本篇报告梳理了春节假期科技相关热点。全球多个 AI 大模型在春节期间发布重 磅更新，国产 AI 模型算力持续紧张。春晚带动机器人搜索量大增，宇树科技三 登春晚，我国机器人技术持续突破，产业商业化应用渐行渐近。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4481.3 | 4.0 | | 流通市值（十亿元） | 3977.0 | 3.9 | 行业指数 证券研究报告 | 行业定期报告 2026 年 02 月 23 日 春节假期科技热点梳理 计算机周观察 20260223 TMT 及中小盘/计算机 % 1m 6m 12m 绝对表现 -6.6 13.6 16.7 相对表现 -4.5 2.1 -2.6 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Feb/25 Jun/25 Sep/25 Jan/26 (%) 计算机 沪深300 相关报告 1、《AI 军备竞赛持续升级，关注高 壁垒软件及云服务——计算机周观察 20260208》2026-02-08 2、《AI 入口大战开启 ...

OpenAI is enlisting some of the world’s biggest consulting firms in its fight to dominate the enterprise AI market.Today the AI company announced partnerships with Boston Consulting Group, McKinsey & Co., Accenture, and Capgemini that will see the consulting firms helping sell and implement OpenAI’s new Frontier AI agent platform. The consultants will help their clients redesign workflows; integrate AI agents with software tools and systems; help clients with change management; and provide industry-specifi ...

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Monday. With the Winter Olympics officially wrapped up, many athletes are leaving Italy with more than just a medal.Stock futures are lower this morning following a winning week for all three major indexes.Here are five key things investors need to know to start the trading day:1. If at first you don't succeedU.S. President Donald Trump answers questions during a press briefing held at the White House Feb ...

Group 1: Domestic Consumption and Market Performance - During the Spring Festival, the domestic consumption market showed strong performance, with 20.5 billion yuan allocated for consumer benefits through vouchers and subsidies [1] - The total box office for the 2026 Spring Festival exceeded 5 billion yuan, with over 100 million viewers for the eighth consecutive year [1] - The transportation sector saw a record 5.08 billion people moving across regions during the first 20 days of the Spring Festival, averaging 250 million daily, a 5.6% increase from the same period in 2025 [1] - The steady growth in domestic travel and consumption data provides solid fundamental support for the market post-holiday [1] Group 2: Robotics Industry Insights - The appearance of humanoid robots during the Spring Festival Gala has sparked significant market interest, marking a key transition for AI from concept to practical application [2] - The robotics sector is expected to become the fourth major industry in China, following home appliances, smartphones, and new energy vehicles, with a favorable investment outlook over the next three years [2] - By 2026, the market is anticipated to shift from concept speculation to order-driven performance, with a clear distinction between companies with core technologies and those merely speculating [2] Group 3: U.S. Trade Policy Impact - The U.S. Supreme Court ruled that the large-scale tariff measures implemented by the Trump administration lacked legal authorization, leading to a dramatic reversal in trade policy [3] - Following this ruling, a new 15% tariff was announced, effective for 150 days, which may create a "tariff gap" as the process for extending it is complex [3] - Short-term implications include a potential recovery for export-oriented companies in sectors like light industry, consumer electronics, and automotive parts due to reduced effective tax rates [3] Group 4: Market Trends and Predictions - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising by 2.53%, providing a reference for A-share movements post-holiday [4] - Historical data indicates a 75% probability of the Shanghai Composite Index rising in the five days following the Spring Festival, with an average increase of 1.2% [7] - Analysts expect a structural differentiation in the A-share market, with AI and humanoid robotics sectors likely to be highlights due to their increased attention during the holiday [7] Group 5: AI Industry Developments - OpenAI announced a significant reduction in its planned capital expenditure for computing power to approximately $600 billion by 2030, down from a previous commitment of $1.4 trillion [8] - This reduction has led to mixed market interpretations, with some viewing it as a signal of slowing industry expansion, while others argue that the two figures are not directly comparable [8] - Despite potential short-term disturbances in A-share AI-related sectors, the domestic AI industry is expected to maintain independent growth driven by its own demand and application needs [8]

Group 1: Tariffs and Government Actions - The US Customs will stop collecting President Trump's reciprocal tariffs following a Supreme Court ruling that deemed these tariffs illegal [2] - In response, the President plans to impose a 15% global tax, which can be implemented for the next 150 days before seeking alternative tariff methods [2] Group 2: Defense and AI Technology - The Pentagon is set to meet with Anthropic CEO Dario Amod to discuss the military's use of Anthropic's Claude AI, with expectations that the meeting may not be amicable [3][5] - Anthropic's approach to AI differs from competitors like OpenAI, as it seeks to maintain certain rights over the usage of its models, which could impact its contract with the Pentagon [6][9] - Claude AI is currently regarded as the best model available, and its use by the Pentagon is critical for their operations [7] Group 3: Market Projections - Goldman Sachs has raised its end-of-year projections for Brent crude and WTI prices by $6 per barrel, forecasting Brent at $60 and WTI at $56, assuming no supply disruptions related to Iran [4]

Core Viewpoint - Nvidia's stock performance ahead of earnings reports has shown volatility, with significant growth since late 2022 but uncertainty surrounding future earnings releases [1][2] Group 1: Stock Performance and Market Sentiment - Nvidia has experienced a $4.3 trillion growth since late 2022, but investing in NVDA stock before earnings reports has become risky due to past pullbacks following earnings releases [1] - The upcoming February 25, 2026 earnings report is expected to bring similar uncertainty, with NVDA shares trading flat since the beginning of the year [2] - Wall Street maintains a 'Strong Buy' rating for Nvidia, forecasting a 39.94% increase to $265.63 in the next 12 months, supported by strong revenue growth and a robust cash position [4][6] Group 2: Technological Dominance and Partnerships - Nvidia's technological leadership remains unchallenged, with its hardware consistently outperforming competitors, contributing to its strong position among corporate clients [6] - The company is reportedly finalizing a $30 billion investment in OpenAI, part of a larger effort by OpenAI to raise $100 billion at an $830 billion valuation [7] Group 3: Risks and Concerns - The $30 billion agreement with OpenAI raises concerns about the AI industry's profitability, as the deal appears less binding than initially reported [9][10] - There is uncertainty regarding demand for AI, with reports indicating that impressive user figures may not translate to sustainable growth, and OpenAI is projected to lose $14 billion in 2026 [11][12] - Customer concentration poses a risk, with three clients accounting for about half of Nvidia's income, which could impact future earnings guidance [13] - The memory shortage, termed 'RAMageddon,' may force Nvidia to reissue older chips, risking market share to competitors like AMD and Intel [14][15]

每经记者｜郑雨航 每经编辑｜何小桃 兰素英 ①【美国关税政策不确定性笼罩市场，三大期指走低】道指期货跌0.29%、标普500指数期货跌0.30%、纳指期货跌0.33%。 消息面上，美国最高法院2月20日裁决美国政府征收大规模关税政策"越权"后，美总统特朗普立即祭出新的行政令，宣布自2026年2月24日起，对来自所有 国家和地区的商品加征10%的进口关税。21日，特朗普又宣布，把这项新征收的"全球进口关税"税率由10%提升至15%。贸易政策缺乏明确性可能导致全 球前景蒙上阴影，并使各市场波动性维持高位。 ②【热门中概股普涨】中概股盘前普涨。拼多多、蔚来汽车涨近2%，京东、阿里巴巴涨超1%，百度涨超0.5%。 ③【加密货币概念股走低】比特币日内一度跌破6.5万美元，加密货币概念股盘前走低。Strategy、MARA Holdings、Terawulf跌超2%，Coinbase Global跌 近2%。 ④【芯片半导体股走低】芯片半导体板块盘前走低。台积电、阿斯麦跌超1%，美光科技跌近1%，英伟达微跌。 记者|郑雨航 编辑|何小桃 兰素英 杜恒峰 校对|魏文艺 ⑥【加州州长：美国总统正摧毁美国经济】据央视新闻，在当 ...

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - 2026 is seen as a pivotal year for AI to achieve value realization and commercialization, with major companies focusing on this transition [4][10] - Anthropic is recognized as one of the fastest commercializing large model companies, recently raising $30 billion in Series G funding, pushing its valuation to $380 billion [4][10] - The ARR (Annual Recurring Revenue) of Anthropic reached $14 billion by February 2026, with significant growth driven by its Claude Code model [4][10] - OpenAI has shifted its focus from AGI ideals to commercial priorities, reducing its computational spending target to $600 billion and projecting total revenue to exceed $280 billion by 2030 [4][10] - The emergence of multimodal models is anticipated to reach a "DS moment" in 2026, enhancing capabilities while significantly reducing costs, benefiting sectors like film, gaming, and advertising [5][11] Summary by Sections Market Review - During the period from February 9 to February 13, 2026, the CSI 300 index increased by 0.36%, while the computer index rose by 4.35% [3][13] Investment Recommendations - Key recommendations for AI applications include companies such as Kingsoft Office, Hehe Information, Dingjie Shuzhi, and others, with beneficiaries in the multimodal field including Wanxing Technology, Huitian Ruisheng, and others [6][12]

这一挫折对OpenAI的财务状况造成压力。去年该公司毛利率低于预期，因其不得不在最后关头购买昂 贵算力。OpenAI还将2030年前的算力支出预测从4500亿美元上调至6650亿美元。与此同时，谷歌和 Anthropic在过去一年成长为更具威胁的竞争对手。 三方分歧致项目停滞 特朗普在白宫高调宣布的5000亿美元"星际之门"AI数据中心计划在启动一年多后陷入僵局，OpenAI被 迫放弃自建数据中心的雄心，转而依赖与云服务商的合作来满足其紧迫的算力需求。 据知情人士透露，这个由OpenAI、Oracle和软银三方组建的合资企业至今未配备人员，也没有开发任 何OpenAI的数据中心。项目宣布后的数周内，三方在领导权、职责分工和合作结构等关键问题上陷入 分歧，导致"星际之门"计划迟迟无法推进。 面对算力短缺的困境，OpenAI一度计划大规模自建并拥有数据中心园区，以减少对云服务商的依赖。 但当贷款机构拒绝为这家商业模式未经验证、每年烧钱数十亿美元的公司提供数十亿美元融资时，该计 划最终搁浅。直到数月后面对财务现实，OpenAI才重新转向"星际之门"合作伙伴寻求推进项目。 但当OpenAI评估场址并计算成本时，高管们 ...