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% | ...

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 ...

港股午间收盘，恒生指数涨2.29%，恒生科技指数涨3.32%，国企指数涨2.41%，市场情绪明显回暖。科 技、互联网、消费电子、锂电池板块领涨，美团、腾讯控股、阿里巴巴等科网股表现强势。AI大模型 板块逆势下跌。医药、地产板块小幅走弱，整体市场呈现结构性行情。 ...

招商证券国际认为，中国内地龙头互联网企业AI主线投资逻辑显著强化，助力港股科技板块估值修 复。待上线的重磅模型包括DeepSeek-V4，阿里Qwen 3.5、豆包2.0、Mini Max M2.2等，或将成为下一 阶段催化剂。 消息面上，2月22日，据阿里云官微消息，阿里云Coding Plan订阅服务新增支持Qwen3.5-Plus、Qwen3- Coder-Next、GLM-4.7、Kimi-K2.5四款编程模型，用户无需调整配置即可自由切换。同时推出首购优 惠，新用户首月18000次请求仅7.9元，90000次请求39.9元。该服务分Lite、Pro两档，覆盖从基础到复杂 任务的编码需求，降低高频使用成本，适配Qwen Code、Claude Code等主流工具。 智通财经APP获悉，阿里巴巴-W(09988)涨超3%，截至发稿，涨3.47%，报152.3港元，成交额25.04亿港 元。 ...

智通财经APP获悉，中信证券发布研报称，春节期间阿里巴巴(09988,BABA.US)在AI领域动作密集，模 型升级与应用放量同步推进，进一步强化全栈AI布局。2月16日除夕夜，公司开源发布Qwen3.5-Plus， 采用混合MoE稀疏架构，总参数3970亿、激活170亿，在显存占用下降约60%的情况下推理吞吐量最高 提升19倍，API价格低至0.8元/百万Token，兼顾性能与成本效率，为后续Agent应用奠定底层能力基 础。应用侧，千问推出30亿元"春节请客计划"，9小时订单突破1000万单，累计完成1.2亿笔AI购物订 单，日活达7352万，全面接入核心生态，实现从对话工具向可履约助手升级。整体来看，本轮动作体现 公司在模型、算力、云与应用生态层面的协同推进。整体来看，该行判断公司将围绕"消费+AI"战略持 续投入，驱动公司核心业务持续上行，该行依旧看好公司作为优质中国全栈AI资产的独特卡位和长期 投资价值，维持公司港股及美股"买入"评级。 ...

Core Viewpoint - Citic Securities reports that Alibaba (09988, BABA.US) demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] Group 1: Business Performance - The gaming segment continues to drive growth through a dual strategy of "classic IP long-term operation + new game global expansion" [1] - AI technology is embedded throughout the research, gameplay, and operational processes, enhancing efficiency and player engagement [1] Group 2: Non-Gaming Business - The non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 3: Future Outlook - The company has a strong pipeline with high-quality titles such as "Forgotten Sea" and "Infinite" [1] - The synergistic advantages of globalization, multi-platform, and AI integration highlight the long-term growth potential [1] Group 4: Investment Rating - Citic Securities maintains a "Buy" rating, projecting a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR and HKD 234 per share [1]

| 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。 ...

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]