证券研究报告 | 行业周报 gszqdatemark 2026 02 26 年 月 日 研究特刊 ➢ AI 春节特刊：国内外模型密集迭代，互联网大厂争夺超级入口AI 周观察（260209-260220）：模型密集迭代，入口之争火热；春 节档电影头部单片亮眼，游戏 K 型景气度分化 上周行情复盘 周观点 传媒 1）模型层：2026 春节中国大模型出现高密度"春节档"集中迭代， 重点集中在多模态生成（图像/视频）、编程与 Agent 能力升级。智谱 开源发布 GLM-5 旗舰模型+GLM Coding Plan 涨价，仍面临算力消耗 用量超预期，Token 需求通胀下模型商业化飞轮加速；2）应用层： 多家生态互联网大厂在春节开启"AI 超级入口争夺战"。字节跳动"" 包"、阿里巴巴""问""、腾讯控股""元宝"等是核心玩家，多家以红 包、补贴等方式拉新。春节结束，目前争夺战暂时告一段，从七麦数 据免费榜榜单看，除夕前，问"名次靠前， 包与元宝不分伯仲；除 夕后， 包冲到榜首，问"稳居第二，元宝稍弱。我们认为，从 C 端 行业走势 -20% -8% 4% 16% 28% 40% 2025-02 2025-06 20 ...

Core Insights - The report highlights the performance of various sectors in the A-share market, indicating a mixed trend with certain industries like battery and communication resources leading the gains while others like tourism and media lag behind [6][9][10] - The report emphasizes the importance of macroeconomic data and policy changes in shaping market expectations and investment strategies [8][12][20] Domestic Market Performance - The Shanghai Composite Index closed at 4,147.23 with a gain of 0.72%, while the Shenzhen Component Index closed at 14,475.87 with a gain of 1.29% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.93 and 53.12 respectively, indicating a favorable long-term investment environment [8][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, reflecting a cautious global market sentiment [5] Industry Analysis - The aerospace and media sectors are noted for their strong performance, while the film industry faced a disappointing Spring Festival box office, with total revenue down 40.09% year-on-year [14][15] - The automotive industry is projected to benefit from policies promoting vehicle upgrades, with a target of replacing 500,000 vehicles by the end of 2026 [6][20] Investment Recommendations - The report suggests focusing on sectors such as electric batteries, communication devices, and aerospace for short-term investment opportunities due to their current market strength [12][20] - In the automotive sector, the report recommends monitoring companies involved in intelligent driving and robotics, as these areas are expected to see significant growth [20][28] Key Data Updates - The report notes that the automotive industry saw stable production and sales figures in January 2026, with a total of 245,000 vehicles produced and 234,700 sold [18] - The battery sector reported a 3.31% increase in the index, with a total of 94,500 electric vehicles sold in January, indicating a slight year-on-year increase [37]

阿里巴巴正将其AI攻势延伸至软件开发领域，其云计算部门推出低价编程工具订阅套餐，集成多款国内顶级开源大模型，以极具竞争力的价格争 夺开发者市场。 2月25日，阿里云百炼推出包含Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型API服务的Coding Plan。目前，全球云厂商中仅阿里 云提供这一服务。 定价方面，轻量版首月售价7.9元，次月起40元；专业版首月39.9元，次月起200元。阿里云方面表示，这一套餐的主要受众为开发者群体。用户可 在Qwen Code、Claude Code、Cline等主流AI编程工具之间自由切换。 AI编程工具近期受到市场高度关注。Anthropic旗下Claude模型新功能的推出，已在多个行业引发投资者抛售。 IBM就因Anthropic表示Claude Code可替代运行在其主机上的Cobol语言，周一股价创下2000年以来最大单日跌幅。 （IBM周一重挫超13%） Qwen3.5持续扩列，性能与部署门槛双优化 阿里本月在模型层面动作密集。 继除夕开源Qwen3.5-397B-A17B之后，阿里于2月25日再度开源三款中等规模模型：Qwe ...

| Lite版 Coding Plan 月包 | Pro版 Coding Plan 月包 | | --- | --- | | 首购首月 ¥7.9元 ¥40元 | 首购首月 ¥39.9元 ¥200元 | | 首次续费 ¥20元 ¥40元 | 首次续费 ¥100元 ¥200元 | 阿里云Coding Plan Lite基础套餐可享受每月最多18000次请求，新用户购买首月仅需7.9元；Pro高级套餐可享受每月90000次请求，可完成数千次复杂任 务，新用户首月仅需39.9元，极大地降低高频次编码需求场景的成本。 每经编辑｜蒙锦涛 Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5，一个阿里云套餐全包。 今天咱们不绕弯子，直接聊个最实在的话题：玩OpenClaw（也就是大家俗称的"养龙虾"），怎么才能最省钱、最爽？ 如果你现在还在为每个月高昂的API账单发愁，或者为了用不同模型而在各大平台之间来回切账号，好消息来了。 阿里云刚刚放出的一个大招——推出了一个包含Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大顶尖开源模型API服务的最强Coding Plan。 简单粗 ...

2月25日，阿里云百炼推出包含Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大顶尖开源模型API服 务的Coding Plan（开发套餐）。用户订阅套餐后不再受限于单一模型，可实现多模型自由切换，享受更 稳定、Tokens额度更高的模型服务。据记者了解，截至目前，全球云厂商中仅阿里云提供这一服务。 此次上线的四款模型均为近期AI界备受瞩目的顶级开源模型，且在编程和智能体（Agent）能力上表现 优异，不仅能为OpenClaw等AI工具提供最强大脑，提升Agent的生产力，还有望推动更多元化的 AIAgent应用的诞生。 其中，Qwen3.5创下大模型效率和性价比新高，其总参数3970亿仅激活170亿，在推理、编程、Agent智 能体等全方位基准评估中表现优异；GLM-5是智谱最新的旗舰开源模型，该模型上线后API服务供不应 求；MiniMax M2.5是一款专为Agent场景原生设计的模型，在Excel高阶处理、深度调研、PPT等Office 场景表现优秀；Kimi K2.5在编程、智能体等能力上也实现大幅提升。 有机构预测，中国AI Agent市场规模将在2028年突破3.3万亿 ...

北京商报讯（记者 魏蔚）2月25日，阿里云百炼推出包含Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5 四款开源模型API（应用程序编程接口）服务的Coding Plan（编程模型订阅服务）。用户订阅套餐后不 再受限于单一模型，可实现多模型自由切换。Coding Plan Lite基础套餐可享受每月最多1.8万次请求， Pro高级套餐可享受每月9万次请求。用户订阅后，可在Qwen Code、Claude Code、Cline、OpenClaw等 AI工具上无缝切换使用这些模型。 ...

智通财经APP获悉，2月25日，阿里云官方账号宣布，阿里云Coding Plan订阅服务全面上线Qwen3.5、 GLM-5、MiniMax M2.5、Kimi K2.5四大顶尖开源模型。用户订阅套餐后，可在Qwen Code、Claude Code、Cline、OpenClaw等AI工具上自由切换使用这些模型，享受更稳定、Tokens额度更高的模型服 务。目前，全球云厂商中仅阿里云提供这一服务。 阿里云Coding Plan Lite基础套餐可享受每月最多18000次请求，新用户购买首月仅需7.9元；Pro高级套餐 可享受每月90000次请求，可完成数千次复杂任务，新用户首月仅需39.9元，极大地降低高频次编码需 求场景的成本。 据介绍，此次上线的四款模型均为顶级开源模型。其中，除夕开源的原生多模态模型Qwen3.5以小胜 大，创下大模型效率和性价比新高，其总参数3970亿仅激活170亿，在推理、编程、Agent智能体等全方 位基准评估中表现优异。 GLM-5是智谱最新的旗舰开源模型，该模型上线后API服务供不应求；MiniMax M2.5是一款专为Agent 场景原生设计的模型，在Excel高阶处理、深度 ...

2月25日，阿里云百炼推出包含Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大顶尖开源模型API服 务的最强Coding Plan。用户订阅套餐后不再受限于单一模型，可实现多模型自由切换，享受更稳定、 Tokens额度更高的模型服务。目前，全球云厂商中仅阿里云提供这一服务。 ...

Core Insights - The AI Spring Festival this year has been likened to a grand entertainment event, igniting both traffic and capital in the industry [2] - The release of multiple AI models during the Spring Festival has marked a significant shift towards "Agentic AI," moving away from traditional large language models (LLMs) [4][19] - The capital market has reacted positively, with stocks of AI companies like MiniMax and Zhiyuan reaching new highs, indicating strong investor interest [4][16] Group 1: Market Dynamics - The AI interaction on the day of the CCTV Spring Festival Gala reached 1.9 billion, marking a national-level AI moment [3] - Several AI applications saw record downloads during the Spring Festival, indicating a widespread adoption of AI tools among the public [3] - The number of capable and well-funded model developers in China's AI market has decreased from over 200 to less than 10, highlighting a consolidation trend [5] Group 2: Model Releases and Trends - Key models such as GLM-5, Doubao 2.0, and Qwen 3.5 were launched in quick succession, emphasizing advancements in multi-modal recognition and task execution capabilities [4][10] - The focus has shifted from merely increasing parameter size to enhancing execution capabilities and cross-application operations [4][19] - The release of new models has been strategically timed to coincide with high traffic events, such as the Spring Festival, to maximize user engagement [11][12] Group 3: Competitive Landscape - Major companies like Alibaba and ByteDance are competing for traffic and user engagement through model upgrades and promotional activities [6][12] - Startups like Zhiyuan and MiniMax are focusing on direct commercialization of their models, differentiating their strategies from larger firms [15] - The competition between established players and startups is intensifying, with both sides aiming to capture market share and user demand [16][36] Group 4: Financial Implications - Following the model releases, MiniMax and Zhiyuan's stock prices surged, with both companies achieving market capitalizations exceeding 300 billion HKD [4][16] - The AI market is witnessing a structural transformation, with a significant increase in token usage driven by the rise of Agent models [22][23] - The demand for AI capabilities is reflected in price adjustments, such as Zhiyuan's 30% increase in its GLM Coding Plan, indicating a shift in supply-demand dynamics [5][28] Group 5: Future Outlook - The current trends suggest that 2026 could be a pivotal year for AI commercialization, as models increasingly target user-paid scenarios [19][27] - The rise of Agentic AI is expected to redefine the landscape, with a focus on automating tasks and continuous API calls [19][25] - The ongoing developments in AI capabilities indicate a potential for significant advancements in productivity and user engagement, although challenges remain in terms of deployment and security [30][36]

Core Viewpoint - The artificial intelligence (AI) industry is experiencing a significant surge, driven by the release of new AI models and a shift in focus towards productivity and efficiency in AI applications [1][2]. Group 1: Market Performance - As of February 24, 2026, the CSI Artificial Intelligence Theme Index (930713) rose by 1.29%, with notable gains from stocks such as Runze Technology (up 20.00%), Beijing Junzheng (up 3.52%), and Xiechuang Data (up 2.88%) [1]. - The AI Artificial Intelligence ETF (512930) increased by 1.10%, with the latest price reported at 2.3 yuan [1]. Group 2: Industry Developments - During the Spring Festival, both domestic and international AI developments accelerated, with major companies releasing updated AI models, including ByteDance's Seedance 2.0, Alibaba's Qwen 3.5, and Google's Gemini 3.1 Pro [1]. - The focus of the current AI model updates has shifted from a "parameter competition" to a "productivity competition," emphasizing the ability of models to solve complex real-world tasks [1]. Group 3: Index Composition - The CSI Artificial Intelligence Theme Index comprises 50 listed companies that provide foundational resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [1]. - As of January 30, 2026, the top ten weighted stocks in the index include Zhongji Xuchuang, Xinyi Sheng, and Hanwujing, accounting for a total of 57.27% of the index [2].