Market Overview - US stock indices opened slightly higher, with the Dow Jones up 0.01%, Nasdaq up 0.07%, and S&P 500 up 0.01%. As of the report, the Dow Jones increased by 0.5%, Nasdaq by 0.33%, and S&P 500 by 0.16% [1] - A total of 3,106 stocks rose while 1,985 stocks fell, with a trading volume of $75.1 billion [2] Company Highlights - AMD's stock price surged by 15% pre-market, later stabilizing at a 5.47% increase, reaching $207.35, with a market capitalization of $338.08 billion. AMD agreed to sell AI chips worth up to $60 billion to Meta, marking a significant advancement for AMD in the AI chip market, where it currently lags behind Nvidia [2][3] - Nvidia holds approximately 90% of the AI chip market share and is the largest publicly traded company by market capitalization [2] - AMD's sales for the previous year were reported at $34.6 billion, with a projected revenue growth of 34% for the current year. An additional $10 billion in sales could accelerate AMD's progress in catching up to Nvidia [2] Sector Performance - The optical communication sector saw gains, with Coherent rising over 2%, Astera Labs nearly 2%, and Corning up over 1.2% following a $6 billion supply agreement with Meta [5][6] - The Nasdaq China Golden Dragon Index increased by 0.3%, with mixed performance among Chinese concept stocks. Companies like GDS, Xpeng, and TAL Education saw gains, while Alibaba, Pinduoduo, Tencent ADR, Baidu, and Xiaomi ADR experienced declines [8][9] Commodity Market - Spot gold fell below $5,100 per ounce, with a daily drop of 2.57%, while spot silver dropped below $85 per ounce, down 3.7% [10] - WTI crude oil futures rose by 1%, currently priced at $66.77 per barrel, while Brent crude oil futures increased by 0.69%, reaching $71.60 per barrel [11] Cryptocurrency Market - Bitcoin continued its downward trend, dropping over 3.5% in 24 hours, with prices falling below $63,000, reaching a low of around $62,700. Ethereum also fell below $1,900 [13][14] - Over the last 24 hours, more than 138,000 traders were liquidated, with a total liquidation amount of $414 million [15]

伴随着Anthropic的桌面智能体Cowork持续发布不同行业的插件，投资者担忧AI会对软件行业带来颠覆 性冲击，从而带来美股软件板块的大幅调整。投资者对"模型吞噬软件"的担忧有一定合理性，但最终软 件行业将呈现"K型"分化：缺乏独有数据资源或者深度行业Know-How、未形成网络效应的横向软件将 面临模型更大的威胁，而拥有独家数据资源、容错率较低或具备监管锁定特征的纵向核心系统则风险较 小，更容易依托自身系统叠加AI Agent来满足客户需求。 智通财经APP获悉，东方证券发布研报称，2026年马年春节，互联网三大巨头投入超40亿元，将AI从实 验室技术推向应用场景，AI应用迎来全民普及的关键点。2月前后海内外模型迎来"上新潮"，而中国开 源模型在性能和价格上的优势，使其成为全球开发者的选择。伴随着Anthropic的桌面智能体Cowork持 续发布不同行业的插件，市场担忧AI会对软件行业带来颠覆性冲击。市场对"模型吞噬软件"的担忧有一 定合理性，但最终软件行业将呈现"K型"分化。 东方证券主要观点如下： 大厂从模型PK走向场景和生态比拼 2026年马年春节，互联网三大巨头投入超40亿元，将AI从实验室技 ...

北水恢复交易首日，港股三大指数集体走低，恒指再度失守两万七大关，恒科指数则跌超2%。截至收 盘，恒生指数跌1.82%或491.59点，报26590.32点，全日成交额2509.92亿港元；恒生国企指数跌2.06%， 报9007.86点；恒生科技指数跌2.13%，报5270.70点。 银河证券认为，科技板块仍是中长期投资主线，经历近期的回调后，估值压力下降，在AI大模型更新 加快、AI应用加速推进的背景下，相关板块有望反弹回升。此外，中东地缘风险升温、美国关税政策 调整推升避险情绪，贵金属、能源板块有望震荡上行；消费板块当前估值偏低，随着促消费政策加码， 消费活力逐步释放，板块仍具上涨空间。 蓝筹股表现 万洲国际(00288)领涨蓝筹。截至收盘，涨4.42%，报10.39港元，成交额3.26亿港元，贡献恒指5.87点。 瑞银发布研报称，展望未来，该行相信万洲国际正进入盈利波动性较低的阶段，受惠于美国生猪价格前 景更趋稳定，以及业务策略转向利润较高的包装肉制品，将提升盈利及股东回报的能见度。 其他蓝筹股方面，恒基地产(00012)涨2.08%，报35.32港元，贡献恒指1.69点；华润啤酒(00291)涨 2.0 ...

Market Overview - On the first trading day after the resumption of Northbound trading, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling below the 27,000 mark, closing down 1.82% or 491.59 points at 26,590.32 points, with a total turnover of HKD 250.99 billion [1] - The Hang Seng China Enterprises Index dropped 2.06% to 9,007.86 points, while the Hang Seng Tech Index fell 2.13% to 5,270.70 points [1] Sector Performance - The technology sector remains a long-term investment focus, with valuation pressure easing after recent pullbacks, and potential for rebound driven by accelerated AI model updates and applications [1] - The energy and precious metals sectors are expected to rise amid heightened geopolitical risks in the Middle East and adjustments in U.S. tariff policies [1] - The consumer sector, currently undervalued, is anticipated to have upward potential as consumption policies are strengthened [1] Blue-Chip Stocks - WH Group (00288) led blue-chip gains, rising 4.42% to HKD 10.39, contributing 5.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Henderson Land (00012) up 2.08% and China Resources Beer (00291) up 2.02% [2] - China Biologic Products (01177) fell 6.58%, negatively impacting the index by 7.48 points [2] Hot Sectors - Major tech stocks faced pressure, with Tencent down over 3% and Alibaba down over 2% [3] - Storage concepts saw significant gains, with Zhaoyi Innovation (03986) up 11.91% and Longsys Technology (06809) up 4.92% [3] - Oil and gas stocks rose amid concerns over escalating tensions in Iran, with Shandong Molong (00568) up 11.41% [4] AI and Technology - The AI sector continues to show promise, with significant growth in token usage, particularly in Chinese models, which account for 61% of the total token volume [5] - The market anticipates ongoing rapid growth in AI applications and commercial viability [5] Film Sector - The film sector faced challenges, with the 2026 Spring Festival box office down approximately 40% year-on-year, indicating a need for improved content quality [6] - Major film stocks like Maoyan Entertainment (01896) and Huayi Brothers (01003) saw declines of 8.18% and 5.26%, respectively [6] Notable Stock Movements - Kwan Hung Holdings (01888) surged 12.37% following a profit forecast indicating a 165% increase in net profit for the fiscal year ending December 2025 [7] - Weichai Power (02338) rose 7.29% after a report highlighted its emergency generator's use in a major data center [8] - China Shipbuilding Defense (00317) reached a new high, up 5.37%, following a significant shipbuilding contract announcement [9] - Standard Chartered (02888) saw a 3.07% increase after reporting a 6% rise in operating income for the fiscal year 2025 [10] - China Duty Free Group (01880) faced a 10.51% drop due to losing some operating rights at major airports [11]

Market Overview - The Hang Seng Index closed down by 1.82% at 26,590.32, with a decline of 491.59 points and a trading volume of 251 billion [2] - The Hang Seng Tech Index fell by 2.13% to 5,270.70, decreasing by 114.65 points with a trading volume of 68.9 billion [2] - The Hang Seng Biotech Index dropped by 3.34% to 15,654.19, down by 541.42 points with a trading volume of 11 billion [2] - The Hang Seng China Enterprises Index decreased by 2.06% to 9,007.86, down by 189.52 points with a trading volume of 90 billion [2] - The Hang Seng Composite Index fell by 1.69% to 4,078.66, down by 70.08 points with a trading volume of 178.1 billion [2] Sector Performance - Technology stocks experienced widespread declines, with notable drops including SenseTime and Tencent Music falling over 5%, Meituan and Kingsoft down over 4%, and Ctrip and Tencent Holdings down over 3% [2] - Other major tech companies such as Kuaishou, Alibaba, Baidu, SMIC, Xiaomi, and JD Health all saw declines exceeding 2% [2] Individual Stock Movements - Kingdee International saw a significant drop of 7.77% to 9.970, with a trading volume of 721 million [3] - SenseTime fell by 5.78% to 2.610, with a trading volume of 2.326 billion [3] - Tencent Music decreased by 5.62% to 57.100, with a trading volume of 170 million [3] - Meituan dropped by 4.24% to 81.400, with a trading volume of 5.524 billion [3] - Kingsoft fell by 4.23% to 26.740, with a trading volume of 424 million [3] - Ctrip Group decreased by 3.83% to 406.800, with a trading volume of 2.044 billion [3] - Tencent Holdings fell by 3.35% to 520.000, with a trading volume of 18.829 billion [3] - Other notable declines included Alibaba Health down 2.94%, Kuaishou down 2.77%, Alibaba down 2.76%, SMIC down 2.39%, Xiaomi down 2.24%, and JD Health down 2.15% [3] Robotics Sector - The robotics sector collectively weakened, with UBTECH falling over 8%, Sanhua Intelligent Control down over 6%, and Horizon Robotics down 2% [5][6]

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！ 来源：晚点AI 没有谁赢得最终胜利，战争刚刚拉开序幕。 文丨高洪浩 贺乾明 管艺雯 编辑丨贺乾明 2 月 16 日，除夕夜。北京中关村，字节跳动所在的鼎好大厦灯火通明；西二旗，百度科技园的办公楼 依旧亮着整层白光；南方，杭州阿里巴巴西溪园区、深圳腾讯总部，同样没有像往年那样进入节日模 式。 这个马年春节，中国科技行业第一次大规模取消休假，掀起中国 AI 领域第一场有预谋、有目标、大规 模资源投入的正面战役。 我们在此前文章中提到，过去二十年，中国科技行业巨头几乎打遍了互联网所有关键战役——从电商、 生活服务，到长短视频、社交、游戏，再到移动支付与企业服务。 以前是局部战役，丢掉一张牌，游戏还能继续。这一次更像是 "中途岛战役"——全局战争的转折点， 一旦输掉，可能会输掉整个未来。 字节跳动投入超过 10 亿元，豆包深度参与央视春晚互动，发出数亿红包和礼品；阿里冠名四家地方卫 视春晚，配合旗下 AI 助手千问 app ，耗资 30 亿元进行春节推广；腾讯投入 10 亿元、百度投入 5 亿 元，为 AI 应用导流。 腾讯率先出手，阿里投入更 ...

关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生 指数跌1.82%，国企指数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 具体盘面上，权重科技股全线下跌拖累大市走低，其中，美团跌超4%，腾讯盘中刷新阶段新低，小 米、阿里巴巴、京东皆有跌幅；大金融股(银行、保险、券商)全天表现弱势，尤其是保险股跌幅尤其明 显，中国人寿大跌6%，新华保险跌5.79%，中国银河、中金公司领衔中资券商股下跌；春节挡票房同比 大幅下滑，影视板块跌幅较大，濠赌股、机器人概念股、光伏股、苹果概念股、内房股、有色金属股纷 纷走低。 另一方面，半导体储存概念股逆势上扬，兆易创新大涨近12%领衔，集运欧线早盘一度大涨13%，港口 及海运股全天活跃，此外，AI应用"双雄"智谱、MINIMAX-WP表现强势。(格隆汇) ...

开工第一天谁最羡慕？小雷我先投小米员工一票。 今天是 2026 年农历马年正月初八，也是咱们打工人正式收心搬砖的第一天。北京小米科技园里今天热闹得很，雷军带着 13 名高管亲自坐镇，给员工发开工 红包，顺带还搞了个大惊喜，直接把开工开门红玩出了新的高度。 图源：小红书 开工发红包这事儿，很多公司都在做，但能做到小米这份上的，真没几个。 更绝的是，有些幸运员工还抽中了新一代 SU7 赤霞红隐藏好运卡，一下子就引发了全员猜想。 小雷观察这么多年，雷军是真的把开工发红包当成了小米的传统，不是走个过场、摆摆拍，而是实打实陪员工热闹。 现场有多热闹呢？雷军还是熟悉的配方、熟悉的味道，那条标志性的红色围巾，居然已经连续六年亮相开工现场了，一眼就能认出他，妥妥的小米开工符 号。 图源：小红书 他身边站着张剑慧等 13 名高管，没有一点架子，全员化身红包使者。员工们排着队，一个个上去领红包、合影，脸上的笑容藏都藏不住。 这氛围，隔着屏幕都能感受到幸福。 到这里肯定有人会问，红包里到底有多少钱？小雷搜了一下，大多是 50 块或 100 块的现金，不算特别多，但重点不在金额，而在惊喜和心意。 图源：微博 大家都在猜，这张卡会不会 ...

Summary of AI Industry Dynamics During the 2026 Spring Festival Domestic Model and Product Releases 1. **Zhiyuan AI** (February 11): Released GLM-5 with a HumanEval code pass rate of 96.2%, ranking first in global open source and fourth overall; focuses on programming and intelligent capabilities [1] 2. **ByteDance** (February 14): Launched Doubao Model 2.0 (Pro/Lite/Mini/Code), achieving top rankings in math/programming benchmarks and reducing inference costs by an order of magnitude; simultaneously launched Seedance 2.0, capable of generating movie-quality multi-shot audio and video in 60 seconds, becoming a key visual creation tool for the Spring Festival Gala [1] 3. **Alibaba** (February 16): Open-sourced Qwen3.5-Plus with a total parameter count of 397 billion and only 17 billion activated, achieving a 60% reduction in memory usage and a 19-fold increase in inference efficiency; API priced at 0.8 yuan per million tokens, which is 1/18 of Gemini 3 Pro [1] Additional Domestic Releases 4. **DeepSeek** (February 17): Upgraded context window from 128K to 1M tokens, capable of processing ultra-long texts equivalent to the "Three-Body Problem" trilogy [2] 5. **MiniMax** (February 18): Released M2.5 model with native agent design, achieving a 37% speed increase for complex tasks [2] 6. **Tencent** (February 19): AI creation reached 1 billion instances over 16 days during the Spring Festival [2] Overseas Model and Product Releases 7. **Google** (February 19): Released Gemini 3.1 Pro, significantly enhancing inference capabilities and setting a new technical benchmark [3] 8. **OpenAI** (February 18): Launched a proprietary model based on Cerebras chips, achieving a training efficiency increase of 5-10 times and a cost reduction of 70% [3] 9. **Anthropic** (February 18): Released Claude Sonnet 4.6, priced at 1/5 of flagship models, with performance approaching Opus, offering excellent cost-performance for enterprise applications [3] 10. **xAI** (February 20): Updated Grok 4.2, with simultaneous upgrades in multimodal and inference capabilities [3] Financing and Capital Dynamics 11. **Moon's Dark Side (Kimi)** (February 20): Completed a $700 million financing round led by Alibaba, Tencent, and Wuyuan, with a valuation exceeding $10 billion; cumulative financing in January and February surpassed $1.2 billion [4] 12. **Zhiyuan AI/MiniMax** (February 20): Market capitalization on the first trading day after the Hong Kong holiday exceeded 300 billion HKD each, totaling over 580 billion HKD [4] 13. **Anthropic** (February 21): Completed a $30 billion Series G round, with a valuation reaching $380 billion, led by GIC and Coatue [4] 14. **OpenAI** (February 21): Nearing completion of the first phase of over $100 billion in financing, with a valuation expected to exceed $850 billion [4] 15. **Runway** (February 21): AI video company completed a $315 million Series E round, with a valuation of $5.3 billion, focusing on world model development [4]

截至2026年2月24日 11:13，创业板人工智能ETF南方(159382)上涨2.66%，盘中换手5.51%，成交1.26亿 元。跟踪指数创业板人工智能指数成分股润泽科技上涨15.23%，天孚通信上涨14.94%，北京君正上涨 14.34%，长芯博创，中际旭创等个股跟涨。 创业板人工智能ETF南方(159382)紧密跟踪创业板人工智能指数，创业板人工智能指数反映创业板人工 智能主题相关上市公司的股价变化情况。指数前十大权重股分别为中际旭创、新易盛、天孚通信、蓝色 光标、润泽科技、协创数据、北京君正、昆仑万维、同花顺、深信服。 创业板人工智能ETF南方(159382)，场外联接(A类：024725；C类：024726)。 消息面上，2026年春晚成为AI大厂竞逐超级入口的关键战场，字节跳动、阿里巴巴、腾讯、百度等头 部企业深度参与冠名、红包及技术支撑，将AI能力嵌入节目制作、实时互动与生活服务场景，旨在通 过国民级窗口教育用户、培养使用习惯。 开源证券认为，展望2026年，AI"虹吸效应"显著，全球AI或继续共振。海外方面，谷歌、Meta等巨头 不断上调AI资本开支指引，谷歌Gemini等大模型Tokens ...