2月20日，港股马年首个交易日，有"全球大模型第一股"之称的智谱收涨超42%，市值突破3232亿港元。2月以来，该公司股价累计涨幅超过220%，上市以 来的涨幅则达到523%。 另一家人工智能大模型企业MiniMax也延续了节前的强劲走势，当天收涨超14%，市值也超过3000亿港元。自上市以来，MiniMax已经累计上涨487.88%。 目前，两者市值已超越携程和快手，逼近泡泡玛特（3279亿港元）与百度（3548亿港元）。 然而，狂热之下，两家公司仍处于亏损状态，市销率高达700倍，远超OpenAI的65倍。市场究竟在为何种未来下注？ 智谱、MiniMax市值双双突破3000亿港元，市销率远超OpenAI 2月20日，农历马年的第一个交易日，当恒生科技指数大跌近3%，众多传统科技股表现疲软时，两家AI大模型初创公司——智谱和MiniMax，成为了市场中 为数不多的亮点。 当天，智谱收报725港元/股，涨幅高达42.72%，市值突破3232亿港元，单日市值增长超过967亿港元。MiniMax同样表现不俗，收盘上涨14.52%，报970港元/ 股，市值达3042亿港元，2月累涨超105%。 值得注意的是，这两家 ...

每经编辑｜许绍航 胡玲 王瀚黎 标题点睛 伊朗外交部21日发表声明说，伊朗政府已将欧盟成员国的海军和空军列为"恐怖组织"，以回应欧盟将伊朗伊斯兰革命卫队列入"恐怖组织名单"。（新华 社） 2月21日晚，哈尔滨冰雪大世界发布公告，由于2月20日、21日气温骤然升高，突破历史极值，冰雪景观融化严重，第二十七届哈尔滨冰雪大世界即日起正 式闭园，已购票的游客可通过原购票渠道申请全额退款。同时，位于哈尔滨冰雪大世界园区内的世界最大室内冰雪主题乐园——梦幻冰雪馆，将于2月22 日12时正式开放。 据报道，OpenAI正在重新设定其资本支出预期。OpenAI向投资者表示，到2030年的总算力支出目标约为6000亿美元，较CEO阿尔特曼此前宣称的1.4万亿 美元基础设施承诺大幅缩水。报道称，OpenAI调整后的毛利率在2025年已下滑至33%，该公司仍预计到2030年现金流才能转正。（每经综合） 1 春运前20天预计全社会跨区域人员流动量50.8亿人次 2月21日，2026年春运过半，春运前20天预计全社会跨区域人员流动量达50.8亿人次，日均2.5亿人次，创下历史同期新高。2月21日全社会跨区域人员流动 量预计超3.6亿人 ...

"狮头是怎么制作的？第一步是扎，然后是扑、写、装。"一位从江苏来北京旅游的母亲，俯身和8岁的女儿讲解狮头的制作工艺。小女孩踮起脚，努力凑近 那尊通体荧光绿的狮头，眼里满是好奇。 玻璃展柜中央，故宫版醒狮格外引人注目。该狮头从铜狮、宫殿建材与宫门结构中汲取形态灵感，将龙袍纹样、手绘吉祥图案融入设计，也是在北京首次亮 相。"很少在北京看到醒狮的展览，今天专程从大兴赶过来。"一位年轻市民举着手机，围着展品变换角度拍照。 去年年底亮相的一系列全球奢侈品牌的独栋旗舰店，春节期间也吸引众多游客驻足。"还是第一次来，太炫酷了！"北京市民李先生带着家人首次来打卡，外 立面形如花瓣的北京迪奥之家、在灯光映照下如同水晶宫殿的路易威登独栋建筑，都令他印象深刻。 春节期间，三里屯太古里商圈推出"狮王入京"主题展，将非遗舞狮装备融入街区新春布景，为商圈增添节日喜庆气氛，吸引众多市民游客前来观赏拍照。 本报记者 邓伟摄 本报讯（记者 夏骅）非遗醒狮"闯入"时尚街区，国际大牌旗舰店的灯光与春节红色装饰交相辉映，悠扬的古典音乐在潮流地标上空飘扬……正月初五，三 里屯商圈，传统与潮流的融合为市民游客带来一场新春盛宴，也带动了假期消费热。 昨天 ...

Group 1 - The core announcement is about the launch of a new IP called "After School Merodi" by Pop Mart, which includes a series of collectible figures [1] - The series consists of 12 regular figures and 1 hidden figure, with the probability of obtaining a regular figure being 1 in 12 and a hidden figure being 1 in 144 [1] - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1] - The online release is scheduled for February 26, 2026, at 10 PM, and the offline release will take place on February 27, 2026 [1]

Core Viewpoint - Pop Mart has announced a new IP "After School Merodi," featuring a series of collectible figures with specific probabilities for regular and hidden variants [1][4]. Group 1: Product Details - The new series includes 12 regular figures and 1 hidden figure, with a probability of 1:12 for regular figures and 1:144 for the hidden figure [1][4]. - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1][4]. - Online sales are scheduled to start on February 26, 2026, at 22:00, with offline sales beginning on February 27, 2026 [1][4]. Group 2: Artist Background - The artist behind the series, Willstudio, was founded in 2012 and began full-time operations in 2020, creating the Merodi character [1][4]. - Willstudio specializes in crafting hardcore realistic toys and cute oversized figures, utilizing various materials for handmade creations [1][4]. - The artist is known for sculpting directly with clay and hand-painting, resulting in unique textures and vibrant details in the figures [1][4].

Core Viewpoint - Pop Mart announced a new IP called "Merodi" featuring a series of collectible figures, indicating a continued expansion of its product offerings in the collectible toy market [1] Product Details - The "Merodi" series includes 12 regular figures and 1 hidden figure, with the probability of obtaining a regular figure set at 1:12 and the hidden figure at 1:144 [1] - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1] Sales Information - Online sales for the new series will commence on February 26, 2026, at 22:00, with offline sales starting on February 27, 2026 [1]

Group 1 - The core announcement is about the new IP "After School Merodi" by Pop Mart, which includes 12 regular figures and 1 hidden figure [1] - The probability of obtaining a regular figure is 1 in 12, while the hidden figure has a probability of 1 in 144 [1] - The price for a single blind box is set at 69 yuan, and a complete box is priced at 828 yuan [1] - Online sales are scheduled to start on February 26, 2026, at 22:00, with offline sales beginning on February 27, 2026 [1]

【#智谱和MiniMax市值已超携程京东#】2月20日，港股大模型公司智谱和MiniMax股价均大幅上涨， 创上市以来新高。 其中，智谱股价收涨42.72%，报725港元，上市43天累计涨幅已超500%。MiniMax收涨14.52%，报970 港元，上市以来累计涨幅487.88%。两家大模型企业市值均突破3000亿港元，接连超越携程、快手和京 东市值，逼近泡泡玛特与百度。 招商证券近期发布的研报指出，AI应用领域近期呈现出技术突破与商业化竞争同步深化的鲜明趋势。 AI应用相关技术迎来核心突破。叠加"人工智能+"行动作为国家中长期发展战略，为行业提供坚实长期 支撑。指数估值水位略高，但在产业趋势与政策红利的双重驱动下，上行空间值得期待。（每经综合， 德塔） | 智谱 | | | | | | --- | --- | --- | --- | --- | | HK2513 HK | | | | | | 725.000 | 市值 3232.4亿 量比 725.000 | 1.18 | | | | 流通 1604.5亿 换 | 532.500 | 2.38% | | | | 217.000 42.72% + | 534 ...

Core Viewpoint - The global industrial system is undergoing a significant paradigm shift from "efficiency first" to "security and autonomy," leading to increased demand for infrastructure and industrial construction, with China transitioning from a "final product exporter" to a "global basic industrial provider" [1][39]. Group 1: China's Foreign Trade Trends - China's foreign trade is diversifying and moving towards higher-end products, with exports reaching a historical high of $2.5 trillion in 2025, a year-on-year increase of 5.5% [2]. - The trade surplus surpassed $1 trillion for the first time, marking a significant year-on-year increase of 19.8% [2]. - Net exports contributed 1.64 percentage points to GDP growth in 2025, the second-highest level since 2007 [5]. Group 2: Regional and Product Structure - The diversification of external demand is strengthening, with emerging markets compensating for declines in the U.S. market. Exports to the U.S. fell by 19.79% year-on-year, while exports to ASEAN, Africa, and the Middle East grew by 13.64%, 25.9%, and 9.7%, respectively [8]. - High-end manufacturing products such as electrical machinery, machinery, automobiles, and ships remain the mainstay of exports, contributing 44.10%, 17.67%, 16.05%, and 6.99% to the total export scale [13]. Group 3: Opportunities for Overseas Expansion - In 2026, there are strong overseas opportunities in sectors such as electric new (batteries, grid equipment), machinery, TMT (electronics, communication, gaming), innovative pharmaceuticals, new consumption, shipbuilding, commercial vehicles, automotive parts, and chemical products [57]. - The restructuring of global supply chains is accelerating the globalization of Chinese enterprises' production capacity, with 229 companies establishing production facilities or subsidiaries in ASEAN, India, and Mexico by 2025, nearly doubling from 2024 [29]. Group 4: AI Expansion Cycle - The AI expansion cycle is a core focus in the Chinese capital market, with significant capital expenditure expected from major tech companies. For instance, capital expenditures from major cloud service providers in North America are projected to reach $598.7 billion in 2026, a 67% increase year-on-year [45][46]. - The demand for AI-related hardware is expected to drive growth in related sectors, benefiting domestic manufacturing leaders in robotics and consumer electronics [48]. Group 5: Cultural and Technological Output - Chinese enterprises are also focusing on cultural and technological exports, with significant growth in overseas revenue from IP (e.g., toys, games) and lifestyle brands (e.g., new tea drinks, e-commerce) [49][50]. - The innovative pharmaceutical sector is becoming a key player in the global market, with several new drugs commercialized in the U.S. and Europe, indicating strong potential for further overseas opportunities in 2026 [53].

来源｜后浪研究所（ID：youth36kr） 从王宁母校里走出来的年轻人。 文｜何欣欣 编辑｜薇薇子 封面来源｜受访者供图 在25年底阿里巴巴国际站真牛奖（一年一度外贸界的"奇葩说"）的舞台上，我们在一群手握战绩的外贸人中，发现了这么三个年轻人：他们没什么背景也 没什么资源，这两年投身外贸，却能迅速站稳脚跟，拿到成绩。以及，他们并非来自传统名校，而是毕业于一所民办本科院校——郑州西亚斯学院。 这里也是王宁的母校。在郑州西亚斯学院，王宁的创业故事无人不晓。他从校门口一家格子铺起步，到2020年带领泡泡玛特敲钟，市值一度超过2500亿港 元。对许多学生来说，他像一座灯塔，提供了另一种的成长参照。 受学校创业氛围的影响，不少学生早早跳出了传统求职的框架。他们从代取快递、宿舍开小卖部、推销电话卡等校园业务起步，接触到商业的基本逻辑。 后来，一些年轻人赶上风口，顺势进入外贸领域，成为独立的贸易商，抓住了中国供应链出海的机会。 到了2025年，他们有人把公司年营收做到了2000万左右，也有人做到了3000万的规模。各自路径不同，但都绕开了所谓"出身"的局限。他们不靠学历、不 凭资源，在一次次具体尝试中，把路走了出来。 " ...