春节假期最后一天港股的亮眼表现，令机构们对A股马年"开门红"充满期待。 "2026年的春晚是AI含量浓度最高的一年，也是AI应用的重要分水岭与节点。"华鑫证券传媒新消费首席 分析师朱珠在研报中称，AI未来的竞争将更加激烈，各家将持续推出新模型、新产品，春节后的AI板 块有望持续演绎，传媒有望承接AI应用新红利。 机构普遍指出，春节后A股科技行情的驱动核心主要来自两方面：一是节后将迎来政策的密集落地，例 如"人工智能+"、数字经济发展规划等节后预期将加速推进；二是美股与港股的映射效应显著，春节期 间海外市场表现强势的科技板块，节后通常能带动A股相关标的走强。 此外，春节后短期市场风格往往向科技成长倾斜。据华金证券统计，春节后5或10个交易日内科技成长 行业走势相对占优。近10年内春节后5个交易日内涨幅进入前三次数最多的行业主要为计算机（5次）、 电子（4次）、通信（3次）、传媒（3次）等科技成长行业，春节后10个交易日内的涨幅榜也由科技成 长行业主导。 2月23日，恒生指数、恒生科技指数双双走强。截至收盘，恒生指数上涨2.53%，报27081.91点；恒生科 技指数涨3.34%，报5385.35点。港股科技股、 ...

债 券 研 春节期间不可错过的事情 [Table_Authors] 唐元懋(分析师) 国内篇 本报告导读： 经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升带来的扰 动。 投资要点： 风险提示：流动性超预期收紧；经济修复大幅加速；债券供给放量。 | | | | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 孙越(分析师) | | | 021-38031033 | | | sunyue6@gtht.com | | 登记编号 | S0880525080004 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | | | 杜润琛(分析师) | | | 021-38031034 | | | durunchen@gtht.com | | 登记编号 | S0880525110004 | [Table_Report] 相关报告 央行视角下的货币财政协同与存款搬 ...

各大券商分析师春节"连轴转" 每经记者｜王海慜 每经编辑｜何小桃 赵云 宋思艰 2026年马年春节假期，虽然A股休市，但资本市场却热度不减。 各大券商的分析师们开启"加班模式"，以高频路演、专题研报填补假期信息真空。从兴业证券策略团队的连续七天新春专题路演，到中信证券聚焦AI大模 型的系列电话会，再到多家机构跟踪春节消费动态，头部与中小券商均紧抓假期窗口输出市场观点。 《每日经济新闻》记者注意到，今年春节加班路演已经成为各券商研究所的常态，无论是中小券商还是头部券商都在假期中继续"营业"，"加更"观点。 港股马年开市两天呈现结构性行情，2月20日开市首日AI大模型、机器人板块逆势大涨，创新药、氢能概念股表现亮眼。2月20日和23日，恒生科技指数 走势先抑后扬，迎来马年"开门红"。 同时业内预计，美国此次关税裁定落地利好非美市场资产，叠加A股春节效应的历史正向表现，市场对马年节后"红包行情"的延续抱有较高期待。 截图来源：网络 最近，兴业证券策略首席张启尧的春节路演计划表在圈内刷屏：从大年初一至初七，他和团队同事一起每天15:00准时与投资者连线。 这场名为"新春专题系列"的直播，内容涵盖港股情绪研究框架、20 ...

2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 春晚带来的热度直接传导至消费端，各大电商平台机器人产品销量迎 来爆发式增长。据抖音电商官方数据显示，2月16日至18日，抖音电商机器人产品GMV（商品交易总 额）同比大幅增长1680%，订单量同比增长655%。（21世纪经济报道） ...

Group 1 - The first trading day of the Year of the Horse is approaching, with investors hopeful for a strong market performance similar to previous years [1] - The A-share market has seen significant growth, with nearly 5,500 listed companies and a total market capitalization of 124 trillion yuan [1] - Historical data shows that the last trading day before the Spring Festival has generally been positive, with the Shanghai Composite Index rising in 17 out of the last 27 years [2] Group 2 - The performance of the A-share market during the Year of the Horse has been notable, with the last occurrence seeing the Shanghai Composite Index increase by nearly 60% [3] - The Year of the Snake saw a strong performance, with the Shanghai Composite Index rising by 25.58%, driven by advancements in AI technology [3] - The Year of the Dragon has consistently shown positive returns across three cycles, while the Year of the Tiger has seen declines in all three cycles [4] Group 3 - Global markets have shown positive trends during the Spring Festival, with major indices in the US and Europe experiencing gains [5][6] - The Hong Kong market has also rebounded, with significant increases in the Hang Seng Index and technology sectors [7] - Analysts express optimism for the A-share market post-Spring Festival, citing historical trends and potential for recovery in trading volume and price [8] Group 4 - The Spring Festival Gala showcased advancements in humanoid robotics, increasing public awareness and acceptance of these technologies [9] - The appearance of humanoid robots on a major television event is expected to boost orders significantly, with a reported increase in search and inquiry volumes on e-commerce platforms [10] - Companies involved in the humanoid robotics sector are likely to benefit from this heightened interest and technological advancements [10]

每经记者｜杨卉 每经编辑｜黄博文 从开场亮相到人机共舞、练武术、搭档演小品……2026年央视"春晚"的"硅基含量"拉满，机器人轮番登 场，甚至开始"上价值""讲情怀"。观众看热闹众说纷纭。 一场热热闹闹的机器人"春晚总动员"拉开大幕，留给行业的思考却刚刚开始。此前，有媒体报道称， 2026年机器人公司为了上央视"春晚""砸"了不少赞助费。值得注意的是，机器人企业"砸钱"也要上央 视"春晚"背后，是厂商在落地场景不明时以曝光谋订单、拉融资来维持生存的现实。有受访者直言，这 是资本的逻辑，还不是市场的逻辑。 从商业化进程来说，随着越来越多企业涌进具身智能赛道，人形机器人确实进入了商业化元年，但也只 是开始。 还是"才艺表演" 但已经出现很大变化 从央视"春晚"到各卫视"春晚"，再到部分地区推出的机器人"春晚"，这场机器人"春晚总动员"堪称热闹 红火。观众在各类"春晚"节目上看到了形形色色的机器人——练武术的、连续后空翻的、脖子能伸长 的、和蔡明长得一样的…… 不过，如今观众对机器人的期待已远不止单纯的"才艺表演"。毕竟过去一年，中国人形机器人频繁出现 在各大科技展会、线下商场、博物馆甚至个人玩家的手里，打拳击、抓 ...

今天港股大涨，明天2月24日，马年A股即将开跑。从假期各方信息看，没有负面消息，全部正面，大概率是开门红，且有可 能高开高走。高开概率8成，高开高走概率6成，主观判断，仅供参考： 1，过节期间，利好基本符合预期。 2，港股开门红，给了A股正向情绪。 3，黄金原油等大宗商品上涨，资源股情绪正向，节前我们已经提醒。 4，人形机器人在春晚爆火，话题性打满，预计会带动机器人板块整体上涨。 5，AI红包带动互联网巨头股价上涨，港股BAT等股票已经有所表现。 6，美股对AI泡沫的恐慌在消退，这方面美股英伟达股价可以看出（本文在23日美股开盘前）。 | 周 预 测 | | 2月23日-2月27日 | | 轮盘性质 | 中线 | | --- | --- | --- | --- | --- | --- | | 日期 | | | | | | | FE | H | 3980 箱底 | | 箱顺 | 4200 | | カ | 指 | 4000 强支撑 | | 大盘反转 | | | 支 | | | | | | | 撑 | | 4050 第 一 支 | | 第一阻力 | 4150 | | 预 | | 撑 | | | | | 测 | | ...

Group 1: Tariff Policy Changes - The U.S. Supreme Court ruled against certain tariffs under the IEEPA, affecting approximately half of the tariffs and potentially requiring the government to refund over $175 billion in taxes [3] - The Trump administration quickly shifted to impose a temporary 10% import tariff under the Trade Act of 1974, which was later raised to 15% [3] - Analysts suggest that the new tariffs could raise the average tariff level in the U.S. to between 11% and 18%, indicating ongoing trade tensions [3][4] Group 2: AI and Robotics Industry Growth - The Spring Festival Gala showcased humanoid robots, leading to a significant increase in search and order volumes on platforms like JD.com, indicating strong market interest [5][6] - The humanoid robot index surged after the Spring Festival Gala in 2025, with domestic orders exceeding 4.6 billion yuan, highlighting the industry's nearing commercialization [6] - Major companies like ByteDance and Alibaba have made significant advancements in AI technology, with applications gaining widespread user engagement [7] Group 3: Currency Strength and Market Impact - The Chinese yuan appreciated significantly, reaching the 6.89 range against the U.S. dollar, with a cumulative increase of nearly 1.3% since February [8][9] - Analysts predict that the yuan's strength will enhance the attractiveness of yuan-denominated assets, leading to a trend of foreign capital inflow into Chinese markets [8][9] - The appreciation of the yuan is expected to positively impact the stock, bond, and currency markets, with a notable focus on A-shares and government bonds [8][9] Group 4: Geopolitical Uncertainty - Ongoing geopolitical tensions, particularly between Russia and Ukraine and the U.S. and Iran, are contributing to market volatility [10][11] - The lack of substantial progress in negotiations between Russia and Ukraine, along with escalating tensions in the U.S.-Iran relationship, are key factors influencing global market sentiment [10][11] - Analysts highlight that geopolitical events often lead to price fluctuations in commodities, with gold and oil being critical hedging tools in uncertain times [10][11]

中国这几年变化大得让人眼花缭乱，从手机支付普及到电动车到处跑，再想想从现在到2035年也就十来 年，速度只会更快。 国家规划里头那些目标不是随便说说，而是实打实影响大家日常的。过去十年从4G跳到5G，就已经让 生活不一样了，接下来科技和民生结合得更紧，目标也更明确。 这些规划基于实际执行力，过去证明中国速度靠谱，到时候变化可能超出预期。 首先， 从国家 的十四五规划和2035远景目标纲要 来看， 已经设定了到2035年基本 完成社会主义现代 化 的目标。 我们需要在经济、科技 和国力 上取得显著的进步， 使人均GDP达到中等发达国家 的标准， 并显著增 加中等收入 人群。 这不 仅仅是 一个数字 化的游戏， 它真正地帮助了普通民众过上更好 的生活。 到2030年 ，城市化率将接近70%，城市 集群 将像京津冀、长三角、粤港澳大湾区 那样更紧密地融合， 高铁 的速度将像地铁一样 快，从苏州到上海 只需几十分钟。 该产业的生态环境已得到完善，企业间的合作频繁，合作场景也相当丰富。减轻劳动市场的压力，特别 是在人口老龄化的社会背景下。机器人已经变成了经济链条中的助手。 航天项目表现出色。中国载人航天办公室已经确认， ...

Group 1 - The core viewpoint of the articles highlights the impact of technological elements showcased during the Spring Festival Gala on the A-share market, particularly in the robotics and AI sectors, which are expected to drive short-term market sentiment and reinforce long-term industry trends [1][2] - Analysts suggest that the Spring Festival Gala serves as a "stock selection guide," indicating strong performance in technology-related sectors, especially those with robust earnings certainty [2] - The overall sentiment in the A-share market is expected to improve post-holiday, with analysts predicting a new upward trend driven by favorable policies and market dynamics [4][5] Group 2 - The Spring Festival Gala featured significant technological elements, including robotics, AI applications, and large-scale drone shows, which are seen as a collective showcase of China's tech industry [2] - Analysts recommend focusing on sectors with strong earnings potential, such as industrial metals, chemicals, and financials, while also highlighting the importance of structural investment strategies over broad index movements [5] - The anticipated positive policy environment and improved liquidity conditions post-holiday are expected to support a favorable market outlook, with analysts noting that external risks remain limited [4][5]