格隆汇2月25日丨东华软件(002065.SZ)在投资者互动平台表示，公司在过去一年已为国民经济各行业建 设了几十亿规模的算力中心（云中心），采用并集成华为、摩尔、英伟达等多家厂商的算力产品及平 台。公司与腾讯、阿里、字节跳动均有深入的互为客户式合作，围绕医疗、金融、未来城市、公安、大 企业等领域开发行业智能体，其中"张警官智能体"深受公安干警欢迎，同时公司还为上述企业提供网络 产品及运维解决方案，相关业务与对方AI智能体均实现完全兼容。 ...

格隆汇2月25日丨东华软件(002065.SZ)在投资者互动平台表示，公司在过去一年已为国民经济各行业建 设了几十亿规模的算力中心（云中心），采用并集成华为、摩尔、英伟达等多家厂商的算力产品及平 台。公司与腾讯、阿里、字节跳动均有深入的互为客户式合作，围绕医疗、金融、未来城市、公安、大 企业等领域开发行业智能体，其中"张警官智能体"深受公安干警欢迎，同时公司还为上述企业提供网络 产品及运维解决方案，相关业务与对方AI智能体均实现完全兼容。 ...

智能体方面，2026年初，名为OpenClaw的开源智能体工具在开发者社区和各大技术论坛引起较大轰 动，它不再是过去那个只会陪聊的聊天机器人，而是进化成了能够接管电脑、协助人类完成具体办公任 务的"办公搭子"，初步展示了生产力大变革的形象。多模态方面，字节发布的SeeDance2.0让大模型具 有了影视行业的生产力，从此前"生成一段画面"走向"完成一个作品"，生成15秒视频的可用率从此前 20%提升至90%，提升效率降低成本，有望推动漫剧等行业进入规模化发展阶段。 中银国际认为，随着大模型能力提升，这两条演进路径逐步清晰：Agent通过理解用户意图、拆解复杂 任务，搭载MCP和Skills等工具，快速覆盖商业办公、法律和金融领域应用；多模态有望通过生成仿真 数据，进一步用于加速具身智能等场景。 算力涨价成为新迹象，凸显算力供应瓶颈，算力产业链有望持续受益 中银国际发布研报称，2026年春节前后，国内外主要AI模型纷纷完成重大升级。随着大模型能力提 升，智能体与多模态两条演进路径逐步清晰。与此同时，智谱(02513)节前发布GLM Coding Plan价格调 整函，这一涨价预示着优秀的大模型企业不缺需求，有望 ...

Market Overview - US stock indices opened slightly higher, with the Dow Jones up 0.01%, Nasdaq up 0.07%, and S&P 500 up 0.01%. As of the report, the Dow Jones increased by 0.5%, Nasdaq by 0.33%, and S&P 500 by 0.16% [1] - A total of 3,106 stocks rose while 1,985 stocks fell, with a trading volume of $75.1 billion [2] Company Highlights - AMD's stock price surged by 15% pre-market, later stabilizing at a 5.47% increase, reaching $207.35, with a market capitalization of $338.08 billion. AMD agreed to sell AI chips worth up to $60 billion to Meta, marking a significant advancement for AMD in the AI chip market, where it currently lags behind Nvidia [2][3] - Nvidia holds approximately 90% of the AI chip market share and is the largest publicly traded company by market capitalization [2] - AMD's sales for the previous year were reported at $34.6 billion, with a projected revenue growth of 34% for the current year. An additional $10 billion in sales could accelerate AMD's progress in catching up to Nvidia [2] Sector Performance - The optical communication sector saw gains, with Coherent rising over 2%, Astera Labs nearly 2%, and Corning up over 1.2% following a $6 billion supply agreement with Meta [5][6] - The Nasdaq China Golden Dragon Index increased by 0.3%, with mixed performance among Chinese concept stocks. Companies like GDS, Xpeng, and TAL Education saw gains, while Alibaba, Pinduoduo, Tencent ADR, Baidu, and Xiaomi ADR experienced declines [8][9] Commodity Market - Spot gold fell below $5,100 per ounce, with a daily drop of 2.57%, while spot silver dropped below $85 per ounce, down 3.7% [10] - WTI crude oil futures rose by 1%, currently priced at $66.77 per barrel, while Brent crude oil futures increased by 0.69%, reaching $71.60 per barrel [11] Cryptocurrency Market - Bitcoin continued its downward trend, dropping over 3.5% in 24 hours, with prices falling below $63,000, reaching a low of around $62,700. Ethereum also fell below $1,900 [13][14] - Over the last 24 hours, more than 138,000 traders were liquidated, with a total liquidation amount of $414 million [15]

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].

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]

21世纪经济报道记者邓浩 在强化学习的加持下，模型编程能力得到大幅提高，AI Coding成为最快落地的Agent场景。 有业内人士认为这反映了其在AI赋能之下IDE工具给企业级客户带来降本增效效果显著，从而拉动客户 付费意愿有明显提升。截至2月24日午间收盘，卓易信息股价上涨2.39%。 值得一提的是，此前MiniMax研发负责人阿岛对21世纪经济报道记者表示，"（现在）MiniMax内部接近 100%的同学使用自研的AI Agent工具，能够读代码、改代码、提 MR、监控告警，直接嵌入真实工作 流，这对效率的提升是碾压式的。" 数据显示，海外头部AI编程产品年度经常性收入已突破10亿美元。国内厂商也普遍入局，比如字节推 出AI原生集成开发环境Trae IDE，阿里推出了聚焦于本地化的通义灵码。 据中信证券研报，对于AI Coding的市场空间，当前市场机构如The Business Research Company的预测为 2025年77亿美元，2029年182亿美元，4年近3倍空间。其拆解当前ARR（年度经常性收入）并按2030年 覆盖全部程序员的预期测算，当前市场规模预计约30亿美元，2030年或将有 ...

▪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 ...

截至2026年2月24日10:16，恒生科技指数(HSTECH)下跌2.29%，蔚来-SW涨2.29%，联想集团涨1.17%， 金蝶国际领跌，商汤-W、腾讯音乐-SW跟跌。 截至2026年2月12日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，恒生科技ETF汇添富的场外联接产品汇添富恒生科技ETF联接发起式 (QDII)C(013128)单位净值为0.85元。 消息方面，2月23日，恒指、恒生科技指数全天强势震荡，恒生指数收涨2.53%，恒生科技指数收涨 3.34%。板块方面，科技龙头、半导体、有色、新能源汽车股表现亮眼，紫金矿业、美团、中芯国际涨 超5%；恒生科技成分股中，蔚来、美团、中芯国际涨超5%，比亚迪股份、华虹半导体涨超4%，京东、 腾讯、阿里、小米、百度等涨超3%。 科技经济正加速替代地产经济成为增长新引擎，东方证券指出，2025年新质生产力主要行业对总产出的 影响程度已超过传统地产建筑链条；新质生产力以新兴制造业和高附加值服务业为核心，单位产值拉动 效应更强，但对PP ...

Investment Rating - The report suggests an "Overweight" rating for humanoid robots, AI applications, innovative drugs, and new consumption sectors [5][19]. Core Insights - The report highlights a strong growth potential in humanoid robots, with a projected shipment of nearly 18,000 units globally by 2025, representing a year-on-year increase of 508% [5]. - AI applications are expected to maintain steady growth, supported by the Ministry of Industry and Information Technology's initiative to build a national computing network [5]. - The innovative drug sector is experiencing a shift towards platform capabilities, as evidenced by a significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion [9]. - New consumption trends are emerging, with adjustments in CPI statistics reflecting the inclusion of new categories such as dishwashers and medical beauty services [5]. Summary by Category Humanoid Robots - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Medium, stable growth anticipated - Key Data: IDC forecasts a shipment of nearly 18,000 humanoid robots by 2025, a 508% increase year-on-year [5]. AI Applications - Rating: Neutral + Overweight - Technical Indicators: Weak, but stabilizing - Growth Expectation: Medium, slight downward adjustment expected - Key Data: The Ministry of Industry and Information Technology has initiated the construction of a national computing network [5]. Innovative Drugs - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, upward revision expected - Key Data: Significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion, marks a new phase in China's innovative drug export strategy [9]. New Consumption - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, stable growth anticipated - Key Data: CPI adjustments include new consumption categories, indicating a shift in consumer behavior [5].