the top 10% of households controlling over two-thirds of national wealth, while the middle 40% has seen their wealth share decline from approximately 36% to below 30% [3] - Rising costs of living, including housing, healthcare, and childcare, are outpacing income growth for many Americans, complicating the economic outlook [3] Federal Reserve and Interest Rates - There is increasing pressure on the Federal Reserve to lower interest rates, as the government shutdown is projected to result in a GDP loss of at least two percentage points [3] - Despite calls for rate cuts, persistent inflation remains a significant barrier, with the core personal consumption expenditures price index rising to 3.0% in December, above the Fed's 2% target [3]

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 10 日 证券研究报告·中山每日点评 ——2 月 10 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 主要指数窄幅震荡 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.13 | 北证 50 | -0.61 | | 深证成指 | 0.02 | 万得全 A | 0.06 | | 沪深 300 | 0.11 | 中证 500 | -0.06 | | 科创 50 | 0.91 | 红利指数 | 0.43 | 资料来源：Wind，中山 ...

Core Insights - BlackRock, a major asset management firm, reported a total portfolio value of $5.92 trillion for Q4 2025, reflecting a 3.67% quarter-over-quarter increase [1] - The firm added 247 new stocks to its portfolio while liquidating 165 stocks during the same period [1] - The top ten holdings accounted for 30.41% of the total portfolio value [1] Group 1: Major Stock Movements - The top five stocks purchased by BlackRock included Google-A, Google-C, Eli Lilly, Micron, and Apple [1] - The top five stocks sold were SPDR S&P 500 ETF CALL, ServiceNow, MicroStrategy, AT&T, and Kellanova [1] Group 2: Technology Sector Focus - BlackRock's top ten holdings are heavily weighted in technology, including Nvidia, Apple, Microsoft, Amazon, Google-A, Broadcom, Google-C, Meta, Tesla, and Eli Lilly [2] - Nvidia saw a 0.75% increase in shares held, totaling approximately 1.94 billion shares valued at about $362.52 billion, making it the largest holding at 6.13% of the portfolio [2][4] - Apple shares increased by 0.73%, with approximately 1.15 billion shares valued at about $313.91 billion, representing 5.31% of the portfolio [2][4] - Microsoft holdings increased by 1.70%, totaling around 601.90 million shares valued at approximately $291.09 billion, accounting for 4.92% of the portfolio [2][4] - Amazon's holdings rose by 1.67%, with about 734.38 million shares valued at approximately $169.51 billion, making up 2.87% of the portfolio [2][4] Group 3: New Investments in Materials and Chemicals - BlackRock has diversified into new materials and chemicals, with new positions in Solstice Advanced Materials valued at approximately $838 million and Qnity Electronics valued at around $1.3 billion [6] - In the electric vehicle sector, BlackRock significantly increased its holdings in NIO and Xpeng, while slightly reducing its position in Li Auto [6] - NIO shares were increased by 337,590 to 5.58 million shares, reflecting a 153% increase in holdings valued at approximately $2.85 million [6] - Xpeng shares were increased by 77,980 to 2.87 million shares, with a total value of approximately $5.82 million [6] - Li Auto shares were reduced by 61,400 to 826,200 shares, with a total value of approximately $1.40 million [6]

重要新闻提示 港交所主席唐家成指出，2026年以来，已有24只新股上市，集资额超过870亿港元，目前排队上市的企 业有488家。港交所今年将全力推进各项工作，包括公布提升上市制度和T+1的咨询文件。 特区政府财经事务及库务局副局长陈浩濂在香港黄金交易所农历年黄金启市日暨2026年新春开市仪式上 表示，为进一步多元发展香港的国际金融业务，特区政府正全力推动香港成为国际黄金交易中心。陈浩 濂说，将以三年超越2000吨为拓展在港黄金仓储的目标，打造香港成为区域黄金储备枢纽。在推动大宗 商品交易方面，目前已有15个伦敦金属交易所认可的仓库在香港营运。港交所也会深化与广州期货交易 所及内地其他大宗商品市场的联通发展。 春节假期商品消费需求旺盛，智能眼镜、智能血糖仪等智能产品备受青睐 国家发展改革委将重点从四方面推动现代化首都都市圈建设 2026春节档档期总票房（含预售）突破39亿元；2026年年度电影总票房（含预售）突破60亿元 1. 据央视新闻2月20日报道，商务大数据显示，春节假期前四天，全国重点零售和餐饮企业日均销售额 较2025年假期前四天增长8.6%。 商品消费需求旺盛。以旧换新政策效应持续显现，截至2月19 ...

Core Viewpoint - Major tech stocks experienced a collective surge, indicating strong market performance and investor confidence in the sector [1] Group 1: Stock Performance - Google's Class A shares rose over 4% [1] - Amazon's shares increased by 2.8% [1] - Netflix and Nvidia both saw gains of over 1% [1] - Apple's stock rose by 0.7% [1]

Core Viewpoint - Goldman Sachs report indicates that while cyclical assets have room for growth, valuations of popular themes like AI are too high, leading to increased volatility as a new norm. The dollar is expected to remain weak, and investors are advised to be cautious of overvalued sectors, diversify stock holdings, maintain healthy non-USD exposure (including emerging markets), and take long positions on longer-term index volatility [1][3]. Economic Data and Market Performance - Economic data remains strong, with the US ISM index rising consistently over the past few months, and the labor market stabilizing [5]. - Global manufacturing PMIs reached their highest levels in a year, with emerging market PMIs also showing month-on-month increases. Market pricing for US economic growth is still below the 2.5% annual forecast, indicating potential for upward adjustments in cyclical expectations [6]. Shift to Cyclical and Value Assets - The market is witnessing a shift from expensive tech stocks to cheaper cyclical assets, particularly benefiting from the economic recovery. Emerging market stocks, the Australian dollar, copper, and capital goods and materials sectors in the US have seen significant gains, while previously leading AI and large tech themes have experienced volatility [3][7]. AI Sector Volatility - The AI sector is facing increased challenges, with market valuations for companies involved in AI being overly optimistic. Despite the genuine productivity gains from AI, the focus on debt financing and capital expenditures is rising, leading to significant market reactions and volatility within AI-related stocks [8][9]. Currency Dynamics - The dollar is expected to continue its depreciation, influenced by factors such as tariff concerns and the relative underperformance of US stocks compared to European and Japanese markets. Currencies like the Australian dollar, South African rand, Chilean peso, and Brazilian real are positioned to gain against the dollar due to their cyclical beta and attractive valuations [11][12]. Investment Strategy - The investment strategy emphasizes betting on cyclical assets while selecting those with relatively cheap valuations. The increasing volatility and complexity surrounding AI themes are likely to persist. A diversified stock portfolio, healthy non-USD exposure, and long positions on longer-term index volatility are recommended [14].