全球科技产业的钟摆正在剧烈摇晃。 一端，是人工智能（AI）的史诗级爆发，大模型参数向万亿级迈进，算力需求呈指数级跃升；另一 端，"脱钩断链""小院高墙"的地缘政治叙事，持续笼罩着全球科技合作的空间。然而，就在舆论为中国 AI产业的前景担忧时，现实给出了让人意想不到的答案——一场令人振奋的深层变革，正在悄然发 生、加速演进。 放在以前，解决方案简单粗暴，加大算力建设，购买更多最先进的GPU即可，但在地缘政治危机加剧的 背景下，这已经被证明是一件死路。 2018年以来，欧美不断加大芯片管制力度，并将数百家中国科技公司列入实体清单，导致大疆、海康威 视等企业一片难求。 去年底，某些国家的政策因利益的因素有所放松，英伟达可以继续向中国出售GPU，但只能是缩水版， 如基于Hopper的H20和基于Blackwell的B30在算力、互联、带宽上均大幅降低配置。 这只是暂时止渴，长期隐患仍存。 如果我国AI企业满足于"特供"芯片，虽然可以在一定程度上缓解燃眉之急，但从长远看，使用注水燃 油，终究难以驶入技术创新的快车道，永远作为openAI、谷歌陪跑者而存在。 面对困境，中国产业界逐渐形成共识，仰仗国外算力体系绝非长久之计 ...

Group 1: AI Industry Developments - Recent advancements in domestic AI companies have established generational advantages in video generation, intelligent programming, and computing power, breaking foreign technology monopolies [1] - ByteDance's Seedance 2.0 has set a new benchmark for AI video generation globally, while Zhiyu GLM-5's open-source release marks a significant step towards domestic computing power independence from Nvidia [1] - Major upgrades from companies like DeepSeek, Kimi, Alibaba Tongyi, and Baidu Wenxin have shifted focus from parameter competition to industry adaptation, with Baidu Wenxin 5.0 achieving a parameter scale of 2.4 trillion, leading globally [1] Group 2: Market Trends and Projections - 2026 is projected to be a critical year for AI technology commercialization, with large model capabilities and autonomous driving scaling up, driving deep integration of AI with new productive forces [2] - The Chinese government's "New Generation Artificial Intelligence Development Plan (2026-2030)" aims for an annual growth rate of at least 20% in AI computing infrastructure investment, with the global AI server market expected to exceed $250 billion by 2026 [2] - AI penetration in sectors like finance, healthcare, and manufacturing has surpassed 30%, with the enterprise AI solutions market projected to grow at a CAGR of 35% from 2024 to 2026 [2] Group 3: Investment Insights - The Tianhong CSI Artificial Intelligence Theme Index Fund has a scale of 3.394 billion yuan as of December 31, 2025, with A-class shares at 780 million yuan and C-class shares at 2.614 billion yuan [4] - The fund's historical performance for 2025 shows A-class shares yielding 64.98% and C-class shares yielding 64.66%, indicating strong returns [4] - The fund's tracking error for A-class and C-class shares is 1.34% and 1.02% respectively, positioning it favorably among similar AI index funds [5]

北交所信息更新 北 交 所 研 究 三协电机（920100.BJ） 布局减速机赋能机器人产业，3D 打印高景气赛道驱动 2025 年营收同比+31% 预计 2025 年实现营收 5.51 亿元（+31.11%），归母净利润 0.60 亿元（+6.83%） 公司发布 2025 年业绩快报，预计 2025 年实现营收 5.51 亿元，同比增长 31.11%； 归母净利润 6018.39 万元，同比增长 6.83%。根据业绩快报数据，我们小幅下调 2025 年盈利预测，维持 2026 年和 2027 年盈利预测，我们预计公司 2025-2027 年归母净利润分别为 0.60（原 0.63）/0.77/1.06亿元，对应 EPS分别为 0.82/1.05/1.43 元/股，对应当前股价 PE 分别为 79.3/61.6/45.2 倍，我们看好公司布局减速机形 成电机+减速器整体解决方案，机器人+光伏支架+3D 打印高景气度赛道打开未 来增长空间，维持"增持"评级。 光伏跟踪支架+3D 打印高景气赛道，驱动公司营收稳步增长 2025 年公司营收同比增长 31.11%，主要为公司在 3D 打印领域和工业自动化领 域的业务 ...

Group 1 - The core viewpoint of the news highlights the performance of the AI-themed index and ETF, with notable stock movements and the introduction of OpenAI's new AI model [1][2] - As of February 12, the AI-themed index (930713) showed mixed performance among its constituent stocks, with Tuowei Information leading at a 3.29% increase, while Kunlun Wanwei experienced the largest decline [1] - The AI artificial intelligence ETF (512930) was quoted at 2.28 yuan, with a turnover rate of 1.01% and a transaction volume of 35.018 million yuan during the trading session [1] Group 2 - Wanlian Securities indicates that AI computing power construction is in a growth phase, with key hardware sectors like storage and PCB experiencing a high prosperity expansion cycle [2] - Global cloud service providers are accelerating capital expenditures, driving demand for servers and upstream components, leading to a structural shortage in high-end storage capacities [2] - The top ten weighted stocks in the AI-themed index as of January 30 include companies like Zhongji Xuchuang and Hikvision, accounting for 57.27% of the index [2]

Core Viewpoint - Hangzhou is committed to accelerating the construction of a global advanced manufacturing base by integrating technological and industrial innovation, aiming for high-quality economic development by 2025 [1] Group 1: Advanced Manufacturing Cluster - Hangzhou is advancing the "296X" advanced manufacturing cluster initiative, which includes two trillion-level industry clusters in artificial intelligence and visual intelligence, and nine hundred billion-level clusters in various sectors [2] - The city's industrial added value is projected to reach 462.4 billion yuan in 2025, marking a 6% increase from the previous year, the fastest growth in four years [2] Group 2: High-Quality Development Foundation - Hangzhou has maintained the highest manufacturing quality development index in Zhejiang province for six consecutive years and is set to receive the "Golden Ding" award in 2025 [3] Group 3: Innovative Ecosystem - The city is fostering a robust innovation ecosystem, with new enterprises like the "Six Little Dragons of Hangzhou" gaining prominence and significant technological advancements in humanoid robots and AI models [4] - By the end of 2025, Hangzhou will have established several key platforms for AI medical applications and innovative drug approvals, achieving a historical high [4] Group 4: Digital Economy - The core digital economy industries in Hangzhou are expected to generate an added value of 678 billion yuan in 2025, with a growth rate of 9.3%, accounting for 29.5% of the GDP [6] - The revenue from the software and information technology services sector is projected to reach 1,301.147 billion yuan, with a growth rate of 14% [6] Group 5: International Cooperation - Hangzhou is enhancing its role in international cooperation within the industrial economy, with the establishment of the China-Africa Digital Technology Cooperation Center and the International Silk Organization [7] Group 6: National Pilot Projects - The city is leading national pilot projects, including the largest smart connected vehicle testing area in the country, covering 6,910 square kilometers [9] Group 7: Policy Initiatives - In 2025, Hangzhou will introduce a series of policies to promote high-quality manufacturing development, including a three-year action plan and specific measures for various industries [10] Group 8: Quality Enterprise Cultivation - The city aims to accelerate the cultivation of quality enterprises, with six new national manufacturing champions and 129 new specialized "little giant" enterprises added in 2025 [11] Group 9: Support for Enterprises - Hangzhou is facilitating industrial circulation through targeted services, with 232 matchmaking events held, resulting in order amounts of 3.87 billion yuan and financing connections of 11.99 billion yuan [12]

海报制作：智通财经/李耀琪 智通财经记者 | 伍洋宇 2025年接近年末，绿洲资本创始合伙人张津剑跟成立刚一年的具身智能创企HillBot联合创始人苏昊共进了一顿晚餐。 苏昊给张津剑展示了一些数据，进而抛出一个想法：他觉得具身智能即将在2026上半年走到GPT-2时刻。 这在行业内并不是共识。更多受访者认为，行业应该还没走到GPT-1。 具身智能赛道火在大模型之后，又与大模型紧密相关。尽管从技术上无法完全对标，但投资人愿意用"GPT-1"之类的表述试图对行业发展阶段进行定位 ——这从根本上影响他们选择是否加码、何时加码以及加多少码。 "GPT-1是搭建一个验证它是否可行的技术环境，GPT-2是本质上证明了某些技术路径是可行的。"张津剑对所谓具身智能的"GPT"时刻下如此定义。 这种定位十分重要。假设你在GPT-3.5和GPT-1/2两个时期投进OpenAI，那么2026年你得到的估值增长将分别是30倍和大约100倍。 奇怪的是，具身智能还远远没有走到GPT-3.5阶段，只因宇树科技在2025年春晚舞台上意外走红，就提前浮出了水面。 此后一年，行业投融资格局发生了翻天覆地的变化——已经入局的投资者继续加码，尚未 ...

国产大模型竞争加速，消息面上，智谱推出GLM-5，定位为最新一代旗舰级对话、编程与智能体模 型，主攻复杂系统工程与长程Agent任务。内部评估显示，GLM-5在编程开发场景中平均性能较上一代 提升超20%，真实编程体验逼近Claude Opus 4.5水平。在BrowseComp、MCP-Atlas和τ2-Bench等三项 Agent评测中均取得开源领域最优表现。 截至2026年2月12日 09:40，中证人工智能主题指数(930713)上涨0.87%，成分股晶晨股份上涨12.95%， 协创数据上涨7.61%，光环新网上涨4.55%，深信服上涨3.80%，复旦微电上涨3.21%。AI人工智能 ETF(512930)上涨0.80%，最新价报2.26元。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智能主题上市公司证券的 整体表现。 数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威 ...

"GPT-1是搭建一个验证它是否可行的技术环境，GPT-2是本质上证明了某些技术路径是可行的。"张津剑对所谓具身智能的"GPT"时刻下如此定义。 智通财经记者 | 伍洋宇 智通财经编辑 | 文姝琪 2025年接近年末，绿洲资本创始合伙人张津剑跟成立刚一年的具身智能创企HillBot联合创始人苏昊共进了一顿晚餐。 苏昊给张津剑展示了一些数据，进而抛出一个想法：他觉得具身智能即将在2026上半年走到GPT-2时刻。 这在行业内并不是共识。更多受访者认为，行业应该还没走到GPT-1。 具身智能赛道火在大模型之后，又与大模型紧密相关。尽管从技术上无法完全对标，但投资人愿意用"GPT-1"之类的表述试图对行业发展阶段进行定位—— 这从根本上影响他们选择是否加码、何时加码以及加多少码。 这种定位十分重要。假设你在GPT-3.5和GPT-1/2两个时期投进OpenAI，那么2026年你得到的估值增长将分别是30倍和大约100倍。 奇怪的是，具身智能还远远没有走到GPT-3.5阶段，只因宇树科技在2025年春晚舞台上意外走红，就提前浮出了水面。 此后一年，行业投融资格局发生了翻天覆地的变化——已经入局的投资者继续加码，尚未出 ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 截至2026年2月11日 13:16，中证人工智能主题指数(930713)成分股方面涨跌互现，深信服领涨3.48%， 科沃斯上涨1.03%，星宸科技上涨0.95%；新易盛领跌。AI人工智能ETF(512930)最新报价2.24元。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并 ...

Group 1 - The Digital Economy ETF ICBC (561220) opened at a decline of 0.26%, priced at 1.535 yuan [1] - Major holdings in the Digital Economy ETF include companies like SMIC, which fell by 1.89%, and Haiguang Information, which dropped by 1.54% [1] - The fund's performance benchmark is the China Securities Index for State-Owned Enterprises in the Digital Economy, managed by ICBC Credit Suisse Asset Management [1] Group 2 - Since its inception on May 21, 2025, the fund has achieved a return of 54.05%, while its return over the past month has been -0.65% [1] - The fund manager is Shi Baojiao, indicating a specific leadership in managing the ETF [1]