格隆汇2月17日｜日经225指数收盘下跌0.42%，报56566.49点 责任编辑：钟离 财经频道更多独家策划、专家专栏，免费查阅>> ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 澳大利亚央行2月份政策会议的纪要强调，"不可能对隔夜拆款利率的任何特定路径抱有高度信心"。但 高盛首席经济学家Andrew Boak表示，有理由认为再次加息的可能性较大。澳大利亚央行的预测是基于 一项技术性假设，即需要进一步加息。他表示，该行还强调，产能压力将继续加大。澳大利亚央行也淡 化了金融状况的限制性。Boak预计，澳大利亚央行将在5月份进行第二次也是最后一次25个基点的加 息。 ...

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 澳大利亚央行2月份政策会议的纪要强调，"不可能对隔夜拆款利率的任何特定路径抱有高度信心"。但 高盛首席经济学家Andrew Boak表示，有理由认为再次加息的可能性较大。澳大利亚央行的预测是基于 一项技术性假设，即需要进一步加息。他表示，该行还强调，产能压力将继续加大。澳大利亚央行也淡 化了金融状况的限制性。Boak预计，澳大利亚央行将在5月份进行第二次也是最后一次25个基点的加 息。 ...

美光科技是美国最大的存储芯片制造商，这种微小的硅片用于存储和传输数据，为从智能手机、汽车电 脑到笔记本电脑和数据中心等各种设备提供动力支持。美光科技正加紧增加产能，以应对存储行业40多 年来最严重的供应紧张。在公司总部所在地博伊西，美光科技正斥资500亿美元，将其占地450英亩的园 区面积扩大一倍以上，其中包括建造两座新的芯片工厂（即晶圆厂）。第一座晶圆厂的首批硅晶圆预计 将于2027年年中下线，用于生产DRAM，这是一种用于制造高带宽存储(HBM)芯片的存储器，而HBM 对于先进的人工智能(AI)计算日益重要。两家工厂都应会在2028年底前投产。这还不是全部。在锡拉丘 兹附近，美光科技刚刚破土动工一个耗资1,000亿美元的晶圆厂综合体，这是纽约州有史以来最大的私 人投资。去年年底，美光科技宣布在日本广岛投资96亿美元建设晶圆厂，而其竞争对手SK海力士(SK Hynix)在1月份宣布，将在韩国建造一座耗资130亿美元的晶圆厂，此外该公司正在印第安纳州建造一个 耗资40亿美元的制造综合体。这场疯狂的制造业军备竞赛背后是AI热潮。"我在这里工作了28年，从未 见过像AI这样具有颠覆性的东西，"负责美光科技2,00 ...

Core Viewpoint - The performance of the AITO M9 at the 2026 Spring Festival Gala showcases the technological strength and new image of Chinese electric vehicle brands, highlighting the integration of technology and art [1][7]. Group 1: Brand and Product Highlights - AITO M9, as part of the performance, symbolizes a blend of technology and cultural elements, creating a memorable experience for millions of viewers [2][3]. - The program titled "Hand to Fortune" successfully engaged the audience through interactive gestures, enhancing brand recognition and emotional resonance with the audience [4]. - Since its inception in 2021, AITO has launched four electric vehicle models, including M5, M7, M9, and M8, and has achieved a significant milestone of one million vehicles produced in just 46 months [5]. Group 2: Market Position and Recognition - AITO M9 has maintained its position as the best-selling model in the 500,000 yuan price segment for 21 consecutive months, challenging the dominance of foreign brands in the luxury market [5]. - The Spring Festival Gala appearance signifies national recognition of AITO's product strength and enhances the visibility of Chinese high-end electric vehicles on a global scale [7]. - AITO is positioned as a leader in the Chinese electric vehicle market, continuously pushing the boundaries of innovation and luxury [7].

责任编辑：安东 股票频道更多独家策划、专家专栏，免费查阅>> 受日本央行提前加息前景减弱影响，日本国债在东京交易时段价格上涨。SMBC日兴证券金融市场与经 济研究部门的两名成员在评论中称，日本央行行长植田和男与首相高市早苗周一举行了会晤，距离两人 上次会面不到三个月。此次会晤的间隔时间短于以往日本央行行长与首相会晤的四个半月平均间隔。这 两名成员表示，因此，"这一时机引发了外界猜测，认为高市早苗正试图劝说植田和男不要提前加息"。 两年期日本国债收益率下跌1.5个基点，至1.250%，10年期国债收益率下跌4.5个基点，至2.165%。 ...

亚洲早盘油价涨跌互现，交易员等待本周第二轮美伊会谈。荷兰国际集团大宗商品策略团队的两名成员 在一份研究报告中称："鉴于美伊局势如何演变存在不确定性，市场仍反映了很大的风险溢价。"这两名 成员补充说："美国总统特朗普上周末称政权更迭对伊朗最有利，这番言论可能不会缓解担忧。"近月西 得州中质油期货上涨1.1%，至每桶63.61美元；近月布伦特原油期货下跌0.3%，至每桶68.43美元。 责任编辑：安东 美股频道更多独家策划、专家专栏，免费查阅>> ...

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 澳大利亚央行已发出信号，表明未来的政策路径可能比一些人担心的要温和。澳新银行的澳大利亚经济 主管Adam Boyton指出，澳大利亚央行近期政策会议的纪要凸显出，未来的加息并非已成定局。他补充 说，澳大利亚央行最终可能会对通胀数据感到惊喜，而且预计未来几个月消费者支出也将放缓。澳新银 行预计，到2026年官方隔夜拆款利率将保持在3.85%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 黄金在亚洲早盘下跌，受可能出现的头寸调整影响。DHF Capital的Bas Kooijman在一封电子邮件中表 示，美国和伊朗之间已安排的会谈让人谨慎乐观地认为外交渠道仍然畅通。这位首席执行官兼资产管理 人表示："任何切实的紧张局势降温都可能使资金流向风险资产，并抑制避险需求。"Kooijman补充说， 俄罗斯和乌克兰之间有望举行的会谈也带来了取得进展的初步希望，尽管敌对行动仍在继续。现货黄金 下跌0.7%，报每盎司4,957.83美元。 ...

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 688.00, based on a forward P/S valuation method corresponding to a valuation multiple of 40 times P/S in 2028 and a discount rate of 7% [1] - Company is a leading large model vendor in China and a world-class player, founded in 2019, focusing on the GLM series foundational models, enhancing core capabilities in Coding, reasoning, and Agentic models [1] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from domestic and international users [1] Revenue Growth Potential - The commercial value of the models is being realized, empowering various industries; revenue CAGR is expected to exceed 130% from 2023 to 2027 [1] - API revenue is projected to become the main growth engine, with estimated API-related annual recurring revenue (ARR) nearing CNY 600 million by early 2026, representing a several-fold increase compared to the same period last year [1] - Company covers a wide range of industries including internet, software, and chips, focusing on releasing model value to enhance client productivity [1] AI Coding Market Opportunity - The total addressable market (TAM) for AI Coding is estimated to reach a trillion CNY scale, with the company having a leading advantage in this rapidly penetrating field [2] - Company specializes in refining the Coding scenario, possessing core advantages such as low hallucination rates, high stability, and strong reasoning and tool usage capabilities, likely to maintain leadership in the Coding scene and extend to more enterprise scenarios [2] - Key catalysts include the release of new generation models and high growth in API and Coding ARR [2] Financial Projections - Revenue projections for the company from 2025 to 2028 are CNY 720 million, 1.75 billion, 3.67 billion, and 7.67 billion respectively, with a CAGR of 120% [2] - The company is expected to iterate on foundational model capabilities and realize value in the Coding scenario, with a target price of HKD 688 based on a 40 times P/S valuation in 2028, indicating a 42% upside from the current trading at 25 times P/S [2]