如果你是一位港股投资者，今年的账户表现可能会让你怀疑人生。 第二个驱动力：大宗商品价格持续上行，能源原材料板块业绩直接兑现。 打开账户一看，有的人赚得盆满钵满，有的人亏得怀疑人生。这不是运气问题，而是你有没有站对队的 问题。 来看一组数据：截至2026年2月底，恒生综合行业指数呈现出罕见的极致分化。原材料业暴涨23.62%， 地产建筑业大涨20.02%，能源业涨18.8%，工业涨15.87%。而另一边，信息科技业大跌9.74%，电讯业 跌2.39%，非必需性消费微跌0.65%。 首尾相差超过33个百分点。这意味着，如果你年初买的是原材料，现在已经赚了将近四分之一；如果你 买的是科技股，可能已经亏了十个点。冰火两重天，不过如此。 那么，究竟是什么原因导致了如此剧烈的分化？ 说白了，市场的定价逻辑正在发生根本性转变——从"讲故事"转向"看业绩"，从"成长叙事"转向"政策 确定性"。 第一个驱动力：稳增长政策超预期发力，地产链风险基本解除。 这是本轮分化最核心的政策逻辑。2025年底中央经济工作会议定调"着力稳定房地产市场"后，2026年开 年政策密集落地：商业用房首付比例从50%直接降到30%，二手房增值税减免， ...

● 本报记者 万宇 2月20日，春节假期后港股市场率先开盘。截至2月25日，恒生指数累计上涨0.22%，恒生科技指数累计 下跌近2%。同时，港股市场板块表现分化，电讯业、能源业、工业、原材料业等板块上涨，必需性消 费、综合企业、医疗保健业等板块出现调整。个股方面，大昌微线集团、玖源集团、普天通信集团、亚 博科技控股等大幅上涨，腾讯控股、阿里巴巴、泡泡玛特等下跌。 民生加银基金的基金经理刘欣也对港股市场保持相对乐观，但他同时提示，港股性价比相对低于A股市 场。 港股市场春节假期之后持续波动，部分板块表现分化。公募基金在市场调整之际布局港股，把握后市机 会。多家基金机构仍然对港股投资持相对积极的看法，看好科技与周期品种等。 资金持续布局 诺安基金认为，港股近期表现波动是市场担忧流动性收紧和港股特色结构吸引力下降的共同结果。在整 体信用周期震荡甚至阶段性走弱的情形下，市场指数层面上行空间有限，机会主要来自景气结构方面。 虽然近期港股表现不尽如人意，但资金近来持续积极布局港股。统计显示，截至2月24日，今年以来份 额增加前十的ETF中，有一半是投资港股市场的跨境ETF，华泰柏瑞恒生科技ETF份额增加134.36亿 份 ...

从行业板块方面看，马年春节以来，港股市场行业板块普遍上涨，电讯业、能源业、工业领涨市场，分 别累计上涨2.62%、2.48%、2.43%，原材料业累计涨幅超1%，资讯科技业、金融业、非必需性消费等 小幅上涨；而必需性消费、综合企业、医疗保健业下跌。 个股方面，整个港股市场马年春节以来近半数股票上涨，大昌微线集团累计涨幅超100%，玖源集团、 普天通信集团、亚博科技控股等累计涨幅超50%，中国信息科技、迅策、智谱等累计涨幅超20%。 ● 本报记者 刘英杰 马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 指数震荡分化 马年春节开市以来（2月20日至2月24日）的三个交易日，港股市场主要股指震荡，恒生指数累计下跌 0.43%，恒生中国企业指数累计下跌0.69%，恒生科技指数累计下跌1.80%。但从2026年1月以来，港股 三大指数仅恒生科技指数累计下跌超4 ...

以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业，分别有58只、40只、35只个股。（数据宝） 南向资金持有比例较高的港股 | | | | 占已发行 | | | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 持股量 | 股份比例 | 收盘价 | 日涨跌幅 | 行业 | | | | （万股） | | （港元） | （%） | | | | | | （%） | | | | | 00728 | 中国电信 | 989103.56 | 71.26 | 4.890 | -0.20 | 电讯业 | | 01341 | 昊天国际建投 | 785498.40 | 70.78 | 0.072 | -2.70 | 工业 | | 01330 | 绿色动力环保 | 27815.40 | 68.78 | 5.390 | -0.92 | 工业 | | 03033 | 南方恒生科技 | 1017387.04 | 68.23 | 5.240 | -1.04 | | | 01065 | 天津创业环保股份 | 22773.81 | ...

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.62%, with 256 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds have become significant participants in the Hong Kong stock market, holding a total of 5021.32 million shares valued at 65711.64 billion HKD, representing 14.94% of the total market capitalization of the targeted stocks [1] Group 1: Shareholding Distribution - 256 stocks have a southbound fund shareholding ratio exceeding 20%, while 137 stocks are in the 10%-20% range, 91 stocks in the 5%-10% range, 80 stocks in the 1%-5% range, and 21 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, with 99.00 million shares, accounting for 71.33% of the issued shares [2] - Other notable stocks with high southbound fund holdings include Haotian International Investment at 69.79% and Green Power Environmental at 68.88% [2] Group 2: Industry Concentration - Southbound fund holdings exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 58, 40, and 35 stocks respectively [2] - A total of 136 AH concept stocks are among those with over 20% southbound fund holdings, making up 53.13% of that group [1] - In the 10%-20% holding category, AH stocks account for 20.44% [1]

Core Viewpoint - CK Hutchison is considering a spin-off of its global telecommunications business, with plans for an IPO in London and Hong Kong, potentially valuing the business at approximately $20 billion [1] Group 1: Spin-off Plans - The company aims to list its telecommunications assets in Europe, Hong Kong, and Southeast Asia, with London as the primary listing location and Hong Kong as the secondary [1] - The telecommunications business is expected to be fast-tracked for inclusion in the FTSE 100 index in the UK [1] Group 2: Potential Complications - There is another transaction under consideration involving the merger of CK Hutchison's Italian telecom subsidiary Wind Tre with Iliad's operations in Italy, which may delay the spin-off plans [1]

Core Viewpoint - The company is considering a potential spin-off of its global telecommunications business, which includes operations in Europe, Hong Kong, and Southeast Asia, with plans for listings in Hong Kong and London [1] Group 1: Spin-off Considerations - The company has engaged Goldman Sachs, Citigroup, and Deutsche Bank to assist with the potential spin-off [1] - The company has stated that no decisions have been made regarding the independent listing of its telecommunications or retail assets [1] - Recent media reports suggest that the company is exploring opportunities to enhance long-term shareholder value, including the possibility of independent listings for certain assets [1] Group 2: Valuation and Market Impact - The global telecommunications business is estimated to be valued at approximately $20 billion, with London being considered as the primary listing location and Hong Kong as a secondary option [1] - Following the spin-off, the global telecommunications business could be quickly included in the FTSE 100 index [1] Group 3: Internal Evaluations and Future Directions - There are differing opinions within the company regarding the future direction of the global telecommunications business [1] - The company is also evaluating a potential merger between its Italian telecommunications unit Wind Tre and Iliad's operations in Italy, which may delay the spin-off plans [1] - A decision regarding the future of the global telecommunications business is expected within the coming weeks [1]

Core Viewpoint - The Hong Kong stock market experienced a significant surge, with major indices rising over 1%, driven by a "technology + dividend" strategy, particularly highlighted by the Hong Kong Large Cap 30 ETF (520560) which saw a jump of over 2.1% during trading [1] Group 1: Market Performance - The Hong Kong stock market indices all rose over 1%, with the Hong Kong Large Cap 30 ETF (520560) showing a mid-session increase of over 2.1% and closing up 1.93% [1] - Key stocks such as BYD, Alibaba, and China Life saw gains exceeding 4%, while China Petroleum and Tencent also contributed to the upward trend [1] Group 2: AI and Dividend Strategies - The AI sector in Hong Kong is gaining traction, with companies like MiniMax and Zhiyu Huazhang entering the capital market, leading to a surge in AI applications [2] - Several banks have launched new asset enhancement activities, allowing users to earn rewards, indicating a focus on dividend strategies in the market [2] Group 3: Investment Rationale - Analysts highlight four main reasons for investing in Hong Kong stocks: global interest rate cuts increasing capital availability, significant net inflows from mainland investors, rising valuations for monopolistic and leading global stocks, and structural differentiation within the market [3] - The Hong Kong stock market is expected to attract more overseas capital due to the appreciation of the Renminbi and anticipated declines in the US dollar index [2][3] Group 4: Investment Strategy - GF Securities recommends a "barbell strategy" for investing in Hong Kong stocks, combining stable value assets with growth-oriented assets, emphasizing the Hong Kong Large Cap 30 ETF (520560) as a flexible investment tool [4] - The ETF includes a mix of high-growth technology stocks like Alibaba and Tencent, alongside stable dividend-paying stocks such as China Ping An and China Construction Bank [4][5]

Group 1 - The report indicates that global markets mostly rose during the week of January 5-9, 2026, with the Hang Seng Index declining by 0.4% and the Hang Seng Tech Index down by 0.9% [1] - The healthcare sector led gains with a 10.1% increase, while telecommunications and information technology sectors faced declines of 2.3% and 1.6%, respectively [1] - The report highlights a significant inflow of southbound funds, totaling 32.65 billion HKD, although its proportion of total trading volume decreased from 51% to 45% [1][2] Group 2 - Investors show strong consensus on which Hong Kong stocks to buy, but there is a lack of consensus regarding potential short-term risks [3] - The report notes that expectations for a delay in the Federal Reserve's interest rate cuts could impact the rebound of Hong Kong stocks, with predictions suggesting only 1-2 rate cuts in 2026 [3] - Key risk factors include the potential ruling on the IEEPA Act and upcoming earnings reports from US tech companies, which could influence market sentiment [3][4] Group 3 - The report recommends maintaining a barbell strategy for overall portfolio allocation, suggesting a focus on value dividends as a base and aggressive positions in AI technology, non-ferrous metals, and innovative pharmaceuticals [4] - Upcoming events to watch include the JPM Healthcare Conference and key economic data releases from China and the US, which could impact market dynamics [5]

Group 1: A-Share Market - The A-share market showed strong performance this week, with significant increases in trading activity. The CSI 500, CSI 1000, and CSI 2000 indices rose by 7.92%, 7.03%, and 6.54% respectively, indicating a strong performance of small-cap stocks [3][7] - The market's upward trend was driven by increased risk appetite, with technology innovation sectors such as brain-computer interfaces, commercial aerospace, and AI applications becoming the main focus. Industries like electronics, computers, and defense received substantial capital inflows [5][7] - The average daily trading volume reached 2.85 trillion, a significant increase of 35.68% compared to the previous period [3][7] - The outlook for the A-share market remains positive, with expectations of continued upward momentum in the short term, particularly in the first quarter, driven by macroeconomic improvements and favorable policies [8] Group 2: Hong Kong Market - The Hong Kong market exhibited a weaker overall performance this week, with major indices such as the Hang Seng China Enterprises Index, Hang Seng Technology Index, and Hang Seng Index declining by 1.31%, 0.86%, and 0.41% respectively [9] - Despite the overall decline, there was structural differentiation within the market, with the healthcare sector leading gains at 10.06%, while telecommunications, information technology, and energy sectors underperformed [9] - The geopolitical situation, particularly U.S.-China relations, has influenced market sentiment, with recent announcements regarding increased U.S. defense spending impacting risk appetite [9] - Future expectations for the Hong Kong market suggest a potential recovery in the technology sector, influenced by the rising sentiment in the A-share technology sector and domestic economic recovery [9]