数字经济其核心支撑是数据要素。海量数据价值的充分释放，将对劳动力、资本、技术等传统要素产生 显著的价值放大、叠加与倍增作用，直接激发数字经济创新活力与高质量发展动能。正是在数据要素加 持下，阿里巴巴、京东、抖音等平台依托海量用户行为数据，驱动个性化推荐、智能定价和供应链优 化，实现了产业规模的跨越式增长。以阿里巴巴为例，"十四五"期间，通过大数据引擎持续优化用户体 验和平台生态，线上商品交易总额保持强劲增长势头，订单量稳步增长，买家数量屡创新高，历年"双 十一"等大促表现强劲。究其原因，无外乎在数字经济的加持下，通过优化智能仓储与配送路径反哺物 流，通过需求预测驱动的柔性生产赋能制造，通过大数据风控降低坏账率助力金融支撑，最终实现效率 全面跃升和生态闭环，也使得这些平台几乎重塑了零售业态。 产业重构加速 当今时代，数字技术作为世界科技革命和产业变革的先导力量，日益融入经济社会发展各领域全过程， 深刻改变着生产方式、生活方式和社会治理方式。《中共中央关于制定国民经济和社会发展第十五个五 年规划的建议》强调，要"促进实体经济和数字经济深度融合"，将数字经济提升到国家战略的核心位 置。 在新一轮科技革命和产业变革加 ...

沪深两市3764股上涨，1344股下跌，82股持平。合计成交额2.20万亿元，较前一交易日成交放量约2193.84亿元。 2月24日，马年首个交易日，A 股迎来开门红，三大指数集体大涨，盘中涨超1%。 根据交易所数据，截止收盘，上证指数涨0.87%，报4117.41点；深证成指涨1.36%，报14291.57点；创业板指涨0.99%，报3308.26点。另外沪深300涨 1.01%，科创50跌0.34%。 资金方面，大盘主力资金净流出31.78亿元。电子主力资金净流入55.50亿元居首，其次是有色金属（53.93亿元）、通信设备（48.73亿元）、通信网络设备及 器件（47.88亿元）、通信（41.60亿元）。计算机主力资金净流出133.29亿元居首，其次是传媒（-75.32亿元）、IT服务Ⅱ（-65.06亿元）、IT服务Ⅲ（-65.06 亿元）、软件开发（-56.79亿元）。 | | | 市值 | 公司_ _ _ _ _ | | --- | --- | --- | --- | | 三环集团 | 16.21% | 1264亿 | MLCC、陶瓷基片、光纤陶瓷插芯等核心j7 | | 润泽科技 | 13.46% ...

科创创业ETF国泰（588360）跟踪的是科创创业50指数（931643），单日涨跌幅限制达20%，该指数从 科创板与创业板中选取市值较大的50只新兴产业上市公司证券作为指数样本，以反映代表性新兴产业的 整体表现。指数聚焦于电子、电力设备、通信、医药生物等行业，强调科技属性和创新成长性，行业配 置相对均衡。 （文章来源：每日经济新闻） 2月24日，科技行情节后启动，科创创业ETF国泰（588360）收涨超1.1%。 华创证券指出，科技+顺周期仍是市场主线，节奏上科技有望率先启动。春节期间国内科技产业催化不 断：国产大模型的普及和应用显示居民对AI的接受度持续提升，中国AI大模型有望实现弯道超车；同 时，四家机器人企业登上春晚展示，显示出中国人形机器人产业在集群控制、硬件制造和量产能力上的 优势。从配置看，康波周期下的科技博弈有望继续打开估值上限，短期受益于产业催化，机器人、AI 相关产业链有望率先反应。结构上应关注算力硬件、AI应用、机器人、智能驾驶、储能等领域。 ...

2月24日，在广东省高质量发展大会上，华为公司董事长梁华作为企业经营者、机构代表发言。 梁华表示，目前已有43个业界主流大模型基于昇腾预训练。鸿蒙生态正在从可用走向好用，搭载 HarmonyOS5和HarmonyOS6的终端设备数突破4500万，可获取的原生应用和云服务超过7.5万个。 梁华认为，我们正处在一个技术深刻变革的时代，人工智能的飞速发展，将加速实现数字世界与物理世 界的深度融合，重塑现有的开发范式和应用模式，改变人机交互方式，并催生更多新应用，推动"制造 业与服务业"协同创新，为高质量发展提供新动能。 梁华对此提出三点意见。 持续夯实数智基础设施底座，为人工智能产业高质量发展建立坚实基础。与前几次工业革命"单点技术 突破"不同，AI技术、基础设施与应用场景三要素相互赋能、协同演进。对于人工智能产业的持续健康 有效发展，既要看到技术创新带来的先发优势，更要重视坚实数智基础设施所支撑的持久发展能力。 梁华说，行业发展经验表明，技术生态系统的构建，并不是单一技术的比拼和单个企业的竞争，需要通 过开源开放和合作创新，以技术生态赋能产业生态，以产业生态牵引技术进步，在技术生态系统的合作 构建中创造价值和分享 ...

2月24日，在广东省高质量发展大会上，华为公司董事长梁华作为企业经营者、机构代表发言。 梁华表示，目前已有43个业界主流大模型基于昇腾预训练。鸿蒙生态正在从可用走向好用，搭载 HarmonyOS5和HarmonyOS6的终端设备数突破4500万，可获取的原生应用和云服务超过7.5万个。 数智基础设施是人工智能创新和应用的底座。AI数据中心建设需要提前规划建设液冷、电力等基础资 源，满足AI算力大规模部署与运行的需求； 通讯基础设施从联人到万物互联以及实现通感一体，在 5G/5G-A、千兆光网、工业互联网等建设和运营持续领先；面向智能终端和物联网终端，建立统一的操 作系统、数据库、工具链等基础软件和AI智能体应用范式。 打造开源、开放的AI生态，加速释放人工智能的产业价值。人工智能带来的价值不是简单的效率提升 和生活便利，而是涉及到行业底层逻辑、服务模式与价值链的深层变化，需要构建开放合作和可持续发 展的生态体系， 从而有效应对挑战，真正释放人工智能的价值。 华为打造以昇腾为核心的AI开放生态，深化开源开放，持续提升易用性，让开发者可以更快速地创新 迭代，激发高校和研究机构更多的技术创新以及产业更多的应用创新， ...

Core Conclusions - In the second week of February, a total net outflow of funds from the market amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1] - From an industry perspective, the highest trading volume in the past week was seen in the telecommunications, semiconductor, and electrical equipment sectors [1] Fund Flow Analysis - In the second week of February, the total net outflow of funds was 72.3 billion yuan, compared to 52.2 billion yuan in the previous week. Fund inflows included a decrease in financing balance by 74.7 billion yuan, an increase in public fund issuance by 43.6 billion yuan, net redemptions of ETFs amounting to 23.1 billion yuan, and an estimated net inflow of 3 billion yuan from northbound funds. Fund outflows included an IPO financing scale of 800 million yuan, net reduction of industrial capital by 10.1 billion yuan, and transaction fees of 10.3 billion yuan [8] Short-term Sentiment Indicators - The short-term sentiment indicators are currently at a medium-high level since 2005, with the recent weekly turnover rate (annualized) at 430%, placing it in the 76th percentile historically. The recent weekly financing transaction ratio is 9.74%, placing it in the 72nd percentile historically [15] Long-term Sentiment Indicators - The long-term sentiment indicators are at a medium-low level since 2005. The recent weekly A-share risk premium (the inverse of the overall A-share PE minus the yield of ten-year government bonds) is 2.52%, placing it in the 45th percentile historically. The recent weekly dividend yield of the CSI 300 index (excluding financials) compared to the yield of ten-year government bonds is 1.23, placing it in the 5th percentile historically [15] Industry Performance - In terms of trading volume, the top three industries with the highest historical percentile for transaction volume in the past week were telecommunications (99%), semiconductors (98%), and electrical equipment (97%). The lowest were real estate (1%), food processing (1%), and transportation (1%) [15] - The highest financing transaction ratio by industry was seen in machinery equipment (88%), electrical equipment (80%), and social services (78%), while the lowest were banking (10%), coal (12%), and real estate (17%) [15]

Core Conclusions - In the second week of February, a total net outflow of funds from the market amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1] - From an industry perspective, the highest trading volume share in the past week was seen in the telecommunications, semiconductor, and electrical equipment sectors [1] Fund Flow Analysis - In the second week of February, the total net outflow of funds was 72.3 billion yuan, compared to 52.2 billion yuan in the previous week. Fund inflows included a decrease in financing balance by 74.7 billion yuan, an increase in public fund issuance by 43.6 billion yuan, net redemptions of ETFs amounting to 23.1 billion yuan, and an estimated net inflow of northbound funds of 3 billion yuan. Fund outflows included an IPO financing scale of 800 million yuan, net reduction of industrial capital by 10.1 billion yuan, and transaction fees of 10.3 billion yuan [8] Short-term Sentiment Indicators - The short-term sentiment indicators, which primarily consider turnover rate and financing transaction ratio, show that the recent weekly turnover rate (annualized) was 430%, currently at the 76th percentile historically. The recent weekly financing transaction ratio was 9.74%, currently at the 72nd percentile historically [15] Long-term Sentiment Indicators - The long-term sentiment indicators, which mainly look at the price comparison of major asset classes, indicate that the recent weekly A-share risk premium (the inverse of the overall A-share PE minus the yield of ten-year government bonds) was 2.52%, currently at the 45th percentile historically. Additionally, the recent weekly dividend yield of the CSI 300 index (excluding financials) compared to the yield of ten-year government bonds was 1.23, currently at the 5th percentile historically [15] Industry Performance - In terms of trading volume share, the top three industries with the highest historical percentile in the past week were telecommunications at 99%, semiconductors at 98%, and electrical equipment at 97%. The lowest were real estate at 1%, food processing at 1%, and transportation at 1% [15] - The highest financing transaction ratio by industry was seen in machinery equipment at 88%, electrical equipment at 80%, and social services at 78%. The lowest were banking at 10%, coal at 12%, and real estate at 17% [15]

Group 1 - The communication sector continues to show strength, with the largest communication ETF, Huaxia (515050), rising by 2.9% and trading volume exceeding 300 million yuan, driven by significant gains in stocks like Tianfu Communication, which surged over 13% with trading volume surpassing 10 billion yuan [1] - Chinese scientists have achieved a world-first in the integration of optical and wireless communication systems, developing a "fiber-optic-wireless integrated communication system" that sets a new record for data transmission rates, highlighting its potential applications in 6G base stations and wireless data centers [1] - Global demand for optical fibers is on the rise, driven by the increasing need for high-speed, low-latency transmission in AI-driven data centers and data center interconnect (DCI) scenarios, as noted in a report by Guotai Junan [1] Group 2 - The Huaxia communication ETF (515050) focuses on electronic and communication hardware, with top holdings including Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision, indicating a balanced exposure to both hardware and application sectors [2] - The Huaxia AI ETF (159381) has a significant portion of its weight in the optical module CPO sector and AI software applications, with its top ten holdings reflecting a diverse investment strategy [2] - The fund size of the Huaxia AI ETF is nearly 2 billion yuan, with a low comprehensive fee rate of 0.20%, making it attractive for investors seeking high elasticity in the AI and communication sectors [2]

2026年北美四大云厂的资本开支超过6400亿美元，如此大规模的投入在人类历史上从没有出现过，更加 惊讶的是远远没有看见尽头。AI在重塑我们的生产力，从上游的芯片，到下游的各类应用，很多行业 的逻辑在被颠覆。下游的高速发展有望带来上游AI基建的高需求，通信ETF（515880）作为运力的核心 代名词，具备长期配置价值。 2、英伟达将于2月25日美股盘后发布2026财年第四季度的财报，总体上华尔街对英伟达的财报还是比较 乐观的。比较重要的是FY27Q1的指引、Rubin量产节奏、CPO展望、中国市场的表述等。3月16日英伟 达GTC大会即将召开，GTC大会是英伟达最重要的发布会，此前英伟达表示准备了几款芯片，其中一款 会"让世界惊讶"。 3、谷歌近期更新了Gemini3.1 pro，在推理能力上大幅提升，尤其是复杂逻辑的问题。这个也在一些基 准上有所表现。相信大家也看到了一些示例，比起前代Gemini3.0 Pro确实提升明显，重新跃居全球第 一。目前从全球的模型上看，谷歌和Anthropic两家公司做的最好。模型侧目前智能水平提升明显，迭 代速度加快，下游众多应用场景有望迅速打开。 【后市展望】 【市场表现】 ...

2月24日，市场早盘高开回落后震荡回升，三大指数午盘均涨超1%，创业板指半日上涨1.76%，全市场 超4200只个股飘红。在此带动下，创业板50ETF（159949）午盘收涨1.95%，报1.567元，换手率 2.81%，半日成交额6.62亿元，成交规模居同类ETF首位。 | 代码 | 名称 | 现价 | 涨跌幅 IOPV | 溢折率 | 换手率 | | 成交金额 ▼ 5日涨跌幅 60日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 159949 | 创业板50ETF | 1.567 | 1.95% 1.5682 | -0.08% | 2.81% | 6.62 Z | -0.06% | 8.82% | | 159682 | SIZINESDELL 当前 | 1.520 | 1.88% 1.5161 | 0.26% | 2.88% | 1.38亿 | -0.07% | 8.96% | | 159681 | SUSOETF | 1.539 1.79% | | 1.5399 -0.06% | 3.13% | 5592.79万 | 0 ...