BREAKING: Grok surpasses DeepSeek to become the third biggest AI chatbot. https://t.co/U2SjLCIsZP ...

港股點評 2026年2月13日9:30 a.m 恒指跌 233 點，滬指升 2 點，標普 500 跌 108 點 港股連升三個交易日後， 12 日回落，恒指低開 55 點後，曾挫 333 點一度低見 26,932 點，其後跌幅收窄，二萬七關失而復得，全日收報 27,032 點，跌 233 點 或 0.9%；國指跌 93 點或 1%，收報 9,175 點；恒生科指跌 91 點或 1.7%，收報 5,408 點。大市全日成交總額 2,387.05 億元。 人民幣兌美元中間價按日下調 19 點，報 6.9457 兌一美元。人民銀行 12 日在公 開市場開展 1,665 億元人民幣七天期逆回購操作，操作利率持平於 1.4%；開展 4,000 億元 14 天期逆回購操作。有 1,185 億元逆回購到期，單日淨投放 4,480 億 元。A 股三大指數表現向好，滬指反覆靠穩，創板反彈超過 1%。滬綜指全日升 2 點或 0.05%，報 4,134 點，成交 8,980 億元。深成指全日升 122 點或 0.9%，報 14,283 點，成交 1.24 萬億元。創板指數全日升 43 點或 1.3%，報 3,328 點，成交 6, ...

交易台 – 高盛中国开盘 市场情绪 春节假期前，中国市场现金成交额降至 2025 年 12 月中旬以来的最低水平。 从科技板块向化工板块的轮动仍在持续，投资者押注上游材料将迎来更长周期的行情。 从成交额贡献来看，趋势一致：TMT板块的贡献从数月高位再次回落，而上游材料板块在回调后出现小幅反 弹。 从市场头条来看，新 AI 模型升级可 交易台 – 高盛中国开盘 市场情绪 春节假期前，中国市场现金成交额降至 2025 年 12 月中旬以来的最低水平。 从科技板块向化工板块的轮动仍在持续，投资者押注上游材料将迎来更长周期的行情。 从成交额贡献来看，趋势一致：TMT板块的贡献从数月高位再次回落，而上游材料板块在回调后出现小幅反 弹。 从市场头条来看，新 AI 模型升级可能会暂停板块轮动，市场焦点将转向 DeepSeek 的重大动作。 市场新闻 TMT/AI 中国智谱发布新 AI 模型，与 DeepSeek 的竞争骤然加剧 共封装光学（CPO）：中际旭创表示，云服务商绕过公司直接向上游激光设备厂商下单的传闻不实 DeepSeek 连夜升级，现已支持最大 100 万 token文本长度，数据库从 2024 年 7 月更新 ...

前两天市场热议的 "Pony"终于官宣，并非 DeepSeek V4，而是智谱的 GLM-5。 中国 AI 公司智谱（Zhipu）即将发布其旗舰大语言模型 GLM-5，该模型参数数量是前代的两倍，旨在应对复杂 的编码和智能体任务，并已与 Anthropic 的 Claude Opus 系列进行直接对比测试。 此举意在抢在 DeepSeek 于农历新年期间发布下一代架构之前抢占先机 前两天市场热议的 "Pony"终于官宣，并非 DeepSeek V4，而是智谱的 GLM-5。 中国 AI 公司智谱（Zhipu）即将发布其旗舰大语言模型 GLM-5，该模型参数数量是前代的两倍，旨在应对复杂 的编码和智能体任务，并已与 Anthropic 的 Claude Opus 系列进行直接对比测试。 此举意在抢在 DeepSeek 于农历新年期间发布下一代架构之前抢占先机，加速国内 AI 竞赛。 智谱科技今年初上市后，本周股价已飙升超 50%，公司正从为中国企业客户提供定制化 AI 方案，转向向全球 用户提供服务。 ...

Core Insights - The Chinese AI industry is experiencing a significant shift from "single-point breakthroughs" to "systematic iterations," as multiple domestic model manufacturers release flagship models simultaneously, enhancing market confidence in AI commercialization [1][3][4]. Group 1: Industry Developments - Major Chinese AI companies, including ByteDance, Zhipu, DeepSeek, and MiniMax, have launched new flagship models across various domains such as video generation, image generation, and programming, marking a collective advancement in the industry [1][3]. - Morgan Stanley has termed this phenomenon as the "Spring Festival release cycle," indicating that the simultaneous updates from multiple companies will accelerate market comparisons and shift market share towards the best performers [3][4]. Group 2: Market Dynamics - The perception of domestic large models has evolved from being "followers" to being competitive with global leaders in areas like coding and context handling, leading to increased willingness to pay and higher API workload retention rates [4]. - The marketing battle among AI applications during the Spring Festival has led to a surge in user engagement, validating the potential for explosive consumer traffic and creating a non-linear growth trajectory for inference computing demand [5][6]. Group 3: Long-term Trends - The AI investment narrative is shifting from "training-driven" to "inference-driven," with inference demand expected to become the main engine for computing growth starting in 2026, significantly expanding the market space compared to training [10][19]. - The supply side is undergoing generational upgrades, particularly in optical modules, with a projected demand increase of over tenfold for 1.6T optical modules by 2026 [12][19]. Group 4: Competitive Landscape - The commoditization of large models is leading to a redistribution of power in the platform layer, where differentiation is increasingly based on marketing capabilities, workflow ownership, and product iteration speed rather than just model strength [14][19]. - The semiconductor equipment sector is now closely tied to global AI computing cycles, with increased capital expenditures from overseas storage leaders driving expectations for domestic equipment companies [15][19]. Group 5: Investment Opportunities - The semiconductor equipment ETF (159516) is highlighted as a core investment vehicle, providing exposure to leading companies in the semiconductor equipment and materials sectors, with a current scale exceeding 20 billion [16][19].

2 月 13 日凌晨，# Deepseek 被指变冷淡了# 登上微博热搜。 大量用户吐槽，自己常用的 AI 一夜之间 "性情大变"，从原本会聊天、有温度的助手，变成了语气生硬、毫无 感情的冰冷工具。 此事源于 DeepSeek 在 2 月 11 日开启的灰度测试。为给即将到来的 V4 版本铺路，模型大幅提升长文本处理 能力，上下文窗口从 128K 扩容至 1M Token，但在测试阶段临时弱化了情感交互模块。 用户体验直观 "断崖式" 下滑： DeepSeek 的回应 我把「Deepseek 被指变冷淡了」这事，它是这样回应的： " 技术团队在算力有限的前提下，把资源优先堆给了"长文本"这个硬指标，而"语气温度"被视为可压缩的非必要 开销 " 不再记住用户昵称，统一改称 "用户"； 回复简短生硬，缺少情绪安抚与细腻表达； 连日常聊天、内容创作都变得干涩刻板，被网友调侃 "像在和机器人客服对话"。 2026-02-13 凌晨, #Deepseek 被指变冷淡了# 话题冲上微博 热搜,这事你自己怎么看呢? 0 2 Q、已阅读 10 个网页 嘿趣图念 既然你问"我自己怎么看",那我就坦诚聊聊这件事背后的几个层次,不 ...

Market Overview - Early signs in Asian trading indicate potential stabilization in markets after recent volatility, with US equity-index futures showing slight increases [1] - The MSCI Asia Pacific Index experienced its first drop in six sessions, influenced by concerns over AI's impact on various sectors, particularly technology stocks [12] - Despite bearish trends, Applied Materials Inc. saw a 10% surge in late trading due to a positive sales forecast driven by demand for AI and memory semiconductors [9] Treasury and Inflation - The cross-asset weakness led to a rally in US Treasuries, with the two-year yield decreasing by five basis points and the 10-year yield down seven basis points to 4.1% [2][13] - Upcoming US inflation data is expected to show a year-over-year increase of 2.5% for the core consumer price index, which excludes food and energy [7][13] - Market sentiment appears complacent regarding US inflation, with expectations for inflation likely to be revised slightly higher, as noted by Citigroup Inc. [8][13] AI and Technology Sector - The volatility in US trading reflects the rising stakes associated with the AI boom, affecting various sectors and asset classes beyond technology [3][13] - Concerns have been raised about the correlation of Asian markets to global trends, particularly in relation to AI's impact on stock performance [6][13] - OpenAI has alerted US lawmakers about competitive threats from its Chinese rival DeepSeek, which is reportedly using sophisticated methods to extract results from US AI models [10] Trade Developments - The US and Taiwan have finalized an agreement aimed at lowering tariffs and enhancing market access for American products in Asia, alongside directing billions into US energy and technology projects [11][13]

Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increased capital expenditure from major cloud companies and a robust demand for AI infrastructure [22][24][25] - The electric power sector is expected to benefit from a significant increase in installed capacity, with a focus on renewable energy sources such as solar and wind [27][28][29] - The food and beverage sector shows mixed performance, with certain sub-sectors like prepared foods and snacks performing well, while others face challenges [19][20] Domestic Market Performance - The Shanghai Composite Index closed at 4,134.02, with a slight increase of 0.05%, while the Shenzhen Component Index rose by 0.86% to 14,283.00 [4] - The A-share market has shown resilience, with average P/E ratios for the Shanghai Composite and ChiNext at 16.91 and 53.15, respectively, indicating a favorable environment for medium to long-term investments [10][11] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively, reflecting a cautious global market sentiment [5] Industry Analysis - The semiconductor industry saw a strong performance in January 2026, with a 18.63% increase in the domestic semiconductor index, significantly outperforming the broader market [22][23] - The electric power sector's installed capacity reached 38.9 billion kilowatts by the end of 2025, marking a 16.1% year-on-year increase, with solar and wind energy contributing significantly to this growth [27][28] - The food and beverage sector's sales in January 2026 showed a slight increase of 0.11% year-on-year, with a notable decline in month-on-month sales due to policy changes [19][20] Investment Recommendations - The report suggests a balanced investment strategy focusing on technology sectors, particularly AI and high-end manufacturing, while also considering opportunities in consumer sectors [10][11][15] - In the semiconductor space, investors are encouraged to look at companies benefiting from AI demand and increased capital expenditures from cloud providers [24][25][26] - For the electric power sector, a "barbell strategy" is recommended, focusing on stable, high-dividend companies as well as growth opportunities in renewable energy [27][29]

Market-Moving Headlines - AlgoRhythm Holdings Inc. announced that its AI platform could significantly increase freight volume without additional headcount, leading to a sell-off in the logistics sector, with the Russell 3000 Trucking Index dropping by 6.6% [2][9] - Concerns about AI's disruptive potential have been heightened, with UBS warning that credit markets are underpricing the risks associated with AI-driven disruption, particularly affecting leveraged loans [3] Rivian's Positive Outlook - Rivian Automotive Inc. reported a fourth-quarter adjusted loss of 54 cents per share, which was better than analyst expectations, and surpassed revenue forecasts [4] - The company provided a strong delivery guidance for 2026, estimating 62,000 to 67,000 vehicles, and confirmed that its R2 SUV is on track for a second-quarter launch [4] Tech and Finance Giants Make Moves - NVIDIA Corp. plans to lease a new 200-megawatt data center in Nevada, partially financed by a $3.8 billion junk-bond sale led by Tract Capital, with JPMorgan Chase & Co. and Morgan Stanley managing the transaction [5] - Citigroup Inc. announced a 22% pay increase for CEO Jane Fraser, raising her 2025 compensation to $42 million, following a 66% surge in the bank's stock price [6][9] Political and Economic Headwinds - A partial shutdown of the Department of Homeland Security is looming as Senate Democrats blocked a funding bill over immigration agent restrictions, with a deadline approaching [10] Financial Troubles in Retail - Saks Fifth Avenue is negotiating with lenders and suppliers to address financial concerns related to inventory on consignment and to prevent objections to its bankruptcy loan [11]

Group 1 - The core focus of the article is on the enthusiasm of small and medium-sized enterprises in the Jiangsu and Zhejiang regions to invest in technology, particularly AI applications in various industries such as textiles and e-commerce [1][2][3] - A notable example is a private enterprise owner, referred to as "Old Zhao," who is investing in an "AI + textile" project, indicating a shift towards technology-driven production methods [1] - There is a growing trend among local entrepreneurs to seek investment opportunities in technology innovation, with many expressing a strong desire to transition their businesses towards tech-driven models [2][3] Group 2 - Investment activities in the Suzhou, Wuxi, and Changzhou areas are vibrant, with many private capital sources actively participating in funding projects related to AI, humanoid robots, and smart industrial equipment [3] - Entrepreneurs are not only focusing on primary market investments but are also strategically targeting technology stocks and funds in the secondary market, showcasing their investment acumen [3][4] - The article highlights a collective sentiment among business owners to embrace the technological wave, with many expressing confidence in the potential returns from investing in AI-related sectors [5][6]