海外科技 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 -20% -10% 0% 10% 20% 30% Wind 恒生指数 数据来源：聚源 相关研究报告 《春节成为 C 端 AI 全民普及拐点，国 产大模型跻身全球第一梯队—行业周 报》-2026.2.22 《AI 入口竞争加剧，关注 Moltbot 带 动的生态机会—行业周报》-2026.2.1 《RoboX 进展顺利，家用机器人新品 密集亮相—行业周报》-2026.1.25 国内 BC 端 AI 生态逐步进入加速节点，OpenAI 完 成全球 AI 领域迄今规模最大单笔融资 ——行业周报 | 初敏（分析师） | 杨哲（分析师） | 荀月（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790523070001 | 证书编号：S0790524100001 | 国内：B/C 市场双轮驱动，国内 AI 市场或进入加速拐点 B 端/Agent 端：根据 O ...

沃尔玛首席人力官唐娜・莫里斯（Donna Morris）在接受《财富》采访时表示，美国必须强化对下一代 劳动者的AI培训，这不仅关系到企业自身发展，更将直接影响美国整体经济的竞争力。 "看看中国。五岁的孩子就在学习深度求索（DeepSeek），这充分说明他们对能力建设的高度重视。"她 说，"如果我们也全力抓住这一机遇，会给美国经济带来怎样的影响？" 报道提到，在中国多地，学生从入学起就开始接触AI相关知识。北京市教委去年3月发布的文件，就已 明确为全市中小学生每学年安排不少于8课时的AI通识课程，覆盖小学至高中全学段，内容涵盖生成式 AI工具规范使用、AI伦理等。与此同时，中国学生的平均课堂学习时长也高于美国同龄人。 甘肃省定西市漳县盐川学校的孩子们学习AI知识。新华社 美媒评论称，种种迹象显示，中国在AI教育上的持续投入，正转化为坚实的人才储备。保尔森研究所 （Paulson Institute）2020年的一项研究显示，全球近三分之一的顶尖AI人才出生于中国，美国多家科技 巨头为此开出天价薪酬争相招揽。 【文/观察者网 阮佳琪】 据美国《财富》杂志网站27日报道，美国企业界正争分夺秒加紧提升员工技能水平， ...

对标深圳 "加力促进制造业与服务业双轮驱动、融合发展" 的最新战略部署，民治街道早谋快干、主动 对标。"十四五" 期间，民治街道早已扎实筑牢制造业与服务业协同发展的坚实根基，勇当表率：规上 工业总产值实现近两倍增长，服务业营收连续五年占全区比重近五成，产业发展质效稳步提升。并在 2026年发展中坚持"数智引领、集群突破"，高水平建设数字经济核心区，为高质量发展构筑坚实支撑， 构筑数智产业集群，做优做强现代服务业，为市区新一轮高质量发展贡献都市核心区域的强劲动能。 2025年，民治街道全年规上工业产值达634.52亿元，同比增长18.8%；工业增加值增速12.0%。社消零稳 步增长，限上批发业销售额同比增长7.7%、限上零售业销售额同比增长13.6%、限上住宿业营业额同比 增长7.0%、限上餐饮业营业额同比增长6.6%。全年税收收入超百亿元。创新动能加速聚集，深圳—南 航低空智联产业科技创新中心、山东财经大学深圳研究院等重点项目落地。市场主体活力增强，新增规 上企业166家、国家高新技术企业181家、专精特新中小企业73家、国家级专精特新"小巨人"企业11家， 科大讯飞（002230）湾区总部、海克斯康等项目落 ...

北京商报讯（记者 魏蔚）2月25日，第四范式发布公告称，董事会注意到，近期公司股份价格出现较大 幅度下跌。经了解，市场出现相关传闻称：AI 大模型快速迭代，将导致软件行业现有业务模式被替 代，进而引发市场对软件行业及本集团前景的担忧。 对此，第四范式董事会就上述传闻作出如下澄清：近年来，AI 大模型的发展成加速趋势，相应对于算 力及相关服务的需求也快速增长。集团主营业务受益于这一趋势。根据公司公告，2025年前九个月，第 四范式83.9%的收入为算力相关收入，以算力使用量为主要计价基础；16.1% 的收入来自软件服务业 务。 截至北京商报记者发稿，第四范式股价40.32港元，总市值209.33亿港元。 ...

Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]

2月13日，海致科技(02706)正式登陆港交所，当日涨幅242%，成为2026年港股上市首日表现最优的新 股。 作为"大模型除幻第一股"，海致科技上市首日开盘即大幅走强，收盘报92.6港元，盘中最高触及99.6港 元。 据悉，在此次基石投资者中，无极资本(Infini Capital)是其中唯一一家国际资本，据公开数据，这家机 构近年在科技与AI赛道频频出手。2025年以来，该机构在港股市场动作频频，先后以基石、战略投资 等形式参与了商汤科技、第四范式、微盟集团、蓝思科技（300433）等多家企业融资，累计向中国科技 赛道投入资金超150亿港元，且被投公司股价大多呈现稳健走强态势，明星机构加持也令被投公司在市 场上受到广泛关注。 市场人士表示，中国AI科技企业的市场表现，反映了全球资本对具备技术壁垒与商业化能力企业的青 睐，以及AI产业从概念走向实用的趋势。同时，全球资本对中国AI产业长期成长性的信心，也将进一 步强化港股作为中国科创资产全球配置窗口的地位，科技与资本的深度融合，也将持续为新质生产力发 展注入持久动力。 ...

文章写道，"天才班"持续为中国科技行业培育领军人物，其对中国科技企业发展的重要性再怎么强调都 不为过，如今这些企业正在AI、机器人和高端制造领域，挑战美国的科技主导地位。 【文/观察者网 柳白】 当全球还在为中国AI的发展速度感到惊讶时，一股静默而庞大的"人才溪流"早已汇成江河。 "中国制胜AI竞赛的天才计划开始奏效。"当地时间1月31日，英国《金融时报》亚洲科技领域作者吴子 静以此为题发表长文，聚焦中国中学的理科人才培养体系。她在文中写道，正是凭借"天才班""实验 班"或"竞赛班"这类机制，中国实现了从AI人才空白到规模化培育的转变，大批本土精英人才不仅撑起 国内科技企业，也跻身国际顶尖AI研究机构。这一体系不仅带来高强度学习体验，也培养了终身受益 的思辨、推理与探索精神。 "天才班"毕业生遍布中国顶尖科技企业：字节跳动创始人及核心算法研发者、淘宝和拼多多的掌舵人、 美团创始人、寒武纪创始兄弟，还有DeepSeek、阿里巴巴通义大模型的核心工程师，以及从Open AI挖 来的腾讯新任首席AI科学家，这份名单不胜枚举。 中国的"天才班"在多方面与西方的人才培养路径迥异。首先，这一体系的规模远超国际同行。其次， ...

Core Insights - Longhua District has released its first batch of 90 scenario demand lists and 60 capability lists, aiming to connect government and park applications with emerging technologies for precise investment attraction [2][4] Group 1: Scenario Demand and Capability Lists - The released scenario demands cover key areas such as low-altitude economy, smart governance, smart security, smart healthcare, intelligent construction, and public infrastructure, addressing industrial upgrade bottlenecks and urban governance challenges [2][3] - The capability list includes 60 breakthrough technologies and products from local and external enterprises, with a 60% match to the scenario demands, featuring innovations like high-rise building firefighting drones and integrated intelligent information platforms [3][4] Group 2: Government Initiatives and Support - Longhua District government acts as the "chief experience officer" for enterprise products, promoting an open innovation ecosystem by reserving budget for innovative scenario construction in new government investment projects [5][6] - The district has established a comprehensive investment promotion service system to support the entire lifecycle of enterprises, ensuring efficient one-stop services for global investors [4][5] Group 3: Technological Advancements and Applications - The integration of digital twin and AI technologies has significantly reduced the average processing time for urban governance issues to about one hour, enhancing safety and efficiency in operations [6][7] - Longhua has become a national model for low-altitude economy, with over 139 takeoff and landing facilities and a comprehensive management platform for drone services, achieving substantial reductions in delivery times [6][7] Group 4: Future Development Plans - The district has outlined a two-year plan to enhance innovation application scenarios, focusing on resource exploration, integrated scene construction, and establishing efficient supply-demand matching mechanisms [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The competition for AI traffic entry among internet giants is intensifying, with multiple business lines integrating and collaborating. AI empowerment is expected to drive performance and valuation. The demand for AI cloud services is anticipated to continue growing, supported by the rapid growth of domestic AI chips. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary [5][41]. - The Moltbot, a significant breakthrough in the AI Agent sector, is gaining market attention. It is positioned as a personal AI assistant capable of executing real tasks, with features such as local deployment and persistent memory. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a key observation target due to its leading position in the market [6][20][23]. Summary by Sections Internet Sector - The competition for AI traffic entry is intensifying among internet giants, with AI empowerment likely to become a key driver for performance and valuation. The demand for AI cloud services is expected to validate continuously, and the rapid growth of domestic AI chips is notable. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary. The second-hand housing market in core cities is showing a downward trend in listings, with Beike-W recommended [5][13][41]. AI Sector - The Moltbot is emerging as a significant player in the AI Agent market, characterized by its ability to perform real tasks. It has gained substantial attention since its GitHub release, with over 9,000 stars. The technology used is not groundbreaking, but it effectively presents concepts like Agent and skills. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a leading observation target due to its extensive network and security capabilities [20][22][23]. Weekly Data Update - The Hang Seng Index increased by 2.4%, outperforming major global markets. The real estate sector saw significant gains, with the Hang Seng real estate index rising by 6.11% [31][32].

Core Viewpoint - The AI industry is shifting focus from training to inference, with inference requests becoming the primary demand for computational power as model training stabilizes [1][2] Group 1: Industry Trends - The demand for inference power is projected to reach 66% by 2026, surpassing training power, indicating a structural change in the industry [2] - The cost of inference currently accounts for 70% of AI application expenses, making it critical for AI companies to reduce inference costs to achieve profitability [2] - The emergence of intelligent agents and complex AI applications is accelerating the need for real-time interaction and high-frequency responses [2] Group 2: Company Developments - Xiwang Technology launched its new inference GPU chip, Qihang S3, and the Huanshi SC3 supernode solution during its first product release event after a strategic financing round of nearly 3 billion yuan [1][3] - The Qihang S3 chip features significant advancements, including a fivefold increase in inference performance compared to similar products, and is the first domestic GPGPU inference chip to use LPDDR6 memory [6][4] - The Huanshi SC3 solution is designed for large model inference scenarios, supporting high system utilization and stability, with a cost reduction from hundreds of millions to tens of millions for equivalent inference power [6][4] Group 3: Software and Infrastructure - Xiwang has developed a comprehensive self-researched software platform that is compatible with the CUDA ecosystem, facilitating seamless migration for users [7] - The company has achieved compatibility with over 90% of major models on the ModelScope platform, enhancing its service offerings [7] - The AI native intelligent computing platform introduced by Xiwang addresses industry pain points, including high GPU resource idleness and complex operational management [9][12] Group 4: Business Model Innovation - Xiwang's business model is structured around a "Token as a Service" approach, providing various token services tailored to different customer needs [14] - The company emphasizes the importance of power costs in large computing centers and has developed strategies to enhance energy efficiency and reduce operational costs [14] - Strategic partnerships with industry leaders aim to create a collaborative ecosystem that accelerates the deployment of extreme inference computing capabilities [16][17]