港股早盘整体强势反弹，但AI大模型板块逆势走弱，呈现明显分化。截至午间休盘，智谱(02513.HK)跌23%，海致科技集团跌 18%，MINIMAX-WP(00100.HK)跌10%。这与科网板块的普涨行情形成鲜明对比。其中智谱半日市值蒸发了超700亿港元。 此次调整直接源于智谱2月21日就GLM Coding Plan改版发布的致歉信，公司坦诚三大问题：规则透明度不足、GLM‑5灰度开放节 奏过慢、老用户升级机制设计粗糙，并快速推出全额退款、一键回滚、服务延期等补偿方案，以修复用户体验与市场信心。 短期来看，GLM‑5流量超预期导致扩容滞后，Pro/Lite版本限流与退款压力，叠加前期涨幅过大引发高位获利回吐，共同引发股 价波动。机构普遍判断，此次风波属于运营层面问题，不改变技术与商业化核心逻辑。目前GLM‑5 Max已全量开放，Pro开放但 高峰限流，Lite将在节后非高峰逐步灰度，公司正加速算力补能以改善服务稳定性。 综合来看，港股大模型板块短期受事件冲击承压，但头部机构评级未转向，市场仍聚焦技术落地、用户留存与盈利兑现。投资者 可跟踪算力进度、商业化节奏及补偿方案落地效果，短期谨慎应对波动，长期继续看 ...

盘面上，科网股普涨，美团涨超6%，京东涨超4%，阿里巴巴、腾讯、快手、百度涨超3%。 半导体概念股走强，中芯国际、华虹半导体均涨超4%，天岳先进、英诺赛科、纳芯微等涨幅居前。 光通信概念股涨幅居前。长飞光纤（601869）光缆涨15.77%；汇聚科技涨超5%；剑桥科技（603083） 涨7%。 贵金属板块走高。潼关黄金涨超11%；万国黄金集团涨超6%再创历史新高，预计全年纯利同比增长最 多1.6倍；紫金黄金国际涨超7%。 2月23日早盘，港股三大指数高开高走，均涨超2%。截至午间收盘，香港恒生指数上涨2.29%，报 27017.88点；恒生科技指数上涨3.32%，报5384.52点；恒生中国企业指数上涨2.50%，报9183.23点。市 场半日成交额为1064.5亿港元。 | 现价 | 序号代码 | | --- | --- | | | へ 恒生重点指数 | | 1 HSTECH | | | 2 HSCEI 恒生中国企业排9183.23 223.67 2.50% | | | 3 HSML100 恒生中国(香港:7547.66 177.21 2.40% | | | 恒生指数 | 4 HSI 1 1 | | 恒生综 ...

不过，市场并非普涨。AI大模型板块逆势回调，智谱、MINIMAX-WP等跌幅明显，主要受智谱就GLM Coding Plan改版发布致歉信等事件影响。医药、传统地产板块同样小幅走弱，整体呈现结构性分化格 局。 资金面上，2026年以来港股市场回购金额已超254亿港元，腾讯控股、中通快递、小米集团等行业龙头 持续实施回购，为市场注入一定信心。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 2月23日，港股三大指数高开高走，科技与资源类板块共同驱动半日强势表现。截至午间收盘，恒生指 数报27019.21点，恒生科技指数报5384.52点，恒生国企指数报9175.91点。市场半日成交额为1064.5亿港 元。 盘面上，互联网科技板块全线走强，美团-W、京东集团、阿里巴巴-W、腾讯控股、快手-W等权重科网 股集体上扬。半导体方向同步活跃，中芯国际、华虹半导体均录得较大涨幅。华泰证券此前发布研报指 出，"AI需求外溢导致成熟制程供给收缩，或推动26/27年ASP稳步上升"，并看好中芯国际"先进工艺+先 进封装"一体化交付能力的构建。 有色金属板块同样表现突出。黄金股方面，中国黄金 ...

黄金股大涨，潼关黄金涨超11%。由于美国最高法院限制了美国总统特朗普的关税权力，使得与美国谈 判的贸易协定前景充满不确定性，这令市场感到不安，黄金价格走高。与此同时，美伊核谈判前景正影 响原油市场。 2月23日港股三大指数集体上涨，截至午间收盘，港股恒生指数涨2.29%，报27019.21点，恒生科技指数 涨3.32%，报5384.52点，国企指数涨2.5%，报9183.9点，红筹指数涨1.49%，报4449.69点。 | 整体市场 [1] | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 27019.21 | 9183.90 | 5384.52 | | +605.86 +2.29% +224.34 +2.50% +173.02 +3.32% | | | | 恒指期货 | 港股通50 | 恒生生物科技 | | 27008 | 4057.64 | 16217.85 | | +596 +2.26% | +89.67 +2.26% +268.68 +1.68% | | 盘面上，大型科技股集体大涨，阿里巴巴-W涨3.6%，腾讯控股涨3.35%，京东集团-SW涨4.2 ...

港股午间收盘，恒生指数涨2.29%，恒生科技指数涨3.32%，国企指数涨2.41%，市场情绪明显回暖。科 技、互联网、消费电子、锂电池板块领涨，美团、腾讯控股、阿里巴巴等科网股表现强势。AI大模型 板块逆势下跌。医药、地产板块小幅走弱，整体市场呈现结构性行情。 ...

2月20日，港股迎来马年首个交易日，以智谱、MiniMax为代表的AI大模型相关个股表现活跃。A股市 场即将开市，增量资金的布局方向，备受关注。据统计，目前公募基金入市的增量资金合计规模在900 亿元以上，科技成长方向是重点配置领域。 针对马年的投资布局，多位公募基金经理表示看好科技赛道。易方达基金基金经理成曦表示，科技赛道 有望持续受到资金关注。国产AI大模型的发展及落地，将为芯片、AI应用等板块带来支撑。 景顺长城基金经理农冰立对2026年权益市场保持乐观。他认为，不少港股公司具备投资性价比。建议重 点关注算力、消费电子、互联网和新消费四个方向。嘉实基金股票策略研究总监方晗表示，可重点布 局"AI+"下游应用及上游原材料等领域。 在ETF方面，马年开市首周将有3只产品上市，包括国泰恒生生物科技ETF（2月24日上市）、易方达中 证全指红利质量ETF和华安中证有色金属矿业主题ETF（均于2月26日上市）。个人投资者成为这类ETF 的持有主力，其中，国泰恒生生物科技ETF个人投资者持有比例高达95.84%。 此外，2月新成立的7只ETF也将陆续确定入市时间，以2月13日流通规模计算，这部分产品资金规模达 23 ...

各位朋友，春节假期即将过完了，A股马年首个交易周马上开锣！这七天国内外大事不断，政策、产 业、资金面都有新动向。别慌，今天一文给你捋清楚——节后行情怎么走？机会在哪儿？风险在哪儿？ 看完这篇心里就有数了。 先说结论：节后A股大概率还是结构性行情，核心逻辑就八个字——政策托底、产业突围。科技成长、 政策受益、消费复苏这三条线最值得看，但国际上的关税变数和地缘风险也得留个心眼。 先看国内政策。内需消费被提到了前所未有的高度，《求是》杂志发重磅文章，明确要搞提振消费专项 行动，扩大优质商品供给，还要推城市更新和民间投资。这信号够直接吧？家电、文旅这些消费板块， 还有市政基建、新基建，都是直接受益的。另外2月17日起对加拿大、英国免签30天，入境游和免税店 短期要火，长期看服务贸易开放也是大趋势。 平台经济这边也有新动静。市场监管总局约谈了阿里、抖音等7家平台，核心就一句话——别搞内卷式 竞争，促销得守规矩。这对头部合规企业是长期利好，行业生态会慢慢变好。与此同时，字节跳动的豆 包大模型2.0 Pro发布了，直接对标GPT-5.2，推理成本降了一个数量级！国内AI大模型已经进入实用化 阶段，算力、算法、应用端的企业接 ...

Core Insights - The AI wealth effect is remarkable, with companies MiniMax and Zhipu becoming the stars of the Hong Kong stock market, both surpassing a market capitalization of 300 billion HKD [2][12] - MiniMax and Zhipu have seen stock price increases of over 400% in just two months, showcasing a significant upward trend since their listings [14][15] Company Performance - Zhipu, known as the "first global large model stock," debuted on January 8, 2026, with an initial price of 116.2 HKD per share, reaching a market cap of 578.9 billion HKD on its first day [14][15] - As of February 20, 2026, Zhipu's stock price surged by 42.72% to 725 HKD, with a market cap increase of 967 billion HKD in a single day [3][15] - MiniMax launched on January 9, 2026, with a first-day increase of 109.09%, closing at 345 HKD and achieving a market cap of 1,067 billion HKD [4][15] - By February 20, 2026, MiniMax's stock price rose to 970 HKD, reflecting a nearly 90% increase since February 9, 2026, and a total market cap of 3,042.3 billion HKD [4][15] Investment Landscape - Both companies have attracted significant attention from institutional investors, with Zhipu receiving over 50 institutional investments before its IPO, including notable VC and PE firms [5][17] - Early investors in Zhipu, such as Zhongke Chuangxing, have seen their initial investment of 40 million CNY grow to a market value of 4.33 billion CNY as of February 20, 2026 [6][18] - MiniMax's early backers, including Hillhouse Capital and IDG, have also experienced substantial returns, with their initial investment of 200 million USD now valued at over 100 times that amount [19] Market Trends - The recent stock price surges of MiniMax and Zhipu reflect a broader trend in the AI large model sector, with significant financing activities occurring in the market [21][22] - Companies like Moonlight and Jiyue Xingchen have also reported substantial funding rounds, indicating a robust investment climate in the AI sector [21][22] - The competitive landscape is expected to intensify, with resources increasingly concentrating on leading companies as the market evolves [23]

Core Viewpoint - The article discusses the investment strategies of Li Lu, a prominent investor, highlighting his focus on concentrated positions in a few companies and his ability to pivot quickly to new opportunities, particularly in the context of the AI boom and the performance of Micron Technology and Google. Group 1: Investment Strategy - Li Lu's investment style is characterized by a concentrated approach, often focusing heavily on a few companies [2][13] - He previously held a significant position in Micron Technology but sold before its substantial price increase, demonstrating a willingness to pivot [4][5] - Following the sale of Micron, he quickly shifted his focus to another company, which turned out to be Google, a core player in the AI space [8][9] Group 2: Portfolio Composition - As of the latest disclosures, Google's stock constitutes over 43% of Li Lu's portfolio, making it the largest holding [12][15] - The top five holdings in his portfolio account for approximately 95.96% of the total, indicating a highly concentrated investment strategy [14] - The portfolio includes eight stocks, with the remaining holdings being significantly smaller in proportion [14][15] Group 3: Historical Context and Performance - Li Lu introduced Warren Buffett to BYD in 2008, which led to significant returns over 17 years [3] - The article notes that Li Lu's ability to identify and invest in high-potential companies has been a hallmark of his investment philosophy [19] - His approach emphasizes understanding a company's long-term potential and the importance of selecting undervalued stocks [14][19] Group 4: Insights on Value Investing - Li Lu believes that successful investing is more about temperament than intelligence or experience, highlighting the importance of patience and decisiveness [20][22] - He advocates for a deep understanding of businesses and encourages investors to think like owners rather than traders [19][20] - The article emphasizes the significance of compounding returns and maintaining a long-term perspective in investing [24]

文/杨剑勇 信息科技以惊人的速度发展，并在每次科技变革中，都会涌现出耀眼的科技企业。 生成式AI时代，OpenAI与Anthropic无疑是全球两大价值最高的AI独角兽，他们的估值分别为8500亿美元（约合人民币5.9万亿元，这一市值规模相当于3个 茅台）、3800亿美元（约合人民币2.6万）。 在OpenAI带动下，国内大模型服务犹如潮水般涌现，仅完成备案的生成式AI数量就达748个。在众多大模型服务中，以豆包、DeepSeek、千问、元宝、文心 等大模型服务极其突出，正深刻重塑人们信息获取方式，大有取代传统搜索引擎的态势，成为用户获取信息新入口。 与此同时，智谱AI、MiniMax、百川智能、零一万物、月之暗面与阶跃星辰这六家大模型初创企业尤为瞩目，被视为大模型"六小虎"，吸睛无数。 其中，月之暗面在短短两个月时间内获得了2笔融资，其融资额和估值都亮瞎眼，融资额分别是5亿美元与7亿美元，两轮获得了12亿美元的融资，使其估值 飙升至100亿美元左右。 作为顶着全球AI大模型第一股的智谱公司，一跃成为市场焦点，备受投资者青睐，马年春节首个交易日上涨42.7%。 今年自1月上市以来，智谱累计涨幅更是达到惊人的5 ...