受隔夜美股大跌，以及地缘政治影响，港股上午盘三大指数低开低走，恒生科技指数一度深跌至 2.7%，午间收跌2.36%，恒生指数、国企指数分别下跌1.93%及2.06%，作为市场风向标的大型科技股集 体低迷，美团盘中跌超5%，腾讯跌破520港元；大金融股(银行、保险、券商)均表现弱势，2026年春节 档票房按年跌38.7%，影视股大幅下挫，其中猫眼娱乐刷新阶段新低，黄金股走势分化。另外，半导体 股、存储概念股逆势扬升，AI应用"双雄"智谱、MINIMAX-WP表现强势。(格隆汇) ...

Core Insights - UBS reports that by 2026, AI agents are expected to achieve large-scale applications, shifting from dialogue to action [1] - There is a divergence in application scenarios between the US and China, with the US focusing on enterprise applications while China invests more in consumer services [1] - Leading AI labs globally, such as Anthropic and OpenAI, will prioritize enterprise development and monetization by 2026 [1] - Chinese AI models like MiniMax, Kimi, and GLM are gaining significant market share in emerging products like OpenClaw [1] - UBS is optimistic about the long-term growth of Chinese AI models in the global enterprise API market due to their improving intelligence and cost-effectiveness [1] Company Activities - Major Chinese internet companies launched red envelope activities during the Spring Festival to drive AI product traffic, including Tencent's 1 billion RMB, Alibaba's 3 billion RMB, and Baidu's 500 million RMB initiatives [1] - UBS believes these activities will accelerate AI penetration among users in lower-tier cities and promote the use of AI functionalities such as image and video generation and real-time commerce [1] Model Development - A wave of model releases occurred during the Spring Festival, narrowing the capability gap with leading global AI labs [2] - UBS notes that the ongoing disruptive narrative around AI has boosted investment sentiment among model providers, but investors remain cautious about vertical platforms and application companies [2] - UBS has initiated a positive investment rating for MiniMax and is optimistic about Alibaba and Baidu's full-stack AI capabilities, as well as Tencent and Kuaishou's potential in AI applications [2]

春节动向与资金流向：主被动外资均放缓 港股被动外资流入同样放缓，为9.3亿美元（vs. 上周17.9亿），但流出A股1.6亿美元（vs. 上周流入2.6亿）。 资金来源上，专注新兴市场的基金流入最多，亚洲除日本基金同样转为流入。 2南向：尚未开通，将于2月24日初八重启。 主动外资已连续六周流入，但港股依然疲弱，尤其是恒科，春节期间甚至2月以来都表现垫底，主要是受权 重股如腾讯和阿里拖累，若不是周一大幅反弹，那恒科的落后与"新老科技"的分化将更显著。 得益于9天长假，春节期间旅游消费餐饮和出行均至少实现温和的高个位数增长，不过人均支出预计基本持平甚至 可能小幅低于2025年（2025年春节总消费6770亿，人均1351元，日均169元），票房则因去年高基数下滑40%。 1外资：EPFR口径（截至周三），主动外资第6周流入，但继续放缓，港股流入3.6亿美元（vs. 上周4.4亿），A股 流入0.9亿美元（vs. 上周1.1亿）。 港股被动外资流入同样放缓，为9.3亿美元（vs. 上周17.9亿），但流出A股1.6亿美元（vs. 上周流入2.6亿）。 资金来源上，专注新兴市场的基金流入 春节动向与资金流向：主被动 ...

Group 1 - UBS report indicates that by 2026, AI agents are expected to achieve large-scale applications, shifting from dialogue to action scenarios [1] - There is a divergence in application scenarios between the US and China, with the US focusing more on enterprise applications while China invests heavily in consumer services [1] - Leading AI labs globally, such as Anthropic and OpenAI, will prioritize enterprise development and monetization by 2026 [1] Group 2 - Chinese AI models, including MiniMax, Kimi, and GLM, have significantly increased their share in emerging agent products like OpenClaw [1] - UBS is optimistic about the long-term market share growth of Chinese AI models in the global enterprise API market due to their improving intelligence and cost-effectiveness [1] - Major Chinese internet companies launched red envelope activities during the Spring Festival to drive AI product traffic, with Tencent's Yuanbao (1 billion RMB), Alibaba's Tongyi Qianwen (3 billion RMB), and Baidu's Wenxin Yiyan (500 million RMB) [1] Group 3 - A wave of model releases occurred during the Spring Festival, narrowing the capability gap with leading global AI labs [2] - UBS believes that the ongoing disruptive narrative around AI has boosted investment sentiment among model providers, but investors remain cautious about vertical platforms and application companies [2] - UBS has initiated a positive investment rating for MiniMax and is optimistic about Alibaba and Baidu's full-stack AI capabilities, as well as Tencent and Kuaishou's potential in AI applications [2]

2月24日，昆仑万维涨5.65%，截至发稿，报63.80元/股，成交53.83亿元，换手率7.04%，总市值800.92 亿元。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：网络广告业务38.37%，Opera搜索业务18.51%，短剧平台业务15.61%，海外 社交网络业务13.92%，游戏业务6.40%，闲徕社交娱乐平台业务4.27%，AI软件技术业务1.75%，其他业 务1.16%。 嘉实沪深300ETF（159919）基金经理为刘珈吟。 截至发稿，刘珈吟累计任职时间9年340天，现任基金资产总规模2224.47亿元，任职期间最佳基金回报 149.23%， 任职期间最差基金回报-31.37%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑： ...

长期来看，该行预期中国AI聊天机器人市场可能出现整合趋势，类似美国ChatGPT的市场格局。结合网 络巨头既有的庞大用户基础与完整生态系统，这将有助于催生面向消费者的AI超级应用程序，成为中 国市场的新流量入口。 该行近期启动覆盖MiniMax，认为该公司具备良好布局，有望受惠于中国及全球市场的人工智能顺风。 该行同时认为中国的人工智能颠覆风险应低于美国。在互联网巨头中，看好阿里巴巴与百度的全栈人工 智能能力，以及腾讯与快手在人工智能应用领域的潜力。 瑞银发表报告指，随着模型能力持续迭代，认为2026年可能成为人工智能代理大规模采用的关键年份， 届时人工智能应用将从对话转向行动。然而该行观察到应用场景呈现分化趋势，美国日益关注企业级应 用，而中国则加大对面向消费者服务的投资力度。 报告指，中国主要互联网企业于春节期间推出红包活动以引导流量至其AI服务，该行认为短期内这将 加速AI在用户中的普及，特别是低线城市，并促进用户在这些原生AI应用中使用更多AI与智能代理功 能。 ...

港股马年首个交易日（正月初四）走出极致割裂行情：恒生科技指数走弱，AI原生模型、人形机器人 全线暴涨，传统互联网巨头集体回调；资金用脚投票，完成一轮新质生产力vs传统平台经济的快速切 换。 一、今日盘面：AI疯涨、互联网下跌，核心原因一目了然 技术催化：智谱GLM-5、DeepSeek新一代模型超预期，企业端调用与付费爆发 上市效应：智谱、MiniMax登陆港股后赚钱效应拉满，资金抱团纯模型标的 产业落地：算力平台升级、大模型规模化商用，估值逻辑从"故事"转向"订单" 2）互联网股票为何下跌？ 盈利预期：广告、电商、游戏等传统变现赛道增长放缓，业绩弹性不足 资金调仓：资金从高权重、高持仓的互联网巨头，流出到AI/机器人/算力硬科技 政策干扰: 国内反垄断，美国上军事清单 1）AI原生模型为何大涨？ 估值重构：市场不再给流量平台高溢价，转向技术壁垒、自研模型、芯片、具身智能 二、百度市值逼近智谱+MiniMax：明显低估？ 今日收盘： 百度≈3500亿港元（盘中下跌） 智谱≈3232亿港元、MiniMax≈3042亿港元 百度已不是单纯搜索公司： 文心大模型：API调用、行业解决方案、智能体落地 昆仑芯：AI训 ...

截至2026年2月24日10:16，恒生科技指数(HSTECH)下跌2.29%，蔚来-SW涨2.29%，联想集团涨1.17%， 金蝶国际领跌，商汤-W、腾讯音乐-SW跟跌。 截至2026年2月12日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，恒生科技ETF汇添富的场外联接产品汇添富恒生科技ETF联接发起式 (QDII)C(013128)单位净值为0.85元。 消息方面，2月23日，恒指、恒生科技指数全天强势震荡，恒生指数收涨2.53%，恒生科技指数收涨 3.34%。板块方面，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%；恒生科技成分股中，蔚来、美团、中芯国际涨超5%，比亚迪股份、华虹半导体涨超4%，京东、 腾讯、阿里、小米、百度等涨超3%。 科技经济正加速替代地产经济成为增长新引擎，东方证券指出，2025年新质生产力主要行业对总产出的 影响程度已超过传统地产建筑链条；新质生产力以新兴制造业和高附加值服务业为核心，单位产值拉动 效应更强，但对PP ...

2月24日早盘，港股AI全线飘绿，权重龙头阿里巴巴、腾讯控股双双跌超2%，小米集团跌逾1%，AI应用股范式智能重挫逾9%。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格现跌超3.5%，创近10个月新低！场内维持溢价交易，或有资金逢跌介 入。 | 分时 多日 1分 5分 ▼ | | | | | | F9 需前盘后 餐加 九转 圆线 下具 Q (?) > | | | | | | 港股互联网上下印 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.531 | | | | | 513770[港股互联网ETF] 09:50 价 0.492 涨跌 -0.018(-3.53%) 均价（ 4.12% | | | 网 | | 0 492 -0.018 -3.53% | | 513770 | | | | | | | | | | | | | | SSE CNY 9:50:28 交易中 查看L2全导 | | 十八郎 八 第 0+1 | | | | 0.52 ...

Company News - Tongguan Gold expects a net profit of approximately HKD 820 million to HKD 840 million for 2025, representing a year-on-year increase of about 289% to 298%, primarily due to increased production and sales of gold and higher average selling prices [7] - China State Construction Industry anticipates a net profit of approximately HKD 237 million for the fiscal year 2025, down from HKD 650 million in the previous year, mainly due to a decrease in new project volume and revenue [8] - Kintor Group forecasts a net profit increase of over 165% for 2025, exceeding HKD 4.32 billion, driven by growth in investment business and profits from copper-clad laminate segments [9] - Kintor Laminates expects a net profit growth of over 80% for 2025, exceeding HKD 2.39 billion, attributed to strong demand for copper-clad laminates and upstream materials including fiberglass yarn, fiberglass cloth, and copper foil [10] - SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moore Thread MTT S5000 GPU [11] Industry Insights - The storage market has entered a seller's market, with SK Hynix indicating that storage prices will continue to rise this year due to real demand driven by AI and limited cleanroom space, with current DRAM and NAND inventory lasting only about four weeks [5] - The Ministry of Industry and Information Technology, along with two other departments, has issued guidelines for the wine industry aimed at quality improvement and upgrading, targeting the cultivation of over three traditional advantageous wine production areas with annual revenues exceeding RMB 100 billion by 2028 [4]