Group 1 - UBS report indicates that by 2026, AI agents are expected to achieve large-scale applications, shifting from dialogue to action scenarios [1] - There is a divergence in application scenarios between the US and China, with the US focusing more on enterprise applications while China invests heavily in consumer services [1] - Leading AI labs globally, such as Anthropic and OpenAI, will prioritize enterprise development and monetization by 2026 [1] Group 2 - Chinese AI models, including MiniMax, Kimi, and GLM, have significantly increased their share in emerging agent products like OpenClaw [1] - UBS is optimistic about the long-term market share growth of Chinese AI models in the global enterprise API market due to their improving intelligence and cost-effectiveness [1] - Major Chinese internet companies launched red envelope activities during the Spring Festival to drive AI product traffic, with Tencent's Yuanbao (1 billion RMB), Alibaba's Tongyi Qianwen (3 billion RMB), and Baidu's Wenxin Yiyan (500 million RMB) [1] Group 3 - A wave of model releases occurred during the Spring Festival, narrowing the capability gap with leading global AI labs [2] - UBS believes that the ongoing disruptive narrative around AI has boosted investment sentiment among model providers, but investors remain cautious about vertical platforms and application companies [2] - UBS has initiated a positive investment rating for MiniMax and is optimistic about Alibaba and Baidu's full-stack AI capabilities, as well as Tencent and Kuaishou's potential in AI applications [2]

Core Insights - UBS reports that by 2026, AI agents are expected to achieve large-scale applications, shifting from dialogue to action [1] - There is a divergence in application scenarios between the US and China, with the US focusing on enterprise applications while China invests more in consumer services [1] - Leading AI labs globally, such as Anthropic and OpenAI, will prioritize enterprise development and monetization by 2026 [1] - Chinese AI models like MiniMax, Kimi, and GLM are gaining significant market share in emerging products like OpenClaw [1] - UBS is optimistic about the long-term growth of Chinese AI models in the global enterprise API market due to their improving intelligence and cost-effectiveness [1] Company Activities - Major Chinese internet companies launched red envelope activities during the Spring Festival to drive AI product traffic, including Tencent's 1 billion RMB, Alibaba's 3 billion RMB, and Baidu's 500 million RMB initiatives [1] - UBS believes these activities will accelerate AI penetration among users in lower-tier cities and promote the use of AI functionalities such as image and video generation and real-time commerce [1] Model Development - A wave of model releases occurred during the Spring Festival, narrowing the capability gap with leading global AI labs [2] - UBS notes that the ongoing disruptive narrative around AI has boosted investment sentiment among model providers, but investors remain cautious about vertical platforms and application companies [2] - UBS has initiated a positive investment rating for MiniMax and is optimistic about Alibaba and Baidu's full-stack AI capabilities, as well as Tencent and Kuaishou's potential in AI applications [2]

报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景从对话转向行动。然 而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费端服务的投入。在企 业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端发展和变现。值得注 意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份额显著提升。瑞银看 好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09988)的通义千问(3 ...

新浪科技讯 2月24日上午消息，农历新年开工第一天，百度、腾讯、快手、小米等企业给员工发放开工 红包。 新浪科技了解到，百度创始人李彦宏的数字人通过工作软件"如流"的服务号向员工发放开工红包，红包 金额为365元、588元、666元、888元、2026元不等，实习生则可获得188元。值得注意的是，此前百度 并没有在春节假期结束后发放开工红包的习惯。 腾讯面向正式员工、毕业生、实习生、长期顾问发放开工红包，金额为400元。此外，腾讯还准备了随 机"加油包"，不同的"开心词"对应不同金额，金额为19.98元、20.26元、66.66元和52.22元不等，领取红 包后约2小时内到账微信零钱。 and stoken 2026年开工啦,祝各位同事新年快 乐,开工大吉。今年除了"开工利是" 外,仍为大家准备了随机"加油包",快 来参与领取吧 领取范围 合同地为中国内地的腾讯集团本部正式 员工、毕业生、实习生、长期顾问 领取时间 2026年2月24日10:00-3月3日23:59 领取方式及金额 开工利是:400元/人 获取开工词,即可随机获得"加油包" 不忘初心 19.98元 概率为 47.30% 新年进步 20.26元 ...

新浪科技讯 2月24日上午消息，农历新年开工第一天，百度、腾讯、快手、小米等企业给员工发放开工 红包。 新浪科技了解到，百度创始人李彦宏的数字人通过工作软件"如流"的服务号向员工发放开工红包，红包 金额为365元、588元、666元、888元、2026元不等，实习生则可获得188元。值得注意的是，此前百度 并没有在春节假期结束后发放开工红包的习惯。 领取时间 腾讯面向正式员工、毕业生、实习生、长期顾问发放开工红包，金额为400元。此外，腾讯还准备了随 机"加油包"，不同的"开心词"对应不同金额，金额为19.98元、20.26元、66.66元和52.22元不等，领取红 包后约2小时内到账微信零钱。 and stoken 2026年开工啦,祝各位同事新年快 乐,开工大吉。今年除了"开工利是" 外,仍为大家准备了随机"加油包",快 来参与领取吧 领取范围 合同地为中国内地的腾讯集团本部正式 员工、毕业生、实习生、长期顾问 2026年2月24日10:00-3月3日23:59 领取方式及金额 开工利是:400元/人 获取开工词,即可随机获得"加油包" 不忘初心 19.98元 概率为 47.30% 新年进步 20.26元 ...

开源证券则表示，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验 证，AI应用有望带动推理需求持续增长，国产AI芯片增长迅速，昆仑芯正式启动中国香港上市进程， 推荐阿里巴巴-W、拼多多，百度集团-SW，受益标的腾讯控股。 科网股全线回暖，截至发稿，美团-W(03690)涨5.14%，报84.9港元；京东集团-SW(09618)涨3.56%，报 107.5港元；阿里巴巴-W(09988)涨2.65%，报151港元；快手-W(01024)涨2.63%，报68.25港元；腾讯 (00700)涨2.01%，报532.5港元。 消息面上，阿里旗下阿里云宣布开源新一代千问Qwen3.5-Plus大模型，其API价格每百万Token低至0.8 元人民币。中银国际发布研报称，本轮AI行情尚未出现明显泡沫化特征，2026年AI投资有望进入产业 趋势下半场。 ...

Market Overview - The Hong Kong stock market has rebounded, with the Hang Seng Index closing at 27,081.91 points, up 2.53% or 668.56 points, and a total trading volume of 172.96 billion HKD [1] - The technology sector is experiencing increased scrutiny and differentiation, with domestic technology valuations remaining relatively low compared to the U.S. [1] Blue-Chip Performance - Zijin Mining (02899) saw a significant increase of 5.35%, closing at 44.95 HKD, contributing 22.03 points to the Hang Seng Index [2] - Other notable blue-chip stocks include Meituan-W (03690) up 5.26%, SMIC (00981) up 5.02%, while New Oriental Energy (02688) and Chow Tai Fook (01929) experienced slight declines [2] Sector Highlights - Large technology stocks showed a strong recovery, with Meituan-W rising over 5% and other major players like JD, Alibaba, Xiaomi, and Baidu increasing by over 3% [3] - The precious metals sector, particularly gold and copper, performed well, with Zijin Gold International (02099) rising 6.82% [5] - The AI sector is expected to see significant advancements, with Alibaba Cloud launching a new model at competitive pricing, indicating a potential shift in the global AI landscape by 2026 [4] Lithium and Battery Sector - The lithium and battery sectors are experiencing strong growth, with companies like Ruipu Lanjun (00666) increasing by 15.42% and CATL (03750) up 3.14% [7] - UBS has raised its price forecasts for lithium products, indicating a third super cycle for lithium prices and predicting a significant increase in China's market share in the global electric vehicle sector by 2030 [8] Optical Communication Sector - The optical communication sector is seeing notable gains, with companies like Yangtze Optical Fibre and Cable (06869) rising 14.43% due to strong production and demand for high-speed optical modules [6]

黄金股大涨，潼关黄金涨超11%。由于美国最高法院限制了美国总统特朗普的关税权力，使得与美国谈 判的贸易协定前景充满不确定性，这令市场感到不安，黄金价格走高。与此同时，美伊核谈判前景正影 响原油市场。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | | 恒生科技指数 | 5384.52 | +173.02 | +3.32% | | 800700 | | | | | 国企指数 | 9183.23 | +223.67 | +2.50% | | 800100 | | | | | 恒生指数 | 27017.88 | +604.53 | +2.29% | | 800000 | | | | 来源：新浪港股 2月23日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨2.29%，报27017.88点，恒生科技指 数涨3.32%，国企指数涨2.50%。盘面上，科网股普涨，美团涨超6%，京东涨超4%，阿里巴巴、腾讯、 快手、百度涨超3%；黄金股大涨，潼关黄金涨超11%；汽车股活跃，蔚来涨超3%；光通讯概念走强， 长飞光纤光缆涨超15%。 | 代码 | 名称 | 最新价 ...

| 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. ...

消息面上，阿里旗下阿里云宣布开源新一代千问Qwen3.5-Plus大模型，其API价格每百万Token低至0.8 元人民币。中银国际发布研报称，本轮AI行情尚未出现明显泡沫化特征，2026年AI投资有望进入产业 趋势下半场。 智通财经获悉，科网股全线回暖，截至发稿，美团-W(03690)涨5.14%，报84.9港元；京东集团- SW(09618)涨3.56%，报107.5港元；阿里巴巴-W(09988)涨2.65%，报151港元；快手-W(01024)涨 2.63%，报68.25港元；腾讯(00700)涨2.01%，报532.5港元。 本文源自：智通财经 开源证券则表示，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验 证，AI应用有望带动推理需求持续增长，国产AI芯片增长迅速，昆仑芯正式启动中国香港上市进程， 推荐阿里巴巴-W、拼多多，百度集团-SW，受益标的腾讯控股。 ...