春节国产大模型闪耀全球，差距有望持续缩小！【天风计算机团队】 核心逻辑，两句话: 布局马年，强推国产链从应用到算力。 春节国产大模型闪耀全球，差距有望持续缩小！【天风计算机团队】 核心逻辑，两句话: 从春节前字节的多模态Seedance2.0到春节期间智谱的生产力GLM5，能明确看好国内外大模型差距的再缩小。 其中Seedance2.0达到#全球SOTA级别。 这背后，我们认为与25年下半年强化学习投入（从0到30%）和高质量数据投入有关。 布局马年，强推国产链从应用到算力。 目前Seedance2.0和GLM5已在各自场景验证了数倍效率的提升（好莱坞的行动最真实，#去年的Deepseek都未有如 此影响），且已能进行长程Agent任务。 其中，多模态视频生成是中国特色的AI应用，千亿市场的内容的供给有望持续爆发。 基于此，建议全面布局AI应用， 1、 字节链重点关注兆驰，旗下风行官宣合作Seedance2.0（根据公司公众号）。 智谱链重点关注深信服，Coding产品首批接入GLM5（根据公司公众号） 2、 胜负手多模态重点关注兆驰股份(家电覆盖)/昆仑万维(传媒覆盖)/阜博集团。 工具和分发层是B端入口， ...

Vobile Group Limited 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 謹此提述阜博集團有限公司（「本公司」）日期為2026年2月11日的公告（「該公告」）。除文義另 有所指外，本公告使用的詞彙具有與該公告所界定者相同的涵義。 本公司希望補充說明本集團與星路科技的此次合作將圍繞兩大核心方向：（ 1）聚焦IP收益權 的價值激活，透過星路科技在資產通證化、全球流動性打通方面的成熟經驗，結合本集團 在全球IP產業積累的廣泛資源，共同探索IP沉睡資產的盤活路徑，推動相關資產在合規框 架下實現高效流轉，為香港數宇經濟注入新活力。（ 2）強化IP確權與估值體系，依托本集團 在數字內容確權、監測方面的核心技術優勢，搭配星路科技的創新技術解決方案，建構全 流程、可追溯的IP資產驗證體系，為IP價值評估提供堅實支撐，建立科學的IP估值標準； 最終打造基於合規前提下，知識產櫂的境外RWA通證化路徑。 星 路 金 融 有 限 公 司 是 星 路 科 技 ...

Market Overview - On February 16, the last trading day before the Spring Festival, Hong Kong stocks experienced a V-shaped rebound, with the Hang Seng Index rising by 0.52% after a drop of over 0.6% during the session [1][11] - The Hang Seng Technology Index increased by 0.13%, recovering from a decline of more than 1.9%, while the National Enterprises Index rose by 0.42% after a drop of over 0.8% [1][11] - Resource stocks led the gains, with Luoyang Molybdenum rising over 6%, and Zijin Mining and Ganfeng Lithium both increasing by over 4% [1][11] AI Application Sector - The AI application sector saw significant gains, with Haizhi Technology Group rising nearly 30%, MINIMAX-WP increasing by over 24%, and Maiyue Technology up by over 10% [3][13] - Other notable performers included Fubo Group, which rose by over 8%, and Zhipu, which increased by 4.74% [3][13] Precious Metals Sector - The precious metals sector, particularly gold stocks, showed strong performance, with Luoyang Molybdenum and Laopu Gold both rising over 6%, and Lingbao Gold increasing nearly 5% [6][16] - The international gold price rebounded above $5,000 per ounce after a significant drop the previous week [17][18] Oil and Gas Sector - The oil and gas sector also performed well, with CNOOC rising nearly 4%, and Sinopec Oilfield Services and CNOOC Services both increasing by over 2% [19][20] - The recent fluctuations in international oil prices are influenced by geopolitical tensions, particularly between the US and Iran, which have led to a premium on oil prices [20][21] Summary of Key Stocks - Notable stocks in the AI sector include: - Haizhi Technology Group: 29.59% increase [4][14] - MINIMAX-WP: 24.56% increase [4][14] - Maiyue Technology: 10.11% increase [4][14] - In the precious metals sector: - Luoyang Molybdenum: 6.35% increase [7][17] - Laopu Gold: 6.64% increase [7][17] - In the oil sector: - CNOOC: 4.21% increase [20]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Group 1 - The AI application sector in Hong Kong saw active performance on February 16, with stocks like Fubo Group (03738.HK), Haizhi Technology Group (02706.HK), and Zhipu (02513.HK) showing significant strength due to multiple positive catalysts [1] - ByteDance's video generation model Seedance 2.0 has been integrated into the Doubao App, allowing users to generate 5 or 10-second videos through a prompt input, showcasing improvements in physical realism, consistency, and instruction comprehension [1] - Huachuang Securities reports that AI video generation is transitioning from entertainment to precise industrial production, with new models significantly reducing waste rates and overall production costs [1] Group 2 - The rise of Seedance 2.0 has introduced new challenges in copyright management, with concerns over unauthorized AI-generated movie clips and celebrity likenesses leading to disputes over portrait rights [2] - Fubo Group has launched the Vobile MAX™ platform for element-level rights management, capable of accurately identifying and tracking AI-generated content across the internet, aiding creators in monetizing their work [2] - Morgan Stanley increased its stake in Fubo Group by acquiring 14.92 million shares at an average price of HKD 5.1537, raising its holding from 4.57% to 5.15% [2] Group 3 - Zhipu recently released its next-generation flagship model GLM-5, achieving state-of-the-art performance in coding and agent capabilities [3] - Zhipu has withdrawn its previous guidance filing and is reapplying for registration, aiming to list on the Sci-Tech Innovation Board with new advisory firms [3]

香港恒生指数开盘跌0.25%，恒生科技指数跌0.19% ，阿里巴巴、百度、吉利汽车、蔚来跌超1%，网易、天齐锂业涨超1%。 港股AI应用股走强， 截至发稿，阜博集团(03738.HK)涨14.38%、海致科技集团(02706.HK)涨12.10%、智谱(02513.HK)涨7.63%、 MINIMAX-WP(00100.HK)涨2.94%。 ...

消息面上，近日，字节跳动旗下视频生成大模型Seedance 2.0低调上线并迅速走红，然而其强大的生成 能力也引发了版权争议。针对这一产业痛点，阜博集团上线Vobile MAX™平台的元素级确权管理能 力，首次展示真实案例。在阜博展示的真实案例中，平台针对近期热点进行了针对性追踪：以《疯狂动 物城》中的"朱迪"形象为例，Vobile MAX™能够精准识别并追踪全网由AI生成的变体内容。针对经典 真人形象(如科比等)的二次创作，平台不仅能实现全网传播监测，还能帮助创作者进行内容变现。通过 这一机制，版权方和创作者能够清晰掌握其资产的流转路径与变现潜力。 智通财经APP获悉，阜博集团(03738)高开逾14%，截至发稿，涨14.38%，报6.68港元，成交额1892.44万 港元。 ...

Group 1 - The core viewpoint of the article highlights that Vobile Group (03738) experienced a significant stock increase of over 14% following the launch of its Vobile MAX platform, which offers element-level IP management capabilities [1] - As of the report, Vobile Group's stock price rose by 14.38%, reaching 6.68 HKD, with a trading volume of 18.92 million HKD [1] - The launch of Vobile MAX addresses industry pain points related to copyright issues, particularly in the context of AI-generated content, as seen with the recent popularity of ByteDance's Seedance 2.0 [1] Group 2 - Vobile MAX showcases its capabilities through real-world examples, such as tracking AI-generated variations of the character "Judy" from "Zootopia," demonstrating its ability to accurately identify and monitor content across the internet [1] - The platform also supports creators in monetizing their content and provides copyright holders with insights into the flow and monetization potential of their assets [1] - By enabling comprehensive monitoring of classic real-life figures' reinterpretations, Vobile MAX enhances the ability of copyright owners and creators to manage their intellectual property effectively [1]

Core Viewpoint - The stock of Vobile Group (03738) opened over 14% higher, reaching a price of 6.68 HKD, driven by the launch of its Vobile MAX platform which addresses copyright issues in the AI-generated content space [1] Group 1: Company Developments - Vobile Group's stock surged by 14.38%, with a trading volume of 18.92 million HKD [1] - The company has introduced the Vobile MAX platform, which features element-level copyright management capabilities [1] Group 2: Industry Context - The launch of Seedance 2.0 by ByteDance has sparked discussions around copyright concerns due to its powerful content generation capabilities [1] - Vobile MAX demonstrated its ability to track AI-generated variations of popular characters, such as "Judy" from "Zootopia," showcasing its effectiveness in monitoring online content [1] - The platform aids creators in monetizing their content while allowing copyright holders to understand the flow and monetization potential of their assets [1]

Core Viewpoint - The rapid rise of AI video generation technology is accompanied by significant copyright governance challenges, highlighted by the recent launch of ByteDance's Seedance 2.0 model and ensuing controversies over unauthorized AI-generated content [1] Group 1: AI Video Generation Technology - AI video generation technology is experiencing explosive growth as the Lunar New Year approaches in 2026 [1] - ByteDance's Seedance 2.0 has gained popularity due to its powerful generation capabilities [1] Group 2: Copyright Issues - The emergence of AI-generated content has raised concerns regarding copyright, with instances of unauthorized use of character likenesses and scenes [1] - A notable case involves the agent of Stephen Chow questioning the presence of unauthorized AI-generated movie clips on platforms [1] - Controversies have also arisen on social media regarding AI-created videos featuring celebrity likenesses, leading to discussions about portrait rights [1] Group 3: Industry Response - Vobile MAX, launched by Vobile Group, offers element-level copyright management capabilities to address industry pain points [1] - The platform can accurately identify and track AI-generated derivative content, exemplified by its tracking of the character Judy from "Zootopia" [1] - Vobile MAX enables copyright holders and creators to monitor content distribution and monetization potential, providing clarity on asset flow [1]