丙午马年伊始，上海证券报推出《上证聚焦》栏目，意在将目光投向财经风云变幻的交汇点，透视产经 变革的最前沿。 聚焦全球重大财经事件，我们不满足于呈现"发生了什么"，更致力于挖掘"为什么会发生"以及"它将把 我们带向何方"；我们关注商业逻辑的流变，追踪技术趋势的跃迁，剖析市场投资的风向，聚焦时代潮 变的力量，看它们如何潜移默化地改写人们的生活图景。 开栏语 这里有投资的罗盘，也有风险的哨声；有新闻的锐度，亦不乏人文的温度。 《上证聚焦》愿做您在复杂的财经世界中的一座灯塔，为您照亮那些值得被看见的真相与逻辑。让我们 一同，在深入调研中洞察关键，看见未来。 ◎记者 孙小程 马年春节档，人形机器人登台"唱大戏"。 大小荧屏上，宇树科技、松延动力、魔法原子、银河通用轮番上场，各显神通。 古镇庙会中，机器人提笔挥毫，"福"字跃然纸上；推掌亮拳，成为熙攘人潮中的新风景。 人形机器人正褪去概念外衣，逐渐变为可感可触的新物种，进一步踏入公众视野。 但聚光灯以外，围绕人形机器人的疑虑并未平息：除了表演，它能真正"干活"吗？技术瓶颈如何突破？ 资本是否持续买单？社会又是否准备好接纳它？ 产业总是在质疑与期待的交织中前进。马年新春之际 ...

兄弟们！春节9天长假即将过去，马年A股即将迎来首个交易日。马年A股首个交易日会怎么走？是涨是跌？ 首先来看，海外市场表现。港股在春节期间震荡震荡上行，涨幅近1%；富时A50震荡上行，涨幅1.6%。美股三大指数也整体呈现震荡上行的走势。 其次，春节期间，人形机器人、AI大模型、贵金属等大热点均有重磅利好，有望对市场形成强有力的支撑。 因此，总体情况来看，A股马年首个交易日在海外和六大重磅题材合力加持下迎来高开。若维持小幅低开折呈现震荡上行的走势，若是高开太多则存在高开 低走的风险。 值得注意的是，除夕当晚10点，京东也上架了包括"春晚同款"机器人在内的多款机器人。在活动上线几分钟内，包括魔法原子、宇树科技、松延动力等品牌 的机器人即被抢购一空。其中，两台价值近63万元的GALBOT通用机器人G1，同样瞬间被抢购一空。 现在把春节9天长假6六大资金重点青睐的题材梳理出来，供大家参考。 事件1：人形机器人—四大机器人集体亮相春晚，完成全球首次全自主集群表演，利好四大人形机器人产业链。 魔法原子：2026春晚首家亮相的机器人企业，在开场歌舞《智造未来》中登场，MagicBot 系列完成精准团体舞步，Magic Dog ...

以下文章来源于晚点AI ，作者晚点团队 26 年的具身会非常像 23 年的大模型，如果模型性能跑不到头部，就没有机会上牌桌了。 * 题图：从左至右为千寻联创郑灵茵、千寻联创高阳、千寻创始人韩峰涛 文 丨 程曼祺 编辑 丨 宋玮 一位 80 后机器人创业老兵韩峰涛，一位 90 后 AI 大模型学者高阳，千寻智能有中国具身行业里独特 的创始人组合。 春节前，千寻完成近 20 亿元人民币两轮融资，估值突破 100 亿元，新股东包括云锋基金、混沌投 资、红杉中国等财务机构，Synstellation Capital、TCL 创投、明荟投资（汇川技术董事长家办）等产 投方，重庆产业投资母基金、杭州金投等国资；顺为、Prosperity7、达晨财智等老股东也继续投资。 "临时组队创业" 本被视为一种风险：韩峰涛和高阳之前不认识、没交集。但具身智能是一个超级跨学 科领域，它以 AI 大模型的性能为核心变量，也需要硬件本体、工程、能源、材料技术和商业化经 验。跨圈组队合理而必要。 晚点AI . 关注人工智能的一切，一切都关于人工智能。 韩峰涛身形健硕，快人快语，他 2011 年从浙大研究生毕业，2015 年联合创立协作机器人 ...

Core Viewpoint - Shenzhen Delanminghai New Energy Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange after a failed attempt to list in A-shares, raising concerns about corporate governance and compliance due to recent financial maneuvers and regulatory penalties [2][11]. Group 1: Company Overview - Delanminghai, established in 2013, is a leading player in the global portable energy storage market, focusing on distributed energy storage products and microgrid technology [3]. - The company operates under the BLUETTI brand, offering a range of products for outdoor adventures, off-grid living, and home backup power [3]. Group 2: Market Position and Financial Performance - As of 2024, Delanminghai holds a 6.6% market share by revenue and 7.5% by shipment volume in the global portable energy storage market, ranking fourth globally [4]. - The company's revenue for 2023 was 1.777 billion RMB, projected to grow to 2.174 billion RMB in 2024, reflecting a year-on-year increase of 22.4%. However, revenue growth has slowed to only 3.3% in the first three quarters of 2025 [4][6]. Group 3: Regional Revenue Breakdown - The company heavily relies on the North American and European markets, with revenue shares of 44.0% and 33.4% in 2023, increasing to 48.1% and 35.2% in 2024. However, European revenue saw a decline of 16.9% in the first three quarters of 2025 due to weak demand [5][6]. Group 4: Sales Strategy and Challenges - Delanminghai employs a Direct-to-Consumer (DTC) model, which has provided high gross margins, exceeding 40% in recent periods. However, this model also incurs high marketing costs and faces intense competition from over 50 suppliers in the market [7][9]. - The company has invested heavily in sales, with expenditures reaching 480 million RMB in the first three quarters of 2025, which has impacted profitability, resulting in losses of 184 million RMB in 2023 and 46.6 million RMB in 2024 [6][9]. Group 5: Future Strategies and Market Outlook - To overcome growth challenges, Delanminghai plans to expand into the commercial energy storage market and enhance its product offerings through technology upgrades, including AI integration [10]. - The global portable energy storage market is expected to grow at a compound annual growth rate of 21.0% from 2024 to 2029, presenting significant opportunities for the company [10].

Group 1 - The Hong Kong stock market experienced a significant rise on February 23, with the Hang Seng Index increasing by 2.53%, the Hang Seng China Enterprises Index by 2.65%, and the Hang Seng Tech Index by 3.34% [1] - Major stocks such as Zijin Mining, Meituan, and SMIC led the gains, each rising over 5%, while Tencent and Alibaba increased by more than 3% [1] - During the Chinese New Year holiday, the Hang Seng Index saw a cumulative increase of 1.94%, with the China Enterprises Index up by 1.82% and the Tech Index by 0.47% [1] Group 2 - The AH share premium index fell by 2.34% to 113.68 points, marking the lowest level since July 2, 2018, influenced by the strong performance of the Hong Kong market [1] - As of February 23, there were nine stocks with H shares trading at a premium to their A shares, including CATL with a premium exceeding 31% and others like China Merchants Bank and WuXi AppTec with premiums over 10% [1] - Market analysts believe that the positive performance of the Hong Kong market during the holiday may provide a boost to the A-share market post-holiday, with several brokerage firms optimistic about A-share performance [1]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a price surge, with lithium carbonate prices rising to 170,000 CNY/ton, a 42% increase from the previous month, and lithium hydroxide prices increasing by 62% to 165,000 CNY/ton [1] - In December, the wholesale sales of domestic new energy passenger vehicles reached 1.42 million units, with a year-on-year increase of 26% for the entire year [1] - The report highlights a reversal in the lithium carbonate cycle, driven by domestic energy storage capacity subsidy policies and the explosive growth of global new energy demand [3][32] Summary by Sections Section 1: Research Insights - The lithium carbonate market is at a cyclical turning point, with prices expected to rise significantly, impacting the entire lithium battery supply chain [14][15] - Sodium batteries are emerging as a cost-effective alternative, with a clear long-term cost advantage over lithium iron phosphate batteries [26][30] Section 2: Industry Tracking and Review - The global new energy vehicle market showed strong growth in December, particularly in China and Europe, while the U.S. market faced challenges [34][36] - In December, domestic energy storage installations reached 63 GWh, a 95% year-on-year increase, indicating a shift towards market-driven growth [40] Section 3: Investment Recommendations - The report recommends focusing on companies involved in lithium carbonate, separators, and solid-state battery technologies, including Ningde Times, Yiwei Lithium Energy, and others [7][32]

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt price has decreased, while the prices of battery cells have increased slightly. As of February 13, the price of lithium carbonate is 144,000 CNY per ton, down by 17,000 CNY from two weeks ago. The prices of ternary cathodes, lithium iron phosphate cathodes, electrolytes, and lithium hexafluorophosphate have also decreased, while the prices of anodes and separators remain stable. The prices for square ternary power cells, lithium iron phosphate power cells, and energy storage cells have increased slightly [2][3] - The solid-state battery industry is accelerating its commercialization, with the first national standard for automotive solid-state batteries expected to be reviewed and approved in April and officially released in July. Companies like Gotion High-Tech and BASF are collaborating to develop solid-state battery technology [3][10][11] - The domestic new energy vehicle sales in January 2026 reached 945,000 units, a slight year-on-year increase, while the penetration rate is 40.3%, up by 1.3 percentage points year-on-year [3][12] Industry Dynamics - The report highlights several leading companies in the lithium battery sector that are undervalued amid improving demand, including CATL, EVE Energy, and others. It also points to companies leading in low-altitude economy and robotics, solid-state and sodium battery materials, and charging pile industries [3] - The U.S. Treasury Department has updated details regarding the OBBBA Act, tightening certification for specific foreign entities and detailing the calculation of material assistance ratios [3][13][14] - The report notes significant investments in battery production projects, including an 80GWh project by Chuangneng in Wuhan and a 33 billion CNY investment by Penghui Energy for new battery production lines [10][18] Price Trends - The report provides a detailed overview of lithium battery material prices as of February 13, 2026, indicating a decrease in lithium carbonate prices by 10.4% compared to two weeks prior, while other materials like nickel sulfate and cobalt sulfate have shown varying price changes [19] - The price of square lithium iron phosphate batteries has increased by 1.5% to 0.336 CNY/Wh, while the price of square ternary power cells remains stable at 0.582 CNY/Wh [19]

转自：新华财经 新华财经香港2月23日电（记者林迎楠）23日港股主要指数收涨，截至收盘，恒生指数上涨2.53%至 27081.91点，恒生科技指数上涨3.34%至5385.35点，国企指数上涨2.65%至9197.38点。 当日恒指开盘拉高向上，午前稍有回落，午后开市延续上涨态势，主板成交超1729亿港元。 成交额前三的个股中，腾讯控股涨3.07%，成交超118亿港元；阿里巴巴涨3.47%，成交超68亿港元；美 团涨5.26%，成交55亿港元。 编辑：郭洲洋 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 整体来看，多数板块上涨，新消费、黄金、有色金属、商业航天、新能源车企、科网、银行、券商等股 多为上涨，生物医药、石油与天然气、影视等股有涨有跌，奶制品、纸业等股多有下跌。 个股方面，智谱跌22.76%，携程集团-S涨1.73%，友邦保险涨4.07%，比亚迪股份涨4.87%，MINIMAX- WP跌13.35%，紫金矿业涨5.35%，长飞光纤光缆涨14.43%，宁德时代涨3.14%，老铺黄金涨2.66%，工 商银行涨2.34%，中国太平涨2.06%，华虹半导体涨4.51%，国泰君安国际 ...

Group 1 - The core point of the article highlights the stock price movement of CATL, which rose by 3.14% to close at 542.50 HKD on February 23, 2026, influenced by its inclusion in the Hang Seng Index and strong market performance [1] - CATL's Q3 2025 report shows a robust performance with a net profit of 49.034 billion CNY, representing a year-on-year increase of 36.20%. The energy storage business is emerging as a second growth curve with a higher gross margin than power batteries [1] - The company is accelerating its global capacity expansion, with the first phase of its Hungary factory expected to be completed by the end of 2025, while domestic expansions in Shandong and Guangdong are ongoing [1] Group 2 - The stock market sentiment is positive, with technical indicators showing that the stock price is above the 20-day moving average and the MACD histogram is in positive territory [2] - A total of 16 institutions are covering CATL in February 2026, with 94% giving a "buy" or "hold" rating, and the average target price set at 619.99 HKD [2] - The termination of the equity swap transaction with Yongtai Technology is interpreted by the market as a reduction in cooperation uncertainty, contributing to a more favorable funding environment [1]

Group 1: Vitality 2030 - The report highlights a significant shift in human life expectancy, indicating that while life expectancy has doubled over the past century, the growth rate has drastically slowed down, with some regions experiencing stagnation or decline [2][29]. - A new paradigm is emerging, focusing on "healthspan" rather than just lifespan, emphasizing the quality of life without severe chronic diseases, which could generate a global economic value of up to $38 trillion if healthspan is extended by just one year [2][30]. - Key technological advancements include CRISPR technology entering its 2.0 phase, with potential breakthroughs in gene therapy for cardiovascular diseases and personalized treatments for metabolic disorders [2][34][35]. Group 2: Stamina 2030 - Exoskeleton technology is evolving from medical applications to industrial and personal use, significantly enhancing human physical capabilities [3][54]. - In the medical field, exoskeletons are transitioning from mobility aids to intelligent devices that promote neurological rehabilitation, with Medicare's reimbursement policy marking a significant milestone [3][54]. - Industrial applications are showing promising results, with companies like German Bionic reporting a 75% reduction in workplace injuries after implementing exoskeleton technology [3][54]. Group 3: Brainpower 2030 - The report discusses the evolution of artificial intelligence (AI) towards general intelligence (AGI), highlighting advancements in reasoning models that can self-correct and learn from experience [6][7]. - AI is expected to enhance medical practices by significantly reducing drug development timelines from 10-15 years to just a few months, with AI-driven drug candidates already entering clinical trials [6][44]. - Brain-computer interfaces (BCIs) are advancing, with both invasive and non-invasive technologies showing promise in restoring sensory functions and translating brain activity into coherent language [9][10]. Group 4: Creativity 2030 - The integration of AI with personal creativity tools is expected to redefine individual and team productivity, with AI assistants capable of generating complex outputs like presentations and creative content [11][12]. - The emergence of "super individuals" who can independently manage product development and marketing using AI tools is reshaping the concept of team dynamics and company structures [13][14]. - Large organizations are facing challenges in adapting to the AI era, necessitating a complete overhaul of human resource practices to focus on skills and collaborative partnerships rather than traditional employment models [14][15]. Group 5: Pursuit 2030 - The report raises critical questions about individual uniqueness and decision-making in an AI-driven world, emphasizing the importance of maintaining personal judgment and growth opportunities [16][17]. - It suggests that technology amplifies not only capabilities but also choices and values, urging individuals to reflect on their direction in a rapidly evolving landscape [16][17]. - The overarching theme is the need to balance technological advancements with the preservation of human dignity and quality of life, aiming for a future where health and vitality are prioritized over mere longevity [18][51].