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Group 1 - The Chinese government is implementing a "Film+" consumption pilot program to boost consumer spending and transform the film industry into a multi-faceted consumption ecosystem [1] - Sixteen cities have been selected as pilot cities for the "Film+" initiative, including Beijing, Shanghai, and Shenzhen, focusing on enhancing film viewing consumption and innovating cinema experiences [1] - The program aims to extend the film industry's value chain and cultivate a healthy film consumption culture, ultimately promoting the prosperity of the film market [1] Group 2 - The pre-sale for the 2026 Spring Festival film season has officially started, with films like "Silent Awakening" and "Bounty Hunter: Winds Rise in the Desert" leading the box office [2] - As of the latest data, the pre-sale box office for the 2026 Spring Festival has exceeded 1.6 billion yuan, indicating a strong start for the film season [2] Group 3 - Key companies in the Hong Kong film and entertainment industry chain include Damai Entertainment, Maoyan Entertainment, IMAX China, and China Ruyi [3]

Core Insights - Google has significantly upgraded its Gemini 3 AI model with the Deep Think mode, focusing on addressing complex challenges in modern scientific research and engineering, sparking a new wave of interest in "Gemini AI" [1][6] - The upgraded Deep Think mode is now available to Google AI Ultra subscribers and is the first time Google has provided this functionality through the Gemini API to select researchers, engineers, and large enterprises [1][7] Performance Metrics - The Deep Think mode achieved a score of 48.4% on the Humanity's Last Exam, setting a new industry standard for AI models [4][6] - It scored 84.6% on the ARC-AGI-2 benchmark, verified by the ARC Prize Foundation, and obtained a 3455 Elo rating on the Codeforces competitive programming platform [4][6] - The model also demonstrated gold medal-level performance in the written sections of the 2025 International Physics and Chemistry Olympiads, achieving 50.5% on the CMT-Benchmark [3][5] Application and Functionality - Deep Think is designed to facilitate practical applications, enabling researchers to interpret complex data and engineers to model intricate physical systems through coding [2][6] - The model's capabilities extend beyond mathematics and programming, now encompassing interdisciplinary research problems requiring a combination of physical intuition, structured chemical inference, mathematical formalization, and coding solutions [3][5] - The upgrade emphasizes structured reasoning and scalable inference capabilities, allowing for iterative reasoning across multiple hypothesis spaces [6][7] Market Position - Google’s Gemini 3 Deep Think competes with AI products from OpenAI and Anthropic, positioning itself as a leading solution in the AI landscape [5] - The model's ability to convert sketches into 3D printable files enhances its appeal and potential for widespread adoption in enterprise research and development workflows [7]

消息面上，北京时间周四午后，铠侠发布年度业绩，其预测远超市场预期，营业收入与净利润目标较分 析师预测高出约35%至60%。铠侠表示，在闪存市场中，数据中心和企业级AI应用的服务器需求正在扩 张，而PC和智能手机需求也因新AI模型的推出保持强劲。公司强调，由于数据中心需求大幅增加，预 计需求将超过供应。受此消息影响，当日，闪迪、美光科技在美股夜盘阶段直线拉涨。 值得一提的是，全球AI竞赛热火朝天，存储芯片需求激增。市场分析指出，由于大型科技公司的大规 模投资，半导体供需紧张的局面将持续到2026年。德意志银行分析师表示，预计DRAM的供应紧张局面 将持续至2027年乃至2028年，尤其是人工智能(AI)热潮推动了市场对高带宽内存(HBM)的需求激增。天 风证券（601162）指出，兆易创新是一家在"AI+国产替代+存储周期上行"三重利好共振下的平台型芯 片设计公司，在未来预测期内成长动能充足，业绩具备较强韧性。 兆易创新（603986）(03986)涨超5%，截至发稿，涨4.08%，报372港元，成交额4.64亿港元。 ...

Core Viewpoint - CICC reports that from 2026, Tiangong International (00826) is expected to continue increasing its high-end materials production, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier. The firm has adjusted the company's valuation to 2026, maintaining an outperform rating and raising the target price by 76% to HKD 5.29, corresponding to an 18.4x P/E for 2026, implying a 50% upside potential. The current stock price corresponds to a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]. Group 1 - Revenue and net profit are projected to grow year-on-year in 2025, with revenue expected to increase by 11.1% to CNY 5.366 billion and net profit expected to rise by 15.5% to CNY 414 million. The firm has raised revenue forecasts for 2025 and 2026 by 2.8% and 3.5% to CNY 5.366 billion and CNY 6.639 billion, respectively, and introduced a revenue forecast of CNY 7.376 billion for 2027. Net profit forecasts for 2025 and 2026 have been raised by 13.3% and 29.6% to CNY 414 million and CNY 697 million, respectively, with a new net profit forecast of CNY 894 million for 2027 [2]. Group 2 - The 3C titanium material business has significant growth potential and is expected to become a key profit growth engine for the company. Since Apple first used aerospace-grade titanium alloy frames in its iPhone series, the penetration of titanium alloys in consumer electronics has been steadily increasing, indicating a strong demand outlook. The company currently has the capability to produce various titanium alloy grades using green "return materials" and supplies frame and mid-frame materials to several well-known consumer electronics manufacturers, establishing itself as a leading supplier in the domestic 3C titanium material market. The company is also strategically developing titanium alloy powder production lines to solidify its long-term competitive advantage in 3C titanium materials, with expected sales growth rates of 183% and 24% for high-end 3C titanium materials in 2026 and 2027, respectively [3]. Group 3 - The powder metallurgy platform technology is entering a harvest period, with three major application scenarios expected to create a second growth curve. The company is focusing on specialized materials for nuclear fusion core components, such as high-boron stainless steel and RAFM low-activity steel, with the former already achieving small-scale trial production. The company is likely to benefit from the global wave of nuclear fusion experimental facility construction. Additionally, the integrated die-casting molds in powder metallurgy can significantly extend mold lifespan, allowing the company to penetrate the new energy vehicle supply chain. The products have differentiated advantages and are expected to continue increasing in volume. The company has also overcome challenges in nitrogen content control for high-nitrogen alloy materials using unique domestic smelting technology, with high-nitrogen steel already applied in high-end bearings, planetary roller screws, and marine fields, indicating further growth potential [4].

Group 1 - Apple is set to launch the Vision Pro headset in early 2024, but the long-awaited YouTube app for visionOS has only recently been made available after nearly two years [1] - The YouTube app allows Vision Pro users to watch various video formats, including 3D, 360-degree, and VR180, with 8K resolution playback on the Vision Pro M5 [1] - The Vision Pro headset is priced at $3,499, which many consider too expensive, and it has faced criticism for being heavy, uncomfortable, and having limited battery life and app availability [1] Group 2 - Apple's strategic focus has shifted towards the development of AI smart glasses, leading to the shelving of significant iterations for the Vision Pro [2] - Apple's stock price fell nearly 5% recently, with concerns over ongoing storage chip supply shortages impacting the hardware sector [2] - Cisco's CFO indicated that rising memory costs have negatively affected gross margin performance, reflecting broader industry challenges [2]

消息面上，2月12日，智谱AI正式上线并开源其新一代旗舰模型GLM-5。智谱官方确认，这个新模型正 是此前在全球模型服务平台OpenRouter登顶热度榜首、引发圈内疯狂猜测的神秘模型"Pony Alpha"。 值得注意的是，智谱于2月12日发布GLM Coding Plan价格调整函，因市场需求增长，用户规模与调用量 提升，公司加大算力与模型优化投入，产品能力持续升级；公司决定对套餐价格体系进行结构性调整， 取消首购优惠，保留按季按年订阅优惠，套餐价格整体涨幅自30%起，已订阅用户价格保持不变。智谱 官方GLM Coding Plan上线即售罄。国产AI编程模型的付费套餐被抢空，在行业中较为罕见。 智谱(02513)再涨超20%，本周累计涨幅已近140%。截至发稿，涨15.92%，报466港元，成交额6.23亿港 元。 ...

Core Viewpoint - Haizhi Technology Group (02706) has made a strong debut in the stock market, with shares surging over 225% on the first day of trading, indicating high investor interest and confidence in the company's growth potential in the AI and graph database sectors [1][2]. Group 1: Company Overview - Haizhi Technology is a leading enterprise in China's graph computing and graph database field, focusing on developing Atlas graph solutions and providing industry-level AI solutions through graph-model integration technology [1]. - The company issued 28.03 million shares at a price of HKD 27.06 per share, raising approximately HKD 655 million in net proceeds from the IPO [1]. Group 2: Market Performance - The public offering of Haizhi Technology was oversubscribed by 5065.06 times, reflecting strong demand from investors [1]. - As of the latest update, the stock price reached HKD 88.05, with a trading volume of HKD 377 million [1]. Group 3: Growth Potential - The revenue from Haizhi Technology's "Atlas Intelligent Agent" is expected to grow rapidly, with a projected increase of nearly 9 times in 2024 compared to 2023, and an increase of nearly 5 times in the first half of 2025 [2]. - According to Frost & Sullivan, Haizhi Technology is the first company in China to effectively reduce hallucinations in large models through knowledge graphs, establishing a competitive edge in accuracy, hallucination rates, and complex logical reasoning capabilities [2].

香港联交所最新资料显示，2月12日，烯石电车新材料(06128)股东将股票由昌利证券转入ABN AMRO Clearing Hong Kong Limited，转仓市值575.03万港元，占比7.45%。 此前烯石电车新材料发布公告，于2026年2月3日，公司全资附属公司Allied Apex已与创驰其中一名股东 严博订立买卖协议，据此Allied Apex将会向严博收购创驰40%已发行股本，代价为现金150万港元。 ...

此外，衡量需求强劲程度的另一项指标——新债溢价(即投资者购买新债相比该公司现有证券所获得的 额外收益率，也称新发行折让)今年平均仅为0.02个百分点，即2个基点。去年这一数字为3.3个基点。 截至本周三，美国高评级证券的风险溢价(即利差)今年已收窄0.03个百分点至0.75个百分点，接近数十 年来的最低水平。Wealth Enhancement Group投资组合咨询总监Ayako Yoshioka表示，如此高的估值几乎 没有进一步改善的空间，她对信贷市场持中性展望。 她表示："我们没有看到任何看跌的催化剂，但考虑到利差目前的水平，看涨的空间也非常有限。" 智通财经APP注意到，据LSEG Lipper数据显示，在截至周三的一周内，美国债券投资者再次向高评级 债券基金注资43亿美元，这已是连续第11周录得资金流入。随着投资者争相买入仍能提供可观收益率的 债券，此类资金流入趋势持续强劲。 在 1月份投资级债券基金创下433亿美元(五年来最大月度流入量)的纪录后，近期资金继续涌入短期和中 期投资级债券基金。持续的资金流入为今年企业债发行市场的需求提供了有力支撑。 2026年至今，高评级公司已发行约3090亿美元的 ...