经济观察网 截至2026年2月24日，中巨芯-U（688549）最新股价为9.65元，较前收盘价上涨0.73%，当 日振幅达3.97%；近5日累计上涨5.46%，年初至今涨幅为5.81%。资金流向方面，2月24日主力资金净流 出862万元，散户资金呈现净流入状态，反映短期资金分歧。电子化学品Ⅱ板块近期上涨1.09%，可能 受科技产业链热度带动。 以上内容基于公开资料整理，不构成投资建议。 2026年2月19日，我国光通信与6G技术实现突破，相关成果发表于《自然》期刊，可能间接提振半导体 材料板块情绪。同期，英伟达GTC 2026大会预告新AI芯片，凸显AI基础设施需求，对电子化学品行业 有潜在影响。 近期事件 ...

昆仑万维｜稀缺大模型标的，重视价值重估机会 ♦催化：智谱/MiniMax新款旗舰模型发布至今涨幅达76.2%、55.9%。 #昆仑是A股少数有大模型+应用+算力基础设施全布局的标的。 1模型：公司旗下大模型涵盖多个领域。 其中音乐模型Mureka位于全球第一梯队，1月发布V8版本提升音乐创作能力，后续将推出AI Studio，长期目标 昆仑万维｜稀缺大模型标的，重视价值重估机会 ♦催化：智谱/MiniMax新款旗舰模型发布至今涨幅达76.2%、55.9%。 #昆仑是A股少数有大模型+应用+算力基础设施全布局的标的。 其中音乐模型Mureka位于全球第一梯队，1月发布V8版本提升音乐创作能力，后续将推出AI Studio，长期目标是AI 版Spotify。 2应用：已产生收入。 25年上半年公司AI软件技术收入6527万元，同比增长超10倍。 为公司贡献AI收入的核心产品为天工Skywork、Linky（AI社交）、Mureka（AI音乐）等。 Skywork桌面版及Mureka新版本有望贡献增量 积极布局AI+短剧/漫剧出海，旗下付费平台DramaWave和免费平台FreeReels站稳海外短剧第一梯队。 M ...

Summary of TMTB Conference Call Industry Overview - The conference call focused on the technology sector, particularly the impact of the Citrini sell-off on market dynamics and valuations within the internet and software segments [1][2]. Core Market Performance - The Nasdaq 100 ETF (QQQs) declined by 1.22%, with the internet and software sectors being heavily affected, while the semiconductor sector outperformed the market [1]. - The Citrini article amplified existing valuation concerns in the tech sector, acting as a catalyst for the sell-off rather than introducing new market issues [1]. Key Points on Sell-off Reasons - Investors are no longer willing to accept high valuations for internet and software stocks, leading to significant declines in individual stocks such as SHOP (-7%), MDB (-12%), and DDOG (-11%) [2]. - The valuation assessments do not account for heavy stock-based compensation (SBC) in software companies, with some firms showing no profitability under GAAP standards, exacerbating the sell-off [2]. - The development of AI technology has sparked both excitement and fear among investors, with potential benefits for AI semiconductors but negative implications for internet and software companies [2]. - Citrini's article suggested that AI advancements could lead to a structural crisis, impacting global payment and consumer finance systems, which heightened market fears [2]. Market Judgments - The era of high valuations for internet and software stocks is likely over, with a long-term "valuation fog" expected to persist [3]. - In the short term, the market may stabilize, but individual stock differentiation will increase, leading to a focus on selective stock strategies [3]. - The development of the digital world, while driven by AI, will be slowed by organizational inertia and human habits, preventing rapid disruption of existing structures [3]. Sector and Stock Differentiation - Significant declines were noted in various sectors, including gig economy stocks (DASH, UBER), alternative asset management (APO, BX), Indian IT services, SaaS software, and payment/consumer finance (MA, V, AXP) [4]. - IBM saw a 15% drop due to competition from Anthropic's Claude Code tool, which threatens its high-margin consulting business [4]. - Conversely, the optical communications sector showed strong performance, with companies like LITE, CIEN, and GLW benefiting from accelerated capital expenditures in AI data centers [4]. - BE rose by 8% nearing new highs, while NBIS and SNDK increased by 3% due to upcoming catalysts [4]. Sector Performance Breakdown - In the TMT sector, telecommunications led with a 1.4% increase, while internet, payment, business services, and software sectors fell by over 3.8% [5]. - Within the AI sub-sector, new cloud providers/miners (2.7%) and optical communications (0.9%) performed well, while AI software stocks dropped by 6.5% [5]. - Market factors indicated that TMT momentum pairs led with a 4.0% increase, while factors related to long-term profitability and GARP software saw significant declines [5].

Core Viewpoint - The stock of Zhaoyi Innovation (03986) has risen over 7%, driven by strong demand from AI customers and limited supply in the memory market, leading to an expected increase in storage prices throughout the year [1] Group 1: Market Demand and Supply - Hynix reported that it is unable to meet all customer demands due to strong AI-related demand and limited supply, with DRAM and NAND inventory remaining at approximately 4 weeks [1] - Hynix anticipates that this inventory level will continue to decline throughout the year and is discussing long-term contracts with major customers [1] - The company has sold out its HBM (High Bandwidth Memory) for 2026, with production plans already allocated to meet customer needs [1] Group 2: Industry Outlook - Huajin Securities noted that the memory cycle is steadily improving, and Zhaoyi Innovation is expected to maintain its leading position as it continues to advance memory chip processes and product iterations [1] - The potential for customized DRAM is expected to open up new growth opportunities, especially as major DRAM manufacturers shift their production capacity [1] - The ongoing expansion of MCU (Microcontroller Unit) stores and the development of sensors and analog businesses are anticipated to drive continued growth in performance across consumer electronics, automotive electronics, and industrial sectors [1]

究竟什么样的能力，才能让人在 AI 时代真正"值钱"？ 2026 年 2 月 22 日，卡耐基梅隆大学教授、数学家、社会企业家罗博深（Po-Shen Loh）接受采访时说： "AI 会创造新的财富。但什么样的人值钱，标准变了。" 这个判断不是推测，而是来自他这些年在全球各地的观察。 美国乡村的四年级教室里，那些没手机、没网络的孩子，展现出惊人的数学直觉。与此同时，全球大量 受过高等教育的学生却在 AI 面前突然发现：自己苦读多年积累的知识与技能，正在快速贬值。 这种强烈的反差背后，罗博深看到了一个不可逆的趋势： 财富规则变了，新的稀缺品随之诞生。 第一节｜世界开始看见更多人 要回答这个问题，得从一个意外的观察说起。 那天，在南卡罗来纳州的一间乡村教室里，罗博深看到了一种长久存在、却一直被无视的潜力。那些孩 子没有手机，没有网络，更没有补习资源，却能在短短半分钟内主动提出解题思路，热烈讨论，并认真 倾听彼此。 他感慨道：这是我教过最棒的四年级课堂之一。 这一幕的意义，远超教育本身。过去，这些孩子的潜力永远不会被世界看到。但现在，AI 正在改变这 个现实。 一直以来，世界的资源分配高度依赖名校光环、一线城市、光鲜 ...

新材料已成为AI、机器人等智能赛道的核心支撑。2026年以来，材料、光通信材料、散热材料持续突 破，助力AI算力升级；碳纤维、PEEK、柔性传感、固态电池等关键材料加速落地，推动人形机器人轻 量化、柔性化与续航能力提升，叠加替代与规模化降本，相关产业链持续受到产业与市场高度关注。 中信证券发布研报称，展望2026年，AI新材料、人形机器人、卫星互联网、新材料、核聚变、氢能、 SAF等主题有望表现活跃，从时间维度该行梳理了新材料各板块中短期的催化因素及长期逻辑，看好政 策、事件、业绩释放等催化带来的交易机会，把握具备高景气度的成长性行业以及优质赛道，建议积极 布局相关产业链环节和材料端。 新材料ETF华夏（516710）紧密跟踪中证新材料主题指数，中证新材料主题指数选取50只业务涉及先进 钢铁、有色金属、化工、无机非金属等基础材料以及关键战略材料等新材料领域的上市公司证券作为指 数样本，以反映新材料主题上市公司证券的整体表现。指数中新材料含量达79.85%，指数维度全市场 排名第一。 2026年2月24日，新材料ETF华夏（516710）上涨1.22%，成分股三环集团涨超13%，国瓷材料涨超 9%，中国巨石涨超 ...

节后有可能会发酵的两个大逻辑: 1、token出海就是电力出海。 这将会从根本上改变国产算力和国产AI的逻辑。 节后有可能会发酵的两个大逻辑: 1、token出海就是电力出海。 这将会从根本上改变国产算力和国产AI的逻辑。 有点类似电解铝。 2、AI将会影响到就业和消费。 尽管事实不一定是这样这是滑坡推论的极致表现。 有点类似电解铝。 2、AI将会影响到就业和消费。 尽管事实不一定是这样这是滑坡推论的极致表现。 但这将对美股目前高估值+高风偏+交易拥挤的结构产生巨大的扰动。 这个发酵有可能会比想象的快。 但这将对美股目前高估值+高风偏+交易拥挤的结构产生巨大的扰动。 这个发酵有可能会比想象的快。 ...

深度【天风电新】AI&电力（4）-节流：电源、液冷、PCB上游的投资机会 AIDC产业链迎来量价齐升的通胀红利，电源技术迭代、HVDC架构升级、液冷成为刚需、CCL上游高端材料国产 化突破，国产厂商迎来成长期突围与出海机遇。 AI服务器电源 AI服务器功率密度提升驱动电源技术迭代，带动产品需求量与价值量同步提升，业绩即将进入加速释放阶段。 深度【天风电新】AI&电力（4）-节流：电源、液冷、PCB上游的投资机会 AIDC产业链迎来量价齐升的通胀红利，电源技术迭代、HVDC架构升级、液冷成为刚需、CCL上游高端材料国产 化突破，国产厂商迎来成长期突围与出海机遇。 重点推荐【优优绿能】、【通合科技】。 【科士达】：预计26年主业净利润10亿元，26H2 HVDC代工有望放量，增厚利润2-4亿元。 【江海股份】：27年需求预计为26年6倍，6年AIDC电容收入约10亿，26年AIDC贡献3亿净利润。 【铂科新材】：存储涨价带来稀缺通胀机会，DDR芯片电感市场空间约50亿元，预计26、27年归母净利6、8.4亿 元，对应PE 37、27X。 AI服务器电源 AI服务器功率密度提升驱动电源技术迭代，带动产品需求量与价值 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The uncertainty of copper has increased, and the price is fluctuating [1] - The trend strength of copper is 0, indicating a neutral view [3] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 100,380 with a daily decline of 1.91%, and the closing price of the LME copper 3M electronic disk was 12,901 with a daily increase of 0.35%. The trading volume of the Shanghai copper index was 317,735, an increase of 74,706 from the previous day, and the position was 553,829, a decrease of 6,837. The trading volume of the LME copper 3M electronic disk was 11,678, a decrease of 10,436, and the position was 318,000, a decrease of 4,000 [1] - **Inventory Data**: The inventory of Shanghai copper was 196,680, an increase of 9,501 from the previous day, and the inventory of LME copper was 235,150, an increase of 38,500. The cancellation warrant ratio of LME copper was 4.37%, a decrease of 6.64% [1] - **Spread Data**: The LME copper premium was -83.05, an increase of 11.66 from the previous day. The bonded warehouse receipt premium was 33, a decrease of 1, and the bonded bill of lading premium was 35, a decrease of 2. The price of Shanghai 1 bright copper was 88,600, a decrease of 1,300. The spot - futures near - month spread was 0, an increase of 60; the near - month contract to the first - continuous contract spread was -510, a decrease of 150; the cost of the inter - period arbitrage of buying the near - month and selling the first - continuous contract was 227. The spread between Shanghai copper spot and LME cash was -509, an increase of 466; the spread between Shanghai copper continuous - three contract and LME 3M was -107, an increase of 583; the spread between Shanghai copper spot and Shanghai 1 recycled copper was 3,037, a decrease of 61; the import profit and loss of recycled copper was 655, an increase of 23 [1] 2. Macro and Industry News - **Macro News**: Concerns about AI have intensified, and the risk of a tariff war has reignited. The three major US stock indexes closed down by at least about 1%. The US Customs will stop collecting tariffs ruled illegal by the Supreme Court from February 24. The US Democratic Party will prevent any attempt to extend tariffs and promote a mandatory refund plan. The European Parliament has suspended the approval of the EU - US trade agreement [1][3] - **Industry News**: Harmony Gold Company said that the newly acquired Australian copper mine needs two years for transformation. Chilean state - owned miner Codelco's copper production in December 2025 increased by 3.7% year - on - year to 181,400 tons. In December 2025, the global refined copper production was 2.2506 million tons, the consumption was 2.1526 million tons, and the supply surplus was 98,000 tons [1][3]

港股恒生指数开盘跌0.62%，报26913.68点，恒生科技指数跌1.02%，报5330.26点，国企指数跌0.73%，报9130.13点，红筹指数跌0.57%，报4441.24点。 5、工信部等三部门印发《酿酒产业提质升级指导意见（2026—2030年）》。其中提出，到2028年，培育3个以上千亿级传统优势酒产区，10个以上百亿级特 色酿酒产业园区；培育5个以上年营业收入超100亿元的茶产业集群。 6、国投白银LOF出台补偿方案，对估值调整影响金额（由-17%调至-31.5%的部分）为1000元以下的自然人投资者，按实际影响金额全额确定和解金额（该 部分投资者占当日赎回投资者的比例超9成）；对估值调整影响金额（由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础上加上 超1000元部分乘以一定比例确定总和解金额。 | 恒生指数 | 恒生国企 | 恒生科 | | --- | --- | --- | | 26913.68 | 9130.13 | 5330.2 | | -168.23 -0.62% -67.25 -0.73% -55.09 - | | | | 恒指期货 | 港股通 ...