经济观察网 截至2026年2月20日收盘，滴普科技（01384.HK）股价报102.00港元，单日上涨2.77%，盘 中最高触及109.00港元，创上市以来新高。近5个交易日累计涨幅达18.95%，年初至今涨幅为54.31%， 市值升至333.16亿港元。当前股价突破所有关键均线，技术面呈现强势特征。 股价异动原因 2026年2月13日，恒生指数公司宣布将滴普科技纳入恒生综合指数，变动于3月9日生效。市场预期其有 望进入港股通标的范围，吸引增量资金布局。 AI行业政策与技术突破共振 2026年2月以来，国内多部门推动AI在招标投标、低空经济等场景落地，字节跳动、Meta等巨头相继发 布新一代模型，提振企业级AI应用需求预期。 公司作为"企业级大模型AI应用第一股"，2025年入选《胡润中国人工智能企业50强》，凸显行业地位。 业务进展与商业化加速 2025年上半年营收同比大增118.4%，FastAGI业务收入占比升至55.3%，成为核心增长引擎。 2025年12月与沐曦股份达成战略合作，共同开发全栈国产AI解决方案，强化产业链协同。 未来情况分析 积极因素： 纳入恒生综合指数预期落地 行业景气度：中诚信国际 ...

以下文章来源于投中网 ，作者黎曼 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 本文来自微信公众号： 投中网 ，作者：黎曼，编辑：王庆武，头图来自：AI生成 Lee收到了一条好消息，"年终奖到账了。" 他列举了两个例子。一个2025年初才敲定的AI应用项目，此刻已在紧锣密鼓筹备IPO，账面浮盈是当 初投入的五六倍。还有一家专注认知智能的企业，估值在一年内完成了从4亿元到80亿元的"撑杆 作为一家VC机构的投资总监，Lee带着一丝久违的轻松："数额……大概追平了两年前吧。"他顿了 顿，"你知道，前两年基本没有。" 2023年，Lee主导投出的三个明星项目两个濒临破产，机构全年颗粒无收，年终奖自然成了泡影； 2024年，情况略有缓和，但奖金也仅象征性地发了张千元购物卡，聊胜于无。 转折发生在刚过去的2025年，Lee早期押注的一家AI边缘计算公司，乘着智能硬件与行业数字化的东 风，业绩狂飙，不仅顺利完成新一轮融资，也进入了券商辅导期，上市曙光初现。 ...

IPARTE 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Gaplial Associations 業 陈菲 ホ方富海董事长 2025年，在周期波动与结构调整中，我们守见云开，迎来了霞光满天的时刻。一级市 场明显复苏，募资规模与投资金额同比回升；二级市场热度高涨，A股电子行业市值 首次超越银行业，登顶行业市值榜首，科技主线的时代拐点愈发清晰。更具标志性意 义的是，"十五五"规划建议发布，系统擘画了中国经济迈向新阶段的顶层设计蓝图。 在复杂多变的全球经济环境下，中国经济展现出应对外部冲击的韧性，结构转型的阵 痛正在减弱，发展科技创新正在成为前所未有的上下共识。可以预见，未来中国经济 的核心增量，来自科技和创新。在新的周期起点上，变化仍在加速，不确定性并未消 散。无论是创业者，还是创投人，都需要在波动中识别趋势、在分歧中坚定判断，持 续走向那些具备确定性的方向。下面，我想分享两点关于确定性的思考。 第一，AI已成为时代主线，必须坚定拥抱。这一次人工智能的跃迁，不仅是一轮技术 升级，更是工业革命、信息革命与文艺复兴的叠加共振，正在重塑人类 ...

Core Insights - The investment landscape for VC firms has significantly improved in 2025, with many firms experiencing a "harvest season" after a challenging previous year [3][5][6] - Successful IPOs and high returns from investments in sectors like AI and commercial aerospace have revitalized investor confidence and led to substantial year-end bonuses [4][6][7] - The number of companies supported by VC/PE firms that successfully went public reached 164 in 2025, with over 900 investment institutions involved [6][7] Group 1: Investment Performance - Lee, a VC investment director, reported a turnaround in fortunes with a successful AI edge computing company leading to significant returns after two years of losses [3][5] - Notable companies like Moer Technology and Muxi Co. saw their valuations soar, with Moer Technology's market cap exceeding 280 billion yuan after a 425% surge on its IPO [7][10] - The overall sentiment among VC partners is optimistic, with many reporting nearly 100% success rates in their investments, particularly in the chip sector [6][7] Group 2: Market Dynamics - The resurgence in the VC market is attributed to a combination of successful IPOs and a favorable regulatory environment, particularly in the commercial aerospace sector [11][12] - Investment strategies are evolving, with a growing emphasis on aligning with national strategic goals and recognizing the value of projects that may not have been previously considered viable [13] - The influx of capital from high-net-worth individuals and institutional investors is evident, with many LPs actively seeking opportunities in trending sectors [7][12] Group 3: Future Outlook - The expectation for 2026 is positive, with predictions of continued strong performance driven by the interconnection of primary and secondary markets [7][10] - The current investment climate encourages a reassessment of what constitutes valuable projects, with a shift towards understanding the implications of national policies on market opportunities [13] - The narrative of a "visible hand" guiding market dynamics suggests that strategic investments aligned with government initiatives will be crucial for future success [12][13]

Core Viewpoint - The article highlights the rapid advancements in domestic GPU technology and its integration with large AI models, emphasizing the importance of timely adaptation to stay competitive in the AI landscape [3][11]. Group 1: Domestic GPU Developments - Domestic GPU companies, referred to as the "four little dragons," including Moer Technology, Muxi Co., TianShu ZhiXin, and Biran Technology, are actively adapting to new large AI models released during the Spring Festival [3][6]. - Moer Technology's MTTS5000 and Muxi's XiYun C series have successfully adapted to the new GLM-5 model from Zhipu AI, showcasing the efficiency of GPU architecture in model adaptation [5][6]. - The adaptation process is crucial as it enhances the performance of AI models on specific hardware, with GPU architectures allowing for quicker adjustments compared to specialized architectures like NPU [6][11]. Group 2: AI Model Releases - ByteDance's Seedance 2.0, a video generation model, has blurred the lines between reality and virtuality, paving the way for large-scale applications in AI-generated content [7]. - Alibaba's Qwen-Image-2.0 has shown competitive performance in image generation, ranking just below models from Google and OpenAI in benchmark tests [7]. - MiniMax's MiniMax-M2.5 model is notable for its cost-effectiveness, allowing continuous operation at a low cost, which could drive broader adoption in productivity scenarios [7][8]. Group 3: Market Dynamics and Trends - The release of DeepSeek's models has significantly impacted the AI landscape, boosting confidence in domestic AI applications and prompting a shift in how companies approach model training and deployment [11][12]. - The demand for GPU capabilities in inference tasks is increasing, with domestic companies like Muxi and Moer Technology positioned to compete with NVIDIA, especially as the latter's products face restrictions in China [13][21]. - The collaboration between domestic chip manufacturers and AI model developers is becoming more routine, with strategic partnerships being formed to enhance compatibility and performance [16][18]. Group 4: Future Outlook - The expectation for future releases from DeepSeek could stimulate further deployment of AI models in various sectors, particularly in state-owned enterprises [17]. - Domestic chip companies are accelerating their product iterations to meet the growing demand for AI capabilities, with plans for multiple new architectures and products in the coming years [18][19]. - The overall sentiment is optimistic regarding the ability of domestic firms to close the gap with international competitors, with a focus on practical applications and performance differentiation [21].

Group 1: 2025 Capital Market Review - The A-share market experienced a significant bull market in 2025, with the Shanghai Composite Index rising over 18% and surpassing the 4000-point mark, achieving multiple historical records [2] - The total trading volume of A-shares exceeded 400 trillion yuan for the first time, and the total market capitalization reached 100 trillion yuan, with margin trading balances returning to over 2 trillion yuan after ten years [2] - The total scale of ETFs in China reached 6.02 trillion yuan by the end of 2025, marking a growth of over 60% from the beginning of the year [2] Group 2: Fund Flows and Dividends - In 2025, there was a notable shift in deposits, with a slight increase of 0.62 trillion yuan in household deposits, while non-bank deposits surged by 4.11 trillion yuan, indicating a significant flow of funds from banks to the stock market [3] - The total cash dividends from A-share companies reached a record high of 2.64 trillion yuan, with 3,766 companies implementing cash dividends [3] - Over 1,300 companies announced stock repurchase plans, with a total repurchase amount exceeding 150 billion yuan [3] Group 3: Policy and Market Dynamics - In May 2025, the central bank and financial regulators introduced a series of policies to support the capital market, including interest rate cuts and measures to enhance market confidence [5] - The introduction of new listing standards for the Sci-Tech Innovation Board aimed to support companies in emerging sectors such as artificial intelligence and commercial aerospace [5] - The central government emphasized the importance of a stable capital market in its economic work meetings, indicating a commitment to enhancing the role of the capital market in economic growth [6][9] Group 4: 2026 Economic Outlook - The central economic work meeting outlined a focus on stabilizing growth and enhancing quality in 2026, with an emphasis on domestic demand and innovation-driven development [6] - A more proactive fiscal policy is expected in 2026, with plans for significant investments in consumer goods and equipment upgrades [7] - The monetary policy is anticipated to remain moderately accommodative, with expectations of 1-2 interest rate cuts throughout the year [7] Group 5: Investment Strategies for 2026 - The A-share market is expected to benefit from policy support, with a slow bull market likely to continue, emphasizing the importance of direction over index levels [18] - Three main investment themes for 2026 include the technology revolution, "anti-involution" strategies to reduce excessive competition, and safe-haven investments in the financial sector [19] - The focus on emerging industries such as AI, new energy, and advanced manufacturing is expected to create substantial investment opportunities [19]

Core Insights - The collaboration between domestic GPUs and large models is improving significantly, with multiple companies launching new models around the Spring Festival period [1][9] - Domestic GPU companies are adapting quickly to new large models, indicating a competitive landscape where timely adaptation is crucial for success [2][4] Group 1: Domestic GPU Developments - Major domestic GPU companies, including Moore Threads, Muxi, and Tensu Zhixin, have successfully adapted to new large models like GLM-5 and Seedance 2.0 [2][3] - The adaptation process involves optimizing performance from initial capabilities, which can vary significantly based on the architecture used [2][7] - The rapid response of these companies during the Spring Festival highlights their commitment to staying competitive in the AI landscape [5][6] Group 2: Large Model Innovations - ByteDance's Seedance 2.0 and Alibaba's Qwen-Image-2.0 are notable advancements in video and image generation, respectively, with capabilities approaching those of leading global models [3][6] - MiniMax's M2.5 model offers cost-effective solutions for productivity applications, showcasing the potential for widespread adoption in various sectors [3][9] - The release of these models is expected to drive further integration of AI technologies in domestic industries, enhancing the overall market landscape [9][10] Group 3: Market Dynamics and Future Outlook - The release of DeepSeek's models has significantly impacted the AI market, prompting a shift in how companies perceive and utilize large models [6][12] - Domestic chip manufacturers are increasingly forming strategic partnerships with large model developers, indicating a trend towards closer collaboration [9][11] - The anticipated advancements in model capabilities are expected to stimulate further deployment in various sectors, particularly in state-owned enterprises [9][10]

Core Viewpoint - Companies that do not take action in the AI wave, particularly in the release of large models and domestic chip enterprises, may fall behind in the industry Group 1: Domestic GPU and Model Development - Domestic GPUs are increasingly well-matched with domestic models, with a surge in large model releases around the Spring Festival [2] - ByteDance launched the video generation model Seedance 2.0, while Zhizhu and MiniMax released their respective models GLM-5 and MiniMax-M2.5 [5][6] - Domestic GPU companies are on standby during the Spring Festival to quickly adapt to new models, indicating the fast-paced nature of AI technology [2][4] Group 2: Model Adaptation and Performance - Companies like Moer Thread and Nuxi have successfully adapted new models to their GPUs, with Moer Thread's MTTS5000 and Nuxi's Xiyun C series being highlighted [4] - Adapting models to run efficiently on GPUs can significantly improve performance, with general GPU architectures allowing for quicker adjustments compared to specialized architectures like NPU [4] - The adaptation process is crucial for ensuring that large models perform optimally on domestic chips, which is essential for competitive positioning [4] Group 3: Market Dynamics and Future Expectations - The release of DeepSeek's models has raised expectations for domestic AI capabilities, with significant improvements noted in the past year [9][10] - Domestic chip companies are increasingly collaborating with large model enterprises, establishing a routine for Day 0 adaptations [14] - The anticipated release of new models from DeepSeek could further stimulate deployment efforts among state-owned enterprises, expanding market opportunities for domestic GPU companies [14] Group 4: Competitive Landscape and Technological Advancements - Domestic GPU companies are beginning to compete with international firms like NVIDIA, particularly in inference tasks where performance requirements are less stringent [11] - The rapid iteration of domestic chips is driven by the growing demand for AI computing power, with companies like Moer Thread and Nuxi accelerating their product development cycles [15][16] - The industry is optimistic about overcoming existing technological gaps, with a belief that domestic firms will eventually achieve parity with international competitors [16]

投资者结构持续优化 (●) 机构持有股票市值占比提升至 2l.l% 平均股息率 2.4% 股票市值 (全球排名第三位) ⊙ 65万亿元 ... .. .. .. .. ◇) 持续完善指数及产品体系 新发布科创综指 为市场全面了解科创板运行整体情况提供表征 沪市ETF规模 (亚洲第二大ETF市场) (●) 4.2万亿元 同比增长 55% 同比增长 其中: 债券ETF规模 约6000亿元 291% 科创债ETF规模1994亿元 融资功能有效发挥 远超2024年 IPO受理66家 同比增长31.3% IPO上市42家 股票首发融资额812.9亿元 | 同比增长1.5倍 : ・・・・・ 股票再融资额9602亿元 同比增长3.8倍 聚焦服务新质雪音力 科创成长层新上市禾元生物、摩尔线程、沐曦股份等 6家企业 科创成长层已汇聚39家企业(截至2026年2月13日) 同比增长 科创板新增股权融资 1073亿元 2.8倍 并购市场活力进发 新增披露资产重组 其中: 重大资产重组 9|4家次 95家次 同比增长 3 830% 大型吸收合并、多元支付等创新示范性项目相继涌现 沪市围绕新质生产力的并购重组占比 近7成 债券市场提质 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月13日，港股"大模型第一股"智谱盘中股价冲击新高，截至当日收盘，5个交易日内股价涨幅超 138.68%。 与此同时，其A股IPO也迎来新进展。证监会官网显示，近日，北京智谱华章科技股份有限公司更新了 《首次公开发行股票并上市辅导备案报告》，新增国泰海通证券为辅导券商。 至此，智谱A股IPO的辅导券商由原来的中金公司变更为国泰海通证券和中金公司两家，上市辅导阵容 再升级。 值得注意的是，随着"大模型双雄""GPU四小龙"等AI科技公司接连走向资本舞台，在AI赛道的IPO服务 上，头部券商的竞争也更加激烈。 受访的业内人士指出，"既要抓住时间窗口'快'上，又要确保申报质量'稳'上"，是这类公司的共同需 求。而这也对券商的综合能力提出更高的要求。 国泰海通"加盟"智谱A股IPO辅导 证监会最新披露的信息显示，智谱撤回了其于2025年4月提交的辅导备案，并办理了新的辅导备案登 记。 该备案登记显示，智谱拟首次公开发行股票并在上海证券交易所科创板上市，IPO辅导机构新增国泰海 通证券，由原来的中金公司变更为国泰海通证券和中金公司两家。 值得注 ...