（文章来源：每日经济新闻） 每经AI快讯，2月24日，科创50日内跌幅达1.04%。成分股中，芯原股份跌7.54%，翱捷科技跌5.47%， 金山办公跌4.60%，寒武纪跌3.90%。 ...

Core Viewpoint - The year 2026 is identified as a critical year for the commercialization and value realization of AI technologies, following a period of model competition and application exploration from 2023 to 2025 [3]. Market Review - During the period from February 9 to February 13, 2026, the CSI 300 Index increased by 0.36%, while the Computer Index rose by 4.35% [2]. AI Commercialization - Anthropic is recognized as one of the fastest companies in AI commercialization, recently raising $30 billion in a Series G funding round, leading to a valuation of $380 billion [3]. - Anthropic's ARR (Annual Recurring Revenue) reached $1 billion by the end of 2023, projected to grow to $10 billion by the end of 2024, and has already reached $14 billion by February 2026 [3]. - The Claude Code model has become a significant growth driver for Anthropic, with its ARR surpassing $2.5 billion and a fourfold increase in enterprise subscriptions since early 2026 [3]. - OpenAI has disbanded its internal "Mission Alignment" team and reduced its computing expenditure target to $600 billion, with projected total revenue exceeding $280 billion by 2030, indicating a shift towards commercial priorities [3]. Multimodal Models - The year 2026 is anticipated to be a pivotal moment for multimodal models, with significant advancements expected in video and audio capabilities [4]. - OpenAI's initial Sora model, launched in February 2024, is compared to a breakthrough moment in video technology, with subsequent models expected to enhance narrative control and audio support [4]. - The introduction of various models, such as Veo3.1 and Seedance2.0, is expected to drive down costs while improving capabilities, fostering growth in creative sectors like film, gaming, and advertising [4]. Investment Recommendations - The company maintains two key judgments: 2026 will be crucial for AI commercialization, and multimodal models are likely to experience significant advancements [5]. - Recommended AI application companies include Kingsoft Office, Hehe Information, Dingjie Zhizhi, and others, with beneficiaries in the multimodal field such as Wanxing Technology and Meitu [5].

Core Viewpoint - The artificial intelligence (AI) industry is experiencing a significant surge, driven by the release of new AI models and a shift in focus towards productivity and efficiency in AI applications [1][2]. Group 1: Market Performance - As of February 24, 2026, the CSI Artificial Intelligence Theme Index (930713) rose by 1.29%, with notable gains from stocks such as Runze Technology (up 20.00%), Beijing Junzheng (up 3.52%), and Xiechuang Data (up 2.88%) [1]. - The AI Artificial Intelligence ETF (512930) increased by 1.10%, with the latest price reported at 2.3 yuan [1]. Group 2: Industry Developments - During the Spring Festival, both domestic and international AI developments accelerated, with major companies releasing updated AI models, including ByteDance's Seedance 2.0, Alibaba's Qwen 3.5, and Google's Gemini 3.1 Pro [1]. - The focus of the current AI model updates has shifted from a "parameter competition" to a "productivity competition," emphasizing the ability of models to solve complex real-world tasks [1]. Group 3: Index Composition - The CSI Artificial Intelligence Theme Index comprises 50 listed companies that provide foundational resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [1]. - As of January 30, 2026, the top ten weighted stocks in the index include Zhongji Xuchuang, Xinyi Sheng, and Hanwujing, accounting for a total of 57.27% of the index [2].

Core Viewpoint - The AI ETF (515070) opened with a gain of 1.28%, priced at 2.055 yuan, indicating positive market sentiment towards artificial intelligence investments [1] Group 1: ETF Performance - The AI ETF (515070) has a performance benchmark based on the CSI Artificial Intelligence Theme Index return [1] - Since its establishment on December 9, 2019, the fund has achieved a return of 102.02% [1] - The fund's return over the past month has been -3.29%, suggesting recent volatility [1] Group 2: Major Holdings - Key stocks within the AI ETF include: - Zhongji Xuchuang, which opened up by 2.07% [1] - Xinyi Sheng, which increased by 0.52% [1] - Cambrian, which rose by 1.39% [1] - Lanke Technology, which gained 3.27% [1] - Zhongke Shuguang, which saw a rise of 1.96% [1] - Keda Xunfei, which increased by 2.24% [1] - Hikvision, which went up by 0.62% [1] - OmniVision, which rose by 1.02% [1] - Kingsoft Office, which increased by 0.23% [1] - Inspur Information, which gained 0.87% [1]

行业点评报告 · 计算机行业 国产 AI 春节档攻势如潮，全球 AI 趋向务实 ——2026 年春节档 AI 产业动态点评 2026 年 2 月 23 日 核心观点 计算机行业 推荐 维持评级 分析师 吴砚靖 ：wuyanjing@chinastock.com.cn 分析师登记编码：S0130519060002 邹文倩 ：zouwenqian@chinastock.com.cn 分析师证书编码：S0130519060003 相对沪深 300 表现图 2026 年 2 月 23 日 -10% 0% 10% 20% 30% 40% 50% 计算机SW 沪深300 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件：2026 年春节档，全球 AI 产业呈现分化特征，标志性事件体现为： 1、 国 产 AI 厂 商 借 助 春 节 效 应 争 夺 C 端 生 态 入 口 ， 并 一 度 屠 榜 OpenRouter 周度实时性价比榜单前三：2026 年春节期间，国产大模型 在开发者平台 OpenRouter 的实时性价比榜单上一度包揽前三。智谱 AI 同 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - The report highlights the concentrated release of domestic large models, including GLM-5, Doubao Model 2.0, Seedance 2.0, and MiniMax M2.5, alongside rapid iterations of overseas models like GPT-5.3-Codex-Spark and Gemini 3 Deep Think. It emphasizes the release of policies by the National Development and Reform Commission to accelerate the application of AI in the bidding and tendering sector [4][5]. - The domestic large models are advancing in foundational models and multimodal capabilities, with GLM-5 achieving a global ranking of fourth and first in open-source performance. The report notes significant improvements in efficiency and task execution capabilities in the latest models [4][5]. - The report outlines the competitive landscape among tech giants, with OpenAI and Google making substantial advancements in their respective models, enhancing performance in various benchmarks and applications [4][5]. Summary by Sections Domestic Large Models - The report discusses the release of several domestic large models, focusing on their capabilities in agent-based applications and multimodal understanding. GLM-5 has been recognized for its open-source performance, while Doubao Model 2.0 and Seedance 2.0 have been upgraded to meet practical application needs [4][5]. Overseas Large Models - The report details the rapid iteration of overseas models, particularly OpenAI's GPT-5.3-Codex-Spark, which is designed for real-time programming and achieves near-instantaneous response speeds. Google’s Gemini 3 Deep Think has also shown significant performance improvements across various challenging benchmarks [4][5]. Policy Developments - The report highlights the government's initiative to empower the entire bidding and tendering process with AI, aiming for comprehensive application coverage by the end of 2026 in select provinces and nationwide by 2027. This initiative is expected to enhance the regulatory framework and market development [4][5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - 2026 is seen as a pivotal year for AI to achieve value realization and commercialization, with major companies focusing on this transition [4][10] - Anthropic is recognized as one of the fastest commercializing large model companies, recently raising $30 billion in Series G funding, pushing its valuation to $380 billion [4][10] - The ARR (Annual Recurring Revenue) of Anthropic reached $14 billion by February 2026, with significant growth driven by its Claude Code model [4][10] - OpenAI has shifted its focus from AGI ideals to commercial priorities, reducing its computational spending target to $600 billion and projecting total revenue to exceed $280 billion by 2030 [4][10] - The emergence of multimodal models is anticipated to reach a "DS moment" in 2026, enhancing capabilities while significantly reducing costs, benefiting sectors like film, gaming, and advertising [5][11] Summary by Sections Market Review - During the period from February 9 to February 13, 2026, the CSI 300 index increased by 0.36%, while the computer index rose by 4.35% [3][13] Investment Recommendations - Key recommendations for AI applications include companies such as Kingsoft Office, Hehe Information, Dingjie Shuzhi, and others, with beneficiaries in the multimodal field including Wanxing Technology, Huitian Ruisheng, and others [6][12]

作者：龚进辉 春节假期接近尾声，今天小米掌门人雷军在社交平台上透露，这个假期好好滑了6天雪，着实过了把 瘾，只不过天公不作美，6天里有4天下雪。"这是我本雪季的第一次滑雪，也是最后一次。"由此可见， 这位科技圈大忙人十分享受惬意的滑雪时光，过年身心得到彻底放松。 事实上，滑雪不仅让雷军尽可能放松，还是灵感的源泉。著名的"飞猪理论"，就是他40岁那年在一次滑 雪过程中顿悟的，并在创办小米过程中获得成功实践。金山办公前董事长葛珂曾评价道，"他滑雪是在 挑战自己，做什么都要做最好，他是天生的完美主义者。"不知不觉，雷军已经滑了22年雪，据说风格 激进，但从未摔伤过，可见他的滑雪技术非常高超。 马云：太极拳 阿里创始人马云自称是一位热爱太极和自由搏击多年的伪拳迷，从大学到现在，他跟过的太极拳老师不 下8位。如果打1988年马云从杭州师范大学毕业算起，其练太极拳的时间超过30年。大学期间，马云遇 到自己的第一位太极师父——冯素贞，冯素贞把壮汉腾空摔了出去，使他对太极拳刮目相看，彻底改变 了太极拳只是老头老太太的活动健身操这一偏见。 2009年，不仅是阿里成立10周年，马云也迎来太极生涯的一个重要转折点。当年年初，马云助 ...

Core Insights - Zhipu AI's stock price surged by 42.72% to 725 HKD, reaching a market capitalization of over 323.2 billion HKD, surpassing major domestic internet companies like Kuaishou and JD.com [1] - The company launched its flagship model GLM-5, featuring 744 billion parameters and significant advancements in technology, which has garnered substantial market interest and demand [2] Company Performance - Zhipu AI's revenue grew by over 300% year-on-year in 2025, with more than 20,000 enterprise clients across various sectors, and a high customer repurchase rate exceeding 80% [2] - The company has faced supply-demand challenges due to the overwhelming demand for GLM-5, leading to service delays and a need for expansion in computing power [3] Market Position - Zhipu AI's GLM-5 model ranks first among open-source models in key programming and reasoning benchmarks, closely competing with top closed-source models [2] - The Chinese large model market is projected to grow over 220% year-on-year by 2025, with a compound annual growth rate of over 150% from 2023 to 2027, indicating a favorable environment for Zhipu AI [3] Industry Trends - The AI industry is experiencing a high growth cycle, with increasing policy support from the government for AI development, which provides a stable environment for long-term growth [3] - Major brokerage firms express bullish views on Zhipu AI, highlighting its leading technology and commercial execution capabilities in the AI sector [4]

Group 1 - DeepSeek aims to reshape the AI industry landscape by leading the open-source model ecosystem, breaking the monopoly of foreign models with its DeepSeek-R1 inference model launched on January 20, 2025, which features lower training costs and superior model capabilities [1][6] - The organization has a flat structure with a young team of fewer than 140 members, primarily composed of top talent from domestic universities [1] - DeepSeek adheres to a long-termism philosophy, avoiding short-term commercial interests, and is projected to reach a valuation of 1.05 trillion yuan by September 30, 2025 [1] Group 2 - DeepSeek is focused on optimizing model training and deployment costs, with the upcoming DeepSeek-V3 model set to launch in December 2024, featuring a training cost of only 5.57 million USD and performance comparable to GPT-4 [2] - The DeepSeek-R1 model, released in January 2025, offers leading inference capabilities and facilitates low-cost private deployment, significantly advancing AI applications in finance, healthcare, and government sectors [2] Group 3 - The anticipated release of the V4 model in February is expected to enhance code generation and processing capabilities, surpassing existing models like Claude and GPT [3] - The commercial potential of DeepSeek's ecosystem is seen as a core barrier to the commercialization of large models, with the company positioned to become a foundational infrastructure for AI applications across various industries [3] Group 4 - Investment opportunities are suggested in AI applications and computing power sectors, with specific companies listed for potential investment, including 卓易信息, 汉得信息, and 海光信息 among others [4]