2026.03. 05 本文字数：1514，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 存储芯片方面，在存储缺货、涨价的背景下，国内厂商积极抓住市场机遇。据研究机构Omdia数 据，按产能和出货量计算，国内厂商长鑫科技已成为全球第四的DRAM（动态随机存取存储器）厂 商。技术研发方面，去年11月该公司推出DDR5和LPDDR5X移动端内存系列，称两个产品系列速 率、容量两个维度均位居业界第一梯队。另一家国产存储厂商长江存储也在扩产，武汉的长江存储三 期工地计划今年建成投产，预计带动上下游200家企业聚集。 半导体设备方面，新凯来去年3月在上海半导体设备展上首次亮相，展示了包括刻蚀产品、扩散产 品、薄膜产品及物理量测产品、X射线量测产品、光学量检测产品在内的6大类共31款半导体工艺和 检测装备，包括外延沉积设备EPI（峨眉山）、原子层沉积设备ALD（阿里山）、物理气相沉积设备 PVD（普陀山）等。 去年10月在湾区半导体芯片展上，新凯来子公司还发布了两款国产电子工程EDA（原理图和PCB） 设计软件以及新一代超高速实时示波器。其中，超高速实时示波器带宽突破90 GHz，将国产示波器 性能提升了500%，实现 ...

Core Viewpoint - The article discusses the impact of AI on the capital markets, highlighting a shift from lightweight asset companies to heavy asset companies that are less susceptible to AI disruption. This shift is encapsulated in the term "HALO," which stands for Heavy Assets, Low Obsolescence, indicating a preference for companies that AI cannot easily replace [2][4][5]. Group 1: AI's Impact on Capital Markets - In early 2026, AI developments caused significant declines in various sectors, with companies like IBM losing 13% in a single day, equating to a market cap loss of $310 billion [2]. - The online education platform Duolingo saw its stock price drop over 80% from a high of $544 to below $85 within a year [2]. - Software ETFs experienced a 22% decline year-to-date, with a 30% drop from their peak [2]. Group 2: The HALO Concept - The HALO concept was introduced by Josh Brown, emphasizing investment in companies that cannot be easily replicated by AI [4]. - Examples include Delta Airlines, which increased by 8.3%, versus Expedia, which decreased by 6%, illustrating the difference between heavy asset and light asset companies [4]. - The HALO effect gained traction quickly, with major financial institutions like Goldman Sachs and Morgan Stanley adopting the term and strategy in their recommendations [5]. Group 3: Market Trends and Shifts - From early 2026 to February, the S&P 500's energy sector rose over 23%, while the information technology sector fell nearly 4% [6]. - Major tech companies, including the "Big Seven," faced stagnation, with only two showing gains in 2026, raising concerns about their capital expenditures [6][10]. - The article notes a historical parallel to the 2000 tech bubble, where investors fled tech stocks for more stable sectors, but this time driven by AI's capabilities rather than failures [9]. Group 4: Contrasting Market Reactions - In the U.S., investors are fleeing companies perceived as vulnerable to AI, while in China, there is a focus on companies that can leverage AI for growth [11]. - Chinese companies like Tencent and Alibaba are viewed as beneficiaries of AI, with analysts predicting significant investment themes around AI applications in 2026 [11]. - The article highlights a cultural difference in market sentiment, with the U.S. fearing AI's disruptive potential while China sees it as an opportunity [12]. Group 5: Future Considerations - The article suggests that the current market may be overreacting to AI's potential threats, with heavy asset companies benefiting from this fear [13]. - It emphasizes that true disruption will likely affect companies lacking competitive advantages, rather than established firms that can adapt [14]. - The key question for investors is whether the companies they invest in can utilize AI as a tool for growth rather than viewing it as a threat [14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海壁仞科技股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06082 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,158,118,624 | RMB | | 0.02 RMB | | 23,162,372.48 | | 增加 / 減少 (-) | | | 42,726,800 | | | RMB | | 854,536 | | 本月底結存 | | | 1,200,845,424 | RMB | | 0.02 RMB | | 24,016,908.48 | | 2 ...

| < W | Wind香港半导体(887132) | | | | | --- | --- | --- | --- | --- | | | 17607.12 428.82 2.50% | | | | | | | | | | | 祭村 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 现价 | 涨跌 一 | | 兆易创新 | | | 383.000 | 10.69% | | 3986.HK | | | | | | ASMPT | | | 108.800 | 5.22% | | 0522.HK | | | | | | 澜起科技 | | | 172.100 | 3.67% | | 6809.HK | | | | | | 纳芯微 | | | 126.300 | 1.85% | | 2676.HK | | | | | | 豪威集团 | | | 100.200 | 1.52% | | 0501.HK | | | | | | 天岳先进 | | | 00/11 | 1 / 00/ | | 2631.HK | 5 / . OUU | 1.00% | | --- | --- | --- | | 爱芯元智 ...

Group 1: Market Overview - The Hang Seng Index rose by 0.82% during the week of February 23-27, 2026, while the Hang Seng Technology Index fell by 1.41%[10] - The average daily trading volume in the Hong Kong stock market increased by 26.14% to HKD 186.2 billion during the same period[24] - The PE ratio of the Hang Seng Index as of February 27, 2026, was 11.38X, down by 0.82% from the previous week[16] Group 2: AI Market Insights - In February 2026, the AI model invocation volume in China surged by 127%, surpassing that of the United States for the first time[7] - Four Chinese models accounted for 85.7% of the top five models in invocation volume, indicating strong domestic performance[7] - The AI hardware infrastructure is expected to maintain high demand in 2026, benefiting companies like SMIC and Hua Hong Semiconductor[7] Group 3: Investment Recommendations - Companies with strong data, resource, and application advantages in AI, such as Tencent and Alibaba, are recommended for investment[7] - Focus on AI ecosystem companies like Kuaishou and MINIMAX, which have model or application capabilities[7] - The autonomous driving sector is highlighted as a key area for investment, with companies like XPeng Motors and NIO recommended[7] Group 4: Risks - Geopolitical risks may impact overseas revenues and competitiveness, posing a threat to stock prices[32] - Regulatory risks in the internet sector could affect industry performance and individual stocks[32] - Consumer recovery may not meet expectations, which could influence stock performance negatively[32]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4163 | 0.39 | 0.56 | 1.98 | | 深证综指 | 2764 | 0.3 | 1.67 | 3.1 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.49 | -0.24 | 6.25 | | 中盘指数 | 0.95 | 1.7 | 25.16 | | 小盘指数 | 0.95 | 1.92 | 18.74 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.69 | 16.7 | 74.62 | | 焦炭Ⅱ | 4.86 | 12.97 | 28.07 | | 普钢Ⅱ | 4.11 | 9.76 | 12.59 | | 酒店餐饮 | 3.92 | 2.52 | 11.1 | | 燃气Ⅱ | 3.14 ...

进击的"龙虾"——OpenClaw 使用量背后的意义 glmszqdatemark 2026 年 03 月 01 日 事件：截至 2026 年 3 月 1 日，OpenClaw 代码托管平台 GitHub 上的星标数 量已超过 22.8 万个，排名前 5%。从单周数据看，本周 OpenClaw 的新增 GitHub 星标数量为全市场第一,超过 7000 个。 [Table_Author] 1． 港股周报：国内大模型春节密集发布，恒 生科技板块估值性价比凸显-2026/02/23 2． 美股科技行业周报：谷歌、Anthropic、 xAI 模型新版本相继发布，FIG、APP 等软 件股业绩表现强劲-2026/02/21 3． 海外行业动态报告：市场关注 AI 投资的五 大关键问题-2026/02/15 4． 港股周报：持续看多国内 AI 产业趋势，千 问 30 亿元加码 AI 春节营销-2026/02/08 5． 美股科技行业周报：如何从海外科技大厂 财报看 AI 进展?-2026/02/08 分析师承诺 | 分析师 | 孔蓉 | | --- | --- | | 执业证书： S0590525110014 | | ...

Core Insights - The report highlights a growing investor interest in "heavy asset" stocks, such as utilities, basic resources, and energy stocks, driven by concerns over AI disruption and high valuations in growth sectors [9] - The market is currently betting on two major themes: "AI growth" and "real asset inflation hedging," leading to a rare co-movement between growth and value/dividend sectors [9] - Japan's Prime Minister expressed concerns over further interest rate hikes, which is expected to maintain a relatively loose monetary environment, benefiting the Japanese stock market, particularly in export, finance, and military sectors [9] Market Overview - The report notes that the US stock market saw gains influenced by AI-related news and interest rate expectations, with the Dow Jones Industrial Average rising by 370 points or 0.76% [11] - The Hang Seng Index closed at 26,590.32, down 491.59 points or 1.82%, while the Shanghai Composite Index rose by 47.14 points or 1.01% [15] - The report indicates that the A-share market opened positively after the Lunar New Year holiday, with significant gains in oil and gas stocks, and the Shanghai Composite Index closing at 4,117 points, up 35 points or 0.9% [13] Company Analysis - The report discusses the performance of various companies, noting that a domestic GPU demand surge is expected to drive orders and valuations higher for companies involved in AI computing power [21] - China Resources Beer reported a 2.2% year-on-year increase in beer sales, with premium products seeing over a 10% rise, indicating the effectiveness of the company's high-end strategy [21] - The report highlights that Deere & Company reported a 13% year-on-year revenue growth, driven by strong sales in small agricultural and construction machinery, reflecting the company's resilience amid cost pressures [23] Economic Data - The report provides key economic data, including Hong Kong's GDP growth rate of 3.8% year-on-year for Q4 and a consumer price index increase of 1.2% year-on-year for January [20] - It also notes that the Eurozone's consumer price index rose by 1.7% year-on-year in January, with a month-on-month decrease of 0.5% [20]

新华财经上海2月27日电 （谷青竹） 临港集团27日在上海漕河泾会议中心举行2026年首批重点产业项目签约仪式。45个高能级、高成长性项目的集中落地， 为临港集团全年招商工作带来良好开局，也为上海高端产业发展和区域产业能级提升注入强劲动能。此次签约，既是临港集团深化招商机制改革的阶段性成 果体现，也是贯彻落实2026年上海市优化营商环境大会精神的具体实践。 聚焦前沿赛道，重大项目集群式落地 遵循"招大引强、招新引优、招链引群"的精准招商导向，本次签约项目涵盖集成电路、人工智能、生物医药、航空航天、新能源汽车、高端智能制造、现代 服务业等重点产业领域。 一批优质项目落户临港新片区。例如：诺瓦聚变将在临港产业区投资建设小型模块化核聚变反应堆（FRC-SMR）研发及商业化项目，填补上海在FRC技术 路线核聚变产业布局的空白，助力上海建设具有全球影响力的聚变能源创新高地。上海三角航空科技有限公司计划在临港新片区大飞机园投资10亿元，服务 C919及后续系列大飞机产业配套，构建大飞机全产业链支撑体系。落户临港科技城的匠岭科技则致力于打造全球领先的半导体量检测设备公司，目前已攻 克"关键薄膜量测"等技术难关，核心产品得到 ...

21世纪经济报道记者 董静怡 近日，有报道称AI大模型公司阶跃星辰考虑在港交所IPO，计划筹集约5亿美元。21世纪经济报道记者 就此消息向阶跃星辰核实，截至发稿暂未收到回复。 此时距离这家公司完成超50亿元B+轮融资刷新行业融资纪录，仅仅过去一个月。 也是一个月前，旷视科技联合创始人、千里科技董事长印奇正式出任阶跃星辰董事长，与CEO姜大昕、 首席科学家张祥雨、CTO朱亦博组成全新核心管理团队。印奇给自己的定位是：负责战略方向与技术方 向制定，抓组织变革与技术攻坚，以及他更擅长的那部分，终端商业化。 从融资、印奇挂帅到IPO传闻传出，都在这一个月内。这家被视为大模型"六小虎"中行事相对低调的公 司，突然按下了加速键。 阶跃星辰的技术路径，一直带有鲜明的创始人烙印。 在2025年，公司的业务方向更加聚焦，将落地重心聚焦于为智能终端设备打造AI智能体（Agent），重 点布局汽车、手机、物联网设备等关键应用场景。数据显示，截至2025年年底，阶跃星辰的终端智能体 的API调用量连续三个季度增长近170%。 CEO姜大昕出身微软，是典型的技术派，信奉"多模态是通往AGI的必经之路"。公司成立仅两年，便构 建起覆盖语 ...