炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 春节大战，全员在岗。 作者/冯雨晨 报道/投资界PEdaily 一批人开始复工，一批人则陆续放假。 回到春节前夕，大厂同事圈中一则帖子流传：某宝作为重点项目团队全员留守，原则上不批假，工资按 照工资三倍支付。 一位参与加班的腾讯元宝人士告诉投资界：春节加班是要支持元宝的春节活动，另一方面，则是等待 Deepseek V4模型的更新。 没有人敢掉以轻心。时间回到1月底，腾讯掌门马化腾在公司年会上宣布，旗下AI应用腾讯元宝将启动 春节分10亿元现金活动。"希望重现当年微信红包摇一摇绑定数亿用户的盛况"，马化腾当时如此定调。 外界可能不知道，去年DeepSeek爆火之际，元宝宣布接入满血版DeepSeek R1，从原本只依赖自研模型 转向支持多模型的产品策略。这一策略延续至今天，而在春节前夕，市场频频传出DeepSeek要在春节 期间更新上线V4版本。 如此一来，超级流量与氛围狂欢中，叠加可能到来的DeepSeek更新，腾讯无疑想把技术保障做好。于 是，打工人们来到加班"作战"状态。 同时，字节有些外地团队奔赴北京留守，将在春节期间支持豆包。 ...

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...

Group 1: Citigroup and Banamex Divestiture - Citigroup is nearing a deal to sell stakes in its Mexican consumer banking arm, Banamex, to Blackstone and the Co-CEOs of Televisa, following a previous $2.3 billion sale of a 25% stake to Fernando Chico Pardo in late 2025 [2][10] - This divestiture is part of CEO Jane Fraser's strategy to simplify the bank's global footprint and focus on higher-return institutional businesses, with plans for an initial public offering (IPO) for the remaining portion of Banamex in 2026 [3][10] - The Banamex divestiture remains a core strategic priority for Citigroup as it prepares for the full IPO expected later in 2026 [10] Group 2: DeepSeek V4 and Nasdaq Valuations - The anticipated release of DeepSeek V4, a new large language model from a Chinese AI firm, is expected to challenge the high-margin hardware model currently dominated by Nvidia, potentially leading to a rough period for Nasdaq tech stocks [4][10] - Analysts warn that if DeepSeek demonstrates that advanced AI can be run on significantly cheaper hardware, it could trigger a valuation correction for major tech stocks like Microsoft and Alphabet [5] Group 3: Eurozone Inflation Divergence - The European Central Bank (ECB) faces a policy dilemma as inflation trends diverge in Germany and France, complicating the maintenance of a unified interest rate policy for the Eurozone [6][7] - Germany is experiencing persistent price pressures, while France's inflation has dipped below the ECB's 2% target, suggesting a need for monetary easing to prevent economic slowdown [6][7]

Core Insights - The AI programming competition has reached a new peak with the leaked benchmark results of DeepSeek V4, which achieved an impressive score of 83.7% on SWE-bench Verified, surpassing Claude Opus 4.5 (80.9%) and GPT-5.2 (80%) [1] - DeepSeek V4 is expected to be released on February 17, with costs reportedly 20 to 40 times cheaper than OpenAI, potentially changing the competitive landscape [1] Group 1 - DeepSeek V4's benchmark results indicate it has achieved significant advancements in AI capabilities, including a context length of over 1 million and an Engram memory mechanism, suggesting superior reasoning abilities [1] - The anticipated release date of DeepSeek V4 is February 17, which could position it as a leading model in the AI space [1] Group 2 - There are doubts regarding the authenticity of the leaked benchmark tests, with claims that scores above 99.2% are not possible under official scoring systems, indicating potential misinformation [2] - Despite the skepticism surrounding the leaked data, the attention and hype around DeepSeek suggest it has garnered significant interest and support within the AI community [2]

【导读】 确认了！DeepSeek昨晚官宣网页版、APP更新，支持100k token上下文。如今，全网 都在蹲DeepSeek V4了。 传言中的DeepSeek V4，愈加迫近了！ 经过数日的灰度测试，昨晚，DeepSeek正式官宣对网页端、APP端进行了更新—— 全新长文本模型结构测试中，支持最高100万token上下文。 不过，API玩家还要再等一等，目前仍为V3.2，支持128k上下文。 这种「挤牙膏」式的惊喜释放，已经让许多人陷入了催更的狂欢。如今，全网都在屏息以待V4的正式 降临。 DeepSeek更新后，突然变冷 这几天，很多人都发现突然间，DeepSeek的性格变了。 曾经那个善解人意的AI，回复态度异常冷淡，甚至有网友吐槽它说话「阴阳怪气」。 一时间，「DeepSeek被指变冷淡了」直冲微博热搜，小红书、知乎上满是人们的不解与吐槽。 这场风波源于2月11日的一次「灰度更新」，也就是这一次官宣更新的内容。 当时，网友们发现让DeepSeek做介绍时，它直接吐出了让人意想不到的信息—— 上下文来到了100万token； 知识库截止日期，更新到了2025年5月。 至此之后，许多经常用DeepSe ...

Group 1 - Elon Musk predicts that AI will eventually write binary code, making programming obsolete as it takes over the entire process from demand to execution [1] - The AI programming sector is heating up, with major companies like ByteDance, MiniMax, and Zhizhu launching new models focused on programming capabilities [1] - ByteDance's Doubao 2.0 series includes a Code model aimed at enhancing code library interpretation and application generation [1] Group 2 - Anthropic's report indicates that AI is transforming software development, reducing project timelines from months to weeks, but suggests that programmers will not disappear entirely [2] - The report highlights that tools like Claude and Cursor are demonstrating strong commercial viability due to significant efficiency improvements [2] - Grand View Horizon forecasts that the global AI code tools market will reach $26 billion by 2030, indicating substantial growth potential [2]

早上好，今天是除夕，来看一下春节长假期间需要关注哪些热点。 春节长假热点前瞻 2月20日，"美联储最爱通胀指标"2025年12月PCE数据及第四季度GDP初值将公布。此外，美联储1月FOMC会议纪要将在2月18日发布。 乌克兰总统泽连斯基表示，如果俄罗斯方面同意，新一轮的和平谈判可能于2月17日或18日在美国举行。 日本政府已确定将于2月18日召集特别国会，现任高市内阁将集体辞职，新一任首相将投票选出。 DeepSeek V4预计2月中旬面世，重点改进编程能力。内部初步测试表明，V4在编程能力上超过了目前市场上的其他顶级模型，如Anthropic的Claude和 OpenAI的GPT系列。 2月15日至20日，首届印度人工智能峰会在新德里举行，英伟达CEO黄仁勋、谷歌CEO皮查伊等全球科技领袖确认参会。 美国最高法院定于2月20日宣判，就特朗普关税案作出裁决。大法官们预计还将在2月24日和25日发布判决，全球正屏息以待一项可能废除特朗普标志性关 税政策的裁决。美国联邦政府数据显示，这些争议性关税每月让进口商损失超过160亿美元。如果法院裁定关税违宪，将成为特朗普重返白宫以来面临的 最大法律挫败。该案件涉及对加 ...

Group 1 - The article emphasizes the importance of domestic demand in China's economic strategy, aiming to build a strong domestic market and promote consumption and investment [1] - The Chinese government will implement a visa-free policy for ordinary passport holders from Canada and the UK starting February 17, 2026, facilitating business and tourism for up to 30 days [2] - The National Investment Fund has introduced a compensation plan for investors affected by valuation adjustments, with over 90% of investors expected to receive full compensation [2] Group 2 - The A-share market has entered a "Spring Festival holiday" mode, with significant events expected during this period, including the release of flagship models like DeepSeek V4 [2] - The China Securities Regulatory Commission has launched a package of measures to optimize refinancing, which is seen as a positive development for the investment banking sector [5] - Several listed companies in the food and beverage sector are preparing for the Chinese New Year by offering pre-packaged meal options, indicating a strategic focus on seasonal consumer demand [5] Group 3 - The nuclear power industry is experiencing a revival driven by AI demand, with high growth potential and profit margins expected to lead to a revaluation of the sector [6] - The digital RMB is being promoted through various consumer incentive programs, indicating a push towards digital consumption and financial inclusion [9] - The banking sector is facing regulatory scrutiny, with significant fines imposed on major banks for various violations, highlighting the need for compliance and risk management [10]

周三(2月18日)：美联储1月FOMC会议纪要公布。 周五(2月20日)：美国12月PCE数据及第四季度GDP初值；美国最高法院定于2月20日宣判，就特朗普关 税案作出裁决。 中国宏观 本周，春节迎来史上最长假期，2月15日至23日放假调休，A股休市。 来源：智通财经 智通财经2月16日讯（编辑 冯轶）智通财经为您带来本周港股要闻： 海外宏观 周一(2月16日)：欧元区财长将于2月16日将讨论发行欧元计价稳定币及增加欧盟联合债券等方案，以提 升欧元的国际货币地位。 周二(2月17日)：乌克兰准备于2月17日或18日在美国举行会晤。 行业动态 周一(2月16日)：首届印度人工智能峰会将在新德里举行，英伟达CEO黄仁勋、谷歌CEO皮查伊等全球 科技领袖确认参会。 周三(2月18日)：谷歌发布Pixel 10a手机。 港股要闻 周一(2月16日)：港股除夕半日市，周二至周四休市。 周五(2月20日)：港股开盘。 此外，AI成为春节假期绝对主角，国内方面，DeepSeek V4预计春节面世，字节、阿里等巨头齐聚"春 节档"发布新模型或应用， ...

Core Viewpoint - The article highlights significant upcoming economic events and data releases, particularly focusing on the AI industry during the Chinese New Year, macroeconomic indicators, and geopolitical developments that may impact global markets [6][7][11]. Group 1: AI Industry Developments - The "AI Spring Festival" is set to be a major theme, with the first Indian AI Summit featuring prominent tech leaders like NVIDIA's CEO Jensen Huang and Google's CEO Sundar Pichai from February 15 to 20 [9][10]. - DeepSeek's new flagship model V4 is expected to be released around mid-February, showcasing improvements in programming capabilities that may surpass existing top models in the market [8]. - Google is set to launch the Pixel 10a smartphone and Android 17 Beta 1 on February 18, coinciding with the AI developments [12]. Group 2: Key Macroeconomic Data and Policy - The U.S. Federal Reserve will release the December PCE inflation data and the fourth-quarter GDP initial estimate on February 20, with expectations of a 0.3% month-on-month increase in core PCE, raising the year-on-year rate to 2.9% [7]. - The fourth-quarter GDP growth is projected to reach 3.0%, exceeding market expectations of 2.8% [7]. - The FOMC meeting minutes from January are anticipated to show increasing support for a prolonged pause in interest rate cuts, although inflation trends may allow for a potential 100 basis points cut later in the year [7]. Group 3: Geopolitical and Market Events - The longest Chinese New Year holiday, lasting nine days from February 15 to 23, will see major stock exchanges, including those in China and Hong Kong, closed [13][14]. - The U.S. Supreme Court is scheduled to rule on the constitutionality of tariffs imposed by former President Trump on February 20, which could significantly impact trade policies and result in over $16 billion in monthly losses for importers if deemed unconstitutional [11]. - Japan will hold a prime ministerial election on February 18, with the current cabinet expected to resign, which may lead to fluctuations in the yen's exchange rate [19].