本篇报告梳理了春节假期科技相关热点。全球多个 AI 大模型在春节期间发布重 磅更新，国产 AI 模型算力持续紧张。春晚带动机器人搜索量大增，宇树科技三 登春晚，我国机器人技术持续突破，产业商业化应用渐行渐近。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4481.3 | 4.0 | | 流通市值（十亿元） | 3977.0 | 3.9 | 行业指数 证券研究报告 | 行业定期报告 2026 年 02 月 23 日 春节假期科技热点梳理 计算机周观察 20260223 TMT 及中小盘/计算机 % 1m 6m 12m 绝对表现 -6.6 13.6 16.7 相对表现 -4.5 2.1 -2.6 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Feb/25 Jun/25 Sep/25 Jan/26 (%) 计算机 沪深300 相关报告 1、《AI 军备竞赛持续升级，关注高 壁垒软件及云服务——计算机周观察 20260208》2026-02-08 2、《AI 入口大战开启 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The development of large models emphasizes input efficiency and commercialization, with intense competition for consumer-facing entry points [1] - The new model "Qwen3.5-Plus" from Qianwen significantly enhances inference efficiency and integrates with Alibaba's ecosystem, potentially increasing traffic and order volume for downstream service providers [2] - During the Spring Festival, AI applications saw a surge in daily active users (DAU), with Qianwen reaching 73.52 million DAU, indicating a competitive landscape for consumer traffic [2] Summary by Sections - **AI Application C-end Positioning**: Qianwen's DAU increased significantly during the Spring Festival, leveraging red envelope activities to capture consumer traffic. Qianwen leads with 3 billion yuan in revenue, while competitors like Doubao and Tencent's Yuanbao also show strong user engagement [2] - **Industry Trends**: Since 2025, the large model industry has shifted towards emphasizing inference and multimodal capabilities, focusing on commercial viability and ROI. Recent developments include significant price adjustments and performance improvements from companies like Zhipu and MiniMax [2] - **Recommended Stocks**: The report suggests investing in Alibaba, with additional attention to companies like Cao Cao Travel, SF Express, Damai Entertainment, Focus Media, and Bilibili-W [2]

Group 1 - The Hong Kong stock market experienced a strong performance on February 23, with the Hang Seng Index rising by 2.53% and the Hang Seng Tech Index increasing by 3.34%, indicating a significant recovery in market sentiment [2][3] - There was a clear divergence in sector performance, with technology and semiconductor stocks generally rising, while the commodity sector, particularly gold and oil stocks, showed remarkable strength, with several gold stocks rising over 6% [2][3] - The recent surge in the commodity sector is attributed to strong international commodity prices, with gold futures increasing by 1.66% from February 16 to 20, and Brent crude oil futures rising by 5.62% during the same period [3][4] Group 2 - Analysts suggest that the fluctuations in commodity-related stocks during the Spring Festival are closely linked to recent geopolitical developments, particularly the tensions between the U.S. and Iran, which have historically led to better oil price performance [4] - The performance of the Hong Kong market may serve as a reference for the upcoming A-share market, as there is a close correlation in capital flow and market sentiment between the two markets [5][6] - Historical data indicates a significant "Spring Festival effect" in the A-share market, with an 80% probability of the Shanghai Composite Index rising in the five trading days before the festival and a 75% probability in the five days after [5] Group 3 - From a funding perspective, the market shows support, with a net inflow into existing equity ETFs and a potential halt in major fund reductions, suggesting that the current market trend may continue [6][7] - Analysts expect that sectors such as technology manufacturing, resource products, and infrastructure chains will perform well post-Spring Festival, driven by increased risk appetite and seasonal demand [7] - The market may see a blend of growth and dividend strategies post-festival, rather than a simple switch in investment style, as both growth and high-dividend assets remain attractive [7]

各大券商分析师春节"连轴转" 每经记者｜王海慜 每经编辑｜何小桃 赵云 宋思艰 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商的分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的连续七天新春专题路演，到中信证券聚焦AI大模 型的系列电话会，再到多家机构跟踪春节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 《每日经济新闻》记者注意到，今年春节加班路演已经成为各券商研究所的常态，无论是中小券商还是头部券商都在假期中继续"营业"，"加更"观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能概念股表现亮眼。2月20日和23日，恒生科技指数 走势先抑后扬，迎来马年"开门红"。 同时业内预计，美国此次关税裁定落地利好非美市场资产，叠加A股春节效应的历史正向表现，市场对马年节后"红包行情"的延续抱有较高期待。 截图来源：网络 最近，兴业证券策略首席张启尧的春节路演计划表在圈内刷屏：从大年初一至初七，他和团队同事一起每天15:00准时与投资者连线。 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、20 ...

Group 1 - The U.S. government is considering a military strike against Iran if diplomatic efforts fail, with a potential first strike planned in the coming days [1][3] - Trump has indicated that if initial precision strikes do not compel Iran to abandon its nuclear program, a larger military action may be considered later this year [1][3] - U.S. and Iranian representatives are set to meet in Geneva for what appears to be the final round of negotiations to avoid military conflict [1][3] Group 2 - Iran's Foreign Minister has stated that diplomatic solutions to the nuclear issue are still viable and emphasized the importance of negotiations over military actions [4][12] - Iran is preparing a proposal to submit to the U.S. and believes that an agreement could be reached soon, potentially better than the 2015 nuclear deal [4][12] Group 3 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act was unlawful, prompting a response from the Chinese government [2][10] - China opposes unilateral tariff measures and emphasizes that trade wars have no winners, urging the U.S. to eliminate such tariffs [2][10] Group 4 - The Hong Kong stock market saw significant movements, with the Hang Seng Index rising by 2.531% and the Hang Seng Tech Index increasing by 3.336% [5][14] - Notable stock performances included Zijin Mining up by 5.347% and NIO-SW up by 5.290% [6][14] Group 5 - The AI model company Kimi has achieved rapid growth, becoming the fastest domestic company to reach a valuation of over $10 billion, with significant revenue growth driven by international users [7][15] - Kimi's recent funding rounds have exceeded $1.2 billion, and its revenue in the last 20 days surpassed its total revenue for the previous year [7][15] Group 6 - The AI sector experienced volatility, with significant declines in stock prices for companies like Zhiyu and Haizhi Technology, attributed to a recent apology letter addressing user concerns [8][16] - Zhiyu's market value dropped by over 700 billion HKD following the announcement, despite previous strong performance [8][16]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经记者｜王海慜 每经编辑｜赵云 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的 连续七天新春专题路演，到中信证券聚焦AI（人工智能）大模型的系列电话会，再到多家机构跟踪春 节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能 概念股表现亮眼。2月23日，港股大涨。截至收盘，恒生指数涨2.53%，恒生科技指数涨3.34%。 此外，业内预计，美国最高法院关税裁定利好非美市场资产，叠加A股春节效应的历史正向表现，市场 对马年春节后"红包行情"的延续抱有较高期待。 机器人、创新药大热 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、2026年十大产业趋势、全球估值比较、 全球产业映射、出海深度报告等多个维度。张启尧及其团队试图在春节假期这一A股市场"空窗期"，通 过高频的观点输出，抢占投资者的注意力高地。 这并非行业个例。多家机构 ...

2月23日，港交所一开盘，腾讯和阿里的股价向上45度上涨，收盘价较上个交易日收盘分别上涨3.07%和3.47%，资本市场用真金白银为春节期间两大AI参与 方"投票"，也间接对过去一个月大模型密集落地做出回应。从除夕夜豆包扛住633亿tokens/分钟的流量洪峰、阿里云发布新模型，到春节期间月之暗面刷新 融资纪录、阿里"千问帮我"下单近2亿次，大厂与小厂共同上演了一场没有旁观者的高频次产品竞赛。 如今，聚光灯已从台前的具身智能，转向了幕后深入千家万户的大模型应用。台上是风景，台下是生活。曾经，活动不卡顿是春晚"秀肌肉"的底线，如今这 只是AI基建成熟的起点。当大模型真正"入户"，一场关于用户习惯与商业闭环的深层较量进入高潮。 | HK 09988 阿里巴巴-W 港币柜台 v | | | --- | --- | | 152.200港元 +5.100 +3.47% | | | ○ 已收盘 02-23 16:00:00 北京时间 | | | 今开 150.100 | 最高 | | 昨收 昨 147.100 | 最低 | | 4 = = 0 0 200/ | 上月/TTM) | 这场战役的焦点，已不再局限于春晚舞台上的 ...

Group 1 - The Hong Kong stock market showed a positive sentiment today, with all three major indices opening high and maintaining strong fluctuations, led by the technology sector [1][2] - The Hang Seng Index rose by 2.53%, the Hang Seng China Enterprises Index increased by 2.65%, and the Hang Seng Technology Index surged by 3.34% [2][3] - Major tech stocks performed well, with Meituan rising over 5%, Alibaba, Xiaomi, and JD.com increasing by over 3%, while semiconductor stocks also saw significant gains [2] Group 2 - Zhipu, referred to as the "first stock of large models in Hong Kong," experienced a sharp decline of 22.76% due to the impact of an apology letter related to its GLM Coding Plan [4][5] - Zhipu's stock price had previously surged over 250% from February 9 to February 22, indicating a volatile trading period [4] - The company acknowledged three main errors in the GLM Coding Plan, including insufficient transparency, slow rollout of GLM 5, and poorly designed upgrade mechanisms for existing users [6] Group 3 - The precious metals sector, including gold, saw strong performance, with stocks like Tongguan Gold rising over 12% and Ganfeng Lithium increasing by over 8% [7][8] - Other notable gains in the precious metals sector included Zijin Mining and Wukuang Resources, both rising by over 6% [7]

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

转自：新华财经 新华财经香港2月23日电（记者林迎楠）23日港股主要指数收涨，截至收盘，恒生指数上涨2.53%至 27081.91点，恒生科技指数上涨3.34%至5385.35点，国企指数上涨2.65%至9197.38点。 当日恒指开盘拉高向上，午前稍有回落，午后开市延续上涨态势，主板成交超1729亿港元。 成交额前三的个股中，腾讯控股涨3.07%，成交超118亿港元；阿里巴巴涨3.47%，成交超68亿港元；美 团涨5.26%，成交55亿港元。 编辑：郭洲洋 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 整体来看，多数板块上涨，新消费、黄金、有色金属、商业航天、新能源车企、科网、银行、券商等股 多为上涨，生物医药、石油与天然气、影视等股有涨有跌，奶制品、纸业等股多有下跌。 个股方面，智谱跌22.76%，携程集团-S涨1.73%，友邦保险涨4.07%，比亚迪股份涨4.87%，MINIMAX- WP跌13.35%，紫金矿业涨5.35%，长飞光纤光缆涨14.43%，宁德时代涨3.14%，老铺黄金涨2.66%，工 商银行涨2.34%，中国太平涨2.06%，华虹半导体涨4.51%，国泰君安国际 ...