证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 10 日 浙商早知道 2026 年 02 月 10 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：2 月 9 日上证指数上涨 1.41%，沪深 300 上涨 1.63%，科创 50 上涨 2.51%，中证 1000 上涨 2.26%，创业板 指上涨 2.98%，恒生指数上涨 1.76%。 ❑ 行业：2 月 9 日表现最好的行业分别是通信（+5.17%)、综合（+4.7%)、传媒（+3.5%)、电子（+2.97%)、计算机 （+2.88%)。 ❑ 资金：2 月 9 日全 A 总成交额为 22702 亿元，南下资金净流出 18.87 亿港元。 ❑ 【浙商非银 孙嘉赓/许盈盈】非银金融 行业点评：中国 RWA 监管框架落地，香港 Web3 产业迎新变局—— 20260208 ❑ 【浙商传媒互联网 冯翠婷】传媒 行业点评：周报：完美世界《异环》三测超预期 ...

新腕儿报道 近日，快手短剧联合快手星芒短剧推出春节特别版「星芒漫剧激励政策」。即日起至3月31日，快手将联合业内公司 合作推出精品漫剧，包括AI仿真人、2D/3D漫剧。 资源扶持包括现金激励和流量扶持。 现金激励的项目分为三个级别，保底现金最高10万，最低2万， | | | 现金激励 | | | --- | --- | --- | --- | | 项目 | 保底现金 | 阶梯现金奖励 | | | 评级 | 激励力 | (通用政策) | | | S+ | 10w | 月度累计有效播放量 | 月度奖励金额 | | | | 100w<有效播放量≤300w | 5万元 | | S | 5W | 300w<有效播放量≤1000w | 15万元 | | | | 1000w<有效播放量 | 25万元 | | A | 2w | *月度周期:剧目上线日起+30天,以30天 | | | | | 为维度只发放一次奖励; | | | | | 资源扶持 | | --- | --- | --- | | 项目评级 | 流量扶持 | 宣发扶持 | | S+ | 1亿 | 线下媒体看片会、媒体报道、全球报奖渠道 | | S | 6000w | ...

开源的OpenClaw验证了方向， OpenClaw正以惊人的速度席卷全球，在Github从5千星标到17.5万星标只用了30天成为Github星标之王，在最新发布的2026年01月AI产品榜·网站榜中， OpenClaw 263万月访问量登顶AI产品榜·全球增速榜。 这一现象级产品的爆发，迅速触动了科技行业的敏感神经。2月7日凌晨，王慧文再次在社交媒体公开发布英雄帖："哪个团队要做OpenClaw相关领域创业， 需要融资的欢迎联系我，或者谁想组局进入这个领域创业，也可以联系我，或者想加入OpenClaw相关创业公司的，也可以联系我。"，并留了其投资公司 Lollapalooza的邮箱作为联系方式。 OpenClaw成为Github星标之王、登顶AI产品榜·网站榜·全球增速榜、王慧文发布OpenClaw英雄帖，共同说明了一件事：开源的OpenClaw验证了方向，产品 化后可获得确定性的机会。 产品化后可获得确定性的机会。 其实，在OpenClaw爆火之前还有两个做事火爆的智能体：一个叫Manus、一个叫豆包手机，这三个做事的智能体都有一个核心叫：权限。你给的权限越 多，体感越震撼，意思是用户让渡权限，获得体验 ...

Core Viewpoint - The article discusses the recent surge in AI applications during the "Spring Festival" period, highlighting the launch of new products by major companies like ByteDance, Alibaba, Kuaishou, and Baidu, which has significantly impacted the A-share market, particularly the AI application sector [2]. Group 1: AI Product Launches - ByteDance launched the Seedance 2.0 AI video generation model, capable of creating movie-quality videos from text or images [2][3]. - Alibaba introduced the Qwen3-Max-Thinking AI assistant, which supports adaptive tool invocation and expands testing capabilities [3]. - Baidu released the OCR-VL-1.5 AI office tool, which includes text detection and recognition capabilities [3]. - Kuaishou's new model focuses on the entire video production process, including generation, editing, and post-production [3]. - Shanghai AI Laboratory's InternS1Pro boasts trillion-parameter multimodal reasoning capabilities [3]. - MiniCPM-o4.5 from Weiming Intelligent features human-like perception and communication abilities [3]. - The MOTUS world model from Tsinghua University and Shengshu Technology achieves a perfect closed loop of "seeing-thinking-moving" [3]. Group 2: Upcoming AI Products - ByteDance is set to release the Doubao 2.0 flagship large language model and the Seedream 5.0 image generation model [5]. - Xiaohongshu is testing OpenStoryline 1.0.0, a conversational editing tool similar to other models [5]. - Alibaba's Qwen 3.5 is expected to utilize a new attention mechanism and may be a native VLM model for visual understanding [5]. - Deepseek's DeepSeekV4 aims to integrate reasoning frameworks and visual understanding capabilities for efficient document processing [5].

智通财经2月9日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1004.32亿港元，较前一日放量约120亿；约占今日恒指成交总额的39.37%，占比持 续低于四成。 长飞光纤光缆今日涨15.31%，资金前5日加仓143万股，短线重新流入。 中芯国际今日涨4.07%，资金前5日加仓万股，短线仍以流出为主。 今日港股大市回暖走强，但南向资金逆市净流出约18.87亿港元，结束此前连续7个交易日的流入趋势。其中，沪港股通净流出约16.44亿港元，而深港股通净 流出约2.42亿港元。 此外，盈富基金(02800.HK)、恒生中国企业(02828.HK)两大ETF分别遭净卖出45.54亿、10亿港元。资金短线风格偏向"高抛低吸"。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)18亿港元；长飞光纤光缆(06869.HK)1.69亿港元；中芯国际(00981.HK)1.48亿港元。 大幅净流出：快手-W(01024.HK)5.67亿港元；中国移动(00941.HK)2亿港元。 投资要点 腾讯控股今日涨2.28%，资金前5日加仓913万股，短线加速流入。 快手-W今日跌2.74%，资金 ...

Group 1 - Southbound funds recorded a net sell of HKD 18.87 billion in Hong Kong stocks today [1][3] - Notable net purchases included Tencent Holdings at HKD 1.8 billion, Southern Hang Seng Technology at HKD 639 million, and Xiaomi Group-W at HKD 209 million [1] - Significant net sales were observed in the Tracker Fund of Hong Kong at HKD 4.555 billion, Hang Seng China Enterprises at HKD 1 billion, and Kuaishou-W at HKD 568 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 8 consecutive days, totaling HKD 3.82029 billion [1] - Tencent has seen net purchases for 6 consecutive days, amounting to HKD 17.192 billion [1] - Alibaba has been net bought for 4 consecutive days, totaling HKD 4.43042 billion, and Pop Mart has also seen net buying for 4 days, amounting to HKD 1.22911 billion [1]

近日，字节跳动推出的Seedance2.0 AI视频生成模型，已火遍海内外互联网，凭借电影级的生成效果和独特的多镜头叙 事能力，成为AI视频赛道的新晋焦点。 这款模型采用双分支扩散变换器架构，支持根据文本或图像创作视频，还能实现音视频同步生成，只需输入文字提示 或上传图片，60秒内就能产出带有原生音频的多镜头序列视频。 其独有的多镜头叙事功能，是一大亮点。可依据单个提示自动生成多个关联场景，还能在场景切换中保持角色、视觉 风格和氛围的一致性，无需手动编辑，官方称其能打造从开头到高潮的完整叙事序列，实现专业级的内容连贯性。 Seedance2.0的快速出圈，离不开知名科普博主影视飓风的评测助力。测评显示，该模型在视频大范围运动、分镜设 计、音画匹配等方面表现亮眼，分镜会实现明显的角度切换，能像真人导演一般灵活调整摄影机位置，让生成效果更 具镜头感。 多家券商也对其给出高度评价，开源证券表示，Seedance2.0在自运镜、多模态思考、音画同步生成等关键能力上实现 突破，能为用户提供"导演级"的控制精度，或成为AI影视发展的"奇点"时刻。 当前AI视频生成赛道玩家云集，竞争已日趋激烈。上个月，快手旗下的可灵（Kl ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 18.87 billion, with notable net selling in major stocks like the Tracker Fund and China Mobile, while Tencent and Xiaomi saw net buying [1][5]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of HKD 18.87 billion, with HKD 16.44 billion from the Shanghai Stock Connect and HKD 2.42 billion from the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) [1]. - The most sold stocks were Tracker Fund (02800), Hang Seng China Enterprises (02828), and China Mobile (00941) [1]. Group 2: Stock Performance - Tencent Holdings saw a net inflow of HKD 9.04 billion, with total trading volume of HKD 46.81 billion [2]. - Alibaba-W had a net outflow of HKD 1 billion, with total trading volume of HKD 37.40 billion [2]. - Southern Hang Seng Technology (03033) received a net inflow of HKD 6.39 billion, while Tracker Fund (02800) and Hang Seng China Enterprises (02828) faced net outflows of HKD 45.54 billion and HKD 10 billion, respectively [5]. Group 3: Sector Insights - The fiber optic cable sector is experiencing a price increase due to supply-demand dynamics, with Longi Fiber Optic (06869) receiving a net inflow of HKD 1.68 billion [6]. - Semiconductor stocks, including Huahong Semiconductor (01347) and SMIC (00981), saw net inflows of HKD 1.49 billion and HKD 1.47 billion, respectively, driven by rising AI computing demand [7]. - The overall market sentiment remains cautious, with expectations of continued volatility influenced by overseas risks and domestic AI developments [5].

Market Overview - The Hang Seng Index rose by 1.76% to close at 27,027.16 points, while the Hang Seng Tech Index increased by 1.34% to 5,417.60 points, and the National Enterprises Index climbed by 1.52% to 9,168.33 points [1] - The index opened high at 26,982.49 points, gaining 467.21 points throughout the day, with a total trading volume exceeding 255.1 billion HKD [1] - The southbound trading (Hong Kong Stock Connect) experienced a net outflow of over 1.8 billion HKD [1] Sector Performance - Overall, sectors such as gold, non-ferrous metals, commercial aerospace, optical communications, biomedicine, banking, brokerage, and real estate saw upward movements [1] - Mixed performance was noted in the port transportation, new energy vehicle companies, and telecommunications sectors, while oil and gas, as well as road and railway sectors, generally declined [1] Individual Stock Movements - Notable stock performances included Pop Mart rising by 5.76%, Xiaomi increasing by 0.06%, Meituan decreasing by 0.38%, SMIC rising by 4.07%, and Ping An Insurance increasing by 4.89% [1] - China Mobile fell by 2.12%, while the first-day listing of Lanke Technology surged by 63.72%, and Zhihui rose by 36.22% [1] - Other significant movements included China Construction Bank up by 1.38%, XPeng Motors up by 2.91%, Lao Pu Gold up by 6.35%, Zijin Mining up by 5.58%, and China Petroleum down by 1.29% [1] - In the top three stocks by trading volume, Tencent Holdings rose by 2.28% with a turnover exceeding 14.6 billion HKD, Alibaba increased by 1.87% with over 9.2 billion HKD in turnover, while Kuaishou fell by 2.74% with a turnover of 5.6 billion HKD [2]

今日（2月9日），港股市场迎来反弹。 截至收盘，恒生指数报27027.16点，上涨467.21点，涨幅1.76%。 恒生科技指数收盘报5417.60点，上涨71.40点，涨幅1.34%。 市场热点方面，泡泡玛特（HK09992）盘中一度涨超8%，收盘涨超5%，创下三个月来新高。 消息面，紫金矿业今日早间发布公告，公司董事会审议通过《公司三年（2026—2028年）主要矿产品产 量规划和2035年远景目标纲要》。根据规划，2026年，公司矿产金产量105吨、矿产铜产量120万吨、矿 产银产量520吨、矿产锌/铅产量40万吨、当量碳酸锂产量12万吨、矿产钼产量1.5万吨。到2028年，公 司的资源储量、主要矿产品产量、销售收入、资产规模、利润等综合指标排名进一步提升，铜、金矿产 品产量进入全球前三位。 电力设备股全天强势，东方电气（HK01072）涨超14%。 其他方面，盘面上，科网股涨多跌少，百度涨超3%，腾讯涨超2%，网易、阿里巴巴涨超1%，快手跌超 2%。新股方面，澜起科技（HK06809）首日涨超63%。 资金方面，南向资金上周大举抄底后，今日逢高小规模净卖出。截至收盘，南向资金净卖出港股18.87 亿港 ...