2026年春节期间，A股休市，但全球市场并未停歇。自2月16日至2月20日间，美股因总统日（2月16日）休市一天、其余正常交易，港股除夕（2月16日）上午半日市、年初四（2月20日）恢复全日交易。
During the 2026 Chinese New Year holiday, the A-share market was closed, while global markets remained active. From February 16 to 20，U.S. stocks closed on February 16 (Presidents' Day) and traded normally on other days . Hong Kong stocks conducted a half-day trading session on the morning of February 16 (Chinese New Year's Eve) and resumed full-day trading on February 20 (the fourth day of the Lunar New Year) .
春节期间，美股在多数交易日延续震荡上行态势，三大指数集体收涨，科技股成为领涨主力。道琼斯工业平均指数上涨0.26%，报49662.66点；标普500指数上涨0.56%，报6881.31点；纳斯达克综合指数上涨0.78%，报22753.63点。
具体来看，纳斯达克表现尤为强劲，反映出市场对成长型科技板块的偏好。英伟达、亚马逊、苹果等科技巨头股价纷纷走高，其中英伟达和亚马逊涨幅均超1.6%。
During the Spring Festival, most US stock trading days saw volatile gains, with the three major indices closing higher, led by tech stocks. The Dow rose 0.26% to 49,662.66 points. The S&P 500 gained 0.56% to 6,881.31 points. The Nasdaq climbed 0.78% to 22,753.63 points. The Nasdaq outperformed, reflecting strong investor preference for growth tech. Tech giants including Nvidia, Amazon and Apple advanced, with Nvidia and Amazon each rising over 1.6%.
资金流向主要呈现两大特征：一是科技股吸金效应显著。“七巨头”集体走强，英伟达涨1.63%、亚马逊涨1.81%、美光科技因对冲基金加仓单日飙升5.3%，反映AI算力需求持续激增。半导体、云计算等细分领域获资金青睐，特别是费城半导体指数涨2.1%，创历史新高。
二是能源股受地缘政治驱动上涨。中东局势紧张推升油价，雪佛龙、埃克森美孚涨超1.5%，能源板块成为避险资金的重要选择。与此同时，黄金、必需消费等同样获资金增配，现货黄金一度突破5000美元/盎司大关，石油与油气服务板块资金流入显著。
Two main features defined capital flows: 1. Strong capital inflows into tech stocks. The "Magnificent Seven" rallied collectively: Nvidia up 1.63%, Amazon 1.81%, and Micron Technology surged 5.3% on hedge fund buying, reflecting surging AI computing demand. Semiconductors and cloud computing attracted strong buying, with the Philadelphia Semiconductor Index rising 2.1% to a record high.
2. Energy stocks boosted by geopolitical tensions. Middle East concerns lifted oil prices; Chevron and Exxon Mobil gained over 1.5%, making energy a safe-haven choice. Gold and consumer staples also saw increased allocation, with spot gold briefly breaking above $5,000 per ounce. Oil and oil services sectors recorded notable capital inflows.
2月20日（大年初四），港股率先开市，但没能延续节前暖意。恒生指数跌1.1%，恒生科技指数重挫2.91%，国企指数跌1.22%。科网股集体下挫，百度跌6.25%、阿里巴巴跌4.91%、腾讯跌2.06%，中概股近三日累计跌幅达0.5%。
当前，因春节南向资金假期缺位，港股主要由外资主导交易，资金流向分化明显。一方面是传统互联网集体回调，百度、阿里巴巴、京东健康、哔哩哔哩等平台经济龙头资金净流出，消费、影视传媒等板块同步承压。
On February 20 (4th day of Lunar New Year), Hong Kong stocks reopened but lost momentum. The Hang Seng Index fell 1.1%, the Hang Seng Tech Index slumped 2.91%, and the Hang Seng China Enterprises Index dropped 1.22%. Tech and internet stocks declined sharply: Baidu -6.25%, Alibaba -4.91%, Tencent -2.06%. U.S.-listed Chinese stocks fell 0.5% over three days.
With southbound capital absent during the holiday, Hong Kong market was dominated by foreign investors, showing diverging flows: Traditional internet retreated, with platform leaders (Baidu, Alibaba, JD Health, Bilibili) seeing net outflows; consumer and media sectors also under pressure.
另一方面是新经济赛道大幅吸金，机器人概念股因春晚节目火爆被内资爆炒，越疆科技涨21%、速腾聚创涨9%，智谱AI单日暴涨42.72%、市值突破3200亿港元，显示资金对硬科技赛道的长期信心。
此外，周期资源资金稳健流入。石油石化、有色、电力设备获资金增配，中国石油、中国海油创阶段新高，对冲市场下行压力。
New-economy sectors attracted strong buying. Robot concepts surged on popularity from the Spring Festival Gala: Dexway Robot +21%, RoboSense +9%. Zhipu AI soared 42.72% to over HK$320 billion market cap, reflecting confidence in hard tech. Cyclical resources saw steady inflows: oil, petrochemicals, non-ferrous metals, power equipment gained buying. PetroChina and CNOOC hit recent highs, offsetting market downside.
当前，美股与港股资金主线高度一致，共同指向AI科技、先进制造、能源资源三大方向，抛开了高估值拥挤赛道，涌入政策利好与产业落地板块。而流动性差异决定了不同节奏，美股资金流动性充裕、稳中有升；而港股因内地资金缺位、波动放大，但结构也更清晰。总的来看，外围市场整体偏暖。
同时，从历史数据来看，近10年，春节后5个交易日上涨概率达70%-80%，节后资金回流、政策预期升温、“新年效应”共同支撑春季躁动行情。
因此，这次节后A股同样有望迎来“开门红”，但主线清晰，行情或将呈现结构性分化。一方面是资金或将聚焦科技成长线，机器人、AI算力、半导体、可控核聚变、脑机接口等“十五五”规划重点方向有望延续热度。另一方面是价值蓝筹线，大金融、石油、基建等低估值、高股息板块具备防御与进攻双重属性。
Currently, capital trends in the US and Hong Kong stocks are highly aligned, focusing on three sectors: AI technology, advanced manufacturing, and energy resources. Funds have shifted from overvalued crowded sectors to industries supported by favorable policies and tangible industrial progress. Liquidity differences drive distinct rhythms: ample liquidity in US stocks supports steady gains, while Hong Kong stocks face amplified volatility amid temporary absence of mainland capital, though with clearer structural opportunities. Overall, global markets remain supportive.
Historically, over the past decade, the A-share market has risen in 70%–80% of cases during the first five trading days after the Spring Festival, supported by capital return, rising policy expectations, and the "New Year effect."
Thus, A-shares are likely to open positively after the holiday, with structural divergence. On one hand, capital may focus on tech growth sectors including robotics, AI computing power, semiconductors, controlled nuclear fusion, and brain–computer interfaces—key areas in the 15th Five-Year Plan. On the other hand, value blue chips such as large financials, petroleum, and infrastructure offer both defensive and offensive attributes with low valuations and high dividends.
