(本文来自第一财经) 恒指强势震荡收涨2.53%，恒生科技指数涨3.34%。科技龙头、半导体、有色、新能源汽车股表现亮 眼，紫金矿业、美团、中芯国际涨超5%。大模型概念股回落，智谱跌23%，MINIMAX跌超13%。 来源：第一财经 ...

人民财讯2月23日电，港股收盘，恒生指数收涨2.53%，恒生科技指数涨3.34%。黄金股涨幅居前，赤峰 黄金涨近8%，紫金黄金国际涨超6%。科技股、汽车股上涨，美团、蔚来涨超5%。大模型股下跌，智谱 跌超22%，MINIMAX跌超13%。 转自：证券时报 ...

投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《《异环》三测及字节 AI 视频模型惊 艳，继续布局游戏/多模态 AI 应用— 行业周报》-2026.2.8 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 节后继续聚焦 AI 入口商业化、重磅新游及长青游戏 传媒 2026 年 02 月 23 日 请务必参阅正文后面的信息披露和法律声明 1/18 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 红包等系列春节运营活动或推动豆包/千问/元宝用户量大增及商业化加快 2 月 17 日，豆包宣布通过总台春晚为全国观众送出超过 10 万份科技好礼和现金 红包，帮用户生成了超过 5000 万张新春头像，写下了超过 1 亿条祝福语等，AI 总互动达 19 亿次；豆包视频生成 ...

其一，投资规模需与财务、融资及上市计划相匹配。自具有划时代意义的GPT-3.5发布以来，AI大模型 已迅猛发展近三年。当前，资本市场对大模型企业的关注点已从模型的先进性转变为投入产出比。不久 前，IBM针对2000名企业高管开展了一项关于2030年AI期望的调查，结果显示，79%的人预计AI将显著 提高其收入，但仅有24%的人能明确知晓这些收入的来源。也就是说，AI对企业效益的提升目前仍停留 在"想象层面"，而非实际的收益。 公开数据显示，OpenAI在2025年的收入为130亿美元，但现金亏损高达80亿美元，这种"高收入、高亏 损"的模式难以持续。1.4万亿美元的投资计划与当前的财务状况脱节，引发了投资者对其资金链的质 疑，进而阻碍了融资与上市进程。 目前，OpenAI正在推进千亿美元级别的融资，投后估值有望突破8500亿美元，同时也在筹备于2026年 实现IPO（首次公开募股）。6000亿美元的聚焦型计划，能够让投资者清晰地将算力投入与远期收入联 系起来，减少不确定性，增强融资的吸引力。 据媒体报道，OpenAI近日向投资者透露，到2030年的总算力支出目标约为6000亿美元。这与该公司 CEO阿尔特曼此 ...

Market Overview - The Hong Kong stock market experienced a broad increase on February 23, with the Hang Seng Index rising by 2.29%, the Hang Seng Tech Index increasing by 3.32%, and the Hang Seng China Enterprises Index up by 2.50% [1] - Technology stocks in Hong Kong saw significant gains, with Meituan up by 6.93%, Alibaba rising by 3.60%, Tencent increasing by 3.35%, and Baidu up by 3.02% [1] Sector Performance - Semiconductor stocks performed strongly, with Huahong Semiconductor rising by 4.83% [1] - The precious metals sector also saw gains, with companies like Chifeng Jilong Gold Mining and Lingbao Gold experiencing increases of over 7% [3] - The price of gold rose by 1% to $5162.24 per ounce, while silver increased by 3.14% to $87.223 per ounce [3] Individual Stock Movements - Notable stock movements included: - Meituan-W at 86.350, up 6.93% [2] - Huahong Semiconductor at 98.700, up 4.83% [2] - JD.com at 108.200, up 4.24% [2] - Alibaba-W at 152.400, up 3.60% [2] - The precious metals sector saw significant increases in individual stocks, such as: - China Dajian Nonferrous Metals at 0.185, up 9.47% [3] - Chifeng Jilong Gold Mining at 39.980, up 8.23% [3] Company-Specific News - Zhipu AI experienced a decline, with shares dropping by 23.72% following an apology regarding the GLM Coding Plan and issues related to user experience [5][7] - The company acknowledged three main errors in the GLM-5 rollout, including insufficient transparency, slow expansion pace, and poorly designed upgrade mechanisms for existing users [7]

Market Overview - The Hong Kong stock market experienced a significant rally on February 23, with the Hang Seng Index rising by 2.29%, the Hang Seng Tech Index increasing by 3.32%, and the Hang Seng China Enterprises Index up by 2.50% [1] - Major tech stocks saw substantial gains, including Meituan up by 6.93%, Alibaba up by 3.60%, Tencent up by 3.35%, and Baidu up by 3.02% [1] Sector Performance - Semiconductor stocks performed strongly, with Huahong Semiconductor rising by 4.83% and SMIC increasing by 4.51% [2] - The technology, internet, consumer electronics, and lithium battery sectors led the market rally [1] Gold and Precious Metals - Precious metals stocks also saw significant increases, with companies like Chifeng Jilong Gold Mining and Lingbao Gold experiencing gains of over 7% [3] - Gold prices rose by 1% to $5162.24 per ounce, while silver prices increased by 3.14% to $87.223 per ounce [4] AI Sector Performance - AI-related stocks faced declines, with Zhizhu falling by 23.72% and MINIMAX-WP dropping by 10.52% [6][7] - Zhizhu issued an apology regarding the GLM Coding Plan, acknowledging issues with transparency and user experience, and announced compensation measures for affected users [8]

Market Performance During Spring Festival - Major stock indices mostly rose, with South Korea and European markets performing well. The S&P 500 and Nasdaq indices increased by approximately 1% [1] - In the Asia-Pacific region, South Korea's index stood out with a rise of nearly 5.5%, while the Hang Seng Index fell by 0.6% and the A50 index rose by 1.4% [1] - In the Hong Kong market, energy and materials sectors led the gains, both rising over 3%, while industrial, consumer, and technology sectors lagged behind [1] Commodity Market - Commodity performance was mixed, with crude oil and precious metals showing the best results. Silver rose over 10% and oil prices increased by nearly 6% [1][7] - Industrial metals had modest gains, with copper and aluminum slightly up, while natural gas and tin saw significant declines [1] Bond and Currency Markets - U.S. Treasury yields fluctuated, maintaining around 4.1%, while the U.S. dollar index rose significantly by 0.86% [1][5] - The Chinese yuan experienced initial appreciation followed by depreciation, fluctuating around 6.9 [1] Domestic Data and News - The Spring Festival box office revenue was 4.924 billion yuan, down 48.24% year-on-year, with total attendance dropping by 45.5% [12] - Cross-regional personnel flow during the Spring Festival increased by 11.2% compared to the previous year, reaching 5.08 billion trips [14] - The tourism market showed continued growth, with long-distance travel orders accounting for 59.6% of bookings, and inbound tourism also seeing significant increases [21] AI and Technology Developments - Major tech companies launched new AI models during the Spring Festival, indicating a competitive landscape in AI infrastructure [23][24] - Notable releases included Alibaba's Qwen3-Max-Thinking and ByteDance's Protenix-v1, showcasing advancements in AI capabilities [24]

2025年的一轮中美交手后，特朗普更换了怎样的隐蔽"打法"？美国对国际秩序的破坏是否是永久性的？ 面对不确定的国际局势，中国该如何清醒应对，信心与底气来源于何处？针对以上话题，观察者网在新 春之际对话了知名美国问题专家金灿荣教授。 观察者网：这次我们编辑部策划了一个专题，叫"新大陆与旧地图：全球体系的认知重启"。其中提出一 个判断：世界可能正从"相互依存的地球村"，走向一个多中心、多规则、多联盟的碎片化时代。对于这 样的描述，您怎么看？这种"碎片化"的判断是否已经形成较广泛的共识？还是说，这只会是一个短期的 过渡现象？ 金灿荣：这个世界应该讲正在发生巨变。习主席讲世界进入"百年未有之大变局"，而且是一个现在进行 时。所以，现在就给这个世界做一个定性的描述，我觉得还早了一点，还不能下最终结论。 我们只能说，变化中确实出现了一些趋势，可以讨论。但这个世界最后会走向什么形态，现在还不好 说。但有一点我比较确定：我们正在熟悉的那个世界，正在消失。我们熟悉的是什么世界？就是二战后 的国际秩序。这个二战后的国际秩序，在整个人类国际关系史上，其实是一个例外，而不是常态。 从美国"退群"联合国到特朗普筹办"和平委员会"，听命 ...

新元肇启，实干开年。春节假期，一项项重大工程建设抢抓工期、连续攻坚，在机械轰鸣声中奏响激昂 奋进的"新春序曲"。东西南北中，建设者坚守岗位，用火热的奋斗足迹勾勒出奋进中国的生动图景。 大道通衢，交通动脉加速延伸 正月初六，云南保山龙陵县，地下640米深处，大瑞铁路全线控制性工程高黎贡山隧道2号竖井施工正 忙，200余名建设者昼夜轮替、奋力掘进。 井底，二次衬砌台车、凿岩台车、拱架安装机一字排开。两个工作面正进行超前地质钻探，钻杆一寸寸 探入围岩，拱架安装机将一榀榀钢拱架稳稳送入预定位置。 大瑞铁路全长330公里，高黎贡山隧道约占总长的1/10，穿越19条断层破碎带，地质条件复杂，被称 作"最难修的铁路隧道之一"。 春节假期，建设者坚守重大工程一线 用奋斗奏响"新春序曲" 本报记者 春节假期，平陆运河建设现场全线参与值守的人员从最初计划的3000人增至超4000人。"这条'黄金水 道'通航后，货通八方！"平陆运河集团广西平陆运河建设有限公司董事长程耀飞说。 水润万家，民生根基夯实筑牢 黄河沿岸，干劲十足。 正月初六，位于山西吉县文城乡古贤村的黄河古贤水利枢纽工程建设现场，导流洞深处的巨大洞室内， 焊花闪烁，机械 ...

当前内容仅限订阅用户查看 （原标题：智通决策参考︱热点围绕机器人及大模型发酵 本周留意英伟达(NVDA.US)财报） 精品VIP投研内容 VIP 立即订阅 ...