证券之星消息，根据天眼查APP于2月25日公布的信息整理，深圳天元兴科技有限公司天使轮融资，融 资额数千万人民币，参与投资的机构包括弘德投资，盛世投资，海愿资本。 天元兴成立于2024年12月，前身为商汤科技工业机器人事业部，由商汤工业机器人原班核心团队完成拆 分成立，是商汤科技X生态成员企业。自成立之初便自带深厚的AI大模型技术沉淀，成熟的工业机器人 技术积累，工程化落地能力以及行业头部客户落地经验。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

投资策略 +-[Table_MainInfo]春节消费温和复苏，市场呈现资金回流 ――A 股市场投资策略周报 | 分析师： | 宋亦威 | 月 | SAC NO： S1150514080001 2026 | 26 | | | 年 | 日 | | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Analysis] 证券分析师 | | | | | [Table_Summary] 投资要点： | | | | | | | 宋亦威 | | | | | 市场回顾，节后 月 月 日），重要指数纷纷收涨； ⚫ 个交易日（2 24 日-2 26 | 3 | | | | | | 022-23861608 | | | | | 其中，上证综指收涨 1.58%，创业板指收涨 2.11%；风格层面，沪深 | | | | 300 | | | songyw@bhzq.com | | | | | 收涨 1.43%，中证 500 收涨 3.10%。成交方面有所放量，两市统计区间 | | | | | | | | | | | | 内成交 ...

2月26日，港股三大股指高开低走，全天维持震荡向下走势，截止收盘，恒生指数跌1.44%报26381.02 点，恒生科技指数跌2.87%报5109.33点，国企指数跌2.44%报8814.29点，红筹指数跌1.22%报4411.85 点。 盘面上，大型科技股普跌，阿里巴巴跌3.57%，腾讯控股跌2.01%，京东集团跌2.62%，小米集团跌 1.18%，网易跌1.85%，美团跌2.72%，快手跌4.14%，哔哩哔哩跌4.63%；电力、光模块、光通信（核心 股）和半导体（核心股）板块走强，东方电气涨超15%，剑桥科技涨8%，豪威集团涨超6%，长飞光纤 涨近3%，兆易创新涨逾3%。生物医药（核心股）板块全天表现疲软，领跌大盘，汽车、锂电等板块跌 幅居前。香港交易所绩后收涨0.79%，药明生物跌7.45%，药明康德跌4.63%，小鹏汽车跌5.06%。 科技股：涨跌互现，AI算力（核心股）需求推动部分个股创新高 天数智芯表现极为亮眼，股价涨超20%，高见287港元刷新上市新高。近年来，AI发展尤其是大语言模 型兴起，推动算力（核心股）需求大幅增长。中国通用GPU市场快速扩张，2024年出货量达1.6百万 片，2022 - ...

Core Insights - The company, Cloud Wisdom (云知声), is projected to achieve a revenue of 600 million to 620 million yuan from its large model-related business by 2025, marking a year-on-year increase of 1057% to 1095%, and this segment is expected to account for 48% to 53% of total revenue, indicating a significant transformation from a technology trial to a core revenue driver [1] Group 1: Technology and Product Development - The company's success is attributed to a combination of technology, product, and application scenarios, with a foundational technology matrix that includes general large language models, multimodal models, and vertical industry models [2] - The "Shan Hai·Zhi Yi 5.0" model achieved top rankings in three categories in the authoritative MedBench 4.0 evaluation, while "Shan Hai·Zhi Yin 2.0" has demonstrated high-precision recognition of over 30 Chinese dialects and 14 international languages [2] Group 2: Focus on Serious Applications - Cloud Wisdom has developed standardized intelligent agent solutions based on the "Shan Hai·Atlas" computing base, targeting high-frequency scenarios such as smart customer service and document review, which significantly reduce delivery costs and implementation time [3] - Unlike companies pursuing entertainment applications, Cloud Wisdom focuses on high-stakes areas such as healthcare, insurance, and transportation, where accuracy and compliance are critical, with "Shan Hai·Zhi Yi" deployed in nearly 400 hospitals and over 700 in testing [3] Group 3: Future Strategy and Market Positioning - The company plans to replicate its successful model of "industry large models + intelligent agent platform + scenario solutions" in complex fields like healthcare, insurance, and government, aiming to transition from single-point projects to platform-level products [5] - With large model revenue surpassing half of total income, Cloud Wisdom has set a strategic goal to become a leader in professional large models and intelligent agents by 2026, reinforcing its foundational strategy of "one base, two wings" [5] - The transformation of Cloud Wisdom reflects a broader trend in the Chinese AI industry, emphasizing that companies with controllable technology, clear application scenarios, and revenue certainty are better positioned to navigate market cycles [5]

Group 1 - The computing power sector experienced a strong rally on February 26, with stocks related to CPO, copper cables, PCBs, and optical fibers showing significant gains, including Longi Fiber, Chuangyitong, Huafeng Technology, and Zhongtian Technology reaching new highs [1] - Minimax announced enhancements in Expert 2.0, allowing users to create agents using natural language without needing to configure skills or sub-agents, streamlining the process of task management [1] - The AI large model technology trend has shifted from general chat tools to vertical productivity tools and real agents, focusing on industrial-grade video generation, engineering programming, and consumer office scenarios [2] Group 2 - The Huaxia Cloud Computing ETF (516630) focuses on domestic AI software and hardware computing power, with a combined weight of 83.7% in computer software, cloud services, and computer equipment, and a low expense ratio of 0.20% [3] - The Huaxia Entrepreneurial AI ETF (159381) has a balanced layout between hardware and AI software applications, with top holdings including Zhongji Xuchuang (14.27%) and Xinyi Sheng (13.00%), and an expense ratio of 0.20% [3] - The MACD golden cross signal has formed, indicating a positive trend for these stocks [3]

Group 1 - The core viewpoint indicates that the price of thermal coal has shown a fluctuating upward trend across all segments this week, with prices rising at the port, production site, and international levels. In the short term, the resumption of work and production after the holiday, combined with low inventory levels, is expected to support a strong coal price. In the medium to long term, prices are anticipated to stabilize within a reasonable range due to supply constraints and resilient demand [1] - For coking coal, prices have shown a weak and stable differentiation this week, with port prices remaining flat week-on-week, production site prices declining slightly, and the FOB price of Australian hard coking coal decreasing marginally. Overall, the market activity has decreased ahead of the Spring Festival, leading to a weak supply-demand balance that keeps prices stable. In the medium to long term, prices are expected to gradually stabilize and recover as downstream production resumes and iron output increases, alongside expectations of reduced overseas supply [1] Group 2 - In the secondary market, the equity market showed mixed results, with the coal sector outperforming the index. The average daily trading volume in the A-share market was 2.11 trillion yuan, reflecting a structural market where the technology growth sector led gains while the consumer sector experienced a pullback. The leading sectors were concentrated in information technology, benefiting from breakthroughs in AI large models and rising global semiconductor storage chip prices, which drove demand for computing infrastructure and AI terminals [2] - The coal sector outperformed the index, and there is a recommendation to continue focusing on high-quality coal stocks with abundant cash flow and high dividends [2]

Core Viewpoint - The AWE (Appliance & Electronics World Expo) will take place from March 12 to 15 in Shanghai, showcasing over 1,200 companies and focusing on smart living scenarios [1] Group 1: Event Overview - AWE is recognized as one of the largest appliance and consumer electronics exhibitions in China [1] - This year, AWE introduces a "one exhibition, two zones" layout, with a new exhibition area in the Oriental Hub International Business Cooperation Zone [1] - The new location will leverage its proximity to Pudong Airport, allowing for convenient access for international exhibitors and visitors [1] Group 2: Featured Innovations - The expo will feature advanced technologies such as humanoid robots capable of performing household tasks, emotional AI companions, and AI smart glasses that bridge the virtual and real worlds [1] - Leading companies in the appliance and consumer electronics sectors, including Haier, Huawei, and XREAL, will participate, showcasing innovations across the entire industry chain [1]

Core Insights - The global smartphone market in 2026 is experiencing significant changes driven by rising storage chip costs, leading to a survival-of-the-fittest scenario among manufacturers [1][3][4] Group 1: Market Dynamics - The demand for high-bandwidth memory (HBM) chips for AI model training has led to a "capacity raid" on mature storage chip production, causing a severe supply crunch [3][4] - Storage chip prices surged by 40%-50% in Q1 2026, with LPDDR4X chips rising from $6 to $25 within six months, severely impacting low-cost manufacturers [3][4] - The smartphone market is witnessing a bifurcation, with high-end models (priced above $600) gaining market share while low-end models (below $200) are rapidly declining [7][8] Group 2: Company Performance - Huawei has regained its position as the market leader in China with 46.7 million units shipped in 2025, benefiting from its self-developed Kirin chips and high localization rate [5][6] - Apple reported a 23% year-on-year increase in iPhone revenue to $85.27 billion in Q1 2026, with a 38% surge in Greater China, leveraging its strong brand and supply chain control [5][6] - Transsion, known as the "King of Africa," issued a profit warning due to rising supply chain costs, highlighting the challenges faced by low-end manufacturers [4][5] Group 3: Strategic Shifts - The smartphone industry is transitioning from a focus on volume growth to value creation, as manufacturers adapt to rising component costs [6][8] - Companies are adjusting their product strategies, such as shifting from high-capacity storage options to more affordable configurations to manage costs without alienating consumers [8][9] - The emergence of AI-driven smartphones is expected to redefine the market, with predictions indicating that AI phone shipments will exceed 50% in China by 2026 [8][9] Group 4: Competitive Landscape - The smartphone market is likened to a "Warring States" period, with major players like Apple and Huawei dominating while smaller brands struggle to survive [9][10] - Companies unable to build ecosystems or control supply chains are increasingly marginalized, with many being categorized as "Others" in market reports [9][10] - The future of the smartphone industry will be shaped by AI capabilities and supply chain dynamics, moving beyond traditional performance metrics [10]

Core Insights - The 2026 Spring Festival holiday marked a significant increase in domestic travel and spending, with 596 million trips taken and total expenditures reaching 803.48 billion yuan, both setting historical records [1] Travel Pattern Changes - The Spring Festival saw a shift from traditional homecoming to segmented vacations, driven by factors such as a longer holiday, favorable weather, and supportive policies [3] - The peak travel day recorded 320 million trips, a 9.7% increase from the previous year, indicating a preference for "reunion first, then travel" [3] - The demand for self-driving trips surged, particularly for new energy vehicles, reflecting advancements in charging infrastructure [3] Technological Innovations - The Spring Festival showcased significant technological advancements, particularly in robotics and AI, with major companies presenting innovative products during the festival [4] - The global shipment of humanoid robots is projected to grow by 508% in 2025, with Chinese manufacturers leading the market due to a robust supply chain [4] - AI models have gained substantial traction, with domestic models significantly influencing global trends and user engagement [4] Supply and Demand Matching - Despite high travel numbers, the film box office underperformed, generating 5.752 billion yuan, highlighting a mismatch in supply quality and consumer demand [5] - The lack of blockbuster films indicates that improving content quality is essential for converting potential demand into actual consumption [5] - The promotion of flexible holiday systems, such as spring and autumn breaks, could enhance consumer spending opportunities and address the imbalance in consumption experiences [5]

Core Insights - The 2026 Spring Festival holiday marked a significant increase in domestic travel and spending, with 596 million trips taken and total expenditures reaching 803.48 billion yuan, both setting historical records [1] Travel Patterns - The travel pattern shifted towards a segmented vacation model, with a notable "second peak" in travel after the second day of the Lunar New Year, indicating a change in consumer behavior [2] - The average number of travel days per user increased to 5.9 days, reflecting a growing preference for extended travel experiences [2] - The surge in bookings for new energy vehicles, which increased sixfold, highlights advancements in charging infrastructure and evolving consumer preferences [2] Technological Innovations - The Spring Festival showcased significant technological advancements, particularly in robotics, with companies like Yushutech and Galaxy General demonstrating innovative capabilities during the Spring Festival Gala [3] - The release of several AI models around the holiday period indicates a growing influence of domestic AI technologies, with substantial increases in usage and demand for these models [4] - The integration of AI and robotics into consumer experiences suggests a shift in the technology landscape, providing new growth opportunities for domestic consumption [4] Supply and Demand Dynamics - Despite high travel numbers, the film box office underperformed, generating 5.752 billion yuan, attributed to a lack of blockbuster films, emphasizing the importance of quality content in meeting consumer demand [5] - The disparity between high travel demand and lower film revenues suggests that enhancing supply quality and innovation is crucial for converting potential demand into actual consumption [5] - The promotion of flexible holiday arrangements, such as spring and autumn breaks, could alleviate congestion and improve consumer experiences, thereby enhancing overall spending [5]