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！ 丙午马年A股即将开盘，历史数据显示，春节假期后主要股指涨多跌少。整体来看，券商对节后市场普 遍持乐观态度。 港股率先开盘 机器人、AI应用概念大涨 春节假期中，离岸人民币一度升至6.88，海外主要股指多数上涨。 21日，特朗普在社交媒体上发文称，他前一天宣布对输美商品征收的"全球进口关税"税率将从10%提高 到15%，"立即生效"。 国泰海通表示，"对等关税"占到美国关税收入的近60%，因此市场较关注对财政的影响。预期关税最终 会小幅下降2%—3%，并略微推升财政赤字率约0.1%—0.2%。 国联证券分析，理论上违法关税需要返还，但是最高法院并未明确规定返还流程，而且"一刀切"返还的 难度也较大，可能采取"一事一议"模式，由企业通过诉讼或主动申请争取部分返还，但整个过程可能更 为漫长且存在混乱性。从财政影响来看，如果关税全额退还(约1750亿美元)，将会进一步加剧美国财政 压力，造成美国长端利率的上行以及美元的贬值。 2月20日，港股马年率先开市，恒生指数、恒生科技指数均收跌。受央视春晚机器人"炸场"表演影响， 机器人概念股集体大涨，越 ...

港股今日情绪回暖，恒生指数收涨2.53%，恒生科技指数收涨3.34%。盘面结构分化明显，黄金股涨幅 居前，赤峰黄金涨约8%，紫金黄金国际涨约7%。半导体概念、互联网科技股走高，中芯国际、美团涨 超5%，华虹半导体涨超4%。AI大模型、机器人板块回落，智谱跌超22%，MiniMax跌超13%，优必选 跌超2%。 ...

Group 1 - Industry investment rating: Buy [2] - Core viewpoint: The humanoid robot industry has made significant advancements, as showcased during the 2026 Spring Festival Gala, highlighting the capabilities of domestic manufacturers in various applications [6][6][6] - Investment suggestion: The humanoid robot sector is well-prepared for mass production, with expected exponential growth in product delivery in 2026 compared to 2025 [6] Group 2 - Key company performance: The Spring Festival Gala led to a 150% increase in robot orders, with a surge in search volume and customer inquiries [6] - Notable company showcases: Multiple companies demonstrated their robots' capabilities, including 松延动力's elderly care applications, 宇树科技's high-dynamic control, and 魔法原子’s group control of 100 robots [6] - Recommended companies for investment: Focus on 恒立液压, 浙江荣泰, and others for specific components like planetary roller screws and dexterous motors [6]

Group 1 - The robotics sector in the Hong Kong stock market has shown strong performance, with the robotics concept index rising by 1.76% as of the midday session on February 23 [1][2] - Notable stocks in the sector include ASMPT, which increased by 5.27%, and Huahong Semiconductor, which rose by 4.83% [1][2] - The previous trading day saw significant gains in robotics stocks, with Yujian closing up 21.4% and Sutech rising by 9.24% [3] Group 2 - The surge in the robotics sector is attributed to the prominent display of robots during the 2026 CCTV Spring Festival Gala, where several domestic robotics companies showcased their products [3][4] - The performances included advanced robotic capabilities, such as the first-ever robot Airflare and synchronized speech and facial movements [4] - The event has been interpreted as a significant step for the industry, moving from experimental phases to mainstream visibility, thus accelerating commercialization expectations [4] Group 3 - The Spring Festival Gala has led to a dramatic increase in robot product sales on e-commerce platforms, with Douyin reporting a 1680% year-on-year increase in GMV for robot products [5] - JD.com also experienced a surge in robot-related searches and orders, with a 300% increase in search volume and a 150% increase in order volume within two hours of the gala's broadcast [5] - The robotics industry is seeing positive developments, with companies like Sutech forecasting a net profit of at least 60 million RMB for Q4 2025, marking a new phase in their business development [5] Group 4 - Analysts from Guohai Securities highlight that the wave of electrification and intelligence in robotics is expected to open up broader market opportunities, suggesting a significant investment opportunity in the humanoid robotics sector [6] - Dongwu Securities notes that Tesla's Optimus is on track for mass production in 2026, indicating a narrowing supply chain focus on key components [6] - The report emphasizes the importance of technological iteration and cost reduction in the robotics sector, with specific attention to advancements in dexterous hands and lightweight materials [6]

春节假期落幕，A股市场即将迎来节后交易窗口。 A股休市期间，富时A50期指屡创新高，港股市场也表现亮眼。2月23日，恒生指数、恒生科技指数盘初 涨幅双双扩大至2%，科技、贵金属股走强，紫金矿业（02899.HK）涨逾5%，美团（03690.HK）、中 芯国际（00981.HK）均涨逾4%。 科技风格行情有望延续 人形机器人产业因春晚节目表演引发全民热议，也增强了市场对节后科技行情演绎的预期。 与此同时，资金面"弹药充足"，央行在春节前通过买断式逆回购等操作确保流动性平稳，1月金融数据 更是传来"开门红"，M2同比增长9.0%，社融存量增速达8.2%，为市场提供了宽裕的宏观环境。 回顾来看，近20年春节后5个交易日上证指数上涨概率达到75%，平均涨幅1.2%，节前避险资金回流与 政策利好叠加，有望推动节后交易活跃度快速回升。多份机构研报指出，在流动性宽裕、"日历效应"、 政策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节"日历效应" 春节假期期间，A股外围市场的积极信号不容忽视。截至发稿，富时A50期指上涨1.48%，该指数在A股 休市期间延续升势，累计上涨超1.7%，反映出海外资金对中 ...

春节假期落幕，A股市场即将迎来节后交易窗口。 A股休市期间，富时A50期指屡创新高，港股市场也表现亮眼。2月23日，恒生指数、恒生科技指数盘初 涨幅双双扩大至2%，科技、贵金属股走强，紫金矿业（02899.HK）涨逾5%，美团（03690.HK）、中 芯国际（00981.HK）均涨逾4%。 与此同时，资金面"弹药充足"，央行在春节前通过买断式逆回购等操作确保流动性平稳，1月金融数据 更是传来"开门红"，M2同比增长9.0%，社融存量增速达8.2%，为市场提供了宽裕的宏观环境。 回顾来看，近20年春节后5个交易日上证指数上涨概率达到75%，平均涨幅1.2%，节前避险资金回流与 政策利好叠加，有望推动节后交易活跃度快速回升。多份机构研报指出，在流动性宽裕、"日历效应"、 政策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节"日历效应" 机构普遍指出，春节后A股科技行情的驱动核心主要来自两方面：一是节后往往迎来政策和产业催化的 密集落地期，例如"人工智能+"、数字经济发展规划等常在此时间段内加速推进；二是美股与港股的映 射效应显著，春节期间海外市场表现强势的科技板块，节后通常能带动A股相关标的 ...

近20年春节后5个交易日上证指数上涨概率达到75%。 多家机构表示，在流动性宽裕、"日历效应"、政 策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节假期落幕，A股市场即将迎来节后交易窗口。 A股休市期间，富时A50期指屡创新高，港股市场也表现亮眼。2月23日，恒生指数、恒生科技指数盘初 涨幅双双扩大至2%，科技、贵金属股走强，紫金矿业（02899.HK）涨逾5%，美团（03690.HK）、中 芯国际（00981.HK）均涨逾4%。 与此同时，资金面"弹药充足"，央行在春节前通过买断式逆回购等操作确保流动性平稳，1月金融数据 更是传来"开门红"，M2同比增长9.0%，社融存量增速达8.2%，为市场提供了宽裕的宏观环境。 回顾来看，近20年春节后5个交易日上证指数上涨概率达到75%，平均涨幅1.2%，节前避险资金回流与 政策利好叠加，有望推动节后交易活跃度快速回升。多份机构研报指出，在流动性宽裕、"日历效应"、 政策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节"日历效应" 春节假期期间，A股外围市场的积极信号不容忽视。截至发稿，富时A50期指上涨1.48%，该指数 ...

Core Insights - Shenzhen is positioning itself as a global leader in artificial intelligence (AI) by integrating AI into various sectors, aiming for a core industry revenue of 220 billion yuan by 2025 with over 2,600 enterprises [1][13] - The city has established a robust AI innovation ecosystem characterized by high-density innovation entities, with over 93% of R&D investment coming from enterprises [3][13] - Shenzhen's AI applications are being tested in real-world scenarios, with nearly 300 "city + AI" application scenarios addressing urban governance and industrial upgrades [6][13] Group 1: AI Industry Development - Shenzhen's AI industry has maintained double-digit growth, with significant contributions from enterprises that focus on specialized fields such as machine vision and AI chips [3] - The local humanoid robot industry has a 70% local supply rate, enhancing the resilience of the industrial chain [3] - The establishment of the Shenzhen Leading Edge Intelligent Open Research Institute aims to explore cutting-edge technologies and create a core hub for edge intelligence [5] Group 2: Policy and Infrastructure - The "Artificial Intelligence + Advanced Manufacturing Action Plan (2026-2027)" indicates a shift from isolated breakthroughs to a systematic reconstruction of AI's role in the manufacturing sector [5] - Major facilities like the National Supercomputing Center in Shenzhen are being developed to provide accessible intelligent computing power for SMEs [10] - The city is fostering a collaborative ecosystem through initiatives like the "6S" model for AI hardware, which reduces development cycles from months to weeks [11] Group 3: Real-World Applications - Shenzhen is utilizing the entire city as a testing ground for AI, with a focus on practical applications that meet real demands [6] - The introduction of 82 new low-altitude logistics routes by 2025 will enhance the efficiency of drone delivery services [6] - The establishment of the global AI application scenario center in Huaqiangbei aims to create a comprehensive model for AI application and industry integration [7]

Core Viewpoint - The travel data during the Spring Festival showed strong performance, while the IEEPA tariff ruling and escalating Middle East tensions disturbed risk appetite. The AI competition accelerated, and the resilience of the US economy led to a decline in interest rate cut expectations [1][2][7] Group 1: Major Events and Market Trends - The US Supreme Court ruled the IEEPA tariffs illegal, prompting Trump to invoke the Trade Act of 1974, resulting in an average tariff rate that may not differ significantly from previous levels [2][8] - The technology sector continues to see a high level of interest with new AI and robotics products emerging [2][14] - The US economy remains resilient, with inflation pressures emerging, leading to a decline in interest rate cut expectations [2][23] Group 2: Asset Class Performance - During the Spring Festival, major asset classes showed divergence, with the Nasdaq, Korean index, and European stocks rising by 1.51%, 5.92%, and 2.44% respectively, while Hong Kong stocks weakened due to liquidity and competitive pressures [3][26] - The bond market showed mixed results, with US Treasury yields slightly rising while Japanese and German long-term bond yields fell [3][26] - Precious metals and oil performed strongly due to safe-haven demand, with gold and silver prices reaching $5104 and $84 per ounce, respectively, and oil prices rising to $71 per barrel [3][26] Group 3: Debt Market Outlook - The post-Spring Festival bond market will largely depend on the fundamentals, policy signals, supply and demand, and stock market performance [4][41] - The bond market is expected to remain in a volatile state, with limited space below 1.8% for the 10-year Treasury yield [4][41] - The demand side of the bond market is primarily driven by insurance and bank allocations, with a focus on the potential for structural opportunities in medium to short-term bonds [4][40] Group 4: Stock Market and Convertible Bonds - The stock market is expected to open slightly lower on the first trading day after the holiday, with a focus on tariff and trade issues, the Fed's interest rate decisions, and geopolitical concerns [5][42] - The overall market sentiment is expected to remain positive, with potential for a quick recovery after a slight dip [5][42] - Investors are advised to optimize their positions during the post-holiday low opening, particularly in sectors like AI applications and humanoid robots that may be undervalued due to market sentiment [5][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The performance of robots during the Spring Festival Gala was impressive, highlighting the capabilities of various companies such as Yushutech and Galaxy General, which showcased advanced control algorithms and integrated models [2] - The robot sector is expected to enter a 1-10 development phase in 2026, with Tesla's third-generation robot anticipated to be released in Q1, leading to a potential supply chain resonance between domestic and international robot manufacturers [2] Summary by Sections Important Events - On February 16, during the 2026 Spring Festival Gala, several companies' robots performed, attracting significant attention. On February 20, the first trading day of the Year of the Horse saw a surge in robot concept stocks, with Yujian rising over 21%, Sutonju rising over 9%, and Ubtech rising over 4% [1] Key Points - The overall performance of robots at the Spring Festival was remarkable, with Yushutech demonstrating high algorithmic and motor power density capabilities, and Galaxy General showcasing smooth dexterous hand operations through its integrated model "Galaxy Brain" [2] - The report anticipates that 2026 will be a year of mass production for the robot sector, with significant developments expected in the supply chain and potential opportunities for peripheral stocks [2]