消息面上，海致科技集团与智谱(02513)订立战略合作框架协议，双方将在模型训练、应用场景落地等 领域开展深度战略合作，依托海致的图模融合技术(如Atlas图谱)与智谱的大模型能力互补。 海致科技集团(02706)早盘涨超6%，截至发稿，涨5.57%，报128.9港元，成交额3615.35万港元。 海致科技在公告中表示，公司专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体，并提 供产业级人工智能解决方案。智谱为中国领先的人工智能企业，致力于追求通用人工智能(AGI)创新。 公司董事会认为，凭借双方各自的技术优势、行业经验及市场资源，拟进行的战略合作将实现资源互补 与协同发展。 ...

Core Viewpoint - Haizhi Technology Group (02706) has seen a stock price increase of over 6% in early trading, currently up 5.57% at HKD 128.9, with a trading volume of HKD 36.15 million, following the announcement of a strategic cooperation framework agreement with Zhipu (02513) [1] Group 1 - The strategic cooperation will focus on deep collaboration in model training and application scenarios, leveraging Haizhi's graph-model fusion technology (such as Atlas graph) and Zhipu's large model capabilities [1] - Haizhi Technology is dedicated to developing Atlas graph solutions and industry-level intelligent agents through graph-model fusion technology, providing industry-grade AI solutions [1] - Zhipu is recognized as a leading AI company in China, committed to pursuing innovations in Artificial General Intelligence (AGI) [1] Group 2 - The board of Haizhi Technology believes that the strategic cooperation will achieve resource complementarity and collaborative development, leveraging both companies' technological advantages, industry experience, and market resources [1]

华人置业(00127)预期2025年可能取得亏损减少75%至85%，但收入减少5%至15%，2024年其收入为3.37 亿港元，公司拥有人应占的综合亏损净额为21.08亿港元。 2月25日，港股集体高开，其中恒生指数涨0.58%报26745.2点，恒生科技指数涨0.86%报5316.09点，国 企指数涨0.68%报9069.19点，红筹指数涨0.41%报4464.07点；昨日港股三大指数集体走低，恒指再度失 守两万七大关、恒科指数跌超2%。 盘面上，大型科技股普遍走高，阿里巴巴涨1.22%，腾讯控股涨0.48%，京东集团涨1.03%，网易涨 1.51%，美团涨1.23%，快手涨0.38%；中资券商股活跃，中信建投证券涨超1%；有色金属板块高开， 中国宏桥涨超3%；半导体部分上涨，华虹半导体涨超1%。AI应用股走强，KEEP涨3.94%、出门问问涨 3.17%、范式智能涨2.82%、海致科技集团涨2.38%。 公司业绩有喜有忧 多家公司公布业绩情况 猫眼娱乐(01896.HK)表现亮眼，2025财年收入预计达46亿 - 47亿元，同比增长约12.7%至15.1%；净利润 5.4亿 - 5.9亿元，同比增长约19 ...

Core Insights - The rapid development of AI is leading to strong demand for computing power, driven by continuous upgrades of large models [1] - The commercial monetization of large models is transitioning from a "low-cost/free user acquisition" phase to a "high-quality paid" phase, significantly increasing the demand for computing power [1] - Companies in the AI computing and optical communication sectors have shown strong performance in the US stock market during the holiday period [1] - Jensen Huang announced that a "world-first" chip will be unveiled at the GTC conference in March, indicating ongoing innovation in the AI industry [1] - The outlook for the AI industry chain, including large models and AI computing chains, remains positive [1]

Group 1 - AMD and Meta have reached a strategic partnership agreement for the procurement of AI chips worth up to $60 billion over the next five years, marking a significant shift in the AI chip market dynamics [1] - This agreement signifies Meta's transition from being a hardware buyer to a strategic partner in the supply chain, providing AMD with its largest single order in history [1] - AMD's AI chips, such as the MI300 series, rely heavily on advanced packaging technologies like CoWoS, indicating a substantial demand for high-quality packaging capabilities [1] Group 2 - ASMPT, a leading semiconductor packaging equipment supplier, is expected to benefit directly from the expansion of AMD and the overall industry due to its key equipment for advanced packaging [2] - The major demand for advanced packaging capacity is driven by Meta's large order, with TSMC being the primary provider of CoWoS capacity [1][2] Group 3 - The Nasdaq China Golden Dragon Index rose by 1.37%, reflecting a positive trend in popular Chinese concept stocks, including AMD, which saw an increase of over 8% [3] - Major technology stocks, including Intel and Tesla, also experienced gains, contributing to the overall positive market sentiment [3] Group 4 - Panasonic has decided to transfer its TV sales business in North America and Europe to Skyworth, focusing instead on the Japanese market and high-end model production to reduce costs [4] - This strategic adjustment aligns with Panasonic's goal to optimize its operational model based on regional market conditions [4] Group 5 - Federal Pharmaceutical's UBT251 injection has completed Phase II clinical research in overweight/obese patients in China, indicating progress in its innovative drug development [5] - Haizhi Technology Group has entered a strategic cooperation framework agreement with Zhizhu Technology to collaborate in model training and application scenarios [6][7] Group 6 - Sanofi's partnership with Pfizer has led to significant revenue recognition, with a reported net profit of 2.939 billion yuan for 2025, reflecting a 317.09% year-on-year increase [8] - The company achieved a revenue of 4.199 billion yuan for the same period, marking a 251.81% increase [8] Group 7 - Harbin Electric has forecasted a net profit of 2.65 billion yuan for 2025, representing a year-on-year growth of approximately 57.2%, driven by increased revenue and improved product profitability [13] - The company is expected to benefit from the high demand for reliable power systems in the U.S. due to ongoing electricity shortages [13]

Core Insights - The Chinese AI industry experienced a significant surge during the Spring Festival, with major companies like ByteDance, Alibaba, and Tencent actively engaging in AI-related activities while most workers took a break [2][4] - The competition led to record-breaking user interactions, with ByteDance's Doubao achieving 1.9 billion interactions, Alibaba's Qwen serving over 130 million users, and Tencent's Yuanbao facilitating 3.6 billion lottery draws [4][6] - Despite the impressive metrics, the industry faces challenges related to user retention and operational pressures, highlighting a disconnect between user engagement driven by incentives and genuine usage of AI functionalities [6][7] Company Activities - ByteDance's Doubao served as the exclusive AI cloud partner for the CCTV Spring Festival Gala, managing 1.9 billion interactions and ensuring the stability of 100,000 live lottery draws [2] - Alibaba's Qwen team launched the open-source Qwen 3.5 and integrated AI capabilities into consumer platforms like Taobao and Ele.me, resulting in over 130 million users engaging with the service during the festival [2] - Tencent's Yuanbao distributed 1 billion cash red envelopes and facilitated 3.6 billion lottery draws, requiring continuous technical support to maintain product stability [3] Industry Challenges - The rapid user engagement during the festival exposed operational weaknesses, such as the inability of Zhiyu's GLM-5 to handle user demand, leading to phased access and user complaints [4] - The industry is transitioning from a focus on technical achievements to addressing the challenges of high-frequency user interactions and operational reliability [4][9] - The temporary surge in user activity raises concerns about long-term retention, as users attracted by incentives may not continue to engage with AI services once promotions end [6][7] Future Outlook - The industry is expected to shift from a "money-burning frenzy" to a "commercialization elimination race," emphasizing the need for teams that can balance technology, operations, and business strategies [9] - The true value of AI will be determined by its ability to meet real user needs beyond the temporary spikes in engagement seen during promotional events [9]

马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 ● 本报记者 刘英杰 指数成分股中，伟志控股大涨13.79%，兆易创新（603986）涨11.91%，普达特科技涨10.91%，天岳先 进、澜起科技、华虹半导体等跟涨。 对于近期半导体板块走强的原因，中信建投（601066）证券机械首席分析师许光坦认为，主要受多重利 好共振推动：一方面，AI算力需求持续升温，全球半导体景气周期开启，带动设备及零部件需求增 长；另一方面，国内设备及零部件企业持续取得突破，市场对半导体国产化率提升的产能释放预期逐渐 升温。此外，部分龙头企业在高端零部件领域的量产进展也进一步提振了市场信心。 展望2026年，随着国内产业政策持续发力，叠加"反内卷"相关举措有望推动制造业盈利水平修复，行业 景气度或逐步回升，进而带动上游零部件设备整体需求稳步改善。在半导体设备、上游零部件国产化率 持续提升并加速推进的驱动下，半导体设备零部件板块有望迎来业绩与估值双升的"戴维斯双击"。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场 ...

从行业板块方面看，马年春节以来，港股市场行业板块普遍上涨，电讯业、能源业、工业领涨市场，分 别累计上涨2.62%、2.48%、2.43%，原材料业累计涨幅超1%，资讯科技业、金融业、非必需性消费等 小幅上涨；而必需性消费、综合企业、医疗保健业下跌。 个股方面，整个港股市场马年春节以来近半数股票上涨，大昌微线集团累计涨幅超100%，玖源集团、 普天通信集团、亚博科技控股等累计涨幅超50%，中国信息科技、迅策、智谱等累计涨幅超20%。 ● 本报记者 刘英杰 马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 指数震荡分化 马年春节开市以来（2月20日至2月24日）的三个交易日，港股市场主要股指震荡，恒生指数累计下跌 0.43%，恒生中国企业指数累计下跌0.69%，恒生科技指数累计下跌1.80%。但从2026年1月以来，港股 三大指数仅恒生科技指数累计下跌超4 ...

Group 1 - The core viewpoint of the articles highlights the unprecedented integration of AI into everyday life during the Spring Festival, with significant user engagement and application across various platforms [1][2]. - Major companies are competing aggressively for user acquisition, leading to record-breaking interactions, such as 1.9 billion interactions on Doubao AI and nearly 200 million users placing orders through Alibaba's Qianwen on New Year's Eve [1]. - The rapid updates and technological advancements in domestic AI products during the festival indicate a fast-paced development cycle, with no signs of slowing down despite the holiday [2]. Group 2 - The competition in the AI sector is shifting from user acquisition to product-centric competition, emphasizing the importance of user experience, commercialization, and ecosystem collaboration [3]. - The massive influx of users provides diverse usage scenarios and continuous feedback, which will enhance AI capabilities and user interaction [3]. - The evolving public perception of AI has shifted from fear of replacement to a focus on how to effectively utilize AI, indicating a deeper and more sustained competition among companies [3].

February 19, 2026 10:37 PM GMT Knowledge Atlas Technology JSC Ltd | Asia Pacific A Global AI Foundation Model Leader with Favorable Mix Shift With leading AI foundation model capabilities and a favorable mix shift, we see rapid revenue growth ahead for Z.ai despite limited US exposure. As a pure play, we believe it also commands a scarcity valuation premium. Key Takeaways A global AI foundation model leader with deep academic roots in Tsinghua University: Z.ai (also known as Zhipu and Knowledge Atlas) consi ...