Group 1: Tariff Policy Changes - The U.S. Supreme Court ruled against certain tariffs under the IEEPA, affecting approximately half of the tariffs and potentially requiring the government to refund over $175 billion in taxes [3] - The Trump administration quickly shifted to impose a temporary 10% import tariff under the Trade Act of 1974, which was later raised to 15% [3] - Analysts suggest that the new tariffs could raise the average tariff level in the U.S. to between 11% and 18%, indicating ongoing trade tensions [3][4] Group 2: AI and Robotics Industry Growth - The Spring Festival Gala showcased humanoid robots, leading to a significant increase in search and order volumes on platforms like JD.com, indicating strong market interest [5][6] - The humanoid robot index surged after the Spring Festival Gala in 2025, with domestic orders exceeding 4.6 billion yuan, highlighting the industry's nearing commercialization [6] - Major companies like ByteDance and Alibaba have made significant advancements in AI technology, with applications gaining widespread user engagement [7] Group 3: Currency Strength and Market Impact - The Chinese yuan appreciated significantly, reaching the 6.89 range against the U.S. dollar, with a cumulative increase of nearly 1.3% since February [8][9] - Analysts predict that the yuan's strength will enhance the attractiveness of yuan-denominated assets, leading to a trend of foreign capital inflow into Chinese markets [8][9] - The appreciation of the yuan is expected to positively impact the stock, bond, and currency markets, with a notable focus on A-shares and government bonds [8][9] Group 4: Geopolitical Uncertainty - Ongoing geopolitical tensions, particularly between Russia and Ukraine and the U.S. and Iran, are contributing to market volatility [10][11] - The lack of substantial progress in negotiations between Russia and Ukraine, along with escalating tensions in the U.S.-Iran relationship, are key factors influencing global market sentiment [10][11] - Analysts highlight that geopolitical events often lead to price fluctuations in commodities, with gold and oil being critical hedging tools in uncertain times [10][11]

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 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

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]

Core Insights - The AI animation series market is experiencing explosive growth at the beginning of 2026, with a total of 68,157 series available for streaming in January, indicating a robust supply [1] - The market saw a significant increase in total views, with a monthly increment of 25.157 billion views and 14.17 billion views from newly launched series [1] - Major platforms are integrating animation series into their core strategies, with Tencent and Kuaishou leading the charge in new releases and innovative content [1][3] Industry Developments - The launch of AI video models, such as Vidu Q3 and Seedance 2.0, is providing strong technical support for the content explosion in AI animation series [3][4] - The production efficiency of AI animation is improving, with costs dropping to below 800-1000 yuan per minute and production cycles typically ranging from 7 to 14 days [4] - The successful release of "The Luck Triangle: I Beat the World with My Skills" demonstrates the high efficiency of AI animation production, achieving over 200 million views within 29 hours [4] Market Dynamics - The AI animation series industry is undergoing industrialization, with platforms like Wanjing Film Factory enhancing production capabilities and reducing barriers for high-quality IP adaptations [6] - Approximately 60% of popular animation series in the past six months have been adapted from successful novel IPs, indicating a shift in the value assessment of intellectual property [6] - The market is entering a competitive phase, with 13 series achieving over 100 million views in a single month, signaling the start of a race in the billion-dollar content market [6]

供给端同样释放紧张信号。SK海力士近日透露，目前DRAM及NAND库存仅剩约4周，且没有任何客户 能完全满足需求，存储芯片正全面进入卖方格局。 作为此轮行情的焦点，长飞光纤的基本面支撑来自光纤光缆行业供需关系的显著改善。广发证券研报指 出，2026年1月中国市场G.652.D单模光纤均价突破40元/芯公里，创近七年新高，单月涨幅超过75%； 目前中国四大光纤龙头和海外头部厂商的产能均已满负荷运转，短期内供需关系难以缓解。据英国商品 研究所（CRU）数据，长飞光纤在预制棒、光纤、光缆三大核心产品的市场份额自2016年起连续9年位 居全球第一。2025年前三季度，公司实现营业收入102.75亿元，同比增长18.18%。 2月23日，港股算力硬件板块再度走强，光通信龙头长飞光纤光缆（06869.HK）领涨，市值突破千亿港 元大关，年内累计涨幅已超150%。壁仞科技（06082.HK）、英诺赛科（02577.HK）同日均录得逾9% 的涨幅，中芯国际（00981.HK）等芯片股亦明显上扬。 本轮算力硬件板块的强势表现，与AI应用加速落地带来的底层算力需求密切相关。春节期间，智谱发 布的GLM-5大模型因全球需求激增，并 ...

数据显示，当前多模态模型的算力消耗是纯文本时代的十倍以上，国内科技巨头正加速布局算力基建：阿里、腾讯加 码液冷服务器与智算中心，华为深耕绿色数据中心技术，试图破解算力增长与能源约束的矛盾。与此同时，AI模型正 从"黑箱"走向"白盒"，阿里安全部提出的"内生安全"理念，让AI在金融、医疗等领域的落地少了"信任壁垒"。 当AI算力褪去"技术外衣"，化身像水、电、煤一样的基础资源，一场关乎未来的"算力电站"建设暗战已在国内悄然打 响。近期，字节跳动发布Seedance 2.0视频生成模型，60秒即可产出带原生音频的多镜头视频，将多模态AI的应用推 向新高度，也让算力消耗的指数级增长成为行业焦点。 资本市场上，算力产业链迎来价值重估，中芯国际、中科飞测等企业凭借技术突破获得资本青睐，光模块、芯片制造 等环节成为投资热点。这场算力革命不再是单一企业的技术比拼，而是关乎数字经济发展根基的全面竞争，未来谁能 掌握"算力发电站"，谁就有望抢占AI时代的话语权。 ...

投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《《异环》三测及字节 AI 视频模型惊 艳，继续布局游戏/多模态 AI 应用— 行业周报》-2026.2.8 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 节后继续聚焦 AI 入口商业化、重磅新游及长青游戏 传媒 2026 年 02 月 23 日 请务必参阅正文后面的信息披露和法律声明 1/18 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 红包等系列春节运营活动或推动豆包/千问/元宝用户量大增及商业化加快 2 月 17 日，豆包宣布通过总台春晚为全国观众送出超过 10 万份科技好礼和现金 红包，帮用户生成了超过 5000 万张新春头像，写下了超过 1 亿条祝福语等，AI 总互动达 19 亿次；豆包视频生成 ...

Market Performance - During the week from February 16 to February 20, the Hong Kong stock market experienced fluctuations with the Hang Seng Index declining by 0.58% to 26,413.25 points, the Hang Seng Tech Index falling by 2.78% to 511.50 points, and the Hang Seng China Enterprises Index decreasing by 0.81% to 8,959.56 points [1][6][30] - Among the primary sectors, 8 sectors saw gains while 3 sectors experienced losses. The energy, materials, and industrial sectors had the highest increases, rising by 3.65%, 2.27%, and 1.03% respectively. Conversely, the consumer discretionary, consumer staples, and communication services sectors faced the largest declines, dropping by 1.86%, 1.50%, and 0.13% respectively [1][7][30] Market Liquidity - Due to the Spring Festival holiday, the Hong Kong stock market only operated for half a day on February 16, with a trading volume of HKD 850.56 billion. On February 20, the trading volume was HKD 1,654.61 billion, which is lower than the previous week's average daily trading volume of HKD 2,406.43 billion. The short-selling amount was HKD 237.27 billion, accounting for 14.43%, significantly higher than the previous week's average of 12.56% [2][13][15] Valuation and Risk Premium - As of February 20, 2026, the PE and PB ratios of the Hang Seng Index were 12.09 times and 1.23 times, respectively, placing them at the 79% and 55% percentiles since 2010. The Hang Seng Tech Index had PE and PB ratios of 21.51 times and 2.83 times, respectively, at the 18% and 49% percentiles since 2010 [3][17][22] - The risk premium of the Hang Seng Index was calculated at 4.19%, which is at the 5% percentile since 2010, while the risk premium based on the 10-year Chinese government bond yield was 6.48%, at the 42% percentile since 2010 [3][19][21] Investment Outlook - The geopolitical risks in the Middle East are rising, which may lead to increased volatility in energy and precious metals sectors. The U.S. is exerting pressure on Iran, with potential military actions being considered [4][9][30] - The consumer sector is currently valued relatively low, and with increasing consumer promotion policies, there is potential for growth in this sector [4][30] - The technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, and is expected to rebound due to accelerated AI model updates and applications [4][30]

Group 1 - The core viewpoint of the report highlights the continuous release of catalysts in the domestic and international technology industries during the Spring Festival, including the showcase of humanoid robots and breakthroughs in domestic AI models [1][3] - The first Tesla Cybercab, designed for autonomous taxi services, has officially rolled off the production line, and OpenAI is nearing completion of a funding round expected to raise over $100 billion, potentially valuing the company at over $850 billion [4][21] - Domestic financial data shows a significant narrowing of the PPI decline in January, with expectations for a positive year-on-year change by the third quarter, while M1 and M2 growth rates have rebounded [7][8] Group 2 - Domestic consumption during the Spring Festival saw strong travel demand and high growth in retail and catering, although box office recovery was relatively weak [9][10] - The article emphasizes the importance of service consumption and technological innovation in the economic work meeting speech by President Xi Jinping, with a focus on supporting sectors like tourism, dining, and healthcare [10] - The report indicates that the market may have entered a configuration phase after short-term volatility, with technology and cyclical sectors expected to be the main investment themes moving forward [30][31]