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].

Core Viewpoint - The stock of Zhiyu (02513) has surged nearly 30%, reaching a new high of 658.5 HKD, which is over 4.6 times its IPO price of 116.2 HKD, resulting in a market capitalization exceeding 290 billion HKD [1] Group 1: Company Developments - Zhiyu recently launched its next-generation flagship model GLM-5 and announced a price increase for its AI programming subscription package, GLM Coding Plan, with an overall price increase starting from 30% [1] - The price increase of the GLM Coding Plan reflects a change in industry pricing logic, where model vendors can convert "computing power scarcity" into gross profit and cash flow through tiered pricing and subscription products [1] Group 2: Industry Collaborations - According to Zhongke Shuguang, the SothisAI has been upgraded to fully integrate Zhiyu's GLM-5 and Alibaba's Qwen3.5 models, further simplifying and optimizing the construction and operation processes of enterprise AI platforms [1] - The "Taichu Yuqi" has completed deep adaptation work for several mainstream domestic open-source large models, including Zhiyu's GLM-5.0 and Alibaba's Qwen3.5-397B-A17B [1]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.18%, the Hang Seng Tech Index down 0.69%, and the Hang Seng China Enterprises Index down 0.19% [1][18] - The market continued to decline, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index reaching a decline of 2.7% at one point [1][18] - By the time of reporting, the major indices had narrowed their losses but remained predominantly in the red [1][18] Sector Performance - The media and consumer sectors experienced widespread declines, with notable drops in companies such as DaMai Entertainment (over 6%), NetEase Cloud Music (over 5%), and Tencent Music (nearly 4%) [2][21] - Conversely, sectors such as oil and petrochemicals, semiconductors, and enterprise services showed resilience, with AI applications gaining significant traction [2][20] AI Sector Highlights - The AI application sector continued its upward momentum, with HaiZhi Technology Group surging over 28% to a peak price of 154.4 HKD per share, marking a new high since its listing [10][27] - ZhiPu Technology's stock reached a peak of 635 HKD per share, reflecting a 25% increase, with a total market capitalization exceeding 270 billion HKD [11][29] - MINIMAX also saw a strong performance, rising over 15% to a peak of 980 HKD per share [30][31] Investment Insights - Recent developments in AI technology, including the integration of major models like ZhiPu GLM-5 and Alibaba Qwen3.5, are expected to enhance the capabilities of enterprise AI platforms [32][33] - The AI sector is witnessing a dual trend of technological breakthroughs and intensified commercial competition, supported by national strategies promoting "Artificial Intelligence+" [33]

Core Viewpoint - The stock of Zhiyun (02513) opened high and continued to rise, currently up 22.05% at 620 HKD, with a trading volume of 647 million HKD, indicating strong market interest and positive sentiment towards the company's recent developments [6]. Group 1: Company Developments - Zhiyun has integrated its GLM-5 model and Alibaba's Qwen3.5 model into the SothisAI platform, enhancing the construction and operation processes of enterprise AI platforms [6]. - The "Taichu Yuqi" project has completed deep adaptation work for several mainstream domestic open-source large models, including Zhiyun's GLM-5.0 and Alibaba's Qwen3.5-397B-A17B [6]. Group 2: Pricing Strategy - On February 12, Zhiyun announced a price increase of "at least 30%" for its GLM Coding Plan subscription, reflecting a shift in industry pricing logic as overseas cloud vendors also raised prices [6]. - Guolian Minsheng Securities noted that the price increase of Zhiyun's GLM Coding Plan indicates a change in the pricing logic of the industry, where the consumption of inference becomes a production resource, allowing model vendors to convert "computing power scarcity" into gross profit and cash flow through tiered pricing and subscription products [6].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 | 02513 | 智谱 | 612.000 20.47% | | --- | --- | --- | | 00100 | MINIMAX-WP | 965.000 13.93% | 消息面上，据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接 入，并进一步简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型 的深度适配工作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 消息面上，据 ...

Core Viewpoint - The stock of Zhiyu (02513) opened over 5% higher and is currently up 5.12%, trading at 534 HKD with a transaction volume of 24.6174 million HKD, indicating positive market sentiment following recent developments in AI technology integration and pricing strategies [1] Group 1: Company Developments - Zhiyu has integrated the Zhiyu GLM-5 and Alibaba Qwen3.5 large models into its AI platform, enhancing the construction and operational processes for enterprise AI [1] - The company announced a price increase of at least 30% for its GLM Coding Plan subscription, reflecting a shift in industry pricing logic as cloud service providers have also raised their prices [1] Group 2: Industry Insights - The recent price adjustments in the AI sector suggest that computational resources are becoming a critical production factor, allowing model providers to convert "computational scarcity" into gross profit and cash flow through tiered pricing and subscription models [1]

Company News - SOTON Juchuang announced on February 19 that it expects a significant reduction in net losses for the full year of 2025, with a projected profit of no less than 60 million RMB in the fourth quarter of 2025, marking its first quarterly profit [4] - NIO reported on February 19 that on February 18, the total number of battery swaps reached 158,300 times in a single day, setting a new historical high. Currently, over 8,600 NIO charging and battery swap stations have been established nationwide, including more than 3,700 battery swap stations and over 1,000 highway battery swap stations, connecting 550 cities across 9 vertical and 11 horizontal city clusters [4] - Zhongke Shuguang announced on February 19 that its SothisAI has recently upgraded to fully integrate the Zhiyu GLM-5 and Alibaba Qwen 3.5 large models, further simplifying and optimizing the construction and operation processes of enterprise AI platforms [4] Industry News - Chinese scientists have developed a new type of organic cathode material that overcomes traditional organic lithium battery limitations such as low energy capacity and practical usability. This new organic soft-pack battery has an energy density exceeding 250 watt-hours per kilogram, surpassing the widely used lithium iron phosphate batteries. The battery operates effectively in temperatures ranging from -70°C to 80°C, showcasing excellent flexibility and safety [1] - In the field of optical communication and 6G, Chinese scientists have achieved a breakthrough by realizing the cross-network integration of fiber optic and wireless communication systems, setting a new record for data transmission rates. The new system developed can transmit fiber optic communication signals at 512 Gbps and wireless communication signals at 400 Gbps [2] - The China Geological Survey has revealed a new mechanism for the cycling and enrichment of rare earth elements in the deep sea, which has significant scientific implications for understanding the formation of deep-sea rare earth resources. The study indicates that shallow sea sediments release a large amount of rare earth elements back into the seawater, while deep-sea sediments retain most of the rare earth elements [2] Box Office News - The total box office for the 2026 Spring Festival (February 15-23) has exceeded 3 billion RMB, reaching 3.174 billion RMB as of February 20 at 7:22 AM [3]

Market Overview - US stock indices collectively declined, with the Dow Jones down 0.54%, Nasdaq down 0.31%, and S&P 500 down 0.28%. Major tech stocks mostly fell, including Apple, Netflix, and Intel, which dropped over 1% [4] - International oil prices surged, with WTI crude oil rising 2.49% to $66.67 per barrel, and Brent crude oil increasing 2.25% to $71.93 per barrel [5] - International precious metals futures generally rose, with COMEX gold futures up 0.12% to $5015.50 per ounce, and COMEX silver futures up 1.09% to $78.44 per ounce [6] - European stock indices mostly closed lower, with Germany's DAX down 0.93%, France's CAC40 unchanged, and the UK's FTSE 100 down 0.55% [7] Company News - Nvidia's CEO Jensen Huang announced that the upcoming GTC conference will unveil "unprecedented" new chips, indicating a competitive push in AI infrastructure [16] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the fiscal year ending December 2025, compared to Walmart's $713.2 billion [21] - Nestlé announced plans to sell its high-end beverage and ice cream businesses, as part of a strategy to focus on four core business areas amid declining sales and profits [23] Industry Developments - The National Development Bank of China issued over 360 billion yuan in loans for highway infrastructure in 2025, marking a 10% increase year-on-year, supporting the country's comprehensive transportation network [17] - Zhongke Shuguang upgraded its SothisAI platform to integrate with major AI models, enhancing its enterprise AI capabilities [18] - An Indian university faced backlash for presenting a Chinese-made robotic dog as a self-developed product, highlighting the competitive landscape in robotics technology [20]

每经编辑｜张明双 王晓波 1 隔夜市场 美股三大指数集体收跌，道指跌0.54%，纳指跌0.31%，标普500指数跌0.28%，大型科技股多数收跌，苹果、奈飞、英特尔跌超1%，微软、谷歌、英伟达 小幅下跌；亚马逊、特斯拉、Meta小幅上涨。中概股多数下跌，纳斯达克中国金龙指数跌0.35%，霸王茶姬跌逾2%，百胜中国、奇富科技跌超1%，禾赛科 技涨超2%，华住集团涨逾1%。 国际油价集体大涨，美油主力合约涨2.49%，报66.67美元/桶；布油主力合约涨2.25%，报71.93美元/桶。 国际贵金属期货普遍收涨，COMEX黄金期货涨0.12%，报5015.50美元/盎司；COMEX白银期货涨1.09%，报78.44美元/盎司。 欧洲三大股指收盘多数下跌，德国DAX指数跌0.93%报25043.57点，法国CAC40指数持平报8429.03点，英国富时100指数跌0.55%报10627.04点。 2 国务院安委会对湖北宜城烟花爆竹爆燃事故查处挂牌督办 据央视新闻2月19日报道，2月18日，湖北省襄阳市宜城市郑集镇一烟花爆竹零售店发生一起爆燃事故，造成12人死亡。根据《重大事故查处挂牌督办办 法》，国务院安委会决定对 ...