2025年GDP实际增速为5%，名义增速仅3.9%，实际GDP增速较高与整个经济偏冷的紧缩状态并存。 对当下中国经济的讨论，多数人心目中的对照组可能仍是20年前甚至30年前的画面。这些画面有时候出 现在关于越南经济的报道中，那是热火朝天的繁荣景象。彼时中国正处于经济高速增长的阶段，繁荣由 大规模的外资流入（世界工厂）、基建（资本积累）和人口迁移（城市化）推动。这样的繁荣景象太深 刻，以至于很难从我们脑海中抹去。这样的景象如何再现？超常增长时期已过，中国经济也变得更强 大。但如果政策处理得当，中国经济在达到中等发达国家水平之前，依然可以保持比西方世界更快的增 长。 正因为保持了长达几十年的高增长，中国经济获得了全面的发展，不仅让近8亿人摆脱了贫困，而且拥 有了覆盖全国的一流的物质基础设施，拥有了发达的高速公路、高铁网络、航空、通讯、电网、互联网 和5G等。在制造业领域，中国从简单加工起步，经历用市场换技术的中外合资办厂与引进国外技术并 消化吸收阶段，如今已拥有本土相当先进的制造能力与发达的供应链，涌现出一大批有科技创新能力和 国际竞争力的企业，并在人工智能、电动汽车、智能制造和生物医药等领域保持着世界先进的地位 ...

个股方面，迅策科技专注于AI实时数据基础设施与分析解决方案，构建豪秒级的AI Data Agent平台，驱 动金融、城市运营、能源、高端制造、医疗、卫星、机器人、电信和消费市场等不同行业在AI时代实 时数据分析和高效决策。迅策聚焦"数据计算平台 + 智能体"的全栈能力构建，成为企业级AI落地的关 键赋能者，助力各行各业实现实时智能决策。(格隆汇) 来源：格隆汇APP 格隆汇2月23日｜AI概念股迅策(3317.HK)强势拉升，一度大涨16.54%至93港元，股价续创上市新高，市 值突破300亿港元。上周五(20日)港股三大指数集体收跌，恒生科技指数跌近3%创逾7个月新低，迅策仍 逆势上扬大幅收涨12.63%并创上市新高；截至目前，马年开年的两个交易日，迅策暂已累涨超31%。 行业方面，中国春晚的机器人节目再度刷屏，多家硬科技企业同台竞技，投资者热情高涨。经济日报最 新发文称，顶层设计和政策护航，为机器人产业发展把牢了"方向盘"。产业体系和成本优势，为机器人 前沿探索厚植了"培养基"。庞大市场和丰富场景，为机器人产品迭代提供了"练兵场"。中国人形机器人 正在全球产业竞争中抢占先机。展望未来，中国机器人必将以更智 ...

2026年春节A股休市期间，外围海外市场并非风平浪静。 美股科技板块的深度调整，以及港股市场的大跌，使得大家对下周A股的走势捏了一把汗。 虽然展现出相对剧烈的分化、波动，但同时又有各种利好消息对冲，宏观微观都有，情况显得复杂多变。 那到底，下周重开的大A，会给我们什么样的表现？ 01 下跌 先看看春节假期，全球市场的表现是如何分化的？ 美股大型科技巨头走势涨跌不一，有AI相关利好消息出现了企稳反弹，没有的则继续寻底。 原因很简单，一方面，华尔街对AI的投资回报率产生疑虑，同时对AI可能颠覆传统软件业的担忧情绪升温，导致大型科 技股遭到集中抛售； 中概股整体上，则继续弱势。 纳斯达克中国金龙指数在2月13日至2月19日累计下跌0.50%，阿里巴巴、网易、百度等热门中概股均录得下跌，这为港股 节后开市蒙上了一层阴影。 果不其然，2月20日，港股春节后的首个交易日，市场非但没有迎来期盼中的"开门红"，恒指反而低开低走，最终收跌 1.10%，恒生科技指数更是大跌2.91%，科技股则全线下跌。 因此，下周A股重开的时候，需要警惕有可能出现的补跌，尤其是AI科技类。 流动性层面上，这种补跌属于常规，不太可能触发国家稳定资 ...

Core Viewpoint - The upcoming opening of the A-share market is expected to be influenced by significant capital inflows and key industry trends, particularly in technology growth and Chinese advantages. Group 1: Market Dynamics - Over 900 billion yuan of incremental capital is set to enter the market, primarily from stock ETFs and newly established active equity funds that have yet to build positions [4] - The core investment themes for the year are identified as technology growth and Chinese advantages, which are crucial for institutional investors' strategies [4] Group 2: Technology Growth - OpenAI is reportedly finalizing a financing round exceeding 100 billion dollars, which will elevate its valuation to over 850 billion dollars, indicating a strong push towards an IPO [5] - Domestic companies like Huagong Technology are experiencing high demand for AI optical modules, with orders extending into Q4, reflecting robust growth in the AI supply chain [6] - The storage chip market is expected to see price increases throughout the year due to strong demand from AI clients, as indicated by SK Hynix's forecasts [6] Group 3: Chinese Advantages - UBS has raised its gold price target to 6,200 dollars per ounce, driven by geopolitical risks and expectations of interest rate cuts by the Federal Reserve, which are favorable for gold as a long-term asset [7] - The lithium sector is gaining attention, with UBS predicting a new super cycle for lithium prices due to stable demand from electric vehicles and explosive growth in energy storage [8] Group 4: Investment Opportunities - Two new stocks are set to open for subscription next week, with companies showing consistent revenue and profit growth, presenting potential investment opportunities [8] - The Hong Kong market has seen significant capital inflows despite a decline in the Hang Seng Technology Index, indicating potential value in undervalued stocks [9] - Recent changes in U.S. trade policy may impact global trade dynamics, particularly affecting export-related sectors [9] Group 5: Strategic Recommendations - The primary investment focus should be on companies with solid earnings support and reasonable valuations, avoiding those with only speculative narratives [10] - Investors are advised to monitor the actual flow of funds in the market before making investment decisions, especially with the influx of new capital [10]

Core Viewpoint - The travel data during the Spring Festival showed strong performance, while the IEEPA tariff ruling and escalating Middle East tensions disturbed risk appetite. The AI competition accelerated, and the resilience of the US economy led to a decline in interest rate cut expectations [1][2][7] Group 1: Major Events and Market Trends - The US Supreme Court ruled the IEEPA tariffs illegal, prompting Trump to invoke the Trade Act of 1974, resulting in an average tariff rate that may not differ significantly from previous levels [2][8] - The technology sector continues to see a high level of interest with new AI and robotics products emerging [2][14] - The US economy remains resilient, with inflation pressures emerging, leading to a decline in interest rate cut expectations [2][23] Group 2: Asset Class Performance - During the Spring Festival, major asset classes showed divergence, with the Nasdaq, Korean index, and European stocks rising by 1.51%, 5.92%, and 2.44% respectively, while Hong Kong stocks weakened due to liquidity and competitive pressures [3][26] - The bond market showed mixed results, with US Treasury yields slightly rising while Japanese and German long-term bond yields fell [3][26] - Precious metals and oil performed strongly due to safe-haven demand, with gold and silver prices reaching $5104 and $84 per ounce, respectively, and oil prices rising to $71 per barrel [3][26] Group 3: Debt Market Outlook - The post-Spring Festival bond market will largely depend on the fundamentals, policy signals, supply and demand, and stock market performance [4][41] - The bond market is expected to remain in a volatile state, with limited space below 1.8% for the 10-year Treasury yield [4][41] - The demand side of the bond market is primarily driven by insurance and bank allocations, with a focus on the potential for structural opportunities in medium to short-term bonds [4][40] Group 4: Stock Market and Convertible Bonds - The stock market is expected to open slightly lower on the first trading day after the holiday, with a focus on tariff and trade issues, the Fed's interest rate decisions, and geopolitical concerns [5][42] - The overall market sentiment is expected to remain positive, with potential for a quick recovery after a slight dip [5][42] - Investors are advised to optimize their positions during the post-holiday low opening, particularly in sectors like AI applications and humanoid robots that may be undervalued due to market sentiment [5][48]

上周，尽管核心PCE通胀数据偏高，但大型科技股的良好表现对市场形成支撑，推动美股主要股指收 涨。从全周表现来看，道指收涨0.25%，标普500指数收涨1.07%，纳指收涨1.51%。 消息面上，据央视新闻报道，当地时间2月21日，美国总统特朗普在其社交平台"真实社交"上发文称， 将把对全球商品加征10%的进口关税的税率水平提高至15%。 特朗普在文中称，"基于对美国联邦最高法院20日就关税问题作出的裁决进行全面、详尽且完整的审查 ——该裁决荒谬、措辞拙劣且极端反美"，"将自即日起，把目前对全球各国征收的10%统一关税，提高 至完全被允许、并经过法律检验的15%水平"。 特朗普表示，在接下来的几个月内，美国政府将确定并公布新的、在法律上允许的关税措施。 特朗普20日在一场白宫记者会上称，他将签署行政令，对全球商品加征10%的进口关税，为期150天， 以取代稍早前被美国最高法院认定违法的一些紧急关税。特朗普称，这一行政令将依据《1974年贸易 法》第122条发布。特朗普当天在美最高法院裁定其关税政策违法后召开新闻发布会时作出了上述表 态。他还表示，该10%的关税政策预计将在"约三天内"开始生效。在20日稍晚时，特 ...

快科技2月22日消息，近日，印度在新德里正式签署《硅和平宣言》，加入美国主导的硅和平（Pax Silica）计划，成为该计划的第12个成员国。 该计划核心是构建先进技术领域 "可信赖的供应链合作机制"，合作范围涵盖软件应用、半导体、矿产 加工、能源等，更覆盖稀土开采提炼、芯片制造到人工智能基础设施部署的全产业链环节，是美国谋求 人工智能和先进半导体领域技术主导权的关键举措。 2025年12月计划推出时，印度因半导体制造能力相对有限，未能成为创始成员国。此次成功加入，源于 印度半导体产业的加速布局。 印度电子和信息技术部长阿什维尼・瓦伊什瑙表示，全球半导体产业亟需约一百万专业技术人才，这为 印度带来重大发展机遇。 印度电子和信息技术部长阿什维尼·瓦伊什瑙曾在社交媒体账号分享了这段视频，相关贴文不久后删 除。 其他成员国包括澳大利亚、希腊、以色列、日本、卡塔尔、荷兰、新加坡、韩国、阿联酋、美国和英 国。 硅和平计划于2025年12月11日由美国牵头在华盛顿首届 "硅和平" 峰会上发起，美国、韩国、日本、澳 大利亚、英国、以色列、新加坡七国为创始成员国，荷兰、阿联酋等国当时参会，美方彼时便明确将推 动计划后续扩容。 ...

Core Viewpoint - OpenAI CEO Sam Altman believes that the concept of orbital data centers is impractical in the current context, citing economic and technical challenges associated with launching data centers into space [2][3]. Group 1: OpenAI's Perspective - Altman stated that the idea of sending data centers into space is absurd given the current circumstances, particularly due to the high launch costs and difficulties in addressing issues related to components like GPUs [3]. - He acknowledged the future potential of orbital data centers but emphasized that the technology is not yet at that stage [3]. Group 2: Elon Musk and SpaceX's Vision - Elon Musk has been advocating for the establishment of data centers in space, claiming that the lowest cost for deploying artificial intelligence will be in space, with a target timeline of two to three years [3]. - Musk's vision includes integrating xAI with SpaceX to accelerate the orbital data center project, which aims to create a network of one million satellites functioning as orbital data centers [3]. Group 3: Google's Initiatives - Google is also exploring the concept of space data centers, with CEO Sundar Pichai describing the initiative as a "moonshot" project aimed at developing a solar-powered system that exceeds Earth's current energy production capabilities [4]. - Pichai mentioned that Google plans to take the first step towards this goal by deploying small equipment racks on satellites by 2027, expressing confidence that this approach will become a conventional method for building data centers in about ten years [4][5]. - The internal project at Google, named "Project Suncatcher," aims to utilize solar energy from space to address the growing energy demands of artificial intelligence while reducing the environmental impact of traditional data centers [5].

来源：基本面力场 昨天力场君以寒武纪（688256.SH）这只股票为例，就着国盛证券在研报中将其类比为东方财富 （300059.SZ）在10多年前那一波股价大涨的评价，和小伙伴们做了个交流分享。 再说大洋彼岸的英伟达（NVIDIA），与寒武纪更具有行业可比性，也更令人神往：在2021年到2022年 期间，也曾一度下跌了三分之二，随后则一路长红、涨到了没朋友，诞生了多少个千万富翁、亿万富翁 呀；只要能稳稳抓住，我不也能是千万富翁、亿万富翁的其中一个了吗？ 但是从力场君的自身感受来说，这种"事后诸葛亮"的判断，在实际投资操作当中，基本没什么参考价 值，它只是基于明确结果下的后视镜，而现实持股过程中的心理恐惧，却是伴随着未知，源于对自我判 断的怀疑。 当股价走势与心理预期出现巨大偏差、眼前只有一片未知的迷雾的时候，特别是眼见着其他行业个股轮 番上涨，巨大的机会成本焦虑和比较心理，在日复一日地侵蚀耐心，有多少人还能耐得住寂寞、扛得住 阴跌？这不是对投资技巧的考验，而是一场对心性的磨砺修炼。 说回到东方财富，这是"互联网+证券资讯"行业里，后期表现最好的一个了，典型的幸存者偏差。其他 的几家就惨多了，比如赢时胜（300 ...

2026广东高质量发展 南方都市報 舆一网OeeeErra 面方都有報 東一网Oceeee 外贸进出口规模连续40年居全国首位 ●外贸进出口总额(单位:万亿元) 9.49 9.11 8.30 2025年 2023年 2024年 区域创新能力连续9年全国第一 ● R&D经费投入(单位:亿元) 5350 数读 数据见证三年来广东如何"马力全开" 再造一个新广东,蹄疾步稳!自2023年以来,每年开春首个工作日,广东均召开全省高质 量发展大会,摺响奋进催征的战鼓。一组数据见证这三年广东的"马力全开"! 去年广东GDP突破14万亿 14.16 14.58 13.57 2023年 2024年 2025年 (单位 南方都市報 奥 一网 Oeeecom 2023年 2024年 2025年 "深圳一香港一广州"创新集群 跃居全球首位 全省发明专利有效量、高价值 发明专利拥有量、PCT国际专 利申请量均居全国首位 2025年,广东人工智能核心 产业规模预计达3000亿元 工业机器人产量、服务机器人 产量全国第一 规模以上工业企业数量达 7.6万家,居全国第一 境内外上市公司总量达 1224家 全省经营主体突破2000万户 ● 登 ...