春节国产大模型闪耀全球，差距有望持续缩小！【天风计算机团队】 核心逻辑，两句话: 布局马年，强推国产链从应用到算力。 春节国产大模型闪耀全球，差距有望持续缩小！【天风计算机团队】 核心逻辑，两句话: 从春节前字节的多模态Seedance2.0到春节期间智谱的生产力GLM5，能明确看好国内外大模型差距的再缩小。 其中Seedance2.0达到#全球SOTA级别。 这背后，我们认为与25年下半年强化学习投入（从0到30%）和高质量数据投入有关。 布局马年，强推国产链从应用到算力。 目前Seedance2.0和GLM5已在各自场景验证了数倍效率的提升（好莱坞的行动最真实，#去年的Deepseek都未有如 此影响），且已能进行长程Agent任务。 其中，多模态视频生成是中国特色的AI应用，千亿市场的内容的供给有望持续爆发。 基于此，建议全面布局AI应用， 1、 字节链重点关注兆驰，旗下风行官宣合作Seedance2.0（根据公司公众号）。 智谱链重点关注深信服，Coding产品首批接入GLM5（根据公司公众号） 2、 胜负手多模态重点关注兆驰股份(家电覆盖)/昆仑万维(传媒覆盖)/阜博集团。 工具和分发层是B端入口， ...

| 名称 | 现价 | 涨跌幅 · | 涨跌 | | --- | --- | --- | --- | | 智谱 | 662.000 | 18.21% | 102.000 | | MINIMAX-WP | 900.500 | 7.14% | 60.000 | | 明略科技-W | 261.800 | 1.55% | 4.000 | ｜钉钉 来源：第一财经 2月24日，港股大模型股再度走强，截至发稿，智谱大涨超18%，报662港元/股；MINIMAX-WP涨超 7%，报900.5港元/股。 ...

每经AI快讯，2月24日，港股AI应用股走强，截至发稿，智谱(02513.HK)涨17.6%、MINIMAX- WP(00100.HK)涨6.90%。 ...

港股马年首个交易日（正月初四）走出极致割裂行情：恒生科技指数走弱，AI原生模型、人形机器人 全线暴涨，传统互联网巨头集体回调；资金用脚投票，完成一轮新质生产力vs传统平台经济的快速切 换。 一、今日盘面：AI疯涨、互联网下跌，核心原因一目了然 技术催化：智谱GLM-5、DeepSeek新一代模型超预期，企业端调用与付费爆发 上市效应：智谱、MiniMax登陆港股后赚钱效应拉满，资金抱团纯模型标的 产业落地：算力平台升级、大模型规模化商用，估值逻辑从"故事"转向"订单" 2）互联网股票为何下跌？ 盈利预期：广告、电商、游戏等传统变现赛道增长放缓，业绩弹性不足 资金调仓：资金从高权重、高持仓的互联网巨头，流出到AI/机器人/算力硬科技 政策干扰: 国内反垄断，美国上军事清单 1）AI原生模型为何大涨？ 估值重构：市场不再给流量平台高溢价，转向技术壁垒、自研模型、芯片、具身智能 二、百度市值逼近智谱+MiniMax：明显低估？ 今日收盘： 百度≈3500亿港元（盘中下跌） 智谱≈3232亿港元、MiniMax≈3042亿港元 百度已不是单纯搜索公司： 文心大模型：API调用、行业解决方案、智能体落地 昆仑芯：AI训 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 2月23日，问界汽车官微发布《关于广东省惠州市车辆起火的说明》。其中称，2026年2月21日，一辆问界M9在广东省惠州市附 近起火，事件未造成人员伤亡。经初步调查，车辆三电系统状态正常，且未见车辆其它自身异常，判断事件非车辆自身原因导 致。说明称，将密切配合有关部门完成后续调查并积极协助用户处理后续事宜。请大家不信谣，不传谣。 问界通报"广东惠州车辆起火事件" 2月22日，智谱发布技术报告，全面解读GLM-5的技术细节。据称，GLM-5是一款旨在推动编程范式从"Vibe Coding"（氛围编 程）转向"Agentic Engineering"（智能体工程）的下一代基础模型。GLM-5 在前代模型 GLM-4.5 的智能体、推理与编程 （Agentic, Reasoning and Coding, ARC）能力基础上，采用稀疏注意力（DeepSeek Sparse Attention，DSA）以大幅降低推理成 本，同时保持长上下文能力无损。为了让 ...

▪核心结论：全年维度看好AI应用生产力（Agent）+泛娱乐（多模态）两大方向，以及延伸的IP看好价值释放，游 戏看好绩优方向。 ▪市场复盘：节前一周A股传媒受Seedance催化，板块放量上涨，影视、媒体、出版走强；节中港股大模型公司智 谱、Minimax大涨，交易GLM5发布+涨价+供不应求逻辑，今日恒科收涨+3.34%，两家大模型公司则波动较大。 AI：春节国产模型高密度迭代+霸榜海外openrouter最热榜单，字节Seedance等驱动漫剧行业非线性增长，我们 看好今年生产力、泛娱乐两大方向爆发，加速Token消耗及商业化。 建议关注H股【阿里】、【智谱】、【Minimax】、快手、美图、阜博，A股掌阅、中文、昆仑、值得买、焦点等。 开工大吉！以下是我们对板块的观点更新~ ▪核心结论：全年维度看好AI应用生产力（Agent）+泛娱乐（多模态）两大方向，以及延伸的IP看好价值释放，游 戏看好绩优方向。 ▪市场复盘：节前一周A股传媒受Seedance催化，板块放量上涨，影视、媒体、出版走强；节中港股大模型公司智 谱、Minimax大涨，交易GLM5发布+涨价+供不应求逻辑，今日恒科收涨+3.34%，两家 ...

Group 1 - The core viewpoint of the article highlights the strong performance of major AI model companies, with Zhiyu (02513) rising by 9.82% to 615 HKD and MINIMAX-WP (00100) increasing by 7.73% to 905.5 HKD [1] - OpenRouter's latest weekly data shows that the total token volume of the top ten models is approximately 8.7 trillion, with Chinese models dominating at 5.3 trillion, accounting for 61% [1] - MiniMax M2.5 ranks first with 2.45 trillion tokens, followed by Kimi K2.5 with 1.21 trillion tokens, while Zhiyu GLM5 and DeepSeek V3.2 are in third and fifth places respectively [1] Group 2 - Guolian Minsheng Securities (601456) believes that the trend in the AI industry has not changed this year, transitioning from technological research and development to large-scale commercial implementation [1] - In the long term, the continuous iteration of reasoning and multimodal large models, integration of major ecosystems, and increasing penetration across various industries are expected to drive rapid growth in token usage [1] - The large-scale commercial application and industrial implementation of AI models are anticipated to be promising [1]

Group 1 - The core viewpoint of the article highlights the strong performance of major AI model companies, with Zhiyu (02513) rising by 9.82% to 615 HKD and MINIMAX-WP (00100) increasing by 7.73% to 905.5 HKD [1] - OpenRouter's latest weekly data shows that the total token volume of the top ten models is approximately 8.7 trillion, with Chinese models dominating at 5.3 trillion, accounting for 61% [1] - MiniMax M2.5 ranks first with 2.45 trillion tokens, followed by Kimi K2.5 with 1.21 trillion tokens, while Zhiyu GLM 5 and DeepSeek V3.2 rank third and fifth respectively [1] Group 2 - Guolian Minsheng Securities believes that the trend in the AI industry has not changed this year, transitioning from technological research and development to large-scale commercial implementation [1] - In the long term, the continuous iteration of reasoning and multimodal large models, integration of major ecosystems, and increasing penetration across various industries are expected to drive rapid growth in token usage [1] - The large-scale commercial application and industrial implementation of large models are anticipated to be promising [1]

Market Performance - On February 23, the Hang Seng Index rose by 668 points (2.5%) to close at 27,081 points, surpassing the 27,000 mark[1] - The Hang Seng Technology Index increased by 173 points (3.3%) to close at 5,385 points[1] - Daily trading volume in the Hong Kong market reached HKD 173 billion[1] US Market Reaction - The Dow Jones Index fell by 821 points (1.6%) to close at 48,804 points[2] - The Nasdaq Index decreased by 258 points (1.1%) to close at 22,627 points[2] - The S&P 500 Index dropped by 71 points to close at 6,837 points[2] Geopolitical and Economic Factors - Tensions in geopolitics led to a rise in international gold prices, which reached USD 5,100[1][2] - Trump's announcement of a 15% tariff increase on global imports following the Supreme Court's decision has created market uncertainty[1][2] Sector Performance - The automotive sector saw a rise of 2%-5% across most stocks, with over 9 million vehicles exported from mainland China[4] - The healthcare sector, represented by the Hang Seng Healthcare Index, increased by 1.6%[4] - Notable stock movements included a 5.4% rise for劲方生物 (2595 HK) and a 2.9% increase for中国生物制药 (1177 HK)[4] Domestic Travel Trends - Domestic travel orders on the 飞猪 platform for the 2026 Spring Festival increased by over 80% year-on-year, with hotel bookings up by 75%[3] - Popular theme park and attraction packages saw a 140% increase in order volume compared to the previous year[3]

Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]