当前，新一轮科技革命方兴未艾，全球产业链加速重构，以人工智能、大数据、工业互联网为代表的新一代信息技术为制造业与服务业协同发展 注入强劲动能。 （原标题：聚焦制造业与服务业协同发展，广东新春第一会2月24日召开） 南方财经记者程浩广州报道 2月24日，农历正月初八，全省高质量发展大会将在广州召开，围绕"制造业与服务业协同发展"主题，动员全省上下敢为人先、勇立潮头，在开局 之年干出开局之势、关键之年干出关键之为，奋力跑好"十五五"第一程。 据悉，全省高质量发展大会会期一天，当天上午将举行全体大会，聚焦制造业与服务业协同发展主题，为现代化产业体系建设注入新动能；当天 下午将围绕产业融合与政策创新、科技创新赋能产业融合、金融创新赋能产业融合、智能制造与工业互联网、数字经济与贸易新业态、"百千万工 程"县域产业融合与高质量发展等主题举行分会场会议；会议结束后还将举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白 皮书，由省有关部门解读制造业与服务业协同发展相关扶持政策，并答记者问。 作为制造业大省和服务业强省，广东不断推动先进制造业和现代服务业深度融合，现代化产业体系基础雄厚、门类齐全，规上工业企业营业 ...

各位朋友，春节假期即将过完了，A股马年首个交易周马上开锣！这七天国内外大事不断，政策、产 业、资金面都有新动向。别慌，今天一文给你捋清楚——节后行情怎么走？机会在哪儿？风险在哪儿？ 看完这篇心里就有数了。 先说结论：节后A股大概率还是结构性行情，核心逻辑就八个字——政策托底、产业突围。科技成长、 政策受益、消费复苏这三条线最值得看，但国际上的关税变数和地缘风险也得留个心眼。 先看国内政策。内需消费被提到了前所未有的高度，《求是》杂志发重磅文章，明确要搞提振消费专项 行动，扩大优质商品供给，还要推城市更新和民间投资。这信号够直接吧？家电、文旅这些消费板块， 还有市政基建、新基建，都是直接受益的。另外2月17日起对加拿大、英国免签30天，入境游和免税店 短期要火，长期看服务贸易开放也是大趋势。 平台经济这边也有新动静。市场监管总局约谈了阿里、抖音等7家平台，核心就一句话——别搞内卷式 竞争，促销得守规矩。这对头部合规企业是长期利好，行业生态会慢慢变好。与此同时，字节跳动的豆 包大模型2.0 Pro发布了，直接对标GPT-5.2，推理成本降了一个数量级！国内AI大模型已经进入实用化 阶段，算力、算法、应用端的企业接 ...

Market Overview - The Hong Kong stock market faced pressure on the first trading day of the Year of the Horse, with the Hang Seng Index closing at 26,413.35 points, down 1.1%, and the Hang Seng Tech Index down 2.91% at 5,211.5 points [1] - The decline was attributed to two main factors: the weakness in the U.S. markets during the Hong Kong market's closure and a temporary lack of liquidity due to the suspension of southbound trading until February 23 [1] Robotics Sector Performance - Despite the overall market downturn, robotics stocks surged, driven by the performance of robots during the Spring Festival Gala. Notable gains included: - Yujian up 21.4% to HKD 48.44 per share - Sutonju up 9.24% to HKD 37.58 per share - Hesai-W up 7.93% to HKD 217.8 per share - Ubtech up 4.71% to HKD 144.5 per share [1] Industry Insights - Four robotics companies showcased their technology during the Spring Festival Gala, enhancing market attention towards the robotics sector [2] - Dongwu Securities highlighted that advancements in core robotic capabilities are crucial for the industry's transition from experimental phases to mass production, with a significant development phase expected from 2021 to 2025 [2] - The report anticipates that in 2026, major companies like Tesla and leading domestic firms will begin large-scale production, marking a new phase in the industry [2] AI Sector Performance - The domestic AI large model sector also performed strongly, with companies like Zhiyu and MiniMax both surpassing a market capitalization of HKD 300 billion, reaching new highs. - Zhiyu surged 42.72% to HKD 725 per share - MiniMax increased by 14.52% to HKD 970 per share [2]

来源：正解局 春晚导演组大概自己都没想到，2026年的爆点不是哪个流量明星，而是一群不会说话的机器人。 马年的春晚好不好看暂且不谈，毕竟老外对中国文化的梗也不是很熟知，但海外的一些大外媒却纷纷对 中国的春晚发起了反思——路透社、彭博社、BBC，连一向挑剔的《经济学人》都专门写了分析文章： "中国的人形机器人，怎么突然就跑到我们前面去了？" 有外国网友还在X上@马斯克："你的Optimus要加把劲了。" 从来没有一届春晚，能如2026年的春晚一般，在海外掀起如此多的讨论。 为什么是机器人轰开了春晚的国际传播大门？ 今年春晚传播在外媒最高的节目，是《武BOT》。 20多台机器人高速穿插变阵，最快奔跑速度每秒4米，集体后空翻、跳马、棍术对打，每个动作整齐得 让人头皮发麻。 最关键的是，这些机器人跌倒后能自己爬起来。 有外国网友看完直接破防："这技术是真的吗？我们还在用机器人扫地，中国人已经让机器人打拳了？" 在社交平台X（原推特）上，一名拥有数十万粉丝的海外博主坎布尔（Evrim Kanbur）发布了一段春晚 机器人表演的剪辑。 "中国人形机器人一年内的进步堪称神奇。" "这就是中国速度。如果12个月能实现如此飞跃 ...

Core Insights - The 2026 Spring Festival Gala showcased a strong presence of robots, indicating a shift in the robotics industry towards a survival-of-the-fittest competition, moving from market expansion to a "battle royale" scenario focused on practical applications [1][6][10] Industry Overview - The number of humanoid robot companies in China is projected to increase from over 120 in 2023 to over 320 by 2025, with industry financing exceeding 58 billion yuan [2] - In 2025, the financing amount for robots is expected to reach 38 billion yuan [3] - In January 2026 alone, the financing amount reached 16 billion yuan, indicating a robust investment climate [4] Competitive Landscape - The "Hundred Machines Battle" has transitioned from concept to reality, with notable companies like Yushu Technology and ZhiYuan Robotics leading the charge, while new entrants like UniX AI are rapidly emerging [5] - Major tech firms such as Tencent, Baidu, and JD.com are now investing in the robotics sector, intensifying competition [5] - The Spring Festival Gala served as a platform for companies to gain exposure, with estimates suggesting that each company spent nearly 100 million yuan for a few minutes of airtime [6] Market Dynamics - The global shipment of humanoid robots is expected to reach 18,000 units in 2025, a staggering increase of 508% year-on-year, with Yushu Technology and ZhiYuan Robotics capturing nearly 60% of the market share [7] - The industry is entering a phase of consolidation, with predictions that over 230 companies will significantly reduce in number as competition intensifies [8] Investment Trends - The investment landscape is shifting, with a 31.7% decrease in the number of financing events but a 46.8% increase in average financing amounts, indicating a focus on companies with clear market applications [12] - Companies are increasingly required to demonstrate practical applications of their robots to attract investment [13] Technological Advancements - Companies like UniX AI are innovating with new robot models designed for real-world applications, emphasizing the importance of practical functionality [14] - The cost of humanoid robots currently ranges from 300,000 to 800,000 yuan, posing challenges for widespread adoption [15] - The Chinese robotics industry benefits from a robust supply chain, which is expected to drive down costs significantly in the coming years [16][19] Future Outlook - The integration of advanced manufacturing capabilities and the development of core components are expected to enhance the competitiveness of Chinese robotics firms [17][18] - Predictions suggest that the price of humanoid robots could drop to several thousand yuan within the next few years, facilitating broader market penetration [19] - The industry faces challenges related to data scarcity for training robots, but companies are exploring innovative solutions to overcome these hurdles [20]

这还没完，它们紧接着来了个"连续花式翻桌跑酷"，手里还攥着双节棍，动作流畅得让武校的孩子们都 得捏把汗。 与此同时，松延动力的仿生机器人正依偎在蔡明身边撒娇耍宝，脖子一伸一缩，还能当场"变"出钞票； 魔法原子的机器狗变身"机器熊猫"，在宜宾分会场与真人舞者同台；银河通用的"小盖"则在微电影里秀 了一段贯口，顺便展示了叠衣服、串烤肠的"家政天赋"。 这场被网友称为"史上最硬核"的春晚，不仅仅是一场秀。 它是一个清晰的发令枪：2026年，人形机器人的竞赛，正式从实验室的"炫技"，转向了商业世界的"肉 搏"。 来源：投行圈子 2026年的春节，注定要被写进科技史。 当宇树科技的G1机器人一个"弹射空翻"越过3米高空，稳稳落在春晚舞台的聚光灯下时，电视机前无数 人的筷子掉在了桌上。 这本质上是一场 "身份认证" 。 看看这四家登台的企业： 宇树科技，凭借极致的运动控制，把自己打造成了"功夫巨星"，证明了中国机器人的本体素质已经全球 领先； 银河通用，走的是"大脑路线"，强调能干活、会思考，试图撕掉"只会跳舞"的标签； 松延动力，深耕仿生，试图打通人类对机器人的情感壁垒； 魔法原子，则秀了一把从四足到双足、从表演到服务 ...

Market Overview - The Hong Kong stock market opened on February 20, 2023, with the Hang Seng Index closing at 26,413.35 points, down 1.1%, and the Hang Seng Tech Index at 5,211.5 points, down 2.91% [1] - Despite the overall decline, sectors such as AI, humanoid robots, biotechnology, and oil and petrochemicals showed strong performance, creating a structural market trend [1] AI Sector Performance - AI concept stocks in Hong Kong continued to rise, with notable gains from companies like Zhizhu and MINIMAX-WP, both surpassing a market capitalization of 300 billion HKD [1] - Zhizhu's stock price surged by 42.72% to 725 HKD per share, with a trading volume of 3.24 billion HKD, resulting in a total market cap of 323.2 billion HKD [1] - MINIMAX-WP increased by 14.52% to 970 HKD per share, with a trading volume of 3.52 billion HKD, leading to a market cap of 304.2 billion HKD [1] - The demand for Zhizhu's GLM-5 has surged globally, causing service delays, prompting the company to initiate a "computing power partner" recruitment plan [1] - The AI industry is entering a critical development phase, transitioning from a focus on computing infrastructure to a collaborative model of "computing power + hardware + applications" [1] Humanoid Robot Sector - The humanoid robot sector gained traction, influenced by the high visibility of robots during the Lunar New Year gala, with stocks like Yujian, SUTENG, and UBTECH showing significant increases [1] - Yujian's stock rose by 21.4% to 48.44 HKD per share, while UBTECH increased by 4.71% to 144.5 HKD per share [1] - The demand for robots surged, with JD.com's robot search volume increasing over 300% and order volume rising by 150% during the gala [1] - Analysts predict that by 2026, major companies like Tesla and leading domestic firms will begin large-scale production of robots, marking a new chapter in the industry [1] Oil and Petrochemical Sector - The oil and petrochemical sector performed well due to rising oil prices amid geopolitical tensions, with the Hong Kong oil and petrochemical index increasing by 2.39% [1] - Stocks such as Jixing New Energy and Zhonggang Petroleum saw gains exceeding 7% [1] - The port transportation index also rose by 1.95%, with companies like COSCO Shipping Energy and Seaspan International experiencing significant stock increases [1] Storage Sector - The storage sector showed active performance, with stocks like Lanke Technology and Zhaoyi Innovation seeing substantial gains [1] - Lanke Technology's stock rose over 8% during trading, while Zhaoyi Innovation increased by over 7% [1] Market Sentiment - Current market volatility remains high, influenced by factors such as U.S. stock performance, consumer data during the Lunar New Year, and advancements in AI [1] - Analysts suggest a balanced investment approach, focusing on sectors directly benefiting from AI developments, such as storage and semiconductor hardware [1]

Core Viewpoint - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with major indices falling, while domestic AI models and robotics stocks surged significantly [1][2]. Market Performance - As of February 20, the Hang Seng Index closed at 26,413.35 points, down 1.1%; the Hang Seng Tech Index closed at 5,211.5 points, down 2.91%; and the Hang Seng China Enterprises Index closed at 8,959.56 points, down 1.22% [2][3]. - The AI model sector saw strong performance, with Zhizhu and MiniMax both surpassing a market capitalization of 300 billion HKD. Zhizhu surged by 42.72% to 725 HKD per share, marking a cumulative increase of 206% in February [3][5]. Robotics Sector - The robotics sector also experienced a collective rise, with companies like Yujian up 21.4% to 48.44 HKD per share, and Suton Ju Chuang rising 9.24% to 37.58 HKD per share [5]. Oil Sector - Oil-related stocks also saw gains, with Yanchang Petroleum International up 3.75%, China Petroleum International up 3.70%, and CNOOC Services up 3.20% [6]. Sector Outlook - Huatai Securities suggests focusing on three key areas in the Hong Kong market: semiconductor hardware represented by storage, improving specialty consumption, and electrical equipment [6]. - Galaxy Securities recommends attention to precious metals and energy sectors due to geopolitical uncertainties, as well as the technology sector as a long-term investment focus, particularly in the context of accelerating AI applications [6].

大家新年好啊，今天是周五，港股已经开盘，因此上来和大伙儿聊几句，然后休息两天，等下周一（初七）港股再开盘的晚上，继续完整地聊一 下海外等全球大类资产，在假期的表现，帮大家在A股开盘前热个身。 今天分几个点哈，聊到哪儿算哪儿。 一、春晚的一些想法。 我觉得吐槽是没啥意义的，能看到一些事物发展的本质，才是有价值的。 1、本届春晚的 "含科量" 巨高，炒股的自然都知道，这和对A股提高"含科量"的政策目标，是一脉相承的，显然是自上而下的传导，因为很多工 作，靠春晚导演组，是协调不到的。 2、虽然很多人会揶揄春晚，拿部分地区春晚收视率不高抬杠，但毫无疑问，在传统媒介逐渐凋敝（从大家都集中看几家电视台，变成了人人刷 不同的短视频），人民群众的爱好和目光焦点多元化的当下， 春晚就是全国人民的最大公约数 ，在这个舞台上做些宣传，显然效果是最好的 ——反面例子是这回美国的超级碗，有个波多黎各歌手全程用西班牙语表演"报菜名"，川宝发帖子吐槽，称其是史上最差表演，简直礼崩乐坏。 年初展望的时候《 2026年金融市场的十大预测 》，咱们提到过 K型分化 的问题，在第十点。 这回春节就有了个微观的体验，家族里有亲戚，去年在股市里赚的不 ...

Market Overview - The Hong Kong stock market experienced a significant divergence on the first trading day of the Lunar New Year, with the Hang Seng Index declining by 1.1% and the Hang Seng Tech Index dropping by 2.91%, reaching a new low of nearly 5200 points [1][3] - Internet technology stocks, once highly sought after, became the main contributors to the market decline, with notable drops including Baidu down over 6%, Bilibili down over 5%, Alibaba down nearly 5%, and Tencent down over 2% [3] AI and Robotics Sector - In stark contrast to the decline in internet giants, the domestic AI model sector saw a significant surge, particularly with the "domestic AI dual champions" Zhiyuan and MiniMax, with Zhiyuan's stock price soaring by 42.72% to 725 HKD per share, marking a cumulative increase of over 220% since February [3][5] - The recent launch of Zhiyuan's flagship model GLM-5, which boasts over a 20% performance improvement in programming development scenarios, has garnered strong market interest [5] - The robotics sector also experienced a notable rise, with leading collaborative robot company Yujian increasing by 21.40% and other companies like Sutonju and Ubtech showing impressive gains [7] Market Trends and Insights - The market is witnessing a shift in investment focus from internet platforms, which primarily relied on model innovation, to hard technology sectors driven by technological innovation [7][9] - Analysts from Dongwu Securities highlighted that advancements in core robotic capabilities have been crucial for the sector's recent popularity, with expectations for significant growth as major companies like Tesla and domestic leaders begin large-scale production [7] - According to招商证券, the AI application field is experiencing simultaneous deepening of technological breakthroughs and commercialization competition, supported by the national strategy for artificial intelligence, indicating promising upward potential despite slightly high valuations [9]