在AI从训练迈向推理、从单点计算走向集群互联的演进中，以CPO（共封装光学）为代表的光通信技术 正迎来从0到1的规模化元年，算力基础设施的"卖铲人"们站在新一轮高景气周期的起点。英伟达财报超 预期催化不断，布局通信ETF（515880）一键布局算力核心环节，规模超140亿居同类第一，光模块+服 务器占比超66%。 【英伟达财报超预期的信号：算力需求爆发增长，网络互联成为新亮点】 英伟达财报不仅数据亮眼，更释放了关键信号：数据中心Networking业务暴增263%，远超市场预期， 表明随着GB200/GB300系统的铺开，芯片间的互联需求正在爆炸式增长，光通信的价值量正在急速提 升。 整体业绩全面超预期。FY4Q26英伟达实现营收681.27亿美元，同比+73%、环比+20%，超市场预期 （659.12亿美元）；净利润429.60亿美元，同比+94%、环比+35%，超市场预期（363.02亿美元）。公 司指引FY1Q27营收780亿美元（±2%），同比+77%、环比+14%，超市场预期（727.78亿美元）。更值 得注意的是，该指引在明确排除中国区收入的前提下依然超预期，充分说明海外AI需求的强劲程度。 网络 ...

在人工智能浪潮从训练迈向推理的纵深演进阶段，算力基础设施的需求结构正发生深刻变革。随着谷歌、微软、Meta等海外云厂商资本开支的持续上修， 以及以阿里Qwen3.5、字节Seedance 2.0为代表的国产大模型进入"生产力竞赛"，算力硬件的景气周期已从预期驱动转向实打实的资本开支驱动。其中，光通 信作为数据高速传输的"血管"，正经历从可插拔光模块向CPO（共封装光学）技术代际跨越的关键时刻。 算力板块受催化，光模块+服务器占比超66%的通信ETF（515880）涨超4%，资金持续布局，近20日资金净流入超17亿元。 | | < 2025-01-02日> - < 2025-12-31日> (243日) × | | | --- | --- | --- | | 涨跌幅 | 125.81% 年化收益率 | 131.17% | | 行业对比 ② | - 最大回撤 2 | -32.88% | | 涨 跌 | 1.716 最大上涨 | 222.08% | | 前收盘价 | 1.364 开盘价 | 1.352 | | 收盘价 | 3.080 最高价 | 3.195 | | 均价 | 2.242 最低价 | 0.992 | ...

Core Viewpoint - The general aviation sector is experiencing positive momentum, driven by supportive policies and increasing investments, particularly in low-altitude economy applications [1][2]. Group 1: Market Performance - As of February 24, 2026, the China General Aviation Theme Index (931855) rose by 0.48%, with notable increases in component stocks such as Leike Defense (+4.79%) and Sichuan Jiuzhou (+2.70%) [1]. - The General Aviation ETF (561660) saw a slight increase of 0.08%, with the latest price at 1.3 yuan [1]. - Over the past three days, the General Aviation ETF has experienced continuous net inflows, totaling 6.5746 million yuan, with a peak single-day inflow of 2.6504 million yuan [1]. Group 2: Policy Support - Liaoning Province has introduced policies to promote the low-altitude economy, offering interest subsidies 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 [1]. - The initiative aims to expand low-altitude economic applications and enhance industry quality and efficiency through financial support for recognized projects [1]. Group 3: Industry Trends - Recent advancements in AI models, such as Zhiyuan GLM-5 and Alibaba Qwen3.5, are focusing on "execution intelligence" rather than mere parameter comparisons, enhancing capabilities in complex system engineering and long-range agent tasks [2]. - According to Guosheng Securities, AI is evolving from a dialogue tool to an operational engine for the physical world, particularly in scenarios like drone swarm scheduling and autonomous takeoff and landing of general aviation aircraft [2]. - The China General Aviation Theme Index tracks 50 listed companies involved in aviation materials, aircraft manufacturing, infrastructure, and operations, reflecting the overall performance of the general aviation sector [2].

【#智谱和MiniMax市值已超携程京东#】2月20日，港股大模型公司智谱和MiniMax股价均大幅上涨， 创上市以来新高。 其中，智谱股价收涨42.72%，报725港元，上市43天累计涨幅已超500%。MiniMax收涨14.52%，报970 港元，上市以来累计涨幅487.88%。两家大模型企业市值均突破3000亿港元，接连超越携程、快手和京 东市值，逼近泡泡玛特与百度。 招商证券近期发布的研报指出，AI应用领域近期呈现出技术突破与商业化竞争同步深化的鲜明趋势。 AI应用相关技术迎来核心突破。叠加"人工智能+"行动作为国家中长期发展战略，为行业提供坚实长期 支撑。指数估值水位略高，但在产业趋势与政策红利的双重驱动下，上行空间值得期待。（每经综合， 德塔） | 智谱 | | | | | | --- | --- | --- | --- | --- | | HK2513 HK | | | | | | 725.000 | 市值 3232.4亿 量比 725.000 | 1.18 | | | | 流通 1604.5亿 换 | 532.500 | 2.38% | | | | 217.000 42.72% + | 534 ...

每日经济新闻消息，2月20日，港股迎来农历马年第一个交易日。三大指数集体下跌，截至收盘，香港恒 生指数收跌1.10%，恒生科技指数收跌2.91%，国企指数收跌1.22%。 据媒体报道，Seedance 2.0大模型以春晚为首个公开应用场景完成首秀，深度参与多项节目视觉制作。本届 春晚中，"AI生成影像+实景舞台扩展"的创新模式引发全网热议，而Seedance 2.0正是这一模式的核心技术 支撑。 招商证券近期发布的研报指出，AI应用领域近期呈现出技术突破与商业化竞争同步深化的鲜明趋势。AI应 用相关技术迎来核心突破。叠加"人工智能+"行动作为国家中长期发展战略，为行业提供坚实长期支撑。 指数估值水位略高，但在产业趋势与政策红利的双重驱动下，上行空间值得期待。 图片来源：每经媒资库 港股机器人概念股集体大涨。截至收盘，越疆上涨21.4%，报48.44港元/股；速腾聚创报37.58港元/股，上 涨9.24%；禾赛-W上涨7.93%，报217.8港元/股；优必选上涨4.71%，报144.5港元/股。 2026年马年春晚圆满落幕，首程控股投资和服务企业松延动力、宇树科技、银河通用三家企业同台亮相， 在舞台上展现了中国 ...

2月20日，香港恒生指数、恒生科技指数低开低走，恒生指数一度下跌1.31%，现跌0.68%，恒生科技指 数一度下跌2.7%，现跌2.02%。 编辑|程鹏 易启江 校对|金冥羽 科网股多数下跌，金蝶国际、百度集团跌超5%，阿里巴巴、哔哩哔哩跌超4%，网易跌3.95%，同程旅 行、理想汽车、腾讯音乐等跌超3.3%，小米集团、小鹏集团、小鹏汽车、理想汽车等跌超3%，美团跌 1.83%，腾讯控股跌2.25%，京东集团跌近2%。 港股AI应用股走强，海致科技集团(2706.HK)涨19.25%、MINIMAX-WP(0100.HK)涨11.63%、智谱 (2513.HK)涨18.31%，市值涨至2680亿港元。消息方面，曙光SothisAI近日升级，实现智谱GLM-5、阿 里Qwen3.5大模型全面接入，并进一步简化和优化企业AI平台构建与运营流程。 美的集团（000333）、商汤、地平线机器人上涨。 胜利证券(8540.HK)涨13.12%。消息方面，香港证券及期货事务监察委员会网站更新的信息显示，胜利 数码科技有限公司旗下的虚拟资产交易平台VDX已于2月13日获颁虚拟资产交易平台运营牌照。 部分港股比特币概念股走强 ...

Group 1 - The core viewpoint of the news is that AI concept stocks in the Hong Kong market have seen significant price increases, with notable gains from companies like Zhiyu and Haizhi Technology [1] Group 2 - Zhiyu's stock price increased by 21.06%, reaching 615.000, with a total market capitalization of 27.42 billion and a year-to-date increase of 429.26% [2] - Haizhi Technology Group's stock rose by 20.25%, with a latest price of 144.300 and a total market value of 57.78 billion, marking a year-to-date increase of 433.26% [2] - Other companies such as Xunce and MINIMAX also experienced gains, with increases of over 10% [1][2]

Market Overview - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Rabbit, with the Hang Seng Index down 0.6% to 26,544.62 points, the Hang Seng Tech Index down 2.28% to 5,245.1 points, and the National Enterprises Index down 0.59% to 9,016.99 points [1] - Major technology stocks saw significant declines, including Alibaba down 3.75%, Tencent down 1.97%, and JD Group down 1.42% [1] AI and Robotics Sector - The AI and robotics sectors saw explosive growth, with several stocks reaching historical highs. MINIMAX-WP (00100) surged over 14% to 980 HKD, marking a year-to-date increase of over 450% [2] - The company launched the MiniMax M2.5, a production-grade model designed for Agent scenarios, which has attracted significant developer interest [2] - Zhizhu (02513) opened over 5% higher at 534 HKD, with projections of a 120% compound annual growth rate in revenue from 2025 to 2028 [2] - Aixin Yuanzhi (00600) saw a rise of over 16%, nearing a market capitalization of 20 billion HKD, following the successful testing of its high-end smart driving chip M97 [2] Earnings Disparity - Suton Ju Chuang (02498) reported a significant turnaround, with a forecast of achieving its first quarterly profit of at least 60 million RMB in Q4 2025, indicating a scaling phase for its robotics business [3] - The company Wang Guo Gold Group (03939) anticipates a profit increase of 143%-161% for the 2025 fiscal year, driven by rising gold prices and increased production [3] - Conversely, Shisi Pharmaceutical Group (02005) warned of a profit decline of 45%-60% for 2025 due to factors such as the lack of a major flu outbreak and price reductions in collective procurement [3] Buybacks and Fund Movements - Xiaomi Group-W (01810) repurchased 1.5 million shares for approximately 54.7 million HKD, while NetEase Cloud Music (09899) repurchased 92,400 shares for nearly 15 million HKD [4] - Other companies like Geely Automobile and Meitu also engaged in significant share buybacks [4] - Southbound capital flows showed a mix of cautious sentiment and recovery, with expectations for a rebound in Hong Kong tech stocks amid RMB appreciation [4] Institutional Insights - According to CICC, the recent pullback in Hong Kong stocks is attributed to hawkish expectations from the Federal Reserve and concerns over AI capital expenditures, but there is potential for recovery [6] - Analysts from ING noted that the recent decline in gold prices is a corrective pause, with expectations for strong demand as liquidity in Asian markets improves [6] - Electric equipment stocks rose, with Shanghai Electric up 7.38% and Harbin Electric up 4.45%, as analysts see long-term investment opportunities in the sector due to ongoing electricity shortages in the U.S. [6]

Market Overview - On February 20, the Hong Kong stock market experienced a decline on its first trading day of the Year of the Horse, with the Hang Seng Index, Hang Seng Tech Index, and other indices showing weakness, particularly the Hang Seng Tech Index which fell over 2% [1][8] - The Hang Seng Index closed at 26,544.62, down 161.32 points or 0.60%, while the Hang Seng Tech Index was at 5,245.10, down 122.42 points or 2.28% [2][9] AI and Robotics Sector Performance - Despite the overall market decline, AI application stocks surged, with Haizhi Technology Group rising over 28% to a peak of 154.4 HKD per share, marking a new high since its listing. Other notable gains included Zhiyuan up nearly 20%, and Yujian up over 18% [2][9] - The Spring Festival Gala showcased humanoid robots from four companies, highlighting advancements in robotics and AI technology, which have garnered significant public interest [4][11] - Douyin e-commerce reported a substantial increase in sales of robot products during the Spring Festival, with GMV growing 1680% and order volume increasing 655% from February 16 to 18 [4][11] Industry Insights - Dongwu Securities emphasized that advancements in core robotic capabilities are crucial for the technology's transition from laboratory to factory settings [5][12] - According to a recent report by招商证券, the AI application sector is witnessing simultaneous technological breakthroughs and intensified commercial competition, supported by national strategies for long-term development [6][12] - The report also noted that while index valuations are slightly high, the dual drivers of industry trends and policy benefits suggest potential upward movement in the market [6][12] Storage Sector Developments - On the same day, storage concept stocks in Hong Kong showed slight gains, with companies like 澜起科技 rising over 8% and 兆易创新 nearly 4% [6][12] - Reports indicated that Samsung Electronics is negotiating pricing for its latest generation of AI storage chips, which could be up to 30% higher than the previous generation [6][12]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.18%, the Hang Seng Tech Index down 0.69%, and the Hang Seng China Enterprises Index down 0.19% [1][18] - The market continued to decline, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index reaching a decline of 2.7% at one point [1][18] - By the time of reporting, the major indices had narrowed their losses but remained predominantly in the red [1][18] Sector Performance - The media and consumer sectors experienced widespread declines, with notable drops in companies such as DaMai Entertainment (over 6%), NetEase Cloud Music (over 5%), and Tencent Music (nearly 4%) [2][21] - Conversely, sectors such as oil and petrochemicals, semiconductors, and enterprise services showed resilience, with AI applications gaining significant traction [2][20] AI Sector Highlights - The AI application sector continued its upward momentum, with HaiZhi Technology Group surging over 28% to a peak price of 154.4 HKD per share, marking a new high since its listing [10][27] - ZhiPu Technology's stock reached a peak of 635 HKD per share, reflecting a 25% increase, with a total market capitalization exceeding 270 billion HKD [11][29] - MINIMAX also saw a strong performance, rising over 15% to a peak of 980 HKD per share [30][31] Investment Insights - Recent developments in AI technology, including the integration of major models like ZhiPu GLM-5 and Alibaba Qwen3.5, are expected to enhance the capabilities of enterprise AI platforms [32][33] - The AI sector is witnessing a dual trend of technological breakthroughs and intensified commercial competition, supported by national strategies promoting "Artificial Intelligence+" [33]