可选消费板块下跌，中国中免（601888）跌超10%。 2月24日，港股收盘走低，恒生指数跌1.82%，恒生科技指数跌2.13%。 | 香港股票 △ | | | | --- | --- | --- | | 恒生指数 | 恒生科技 | 恒生生物科技 | | 26590.32 | 5270.70 15654.19 | | | -491.59 -1.82% -114.65 -2.13% -541.42 -3.34% | | | | 港股通消费 | 港股红利 | 港股现金流 | | 1704.19 | 2318.72 | 2555.21 | | -22.73 -1.32% -2.80 -0.12% -41.84 -1.61% | | | 互联网科技股集体走低，阿里巴巴跌2.7%，金山云跌5%，快手、小米等跌逾2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 成交额 | | --- | --- | --- | --- | --- | --- | | 0268 | 全蝶国际 | 9.970 c | -0.840 | -7.77% | 7.21亿 | | 0020 | 商沥-W | 2.610 c | - ...

（文章来源：每日经济新闻） 每经AI快讯，2月24日，海致科技集团(02706.HK)在港交所公告称，公司近期与智谱签署不具法律约束 力的战略合作框架协议，将与智谱在模型训练与产业场景落地等领域开展战略合作。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].

Core Viewpoint - Citrini Research's "2028 AI Doomsday Prediction" forecasts a dystopian future shaped by AI, predicting a surge in global AI productivity by 2028 but leading to a "global economic plague" due to the disruption of white-collar jobs, causing panic in financial markets [1][7] Group 1: Market Reactions - The report triggered panic selling across various sectors, including software, wealth management, and logistics, as investors feared the impact of AI tools like Claude Cowork and OpenClaw on performance [1][8] - The report's dystopian narrative has led to a significant shift in investor sentiment, with a "shoot first, ask questions later" approach dominating the market [1][8] - Following the report, Asian technology stocks, particularly those related to AI infrastructure, have attracted global investors, contrasting with the turmoil in the U.S. tech sector [2][10] Group 2: Investment Opportunities - Citrini Research emphasizes that semiconductor companies and AI data center participants will be the key beneficiaries of the global AI investment theme [2][11] - The report highlights that Asia, with major players like TSMC and SK Hynix, is positioned to benefit significantly from the "AI disruption" trend, while the U.S. tech sector faces turbulence [1][9] - The report suggests that the AI capital expenditure theme will support the resilience of Asian technology stocks, particularly in hardware manufacturing [23] Group 3: Economic Implications - The report outlines a mechanism where AI-driven job displacement leads to reduced wages and consumer spending, resulting in a "Ghost GDP" scenario where productivity increases but money circulation declines [7][9] - The narrative posits a conflict between market prosperity and real economic decline, challenging the prevailing notion that AI will solely drive productivity and profitability [7][9] - Concerns are raised about the vulnerability of traditional software business models to AI disruption, particularly in the U.S., while hardware manufacturing in Asia remains a more stable investment [9][21] Group 4: Regional Performance - The MSCI Asia Pacific Information Technology Index has outperformed U.S. indices, reflecting a significant divergence in market performance driven by AI-related investments [10][15] - Asian markets, particularly those in South Korea and Taiwan, have seen substantial gains, with the KOSPI index rising significantly due to strong semiconductor demand [18][22] - The report indicates that the correlation between Asian and U.S. tech stocks has dropped to its lowest level since 2017, highlighting a decoupling trend [15][18]

一份描绘人工智能"反乌托邦"未来的研究报告在全球软件股引发抛售，却意外成为亚洲股市的催化剂——投资者正将目光转向芯片制造商、数据 中心及AI基础模型公司，而亚洲在这些领域的卡位优势尤为突出。 据华尔街见闻此前文章，这份由机构Citrini Research发布、Lotus Technology Management首席投资官Alap Shah联合撰写的报告，触发了市场对软 件行业商业模式被侵蚀的新一轮担忧。Shah在接受彭博电视采访时表示，半导体、数据中心及基础模型实验室公司是AI交易中的核心受益者， 点名台积电、三星电子及SK海力士为最具代表性的芯片厂商，并指出中国的MiniMax与智谱本月股价均已翻倍以上。 这一轮由科技硬件驱动的亚洲涨势，推动MSCI亚太指数今年相对标普500指数的开局表现创下历史最佳。与此同时，彭博汇编的数据显示， MSCI亚太信息技术指数与纳斯达克100指数之间的周度相关系数已跌至0.45，为2017年10月以来的最低水平，亚美科技股走势分化愈发明显。 这一分化折射出资金的结构性轮动——投资者正从承受高额开支压力的AI先行者转向定价权更强的硬件制造商，亚洲在这一链条中具备天然优 势。 ...

海致科技集团(02706)发布公告，本公司近期与北京智谱华章科技股份有限公司(智谱)订立战略合作框架 协议。根据战略合作框架协议，本公司与智谱将在模型训练、应用场景落地等领域开展战略合作。 本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，其H股于香港联合交易 所有限公司上市(股份代号：02513)。本公司董事会认为，凭借双方各自的技术优势、行业经验及市场 资源，根据战略合作框架协议拟进行的战略合作将实现资源互补与协同发展。 战略合作框架协议属框架性合作文件，具体合作业务将由双方另行协商并签订具体协议。本公司将根据 《香港联合交易所有限公司证券上市规则》于必要或适当时作出进一步公告。 ...

本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，其H股于香港联合交易 所有限公司上市(股份代号：02513)。本公司董事会认为，凭借双方各自的技术优势、行业经验及市场 资源，根据战略合作框架协议拟进行的战略合作将实现资源互补与协同发展。 战略合作框架协议属框架性合作文件，具体合作业务将由双方另行协商并签订具体协议。本公司将根据 《香港联合交易所有限公司证券上市规则》于必要或适当时作出进一步公告。 智通财经APP讯，海致科技集团(02706)发布公告，本公司近期与北京智谱华章科技股份有限公司(智谱) 订立战略合作框架协议。根据战略合作框架协议，本公司与智谱将在模型训练、应用场景落地等领域开 展战略合作。 ...

Core Viewpoint - Haizhi Technology Group (02706.HK) has entered into a strategic cooperation framework agreement with Beijing Zhipu Huazhang Technology Co., Ltd. ("Zhipu") to collaborate in model training and application scenarios [1] Company Overview - Haizhi Technology focuses on developing Atlas graph solutions and industry-level intelligent agents through graph-model fusion technology, providing industry-level artificial intelligence solutions [1] - Zhipu is a leading artificial intelligence company in China, dedicated to pursuing innovations in Artificial General Intelligence (AGI) and is listed on the Hong Kong Stock Exchange (stock code: 02513) [1] Strategic Cooperation - The board of Haizhi Technology believes that the strategic cooperation will achieve resource complementarity and collaborative development, leveraging both parties' technological advantages, industry experience, and market resources [1]

Market Overview - The market experienced a high and then a pullback today, with the ChiNext Index rising over 2% at one point. The total trading volume in the Shanghai and Shenzhen markets reached 2.2 trillion, an increase from 219.4 billion on the last trading day before the holiday [1] - By the market close, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index by 1.36%, the ChiNext Index by 0.99%, and the CSI A500 Index by 1.20% [1] Consumer Activity - During the recent Spring Festival holiday, travel and consumer sentiment showed a robust increase, supported by consumption-promoting policies. The average daily sales of key retail and catering enterprises increased by 8.6% compared to the same period in 2025 [1] - In the first three days of the holiday, foot traffic and sales in 78 monitored pedestrian streets increased by 4.5% and 4.8% respectively compared to the same period last year [1] AI Sector - The AI sector continues to attract attention, with multiple companies such as Zhiyun, ByteDance, Alibaba, and Minimax releasing new AI models. The performance of robots during the Spring Festival Gala has also garnered widespread interest [1] - Capital expenditure in AI is expected to exceed expectations, with ongoing hot catalysts and accelerated application deployment. Investors are encouraged to consider ETFs focused on communication, semiconductor equipment, and AI technology [2] Power Grid Equipment - Strong domestic and international demand for power grid equipment is anticipated, driven by policy support and significant investment plans from the State Grid during the 14th Five-Year Plan. The expansion of renewable energy installations necessitates enhanced grid capabilities [3] - Internationally, the need for power grid upgrades in Europe and the U.S., along with investments in emerging markets and global AI data center construction, is expected to create opportunities for domestic companies to increase exports [3]

Market Overview - The Hong Kong stock market experienced a decline across all major indices, with the Hang Seng Index falling by 1.82%, the Hang Seng Tech Index down by 2.13%, and the National Enterprises Index decreasing by 2.06% [1] - Major internet technology stocks also saw significant drops, including Tencent Holdings down nearly 3.3%, Alibaba down 2.7%, and Kingsoft Cloud down 5% [1] Stock Performance - Tencent Holdings closed at 188.29 billion, down 3.346% [2] - Xiaomi Group fell by 2.243%, closing at 51.03 billion [2] - Alibaba's stock decreased by 2.760%, ending at 148.00 billion [2] - Meituan saw a decline of 4.235%, closing at 55.24 billion [2] - China Duty Free Group experienced a significant drop of over 10.506%, closing at 8.37 billion [3] Sector Analysis - The robotics, pharmaceuticals, and duty-free sectors all faced declines, with China Duty Free Group dropping over 10%, and other companies like Tigermed and Zhaoyan New Drug falling by more than 3.6% and 7.3% respectively [3] - Conversely, Zhizhu saw a notable increase of over 12%, marking a rise of over 440% since its listing in January [3] Future Outlook - According to Liu Gang, a managing director at CICC, the credit cycle will determine index space, while industry trends will influence structural strength [3] - Short-term market adjustments may occur, but there is potential for upward correction after a pullback [3] - The mid-term outlook suggests a projected earnings growth of 3% to 4% for Hong Kong stocks, with the Hang Seng Index potentially rising to around 28,000 to 29,000 points [3] - The influx of capital from the south post-Chinese New Year is expected to provide liquidity support for the Hong Kong market [3] - Recommendations include focusing on technology (AI computing and applications), non-bank financials (insurance), and dividend stocks, with an emphasis on the need to confirm earnings and liquidity turning points for the Hang Seng Tech Index [3]