周恒 制图 □ 2012年至2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假 期后表现同样值得期待 □ 机构表示，央视2026年春晚科技感十足，人形机器人表现进步超预期，科技成为共识度较高的两大主 线之一，节后可关注机器人与AI技术应用板块 ◎记者 汪友若 马年A股的第一个交易日即将到来。春节长假期间，海外市场整体小幅反弹。美股止跌回升，大宗商品 表现强势，原油、黄金和铜价显著上涨。中国资产方面，富时中国A50指数期货上涨，港股主要指数震 荡整理。 光大证券则从日历效应角度分析，认为节后市场有望震荡上行。光大证券表示，从历史经验来看，受微 观流动性好转及投资者风险偏好抬升影响，A股市场在春节后的20个交易日里通常表现较好。2012年至 2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假期后表现同 样值得期待。除了日历效应之外，外围市场的上涨、国内产业端的催化等也将对行情产生积极影响。 "整体而言，资金流入和人心思涨的市场格局没有变化，节后春季行情有望延续。"中信证券在报告中提 示。该机构表示，配置型资金的流入趋势并未发生变化。中国人 ...

Group 1 - The Hong Kong stock market experienced a strong performance on February 23, with the Hang Seng Index rising by 2.53% and the Hang Seng Tech Index increasing by 3.34%, indicating a significant recovery in market sentiment [2][3] - There was a clear divergence in sector performance, with technology and semiconductor stocks generally rising, while the commodity sector, particularly gold and oil stocks, showed remarkable strength, leading the market [3][4] - Gold stocks such as Tongguan Gold, Chifeng Gold, and Datang Gold all surged over 6%, while oil stocks like China Petroleum and CNOOC also saw significant gains [3][4] Group 2 - The recent surge in the commodity sector is supported by rising international commodity prices, with Comex gold futures increasing by 1.66% from February 16 to 20, and Brent crude oil futures rising by 5.62% during the same period [4] - The volatility in commodity-related stocks during the Spring Festival is closely linked to recent developments in international geopolitics, particularly the tensions between the U.S. and Iran, which have historically led to better performance in oil prices [5] - Analysts suggest that the strong performance of the Hong Kong market may serve as a reference for the upcoming A-share market, as there is a close correlation in capital flow and market sentiment between the two [6][7] Group 3 - Analysts expect that the market environment post-Spring Festival will be more favorable for the bulls, with a focus on technology stocks, driven by positive macroeconomic changes and improved capital conditions [7][8] - Historical data indicates that small-cap growth stocks typically outperform after the Spring Festival, although this year may see a simultaneous rise in large-cap growth due to strong industry trends [8]

港股今日情绪回暖，恒生指数收涨2.53%，恒生科技指数收涨3.34%。盘面结构分化明显，黄金股涨幅 居前，赤峰黄金涨约8%，紫金黄金国际涨约7%。半导体概念、互联网科技股走高，中芯国际、美团涨 超5%，华虹半导体涨超4%。AI大模型、机器人板块回落，智谱跌超22%，MiniMax跌超13%，优必选 跌超2%。 ...

Market Overview - The Hang Seng Index rose by 2.29% to 27,019.21, while the Hang Seng Tech Index increased by 3.32% to 5,384.52, indicating a significant recovery in market sentiment [2][8] - Technology, internet, consumer electronics, and lithium battery sectors led the gains, with strong performances from companies like Meituan, Tencent, and Alibaba [1][2] Sector Performance - The tech sector showed robust growth, with Meituan up nearly 7%, and JD.com, SMIC, and Hua Hong Semiconductor all rising over 5% [2][8] - Conversely, the AI large model sector experienced a downturn, with companies like Zhiyun and MINIMAX seeing declines of over 23% and 10%, respectively [4][10] Ant Group Developments - Ant Group reported that its core AI business saw significant growth during the Spring Festival, with the "AI Payment" user count surpassing 100 million, marking it as the first AI-native payment product to achieve over 100 million in both transaction volume and user count [4][9] - The Ant Group's health app, Aifuku, also crossed the 100 million user mark, with 52% of new users coming from third-tier cities and below [4][9] Commodity Market Insights - Precious metals saw a notable increase, with international spot silver rising by 3.8% to $87.82 per ounce, and gold increasing by 1.2% to $5,168 per ounce [7][14] - The chairman of the Hong Kong Gold Exchange indicated that geopolitical tensions, particularly between the US and Iran, have contributed to rising gold prices, which are expected to challenge $6,000 per ounce in the coming quarters [14] Zhiyun's Challenges - Zhiyun issued an apology regarding its GLM Coding Plan, acknowledging three main errors: insufficient transparency, slow rollout of GLM-5, and poor design of the upgrade mechanism for existing users [5][12] - The company is currently managing high demand and has opened the Max user tier fully, while Pro users may face limitations during peak times [12]

Core Insights - The AI wealth effect is remarkable, with companies MiniMax and Zhipu becoming the stars of the Hong Kong stock market, both surpassing a market capitalization of 300 billion HKD [2][12] - MiniMax and Zhipu have seen stock price increases of over 400% in just two months, showcasing a significant upward trend since their listings [14][15] Company Performance - Zhipu, known as the "first global large model stock," debuted on January 8, 2026, with an initial price of 116.2 HKD per share, reaching a market cap of 578.9 billion HKD on its first day [14][15] - As of February 20, 2026, Zhipu's stock price surged by 42.72% to 725 HKD, with a market cap increase of 967 billion HKD in a single day [3][15] - MiniMax launched on January 9, 2026, with a first-day increase of 109.09%, closing at 345 HKD and achieving a market cap of 1,067 billion HKD [4][15] - By February 20, 2026, MiniMax's stock price rose to 970 HKD, reflecting a nearly 90% increase since February 9, 2026, and a total market cap of 3,042.3 billion HKD [4][15] Investment Landscape - Both companies have attracted significant attention from institutional investors, with Zhipu receiving over 50 institutional investments before its IPO, including notable VC and PE firms [5][17] - Early investors in Zhipu, such as Zhongke Chuangxing, have seen their initial investment of 40 million CNY grow to a market value of 4.33 billion CNY as of February 20, 2026 [6][18] - MiniMax's early backers, including Hillhouse Capital and IDG, have also experienced substantial returns, with their initial investment of 200 million USD now valued at over 100 times that amount [19] Market Trends - The recent stock price surges of MiniMax and Zhipu reflect a broader trend in the AI large model sector, with significant financing activities occurring in the market [21][22] - Companies like Moonlight and Jiyue Xingchen have also reported substantial funding rounds, indicating a robust investment climate in the AI sector [21][22] - The competitive landscape is expected to intensify, with resources increasingly concentrating on leading companies as the market evolves [23]

Market Overview - After the Spring Festival holiday, Hong Kong stocks faced pressure, with the Hang Seng Index dropping 1.1% to 26,413.35 points, and a total trading volume of 165.37 billion HKD [1] - The Hang Seng Tech Index fell 2.91%, while the Hang Seng China Enterprises Index decreased by 1.22% [1] Blue-Chip Stocks Performance - PetroChina (00857) led blue-chip gains, rising 3.7% to 9.52 HKD, contributing 11.57 points to the Hang Seng Index [2] - Other notable blue-chip performances included Henderson Land (00012) up 3% and Midea Group (00300) up 2.73%, while Alibaba (09988) fell 4.91%, dragging the index down by 101.66 points [2] Sector Highlights - The technology sector was a major drag on the market, with Alibaba down nearly 5% and Tencent down over 2% [3] - Robotics stocks surged, with Yujian (02432) up 21.4% following a successful Spring Festival performance, while AI model stocks also showed strong gains [3][4] - Oil stocks rose due to escalating geopolitical tensions, with WTI crude oil prices reaching a high of 66.70 USD per barrel [6] Investment Insights - Analysts suggest that the robotics industry's advancements are crucial for its transition from experimental to practical applications, with significant growth expected from 2021 to 2025 [4] - The AI model sector is transitioning from free trials to paid subscriptions, indicating a shift towards sustainable monetization [4] Notable Stock Movements - SOTON (02498) reported a significant reduction in net losses for 2025, achieving profitability in Q4, which contributed to a 9.24% increase in stock price [8] - COSCO Shipping Energy (01138) rose 6.34% amid expectations of increased tanker profitability due to geopolitical tensions [9] - Stone Four Pharmaceutical Group (02005) issued a profit warning, predicting a 45%-60% decline in profits for 2025 due to various market pressures [10]

Group 1 - The Hang Seng Index closed down 1.10%, while the Hang Seng Tech Index fell by 2.91% [1] - Internet technology stocks experienced a broad decline, with Baidu dropping over 6% and Alibaba falling nearly 5% [1] - Semiconductor stocks weakened, with Hua Hong Semiconductor down nearly 6% and SMIC declining over 3% [1] Group 2 - The domestic AI large model sector rose against the trend, with both Zhipu and MiniMax's market capitalization surpassing 300 billion HKD [1]

Group 1 - The AI large model sector in Hong Kong continues its strong performance post-Spring Festival, with companies like Zhipu (02513.HK) and MINIMAX-WP (00100.HK) seeing their market values exceed 300 billion HKD, collectively surpassing 580 billion HKD, outpacing well-known tech firms like Trip.com, Kuaishou, and JD.com [1][2] - Zhipu and MiniMax went public on January 8 and 9, raising nearly 10 billion HKD, with share prices of 116.20 HKD and 165 HKD respectively, both companies have recorded several-fold increases in their stock prices since listing [2][3] - The primary market remains active, with Kimi, under the Dark Side of the Moon, set to complete a new round of financing exceeding 700 million USD shortly after raising 500 million USD, with a latest valuation surpassing 10 billion USD [3] Group 2 - Recent reports indicate that multiple large models are releasing new features or integrating ecosystems, potentially leading to a new wave of innovation in the sector, shifting the internet value chain from traditional traffic scale to a focus on execution, capability invocation, governance, and result-based business models [4] - The AI application sector is transitioning from being a technology follower to becoming the core narrative of a new technological era, with accelerated commercialization, restructured user behavior, and clearer profit models, indicating a shift in AI investment focus from "computing infrastructure" to "scenario realization" [4]

Group 1 - In 2026, South Korean investors significantly increased their investments in Hong Kong stocks, shifting their focus from traditional sectors to hard tech fields such as AI models and semiconductors [2] - In 2025, Xiaomi Group was the most favored stock among South Korean investors with a net purchase amount of $87.75 million, while hard tech stocks were less represented in the top ten [2] - By February 10, 2026, AI model leader MiniMax-WP topped the buying list, indicating a clear trend towards hard tech investments [2] Group 2 - The overall enthusiasm of South Korean retail investors for overseas stock investments has reached historical highs, with trading commissions from the top 12 securities firms amounting to 1.95 trillion KRW (approximately $1.3 billion) in 2025, more than doubling from the previous year [3] - Foreign exchange fee income related to retail overseas investment also saw a significant increase, rising from 147.7 billion KRW in 2024 to 452.6 billion KRW in 2025, reflecting a growing demand for overseas quality assets [3] - Hard tech stocks in Chinese Hong Kong markets are becoming a key choice for South Korean investors in their overseas allocations [3]

2月9日，港股恒生指数、恒生科技指数午后双双走高，截至发稿，均涨近2%。 | 名称 | 现价 | 涨跌幅, | 涨跌 | | --- | --- | --- | --- | | 智谱 | 278.600 | 37.11% | 75.400 | | 迅策 | 59.800 | 13.04% | 6.900 | | MINIMAX-WP | 518.000 | 12.36% | 57.000 | | 阅文集团 | 38.080 | 10.63% | 3.660 | | 金山云 | 7.120 | 9.71% | 0.630 | | 汇量科技 | 14.190 | 8.49% | 1.110 | | 讯飞医疗科技 | 86.550 | 8.19% | 6.550 | | 阜博集团 | 4.600 | 7.98% | 0.340 | | 迈富时 | 40.860 | 8.27% | 3.120 | | 明略科技-W | 242.800 | 7.62% | 17.200 | 编辑｜钉钉 半导体、芯片股领涨，兆易创新涨超11%，上海复旦涨超10%，华虹半导体、中芯国际涨近5%。 | 兆易创新 | 313.000 | 11 ...