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 ...

商报讯(记者朱光函)昨天一早，千寻智能办公室里洋溢着浓浓的喜气。这家成立仅两年的具身智能明星 企业，连续完成两轮总额近20亿元的融资，估值一举突破百亿大关，正式跻身行业"百亿俱乐部"。 本次融资堪称"全明星"阵容，云锋基金、红杉中国等顶级财务机构，TCL创投、明荟投资等产业资本以 及重庆、杭州等地国有资本共同加持。顺为资本、Prosperity7等老股东更是悉数大额跟投，用真金白银 表达了对公司未来的坚定信心。 千寻智能的掌舵者分别是80后机器人创业老兵韩峰涛与90后AI学者高阳。其中韩峰涛硕士毕业于浙江 大学控制科学与工程学院。在他们看来，2026年将是具身模型性能快速爆发的关键之年，核心在于数据 量级与模型性能的突破。为此，公司今年将80%的精力聚焦于一个目标：让"具身大脑"的性能跻身全球 前三，而获取100万小时的有效数据是关键指标。 支撑这一雄心的，是团队构筑的独特技术壁垒。他们坚持一个反直觉的理念：数据的多样性远比"干 净"本身更有价值。通过自研的可穿戴式数采设备，千寻将数据采集成本降至传统方式的十分之一，目 前已累计获取超20万小时的真实交互数据。正是凭借这套"数据金字塔"体系，其年初开源的Spi ...

2026年马年春节假期收官，作为观察中国经济活力的重要窗口，今年新春消费市场呈现出"科技感拉 满、文旅势头强劲、线上线下（300959）融合"的鲜明特征，与"十五五"规划建议中"大力提振消费""培 育新型消费"的导向形成精准呼应。 从春晚舞台上完成高空翻转的人形机器人，到千家万户中"一句话下单"的AI消费助手；从景区里一机难 求的机器人租赁服务，到下沉市场爆发式增长的AI预订订单，前沿科技正以润物细无声的姿态融入团 圆场景。 机器人、AI服务等新兴消费领域，更是涌现出数倍乃至数十倍的增长奇迹。这场新春消费热潮，不仅 点亮了万家灯火的幸福年味，更勾勒出"十五五"时期中国经济高质量发展的新动能与新图景。 机器人"一机难求"，黄金"吸粉"年轻人 "除夕当晚，单价近63万元的银河通用G1工业机器人上架几分钟就售罄，宇树科技、松延动力、魔法原 子等品牌的消费级产品也被抢购一空。"京东平台相关负责人表示，春晚开播两小时内，平台机器人搜 索量环比增长超300%，客服咨询量增长460%，新增订单覆盖全国超100座城市。 2026年马年春节，机器人彻底告别"实验室展品"身份，成为消费市场最忙碌的"新宠"，线上抢购火爆与 线下租 ...

关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生 指数跌1.82%，国企指数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 具体盘面上，权重科技股全线下跌拖累大市走低，其中，美团跌超4%，腾讯盘中刷新阶段新低，小 米、阿里巴巴、京东皆有跌幅；大金融股(银行、保险、券商)全天表现弱势，尤其是保险股跌幅尤其明 显，中国人寿大跌6%，新华保险跌5.79%，中国银河、中金公司领衔中资券商股下跌；春节挡票房同比 大幅下滑，影视板块跌幅较大，濠赌股、机器人概念股、光伏股、苹果概念股、内房股、有色金属股纷 纷走低。 另一方面，半导体储存概念股逆势上扬，兆易创新大涨近12%领衔，集运欧线早盘一度大涨13%，港口 及海运股全天活跃，此外，AI应用"双雄"智谱、MINIMAX-WP表现强势。(格隆汇) ...

Core Insights - The article highlights the significant breakthroughs achieved by the domestic AI model company, Zhipu, in both capital markets and technological innovation as of early 2026. Zhipu's stock price surged over 15%, with a market capitalization exceeding HKD 300 billion, positioning it as a leader in the Hong Kong TMT sector [1][2]. Market Performance - Zhipu's stock reached a market cap of HKD 323.2 billion on February 20, 2026, surpassing traditional internet giants like JD.com and Kuaishou, marking its ascent to the top tier of the Hong Kong TMT sector [1]. - The AI application sector in Hong Kong showed strong performance, with Zhipu's stock leading the gains [1]. Technological Advancements - Zhipu's GLM-5 model has gained global attention for its capabilities in real-world programming tasks, significantly outperforming previous open-source baseline models [1][2]. - The GLM-5 model has been recognized as the top open-source model in multiple benchmark tests, establishing Zhipu as a key player in the global AI landscape [2][8]. Paradigm Shift in AI Programming - The introduction of GLM-5 signifies a shift from "Vibe Coding" to "Agentic Engineering," redefining AI programming by enabling AI to autonomously handle end-to-end software engineering tasks [4][7]. - This new paradigm allows AI to function as a "virtual engineer," capable of executing complex development tasks without human intervention, thus enhancing productivity in software development [7][8]. Competitive Landscape - The global landscape for Agentic Engineering is evolving, with Zhipu and other domestic startups making significant strides in core technologies and open-source ecosystems [5]. - Major players like Microsoft, OpenAI, and Google DeepMind are currently leading the field, but Zhipu's advancements position it as a formidable competitor [4][5]. Technical Breakthroughs of GLM-5 - Zhipu's GLM-5 has achieved four major breakthroughs: 1. Slime asynchronous reinforcement learning infrastructure, enhancing GPU utilization and training efficiency [23]. 2. AgentRL asynchronous reinforcement learning algorithm, optimizing planning and execution capabilities in dynamic environments [23]. 3. DSA sparse attention mechanism, significantly reducing computation costs while maintaining long-context capabilities [23]. 4. Full-stack adaptation to domestic chips, achieving performance comparable to dual-GPU clusters and reducing processing costs by 50% [23]. Practical Applications - Real-world testing of GLM-5 demonstrated its ability to autonomously create a deployable personal photography website and conduct complex technical analyses, showcasing its practical utility in various scenarios [12][20].

Market Overview - Hong Kong stocks opened higher, with the Hang Seng Index rising by 2.53% to 27,081.91 points, driven by a rebound in the technology sector[13] - European markets showed mixed results, with the Euro Stoxx 600 index down 0.5%, while the UK FTSE 100 index remained relatively stable, closing at 10,684.74 points[11] - US markets faced significant declines, with the Dow Jones dropping 1.7% to 48,804.1 points, marking its largest single-day drop since January 20[11] Economic Indicators - China's GDP is projected to grow by 4.7% year-on-year in Q1 2026, benefiting from a high base effect and increased consumer spending during the extended Spring Festival holiday[6] - The average daily cross-regional flow of people during the Spring Festival increased by nearly 9% compared to the previous year, boosting hotel and flight prices[6] Commodity and Currency Trends - Gold prices surged by 2.87%, closing at $5,204.7 per ounce, driven by increased demand for safe-haven assets amid geopolitical tensions and tariff uncertainties[32] - The US dollar index fell by 0.1%, with the euro and yen appreciating against the dollar[32] Fixed Income Market - US Treasury yields declined, with the 2-year yield down 4 basis points to 3.44%, reflecting heightened risk aversion in the market[35] - Asian credit markets remained stable, with spreads narrowing by 1 basis point, as investors cautiously monitored US tariff developments[35] Sector Performance - In the US, technology and software stocks were heavily sold off, with IBM experiencing a drop of over 13%, while major tech stocks like Microsoft and Meta fell by approximately 3%[11] - In Hong Kong, the materials sector led gains with a 4.3% increase, while the energy sector saw minimal growth of 0.2%[14]

值得注意的是，首程控股参投的三家机器人企业亮相2026马年春晚。高盛最新研报中表示，马年春晚成 为中国人形机器人技术的重要展示平台，宇树、诺特力、Magic Lab和Galbot等民营企业的机器人表演 展现了硬件和全身控制的重大进步。但高度编排的表演难以充分评估其底层AI能力。 消息面上，据上海证券报消息，今年春节档的机器人租赁基本上提前一个月已经订满，如果临近春节下 单，价格可能从之前的几千元/天上涨到1万元/天，但机器人租赁价格却一路下跌。有机器人租赁从业 者表示，目前不同厂商产品差异并不明显，主要是跳舞和不跳舞的机器人的区别，价格下行的核心原因 在于供需关系缓解。京东提供的数据也显示，租赁价格大幅下调成为眼下机器人消费市场的重要趋势。 智通财经APP获悉，首程控股(00697)早盘跌超9%，截至发稿，跌8.51%，报2.15港元，成交额2.06亿港 元。 ...

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 ...

Market Overview - The three major U.S. stock indices experienced significant declines, with the Dow Jones falling by 821.91 points (1.66%), the Nasdaq down by 258.80 points (1.13%), and the S&P 500 decreasing by 71.76 points (1.04%) [1][2] - The VIX, a measure of market volatility, surged by 11.05% to 21.20, indicating increased market anxiety [1] Sector Performance - The financial sector dropped by 3.3%, with major banks like Wells Fargo, Citigroup, and JPMorgan falling over 4% [4] - Software companies faced a 4.0% decline, with DoorDash and ServiceNow dropping over 5%, and Oracle down by 4.59% [4] - The airline and travel sectors plummeted by 3.7% and 4.0%, respectively, due to severe winter storms affecting transportation [4] Key Stock Movements - Notable tech stocks showed mixed results, with Nvidia rising by 0.91% and Apple by 0.60%, while Google fell by 1.02%, and Amazon, Meta, Tesla, and Microsoft all dropped over 2% [2][3] Economic and Policy Context - The U.S. Supreme Court ruled that the Trump administration's tariffs on imports were unconstitutional, leading to new trade threats from the White House [5] - Trump announced a new 10% tariff on all U.S. imports, which was later raised to 15%, creating uncertainty in the market [5] - The average effective tariff rate is expected to decrease from 16% to 13.7% following the Supreme Court's decision [5] Investor Sentiment - Investors reacted negatively to the uncertainty surrounding trade policies, leading to a sell-off in U.S. assets [6] - Concerns about the potential for other countries to respond negatively to U.S. policies have heightened market anxiety [6] - The market is currently characterized by a preference for selling first and asking questions later, reflecting a strong aversion to uncertainty [6] Bond Market Reaction - In response to the latest tariff announcements, investors shifted towards U.S. Treasury bonds for safety, with the 10-year Treasury yield falling to 4.03% [7] - The two-year Treasury yield decreased by 3.6 basis points to 3.44%, indicating a flight to safety amid rising inflation concerns [7] Upcoming Events - Nvidia's earnings report is anticipated to impact market volatility, as it holds a significant weight in the S&P 500 index [8]