Market Performance - The Hong Kong stock market showed a positive performance during the Spring Festival, with the Hang Seng Technology Index rising over 3% and the overall Hang Seng Index increasing by 1.4% [1] - The A-share market also experienced a "New Year opening red," with the Shanghai Composite Index surpassing 4100 points [1] - Despite the initial positive performance, the Hong Kong market faced a downturn post-holiday, particularly in internet stocks, while sectors like materials, real estate, energy, and healthcare supported the market [1] Sector Performance - The performance of various sectors in the Hong Kong market is as follows: - Materials: +21.60% - Real Estate and Construction: +19.06% - Energy: +18.94% - Industrial: +16.70% - Healthcare: +10.39% - Financials: +6.10% - Information Technology: -8.77% [2] Investment Opportunities - There are significant investment opportunities in the Hong Kong market, particularly in sectors like industrial metals, high-end manufacturing, and innovative pharmaceuticals [3][16] - The influx of southbound capital has led to a change in pricing logic for Hong Kong stocks, making them more sensitive to changes in risk appetite from mainland investors [4] - The appreciation of the Renminbi since December 2024 has increased the attractiveness of Chinese assets, benefiting companies listed in Hong Kong that report earnings in Renminbi [5] Economic Factors - The Federal Reserve is in a rate-cutting cycle, and the expected changes in liquidity are limited, indicating a stable environment for the Hong Kong market [9] - The correlation between Hong Kong stocks and A-shares has strengthened, suggesting that Hong Kong stocks may experience passive increases alongside A-shares [4] Fund Management Insights - Fund manager Zhou Hanying, with extensive experience in global investments, is optimistic about sectors such as non-ferrous metals, AI, and innovative pharmaceuticals [3][16] - The upcoming fund, 景顺长城衡瑞精选混合, will focus on a balanced investment strategy, allowing for a maximum of 50% allocation to Hong Kong stocks to leverage Zhou's expertise [11]

每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 （记者 张明双） 每经AI快讯，北京科锐2月25日晚间发布公告称，近日，中国南方电网有限责任公司在其供应链统一服 务平台发布了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公 司为该项目中标人之一；中国华能集团有限公司在其电子商务平台发布了"中国华能集团有限公司2026 年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。 ...

Core Insights - The overall performance of the Beijing Stock Exchange (BSE) on February 25, 2026, showed a slight increase, with the BSE 50 index rising by 0.77% to close at 1,547.20 points. The specialized and innovative index increased by 1.22% to 2,597.61 points, indicating a positive trend in the market [1][4][6]. - The total trading volume on the BSE reached 18.656 billion yuan, with a trading volume of 787 million shares, reflecting a recovery compared to the average daily trading volume of 18.575 billion yuan in the previous week [1][6]. - Most sectors on the BSE experienced gains, particularly non-ferrous metals (up 3.1%), environmental protection (up 2.5%), and transportation (up 2.4%). Conversely, the oil and petrochemical sector saw a decline of 5.9% [1][4][6]. Company Performance - Among the 294 listed companies on the BSE, 208 saw their stock prices rise, while 80 experienced declines. Leading gainers included Tonghui Information (+10.28%), Anda Technology (+8.20%), and Tianli Composite (+6.33%). Notable decliners were Liancheng CNC (-7.13%), Keli Co., Ltd. (-5.88%), and Shisheng Intelligent (-3.51%) [1][7][8]. - The trading activity was particularly high for Keli Co., Ltd. with a turnover rate of 38.52%, followed by Nongda Technology at 24.91% and Tonghui Information at 22.82% [1][7]. Valuation Insights - The overall valuation of companies listed on the BSE was reported at a price-to-earnings (P/E) ratio of 47.68 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (79.31 times) and the ChiNext Board (46.83 times) [1][9]. - Sector-wise, the non-ferrous metals industry had the highest average P/E ratio at 131.3 times, followed by telecommunications (90.5 times) and oil and petrochemicals (90.2 times) [1][9].

证券日报网讯2月25日，鼎信通讯（603421）在互动平台回答投资者提问时表示，按照处理通报，公司 在国家电网的熔断期为2024年2月23日至2026年2月22日，申请恢复业务的流程正在进行中，目前尚无明 确结论。 ...

证券研究报告/宏观利率研究 2026 年 02 月 25 日 节前资金面宽松 十债利率站稳 1.8%下方 宏观利率周报（20260209-20260213） 研报摘要 ⚫ 核心观点：本周资金面平稳，A 股震荡、海外权益调整，不构成债市压制，市场震 荡偏强。1 月 PPI 同比稳步回升，但债市对"反内卷"计价已相对充分，降息降准靴子 落地前实际影响仍偏边际。社融数据同比多增幅度不大，开门后力度弱于去年同期，债 市多头思维或阶段延续。政策方面，四季度货币政策执行报告中有关货币财政协同、 "存款搬家"、国债买卖操作等阐述，均有利于利率筑顶。年初以来，债市呈现的"小 阳春"行情，主要由配置型资金主导推动，叠加交易盘对降准降息政策的乐观预期形成 接力效应，节后持续性仍有待观察。2 月份属于政策、经济数据空窗期，时处生产淡季， 且年初配置力量偏强、资金面宽松，整体对债市有利。在"降准降息"靴子落地前，配 置盘主导的行情或仍将延续，但空间或受限，提示 10 年国债活跃券收益率（1.78%） 向下赔率不高，建议适当把握节奏。 ⚫ 行情回顾：（1）资金面：本周临近春节长假，央行操作"呵护"意图较强，公开 市场操作净投放过万亿。 ...

| : [编纂]股H股(视乎[编纂]獲行使與否而定) | 纂 项下的 编纂]數目 | [编纂 數目 : | [编纂]股日股(可于重新分配) | | --- | --- | --- | --- | | 编纂 數目 : 编纂 股H股(可予重新分配及視乎 编纂 獲行使與否 | 胸定) | | | | 最高]編纂] : 每股H股 编纂 港元,另加1.0%經紀佣金、0.0027% | 設監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015% 氧財局交易微費(須於申請時以港元繳 | 足,多繳股款可予想還) | | | | 廊值 : 每股H股人民幣1.00元 | 图景 : | | | | 獨家保應人·[編纂]·[编纂]· | 1编纂1 | | | | 加上一二十 | | | | 来源：市场资讯 来源：青瓦资本 营收破200亿、利润增54%，这家"不差钱"的公司为何选择此时冲向港股？ 2月11日，思源电气向港交所递交上市申请。消息出来后，很多人第一反应是：这家公司不是刚交出史 上最好成绩单吗？急着去港股干嘛？ 先看数字：2025年营收212亿，净利润31.6亿，同比大增54%。账上现金充裕，业务全线飘 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The BOC GEM 50 Index (026770/026771) is an over - the - counter passive index product of BOC Fund, which focuses on the GEM, selects stocks with strong liquidity, and has prominent technology - growth attributes, high R & D investment, and high - quality fundamentals. It performs well in a growth - dominant environment and has an advantage in rebound strength. The fund manager, BOC Fund, has rich experience and management scale [2][39]. 3. Summary According to the Directory 3.1 Index Features - **Index Compilation Method**: The GEM 50 Index consists of 50 stocks with large average daily trading volume in the GEM market, focusing on sample stock liquidity and highlighting investment attributes. It selects stocks by considering the average daily trading volume in the past 6 months and industry coverage, using free - float market capitalization weighting and adjusting every six months [7][8]. - **Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks, with the top ten constituent stocks accounting for 65.27% of the total weight. The weight is highly concentrated in stocks such as CATL, Zhongji Xuchuang, and Xinyisheng. The average free - float market value of constituent stocks is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan, mainly concentrated between 2 billion and 5 billion yuan [9][12]. - **Industry Characteristics**: The index has prominent technology - growth attributes and is highly in line with new - quality productivity. The constituent stocks are concentrated in the power equipment and communication industries, with 9 stocks in each, accounting for 31.03% and 24.91% respectively. Compared with the GEM Index, it excludes industries with less prominent technology attributes such as agriculture, forestry, animal husbandry, and fishery, and has stronger growth attributes [17][22]. - **Fundamental Characteristics**: The GEM 50 Index further strengthens the innovation - growth attribute on the basis of the GEM Index. The R & D investment as a proportion of operating income reaches nearly 6%, and the annual return on net assets from 2020 to 2024 is between 14% and 20%, surpassing other representative broad - based indices [23][27]. 3.2 Index Investment Value Analysis - **Outstanding Performance in a Growth - Dominant Environment**: The GEM 50 Index focuses on GEM stocks with technology - growth attributes and performs well in a growth - dominant environment. Its cumulative returns in a growth - dominant environment far exceed those of the GEM Index and the China Securities Growth Index. The weekly average return in a growth - dominant environment since 2014 is 2.56%, higher than other indices [28][32]. - **Advantage in Rebound Strength**: Affected by the sector attributes, the GEM 50 Index is unique in the environment of sharp rises or rebounds. In the rebounds in 2022.4, 2024.9, and 2025.4, it shows a high rebound strength, and the rebound interval returns generally exceed those of comparable indices [36]. 3.3 BOC GEM 50 Index (026770/026771) - It is an over - the - counter passive index product of BOC Fund, starting to be raised on February 24, 2026, with a raising period from February 24 to March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The fund closely tracks the underlying index, aiming to minimize the tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [39]. 3.4 Fund Manager and Fund Manager Information - **Fund Manager Introduction**: BOC Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products, with a total scale of 1.0043 billion yuan [41]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, with a total scale of 299 million yuan in managed products. Mr. Yao Jin has 12 years of securities experience, with a total scale of 278 million yuan in managed products [43][44].

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...

证券日报网讯2月25日，特锐德（300001）在互动平台回答投资者提问时表示，随着人工智能、大数据 等技术的快速发展，数据中心作为数字经济的核心基础设施，正迎来广阔的发展空间，同时也对供电系 统的可靠性、能效比提出更高要求。公司持续关注该领域的技术演进与市场动态，针对数据中心的技术 路线变革，立足20余年高压电力系统+10余年电力电子技术积淀，精准卡位、前瞻布局、扎实攻坚。公 司已构建110kV/220kV高压接入+SST一体化解决方案能力，技术指标对标行业顶尖水平。 ...

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...