招商证券国际认为，中国内地龙头互联网企业AI主线投资逻辑显著强化，助力港股科技板块估值修 复。待上线的重磅模型包括DeepSeek-V4，阿里Qwen 3.5、豆包2.0、Mini Max M2.2等，或将成为下一 阶段催化剂。 消息面上，2月22日，据阿里云官微消息，阿里云Coding Plan订阅服务新增支持Qwen3.5-Plus、Qwen3- Coder-Next、GLM-4.7、Kimi-K2.5四款编程模型，用户无需调整配置即可自由切换。同时推出首购优 惠，新用户首月18000次请求仅7.9元，90000次请求39.9元。该服务分Lite、Pro两档，覆盖从基础到复杂 任务的编码需求，降低高频使用成本，适配Qwen Code、Claude Code等主流工具。 智通财经APP获悉，阿里巴巴-W(09988)涨超3%，截至发稿，涨3.47%，报152.3港元，成交额25.04亿港 元。 ...

港股高开高走。 科网股普涨，网易涨超4%，京东、快手、美团涨3%，阿里巴巴、小米集团涨逾2%。芯片股走强，华虹 半导体涨4%，中芯国际涨逾3%。 现货黄金向上突破5100美元，日内涨超1%。COMEX白银涨6%，升破87美元。 比特币向下触及65000美元，日内下跌近4%。 美国股指期货走低，此前美国总统特朗普表示，他计划对全球实施15%的关税，因其在最高法院遭遇挫 败后急于维护其贸易议程。截至当地时间周日下午6时50分，标普500指数期货在纽约下跌0.3%，纳斯 达克100指数期货下跌0.4%。 港股今日高开，截至发稿，恒生指数涨2.39%，恒生科技指数涨3.52%。 光通讯概念港股走强。截至发稿，长飞光纤光缆(06869.HK)涨17%，汇聚科技(01729.HK)涨6%，剑桥科 技(06166.HK)涨4%。 有色金属概念港股走强，截至发稿，五矿资源和灵宝黄金涨7%，中国黄金国际涨超5%，山东黄金、紫 金黄金国际和紫金矿业涨超4%，老铺黄金涨3%。消息面上，金银现货和期货价格大涨，其中金价已站 上5100美元。 截至发稿，智谱(02513.HK)跌13%，早盘一度跌21%；MINIMAX-WP(0010 ...

智通财经APP获悉，中信证券发布研报称，春节期间阿里巴巴(09988,BABA.US)在AI领域动作密集，模 型升级与应用放量同步推进，进一步强化全栈AI布局。2月16日除夕夜，公司开源发布Qwen3.5-Plus， 采用混合MoE稀疏架构，总参数3970亿、激活170亿，在显存占用下降约60%的情况下推理吞吐量最高 提升19倍，API价格低至0.8元/百万Token，兼顾性能与成本效率，为后续Agent应用奠定底层能力基 础。应用侧，千问推出30亿元"春节请客计划"，9小时订单突破1000万单，累计完成1.2亿笔AI购物订 单，日活达7352万，全面接入核心生态，实现从对话工具向可履约助手升级。整体来看，本轮动作体现 公司在模型、算力、云与应用生态层面的协同推进。整体来看，该行判断公司将围绕"消费+AI"战略持 续投入，驱动公司核心业务持续上行，该行依旧看好公司作为优质中国全栈AI资产的独特卡位和长期 投资价值，维持公司港股及美股"买入"评级。 ...

Core Viewpoint - Citic Securities reports that Alibaba (09988, BABA.US) demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] Group 1: Business Performance - The gaming segment continues to drive growth through a dual strategy of "classic IP long-term operation + new game global expansion" [1] - AI technology is embedded throughout the research, gameplay, and operational processes, enhancing efficiency and player engagement [1] Group 2: Non-Gaming Business - The non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 3: Future Outlook - The company has a strong pipeline with high-quality titles such as "Forgotten Sea" and "Infinite" [1] - The synergistic advantages of globalization, multi-platform, and AI integration highlight the long-term growth potential [1] Group 4: Investment Rating - Citic Securities maintains a "Buy" rating, projecting a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR and HKD 234 per share [1]

| 恒生指数 | 26941.90 | +528.55 | +2.00% | | --- | --- | --- | --- | | 800000 | | | | | 国企指数 | 9142.28 | +182.72 | +2.04% | | 800100 | | | | | 恒生科技指数 | 5345.64 | +134.14 | +2.57% | | 800700 | | | | 格隆汇2月23日｜港股三大指数高开高走，目前均涨超2%，其中恒生科技指数涨2.57%。科网股走强， 华虹半导体涨超4%，美团、中芯国际、京东、比亚迪股份、网易涨超3%，阿里巴巴、小米集团、小鹏 汽车、快手、哔哩哔哩、腾讯涨超2%。 ...

| | | 恒生指数[H2I] 2026-02-23 09:49 | | | 价格 | ■ 均线 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 27068.61 | | | | | | | | 2.48 % | | 26904.79 | A / - | | | | | | | 1.86 % | | 26740.98 | | | | | | | | 1.24 % | | 26577.16 | | | | | | | | 0.62 % | | 26413.35 | | | | | | | | 0.00 % | | 26249.54 | | | | | | | | 0.62 % | | 26085.72 | | | | | | | | 1.24 % | | 25921.91 | | | | | | | | 1.86 % | | 25758.09 | | | | | | | | 2.48 % | | 09:30 | | 11:00 | 13:30 | 14:30 | | | 16:00 | | | 2.20亿 | | | | | | | ...

Market Performance - The Hang Seng Index and Hang Seng Tech Index opened high, with the Hang Seng Index rising by 1.46% and the Hang Seng Tech Index increasing by 1.77% [1] - As of the report, the Hang Seng Tech Index had risen over 3%, currently at 5368.750 points, while the Hang Seng Index was up by 2% [1] Stock Movements - Technology stocks collectively opened higher, with notable increases: NetEase up 3%, Meituan up 2%, Alibaba nearly 2%, Tencent up 1%, and Kuaishou over 3% [3] - Semiconductor stocks also showed strength, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [3] - Gold stocks performed well, with China Gold International up nearly 7% and Shandong Gold up over 5% [3] Individual Stock Performance - Specific stock performances included: - NetEase-S at 186.000, up 3.74% - JD Health at 58.750, up 3.34% - Kuaishou-W at 68.500, up 3.01% - JD Group-SW at 106.500, up 2.60% - Meituan-W at 82.750, up 2.48% - Ctrip Group-S at 424.400, up 2.07% - Tencent Music-SW at 59.650, up 2.05% - Alibaba-W at 149.900, up 1.90% [4] Declines in Specific Stocks - Zhipu experienced a significant decline, dropping over 20% at one point, and MINIMAX also fell over 10%, with Zhipu's decline narrowing to nearly 13% by the time of reporting [4][5] - Zhipu issued an apology letter addressing issues related to the GLM-5 release, including transparency concerns and slow upgrade mechanisms for existing users, and proposed compensation measures [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：首席经济学家论坛 李迅雷系中泰国际首席经济学家、中国首席经济学家论坛副理事长 在过去30多年的研究经历中，我一直在与各种数据打交道，因为只有准确的数据及数据之间的相互比 对，得出的结论才能令人信服。在数据面前，所有的形容词、感叹句都显得苍白。 资料来源：Wind，中泰证券研究所（注：2025年为前三季度数据） 为何2025年的外贸顺差超过了1.19万亿美元，而出口金额占全球比重却是下降呢？这是因为我国出口价 格指数（美元）一直在往下走，从2023年至2025年，我国出口价格指数累计下跌了约19%，大大超越其 他发展中国家的跌幅。事实上，我国PPI在过去15年中的涨幅为零，我称之为"失去的十五年"。说明我 国产能过剩的问题在10多年前就非常突出了。 2010年至今：PPI定基指数涨幅为零 市场经济实质上就是供需关系不断变化下的各种交易行为，按我的理解，交易大致可以分两类，一类是 现实经济下商品和服务的交易，另一类是虚拟经济下货币、有价证券及衍生品的交易。透过这些交易行 为和交易数据，可以对国内经济乃至全球经济有一个更深入的认识，或者 ...

Group 1 - The core viewpoint of the article highlights a significant rebound in tech stocks, with notable increases in share prices for major companies such as Meituan, JD.com, Alibaba, Kuaishou, and Tencent [1] - Alibaba's cloud division has announced the launch of an open-source large model, Qwen3.5-Plus, with an API pricing as low as 0.8 RMB per million tokens, indicating a competitive pricing strategy in the AI sector [1] - According to a report from Zhongyin International, the current AI market does not show signs of significant bubble characteristics, and AI investments are expected to enter a new phase by 2026 [1] Group 2 - Open Source Securities emphasizes the importance of AI commercialization and the expansion of application scenarios, suggesting that the demand for AI cloud services will continue to grow as model capabilities improve [1] - The rapid growth of domestic AI chips is noted, with Kunlun Chip officially starting its listing process in Hong Kong, which could further enhance the competitive landscape [1] - Recommended stocks benefiting from these trends include Alibaba, Pinduoduo, Baidu, and Tencent, indicating a positive outlook for these companies in the evolving AI market [1]

Core Viewpoint - The stock of Zhi Zi Cheng Technology (09911) has seen a significant increase, attributed to its inclusion in the Hang Seng Composite Index, which is expected to enhance its market visibility and liquidity [1] Group 1: Stock Performance - Zhi Zi Cheng Technology's stock rose over 6%, currently trading at 10.23 HKD with a transaction volume of 13.65 million HKD [1] - The stock's increase is linked to the announcement of its inclusion in the Hang Seng Composite Index, effective March 9, 2026 [1] Group 2: Index Inclusion - The Hang Seng Index Company announced that Zhi Zi Cheng Technology will be included in the Hang Seng Composite Index as of March 6, 2026 [1] - This inclusion may lead to adjustments in the Hong Kong Stock Connect investment scope, as the company meets various criteria such as market capitalization, liquidity, and listing duration [1] Group 3: Financial Performance - According to a report from CICC, Zhi Zi Cheng Technology is projected to achieve a total revenue growth of 32.8% to 37.5% for 2025, with a midpoint growth of 35.5% aligning with market consensus [1] - The company's fourth-quarter social network revenue is expected to grow by 26% year-on-year, reaching 1.72 billion RMB, driven by a robust increase in active users and the application of AI tools [1] - The innovative business revenue for the fourth quarter is projected to grow by 40% year-on-year, reaching 210 million RMB, primarily supported by traffic diversion, e-commerce, and short video business [1]