Core Viewpoint - The AI ETF (515070) opened with a gain of 1.28%, priced at 2.055 yuan, indicating positive market sentiment towards artificial intelligence investments [1] Group 1: ETF Performance - The AI ETF (515070) has a performance benchmark based on the CSI Artificial Intelligence Theme Index return [1] - Since its establishment on December 9, 2019, the fund has achieved a return of 102.02% [1] - The fund's return over the past month has been -3.29%, suggesting recent volatility [1] Group 2: Major Holdings - Key stocks within the AI ETF include: - Zhongji Xuchuang, which opened up by 2.07% [1] - Xinyi Sheng, which increased by 0.52% [1] - Cambrian, which rose by 1.39% [1] - Lanke Technology, which gained 3.27% [1] - Zhongke Shuguang, which saw a rise of 1.96% [1] - Keda Xunfei, which increased by 2.24% [1] - Hikvision, which went up by 0.62% [1] - OmniVision, which rose by 1.02% [1] - Kingsoft Office, which increased by 0.23% [1] - Inspur Information, which gained 0.87% [1]

Group 1 - OpenAI is nearing completion of a new funding round, potentially exceeding $100 billion, aimed at developing AI tools and marking a significant step towards its IPO [1][2] - The funding round is classified as "Series C," with a post-money valuation expected to surpass $850 billion, making it the most valuable private tech company globally [1][4] - Major investors in this funding round include Amazon, SoftBank, Nvidia, and Microsoft, indicating a strategic alliance among tech giants [4][6] Group 2 - The funding will be structured in two phases, with the first phase led by strategic corporate investors and the second phase involving venture capital firms and sovereign wealth funds [4] - OpenAI's operational costs are significantly high, with projected expenses of approximately $8 billion for 2025, despite anticipated annual revenue exceeding $20 billion [9][10] - The company has revised its long-term capital expenditure plan from an initial $1.4 trillion to about $600 billion, while still planning substantial investments in computing resources [9][10] Group 3 - OpenAI's revenue is projected to exceed $280 billion by 2030, with consumer and enterprise segments expected to contribute equally [11] - The company is under pressure to secure funding due to its high operational costs and the need for substantial infrastructure investments [7][8]

来源｜中信建投证券 文｜夏凡捷 春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后A股有望开启新一轮上行。行业配置上继续坚持"科技+资源品"双主线。其 中科技主线以AI、人形机器人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工为核心。重点关注板块包括：半导体、AI（光通 信、液冷、电子布、高端铜箔等）、机械、有色、石油石化、基础化工、电力设备（储能、特高压、光伏、固态电池等）、创新药等。 春节假期全球市场动态 春节假期期间全球主要股指多数上涨，新兴市场与发达市场表现分化，韩国综合指数涨幅居首，欧洲三大股指同步走高，美股温和上涨，而日本、中国香 港等亚太市场表现较弱。主要商品价格多数上涨，伊朗局势推动国际油价持续走强，也同样推动了贵金属和美元指数的上行。工业金属中铜价保持高位震 荡，锌、铅价格相对平稳。 美国最高法院裁决叫停"对等关税"，特朗普随即宣布加征15%"全球进口关税"。特朗普关税的后续影响主要来自未来数月巨大的不确定性，这可能继续导 致美元指数维持阶段性强势，同时推升贵金属价格。不确定性主要包括：关税退款、替代关税如何设计、第二轮会影响哪些行业。 另外，美伊谈判一波三 ...

Core Viewpoint - The Liaoning Provincial Government has issued a series of policy measures aimed at promoting economic growth and transformation, focusing on key industries, technological innovation, and financial support for various sectors [4]. Group 1: Financial Support for Key Industries - Annual funding support of up to 2 million yuan is available for enterprises, universities, and research institutions in key industries for purchasing computing power services [5][6]. - Interest subsidies for loans at an annual rate of 1.5% are provided for projects related to low-altitude aircraft and key components, with a maximum annual subsidy of 1 million yuan per project and 5 million yuan per enterprise [6]. - Financial support of up to 200,000 yuan is available for projects that integrate modern services with advanced manufacturing [6]. Group 2: Technological Innovation and Development - Special funds are allocated to support the digital transformation of enterprises, including free diagnostic services and tailored transformation plans [5]. - Funding support is provided for artificial intelligence development, including computing power usage and application scenarios, with a maximum of 2 million yuan for eligible projects [5][6]. - Support for the establishment of technology innovation platforms and specialized verification platforms is available, with funding up to 300,000 yuan for cutting-edge technology research projects [8]. Group 3: Support for Emerging Industries - The government encourages the establishment of national and provincial quality inspection centers, with funding support of up to 100,000 yuan for expanding industrial scale and service capabilities [2]. - Financial support is available for new agricultural business entities, with interest subsidies for loans related to grain and oil planting, modern facility agriculture, and marine fishing vessel upgrades [7]. - Support for cross-border e-commerce development includes funding for platform entry, marketing, and independent site construction, with a maximum of 300,000 yuan per enterprise [10]. Group 4: Infrastructure and Logistics - The government is implementing differentiated toll policies for transportation vehicles, offering discounts for those using ETC systems [7]. - Efforts to reduce port fees and streamline transportation permit processes are underway to enhance logistics efficiency [7]. - Support for the mining industry includes facilitating exploration and development of mineral resources, with a focus on green approval processes [8]. Group 5: Policy Implementation and Evaluation - The policies are effective from the date of issuance, with a general execution period of one year, and specific implementation details will be clarified by the provincial development and reform commission [13]. - Continuous evaluation of policy effectiveness will be conducted, with adjustments made to policies that do not yield significant results [13].

DeepRare的在线诊断平台已于2025年7月26日上线，半年内吸引超1000名全球专业用户注册，覆盖600多 家医疗及科研机构。目前，该系统已在新华医院完成部署并内测，将作为"数字质控员"纳入全院罕见病 诊疗质控流程；团队与国内头部基因检测机构深度合作，实现临床解读报告自动化生成，降低基因检测 解读的成本与门槛。 目前，联合团队已启动"万人临床验证计划"，将依托国际多中心合作完成数万例疑难罕见病临床验证， 编织全球智能诊断网。 23日，记者从上海交通大学获悉，该校人工智能学院与医学院附属新华医院联合团队，推出全球首个智 能体式罕见病循证推理诊断系统DeepRare，为罕见病"确诊难、漏诊率高"的全球性难题提供了中国解决 方案。相关研究成果在线发表于国际期刊《自然》。 DeepRare由上海交通大学张娅教授、谢伟迪副教授与新华医院孙锟教授、余永国教授领衔攻关，创新性 采用"中枢—分身"架构，实现对传统医学AI的代际超越。该系统整合海量医学文献与临床病例，实现知 识深度内化；摒弃传统AI的模式匹配，通过"假设—验证—自我反思"的类人类"慢思考"能力推敲诊断线 索；实现了全流程循证的"白盒推理"，每一个诊断结论 ...

影响股市利好与利空消息 宏观新闻 3、外交部网站2月23日消息，外交部发言人宣布：应国务院总理李强邀请，德国总理默茨将于2月25日 至26日对中国进行正式访问。 4、玉渊谭天22日发文称，美国最新加征的所谓"临时关税"，很可能像此前一样面临被起诉的风险。 1、2月16日出版的第4期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文 章《当前经济工作的重点任务》。文章强调，2026年经济工作头绪多，要抓住关键、纲举目张。坚持内 需主导，建设强大国内市场。统筹促消费和扩投资，用好我国超大规模市场优势。深入实施提振消费专 项行动，制定实施城乡居民增收计划，扩大优质商品和服务供给，优化"两新"政策实施，清理消费领域 不合理限制措施，释放文旅等服务消费潜力。 2、美东时间2月20日，美国最高法院公布关税诉讼案裁决结果，判定美国政府依据《国际紧急经济权力 法》对相关贸易伙伴加征的对等关税、芬太尼关税等相关关税违法。商务部新闻发言人表示，中方一贯 反对各种形式的单边加征关税措施，反复强调贸易战没有赢家，保护主义没有出路。中方敦促美方取消 对贸易伙伴加征的有关单边关税措施。 5、当地时间2月21日，美国总统 ...

科技范儿成为今年春节的亮眼底色。除夕之夜，人形机器人闪耀春晚舞台，"人机共武"让外媒惊叹"中 国已经在展示真正的机器人"：仅一年时间，机器人性能就得到显著提升，"如今不仅能做后空翻，还能 挥舞双节棍"，体现了中国企业在核心技术研发上的持续突破。今年春节假期，人工智能大模型的应用 率持续上升。从除夕至大年初三，各大人工智能大模型的使用次数累计超100亿次。新潮科技与传统年 味的碰撞，为节日增添了别样暖意，展现了科技造福于人的坚实步伐。"中国智造"机器人首次走进纽约 联合国总部与来宾挥毫写"福"字、比心互动；全息数字显示技术为游览澳大利亚悉尼迪吉公园的人们献 上炫酷玩法，开启沉浸式中国文化之旅；中国文旅VR体验项目吸引约旦首都安曼的民众竞相体验…… 各国友人融入日新月异的中国科技发展浪潮，拥抱活力与未来。 春节不仅是中国人的团圆节，也日益成为全球游客的"打卡季"。随着免签政策范围不断扩大，"到中国 过春节"成为众多海外朋友的新风尚。国家移民管理局预测，今年春节假期全国口岸日均出入境旅客将 超205万人次，较去年同期增长14.1%。美国《环游世界》杂志近日观察指出，越来越多的外国游客选 择沉浸式文化体验，而不再是传 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the 2026 Spring Festival marks a critical turning point for the widespread adoption of AI applications among consumers in China, transitioning from technical parameter competition to user experience and commercial closure [15][13] - The competition landscape in the C-end AI sector is characterized by a leading player, ByteDance, and two strong competitors, Alibaba and Tencent, with smaller firms facing increasing pressure [15][13] - AI applications are evolving from simple question-answering tools to executable task agents, emphasizing the importance of scenario adaptation capabilities [15][13] - The report recommends focusing on leading companies with robust AI deployment and ecosystem barriers, such as Alibaba, Baidu, and Pinduoduo, while also highlighting the rapid growth of domestic AI chips [4][7] Summary by Sections Internet Sector - The report emphasizes the synergy between AI commercialization and anti-involution policies, with ByteDance leading the C-end AI race through its content ecosystem and Alibaba enhancing its consumer engagement via the Qwen3.5 model [10][16] - The Spring Festival serves as a peak traffic period, significantly boosting user engagement and retention for AI applications [15][13] Smart Driving - Tesla's Cybercab, the first mass-produced autonomous vehicle, is set to launch in April 2026, aiming for a production capacity of 2 million units annually, with a target price below $30,000 [21][22] AI Developments - OpenAI's valuation is projected to reach $850 billion, with revenue forecasts exceeding previous targets, while Google’s Gemini 3.1 Pro shows significant improvements in abstract reasoning capabilities, outperforming competitors [24][26] - Domestic AI models, such as those from Zhiyuan and MiniMax, are gaining recognition, with significant stock price increases reflecting market confidence [33][6] Investment Recommendations - The report suggests focusing on AI commercialization and application expansion in the internet sector, recommending stocks like Alibaba, Pinduoduo, and Baidu [43] - In the computer sector, it highlights opportunities arising from increased IT spending by state-owned enterprises, recommending companies like Kingdee International and Baidu [43] - The automotive sector is poised for growth with the approval of L3 autonomous driving trials, with recommended stocks including XPeng Motors and Tesla [43]

据了解，2025年，武汉市人工智能产业规模同比增长超40%，人工智能技术深度嵌入智 能网联汽车、智能装备、智慧医药等领域，渗透率超30%。 这个春节，AI以最具象的姿态扑面而来：春晚舞台上，人形机器人舞剑空翻；团圆饭 桌上，AI一键生成专属拜年视频；8部春节档影片全员拥抱AI技术，AI智能调度服务春运与 景区……当AI从技术概念变成全民体验，新一轮城市竞争的赛道已然清晰。 武汉的实施路径是在AI的基础设施层和垂直应用层建立不可替代的护城河，一方面"厚 植产业根基"，做硬件、做终端；另一方面"深化应用赋能"，实施"智创""智产""智享""智 惠""智治""智联"六大工程，强调"AI+科研""AI+医疗""AI+教育"等，旨在利用这些独有的场 景优势，让技术在本地实现商业化落地和变现。 为此，武汉将创新"场景应用推进工作机制"，并优化人工智能产业、金融、人才专项支 持政策，争取国家人工智能应用中试基地落地。 何为"AI之城"？武汉大学人工智能学院执行院长夏桂松认为，其内涵可以概括为三个维 度：一是"以产为基"，通过打造全国领先的产业策源地，使人工智能实现从"辅助工 具"到"增长引擎"的质变；二是"以用为魂"，依托 ...

Group 1: Gold and Silver Market - Gold and silver prices have seen significant increases, with gold reaching $5,156.59 per ounce, up 1.13%, and silver at $87.447 per ounce, up 3.40% as of February 23 [1] - ANZ Bank forecasts gold prices to reach $5,800 per ounce in Q2 2025, while UBS predicts a more aggressive target of $6,200 per ounce, driven by central bank demand, investment needs, rising fiscal deficits, declining U.S. real interest rates, and geopolitical risks [1] Group 2: Agricultural Insurance in China - In 2025, China's agricultural insurance premium income is projected to be ¥155.55 billion, providing risk coverage exceeding ¥5.3 trillion, marking China as the world's largest agricultural insurance market for the second consecutive year [2] - The agricultural insurance sector is evolving from covering material costs to ensuring full cost and income protection, enhancing stability and risk resilience in agricultural production [2] Group 3: Charitable Trusts in China - By the end of 2025, China's cumulative charitable trust registration scale has surpassed ¥10.231 billion, with 2,757 registered charitable trusts [3] - In 2025, 16.94 billion yuan in new charitable trust registrations were added, indicating a growing public recognition of the trust system and a positive trend in charitable activities [3] Group 4: Ant Group's AI Business - Ant Group's AI business has experienced significant growth during the Spring Festival, with "AI Pay" surpassing 100 million users, becoming the first AI-native payment product to achieve this milestone [4] - The "Ant Health" app also reached over 100 million users, with 52% of new users coming from third-tier cities, highlighting the company's market penetration and technological advancements [4] Group 5: Legal Actions Against Tariffs - Following a Supreme Court ruling declaring the U.S. government's large-scale tariff policy illegal, hundreds of companies have filed lawsuits seeking refunds for tariffs paid under the Trump administration [5] - The process for companies to claim refunds remains unclear, and the legal battles could extend for years, as acknowledged by former President Trump [5]