【导读】回顾假期大事，汇总十大券商研判 中国基金报记者 泰勒 大家好，马上就要开盘了！今晚一起"盘一盘"春节期间的大事，以及看看券商分析师们的最新研判！ 春节期间大事 1．史诗级利好，美国最高法院裁定特朗普政府大规模关税政策违法 美国最高法院裁定特朗普政府大规模关税政策违法。随后特朗普宣布，即刻起对所有进入美国的进口商 品征收15%的新全球关税。 为了征收这项新关税，特朗普诉诸1974年《贸易法》（Trade Act of 1974）里第122条这一法律工具。总 体而言，这项此前从未用于关税的条款允许美国总统征收最高15%的关税，关税只能维持150天，除非 国会批准延长，而贸易专家称延期可能很难获批。 贸易专家表示，鉴于时间限制，美国政府或许能在短期内利用该条款增加收入。目前，该法条为特朗普 团队争取了时间，让他们可以利用其他法律手段制定更具针对性的关税策略。 2．商务部：中方敦促美方取消对贸易伙伴加征的有关单边关税措施 商务部新闻发言人表示，我们注意到美国最高法院公布关税诉讼案裁决结果，正在对相关内容和影响进 行全面评估。我们也注意到，美方正在准备采取贸易调查等替代措施，以期维持对贸易伙伴加征的关 税，中方 ...

各大券商分析师春节"连轴转" 每经记者｜王海慜 每经编辑｜何小桃 赵云 宋思艰 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商的分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的连续七天新春专题路演，到中信证券聚焦AI大模 型的系列电话会，再到多家机构跟踪春节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 《每日经济新闻》记者注意到，今年春节加班路演已经成为各券商研究所的常态，无论是中小券商还是头部券商都在假期中继续"营业"，"加更"观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能概念股表现亮眼。2月20日和23日，恒生科技指数 走势先抑后扬，迎来马年"开门红"。 同时业内预计，美国此次关税裁定落地利好非美市场资产，叠加A股春节效应的历史正向表现，市场对马年节后"红包行情"的延续抱有较高期待。 截图来源：网络 最近，兴业证券策略首席张启尧的春节路演计划表在圈内刷屏：从大年初一至初七，他和团队同事一起每天15:00准时与投资者连线。 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、20 ...

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！ 每经记者｜王海慜 每经编辑｜赵云 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的 连续七天新春专题路演，到中信证券聚焦AI（人工智能）大模型的系列电话会，再到多家机构跟踪春 节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能 概念股表现亮眼。2月23日，港股大涨。截至收盘，恒生指数涨2.53%，恒生科技指数涨3.34%。 此外，业内预计，美国最高法院关税裁定利好非美市场资产，叠加A股春节效应的历史正向表现，市场 对马年春节后"红包行情"的延续抱有较高期待。 机器人、创新药大热 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、2026年十大产业趋势、全球估值比较、 全球产业映射、出海深度报告等多个维度。张启尧及其团队试图在春节假期这一A股市场"空窗期"，通 过高频的观点输出，抢占投资者的注意力高地。 这并非行业个例。多家机构 ...

Group 1: Tariff Policy Changes - The U.S. Supreme Court ruled against certain tariffs under the IEEPA, affecting approximately half of the tariffs and potentially requiring the government to refund over $175 billion in taxes [3] - The Trump administration quickly shifted to impose a temporary 10% import tariff under the Trade Act of 1974, which was later raised to 15% [3] - Analysts suggest that the new tariffs could raise the average tariff level in the U.S. to between 11% and 18%, indicating ongoing trade tensions [3][4] Group 2: AI and Robotics Industry Growth - The Spring Festival Gala showcased humanoid robots, leading to a significant increase in search and order volumes on platforms like JD.com, indicating strong market interest [5][6] - The humanoid robot index surged after the Spring Festival Gala in 2025, with domestic orders exceeding 4.6 billion yuan, highlighting the industry's nearing commercialization [6] - Major companies like ByteDance and Alibaba have made significant advancements in AI technology, with applications gaining widespread user engagement [7] Group 3: Currency Strength and Market Impact - The Chinese yuan appreciated significantly, reaching the 6.89 range against the U.S. dollar, with a cumulative increase of nearly 1.3% since February [8][9] - Analysts predict that the yuan's strength will enhance the attractiveness of yuan-denominated assets, leading to a trend of foreign capital inflow into Chinese markets [8][9] - The appreciation of the yuan is expected to positively impact the stock, bond, and currency markets, with a notable focus on A-shares and government bonds [8][9] Group 4: Geopolitical Uncertainty - Ongoing geopolitical tensions, particularly between Russia and Ukraine and the U.S. and Iran, are contributing to market volatility [10][11] - The lack of substantial progress in negotiations between Russia and Ukraine, along with escalating tensions in the U.S.-Iran relationship, are key factors influencing global market sentiment [10][11] - Analysts highlight that geopolitical events often lead to price fluctuations in commodities, with gold and oil being critical hedging tools in uncertain times [10][11]

2月23日，港交所一开盘，腾讯和阿里的股价向上45度上涨，收盘价较上个交易日收盘分别上涨3.07%和3.47%，资本市场用真金白银为春节期间两大AI参与 方"投票"，也间接对过去一个月大模型密集落地做出回应。从除夕夜豆包扛住633亿tokens/分钟的流量洪峰、阿里云发布新模型，到春节期间月之暗面刷新 融资纪录、阿里"千问帮我"下单近2亿次，大厂与小厂共同上演了一场没有旁观者的高频次产品竞赛。 如今，聚光灯已从台前的具身智能，转向了幕后深入千家万户的大模型应用。台上是风景，台下是生活。曾经，活动不卡顿是春晚"秀肌肉"的底线，如今这 只是AI基建成熟的起点。当大模型真正"入户"，一场关于用户习惯与商业闭环的深层较量进入高潮。 | HK 09988 阿里巴巴-W 港币柜台 v | | | --- | --- | | 152.200港元 +5.100 +3.47% | | | ○ 已收盘 02-23 16:00:00 北京时间 | | | 今开 150.100 | 最高 | | 昨收 昨 147.100 | 最低 | | 4 = = 0 0 200/ | 上月/TTM) | 这场战役的焦点，已不再局限于春晚舞台上的 ...

Investment Rating - The report suggests a focus on companies within the embodied intelligence sector, highlighting potential investment opportunities in firms such as Greentech Harmony, Hengli Hydraulic, and others [2]. Core Insights - The embodied intelligence sector is experiencing rapid development, particularly in humanoid robots, with significant advancements in performance and hardware maturity showcased during the Spring Festival Gala [9][10]. - The report emphasizes the strong iterative and integration capabilities of the Chinese humanoid robot supply chain, which is crucial for the industry's growth [9]. Summary by Sections Section 1: Humanoid Robots at the Spring Festival Gala - Humanoid robots demonstrated significant advancements in performance, focusing on three main scenarios: performance, emotional companionship, and commercial applications [9]. - The performance of humanoid robots at the gala highlighted breakthroughs in motion control and hardware collaboration, showcasing the industry's rapid evolution [9]. Section 2: Overview of Major Manufacturers - **Yushun Technology**: Achieved multiple global firsts in performance, showcasing advanced motion capabilities and real-time environmental interaction [10][11]. - **Galaxy General**: Focused on practical applications in service and household scenarios, with a strong emphasis on safety and usability [19][21]. - **Songyan Power**: Introduced cost-effective humanoid robots aimed at consumer markets, achieving significant sales milestones shortly after launch [36][38]. - **Magic Atom**: Demonstrated cluster control capabilities with multiple robots performing coordinated tasks, emphasizing their self-developed technology [40][44]. Section 3: Tesla Optimus Progress and Supply Chain Updates - Tesla's Optimus project is approaching the release of its Gen3 model, with significant advancements in dexterous hand technology and production plans [48][49]. - The report indicates a strong market sentiment as the release date nears, with expectations for substantial production increases in the coming years [54][56].

Group 1 - The 2026 CCTV Spring Festival Gala featured the highest content of "AI" and "robots" to date, with companies like Yushu Technology, Magic Atom, Galaxy General, and Songyan Power showcasing their innovations [1] - Songyan Power presented four robots during the skit "Grandma's Favorite," including a "Little Bumi," two N2 robots, a modified E1, and a lifelike humanoid robot replicating Cai Ming, performing complex movements and interactive scenes [1] - Yushu Technology, making its third appearance at the gala, showcased its core technology of millimeter-level motion precision and adaptability to complex terrains through performances like "Martial BOT" [1] Group 2 - Magic Atom featured six humanoid robots, MagicBot Z1, and two MagicBot Gen1, performing alongside well-known artists in the main venue, while over a hundred four-legged robots, MagicDog, presented a large-scale coordinated performance in the Yibin sub-venue [1] - Galaxy General Robot made a later appearance in the New Year's microfilm "The Night I Remember Most," demonstrating its wheeled dual-arm G1 in household scenarios such as folding clothes, handing items, and simple cooking [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]

面对人形机器人赛道技术壁垒高、研发投入大、产业化周期长的"高风险、高投入"特征，我国人形机器 人产业在政策引导与产业资本的双重扶持下，持续攻克核心技术、完善产业链配套，整体发展节奏显著 加快，已在全球竞争中占据重要席位，形成从核心部件到整机产品的完整创新生态。以宇树科技、松延 动力、魔法原子及银河通用等头部机器人企业为例，根据企查查股权穿透信息，这4家企业均于近十年 成立，均经历了数轮融资，参与融资的有创投公司、国有企业、民营企业、个人等。投资上述4家企业 的还有一批上市公司。根据股权穿透信息不完全统计，直接或间接投资宇树科技、松延动力、魔法原子 及银河通用的A股上市公司有52家，覆盖计算机、电子、传媒、机械设备等15个行业，其中吉华集团同 时间接投资了宇树科技及银河通用，中际旭创同时间接投资了宇树科技及魔法原子。从市场表现来看， 截至2月13日，这52家参股公司今年以来平均涨幅接近6%，16家公司累计涨幅均超过10%，江丰电子、 吉华集团、当虹科技今年以来累计涨幅居前，均超过35%。 ...

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]