【重点推荐】 证券研究报告 | 2026年02月24日 | 晨会纪要 | | --- | | 数据日期:2026-02-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4082.07 | 14100.18 | 4660.40 | 15387.66 | 4134.99 | 1470.33 | | 涨跌幅度（%） | -1.25 | -1.27 | -1.25 | -0.94 | -1.19 | -0.71 | | 成交金额（亿元） | 8468.08 | 11358.71 | 4528.78 | 3880.66 | 5421.16 | 615.92 | 宏观与策略 策略专题:策略专题研究-决胜 26 年牛市的三大行业机遇 行业与公司 公用环保行业专题:可控核聚变系列研究（一）-聚变启航，未来已来 【常规内容】 宏观与策略 宏观快评:1 月金融数据解读-居民信贷"破冰" 宏观快评:美国 1 月 CPI 点评-通胀回落，降息时点仍靠后 固定收益投 ...

每经AI快讯，2月24日，港股AI应用股走强，截至发稿，智谱(02513.HK)涨17.6%、MINIMAX- WP(00100.HK)涨6.90%。 ...

大模型双雄走强，截至发稿，智谱(02513)涨9.82%，报615港元；MINIMAX-WP(00100)涨7.73%，报 905.5港元。 国联民生（601456）证券认为，年内AI产业趋势并未改变，且正从技术研发加速迈向规模化商业落 地。长期来看，随着推理、多模态大模型持续迭代、大厂生态融合及各行业渗透率不断提升，Token调 用量有望保持快速增长，大模型规模化商业应用及产业落地值得期待。 消息面上，OpenRouter最新周度数据显示，平台前十模型总token量约8.7万亿，中国模型独占5.3万亿， 占比61%。MiniMax M2.5以2.45万亿token空降榜首，Kimi K2.5以1.21万亿紧随其后，智谱GLM5和 DeepSeek V3.2分列第三、第五。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of major AI model companies, with Zhiyu (02513) rising by 9.82% to 615 HKD and MINIMAX-WP (00100) increasing by 7.73% to 905.5 HKD [1] - OpenRouter's latest weekly data shows that the total token volume of the top ten models is approximately 8.7 trillion, with Chinese models dominating at 5.3 trillion, accounting for 61% [1] - MiniMax M2.5 ranks first with 2.45 trillion tokens, followed by Kimi K2.5 with 1.21 trillion tokens, while Zhiyu GLM 5 and DeepSeek V3.2 rank third and fifth respectively [1] Group 2 - Guolian Minsheng Securities believes that the trend in the AI industry has not changed this year, transitioning from technological research and development to large-scale commercial implementation [1] - In the long term, the continuous iteration of reasoning and multimodal large models, integration of major ecosystems, and increasing penetration across various industries are expected to drive rapid growth in token usage [1] - The large-scale commercial application and industrial implementation of large models are anticipated to be promising [1]

2月23日，港股在马年第二个交易日迎来全线上涨。截至早盘收盘，恒生指数涨2.29%，恒生科技指数涨3.32%，恒生国企指数涨2.50%。 港股科网股普涨，截至早盘收盘，美团涨6.93%、阿里巴巴涨3.60%、腾讯涨3.35%、百度涨3.02%；半导体概念股走强，华虹半导体涨4.83%，科技、互联 网、消费电子、锂电池板块领涨。 智谱称，这次改版主要犯了三个错：规则透明度不够、GLM-5灰度节奏太慢、老用户升级机制设计粗糙。智谱介绍，GLM-5发布后，流量超出预期，公 司扩容节奏没有跟上，不得已将GLM-5按照Max、Pro、Lite的顺序逐步开放。 目前Max对用户已经全面开放，对Pro用户虽已开放，但高峰期可能会因集群负载较高遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。针对受到影 响的Lite和Pro用户，公司支持自主申请退款，如不选择退款，那包括Max在内的所有用户统一延期15天。 | 名称 | 最新 | 涨幅↓ | | --- | --- | --- | | 美团-W | 86.350 | 6.93% | | 03690 | | | | 华虹米导体 | 98.700 | 4.83% | | 0 ...

每经记者｜杜宇 每经编辑｜许绍航 宋思艰 记者|杜宇 编辑|许绍航 宋思艰 校对|文多 | 名称 | 现价 | 涨跌幅 ▼ | 成交量 | 换手率 | 市智率 | 总市值 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 中国大冶有色金属 | 0.185 | 9.47% | 1588万 | 0.09% | -64.0 | 33亿 | 79.61% | | 赤峰黄金 | 39.980 | 8.23% | 74万 | 0.31% | 25.6 | 7941乙 | 34.34% | | 灵宝黄金 | 25.960 | 7.90% | 354万 | 0.32% | 25.2 | 334亿 | 44.95% | | 五矿资源 | 10.570 | 7.86% | 948万 | 0.08% | | 34.0 1283亿 | 20.52% | | 中国黄金国际 | 204.400 | 7.30% | 16万 | 0.04% | 25.5 | 810亿 | 30.27% | | 潼关黄金 | 3.410 | 7.23% | 492万 | 0.09% | ...

| 名称 | 最新, | 涨幅↓ | | --- | --- | --- | | 网易-S | 186.000 | 3.74% | | 09999 | | | | 京东健康 | 58.750 | 3.34% | | 06618 | | | | 快手-W | 68.500 | 3.01% | | 01024 | | | | 京东集团-SW | 106.500 | 2.60% | | 09618 | | | | 美团-W | 82.750 | 2.48% | | 03690 | | | | 交町未营体 | 96.250 | 2.23% | | 01347 | | | | 携程集团-S | 424.400 | 2.07% | | 09961 | | | | 腾讯音乐-SW | 59.650 | 2.05% | | 01698 | | | | 阿里巴巴-W | 149.900 | 1.90% | | 09988 | | | | 比亚迪股份 | 97.200 | 1.83% | | 01211 | | | | 哔哩哔哩-W | 233.600 | 1.74% | | 09626 | | | | 舜宇光学科技 | 57. ...

Market Performance - The Hang Seng Index and the Hang Seng Tech Index opened high, with the Hang Seng Index rising by 1.46% and the Hang Seng Tech Index increasing by 1.77% [1] - As of the report, the Hang Seng Tech Index had risen over 3%, currently at 5368.750 points, while the Hang Seng Index was up by 2% [1] Stock Movements - Tech stocks collectively opened higher, with notable increases: NetEase up 3%, Meituan up 2%, Alibaba nearly 2%, Tencent up 1%, and Kuaishou over 3% [3] - Semiconductor stocks also showed strength, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [3] - Gold stocks performed well, with China Gold International up nearly 7% and Shandong Gold up over 5% [3] Individual Stock Performance - Notable stock performances included: - NetEase-S at 186.000, up 3.74% [4] - JD Health at 58.750, up 3.34% [4] - Kuaishou-W at 68.500, up 3.01% [4] - Meituan-W at 87.750, up 7.180% [4] - Other stocks like Tencent Music-SW and Alibaba-W also saw increases of 2.05% and 1.90%, respectively [5] Declines in Specific Stocks - Zhipu experienced significant declines, with a drop of over 20% at one point, and MINIMAX also fell by over 10%, although the declines narrowed by the time of reporting [6] - Zhipu's apology letter addressed issues related to the GLM-5 release, citing problems with transparency and upgrade mechanisms, which contributed to the stock's volatility [6]

每经AI快讯，2月23日，港股MINIMAX-WP(00100.HK)跌10%。 （文章来源：每日经济新闻） ...

港股大模型"双雄"智谱、MINIMAX大幅低开，分别跌超13%、10%。 | 代码 | 名称 | | 最新价 涨跌幅 ^ | | --- | --- | --- | --- | | 02513 | 智谱 | (○) | 625.000 -13.79% | | 00100 | MINIMAX-WP | | 873.000 -10.00% | 消息面上，智谱（02513.HK）发布旗下人工智能（AI）程序订阅套餐GLM Coding Plan致歉信，并公布 处理和补偿方案。此次改版主要犯错包括：规则透明度不够、GLM-5灰度节奏太慢及老用户升级机制 设计粗糙。 消息面上，智谱（02513.HK）发布旗下人工智能（AI）程序订阅套餐GLM Coding Plan致歉信，并公布 处理和补偿方案。此次改版主要犯错包括：规则透明度不够、GLM-5灰度节奏太慢及老用户升级机制 设计粗糙。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 港股大模型"双雄"智谱、MINIMAX大幅低开，分别跌超13%、10%。 | 代码 | ...