Market Performance - During the Chinese New Year holiday from February 15 to February 23, the Hong Kong stock market experienced a volatile performance, with the Hang Seng Index rising by 1.94% and the Hang Seng China Enterprises Index increasing by 1.82% [1][3] - On February 20, the first trading day of the Year of the Horse, the market showed weakness overall, but hard technology stocks surged, with over 40 leading stocks with a market capitalization greater than HKD 3 billion showing significant gains [3][4] Technology Sector Highlights - Leading the gains, Zhiyu Technology saw a remarkable increase of 42.72%, closing at HKD 725, with a market capitalization surpassing HKD 323.2 billion [4] - Other notable performers included Tian Shu Zhi Xin, which rose by 34.40%, and Yue Jiang, which increased by 30.77%, indicating a strong shift of capital from comprehensive platforms to niche technology stocks [4][19] Catalysts for Growth - The 2026 Spring Festival Gala was a significant catalyst for the technology market, showcasing advancements in robotics and AI, which ignited consumer interest and market enthusiasm [6][9] - The performance of AI technologies during the gala, including the application of the Seedance 2.0 model, demonstrated the deep integration of AI in mainstream applications [9][11] AI and Semiconductor Developments - Zhiyu Technology's stock surge was supported by the release of its flagship model GLM-5, which outperformed competitors in benchmark tests and opened new market opportunities [11][12] - The semiconductor sector is experiencing a "super cycle," with memory chip prices soaring by 80%-90% in Q1 2026, driven by unprecedented demand from AI applications [18][19] Robotics and New Energy - The robotics industry is witnessing rapid industrialization, with companies like Yujing and Songyan Power showing significant stock price increases due to advancements in humanoid robots and electric vehicle exports [21][22] - The new energy sector, particularly hydrogen energy, is entering a high-growth phase, supported by accelerated infrastructure development and increasing demand for clean energy solutions [25]

Core Insights - The 2026 Spring Festival Gala showcased various robotics companies, highlighting their latest technological achievements and stimulating the consumer robotics market [1][3] - Significant increases in user engagement and sales for robotics products were reported during the festival period, indicating a growing interest in robotics [3][7] Robotics Market Growth - User visits for robotics products on JD.com increased over four times year-on-year from New Year's Eve to the fifth day of the new year, with a 25-fold increase in users searching for "robot" [1][3] - The demand for robot rentals surged, with the rental platform Qingtian expected to exceed 5,000 orders during the Spring Festival [1][3] Company Highlights - Yushutech showcased its Unitree H2 robot performing martial arts, demonstrating advanced capabilities in high-difficulty movements and real-time collaborative control [1][4] - Songyan Power introduced its consumer humanoid robot, Xiaobumi, which is aimed at family applications and is expected to accelerate overseas market expansion [5][6] - Magic Atom's panda-shaped robot was launched during the festival, emphasizing its appeal in the cultural and tourism sectors [6] Technological Advancements - Yushutech's robots utilize a high-concurrency cluster control system and AI algorithms combined with 3D laser radar for precise positioning during dynamic movements [4] - The robotics industry is transitioning from experimental concepts to feasible technologies and mass production, driven by advancements in key technologies [3][7] Commercialization Efforts - The Spring Festival Gala is seen as a pivotal moment for the commercialization of robotics, with companies aiming to enhance public awareness and acceptance of robotic products [7] - The industry anticipates a shift in focus towards commercial exploration in various application scenarios in 2026, following the expected mass production of intelligent robots [7]

Core Insights - The 2026 Spring Festival Gala showcased various robotics companies, highlighting their latest technological advancements and significantly boosting the consumer robotics market [1][5] - JD.com reported a dramatic increase in user engagement with robotics products during the Spring Festival, with user visits up over 400% and searches for "robot" increasing by 2500% [2] - The demand for robot rentals surged, with the rental platform Qingtianzu expecting to exceed 5000 orders during the holiday period [2] Robotics Market Trends - The Spring Festival Gala served as a platform for robotics companies to demonstrate their products, with performances featuring advanced robotics technology [1][3] - Companies like Yushutech and Songyan Power showcased their robots in various performances, indicating a growing interest in robotics applications in entertainment and education [1][3] - The rental market for robots is experiencing a "volume and price increase" trend, driven by standardized scenarios like greetings and proposals, as well as complex, high-exposure demands [2] Company Developments - Yushutech introduced a high-concurrency cluster control system for its robots, enabling real-time coordination among multiple units, with a target shipment of 10,000 to 20,000 units for the year [3][4] - Songyan Power's new consumer humanoid robot, Xiaobumi, aims to cater to family needs, with plans for market expansion in North America, the Middle East, Europe, and Southeast Asia [4] - Galaxy General's Galbot robot is designed for retail environments, capable of performing various customer service tasks autonomously, with over 100 units deployed in major cities [4] Commercialization Efforts - The "Spring Festival effect" is seen as a pivotal moment for the commercialization of robotics, with companies aiming to enhance public awareness and acceptance of robotic products [5] - Analysts believe that the advancements in core robotic capabilities are crucial for transitioning robots from experimental stages to practical applications in factories and everyday life [5] - The year 2025 is anticipated to mark the beginning of mass production for embodied intelligent robots, with a shift in focus towards commercial exploration in 2026 [5]

● 本报记者 刘英杰 从2025年春晚的秧歌表演，到2026年春晚的后空翻、耍棍术，短短一年间，国产人形机器人的运动能力 与智能水平实现跨越式提升。Wind数据显示，万得香港人形机器人概念指数2月23日上涨1.93%。 分析人士认为，2026年春晚人形机器人的表演，不仅是国产链技术快速迭代的集中展示，更标志着产业 正从"0到1"的验证阶段迈向"1到10"的量产新篇章，人形机器人核心零部件及整机代工环节将迎来确定 性产业催化。 机器人硬核技术集中亮相 在春晚武术节目《武BOT》中，数十台人形机器人化身"功夫小子"，与河南塔沟武校学员同台献艺。这 群机器人不仅会跑酷、单腿连续空翻，还会和小朋友对练棍术、耍醉拳。据央视新闻报道，为了让机器 人在春晚舞台上挑战极限，宇树科技研发打磨了多个"全球首创"动作。宇树科技创始人王兴兴透露，团 队让机器人借助弹射器跳至2到3米高，在空中完成正反空翻后平稳落地；二十多台机器人的跑位速度相 对去年提升了5到10倍，能在快速奔跑中完成穿插变阵，这种高动态集群控制技术同样是全球首次亮 相。 松延动力的机器人在小品《奶奶的最爱》中与蔡明同台，甚至出现了1∶1复刻蔡明形象的仿生人形机器 人 ...

Group 1 - The 2026 Spring Festival Gala featured robots as main performers, showcasing the rapid development and competition in China's robotics industry [1][2] - The inclusion of robots in the gala serves dual purposes: showcasing technological advancements and providing effective marketing opportunities for robotics companies [2][3] - There are over 150 humanoid robot companies in China, with more than half being startups or companies entering the field from other industries [2] Group 2 - The transition from performance to practical application is crucial for the survival and growth of robotics companies, as market demand will ultimately dictate their success [3][4] - Current demonstrations of robots, such as dance and martial arts, are insufficient; the public is more interested in robots performing household tasks and physical labor [3][4] - Significant technical challenges remain in moving from controlled performance environments to dynamic real-world applications, including reducing error rates and enhancing functionality [4]

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 ...

春节假期落幕，A股市场即将迎来节后交易窗口。但在2026年春节假期（2月15日-2月23日）期间，全球资本市场并未休憩。在地缘政治博弈、货币政策 预期与产业技术变革的多重交织下，港股、美股、大宗商品市场均出现显著异动，为节后A股投资布局提供了重要参考。 港股先抑后扬，科技成最大亮点 作为A股节后行情的重要风向标，港股市场在春节期间经历了"先抑后扬"的波动轨迹。恒生指数区间累计上涨1.94%，恒生中国企业指数上涨1.82%，恒生 科技指数微涨0.47%。 | 序号 | 证券代码 | 证券简称 区间涨跌幅 | | | --- | --- | --- | --- | | | | | ［区间首日］2026-02-15 | | | | | [区间尾日] 2026-02-23 | | | | [单位] % | | | 1 | HXC.GI | 纳斯达克中国金龙指数 | -0.5530 | | 2 | HSI.HI | 恒生指数 | 1.9377 | | 3 | HSCEI.HI | 恒生中国企业指数 | 1.8230 | | ব | HSTECH.HI | 恒生科技 | 0.4651 | | 5 | : DJI.GI | ...

【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 ...

每经记者｜杨卉 每经编辑｜黄博文 从开场亮相到人机共舞、练武术、搭档演小品……2026年央视"春晚"的"硅基含量"拉满，机器人轮番登 场，甚至开始"上价值""讲情怀"。观众看热闹众说纷纭。 一场热热闹闹的机器人"春晚总动员"拉开大幕，留给行业的思考却刚刚开始。此前，有媒体报道称， 2026年机器人公司为了上央视"春晚""砸"了不少赞助费。值得注意的是，机器人企业"砸钱"也要上央 视"春晚"背后，是厂商在落地场景不明时以曝光谋订单、拉融资来维持生存的现实。有受访者直言，这 是资本的逻辑，还不是市场的逻辑。 从商业化进程来说，随着越来越多企业涌进具身智能赛道，人形机器人确实进入了商业化元年，但也只 是开始。 还是"才艺表演" 但已经出现很大变化 从央视"春晚"到各卫视"春晚"，再到部分地区推出的机器人"春晚"，这场机器人"春晚总动员"堪称热闹 红火。观众在各类"春晚"节目上看到了形形色色的机器人——练武术的、连续后空翻的、脖子能伸长 的、和蔡明长得一样的…… 不过，如今观众对机器人的期待已远不止单纯的"才艺表演"。毕竟过去一年，中国人形机器人频繁出现 在各大科技展会、线下商场、博物馆甚至个人玩家的手里，打拳击、抓 ...