资讯日报：特朗普即将发表国情咨文 股票市场概览 港股市场表现 美股市场表现 2026 年 2 月 25 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 26,590 | (1.82) | 0.67 | 3.74 | | 恒生科技 | 5.271 | (2.13) | 1.14 | (4.45) | | 恒生国企 | 9.008 | (2.06) | 0.54 | 1.06 | | 上证指数 | 4.117 | 0.87 | 0.87 | 3.74 | | H2225 | 56.826 | 0.87 | 0.87 | 13.87 | | 新加坡海峡 | 5.041 | (0.41) | 0.06 | 0.00 | | 标普500 | 6,838 | 0.77 | (0.28) | 0.65 | | 纳斯达克 | 22.627 | 1.04 | (0.10) | (1.63) | | 道琼斯 TV | ...

2026.02.25 本文字数：1588，阅读时长大约3分钟 作者 |第一财经 胡弋杰 美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可 能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%， 收于6890.07点；纳斯达克综合指数上涨236.41点，涨幅1.05%，收于22863.68点。 科技巨头多数上涨，苹果上涨2.24%，苹果公司周二宣布，将大幅扩建其在休斯敦的工厂运营，首次将 Mac mini带到美国本土进行生产。英伟达上涨0.68%，特斯拉上涨2.39%，微软上涨1.18%，亚马逊上涨 1.60%，Meta上涨0.32%。谷歌A类股下跌0.19%，谷歌C类股下跌0.25%，博通下跌1.47%。 台积电收高4.25%，市值首度突破2万亿美元，年内累计涨幅已达26.94%。 超威半导体大涨8.77%，超威半导体宣布未来五年将向Meta出售价值高达600亿美元的人工智能芯片。 根据协议，Meta将获得超威半导体最多10%的股权。 | 苹果(APPLE) | 272. ...

美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%，收于6890.07点；纳斯达克综合指数上涨236.41点，涨 幅1.05%，收于22863.68点。 【热门股表现】 苹果上涨2.24%，苹果公司周二宣布，将大幅扩建其在休斯顿的工厂运营，首次将Mac mini带到美国本土进行生产。 *Anthropic新产品提振软件股 *AMD与Meta达成芯片协议 *中概股多数走高 周一因冬季风暴重挫的航空和旅游板块强劲反弹，涨幅约2.9%。道指成分股家得宝上涨2.0%，此前公司第四季度业绩超预期并维持全年财测。 热门中概股多数上涨，纳斯达克中国金龙指数上涨1.37%。阿里巴巴上涨0.23%，拼多多上涨1.06%，网易上涨0.73%，京东上涨1.07%，携程上涨1.59%，腾 讯音乐上涨1.77%，理想汽车上涨1.30%，贝壳上涨1.18%，小鹏汽车大涨6.78%。百度下跌0.23%，中通下跌0.14%，富途控股下跌1.89%，蔚来持 ...

热点聚焦 按市值排名，明日即将发布财报的英伟达涨0.68%、苹果涨2.24%、谷歌-A跌0.19%、微软涨1.18%、亚马逊涨1.6%、台积电涨4.25%、Meta涨0.32%、博通跌 1.47%、特斯拉涨2.39%、伯克希尔哈撒韦-A涨0.14%、沃尔玛涨0.75%。 中概股多数走强，纳斯达克中国金龙指数收涨1.37%。 截至收盘，阿里巴巴涨0.22%、拼多多涨1.06%、网易涨0.73%、京东涨1.07%、百度跌0.23%、携程涨1.59%、理想汽车涨1.3%、富途控股跌1.89%、哔哩哔 哩跌0.5%、蔚来涨0.19%、世纪互联涨6.68%、万国数据涨6.72%。 1.小米集团董事长兼CEO雷军表示，小米计划未来五年重点攻坚芯片、AI、操作系统等底层核心技术，向着成为全球硬核科技公司的目标不断努力。 2.据报道，Meta与AMD达成AI设备采购协议，将部署6吉瓦AMD GPU。AMD同意向Meta公司出售价值高达600亿美元的AI芯片。此外，AMD将向Meta Platforms发行基于业绩的认股权证，可认购最多1.6亿股AMD普通股。 3.做空机构香橼资本周二发帖称，已经对存储牛股闪迪建立空头头寸。受 ...

Market Overview - The Hang Seng Index closed down by 1.82% at 26,590.32, with a decline of 491.59 points and a trading volume of 251 billion [2] - The Hang Seng Tech Index fell by 2.13% to 5,270.70, decreasing by 114.65 points with a trading volume of 68.9 billion [2] - The Hang Seng Biotech Index dropped by 3.34% to 15,654.19, down by 541.42 points with a trading volume of 11 billion [2] - The Hang Seng China Enterprises Index decreased by 2.06% to 9,007.86, down by 189.52 points with a trading volume of 90 billion [2] - The Hang Seng Composite Index fell by 1.69% to 4,078.66, down by 70.08 points with a trading volume of 178.1 billion [2] Sector Performance - Technology stocks experienced widespread declines, with notable drops including SenseTime and Tencent Music falling over 5%, Meituan and Kingsoft down over 4%, and Ctrip and Tencent Holdings down over 3% [2] - Other major tech companies such as Kuaishou, Alibaba, Baidu, SMIC, Xiaomi, and JD Health all saw declines exceeding 2% [2] Individual Stock Movements - Kingdee International saw a significant drop of 7.77% to 9.970, with a trading volume of 721 million [3] - SenseTime fell by 5.78% to 2.610, with a trading volume of 2.326 billion [3] - Tencent Music decreased by 5.62% to 57.100, with a trading volume of 170 million [3] - Meituan dropped by 4.24% to 81.400, with a trading volume of 5.524 billion [3] - Kingsoft fell by 4.23% to 26.740, with a trading volume of 424 million [3] - Ctrip Group decreased by 3.83% to 406.800, with a trading volume of 2.044 billion [3] - Tencent Holdings fell by 3.35% to 520.000, with a trading volume of 18.829 billion [3] - Other notable declines included Alibaba Health down 2.94%, Kuaishou down 2.77%, Alibaba down 2.76%, SMIC down 2.39%, Xiaomi down 2.24%, and JD Health down 2.15% [3] Robotics Sector - The robotics sector collectively weakened, with UBTECH falling over 8%, Sanhua Intelligent Control down over 6%, and Horizon Robotics down 2% [5][6]

没想到，2月21日它就整了波大活，发了封致歉信，承认GLM-5发布后犯了三个错。 前两天，才和大家聊了聊在港股创下暴涨神话的智谱AI，就在前一个交易日，这家上市仅一个多月的"全球大模型第一股"，凭着单日暴涨42.72%的行 情，把市值干到3232亿港元，超越一堆老牌互联网大厂，成了开年国内最猛的科技黑马。 一是GLM-5算力消耗高于老模型，公司设置高峰3倍、非高峰2倍的扣费倍率，却未提前完整公示，引发用户反馈用量异常、消耗过快。 二是GLM-5上线后流量远超预期，叠加黑灰产、黄牛恶意占用算力，公司算力扩容没跟上，只能按用户等级分阶段限流，很多付费用户无法正常使用核 心模型。 三是老用户升级机制设计粗糙，不少老用户误升级新套餐后权益受损，公司既无提前风险提示，也未设置回滚通道。 对此，智谱同步推出整改与补偿方案。 整改上，完整公示扣费规则，用量看板刷新缩至10分钟，明确模型分级开放节奏，承诺打击黑灰产、扩容算力。 补偿上，2026年1月1日-2月21日的Lite、Pro付费用户可全额退款，误升级老用户支持一键回滚，全量订阅用户统一延长15天使用期。 如今智谱已搭建起完整产品体系，包括面向普通用户的AI助手智谱清 ...

Core Viewpoint - The stock prices of AI companies Zhipu and MiniMax have surged significantly, with Zhipu's market capitalization exceeding 323.2 billion HKD and MiniMax surpassing 300 billion HKD, reflecting a strong investor interest in AI models despite both companies being in a loss-making position [1][2][3]. Market Performance - On February 20, the first trading day of the Lunar New Year, Zhipu's stock rose by 42.72% to 725 HKD per share, while MiniMax's stock increased by 14.52% to 970 HKD per share [3][8]. - Since their listings in January 2026, Zhipu's stock has increased by 523% and MiniMax's by 487.88% [8][12]. Market Capitalization - Both companies have surpassed the market capitalizations of major firms like Ctrip and Kuaishou, approaching the valuations of Pop Mart and Baidu [2][19]. - The market capitalization of Zhipu is approximately 413 billion USD, while MiniMax stands at about 389 billion USD [19]. Financial Metrics - Both companies are currently operating at significant losses, with Zhipu reporting a cumulative loss of 6.238 billion CNY from 2022 to mid-2025, and MiniMax showing a net loss of 512 million USD (approximately 3.605 billion CNY) in the first nine months of 2025 [18][21]. - Their price-to-sales ratios exceed 700, which is substantially higher than OpenAI's ratio of 65 [19]. Technological Developments - Zhipu recently launched its flagship model GLM-5, which has shown a performance improvement of over 20% compared to its predecessor, while MiniMax introduced its M2.5 model, designed for agent scenarios, achieving significant benchmarks in various tests [13][14]. - Both companies have seen a surge in model usage, with MiniMax's M2.5 model recording a token usage of 3.07 trillion, a 524% increase, and GLM-5 reaching 1.03 trillion tokens, a 462% increase [16][20]. Market Dynamics - The recent price increases for Zhipu's GLM Coding Plan indicate a shift in the AI market where token consumption is becoming a critical metric for value, moving away from traditional user engagement metrics [20]. - The rise of AI agents, which require extensive token usage for complex tasks, is expected to drive demand for these models significantly [20]. Competitive Landscape - Both companies face intense competition from established global players like OpenAI, Claude, and Gemini, which may impact their pricing power and market position [21]. - The scarcity of AI stocks in the Hong Kong market has contributed to the high valuations of Zhipu and MiniMax, attracting significant investment interest [21].

Core Insights - The two AI companies, Zhipu and MiniMax, have seen significant stock price increases, with Zhipu rising over 42% on the first trading day of the Year of the Horse, and MiniMax increasing over 14% on the same day, leading to market capitalizations exceeding 300 billion HKD [1][2][7] - Both companies have experienced substantial growth since their IPOs, with Zhipu's stock price increasing by 523% and MiniMax's by 487.88% within a month of their listings [1][7] - Despite their high valuations, both companies are currently operating at a loss, with a price-to-sales ratio (PS) exceeding 700, significantly higher than OpenAI's 65 [2][17] Company Performance - Zhipu's stock closed at 725 HKD per share, with a market capitalization surpassing 323.2 billion HKD, while MiniMax closed at 970 HKD per share, reaching a market cap of 304.2 billion HKD [2][11] - Zhipu's cumulative losses from 2022 to mid-2025 amount to approximately 6.238 billion CNY, while MiniMax reported a net loss of 512 million USD (around 3.605 billion CNY) for the first nine months of 2025 [17][20] Market Position - Zhipu and MiniMax's market capitalizations have surpassed those of major companies like Ctrip and Kuaishou, and are approaching the valuations of Pop Mart and Baidu [2][11] - The market's enthusiasm for these companies is attributed to their technological advancements and product breakthroughs, particularly in AI model development [12][19] Technological Advancements - Zhipu launched its flagship model GLM-5, which has shown over a 20% performance improvement compared to its predecessor, while MiniMax introduced M2.5, designed for full-stack programming development [12][13] - Both models have achieved significant performance metrics in industry benchmarks, with MiniMax M2.5 being the most called model in a recent week, reaching 3.07 trillion tokens [14][16] Pricing Strategy - Following the launch of GLM-5, Zhipu raised the prices of its coding plans by 30% in China and over 100% internationally, indicating strong demand for its services [12][19] - MiniMax's pricing for token usage is significantly lower than that of competitors like Claude Opus 4.6, making it an attractive option for users [14][15] Future Outlook - The market is betting on the future potential of these companies, as the demand for AI capabilities continues to grow, particularly in areas requiring high token consumption for complex tasks [19][20] - Analysts suggest that the transition of AI from simple tasks to more complex operations will drive up token consumption, positioning these companies favorably in the evolving AI landscape [19]

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 ...

Group 1 - The core focus for the upcoming week includes the macroeconomic landscape with President Trump's State of the Union address on February 24, outlining policy priorities for the year ahead [5] - Nvidia is set to release its earnings report on February 25, which will significantly impact the AI industry sentiment, alongside Baidu's earnings report on February 26 [5][8] - The MSCI China Index will include 37 new stocks, including Liou Co., Silver Nonferrous, and others, effective after the market closes on February 27 [23] Group 2 - The U.S. PPI data for January will be released on February 27, with expectations of a year-on-year increase of 2.6%, down from 3% [7] - The Japanese Tokyo CPI for February is expected to show a year-on-year increase of 1.4%, slightly down from 1.5% [7] - The Hong Kong government will release its new fiscal budget on February 25, with expectations of a return to surplus due to increased revenue from financial markets [22] Group 3 - Core companies such as Berkshire Hathaway, Salesforce, and Coreweave are scheduled to announce their earnings, providing diverse industry insights [10] - Apple will hold its annual shareholder meeting on February 24, where key decisions regarding executive compensation and board elections will be made [17] - The upcoming geopolitical events, including discussions on Iran's nuclear program and the visit of Germany's new Chancellor to China, may influence market dynamics [6][15]