Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]

Group 1 - OpenAI is nearing completion of a new funding round, potentially exceeding $100 billion, aimed at developing AI tools and marking a significant step towards its IPO [1][2] - The funding round is classified as "Series C," with a post-money valuation expected to surpass $850 billion, making it the most valuable private tech company globally [1][4] - Major investors in this funding round include Amazon, SoftBank, Nvidia, and Microsoft, indicating a strategic alliance among tech giants [4][6] Group 2 - The funding will be structured in two phases, with the first phase led by strategic corporate investors and the second phase involving venture capital firms and sovereign wealth funds [4] - OpenAI's operational costs are significantly high, with projected expenses of approximately $8 billion for 2025, despite anticipated annual revenue exceeding $20 billion [9][10] - The company has revised its long-term capital expenditure plan from an initial $1.4 trillion to about $600 billion, while still planning substantial investments in computing resources [9][10] Group 3 - OpenAI's revenue is projected to exceed $280 billion by 2030, with consumer and enterprise segments expected to contribute equally [11] - The company is under pressure to secure funding due to its high operational costs and the need for substantial infrastructure investments [7][8]

行业点评报告 · 计算机行业 国产 AI 春节档攻势如潮，全球 AI 趋向务实 ——2026 年春节档 AI 产业动态点评 2026 年 2 月 23 日 核心观点 计算机行业 推荐 维持评级 分析师 吴砚靖 ：wuyanjing@chinastock.com.cn 分析师登记编码：S0130519060002 邹文倩 ：zouwenqian@chinastock.com.cn 分析师证书编码：S0130519060003 相对沪深 300 表现图 2026 年 2 月 23 日 -10% 0% 10% 20% 30% 40% 50% 计算机SW 沪深300 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件：2026 年春节档，全球 AI 产业呈现分化特征，标志性事件体现为： 1、 国 产 AI 厂 商 借 助 春 节 效 应 争 夺 C 端 生 态 入 口 ， 并 一 度 屠 榜 OpenRouter 周度实时性价比榜单前三：2026 年春节期间，国产大模型 在开发者平台 OpenRouter 的实时性价比榜单上一度包揽前三。智谱 AI 同 ...

综合 海外 2026 年 02 月 22 日 投资评级：看好（维持） 行业走势图 -20% -10% 0% 10% 20% 30% Wind 恒生指数 数据来源：聚源 相关研究报告 Google：近期发布的 Gemini 3.1 Pro，在衡量模型抽象推理能力的 ARC-AGI-2 测 试中，Gemini 3.1 Pro 的得分从前代的 31.1%提升至 77.1%，这一表现显著超越了 市场竞品GPT-5.2与Claude Opus 4.6。延续了100万token的输入窗口与64k token 的大容量输出窗口，显著增强了多模态输出与复杂任务的执行效率。 《AI 入口竞争加剧，关注 Moltbot 带 动的生态机会—行业周报》-2026.2.1 《RoboX 进展顺利，家用机器人新品 密集亮相—行业周报》-2026.1.25 《AI 商业化与反内卷政策共振，关注 电商及 AI 搜索产业变化—行业周报》 -2026.1.18 国产 AI：2 月 20 日，智谱/MiniMax 股价逆势大涨 42.7%/14.5%，足以体现市场 对二者在 2 月发布的新版大模型的认可，从本周的 OpenRouter 大模型排名 ...

今天是2月24日大年初八，也是春节长假后的第一个工作日。 早报君祝愿大家在新的一年里，工作"马"力全开，前程一马平川！ 当地时间2月23日，卡塔尔、沙特、埃及等19国外长，连同阿盟、伊斯兰合作组织秘书长发表联合声 明，强烈谴责以色列加强控制约旦河西岸。 针对美国最高法院关税裁决，特朗普批评其荒谬且分裂国际，"无意间且未经考虑就赋予了我远比之前 更多的权力和力量"，可利用许可证与其他关税手段对外国采取绝对严厉的措施。据媒体报道，特朗普 考虑对电池、铸铁、铁制配件、电网、电信设备等六个行业加征关税。 欧洲议会国际贸易委员会主席贝恩德·朗格表示，欧洲议会谈判团队决定暂停批准欧盟与美国贸易协议 的相关工作。 稍早前，美国海关与边境保护局宣布，自美东时间2月24日起，停止征收依据《国际紧急经济权力法》 （IEEPA）开征的关税，相关关税不再生效。 美股方面，三大指数集体下跌，道指跌1.66%，纳指跌1.13%，标普500指数跌1.04%。 大型科技股多数下跌，微软、奈飞跌超3%，特斯拉、Meta、亚马逊跌超2%，谷歌跌1.11%，IBM跌超 13%，创2000年以来最大跌幅，诺和诺德跌超16%，在临床试验中，旗下产品C ...

｜2026年2月24日星期二｜ NO.1 Claude Code更新编程语言优化，IBM跌超13% 点评：该战略强化了市场对自动驾驶从技术验证迈向商业运营阶段的预期，为出行平台、自动驾驶技术 公司及物流板块注入了新的增长动能。 点评：此举显著降低了企业采用智能体技术的门槛，为OpenAI拓展高价值企业市场提供了关键渠道。 NO.3 礼来公司推出减肥药Zepbound新剂型 当地时间2月23日，礼来推出了其热门减肥药Zepbound的新剂型，一支笔即可提供一个月的剂量。最低 剂量级别的起步价为每月299美元。礼来第四季度财报显示，Zepbound在美国的收入达到42亿美元，较 上年同期增长122%。 点评：此举正值竞争对手诺和诺德新药临床数据不及预期之际，进一步强化了礼来在减重药市场的优 势。 NO.4 Uber成立自动驾驶汽车部门 当地时间2月23日，Uber宣布成立名为Uber Autonomous Solutions的新部门，旨在承担与运营无人驾驶出 租车、自动驾驶卡车或人行道送货机器人业务相关的所有任务，包括软件和支持服务。该部门的最终目 标是帮助自动驾驶技术公司降低每英里成本，并加快产品上市速度。Ub ...

2026 丙午马年春节假期的钟声即将落幕，A股市场明日便将正式鸣锣开市，万千投资者的目光都聚焦于"开门红"能否如期 上演。 而作为 A 股的 "先行指标"，港股在春节期间的三个交易日（2月16日、2月20日、2月23日）已然交出了一份亮眼的成绩 单，其震荡走高的整体走势、板块轮动的鲜明特征，为A股节后行情勾勒出了清晰的参考轮廓。 港股市场此番并非单边普涨，而是呈现出"指数稳、板块活、个股燃"的特点，恒生指数、恒生国企指数稳步上行，恒生科 技指数虽经历一波三折的跳水震荡，最终仍收涨，黄金、新能源、AI上游基建成为三大领涨主线，乳业、传媒及餐饮等传 统板块则黯然走弱，科技股与AI概念更是全程占据市场关注度C位。 本文将深度复盘港股春节行情的涨跌逻辑，梳理假期全球市场的核心资讯，并结合头部券商的最新观点，解锁A股节后的 走势预判与布局方向，为投资者的马年投资布局提供理性参考。 本文将复盘港股近三个交易日的表现，解析板块个股的涨跌逻辑，结合头部券商观点，预判A股节后走势及布局方向，开 市前夜为投资者提供理性参考。 春节假期港股表现梳理 板块方面，由于国际黄金价格近期走势强劲，港股黄金股亦跟随大涨，紫金矿业（02899 ...

CNBC's Jim Cramer offered a blunt takeaway from Monday's selloff: Artificial intelligence concerns have left the stock market incredibly fragile.After the S&P 500 and Nasdaq each shed more than 1%, the "Mad Money" host urged investors to exercise caution because stocks were "just too easy to take down today." The reason for the early-week downturn was a post from Citrini Research over the weekend — arguing the AI boom could hurt the economy and cause unemployment to shoot up to 10% if white-collar jobs were ...

Group 1: Market Overview - The A-share market is experiencing a wide range of fluctuations, with a focus on price-increasing sectors and export industry chains [6][9] - As of February 13, 2026, the major indices showed declines: the Shanghai Composite Index fell by 1.26% to 4082.07 points, and the ChiNext Index dropped by 1.57% to 3275.96 points [6][7] - The overall market sentiment is cautious, with expectations of a gradual return to intrinsic market dynamics as the National People's Congress approaches [6][8] Group 2: Industry Dynamics - Hansoh Pharmaceutical's (3692.HK) Amivantamab has been approved for marketing in the EU for specific types of lung cancer [27] - The world's largest offshore wind farm, Hornsea 3, is set to begin construction, with significant logistical preparations already underway [29] - The CWEA reported that China's wind power installation capacity is expected to grow significantly, with a 49.9% year-on-year increase anticipated for 2025 [31] Group 3: Company Updates - Dongfang Cable (603606.SH) has successfully shipped a large-scale underwater cable to the UK, valued at over 900 million RMB, for use in multiple offshore wind projects [37] - The actual controller of Youkeshu (300209.SZ) plans to increase his stake in the company, reflecting confidence in its business recovery [39] - The electric motorcycle industry is seeing accelerated growth due to new policies and market demand, with over 12.5 million units expected to be replaced under the "old for new" subsidy program in 2025 [33]

来源：芝麻AI 一、市场: ●2月24日收盘：美股大幅收跌 特朗普关税大棒打压市场 北京时间2月24日凌晨，美股周一大幅收跌，道指、纳指、标普500指数均下跌。原因一是人工智能颠覆 担忧发酵，IBM重挫；二是特朗普在最高法院否决其"对等"关税后要提高全球关税，他将税率从10%提 至15%，还称未来有更多征税措施。这增大美股压力，欧洲议会暂停美欧贸易协定批准工作。新关税引 发市场对通胀和增长前景的担忧，金价上涨，比特币暴跌。此外，围绕特朗普关税政策的波动或持续， 后续走势受关注。 [1] ●2月24日美股成交额前20：IBM股价重挫13%，核心业务面临AI威胁 周一美股成交额前20中多只股票有重要动态。英伟达收高，宣布与多家公司合作引入AI到OT网络安全 领域，获券商上调评级；特斯拉收跌，推出Cybertruck新车型，价格或依需求调整。微软收跌，调查美 用户访问服务问题；闪迪收高，推出开源工具。Palantir、Meta、CrowdStrike等收跌。礼来收高，为减 肥药Zepbound推出新剂型。IBM重挫，因Claude Code工具可改造其核心COBOL业务。诺和诺德收跌， 新一代减肥药试验效果不如礼来 ...