机构：中信建投证券 敏实集团此前已前瞻性布局人形机器人业务，依托汽车零部件领域积淀的精密制造、机电及总成设计经 验，自主推进人形机器人关节总成的研发布局、客户拓展与样品交付，可复用现有汽车零部件产能与工 艺体系，形成了从结构件到关节模块的成熟技术落地路径。绿的谐波为国内谐波减速器 行业绝对龙头，在精密传动领域拥有深厚技术积淀与核心专利，产品技术指标领先，是头部人形机器人 项目核心供应商，技术实力获全球认可。双方设立北美合资公司，实现核心技术与本地产能深度融合， 一方面依托绿的谐波技术优势打造高竞争力关节模组产品，另一方面凭借北美本地产能形成显著拿单优 势，贴近本土核心客户需求，同时有效规避国际贸易关税壁垒及地缘政治风险，实现成本与供应链双重 优化，打开北美人形机器人市场成长空间。 研究员：程似骐/陶亦然/马博硕/朱玥/许琳 核心观点 敏实集团与绿的谐波就北美设立合资公司达成框架协议，依托公司全球化 + 本地化的制造运营核心优 势与绿的谐波的精密传动技术专长实现强强联合，卡位北美人形机器人核心部件赛道，北美本地产能布 局进一步强化全球化竞争壁垒；同时公司主业基本面稳健，欧洲新能源汽车市场需求有望延续增长， AI ...

Core Viewpoint - China Southern Airlines has launched an interactive feature on its app that allows travelers to create personalized digital boarding passes using AI technology, enhancing the travel experience during the peak Spring Festival travel period [1] Group 1: Company Initiatives - China Southern Airlines has integrated the "AI Customize Your Destination Drawing" feature into its app, which utilizes the AI capabilities of Wanxiang to generate unique artistic boarding passes [1] - The feature allows travelers to select from 36 popular destinations, including Guangzhou and Shenzhen, and creates a boarding pass that incorporates local cultural elements [1] Group 2: Operational Details - The interactive activity is available through a pop-up on the China Southern Airlines app and a dedicated event page, running until February 25 [1] - This initiative aims to provide a personalized AI experience for over 80 million passengers expected during the Spring Festival travel peak [1]

恒生指数公司昨日宣布季度检讨结果，所有变动将于2026年3月9日(星期一)起生效。其中，恒生综合指 数成份股数目由507只增加至532 只，新加入不同集团等。被纳入恒生综合指数，通常是成为港股通 （内地投资者可直接投资）标的的重要条件。这意味着未来可能吸引更多内地资金。 不同集团是一家专注于设计并销售育儿产品的中国公司。首个品牌BeBeBus创立于2019年，一直专注于 服务中高端消费者，并已成长为中国育儿产品市场的知名品牌。创立仅5年，BeBeBus便在中高端育儿 产品市场中取得了强势的市场地位。据弗若斯特沙利文的资料，按GMV计，2024年，在中国中高端育 儿产品市场中，BeBeBus在中国育儿产品品牌中排名第二，拥有4.2%的市场份额。 ...

格隆汇2月14日｜工业和信息化部、人力资源社会保障部、市场监管总局印发《酿酒产业提质升级指导 意见（2026—2030年）》，其中提到，完善联农带农机制。支持地方和酿酒企业建立原料供需对接平 台，促进原料供给与酿造需求精准匹配，降低流通成本。支持酿酒企业通过订单收购、建立风险基金、 加工增值返还、参股入股等形式，与新型经营主体结成长期稳定产销关系，实现风险收益共享，形成长 期稳定优质原料供应来源。 ...

恒生指数是香港股市最具代表性的旗舰指数，成份股遴选严格遵循市值、流动性、行业代表性等核心标 准，汇聚全球优质上市企业。宁德时代凭借稳健经营、优异业绩与广泛市场影响力快速跻身成份股行 列，显著提升指数在新能源、先进制造与绿色低碳领域的代表性，也为全球投资者提供更直接配置中国 新质生产力核心资产的渠道。 分析指出，此次纳入恒生指数，将为宁德时代带来更广泛的全球机构投资者覆盖与被动资金配置，进一 步提升公司股票流动性与市场关注度，强化公司在全球资本市场的品牌影响力。 2026年2月13日，恒生指数有限公司公布截至2025年12月31日的恒生指数系列季度检讨结果，宁德时代 新能源科技股份有限公司(300750.SZ，03750.HK) 正式被纳入恒生指数成份股，变动将于2026年3月6日 收市后实施、3月9日起正式生效。 宁德时代于2025年5月20日在香港联交所主板挂牌上市，完成"A+H"两地资本布局，是当年港股市场最 具标志性IPO项目之一。2025年年内公司港股股价上涨超过90%，市值高点超过2.7万亿港元。宁德时代 此前已于2025年8月入选恒生综合指数成份股，本次上市仅8个月后即获纳入旗舰恒生指数，体现了国 ...

初步统计，2026年1月末社会融资规模存量为449.11万亿元，同比增长8.2%。其中，对实体经济发放的 人民币贷款余额为273.3万亿元，同比增长6.1%;对实体经济发放的外币贷款折合人民币余额为1.09万亿 元，同比下降12.1%;委托贷款余额为11.3万亿元，同比增长0.2%;信托贷款余额为4.67万亿元，同比增长 7%;未贴现的银行承兑汇票余额为2.78万亿元，同比增长6.7%;企业债券余额为34.69万亿元，同比增长 6.1%;政府债券余额为95.9万亿元，同比增长17.3%;非金融企业境内股票余额为12.23万亿元，同比增长 3.9%。 从结构看，1月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.9%，同比低1.2个百 分点;对实体经济发放的外币贷款折合人民币余额占比0.2%，同比低0.1个百分点;委托贷款余额占比 2.5%，同比低0.2个百分点;信托贷款余额占比1%，同比低0.1个百分点;未贴现的银行承兑汇票余额占比 0.6%，同比持平;企业债券余额占比7.7%，同比低0.2个百分点;政府债券余额占比21.4%，同比高1.7个百 分点;非金融企业境内股票余额占比2.7%，同比低0 ...

随着大模型能力加速商品化，模型本身正逐步从"稀缺能力"转向"可规模采购的工具"。真正制约大模型 进入企业核心系统的瓶颈，正在从算法层转移到数据侧。模型能力的趋同，正使得高质量、可实时调用 的数据成为释放大模型价值的真正稀缺资源。 2月13日盘后，港股通迎来年度审议关键节点。恒生指数公司公布恒生系列指数调整结果，并于3月9日 正式实施。其中，港股"Data Agent"第一股迅策科技(03317.HK)获纳入恒生综指和恒生综指中小型/小型 股指和恒综多个行业指数，以及恒生港股通多个行业指数等共计8个指数。一般而言，"入指"(纳入恒生 综合指数成份股)即"入通"(纳入港股通)。 春节前AI军备竞赛如火如荼。 继Deepseek之后，2月12日MiniMax与智谱发布新一代大模型，二者股价单日暴涨，AI赛道再度被情绪 点燃。 但在情绪之外，产业侧的变化更值得关注。 这家被称为"中国版Palantir"的公司，并不提供模型本身，而是解决模型进入企业真实业务之前最难的一 步——为企业搭建一套可被大模型持续调用的实时数据基础设施，让企业真正掌握可被模型反复调用的 数据资产，从而真正地释放大模型价值。 数据成为释放大模型价 ...

Core Viewpoint - The company, Xidi Zhijia, is positioned as a leading provider of autonomous driving technology and solutions for commercial vehicles, particularly in the mining and logistics sectors, and is expected to benefit from the expanding market for autonomous mining trucks and related technologies [1][2]. Group 1: Company Overview - Xidi Zhijia was established in 2017 and is one of the first companies in China to achieve "no safety operator normal operation" for autonomous commercial vehicles such as mining trucks and logistics vehicles [1]. - The company focuses on the intelligent implementation of autonomous driving solutions in specific scenarios, including mining and logistics [1]. Group 2: Market Potential - According to Xidi Zhijia's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2]. - The penetration rate of autonomous mining trucks in mining transportation scenarios is expected to continue increasing as the demand for intelligent mining solutions and technological maturity grows [2]. Group 3: Competitive Advantages - Xidi Zhijia possesses core advantages in technology, scenario adaptation, and commercialization: - Technological differentiation allows for large-scale mixed fleet operations with superior obstacle perception and positioning accuracy compared to competitors [2]. - Strong integrated adaptation capabilities across six core functions covering the entire process [2]. - Rapid commercialization through a pure product sales model, enabling quick conversion of technology into commercial results [2]. Group 4: Financial Forecast - The company is projected to reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, with expected Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027, respectively [3]. - The company is anticipated to accelerate the rollout of its autonomous mining truck business and maintain its leading position in the industry due to its technological, scenario, and commercialization advantages [3].

技術座標揭示合理邊界 成交分布印證博弈心態 全日成交額243,367千港元中，遠價外區間獨佔112,840千元（46.37%），中價外區間貢獻56,909千元 （23.38%），合計69.75%成交集中於技術阻力位上方，顯示資金過度集中於突破博弈。 條款競爭力顯現結構效率落差 中價外區間展現相對較佳風險回報特性，平均引伸波幅53.90%，配合4.76倍槓桿，提供較合理平衡。價 內主力區間雖具備52.68%引伸波幅與3.39倍槓桿的效率優勢，但產品數量僅8隻限制實際操作彈性。遠 價外區間雖有5.35倍槓桿的表面優勢，但引伸波幅高達59.11%，推升持倉成本，加上流動性不足，顯示 成本與預期回報空間出現嚴重錯配。 市場結構隱含系統性風險 以中芯國際現價69.6元為基準，技術分析劃定明確活動範圍：主要支持位68.3元與下試區域62.7元構成 下行防線，主要阻力位75.2元與上望目標80.4元定義上行空間。在此框架下，行使價62.7-75.2元區間屬 於技術合理範圍，而當前市場結構顯示顯著偏離理性邊界。 行使價分布凸顯結構失衡 市場現存145隻認購證呈現明顯結構分化：深價內區間（41.50-62.93元）30隻產品提 ...

Core Insights - AstraZeneca achieved a record revenue of $6.664 billion in China for 2025, marking a significant milestone in its 30-year history in the market [1] - The company plans to invest $15 billion in China by 2030 and has established a $18.5 billion collaboration with CSPC Pharmaceutical Group [1] Revenue Performance - AstraZeneca is the second-largest market for the company, with 2024 revenues reaching $54.073 billion, and China contributing $6.413 billion, a year-on-year increase of 11% [1] - In 2025, total revenue reached $58.739 billion, with China contributing $6.654 billion, accounting for 11% of total revenue, maintaining the top position among multinational pharmaceutical companies in China [1][3] Product Portfolio - Since entering the Chinese market in 1993, AstraZeneca has introduced over 40 innovative drugs, including key products in oncology and chronic disease management [3] - The inhaled budesonide suspension is the highest-selling drug in China, although its sales have declined due to policy price adjustments [3] - Osimertinib is expected to become a new flagship product in China, potentially replacing budesonide due to the large market for non-small cell lung cancer patients [3][4] Strategic Focus - AstraZeneca is focusing on a comprehensive "innovation offensive" in China, particularly in oncology, cardiovascular, renal, and metabolic disease areas [6] - The company has a robust pipeline in oncology, with several promising drugs set to launch in China, including novel AKT inhibitors and TROP2 ADCs for breast cancer treatment [6] - The pipeline also includes treatments for chronic diseases and rare diseases, addressing the diverse needs of the Chinese market [7][8] Investment Plans - AstraZeneca's $15 billion investment will focus on expanding drug manufacturing and R&D capabilities, particularly in cell therapy and radiolabeled drug conjugates [12][13] - The company has made 23 collaborations in China since 2021, totaling over $40 billion, with a significant focus on oncology and chronic disease treatments [9][12] Market Positioning - AstraZeneca aims to leverage China's scientific and manufacturing strengths to provide cutting-edge treatment solutions, positioning itself as a leader in cell therapy capabilities [13] - The company has established global strategic R&D centers in Beijing and Shanghai and operates multiple production bases across China [13][14] Conclusion - AstraZeneca's deep integration into the Chinese market signifies a shift from merely selling products to becoming a core participant in China's healthcare ecosystem, evolving into a global innovation center rooted in China [15]