Core Viewpoint - The rapid development of artificial intelligence (AI) is reshaping the integration of the digital and physical worlds, driving innovation in manufacturing and services, and providing new momentum for high-quality development [1] Group 1: AI Infrastructure - The construction of intelligent infrastructure is essential for the high-quality development of the AI industry, emphasizing the need for a solid foundation rather than just technological breakthroughs [1] - AI data centers require advanced planning for resources like liquid cooling and power to support large-scale deployment and operation [2] - Communication infrastructure must evolve from connecting people to connecting everything, with a focus on 5G, gigabit optical networks, and industrial internet [2] Group 2: AI Ecosystem - An open and collaborative AI ecosystem is necessary to unlock the true value of artificial intelligence, which involves deep changes in industry logic, service models, and value chains [2] - Huawei is building an AI open ecosystem centered around Ascend, enhancing usability for developers and fostering innovation in technology and applications [2] - Currently, 43 mainstream industry models are based on Ascend pre-training, with over 200 open-source models adapted to the Ascend ecosystem, leading to the implementation of more than 6,000 solutions [2] Group 3: HarmonyOS Ecosystem - The development of the HarmonyOS ecosystem aims to enhance user experience through seamless connectivity and interoperability among devices [3] - Building a technology ecosystem requires collaboration and open innovation, where the integration of technology and industry can create and share value [3] - The company encourages developers and partners to join the construction of the Ascend and Harmony ecosystems to promote deep integration of technological and industrial innovation [3]

世界人工智能大会·学术的创办，正是对这一空白的精准填补。它并非另起炉灶，而是依托8年WAIC凝 聚的8000余位全球顶尖专家网络、90余国（地区）政产学研资源，以及上海作为科技创新中心的区位优 势，将"行业盛会"的声量转化为"学术高原"的基石。 本报讯（记者 郜阳）当全球人工智能学术界苦于审稿失真、复现乏力、青年学者上升通道收窄之时， 一场以"重塑规则"为使命的学术会议将在上海正式启航。 记者今日获悉，依托世界人工智能大会（WAIC）八年积淀打造的国际学术会议——世界人工智能大会· 学术（WAICA）启动。首届会议已确定于7月与WAIC同期在沪举行。 自2018年创办以来，世界人工智能大会已成为全球人工智能领域规模最大、规格最高的行业盛会之一。 去年，大会汇聚70余国1500位顶尖学者，青年科学家与产业代表占比超50%。然而，在技术迭代飞速的 AI领域，产业展洽之外亟需一个与之匹配的、能够引领学术风向的深度交流平台。 首届WAICA已展现出强大的学术号召力——大会主席由中国科学院院士、图灵奖得主姚期智先生出 任；邀请图灵奖得主、"强化学习之父"理查德·萨顿（Richard Sutton）担任共同主席；程序委员 ...

Group 1 - The core viewpoint of the news highlights the significant advancements in AI and robotics, particularly the emergence of humanoid robots and large models, marking a transition from concept to practical application in the industry [2] - The Zhongzheng AI Theme Index (930713) has shown a positive performance, with notable increases in constituent stocks such as Runze Technology (up 12.81%) and Beijing Junzheng (up 12.19%) [1] - The AI ETF (512930) has also experienced a slight increase of 0.13%, reflecting the overall positive sentiment in the AI sector [1] Group 2 - The Spring Festival Gala showcased several domestic humanoid robots, demonstrating their advanced motion control capabilities and real-world applications, which is expected to enhance public acceptance of these products [2] - The year 2026 is anticipated to be a pivotal year for the mass production and commercialization of humanoid robots, driven by continuous breakthroughs in core technologies [2] - The top ten weighted stocks in the Zhongzheng AI Theme Index account for 57.27% of the index, indicating a concentrated investment in key players within the AI sector [3]

（以下内容节选自《发现新势力》对话黄伟，对话实录有删减） 凤凰网财经《发现新势力》：你觉得智能体在生产力方面的改造，会是一个什么状态？ 黄伟：智能体对生产力的改造是一种质变，它可以被看作是数字员工，拥有无数分身，效率和能力都优 于普通员工。对于中国这个产业大国来说，除了消费端的智能体，若行业智能体能得到大力发展，会进 一步增强中国制造业的综合竞争力，还能在部分行业缓解用工难题，同时解决当下的一些老龄化相关问 题。 出品 | 凤凰网财经《发现新势力》 近日，云知声 (09678.HK) 创始人兼首席执行官黄伟在与凤凰网财经《发现新势力》对话时，谈及智能 体对生产力的改造价值，他表示智能体对生产力的改造是一种质变，其作为数字员工具备高效、多分身 的特性，行业智能体的发展还将增强中国制造业竞争力，同时缓解用工和老龄化问题。 自动播放 ...

Group 1 - The core viewpoint emphasizes the integration of data and AI development, with a focus on building high-quality datasets and a unified data market by 2026 [1] - The Hainan provincial government aims to establish 4-5 AI industry application demonstrations and develop 2-3 advanced large models by the end of 2026, enhancing the competitiveness of the AI industry [1] - By 2028, the AI industry is expected to have a significantly increased scale, with several high-level innovation platforms and core competitive enterprises being cultivated [1] Group 2 - Tesla's Full Self-Driving (FSD) system has been upgraded to recognize human hand signals, showcasing its advanced judgment capabilities [2] - According to Zhongjin Company, AI capabilities are expected to experience exponential growth, with 64% of organizations shifting AI investments to core business functions by 2026 [2] - The Tianhong CSI Artificial Intelligence Theme Index Fund has a total scale of 3.394 billion yuan as of December 31, 2025, with A and C classes at 780 million and 2.614 billion yuan respectively [3] Group 3 - The Tianhong CSI Artificial Intelligence Theme Index Fund reported impressive historical returns of 64.98% for A class and 64.66% for C class in 2025 [4] - The fund's management fee and custody fee are set at 0.6%, with a sales service fee of 0.25% for C class, making it suitable for short-term holding [4] - The fund's tracking error for A class was 1.34% and for C class was 1.02%, indicating strong performance relative to peers [4] Group 4 - The core theme of the AI market in 2025 is focused on computing power, while in 2026, the emphasis will shift to applications, marking a critical transition from concept speculation to value realization [5] - The AI industry is forming a positive cycle driven by applications, computing power expansion, and data ecosystem development, supported by favorable policies [5] - Investing in off-market AI index funds is highlighted as a convenient option for individuals, allowing access through various financial platforms without needing a stock account [5]

□ 王爱华 当前，我们正站在通用人工智能发展的关键节点。从ChatGPT到DeepSeek，人工智能技术的每一次突破 都在深刻改变人类知识的生产模式与配置结构，成为驱动经济增长的关键力量。党的二十届四中全会明 确提出"加快高水平科技自立自强，引领发展新质生产力"，为人工智能发展指明了方向。面对历史性机 遇，必须以时不我待的紧迫感推动人工智能高速发展，同时以强有力的安全治理为其保驾护航，确保这 一战略性技术始终运行在正确轨道上。 人工智能正从"技术工具"向"范式变革"演化，成为能够定义新生产要素、催生新经济形态的"元技术"。 在这场科技领域的角逐中，必须抢抓创新窗口期，充分发挥其对经济发展的巨大推动作用。当前，全球 主要经济体都在加大人工智能投入，各国竞相布局大模型研发，竞争态势日趋激烈。我国拥有海量数据 （603138）资源、丰富应用场景和强大算力基础，具备发展人工智能的良好条件。必须抓住这一机遇， 加快推进核心技术攻关，培育壮大战略性新兴产业。然而，单纯追求速度可能带来分配失衡风险、创新 扭曲风险和安全失控风险。 以人为本、安全可控是人工智能发展的根本价值导向。人工智能发展越是突飞猛进，越需要树立正确价 值 ...

据介绍，双方的强强联手，首次将国产算力与端到端智能驾驶仿真体系完整打通，标志着从芯片、仿真 引擎到上层应用的国产软硬件生态闭环正加速形成，共同构建物理AI进化的基础设施。未来，双方将 持续深化技术融合，打磨国产算力底座上的算法表现，共建繁荣的智驾创新生态，为全球自动驾驶产业 输出具备核心竞争力的"中国方案"。#摩尔线程# 中经记者 李玉洋 上海报道 【#摩尔线程与五一视界共建物理AI仿真国产化生态#】2月24日，"国内GPU第一股"摩尔线程 （688795.SH）宣布与五一视界共建全栈国产化的物理AI仿真体系，摩尔线程以旗舰级AI训推一体全功 能GPU MTT S5000的强劲算力，深度赋能五一视界下一代智驾仿真平台SimOne 4.0，双方已高效完成系 统适配与深度优化。 "当前随着端到端智驾路线收敛至VLA与世界模型，提升算法长尾场景处理能力成为行业尚未破解的关 键瓶颈，基于海量Log数据的高置信度闭环仿真与合成数据生成更是行业公认的技术难点。"摩尔线程 方面对《中国经营报》记者表示，为突破这一挑战，摩尔线程联合五一视界，通过打通从大模型感知挖 掘、4DGS模型训练到4DGS仿真推理和合成数据生成的关键链 ...

Core Viewpoint - The spring market excitement for 2026 has partially shifted to January, with a round of growth style realization before the festival, combined with regulatory easing and significant ETF outflows. It is expected that the overall index in February will mainly fluctuate, with a stronger performance anticipated after the festival. In this environment, a "structure-first, index-second" approach may be more suitable [1][8]. Group 1: Investment Focus Areas - **Technology Growth: AI + Humanoid Robots**: Focus on midstream components (gear reducers, servo motors, sensors, actuators), core materials, and some main body manufacturers. The resonance between the Spring Festival Gala and overseas world model progress may lead to a shift from "event-driven" to "scene landing" throughout the year. The computing chain includes storage chips, optical modules, PCB/IC substrates, and data center distribution and liquid cooling in power equipment, directly supporting the capital expenditure expansion of overseas cloud vendors. It is recommended to focus on large-cap leaders and some high-growth niche leaders while controlling overall valuation and position concentration to prevent short-term crowded trades and overseas volatility-induced pullbacks [2][9]. - **Cyclical Price Increases: Oil, Petrochemicals + Non-ferrous Metals + Building Materials/Chemicals**: Due to the rebound in oil prices and bulk commodity prices, marginal improvement in PPI, and the rhythm of the "14th Five-Year Plan" infrastructure commencement, it is suggested to pay attention to oil, petrochemicals, and oil and gas services. Additionally, focus on non-ferrous metals like copper and aluminum, steel building materials, and some chemical products with more sustainable price increases [3][10]. - **High Dividend Yield: Banks + Energy + Telecom/Public Utilities**: Before the festival, A-shares showed a clear preference for dividend and defensive sectors due to external disturbances and regulatory easing, with banks and food and beverage sectors being favored. After the festival, it may be beneficial to continue using high-dividend sectors like banks, energy, telecom, and public utilities as a base, which can hedge against overseas volatility and geopolitical risks while providing stable absolute returns in the context of macroeconomic stabilization and strong dividend yield and valuation attractiveness [4][11]. - **Domestic Consumption: Automotive Chain + Home Appliances + Travel Consumption**: Supported by the old-for-new policy and Spring Festival consumption data, the automotive and automotive electronics, home appliances, and white goods components benefit from the old-for-new policy and sales recovery. In the context of rising external demand and tariff uncertainties, these consumption directions, which are mainly driven by domestic demand and are policy-friendly, may exhibit both defensive and offensive characteristics [5][12].

金融期货早评 宏观：关税风波再起 【市场资讯】1）美联储理事沃勒：多位 CEO 称 AI 将致大量裁员，3 月利率决议取决于 2 月就业数据。2）特朗普关税—①欧洲议会暂停批准欧美贸易协议。②特朗普警告不遵守与 美国贸易协定的国家将面临更高关税。③美众议院议长约翰逊谈关税退税：无先例可循， 将由白宫定夺。④英首相发言人：一切措施都在考虑之中。3）伊朗问题—①特朗普称倾向 于与伊朗达成协议，而非战争。②美特使威特科夫和库什纳将参加新一轮美伊谈判。③美 媒称美军参联会主席警告对伊动武风险极高，易陷长期冲突。4）飞猪发布数据显示，春节 假期国内游订单量再创新高，其中门票订单量同比去年增长超 80%，酒店间夜量同比增长 75%。更长假期还带来节中出游需求的进一步释放，大年初二至初五之间出行的订单量同 比增长约三成。 【南华观点】2026 年春节假期期间，海外金融市场主要围绕 AI 产业变局、地缘政治博弈 及关税政策重构三大主线展开博弈。具体来看：一为 AI 产业主线。AI 产业正经历深度生态 变革，产业深化过程中，行业层级分化持续加剧，核心是盈利逻辑的重新定位；二是地缘 政治主线。地缘政治方面，大国关系是影响市场波动 ...

创业板人工智能ETF富国（159246）跟踪创业板人工智能指数，实行20CM涨跌幅限制，指数从创业板 上市公司中精选出50家企业，业务涵盖存算和网络设备、数据和软件服务、场景应用等人工智能相关领 域，实现了"硬件+软件+应用"AI全产业链覆盖，同时重点布局通信设备和光模块龙头企业。场外投资 者可以通过联接基金（A类024662；C类024663）关注机会。 消费电子ETF富国（561100）紧密跟踪中证消费电子主题指数（931494），指数从沪深A股中选取50只 业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司股票作为指数样本股。场外投资 者也可以通过消费电子ETF富国联接（A类015876；C类015877）关注机遇。 A股马年首个交易日科技方向继续强势表现，其中AIPC、AI手机、AI眼镜、AI应用、AI芯片、AI语料 等细分板块表现活跃。截至发稿，创业板人工智能ETF富国（159246）盘中涨幅达2.93%，消费电子 ETF富国（561100）盘中涨幅达2.33%。其中，创业板人工智能ETF富国和消费电子ETF富国共有成分股 天孚通信涨超15%，北京君正涨超14%。 春节期间AI硬件、智能 ...