编辑丨孙超逸 A股尚处春节休市期，港股已抢先开市。 大年初四（2月20日），港股迎来马年首个交易日。截至收盘，恒生指数跌1.10%，恒生科技指数跌 2.91%。 记者丨黄子潇 尽管大盘的"开门红"未能如愿，但"春晚效应"正在显现，多只机器人概念股逆势走高。 同日，香港交易所、香港黄金交易所均举行新春开市仪式，港交所主席唐家成表示，今年以来已有24只 新股上市，募资金额超过870亿港元，目前有488家企业正在排队等候上市。"希望港股市场气氛能一直 延续整个马年。"他表示。 此外，香港金市收获红盘。 港交所举行马年新春开市仪式。 来源：港交所官网 恒指走弱收跌，机器人板块逆势上涨 2月20日，恒生指数低开后维持震荡，截至收盘全日下跌1.1%；恒生科技指数受软件板块拖累表现较 弱，收跌2.91%。 大盘整体承压的背景下，市场赚钱效应集中于个别主题板块，其中机器人概念股受马年春晚带动逆势大 涨。 从成交量来看，恒生指数、恒生科技指数等交易量均较节前（2月13日）降幅近40%，原因或为港股通 的缺席。Wind数据显示，2025年港股通成交额占港股市场总成交比例约55.3%。春节休市时间表显示， 2月14日至2月23日， ...

智通财经APP获悉，春节假期过后，港股迎来马年首个交易日，三大指数今日承压走低，恒科指数大跌 近3%。截止收盘，恒生指数跌1.1%或292.59点，报26413.35点，全日成交额为1653.73亿港元；恒生国 企指数跌1.22%，报8959.56点；恒生科技指数跌2.91%，报5211.5点。 香港财政司司长陈茂波今日出席港交所新春开市仪式时致辞称，尽管今年外围环境复杂多变，波动难 免，但只要香港坚持自由开放的投资环境和稳定的金融政策，让国际投资者视香港为安全港，继而增加 在港配置，同时做好市场基建和风险管理，香港市场必能如骏马般跨越险阻。 蓝筹股表现 中石油(00857)领涨蓝筹，截至收盘，涨3.7%，报9.52港元，成交额9.02亿港元，贡献恒指11.57点。中东 地缘政治风险急剧升温刺激国际油价走高。此前报道称，特朗普政府正评估对伊朗实施"有限规模"军事 打击，目标或为少数军事或政府设施，旨在施压迫使伊朗接受美方核协议条件，行动可能数日内启动， 并视后续反应决定是否升级。 其他蓝筹股方面，恒基地产(00012)涨3%，报33.68港元，贡献恒指2.32点；美的集团(00300)涨2.73%， 报94. ...

2026.02.20 本文字数：1142，阅读时长大约3分钟 作者 |第一财经 李隽 2月20日大年初四是马年港股第一个交易日，恒生科技指数一度跌超2.5%至5222点，创下近五个月的调 整新低。有投资者惊呼，恒生科技的主要成份股也变成"老登"了吗？ 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 阿里巴巴（09988.HK）一度大跌超过4%、百度集团（09888.HK）一度跌超6%、腾讯控股 （00700.HK）一度跌超2%，与之形成鲜明对比的是，部分人工智能、芯片等相关次新股，包括智谱 （02513.HK）、MINIMAX（00100.HK）、澜起科技（06809.HK）等继续大涨并创新高。截至当日中 午收盘，恒生科技指数报收5245点，下跌2.28%，成交225亿港元；恒生指数跌0.61%，报收26544点， 成交917亿港元。 业内人士分析，春节前后外卖、红包等业务竞争激烈，投资者开始担忧人工智能方面的投资回报，预计 接下来香港科网股依然弱势，估计要到3月腾讯等 ...

Core Viewpoint - Shenzhen has transformed from a small fishing village into a global innovation hub, showcasing its technological prowess and commitment to becoming a benchmark for China's socialist development model [1][25]. Group 1: Historical Context and Development - The establishment of the Shekou Industrial Zone in 1979 marked the beginning of Shenzhen's transformation, symbolized by the phrase "Time is Money, Efficiency is Life" to attract investment [2][4][31]. - The founding of Huawei in 1987 by Ren Zhengfei in Shekou highlights the entrepreneurial spirit that emerged during this period, leveraging initial capital from Hong Kong [4][28]. Group 2: Industry Growth and Key Players - Foxconn, established by Terry Gou in 1988, became the world's largest electronics manufacturing services provider, benefiting from Shenzhen's cost advantages and industrial ecosystem [6][31]. - Shenzhen's EMS capabilities have empowered global tech innovation, with companies like Foxconn, Luxshare Precision, and BYD Electronics playing significant roles in the supply chain [9][33]. Group 3: Current Trends and Future Outlook - Shenzhen is positioning itself as a leader in AI and robotics, with over 2,600 AI enterprises and projected revenue of approximately 220 billion yuan by 2025 [15][39]. - The "Robot Valley" in Shenzhen is emerging as a global innovation center for robotics, supported by a robust ecosystem of over 74,000 related enterprises and numerous educational institutions [19][39]. Group 4: Commercial Landscape - Huaqiangbei, known as "China's Electronics First Street," hosts a vast network of businesses and attracts over 7,000 foreign visitors daily, reflecting its significance in the global electronics market [11][35]. - The area is characterized by a practical and efficient business model, enabling startups to thrive, including notable companies like Ugreen Technology and Transsion Holdings [12][36].

前10大资金净流出榜 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | -5.24 亿 | -6.30% | 160.100（-0.25%） | | 中芯国际(00981) | -3.91 亿 | -6.39% | 70.000（-2.17%） | | 华虹半导体(01347) | -1.99 亿 | -15.56% | 99.600（-1.68%） | | 长飞光纤光缆(06869) | -1.72 亿 | -5.33% | 107.500（-5.70%） | | 五矿资源(01208) | -1.68 亿 | -32.19% | 10.160（+1.60%） | | 招商银行(03968) | -1.39 亿 | -22.73% | 49.520（+0.45%） | | 中国人寿(02628) | -1.37 亿 | -6.18% | 34.120（-3.94%） | | 信达生物(01801) | -1.28 亿 | -15.95% | 89.650（0.00%） | | 小米集团-W(01810) | ...

| .HSIADR 恒生指数ADR | | | --- | --- | | 26541.96 ↓ -163.98 -0.61% | 收盘价 02/19 16:00 美东 | | 三月日同 ▼ | | | 最高价 26674.58 开盘价 26658.57 | 成交量 2463.91万 | | 最低价 26480.63 昨收价 26705.94 | 平均价 26577.60 | | 52周最高 27964.68上 涨 -- | 平 智 -- | | 52周最低 19335.70下 跌 -- | 振 幅 0.73% | | 800000 恒生指数 26705.94 +138.82 +0.52% | | | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(H | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 533.000 | +1.000 | 0.19% | TCEHY | 532.3 | | 2 | 阿里巴巴-W | 09988 | 154.700 | -0.7 ...

Core Insights - The competition for AI user engagement in China is intensifying, with significant user growth in lower-tier cities, indicating a shift in the primary user base from urban elites to a broader demographic [2][3] - Major AI companies are investing heavily in user acquisition strategies, with over 4.5 billion yuan spent on incentives during the Spring Festival to increase daily active users from 1-2 billion to 3-4 billion [3] User Engagement and Growth - Tencent's Yuanbao reported over 50 million daily active users and 114 million monthly active users, while ByteDance's Doubao achieved 1.9 billion interactions during the New Year [2] - Alibaba's Qianwen facilitated 130 million first-time AI shopping experiences, with growth primarily from outside first-tier cities [2] Market Challenges - China's AI development faces challenges such as reliance on domestic chip production and a relatively weak consumer market, with user willingness to pay only 1/3 to 1/4 of that in the U.S. [2] - The majority of China's AI models adopt a free strategy, contrasting with the U.S. market where over 90% of growth comes from SaaS subscriptions and personal memberships [2] Product and Service Strategy - AI companies are focusing on creating real value for users rather than relying solely on promotional tactics, as seen with Doubao's interactive features during the Spring Festival [3][5] - Alibaba's Qianwen utilized a 3 billion yuan red envelope strategy to encourage users to engage with AI for completing transactions, thus lowering barriers and collecting valuable data [3] AI Integration in Social Contexts - Tencent's Yuanbao is enhancing social interactions by integrating AI into group chats, allowing users to engage with AI as a companion for various tasks [4] - The AI experience during the Spring Festival aims to transition from novelty to necessity, emphasizing the importance of product capability and team effectiveness [5] Safety and Ethical Considerations - As AI technology becomes more advanced, concerns about safety and potential misuse by malicious actors are highlighted, stressing the need for adherence to security standards in AI development [5]

Core Insights - The competition for AI user engagement in China is intensifying, with significant user growth in lower-tier cities, while major companies are investing heavily to increase their active user base [1][2] Group 1: User Engagement and Growth - Tencent Yuanbao reported over 50 million daily active users and 114 million monthly active users, while ByteDance's Doubao achieved 1.9 billion interactions during the Spring Festival [1] - Alibaba's Qianwen facilitated AI shopping experiences for 130 million users, with growth primarily from outside first and second-tier cities [1] - AI giants invested over 4.5 billion yuan in red envelopes to boost user engagement, aiming to increase daily active users from 100-200 million to 300-400 million [2] Group 2: Market Challenges - China's AI development faces challenges such as reliance on imported hardware chips and a relatively weak consumer market for AI products, with user willingness to pay only 1/3 to 1/4 of that in the U.S. [1] - The majority of China's AI models adopt a free strategy, contrasting with the U.S. market where over 90% of growth comes from SaaS subscriptions and personal memberships [1] Group 3: Product and Service Innovation - AI companies are focusing on creating real value for users rather than relying solely on promotional tactics, as seen with Doubao's interactive features during the Spring Festival [2] - Alibaba's Qianwen utilized a 3 billion yuan red envelope strategy to encourage users to engage with AI for completing transactions, achieving a 782-fold increase in orders from lower-tier cities [2] Group 4: Safety and Security Concerns - As AI technology becomes more advanced, concerns about security and potential misuse by malicious actors are rising, necessitating adherence to safety standards in AI development [3]

2026年2月18日消息，腾讯于昨日发文公布了元宝分10亿红包春节活动数据，活动期间主会场累计抽奖达36亿次，用户AI创作互动超10亿次。 本次活动依托微信生态与AI互动设计，腾讯元宝为用户提供了全面，且富有节日趣味的互动体验，成为春节AI应用场景的重要实践。 官方表示，春节期间，元宝派里会继续派发红包，与好友一起热聊、一起看、一起听，将有机会掉落惊喜。 此外，活动期间超3400万人领取了好友分享红包，累计领取次数达2.1亿次。 具体来看，抢红包活跃用户中49%来自三四线及以下城市，下沉市场成为本次活动主力军；30-40岁用户最爱使用"拜年朋友圈"功能，成为春节线上社交核 心人群；马上就发财"红包封面最受用户欢迎，登顶热门祝福封面榜首。 ...

报告显示，超3400万人领取过别人的分享红包。在AI社交玩法元宝派里，元宝累计掉落超1100万次拼 手气红包。 中证报中证网讯（记者 张兴旺）2月17日，腾讯发布元宝10亿元现金红包活动报告。报告显示，自2月1 日活动开启至17日零点结束，活动主会场累计抽奖次数超36亿次，用户通过元宝"创作"栏完成AI任务超 10亿次。 ...