2月25日，OpenAI在其官方视频栏目中发布了对知名开源项目OpenClaw创建者Peter Steinberger的深度访谈，由OpenAI高管Romain Huet主 持。 访谈里，Steinberger复盘了OpenClaw的爆红、自己如何用Codex等"代理式工具"写软件，以及开源与安全的真实矛盾。 几周前还需要主持人"介绍一下"，如今Steinberger在旧金山被上千名用户线下"围观"。他形容自己"各方面都有点超载"，但也直言这正是他想 看到的结果："我一开始就是想激励别人——现在这就是最有趣的形式。" 涌现的智能："它自己找到了解决问题的路径" 很多人以为OpenClaw是一夜成名，但其背后是长达十个月的疯狂试错。真正让Peter确认这款产品具备极高市场契合度（PMF）的，是AI智能 体展现出的"涌现能力"。 Peter把未成熟的AI智能体接入了日常通信软件。某天，有人发来一条语音信息。按照原本的程序逻辑，AI不具备处理这种未知音频文件的能 力。然而，令人毛骨悚然又无比兴奋的一幕发生了：AI开始显示"正在输入"。 "我当时就在想，我根本没写过这个功能，这怎么可能奏效？"Peter回忆道。 当他 ...

OpenAI与Anthropic正在对企业软件市场采取截然不同的战略姿态——一个高调宣示颠覆意图，另一个刻意强调伙伴关系。 分析认为，这一分歧正在重塑市场对AI冲击传统软件行业的预期。 科技媒体The Information报道称，Anthropic在发布Claude Cowork新功能时，刻意将叙事重心放在对人力的替代，而非对软 件工具的取代。其逻辑在于： 新AI工具将继续调用现有企业软件，企业仍需为这些软件付费，软件供应商的收入来源并不会因此消失。 2月24日，Anthropic发布了旗下Claude Cowork AI软件的新功能细节，展示企业如何通过该工具访问和调用存储在 DocuSign、LegalZoom及Salesforce等企业应用中的数据。 消息公布后，此前因AI颠覆预期而承压的企业软件股普遍反弹——Figma股价上涨10%，ServiceNow微涨1.4%，Salesforce 上涨4%。市场的正面反应表明，Anthropic的实际定位并未如部分投资者此前担忧的那般激进。 与此同时，OpenAI上周在一场投资者会议上明确表示，其AI智能体及未来产品将具备替代Salesforce、Workd ...

Anthropic 凤凰网科技讯北京时间2月25日，据《时代》杂志报道，美国AI创业公司Anthropic取得了巨大成功，并 自诩为顶级AI研究实验室中最注重安全的公司。但是，Anthropic高管告诉《时代》，该公司正放弃其 旗舰安全政策的核心承诺。 Anthropic曾在2023年承诺，除非能提前保证拥有足够的安全措施，否则绝不训练AI系统。这一承诺成 为了Anthropic"负责任扩展政策"(RSP)的核心支柱。多年来，Anthropic高层一直将这一承诺吹捧为他们 是一家负责任、能够抵御市场诱惑、不急于开发具有潜在危险技术的公司的有力证明。 但是最近几个月，该公司决定对RSP进行彻底改革。这一决定包括放弃原先的承诺，即如果无法提前保 证适当的风险缓解措施，就不会发布AI模型。 Anthropic首席科学官贾里德.卡普兰(Jared Kaplan)在接受《时代》独家采访时表示："我们认为，停止训 练AI模型实际上对任何人都没有帮助。随着AI的快速发展，我们并不觉得在竞争对手快速推进的情况 下，我们做出单方面承诺是合理的。" 《时代》查阅的Anthropic新版政策包括：承诺在AI安全风险方面更加透明，包 ...

此外，A股、港股储芯片概念走低 ，A股普冉股份一度跌近10%，恒烁股份、兆易创新（603986）、江 波龙（301308）、佰维存储、香农芯创（300475）等跌幅靠前。港股中澜起科技跌超4%、兆易创新跌 超3%。消息方面，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。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 普典股份 | 248.71 | -8.56% | | 恒৮股份 | 94.41 | -7.50% | | 兆易创新 | 306.98 | -4.97% | | 澜起科技 | 166.54 | -4.62% | | 江波龙 | 294.65 | -4.49% | | 佰维存储 | 166.94 | -4.06% | | 朗科科技 | 34.69 | -3.72% | | 德明利 | 246.60 | -3.67% | | 聚辰股份 | 142.83 | -3.61% | | 深科技 | 32.73 | -3.08% | 2月25日，港股AI应用概念短线跳水，截至发稿，MINIMAX-WP跌超14%、智谱、海致科技集团跌约 6%。 瑞士百达资产管理首席策 ...

晨会纪要 2026 第（32）期 发布日期：2026-02-25 | 中原期货研究咨询部 | 0371-58620081 | | --- | --- | | 0371-58620083 | | | 公司官方微信 | | 公司官方微信 1 中原期货研究咨询部 中原期货研究咨询部 | 化工 | 主力合约 | 2026/2/25 | 2026/2/24 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,108.50 | 1,101.50 | 7.0 | 0.635 | | | 焦炭 | 1,646.50 | 1,634.50 | 12.0 | 0.734 | | | 天然橡胶 | 17,180.00 | 17,030.00 | 150.0 | 0.881 | | | 20号胶 | 13,930.00 | 13,795.00 | 135.0 | 0.979 | | | 塑料 | 6,826.00 | 6,820.00 | 6.0 | 0.088 | | | 聚丙烯PP | 6,747.00 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Cloud Native Computing Foundation (CNCF) has achieved significant growth, hosting over 230 projects and more than 300,000 contributors globally, marking a decade of progress in cloud native technologies [5][15] - In 2025, CNCF launched the Certified Kubernetes AI Platform Conformance Program to standardize AI infrastructure on Kubernetes, addressing the risk of fragmentation in AI workloads [47][48] - The end user community remains a strong asset for CNCF, with notable contributions from organizations like Ant Group and Michelin, showcasing the practical impact of cloud native technologies [8][35] Summary by Sections Introduction - 2025 marks ten years of CNCF, highlighting its evolution and the growth of open source cloud native innovation [5] 2025 Momentum - CNCF continues to support organizations in adopting cloud native tools at scale, with themes like platform engineering, AI, and observability emerging as key areas of focus [6] Leadership - Jonathan Bryce was appointed as executive director, overseeing CNCF's projects and member collaboration [16][17] Membership - CNCF welcomed 135 new members in 2025, bringing the total to nearly 800 member organizations, indicating strong investment in cloud native computing [19][20] End User Community - The CNCF End User community is recognized for its innovative use of cloud native technologies, with awards given to Ant Group and Michelin for their impactful contributions [8][35] Education - CNCF expanded its education initiatives, launching new certifications and achieving significant enrollment increases in existing programs [90][91] Project Updates - CNCF hosted 34 graduated projects, 36 incubating projects, and 144 sandbox projects, reflecting its commitment to project diversity and growth [101] Security - CNCF prioritized security audits and threat modeling, addressing the increasing sophistication of open source supply chain attacks [116][117] Community Engagement - CNCF organized numerous community events, fostering collaboration and knowledge sharing among cloud native enthusiasts [124][125]

Market Overview - The total scale of equity ETFs in the market reached 44,587.78 billion yuan, with an increase of 85.20 billion yuan in total scale over the past week, while total shares decreased by 154.37 billion shares, resulting in a net outflow of 351.82 billion yuan [1] - The Hong Kong and overseas ETF segment saw the highest net inflow of 95.37 billion yuan, primarily driven by inflows into the Hong Kong technology sector, while the broad-based and strategy ETF segment experienced the largest net outflow of 420.79 billion yuan [1] Fund Positioning - In the broad-based and strategy ETF segment, the top three inflow sectors were Free Cash Flow, CSI 2000, and CSI 1000, while the top three outflow sectors were CSI A500, CSI 300, and Sci-Tech 50 [2][3] - The industry and thematic ETF segment saw net inflows in the top five sectors including Robotics, Military Industry, Non-ferrous Metals, Internet, and Chemicals, while the top five outflow sectors included Semiconductor Chips, New Energy, Battery Storage, Innovative Drugs, and Banking [2][4] Key Focus Areas - The Robotics ETF from Penghua (159278) is showing upward momentum, with the founder of Yushu Technology predicting that the future heat of the robotics industry could be 100 to 1000 times greater than the current level, driven by AI advancements [5] - The year 2026 is highlighted as a critical milestone for humanoid robots, with expectations for mass production and significant supply chain developments [5] - The semiconductor sector is experiencing positive momentum, with significant advancements in quantum communication technology and record sales reported by Huahong Semiconductor [7][8] - The storage chip market is anticipated to enter a new growth cycle driven by AI, with increased capital expenditures from global cloud service providers expected to boost demand for servers and upstream components [9]

证券研究报告 行业研究 / 行业点评 2026 年 02 月 24 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业跟踪报告：摩尔线程推出智能编程 服务》2026-02-09 《电子行业周报：AI 算力需求爆发，带动半 导体设备、存储赛道景气度上行》2026-02-03 《电子行业跟踪报告：OpenClaw 助力 AI Agent 技术范式升级》2026-02-03 《电子行业周报：Intel 25Q4 服务器与人工智 能业务增长亮眼》2026-01-26 《电子行业跟踪报告：存储封测或将迎来戴维 斯双击》2026-01-26 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 联系人 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 字节跳动发布 Seedance 2.0 ——电子行业跟踪报告 事件：2026 年 2 月 12 日，字节跳动正式发布了新一代音视频创作模型 Seedance 2.0，该 模型 ...

Key TakeawaysAustralia's January CPI rose 3.8% year-over-year, exceeding economist estimates of 3.7% and signaling that inflationary pressures remain stickier than anticipated.The Nikkei 225 index surged to a new all-time high as Japanese government bond yields eased following dovish signals from Prime Minister Takaichi regarding Bank of Japan (BoJ) appointments.Autonomous driving startup Wayve raised $1.2 billion in a Series D round backed by Nvidia (NVDA) and major automakers, with plans to launch robotax ...

Workday CEO布赫里 凤凰网科技讯北京时间2月25日，据彭博社报道，在投资者担心AI将颠覆软件行业之际，美国财务管理 和人力资本管理软件公司Workday CEO阿尼尔.布赫里(Aneel Bhusri)表示，Anthropic等领先AI公司实际 上都在使用他公司的产品。 "不管说这个有没有用，Anthropic、谷歌和OpenAI都在使用Workday的产品。"布赫里周二在与分析师举 行的电话会议上表示。 他表示："这些是真正的记录系统，必须以绝对的准确性和速度处理交易，执行复杂的安全模型，并遵 守全球各地的法定和监管要求。无论怎样的'氛围编程'都无法打造出HR或ERP系统。"ERP指企业资源 规划软件，它将许多基础业务任务整合到单一系统中。(作者/箫雨) Workday开发用于办公事务的软件，例如薪资发放和员工管理。投资者日益担忧，AI工具将使这类工作 变得更加简单，从而削弱对这些产品的需求。今年以来，Workday的股价已暴跌约40%，与其Salesforce 等同行的跌势如出一辙。 作为Workday联合创始人，布赫里本月早些时候回归重新担任CEO。他在2024年辞去联席CEO一职，但 继续担 ...