渣打集团(2888.HK)午后一度跳水跌超2%，随即V型反转，目前涨幅进一步扩大至近3%。消息面上，渣打集团午间公布业绩显示，2025年第4季除税前列账 基准溢利8.1亿美元，同比升2%，逊市场预期。集团拟派末期股息每股49美仙，同比增1.3倍，则胜预期，集团同时宣布全新的15亿美元股份回购。2026年指 引改用列帐基准，料经营收入增接近5-7%范围的较低水平，其中预期净利息收入将大致按年持平(按固定汇率基准计算)。 ...

[Table_Page] 投资策略周报|银行 证券研究报告 [Table_Title] 银行投资观察 20260223 节后流动性无虞，关注二季度通胀格局 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-02-24 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 银行 沪深300 | | SAC 执证号：S0260518020004 | | --- | --- | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 | | | gflinhu@gf.com.cn | 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究 ...

Core Viewpoint - The spring market excitement for 2026 has partially shifted to January, with a round of growth style realization before the festival, combined with regulatory easing and significant ETF outflows. It is expected that the overall index in February will mainly fluctuate, with a stronger performance anticipated after the festival. In this environment, a "structure-first, index-second" approach may be more suitable [1][8]. Group 1: Investment Focus Areas - **Technology Growth: AI + Humanoid Robots**: Focus on midstream components (gear reducers, servo motors, sensors, actuators), core materials, and some main body manufacturers. The resonance between the Spring Festival Gala and overseas world model progress may lead to a shift from "event-driven" to "scene landing" throughout the year. The computing chain includes storage chips, optical modules, PCB/IC substrates, and data center distribution and liquid cooling in power equipment, directly supporting the capital expenditure expansion of overseas cloud vendors. It is recommended to focus on large-cap leaders and some high-growth niche leaders while controlling overall valuation and position concentration to prevent short-term crowded trades and overseas volatility-induced pullbacks [2][9]. - **Cyclical Price Increases: Oil, Petrochemicals + Non-ferrous Metals + Building Materials/Chemicals**: Due to the rebound in oil prices and bulk commodity prices, marginal improvement in PPI, and the rhythm of the "14th Five-Year Plan" infrastructure commencement, it is suggested to pay attention to oil, petrochemicals, and oil and gas services. Additionally, focus on non-ferrous metals like copper and aluminum, steel building materials, and some chemical products with more sustainable price increases [3][10]. - **High Dividend Yield: Banks + Energy + Telecom/Public Utilities**: Before the festival, A-shares showed a clear preference for dividend and defensive sectors due to external disturbances and regulatory easing, with banks and food and beverage sectors being favored. After the festival, it may be beneficial to continue using high-dividend sectors like banks, energy, telecom, and public utilities as a base, which can hedge against overseas volatility and geopolitical risks while providing stable absolute returns in the context of macroeconomic stabilization and strong dividend yield and valuation attractiveness [4][11]. - **Domestic Consumption: Automotive Chain + Home Appliances + Travel Consumption**: Supported by the old-for-new policy and Spring Festival consumption data, the automotive and automotive electronics, home appliances, and white goods components benefit from the old-for-new policy and sales recovery. In the context of rising external demand and tariff uncertainties, these consumption directions, which are mainly driven by domestic demand and are policy-friendly, may exhibit both defensive and offensive characteristics [5][12].

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

每经AI快讯，2月24日，港股渣打集团午后一度下挫跌超2%，现跌幅收窄至1%以内。 ...

渣打银行将2025年的年度奖金池提高10%；尽管该银行的股价终于回到十年前的水平，首席执行官Bill Winters的总薪酬大致原地踏步。 渣打银行将2025年的年度奖金池提高10%；尽管该银行的股价终于回到十年前的水平，首席执行官Bill Winters的总薪酬大致原地踏步。 根据该银行的年度报告，首席执行官的总薪酬增长2%，达到1，270万英镑（1，710万美元），高于前 一年的1，250万英镑。该银行该年的奖金池总额达18.6亿美元。 作为英国一家大型银行任职时间最长的首席执行官，Winters的加薪幅度并不大，与他的美国同行形成 了鲜明对比。花旗集团的Jane Fraser薪酬上涨了22%，美国银行的Brian Moynihan的工资增加17%。 此次薪酬揭露正值Winters的关键时刻。渣打银行股价在经历了多年的低迷后，近期终于超过了2015年 的水平——Winters在该年接任首席执行官。 根据该银行的年度报告，首席执行官的总薪酬增长2%，达到1，270万英镑（1，710万美元），高于前 一年的1，250万英镑。该银行该年的奖金池总额达18.6亿美元。 作为英国一家大型银行任职时间最长的首席执行官 ...

每日经济新闻 港股国企ETF国泰（159519）跟踪的是内地国有指数（H11153），该指数主要涵盖在A股上市的大型国 有企业，选取具有较大市值和较强行业影响力的上市公司证券作为指数样本，覆盖金融、能源、工业等 多个关键领域，以反映中国国有企业整体市场表现及经济结构特点。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 浙商证券指出，2026年初以来银行股AH溢价趋势性收窄，港股银行显著跑赢A股。截至2026年2月20 日，AH溢价较2025年末进一步收敛，处于最近10年较低分位数。港股银行表现较优，主要源于交投活 跃、资金持续买入：一方面，美元走弱推动外资回流；另一方面，南向资金持续加码，其中国有大型银 行更受青睐。板块层面，持续看好2026年银行股的绝对收益行情。当下银行板块已经进入配置区间，主 要考虑：①即 ...

春潮涌动处，年味正浓时。湖南湘西，素有"腊肉之乡"的美誉，腊肉不仅是当地具有悠久历史的特色产 业，更是镌刻在国人记忆里的年味符号。 湘西自治州榜爷食品有限责任公司（以下简称"榜爷食品"）凭借地道风味与过硬品质，成为当地腊肉产 业的标杆企业。不过，要保障招牌腊肉的稳定供应，需批量采购优质猪肉原材料，这对资金周转提出了 很高要求。交通银行精准对接企业需求，创新采用商标知识产权质押的金融服务方案，迅速为榜爷食品 批复一笔流动资金贷款。 从湖南腊肉、千岛湖螃蟹到南汇水蜜桃，一方水土孕育一方风物，神州大地处处藏着独具特色的优质物 产。银行创新商标知识产权质押金融服务方案，不仅为企业注入融资动能，也让优质供给与大众消费需 求精准对接。 "南汇水蜜桃"的无形价值获得了上海农商银行发放的100万元商标质押融资贷款；广东省市场监管局引 导商业银行创新将地理标志、集体商标、证明商标等纳入可质押知识产权范畴，相关金融机构为13个地 理标志产品的502家用标企业集体授信80亿元。 受访人士指出，在国内国际双循环的大背景下，消费潜力不仅取决于购买力，更取决于供给侧的质量。 通过盘活商标及其他无形资产，获得资金支持的企业能够在包装设计、 ...

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Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].