以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 智元机器人正式进入德国市场 2月24日，智元机器人在德国慕尼黑举办发布会，正式宣布进入德国市场。会上，智元发布了面向德国市场的全系列通用具身机 器人产品矩阵及系统级行业解决方案，并与汽车外饰与结构件制造商敏实集团签署专项战略合作协议，敏实集团成为智元欧洲市 场战略合作伙伴及销售代理商。根据合作协议，双方将依托技术与产业资源的深度融合，加速机器人技术在欧洲的本地化落地与 规模化部署。（36氪） 三花智控等5家企业落户泰国，打造人形机器人零部件生产基地 2月25日消息，泰国投资委员会（BOI）正式批准了三花智控、拓普集团，宁波旭升、杭州新剑、东莞贝特科技等五家公司在泰国 的投资申请，允许这五家公司在泰国建设人形机器人核心零部件工厂。这五家企业有个共同点，他们都是特斯拉的供应商。泰国 的布局，似乎与特斯拉optimus人形机器人量产关系密切 ...

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - In February, 152 game licenses were approved, with 146 domestic and 6 imported games passing the review. Key products include Tencent's "Snow in the World" and others. As of February, 334 game licenses have been approved in 2026, indicating a stable issuance rhythm and a solid foundation for healthy industry development [2][20] - The rapid development of AI applications, combined with a recovery in entertainment consumption, presents investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors. Beneficiaries include Tencent, Alibaba, and others [21][6] Sub-industry Data Film Industry - The top three films by box office this week are "Flying Life 3" with 94,822.7 thousand yuan, "Biao Ren: Wind Rising in the Desert" with 34,787.9 thousand yuan, and "Silent Awakening" with 26,230.1 thousand yuan [22][23] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle." The top three Android games by popularity are "Heartbeat Town," "Diver Dave," and "Minecraft: Mobile Edition" [24][25] TV Series Industry - The top three TV series by broadcast index are "Taiping Year," "Eliminate Evil," and "Love in the Pure Era," with indices of 80.3, 79, and 78.8 respectively [26][27] Variety and Animation - The top variety show is "Now Departing Season 3" with a broadcast index of 69.6, followed by "The Strongest Brain Season 13" and "Hello Saturday 2026" [28][29] - The top three animations by viewership index are "Happy Hammer," "Xian Ni," and "Beyond Time," with indices of 288.1, 234.4, and 229.5 respectively [30]

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 [Table_Author] 分析师：赵琳 邮箱：zhaolin@hx168.com.cn SAC NO：S1120520040003 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 2 月 152 款游戏版号落地，Anthropic 指控国 产模型"蒸馏" [Table_Title2] 传媒行业周报系列 2026 年第 8 周 [Table_Summary] ►市场行情回顾 2026 年第8周（实际交易日为 2026.2.23-2026.2.27）上证 指数上涨 1.98%，沪深 300 指数上涨 1.08%，创业板指数上 涨 1.05%。恒生指数上涨 0.82%，恒生互联网指数下跌 2.49%，行业落后恒生指数 3.31pct。SW 传媒指数下跌 5.1%，跑输创业板指数 6.15pct，在申万一级 31 个行业涨 跌幅排名中位列第 31 位。子行业中影视、游戏和广告营销 位 列 前 三位，分别为上涨 4.26%、上涨 0.37%和下跌 0.17%。 ►核心观点&投资建议 2 月 152 款游戏版号落地， ...

Group 1: Core Insights - The report suggests a positive outlook for the AI industry and gaming sectors, indicating that recent market corrections may present better investment opportunities [12] - E-commerce sector shows mixed results, with Alibaba leading in AI advancements but facing pessimistic revenue growth expectations, leading to stock price fluctuations [16] - Social entertainment media, particularly Tencent and Bilibili, are expected to maintain strong growth, with Bilibili's advertising growth likely to outperform the overall internet advertising market [16] Group 2: E-commerce Insights - Alibaba's AI developments are significant, with the launch of the Qwen 3.5-Plus model, which has shown competitive performance at a lower cost, enhancing its market position [13] - Meituan is expected to face challenges due to intense competition in the food delivery sector, impacting profitability in the short term [16] Group 3: Gaming Sector Insights - The gaming sector is anticipated to maintain a favorable outlook, with new product launches expected to drive growth in 2026 [14] - Companies like Century Huatong and Perfect World are highlighted for their strong product pipelines and potential for revenue growth [18] Group 4: AI Developments - The report notes a growing concern about AI's impact on traditional industries, with a shift in market focus towards model technology pricing and capabilities [20] - The upcoming second quarter of 2026 is expected to see a new wave of model iterations, with domestic models catching up rapidly [20] Group 5: Advertising and Marketing - The advertising sector is seeing increased activity, with companies like Focus Media ramping up ad placements, particularly in consumer goods ahead of major events like the World Cup [18] - AI marketing is gaining traction, with companies like Titanium Technology preparing for an IPO, indicating strong growth potential in this area [19] Group 6: Media and Entertainment - The long video sector is stabilizing, with companies exploring new business avenues, while short video platforms like Kuaishou are benefiting from technological advancements [17] - The report emphasizes the importance of content production capabilities and project pipelines for companies in the film and television industry [19]

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 阿里即将推出千问 AI 眼镜，端侧 AI 落地有 望加速 事项： 根据报道，千问将在西班牙巴塞罗那举行的 2026 年 MWC 上发布首款同名 AI 眼镜，并于 3 月 2 日开启线上线下全渠道预约。同时，千问还会在年内陆续发 布 AI 指环、AI 耳机等产品，并面向全球市场发售。夸克 AI 眼镜和千问 AI 眼 镜都是由夸克眼镜团队开发的，同一个团队、同样的算法、软硬件支持，只是 后续推出的新的系列将和全球品牌保持一致，采用"千问（Qwen）"品牌。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | ...

摘要 风险提示 芯片制程发展与良率不及预期 中美科技领域政策恶化 智能手机销量不及预期 敬请参阅最后一页特别声明 1 - 本周海外 AI 应用 Gemini 与 Claude 活跃度上升而 ChatGPT 微降，国内因春节假期普遍下降。OpenAI 开启创纪录 1100 亿美元融资，投前估值 7300 亿美元，获亚马逊、软银及英伟达注资并达成基础设施与算力合作。阿里宣布 首款千问 AI 眼镜将于 2026 年 MWC 揭晓并于 3 月 2 日预售，预计整合淘宝支付宝等生态。谷歌发布基于 Gemini3.1Flash Image 架构的 Nano Banana2 生图模型，画质升至 4K，重点修复中文乱码并大幅提升多角色一致 性与复杂场景融合能力。 - 英伟达在 2025 年第四季度（FY2026Q4）实现营收 680 亿美元，同比增长 73%。第四季度数据中心收入为 620 亿 美元，同比增长 75%，环比增长 22%，主要由 Blackwell 持续强劲表现以及 Blackwell Ultra 的放量推动。全年 数据中心业务实现收入 1940 亿美元，同比增长 68%。第四季度 GAAP 毛利率为 75%， ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息， 本篇 为栏目第 320 篇报道。 整理丨 Lucus 本周（ 2 月 23 日至 3 月 1 日）出海大事件包括 ： TikTok Shop 东南亚跨境电商推出复工复产专 项激励；SHEIN宣布在广东追加投资超百亿； 智元机器人正式进入德国市场 ； 三花智控等5家企业 落户泰国；千问将面向全球推出AI眼镜等硬件产品； 宁德时代与宝马签约 ； 创维将接手松下北美和 欧洲电视业务 ；谷歌将Intrinsic并入核心业务；库克暗示苹果下一个重大突破是视觉AI。 出海四小龙 TikTok Shop 东南亚跨境电商推出复工复产专项激励 2月26日消息，随着春节假期结束，东南亚 跨境电商 进入节后经营恢复关键期。为此，TikTok Shop东南亚跨境电商发布复工复产专项激励政策， 推出时间为 2月24日至3月3日 。 激励政策 内容包括， 一是针对已报名"春节不打烊"活动的重点商家，日均GMV达标，可获得500美 元激励；二是其他商家完成 短视频 发布、 直播 开播、达人合作等任务 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that major domestic internet companies invested over 4.5 billion yuan during the Spring Festival to promote AI applications, marking a shift towards an ecosystem competition and user habit cultivation phase in AI [1]. - The development of large models is accelerating, with domestic firms catching up in performance and market application, suggesting a dual development path towards "general large models" and "vertical industry applications" [1]. - Despite concerns about AI replacing human jobs, the industry is shifting towards a more pragmatic approach, focusing on commercialization and practical applications [1]. Summary by Sections Investment Recommendations - The report suggests focusing on companies in the large model and AI Agent sectors, including Zhihui, MINIMAX-WP, iFlytek, Tuolisi, Hand Information, Zhongkong Technology, Baoxin Software, Suochen Technology, Wanxing Technology, Kingsoft Office, Hehe Information, Yonyou Network, Daotong Technology, Shiji Information, Shuiyou Co., and Anheng Information [3]. Industry Developments - Major tech companies are heavily investing in AI marketing, with significant promotional activities during the Spring Festival, including cash giveaways and product promotions to encourage user engagement with AI [1]. - Domestic models are evolving, with Alibaba's Tongyi Qianwen 3.5 series and MiniMax's new text model M2.5 demonstrating significant advancements in capabilities and competitive pricing [1]. - The report notes a growing concern in the market due to dystopian predictions about AI's impact on employment, but emphasizes that current AI tools are limited in their ability to replace complex human tasks [1]. Market Dynamics - The report indicates that the AI industry is entering a phase of rational capital expenditure adjustments, signaling a shift towards refined operations and commercial validation [1]. - The future of large model development may see a bifurcation, with major internet companies focusing on general model research while specialized firms leverage their industry-specific data and understanding to develop vertical models and AI Agents [1].

Investment Rating - The report suggests a focus on AI Infrastructure and commercial aerospace, indicating a positive outlook for these sectors [1]. Core Insights - OpenAI has completed a new financing round of $110 billion, achieving a valuation of $730 billion, with Amazon as a key participant [9][10]. - NVIDIA reported record revenue of $68.1 billion for FY26Q4, with data center contributions exceeding 90% of total revenue [11][12]. - SpaceX is accelerating its IPO plans, aiming for a valuation of over $1.75 trillion [17]. - China's AI model token usage has surpassed that of the U.S. for the first time, indicating a significant shift in the AI landscape [18]. Industry Size - The industry comprises 285 stocks, with a total market capitalization of ¥4529.7 billion and a circulating market capitalization of ¥4022.3 billion [2]. Market Performance - The computer sector experienced a 0.62% increase in the fourth week of February 2026, with notable stock performances from companies like Hailianxun and ST Diweixun [23][24]. Investment Recommendations - The report emphasizes cloud computing services as a strong investment direction, highlighting companies such as Co-creation Data, Hongjing Technology, and Alibaba [6][22]. - It also suggests monitoring domestic computing power companies like Haiguang Information and Cambrian, as well as various other tech firms involved in space and AI [6][22].

Group 1 - The report highlights a peak in lock-up expirations in March 2026, with a total of HKD 87.2 billion in lock-up shares set to be released, primarily affecting sectors such as non-ferrous metals, tea beverages, automotive, and pharmaceuticals [4][33] - The upcoming earnings disclosure deadline for Hong Kong companies, particularly those with fiscal years aligned with the calendar year, is expected to exert downward pressure on stock performance, with many companies required to announce preliminary results by March 31 [4][39] - Geopolitical tensions, particularly the escalation of military conflicts involving Iran, are noted as a secondary factor impacting market sentiment, although the overall effect on Hong Kong stocks may be limited due to a prevailing bullish trend in global risk assets [4][45] Group 2 - The report suggests that the period from mid to late March 2026 may present an opportunity for negative sentiment to dissipate, as the peak of the aforementioned pressures passes [4][50] - The performance of the Hang Seng Technology Index is expected to improve as major companies within the index are likely to report earnings by mid to late March, potentially alleviating market concerns [5][39] - The potential visit of former President Trump to China at the end of March to early April could also positively influence market sentiment [5][52] Group 3 - Historical data indicates that the Hong Kong market does not exhibit a significant seasonal effect post-Chinese New Year, with the Hang Seng Index showing only a 46.7% probability of rising during this period over the past 15 years [7][13] - The report emphasizes that the recent appreciation of the Renminbi is not driven by domestic economic fundamentals, which may lead to a divergence between currency strength and Hong Kong stock performance [20][21] - The report notes that the core variable influencing foreign investment in Hong Kong stocks is the expectation of China's economic fundamentals rather than short-term fluctuations in the exchange rate [21][22]