港股恒生指数跌1.79%，跌484点，报26548点；恒生科技指数跌1.65%。港股早盘成交1284亿港元。 AI大模型继续高歌猛进，智谱GLM Coding Plan官宣涨价，上线即售罄。智谱(02513)继续飙升11.89%， 市值超越2000亿港元；MiniMax(00100)涨超9%。 "图模融合第一股"海致科技(02706)首挂上市，午盘暴涨逾229%。 安东油田服务(03337)盈喜后涨超9%，预期全年利润同比大增48.4%至56.6%。 兆易创新（603986）(03986)涨超3%，铠侠业绩指引远超市场预期，市场存储芯片需求激增。 健康之路(02587)盈喜后涨超18%，预计年度利润不低于5000万元，AI软件产品已贡献3000万元收入。 天工国际(00826)涨超5%，将与鲍迪克计划在国内外粉末冶金与热处理业务上展开全面协同。 阅文集团(00772)逆势涨4.59%，Seedance2.0火爆海外，AI漫剧行业有望迎来加速发展。 有色股跌幅居前。流动性挤压下贵金属遭遇抛售，机构看好供需改善品种继续表现。中国有色矿业 (01258)跌5%；紫金矿业（601899）(02899)跌5.24%；洛 ...

尽管字节跳动旗下即梦近期推出的Seedance 2.0引发了市场高度关注，但高盛认为，AI视频生成领域并 非"赢家通吃"的零和游戏，快手可灵与字节跳动即梦2.0等头部模型都将从快速扩张的市场中受益，且 AI技术的进步将重塑整个娱乐行业的价值分布。 2月13日，据追风交易台消息，在字节即梦2.0于2月12日正式向公众开放后，投资者对两大平台的竞争 格局高度关注。高盛分析师Lincoln Kong、Ronald Keung及Luqing Zhou在最新研报中表示，可灵3.0在2 月5日升级，较即梦2.0提前数日推出，两者均在音视频一致性、视频时长（15秒）及叙事控制方面实现 重大突破。 尽管部分测试者认为即梦2.0在流畅度和多场景连贯性上表现更优，但高盛强调，可灵3.0在影视级细节 和定价优势上仍保持竞争力，且在第三方基准测试中持续位居全球顶级模型行列。更重要的是，该行预 计全球AI视频生成市场规模将在未来五年增长10倍，至2030年达到约290亿美元，足以容纳多个头部玩 家共存。 可灵3.0对阵即梦2.0：技术对比与市场定位 高盛最新报告详细对比了两大平台的技术能力与市场策略。 研报称，可灵3.0系列包括Kli ...

Summary of Conference Call Records Industry and Company Involved - The records focus on the AI and technology industry, specifically discussing companies like 千问 (Qianwen), DeepSeek, and various others in the AI and tech space. Core Points and Arguments 1. **User Engagement Metrics**: As of February 7, Qianwen's Daily Active Users (DAU) reached 73.52 million, approaching Doubao's 78.71 million. Additionally, Ant Group's app ranked second on the Apple App Store's free chart [1][2]. 2. **Model Updates**: On February 11, DeepSeek and GLM5 models were updated. The context window length for DeepSeek was upgraded from 128K tokens in version V3.1 to 1M tokens, marking a significant enhancement. The GLM5 model, featured in chat.z.ai, reportedly utilizes expanded parameter scaling, asynchronous reinforcement learning, and sparse attention mechanisms, leading to improved content understanding and generation. International evaluations indicate that GLM-5's programming capabilities are among the best in open-source models, with some scores comparable to top closed-source models [2]. 3. **Investment Recommendations**: - **Model and Consumer Application Focus**: Companies such as Alibaba, Tencent, Kuaishou, Kunlun Wanwei, and others are recommended for investment. Attention is also drawn to 汇量科技 (Huiliang Technology), 智谱 (Zhipu), and Minimax [2]. - **Opportunities in GEO and Large Model Advertising**: The large model consumer entry points are expected to reshape the industry chain, presenting new investment opportunities. Relevant targets and investment opportunities in model layers, data layers, tools, and services are highlighted [2]. - **Multimodal and AIGC Recommendations**: Companies like Tencent, Bilibili, Kuaishou, and others are recommended, with additional attention to 欢瑞世纪 (Huanrui Century), 捷成股份 (Jiecheng), and 阅文集团 (Yuewen Group). A-share gaming companies are noted for their attractive valuations, with recommendations for 巨人网络 (Giant Network), 恺英网络 (Kaiying Network), and others [2]. 4. **Robotaxi Economic and Safety Milestones**: The records indicate that economic and safety turning points for Robotaxi services have emerged, with a dense catalyst period expected in the first half of 2026. Recommended companies include 曹操出行 (Caocao Mobility), 小马智行 (Pony.ai), and others, with additional attention to companies like 均胜电子 (Junsen Electronics) and 图达通 (Tudatong) [3]. 5. **AI Hardware Recommendations**: Companies involved in AI smart hardware, such as 康耐特光学 (Kangnait Optical), are also recommended for investment [3]. Other Important but Possibly Overlooked Content - The significant upgrade in model capabilities and the strategic focus on large models and multimodal applications indicate a shift in the industry landscape, which could lead to substantial investment opportunities. - The mention of specific companies and their potential in the evolving AI landscape suggests a targeted approach for investors looking to capitalize on emerging trends in technology and AI applications.

智谱2月12日还发布GLM Coding Plan价格调整函，因市场需求增长，用户规模与调用量提升，公司加大 算力与模型优化投入，产品能力持续升级；公司决定对套餐价格体系进行结构性调整，取消首购优惠， 保留按季按年订阅优惠，套餐价格整体涨幅自30%起，已订阅用户价格保持不变。智谱官方GLM Coding Plan上线即售罄。国产AI编程模型的付费套餐被抢空，在行业中较为罕见。 智谱（02513）早盘一度涨超20%，本周累计涨幅已近140%。截至发稿，涨18.16%，报475港元，成交 额8.63亿港元，总市值2118亿港元。 2月12日，智谱AI正式上线并开源其新一代旗舰模型GLM-5。智谱官方确认，这个新模型正是此前在全 球模型服务平台OpenRouter登顶热度榜首、引发圈内疯狂猜测的神秘模型"Pony Alpha"。 另外值得注意的是，继H股上市后，智谱继续推进其A股上市计划。近日，中国证监会官网更新了智谱 公司的IPO辅导进展信息。根据证监会披露，智谱撤回了其于2025年4月提交的辅导备案，并办理了新 的辅导备案登记。与上次不同的是，智谱IPO辅导机构变更为两家券商，由原来的中金公司变更为国泰 海通证 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around the macroeconomic environment, focusing on the trends in global asset classes, particularly equities, bonds, and commodities, as well as the implications of AI technology and monetary policy. Core Insights and Arguments 1. **Asset Class Performance in 2025** - In 2025, nearly all major asset classes, except oil, experienced growth, driven by liquidity and inflation concerns. Investors shifted wealth from bank deposits to risk assets, particularly precious metals, to preserve purchasing power in a high-inflation environment [3][2][4]. 2. **Federal Reserve's Monetary Policy Outlook** - The Federal Reserve is expected to maintain a loose monetary policy in the long term to support the government's fiscal needs. In the short term, interest rates may remain unchanged due to persistent inflation and political pressures, with potential aggressive rate cuts anticipated under the new chairperson [4][5]. 3. **Challenges in the U.S. Treasury Market** - The U.S. Treasury market faces significant risks, including the normalization of quantitative easing, rising foreign bond yields, and geopolitical uncertainties. These factors have led to a reduction in allocations to U.S. dollar assets by sovereign funds, although U.S. Treasuries still hold appeal due to a lack of safer alternatives [5][4]. 4. **Precious Metals Price Trends** - Precious metals prices surged in 2025 but are currently in an overbought state, indicating potential short-term volatility. Factors such as a sudden dollar rebound or changes in Federal Reserve leadership could impact prices. Silver is particularly favored due to its industrial applications and strategic reserve demand [6][7]. 5. **Industrial Demand for Precious and Base Metals** - The industrial properties of precious and base metals are becoming increasingly important, with copper and aluminum also affected by technological advancements. The demand for these metals is expected to grow, driven by their roles in AI and energy sectors [8]. 6. **AI Technology and Investment Risks** - While the AI technology revolution is significant, investment in AI carries risks due to discrepancies between market expectations and actual developments. Financial instability among some AI companies could trigger industry-wide adjustments in 2026-2027 [9]. 7. **K-Shaped Economic Recovery** - The K-shaped recovery trend is expected to deepen, leading to political polarization. A significant portion of U.S. households is facing economic hardship, which could influence future elections and global monetary policies [10][11]. 8. **Investment Recommendations** - There is a preference for A-shares over U.S. equities, with a particular bullish outlook on silver due to its industrial demand. The bond market is viewed as problematic, and oil prices are expected to rise despite uncertainties [14]. Other Important but Potentially Overlooked Content 1. **Market Risks and Consensus** - The market faces risks from potential trading crowding, where a small trigger could lead to significant adjustments. High fiscal deficits in countries like the U.S., France, and the U.K. pose serious concerns, with the possibility of a debt crisis in France or the U.K. leading to global financial turmoil [15]. 2. **Long-term Asset Strategy** - In the current inflationary environment, holding cash in banks is deemed unwise. The focus should be on assets that can withstand economic cycles, with a shift towards technology-driven investments and away from central bank-controlled assets [12].

美国科技巨头谷歌(GOOGL.US)对其风靡全球的Gemini 3 AI大模型的Deep Think(深度思考)模式在科学、编程、研究与工程学等方面 进行了重大升级，这一最新升级聚焦于解决现代科学研究与工程领域的诸多复杂挑战，可谓引爆新一轮席卷全球的"Gemini AI狂热 浪潮"。谷歌官方在一份声明中表示，新的Deep Think模式现已在Gemini 3系列AI应用产品中面向 Google AI Ultra 订阅用户开放。该 公司补充称，这是其首次通过Gemini API向部分研究人员、工程师及大型企业提供Deep Think功能。 据谷歌介绍，通过更新后的Gemini 3 AI大模型Deep Think(深度思考)模式，订阅用户们可以将草图变为可3D打印的现实物体。Deep Think拥有强大的能力分析图纸、对极度复杂形状建模，并生成可用于3D打印制作实体物品的文件。 该公司在周四的一篇博客文章中表示："除了其最先进的性能之外，Deep Think还旨在推动实际应用，使研究人员们能够深度解读复 杂数据，并使工程师们能够通过代码与编程对复杂物理系统进行建模。"最重要的是，我们正在努力将Deep Think ...

两年前的春节，美国AI公司OpenAI旗下AI视频生成模型Sora横空出世。如今，中国科技巨头在这一领域吸引了全球范围内的关注。 2月12日，预热多日后，字节跳动Seed团队对外正式发布新一代视频创作模型Seedance 2.0，并已上线即梦AI、豆包等平台。目前，用户打开豆包，便可 在"AI创作Seedance 2.0"入口，发送相关指令来生成视频。官网显示，用户每天享有10个视频生成额度，在点击同意《AI分身使用须知》后，可以创建AI 分身来生成专属视频。 据介绍，Seedance 2.0采用统一的多模态音视频联合生成架构，支持文字、图片、音频、视频四种模态输入，集成了目前业界最全面的多模态内容参考和 编辑能力。具体来看，允许用户同时输入多达9张图片、3段视频、3段音频以及自然语言指令，模型可参考输入素材中的构图、动作、运镜、特效、声音 等元素，打破传统视频生成的素材边界。 从Seedance 2.0官方展示的视频来看，Seedance 2.0能高保真地合成时序精密的复杂交互场景，比如在双人花滑场景中，模型较好地演绎了同步起跳、空中 旋转、精准落冰等一系列高难度动作；在细腻的特写镜头中，模型生成的画面能够 ...

Group 1: Market Overview - Since 2026, the issuance of bond funds has significantly cooled, with a notable decline in the number and scale of new pure bond funds compared to the previous year [1] - In contrast, "fixed income +" funds have continued their strong performance from 2025, dominating the new bond fund issuance [1] - The A-share market showed a mixed performance on February 12, with the Shanghai Composite Index rising by 0.05% to 4134.02 points, while the Shenzhen Component Index increased by 0.86% to 14283 points [1] Group 2: Fund News - On February 12, only 2 new funds were launched, primarily mixed funds, with Morgan Stanley's Hong Kong Stock Connect Ningyuan Growth Mixed A aiming to raise 8 billion yuan [2] - As of February 11, net inflows into Hong Kong-themed ETFs reached 54.435 billion yuan this year, pushing the total scale of cross-border ETFs back to over 100 billion yuan [2] - In February, the gray testing of ByteDance's AI video generation model Seedance 2.0 has sparked significant market interest in the multi-modal industry chain, leading to strong performance in AI application-related sectors and ETFs [2]

Macro Strategy - The employment report for January indicates a resilient labor market in the US, with better-than-expected unemployment rates and employment data driven by a combination of fiscal and monetary easing, as well as seasonal factors [1][8] - Although the non-farm payrolls exceeded expectations by 2.46 times the standard deviation, the structure remains distorted, with 124,000 of the 130,000 new jobs coming from the healthcare sector, indicating a zero growth trend in private employment when excluding healthcare [1][8] - The expectation is for the US economy to continue outperforming in Q1, with a focus on the upcoming core CPI release and the potential warming of market expectations regarding Trump's visit to China in April [1][8] Fixed Income - The report highlights the evolution of bond financing paths for leading tech companies, particularly in the AI sector, emphasizing the importance of a diversified financing system to support tech firms during growth and significant investment phases [2][10] - The analysis of companies like Oracle, Nebius, Alphabet, and Meta illustrates how their bond issuance strategies have evolved alongside their growth stages, showcasing the symbiotic relationship between development and debt issuance [2][10][11] Industry - The report on the smart driving experience in the automotive sector indicates a shift in focus from coverage to experience optimization, with major manufacturers achieving successful implementation of complex urban NOA scenarios [5][13] - The evaluation of six smart driving suppliers shows improvements in their capabilities compared to 2025, with notable advancements in self-developed solutions from companies like Li Auto and XPeng, as well as impressive performances from third-party suppliers [5][13] - The report identifies the growing demand for liquid cooling systems in data centers as a significant driver for valve manufacturers, particularly in emerging markets like the Middle East, where urbanization and industrialization are accelerating [6][15] Recommended Stocks - Weilong Co., Ltd. is positioned as a leading supplier of water valves, expected to benefit from increased demand in the Middle East due to urbanization and industrialization, with projected net profits of 130 million, 170 million, and 220 million for 2025-2027 [6][15] - China Resources Mixc Life is highlighted for its strong operational capabilities and consistent project delivery, with expected net profits of 3.903 billion, 4.331 billion, and 4.821 billion for 2025-2027, maintaining a "buy" rating due to its leading position in commercial operations [6][15]

这是1月14日在日本东京拍摄的日本国会外景。 新华社记者 杨智翔摄 2月8日，日本自民党在众议院选举中获胜，东京股市随即进入亢奋状态。2月9日，日经225指数大涨，收于 56363.94点，较上周末上涨2110.26点，刷新历史高点；10日继续攀升，收报57650.54点，较前一交易日上涨 1286.60点，连续第二天创下历史收盘新高，盘中最高触及57960.19点，上涨1596.25点，逼近58000点心理关 口。两天合计上涨3396.86点，选举前后三个交易日累计上涨接近4000点，上行速度之快，引发市场对"升温 过快"的担忧。 市场有声音将本轮行情称为"高市早苗交易"。自民党胜选带来的政策确定性，叠加首相高市早苗在9日记者会 上释放的强烈刺激信号，被视为点燃买盘的关键。高市早苗明确表示，将推动食品和饮料消费税降至零，并 推行"负责任、积极的财政政策"。与此同时，她提出优先投资半导体、人工智能（AI）等领域的增长战略， 防卫相关产业也因政策支持预期成为资金追逐的对象。10日开盘，日经指数即上涨448点；前一日已受追捧的 AI、半导体、防卫板块继续获得强劲买盘。资金面上，海外投资者被视为主要推动力，美国股市 ...