Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

消息面上，据证券时报，昨日华为云码道（CodeArts）代码智能体公测版发布，集代码大模型、IDE、 自主开发模式为一体，覆盖代码生成、研发知识问答、单元测试用例生成、专家技能Skills、Codebase 代码库索引、规范驱动开发等AI Coding技术，同时接入开源模型GLM-5.0、DeepSeek-V3.2以及华为自 研模型，并提供鸿蒙的专属模型，可为开发者提高研发效率，提供智能化编码体验。 南方财经2月27日电，华为算力概念反复走强，华胜天成走出5天3板，拓维信息涨停，云天励飞涨超 10%，润和软件、软通动力、常山北明、神州数码、拓尔思跟涨。 平安证券表示，当前我国国产大模型持续迭代，能力持续提升，将进一步推动国产大模型从"可 用"到"好用"，加快国产大模型在千行百业应用场景的落地，加快我国大模型产业的发展。我们坚定看 好我国AI产业的发展前景，建议持续关注AI主题的投资机会。标的方面，1）AI算力：推荐海光信息、 龙芯中科、工业富联、浪潮信息、紫光股份、中科曙光、神州数码、深信服，建议关注寒武纪、摩尔线 程、沐曦股份、华勤技术、景嘉微、软通动力、拓维信息。2）AI算法和应用：强烈推荐恒生电子、中 ...

长江商报消息 ●长江商报记者 沈右荣 中国具身智能机器人融资持续火爆。 近日，智平方（深圳）科技有限公司（以下简称"智平方"）通过公众号披露，公司完成B轮融资，融资 规模超10亿元，公司估值正式超过百亿，稳居中国具身智能企业第一梯队。 本轮融资由百度、中国中车及多家特斯拉生态链企业联合投资。此前，智平方已经完成5轮融资。 这是马年首例具身智能领域大规模融资，智平方也是全球融资节奏最快的具身智能企业。 智平方是一家智能机器人研发企业，由人工智能博士郭彦东于2023年4月17日创办。 2024年，智平方参加了世界机器人大会。公司与东风柳汽、惠科、深圳慧智物联等企业达成战略合作。 智平方构建了从硬件量产到商业落地的完整闭环。公司曾与全球第三大面板厂商惠科签订的3年1000台 订单，被认为是该领域全球最大单一订单，也验证了国产大模型在复杂工业环境下的稳定性。 一个值得关注的信号是，智平方本次融资方包含券商系基金。市场据此判断，公司正在筹划上市。 据长江商报记者不完全统计，截至2月24日，不到两个月时间，中国具身智能企业累计完成110亿元融 资。 一年完成12轮融资 智平方方面称，相较于当前的具身智能领域，公司B轮系列 ...

（文章来源：证券日报） 证券日报网讯 2月26日，宇信科技在互动平台回答投资者提问时表示，近日公司与具身智能领域前沿企 业智平方（AI²Robotics）正式签署战略合作协议。双方将依托各自在金融业务系统深度沉淀与通用人工 智能（AGI）物理感知领域的领先优势，共同探索具身智能机器人在金融垂直领域的深度应用，如智慧 网点、金融风控、金融机构后台运营及特殊场景保障等领域，重构底层金融生产力工具。 ...

（编辑 丛可心） 证券日报网讯 2月26日，宇信科技在互动平台回答投资者提问时表示，近日公司与具身智能领域前沿企 业智平方（AI²Robotics）正式签署战略合作协议。双方将依托各自在金融业务系统深度沉淀与通用人工 智能（AGI）物理感知领域的领先优势，共同探索具身智能机器人在金融垂直领域的深度应用，如智慧 网点、金融风控、金融机构后台运营及特殊场景保障等领域，重构底层金融生产力工具。 ...

Group 1 - AI Robotics completed over 1 billion RMB Series B financing, with a valuation exceeding 10 billion RMB, involving investments from major players like Baidu and CRRC Capital [1] - The financing will accelerate the development of embodied intelligence technology, core product mass production, and implementation in key industry scenarios [1] - The company has achieved a rapid financing pace, completing 12 rounds of financing in one year, making it the fastest-growing embodied intelligence enterprise globally [1] Group 2 - AI Robotics focuses on the development of the robot brain, with its self-developed embodied large model, GOVLA, being a core technological feature [3] - The company has released the world's first full-body VLA large model, GOVLA, and is recognized for integrating end-to-end concepts from the autonomous driving sector into humanoid robotics [3][4] - The industry is shifting towards a "human-centered" paradigm to accumulate high-quality, multimodal data for training robotic intelligence [3] Group 3 - The timing of the financing announcement is significant, coinciding with a national-level showcase of robotics companies during the Spring Festival [5] - 2026 is viewed as a pivotal year for the robotics industry in China, facing pressures from both external competitors like Tesla and internal challenges related to scaling technology from labs to commercial environments [5][6] - Successful navigation through reliability in factories, complexity in commercial environments, and integration in home settings is crucial for the industry's survival and growth [6]

21世纪经济报道记者吴佳楠深圳报道 近日，通用智能机器人企业智平方宣布完成B轮融资，融资规模超10亿元人民币，公司估值正式超过百亿。 继2025年半年内连续完成7轮数亿级融资后，智平方再获5轮重量级加注，一年累计完成12轮融资。如此高频且持续跃升的融资 表现，智平方成为当前全球融资节奏最快的具身智能企业。 同时，这是深圳2026年开年以来首个新晋的百亿估值具身智能独角兽，智平方也成为当前深圳未上市具身智能企业中估值量级 最高的企业之一。 与特斯拉相同，智平方是行业稀缺的生产力型通用智能机器人研发、生产与服务提供商，聚焦生产力型通用智能机器人这一颠 覆性的智能终端品类。 端到端的思考最早由自动驾驶行业提出，智平方是首家将该理念从自动驾驶领域引入人形机器人赛道的企业，团队自公司成立 就坚持端到端大模型的技术范式。在2023年初，全球创业团队仅有特斯拉机器人与智平方选择了这条鲜有人走的技术路线。 顶级资本集体押注 具身智能成为当下最火热的投融资赛道之一。据中国信息通信研究院联合清华大学电子工程系发布的《具身智能发展报告(2025 年)》，截至2025年12月，我国具身智能和机器人领域投资事件数达744起，融资总额7 ...

RWA 监管更加明晰，金融信息服务监管趋严 [Table_Industry] 综合金融 ——金融科技行业双周报第二十三期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 国内大模型产品与营销均有亮点，带动金融科技相关标的受益，境外 RWA 监管明 细，金融信息监管趋严。合规金融机构更加受益。 投资要点： [Table_Report] 相关报告 综合金融《权益市场火热，居民边际配置权益资 产》2026.02.09 综合金融《境内虚拟货币违法，境外 RWA 监管 明晰》2026.02.08 综合金融《支付牌照缩减，多家投资咨询公司暂 停新增》2026.02.01 综合金融《消金监管趋严，行业加速出清》 2026.01.25 综合金融《业绩基准新规落地，助推行业长期发 展 ...

Investment Rating - The report assigns an "Overweight" rating for the financial technology sector [4]. Core Insights - The domestic large model products and marketing have shown highlights, benefiting related financial technology stocks. The overseas RWA regulation has become clearer, and financial information regulation is tightening. Compliant financial institutions are expected to benefit more [2]. Summary by Sections 1. AI - From February 2 to February 20, 2026, the financial technology index decreased from 3116.08 to 3093.77, with a return of -0.72%. The Hong Kong financial technology index fell by 3.48% during the same period. Financial IT and third-party payment sectors performed well due to increased marketing efforts of major AI models and new regulations on virtual currencies [7][8]. 2. Overseas RWA Regulation - **2.1 Financial IT**: On February 6, the People's Bank of China and eight departments issued a notice to prevent risks related to virtual currencies and clarified the RWA regulatory framework for overseas issuance [12][13]. - **2.2 Financial Information Services**: On February 9, the Shanghai and Shenzhen Stock Exchanges announced optimized refinancing measures, benefiting high-quality R&D enterprises [14]. - **2.3 Third-party Payment**: New scenarios for digital currency have emerged, and the concentration of licenses in the third-party payment sector is accelerating [16]. - **2.4 Consumer Finance**: The head effect is evident, with a focus on promoting domestic demand through consumer finance [18]. 3. Individual Company News and Announcements - **3.1** Lakala is accelerating the development of intelligent payment through MOSS, while Tonghuashun's vertical model has gained high usage rates among brokers [19]. - **3.2** ST Rendo's net assets are expected to turn positive, and Jiufang Zhitu has initiated a stock buyback [21]. 4. Investment Recommendations - Digital RMB is expanding its application scenarios, indicating significant growth potential. AI is driving the upgrade of financial services, presenting new investment opportunities. Recommended core companies include: 1. Financial IT firms benefiting from digital currency upgrades: Changliang Technology, Yuxin Technology, Zhongke Software, and New Zhiyuan Software [24][28]. 2. Financial information service companies focusing on intelligent investment research: Jiufang Zhitu, Tonghuashun, and Dongfang Caifu [24][28]. 3. Payment institutions adapting to digital currency functionalities: Lakala, Yika, and Lianlian Digital [24][28]. 4. Consumer finance companies leveraging intelligent customer service and marketing: Yixin Group and Qifu Technology [24][28].

每经AI快讯，据智平方官微消息，2月23日，智平方宣布完成B轮融资，融资规模超10亿元人民币，公 司估值正式超过百亿元。投资方包括百度战投、中车资本、宇信科技（300674）、森麒麟（002984）、 沄柏资本、国泰海通基金等。 ...