Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].

【国联民生电子】春节假期美股港股科技复盘+推荐 春节假期期间，外盘科技股走势强势，CPO和国产大模型领涨市场，我们分别从#海外算力、国产算力、存储 三 条主线总结如下： 1海外算力： ➠CPO：lumentum涨幅18.66%、coherent涨幅14.25%，主要受益于前期FY26Q2公布的cpo和ocs订单超预期，cpo产业 趋势逐渐被市场认可。 ➠云商：Google 涨幅 【国联民生电子】春节假期美股港股科技复盘+推荐 春节假期期间，外盘科技股走势强势，CPO和国产大模型领涨市场，我们分别从#海外算力、国产算力、存储 三 条主线总结如下： 1海外算力： ➠CPO：lumentum涨幅18.66%、coherent涨幅14.25%，主要受益于前期FY26Q2公布的cpo和ocs订单超预期，cpo产业 趋势逐渐被市场认可。 ➠云商：Google 涨幅4.29%，2月19日推出Gemini 3.1 Pro旗舰大模型，推理与代码能力大幅提升。 ARC-AGI-2推理测试得分77.1%（前代仅31.1%），Humanity's Last Exam得分44.4%超越GPT-5.2，SWE-Bench Pro编 程得 ...

2月21日，OpenAI大幅上调未来五年的营收预 大模型动态更新 OpenAI： 2月15日，OpenClaw成为由OpenAI支持的基金会运营的开源项目； 2月16日，OpenAI官宣聘请OpenClaw创始人领导个人人工智能（AI）代理领域，OpenAICEO正计划将多智能体系 统定位为公司下一个产品阶段的核心； 2月19日，OpenAI即将完成超1000亿美元融资，投后估值获将达8500亿美元； 大模型动态更新 OpenAI： 2月15日，OpenClaw成为由OpenAI支持的基金会运营的开源项目； 2月16日，OpenAI官宣聘请OpenClaw创始人领导个人人工智能（AI）代理领域，OpenAICEO正计划将多智能体系 统定位为公司下一个产品阶段的核心； 2月19日，OpenAI即将完成超1000亿美元融资，投后估值获将达8500亿美元； 谷歌 2月20日推出Gemini3.1Pro，核心性能指标较前代版本实现了翻倍增长。 在ARC-AGI-2上，取得了经验证的77.1%成绩，显著超越了市场竞品GPT-5.2与ClaudeOpus4.6。 ArtificialAnalysis的评估显示，Gemin ...

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

2026年春节前夕，MiniMax正式上线新一代文本模型MiniMaxM2.5，参与到大模型厂商密集上新的"春节档"中。在编程能力方面，M2.5 在权威榜单SWE-BenchVerified得分80.2%、Multi-SWE-Bench得分51.3%，较上一代显著提升；在Multi-SWE-Bench等多语言复杂 环境中超越Opus4.6。模型展现出"原生Spec能力"——在编码前主动拆解架构与功能规划，更接近真实架构师的工作模式。 工具调用和搜索能力方面，模型能够自动处理复杂任务，在BrowseComp、WideSearch等多项Agent任务中以更低的轮次消耗取得了更优 的效果，相较于上一代模型表现提升20%。 来源： 上海证券报·中国证券网 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 多家银行，上调存款利率 雷军：春节期间小米汽车因自身故障抛锚，可报销1500元高铁/机票费和 500元住宿费 办公场景中，在Word、PPT、Excel金融建模等Workspace高阶场景中取得了显著的能力提升，在测评框架GDPval-MM与主流模型的对 比中取得了59.0%的平均胜率。 性能之外，M2. ...

Group 1: Technology Developments - ByteDance's chip team has expanded to over 1,000 members, with more than 500 focused on AI chips and around 200 on CPU development, indicating a strong emphasis on chip business due to increasing demand for computing power [2] - JD Technology has launched "JD AI Payment," which utilizes the JoyAI model for various hardware and software applications, enabling AI-assisted payment processes [4] - Baidu has officially launched OpenClaw, an e-commerce plugin that integrates its product knowledge graph with CPS supply chain capabilities, allowing for a streamlined shopping experience [5] - Gaode is set to release its self-developed embodied navigation base model, which has made significant advancements in handling complex tasks in open physical environments [6] Group 2: Corporate Announcements and Events - YingShi Innovation held an annual meeting where it rewarded employees with real estate and cars, showcasing the importance of material incentives alongside personal achievements [3] - Former Honor CEO Zhao Ming announced his new role at Qianli Technology, expressing excitement about contributing to AI business development [9] - Anthropic has completed a funding round at a valuation of $380 billion, raising $30 billion to enhance its enterprise products and models, with annual revenue now at $14 billion [11] - RoboScience has secured several hundred million in Pre-A financing, led by PwC Capital, indicating strong investor interest in machine science [12] Group 3: Product Launches and Innovations - Xiaomi has open-sourced its first-generation robot VLA model, which features 4.7 billion parameters and capabilities in visual language understanding and real-time execution [13] - MiniMax has launched its latest programming model, MiniMaxM2.5, which is positioned as a leading solution in various productivity scenarios, boasting a parameter count of only 10 billion for efficiency [14]

Group 1: Technology Developments - ByteDance's chip team has expanded to over 1,000 members, with more than 500 focused on AI chips and around 200 on CPU development, indicating a strong emphasis on chip business amid increasing demand for computing power [2] - JD Technology has launched "JD AI Payment," which utilizes the JoyAI model for various hardware and software applications, enabling AI-assisted payment processes [4] - Baidu has officially launched OpenClaw, an e-commerce plugin that integrates its product knowledge graph with CPS supply chain capabilities, allowing for a streamlined shopping experience [5] - Gaode is set to release its self-developed embodied navigation base model, claiming to have built the largest embodied navigation data engine in the industry [6] - Xiaomi has announced the open-sourcing of its first-generation robot VLA model, which features 4.7 billion parameters and capabilities in visual language understanding [13] Group 2: Corporate Actions and Investments - Anthropic has completed a funding round, raising $30 billion at a valuation of $380 billion, nearly doubling its previous valuation and positioning it among the most valuable private tech companies globally [11] - RoboScience has announced the completion of a Pre-A round financing, raising several hundred million yuan, with participation from multiple investment firms [12] - Former Honor CEO Zhao Ming has joined Qianli Technology, expressing a long-term commitment to AI as a significant area for future investment [9] Group 3: Market Trends and Consumer Behavior - Taobao's flash sale platform reported that nearly half of the orders from its AI assistant, Qianwen, came from county-level cities, highlighting the growing adoption of AI in e-commerce [7] - Xiaohongshu has announced that AI-generated content must be clearly labeled, aiming to maintain user trust and transparency within the community [8] Group 4: Product Launches and Innovations - Insta360's CEO showcased the "Luna," a handheld gimbal camera set to launch in mid-2026, which is expected to be the first in the market with telephoto capabilities [3] - Samsung Electronics has begun mass production of HBM4 memory, anticipating a threefold increase in sales by 2025 and planning to expand HBM4 production capacity [10]