记者|马原 | 美元兑日元 | | | 155.14350 | | | +0.14350 +0.09% | | --- | --- | --- | --- | --- | --- | --- | | 155.243 | | | | | | | | 155.121 | | | | | | | | 155.000 | | | | | | | | 154.878 | | | | | | | | 154.757 | | | | | | | | 17:00 | 21:00 | 01:00 | 05:00 | 09:00 | 13:00 | 16:59 | 编辑|程鹏 易启江校对|金冥羽 2月20日，韩国KOSPI指数开盘涨幅0.27%，盘中上涨1.13%触及5741.44点，创下历史新高，截至发稿， 涨幅回落至1.09%，报5739.02点。 日经225指数开盘跌0.89%，盘中一度跌超1.28%，跌超733点。截至发稿，跌幅为1.11%，报56828.33 点。 日本1月CPI同比上升1.5%，1月核心CPI同比上升2.0%。日本2月综合PMI初值53.8，前值53.1。日本2月 制造业PMI初值52.8，前值51. ...

Group 1 - The core viewpoint of the article highlights the significant shift in investment behavior among residents due to declining bank deposit rates, leading to increased interest in financial products, stock markets, and commodities like gold [2][6][10] - In 2025, 40% of investors reported substantial returns, with some achieving over 140% annual gains through diversified financial strategies [3][5] - The article notes that despite global economic slowdowns and geopolitical tensions, capital markets experienced a transformation driven by factors such as interest rate cuts by the Federal Reserve and deep industry changes, resulting in a bull market for commodities like gold and silver [6][8][10] Group 2 - The performance of gold was particularly notable in 2025, with prices reaching over $4,300 per ounce, marking a 65% increase, and gold ETFs doubling in size [10] - The A-share market also saw significant movements, with the Shanghai Composite Index rising from 3,096 points to over 4,000 points during the year, driven by technological advancements and demand for industrial metals [11] - Looking ahead to 2026, institutions predict continued investment in A-shares and gold, with a focus on managing uncertainty and adapting to changing market conditions [7][12][14] Group 3 - The article discusses the anticipated trends for 2026, including a potential continued bull market for gold and silver, with forecasts suggesting gold could reach $6,300 to $6,600 per ounce by the end of 2026 [13] - Analysts expect the Chinese yuan to appreciate steadily, influenced by the Federal Reserve's policies and domestic economic conditions, which may alter foreign investment behaviors [14] - The investment landscape for 2026 is expected to focus on technology and domestic demand, with a balanced market style anticipated, emphasizing the importance of corporate earnings recovery [16][17][18]

Group 1 - The U.S. stock market is experiencing a significant downturn, with concerns over AI not being alleviated, leading to increased buying of "insurance" such as put options by investors who doubt market safety [1] - The Nasdaq index has seen its 21-day moving average cross below the 100-day moving average, indicating a potential acceleration of sell-offs if it breaks below the 200-day moving average [1] - The current market conditions are misleading, with minor fluctuations and a lack of alarming news, yet the environment is becoming increasingly dangerous [2] Group 2 - Rising oil prices are acting as a catalyst for the decline in the U.S. stock market, with speculation that this will lead to inflation [2] - Recent Federal Reserve meeting minutes indicate that several officials are considering interest rate hikes due to inflation concerns, making the impact of rising oil prices more significant than in the past [2] - The market's current state is characterized by a lack of visible issues, but the conditions for a potential crisis are aligning [2]

2月20日，韩国KOSPI指数开盘涨幅0.27%，盘中上涨1.13%触及5741.44点，创下历史新高，截至发稿，涨幅回落至1.09%，报5739.02点。 日经225指数开盘跌0.89%，盘中一度跌超1.28%，跌超733点。截至发稿，跌幅为1.11%，报56828.33点。 截至发稿，日本东证股价指数下跌1.09%。 日本1月CPI同比上升1.5%，1月核心CPI同比上升2.0%。日本2月综合PMI初值53.8，前值53.1。日本2月制造业PMI初值52.8，前值51.5。日本2月服务业 PMI初值53.8，前值53.7。 每经记者｜马原 每经编辑｜程鹏 记者|马原 编辑|程鹏 易启江 校对|金冥羽 日元汇率走低，美元兑日元最新报155.1435。 日本5年期国债收益率跌至1.619%。10年期国债收益率跌至2.123%。30年期日本国债收益率跌至3.304%。 | （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） | | --- | ...

Group 1 - The State Council's Safety Committee and the Ministry of Emergency Management held an emergency video meeting to enhance safety control over the entire chain of fireworks and firecrackers, emphasizing strict implementation of safety measures to prevent accidents [1] - The total box office for the 2026 Spring Festival film season, including pre-sales, has surpassed 2.8 billion yuan, with "Flying Life 3," "Silent Awakening," and "Boon Year" ranking as the top three films [1] - The Ministry of Transport reported that on February 18, the total cross-regional passenger flow reached 32.2988 million, a 9.7% increase compared to the same period in 2025, marking the first time daily traffic exceeded 300 million during the Spring Festival [1] Group 2 - The U.S. Department of Commerce reported that the merchandise trade deficit for 2025 reached a record $1.2409 trillion, an increase of $25.5 billion or 2.1% from the previous year, indicating that tariffs have had little effect on the overall deficit level [1] - The Indonesian central bank announced that it would maintain the benchmark 7-day reverse repurchase rate at 4.75%, aligning with market expectations [2] - Argentina's regulatory agency reported a decrease of nearly 22,000 companies over the past two years, with registered companies dropping from over 510,000 in November 2023 to over 490,000 in November 2025, resulting in a loss of nearly 300,000 jobs [2]

NeuralFin作为德林证券在数位服务端深度协同的科技金融平台，此前已完成B 轮融资，估值约5.46亿港 元，并正稳步推进建议美国上市的筹备工作。 智通财经APP讯，德林控股(01709)公布，德林证券近日已向合资格客户开放虚拟资产交易服务。凡已在 德林证券开立帐户并完成相关专业投资者认证的合资格客户，现可通过与德林证券合作的科技金融平 台--NeuralFin使用有关服务。客户无需切换平台，即可使用于德林证券开立的同一证券帐户无缝交易主 流数位资产。德林证券将通过证监会持牌平台处理所有交易指令，资金清算、资产托管及合规监控均于 证监会监管框架下进行。 数位资产交易服务的商用落地，是该集团科技金融战略从规划走向落地的里程碑。此项虚拟资产交易服 务的落地，旨在回应投资者对受监管虚拟资产交易管道日益增长的需求，同时亦是集团拓展财富管理及 经纪产品组合的策略的重要环节。董事会认为，此项服务将：(i)在受监管框架下扩展为合资格客户提供 的产品及服务范畴;(ii)通过现有证券帐户安排实现虚拟资产交易，从而提升客户体验;及(iii)为集团创造 潜在新业务及收益的机会(惟须视乎市场状况及监管要求而定)。此计划有助集团实现 ...

要计算港交所上市公司的壳价值（Shell Value），核心逻辑是收购方为获得"上市地位"这一稀缺资源而支付的额外溢价，即总收购成本减去目标公司现有资 产（净资产+业务）的公允价值。壳价值本质是"上市资格的市场定价"，反映了企业通过借壳而非IPO快速上市的便利性价值。 一、壳价值的核心定义 壳价值 = 收购方支付的总对价 - 目标公司的真实价值 其中，目标公司的真实价值 = 净资产公允价值 + 现有业务的公允价值（若业务无价值或为亏损，可忽略或取负）。 二、具体计算方法 港交所壳价值的计算主要依赖市场法（交易案例/市场溢价），辅以成本法或收益法，以下是常用方法： 1. 交易案例法（直接法） 公式： 壳价值 = 目标公司当前市值 - （净资产公允价值 + 现有业务公允价值） 关键说明： 逻辑：参考近期同类壳交易的实际案例，计算每笔交易的壳价值，取平均值或中位数。 步骤： 示例： 2023年3月，公司A（主板壳，总股本1亿股）被收购，收购价6亿港元；收购时公司A净资产1.5亿港元，业务处于亏损（业务价值0）。则壳价值=6亿-1.5 亿-0=4.5亿港元。 2023年6月，公司B（主板壳，总股本8000万股）被收购 ...

格隆汇2月19日｜周四(2月19日)，沙特证交所全股指数收跌1.87%，报10947.25点，本周(连续五个自然 日)累计下跌2.71%，整体持续走低。 沙特阿美(ARAMCO.AB)收涨0.39%，报25.70沙特里亚尔，本周累跌1.15%。 本周，卡塔尔证交所指数累跌2.49%，科威特证交所超级市场价格回报指数累跌0.46%，以色列特拉维 夫交易所35指数累涨0.54%。 埃及证交所EGX 30指数收跌2.98%，报50667.67点，本周累涨0.35%，2月15日曾涨至52308.32点创收盘 历史最高、2月16日曾涨至52821.72点创盘中历史最高。 在沙特上市的Albilad南方东英MSCI香港中国股票ETF收跌0.08%，报12.40沙特里亚尔，本周累跌 0.96%。 ...

格隆汇2月19日｜德国DAX指数跌破25000点，日内跌1.17%；英国富时100指数跌0.82%、意大利富时 MIB指数跌1.61%、法国CAC40指数跌0.91%。 ...

Group 1 - Foreign capital is flowing into Japanese stocks at the fastest pace in a decade, with net purchases of Japanese stocks and index futures reaching 1.78 trillion yen (approximately 11.5 billion USD) in the week following the election victory of Prime Minister Fumio Kishida, marking the largest weekly inflow since November 2014 [1][4] - The Japanese stock market has significantly outperformed the US market this year, with the Tokyo Stock Price Index rising by 10% compared to a modest gain in the S&P 500 [1][4] Group 2 - The optimism surrounding Kishida's fiscal expansion plan and the weak yen benefiting exporters are key factors driving this influx of foreign capital [4][5] - The political stability following Kishida's election victory has instilled confidence in policy continuity, making Japan an attractive investment destination [5][7] - Global investors are actively seeking diversification away from the US market, with Japan's relative valuation advantage and supportive policies making it a key target for capital reallocation [7]