Core Viewpoint - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with major indices falling, while domestic AI models and robotics stocks surged significantly [1][2]. Market Performance - As of February 20, the Hang Seng Index closed at 26,413.35 points, down 1.1%; the Hang Seng Tech Index closed at 5,211.5 points, down 2.91%; and the Hang Seng China Enterprises Index closed at 8,959.56 points, down 1.22% [2][3]. - The AI model sector saw strong performance, with Zhizhu and MiniMax both surpassing a market capitalization of 300 billion HKD. Zhizhu surged by 42.72% to 725 HKD per share, marking a cumulative increase of 206% in February [3][5]. Robotics Sector - The robotics sector also experienced a collective rise, with companies like Yujian up 21.4% to 48.44 HKD per share, and Suton Ju Chuang rising 9.24% to 37.58 HKD per share [5]. Oil Sector - Oil-related stocks also saw gains, with Yanchang Petroleum International up 3.75%, China Petroleum International up 3.70%, and CNOOC Services up 3.20% [6]. Sector Outlook - Huatai Securities suggests focusing on three key areas in the Hong Kong market: semiconductor hardware represented by storage, improving specialty consumption, and electrical equipment [6]. - Galaxy Securities recommends attention to precious metals and energy sectors due to geopolitical uncertainties, as well as the technology sector as a long-term investment focus, particularly in the context of accelerating AI applications [6].

【#马年春节的新三样#：无人机表演、机器人拜年、AI写祝福】#2026马住好运# 马年春节最忙的不是 马，是机器人！2026马年春节，智能机器人、无人机、人工智能等前沿科技深度融入新春生活的各个场 景，为春节注入了科技新体验。 今年春节期间，已有20多个城市推出了无人机灯光秀活动。此外，各 地传统景区也都纷纷加大科技赋能。春节期间，机器人租赁订单火爆，甚至出现"一机难求"的现象。春 节期间，各大AI大模型更是集中上新，推出春节专属功能。前沿科技正深度融入新春佳节的各个场 景，成为大众欢度马年春节的贴心"智能帮手"。(央视网) ...

中经记者 颜世龙 北京报道 和仿生机器人"蔡明"。央视马年春晚视频截图 三十年前，央视春晚舞台上的小品《机器人趣话》中，那个淳朴、热情、奔放的机器人"菜花"第一次在 观众的脑海中构建了对人形机器人的想象。 三十年后，在2026年总台春晚的现场，当年"菜花"的扮演者蔡明，真正与机器人同台。这一次，科幻照 进了现实，站在她身边的，是松延动力研发的人形机器人：一个与她容貌神态几乎一致的仿生人形机器 人，还有可爱的"机器人孙子"小布米和它的"哥哥们"。 这是春晚历史上人形机器人第一次走进语言类小品，与其他节目不同，语言类小品的创作特性决定了台 本往往会打磨到登台前最后一刻，这种不确定性要求人形机器人必须具备快速的技术迭代能力，以及运 控系统的稳定性，才能适配每一次剧本调整与节奏变化。 为了呈现出完美的节目效果，松延动力的研发团队、产品团队、技术支持团队等多方联动，耗时一个月 成功攻坚了技术难点，并在此过程中展现了高效工程化与可重复部署的系统能力。 算法团队迭代了超300版策略，训练了21版舞蹈；为了让仿生人形机器人拥有高度拟人表现力，团队攻 克了从硬件到结构再到算法的一系列技术难关，将机器人的表情控制频率从10Hz升 ...

想到机器人也闹情绪了！ 年会请了个机器人给大家跳舞，没 0:00 ...

人，最好价格打下来 网友扎堆喊话王兴兴出家务机器 0:00 ...

Market Overview - The Hong Kong stock market experienced a significant divergence on the first trading day of the Lunar New Year, with the Hang Seng Index declining by 1.1% and the Hang Seng Tech Index dropping by 2.91%, reaching a new low of nearly 5200 points [1][3] - Internet technology stocks, once highly sought after, became the main contributors to the market decline, with notable drops including Baidu down over 6%, Bilibili down over 5%, Alibaba down nearly 5%, and Tencent down over 2% [3] AI and Robotics Sector - In stark contrast to the decline in internet giants, the domestic AI model sector saw a significant surge, particularly with the "domestic AI dual champions" Zhiyuan and MiniMax, with Zhiyuan's stock price soaring by 42.72% to 725 HKD per share, marking a cumulative increase of over 220% since February [3][5] - The recent launch of Zhiyuan's flagship model GLM-5, which boasts over a 20% performance improvement in programming development scenarios, has garnered strong market interest [5] - The robotics sector also experienced a notable rise, with leading collaborative robot company Yujian increasing by 21.40% and other companies like Sutonju and Ubtech showing impressive gains [7] Market Trends and Insights - The market is witnessing a shift in investment focus from internet platforms, which primarily relied on model innovation, to hard technology sectors driven by technological innovation [7][9] - Analysts from Dongwu Securities highlighted that advancements in core robotic capabilities have been crucial for the sector's recent popularity, with expectations for significant growth as major companies like Tesla and domestic leaders begin large-scale production [7] - According to招商证券, the AI application field is experiencing simultaneous deepening of technological breakthroughs and commercialization competition, supported by the national strategy for artificial intelligence, indicating promising upward potential despite slightly high valuations [9]

受马年春晚带动，机器人火速"出圈"，机器人概念股爆发，越疆涨超21%，首程控股涨近12%，速腾聚 创涨超9%。 编辑|金冥羽 易启江 校对|程鹏 2月20日，港股迎来农历马年第一个交易日。三大指数集体下跌。截至收盘，恒生指数跌1.1%，报 26413.35点，恒生科技指数跌2.91%，国企指数跌1.22%。 科网股多数下跌，百度集团跌超6%，金蝶国际、哔哩哔哩跌超5%，阿里巴巴跌4.91%，网易跌4.27%， 小米集团、中芯国际跌超3%，美团跌1.58%，腾讯控股跌2.06%。 石油概念股上涨，中远海能（600026）涨6.34%，中国石油股份涨3.7%，中国海洋石油涨2.23%。消息 面上，国际油价近期走高，市场忧虑美国与伊朗紧张局势升级，两国在中东产油区加强军事活动。 值得一提的是，智谱尾盘涨幅扩大至42.72%，股价报725港元，总市值达3232亿港元。2月以来累计大 涨220.51%。 ...

Core Viewpoint - The performance of humanoid robots at the 2026 Spring Festival Gala showcased impressive choreography but highlighted the gap between current technological capabilities and practical applications in real-world scenarios [1][2][12]. Group 1: Performance and Technology - The humanoid robots from Yushutech executed pre-programmed martial arts routines during the Spring Festival Gala, which were meticulously choreographed and monitored by engineers, lacking true autonomous decision-making abilities [2][4][12]. - Current AI systems, including large language models, are far from achieving human-level intelligence, with the ability of robots being compared unfavorably to that of a cat [4][14]. Group 2: Market Dynamics - Four companies, including Yushutech, invested approximately 100 million yuan each to showcase their robots at the Spring Festival Gala, amidst expectations of a surge in listings for embodied intelligence companies in 2026 [15][18]. - There exists a significant gap between the market enthusiasm for humanoid robots and the actual maturity of the technology, indicating that the industry is still in an early stage of market education [6][18]. Group 3: Future Directions - The criticism from AI experts suggests a need for a shift towards developing robots that understand the physical world and its causal relationships, rather than relying solely on data and programming [8][17]. - Chinese companies have demonstrated considerable competitiveness in hardware manufacturing and mass production of humanoid robots, but the choice of the correct technological path will determine the sustainability of this progress [17].

记者丨孔海丽 编辑丨倪雨晴 "全家人研究了俩小时，'追觅'是什么。" 2026年春晚，追觅全程露脸，更多观众开始好奇这家新兴科技公司是做啥的。 一周前，追觅的广告刚刚登上美国"超级碗"NBC黄金时段。春节期间"全员发黄金"的新闻又让这家公司 成为舆论焦点，创始人俞浩的言论多次登上热搜。 一连串动作背后，追觅究竟是一家怎样的公司？一个从清华实验室走出的创业团队，为什么短短8年能 在多个领域做出名头，连续六年营收增速超过100%，它的公司文化是否成为了科技公司里的一种新潮 流？ （春晚现场追觅相关画面） 根据2025年胡润全球独角兽榜，追觅科技最新估值约为205亿元，而《2025年胡润百富榜》中，俞浩则 以85亿元财富位列榜单第847位。 起点 回望春晚四十余年历程，合作伙伴的变迁隐隐折射了国民经济的发展节奏。 从早年白酒品牌到互联网平台掀起互动浪潮，再到2026年，机器人、AI、智能产品刷屏，从传统消费 到互联网创新、再到硬科技驱动的生活方式，经济发展的暗线隐含其中。 春晚现场，追觅展示了扫地机器人、洗地机、吸尘器、吹风机，以及空调、冰箱、洗衣机等大家电，加 上2026年初在CES上亮相的旗下"星空计划"概念车 ...

中新社香港2月20日电 (记者 戴小橦)2月20日，港股迎来农历丙午马年首个交易日，市场呈现显著结构 性分化。截至收市，香港恒生指数报26413.35点，跌1.1%，恒生科技指数跌2.91%。与此同时，大模 型、机器人概念股逆势大涨，成为盘面亮点。 板块方面，人工智能(AI)大模型方向表现强势，智谱飙涨近43%，MINIMAX涨超14%，两家公司市值双 双突破3000亿港元。机器人概念股同步走高，越疆涨超21%，首程控股涨近12%，三花智控、优必选均 涨近5%。 2月20日，香港交易所举行新春开市仪式。图为香港特区政府财政司司长陈茂波(右八)、香港交易所主 席唐家成(左八)敲锣。 中新社记者 陈永诺 摄 香港交易及结算所有限公司(简称"港交所")当日举行新春开市仪式，香港特区政府财政司司长陈茂波出 席并致辞表示，过去4个马年中，港股有3年录得升市且均实现双位数涨幅；蛇年恒生指数累计上升近 6500点，涨幅达32%，创下历史最佳蛇年表现。他指出，尽管外围环境复杂多变，但香港凭借自由开放 的投资环境、稳定的经贸金融政策，成为了资金的安全港，国际投资者纷纷增加对香港市场的配置。 他认为，科技变革正加速演变，人工智能 ...