2026 年 02 月 26 日 ledi/229 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究反馈 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com Seedance2.0 突破, Al 视频 格局及产业链机遇 ——GenAl 系列报告之 69 暨 Al 应用深度之四 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ...

金山云庆阳公司内景。 今年是庆阳加快建设国家算力枢纽、推动数字经济高质量发展的关键之年。金山云相关负责人表示，将 坚决贯彻落实庆阳市委、市政府各项工作部署，持续加大投入、加快建设、做强生态、赋能地方，奋力 续写深耕庆阳、服务庆阳的新篇章；稳步推进"一带一路"智算中心等重点项目建设，2026年计划在庆完 成投资超60亿元以夯实发展基础；依托庆阳区位、政策、网络等优势扩大基地算力规模，提升调度与服 务能力，全力打造立足庆阳、辐射全国、西北领先的智算中心标杆，年内实现在庆单一企业算力投资规 模超10万P；围绕算力核心能力深化与金山生态、小米生态、高校、科研院所等多方合作，以商招商、 强链补链，力争带动政务办公、工业设计、跨境数据服务等多领域生态场景落地，加快构建"算力+算 法+应用+服务"全链条数字产业体系；主动对接庆阳经济社会发展需求，推动算力与能源、文旅、现代 农业、城市治理等领域深度融合，以数字技术赋能传统产业转型升级，为庆阳建设陇东综合能源化工基 地、打造数字经济创新发展新高地贡献力量。 （作者：刘阳 陈思） 在近日召开的庆阳市招商引资大会上，金山云庆阳公司因工作成绩突出作交流发言。作为全国领先的云 计算、 ...

②大型科技股多数上涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊 涨逾1%，英伟达、Meta小幅上涨，谷歌小幅下跌； ③中概股多数上涨，万国数据涨超6%，世纪互联涨逾6%，小鹏汽车涨超6%，大全新能源涨逾6%，晶 科能源涨近5%，霸王茶姬涨近5%，金山云涨超4%，好未来涨逾3%。跌幅方面，禾赛科技跌超2%，再 鼎医药跌逾1%，小马智行跌超1%； ①美国三大股指全线收涨，道指涨0.76%报49174.5点，标普500指数涨0.77%报6890.07点，纳指涨1.04% 报22863.68点； ⑦纽约尾盘，美元指数涨0.17%报97.90，离岸人民币对美元上涨95.0个基点报6.8798； ⑧伦敦基本金属全线上涨，LME期锡涨5.41%报50300.0美元/吨，LME期镍涨3.66%报17915.0美元/吨， LME期铜涨2.54%报13195.0美元/吨，LME期锌涨0.98%报3387.5美元/吨，LME期铝涨0.68%报3110.5美 元/吨，LME期铅涨0.44%报1959.5美元/吨； ⑨美债收益率涨跌不一，2年期美债收益率涨2.73个基点报3.461%，3年期美债收益率涨 ...

2026年2月24日凌晨，对于全球投资者来说，又是一个不眠之夜。 美国股市在周一交易时段上演了一场惊心动魄的大跳水，三大主要指数全线重挫，跌幅均 超过1%。 道琼斯工业平均指数一口气跌掉了821.91点，收盘报在48804.06点，跌幅达到1.66%。 标准普尔500指数下跌了71.76点，收于6837.75点，跌幅为 1.04%。 以科技股为主的纳斯达克综合指数也未能幸免，下跌258.80点，收于22627.27点，跌幅为1.13%。 整个市场一片哀嚎，数据显示当天有接近4000只 个股收跌，上涨的股票只有1000多只，市场情绪跌至冰点。 | 这场暴跌并非毫无征兆，但其猛烈程度依然超出了许多人的预期。 | | --- | | 盘面上，软件服务、信息技术服务、金融等板块成为了重灾区，跌幅居前。 | 而贵金属和有色金属板块则逆势走强，成为少数上涨的亮点。 这种板块间的极端分化，清晰地揭示了资金在恐慌情绪下的流向——从高风险的风险资产流 向黄金等传统的避险资产。 现货黄金价格在当天站上了每盎司5200美元的关键关口，日内涨幅超过2%。 在众多下跌的股票中，有一家百年老店的惨状格外引人注目。 国际商业机器公司，也就 ...

Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Global financial markets are affected by multiple factors including geopolitical tensions, tariff policies, and corporate earnings, leading to significant fluctuations in various asset classes. For example, the US stock market declined due to Trump's tariff plan and EU's suspension of the trade - agreement approval, while the precious metals market rose due to increased risk - aversion [5][6]. - The energy market is influenced by the Iran - US nuclear negotiation, with expectations of increased Iranian oil supply putting downward pressure on oil prices [7]. 3. Summary by Directory Overnight Night - Market Trends - **Stock Markets**: US major indices (Dow, S&P 500, Nasdaq) fell, with IBM and American Express leading the decline. European indices (DAX, CAC40, FTSE 100) also closed lower. The reasons include Trump's tariff plan and EU's suspension of trade - agreement approval [5]. - **Precious Metals**: COMEX gold and silver futures rose due to increased risk - aversion from geopolitical tensions, tariff policy changes, and other factors [6]. - **Energy**: US crude oil and Brent oil futures fell as the Iran - US nuclear negotiation showed signs of progress, increasing the expectation of more Iranian oil supply [7]. - **Base Metals**: Most London base metals declined, except for LME tin which rose [7]. Important News Macro News - Shanghai Export Container Settlement Freight Index for European routes dropped 2.1%. The US will stop collecting certain illegal tariffs. There is still a risk of US military strikes against Iran. India postponed a trade delegation plan. China is assessing the impact of US tariff rulings and urges the US to cancel unilateral tariffs. The EU suspended the approval of a trade agreement with the US. The Trump administration is considering new "national security tariffs" [9][11]. Energy Futures - Saudi Aramco sold condensate oil. Methanol supply in Southeast Asia is restricted due to planned maintenance. Goldman Sachs and Morgan Stanley have different forecasts for oil prices, with Goldman Sachs raising price forecasts for Q4 2026 and 2027, and Morgan Stanley expecting a short - term increase followed by a decline [14][16][18]. Metal Futures - The US energy storage market is expected to grow 21%. Lebanon may sell part of its gold reserves. UBS is positive on gold, with a target price of $6200/ounce [20][21]. Black - Series Futures - China's iron ore arrivals decreased, but global iron ore shipments increased. Vietnam plans to build a large - scale steel plant. The blast furnace capacity utilization rate of Chinese pig - iron enterprises decreased, and inventory increased [23][25]. Agricultural Products Futures - Malaysian palm oil production and exports decreased in February. Argentina's soybean moisture conditions improved, and the production forecast remains unchanged [27][28]. Financial Markets Financial - 143 companies have submitted IPO applications in the Hong Kong stock market in 2026. Deloitte predicts a better performance in the Hong Kong IPO market this year [30]. Industry - Payment transactions on Chinese New Year's Eve increased. The real - estate market may show more stabilization signals. China's AI governance system is maturing [31]. Overseas - The US may adjust tariff application methods and continue steel - aluminum tariffs. The Fed has about 75 basis - points to reach the neutral rate. India plans to invest $200 billion in AI. The Australian central bank may tighten policy. UK unemployment reached a new high [32][34][35]. International Stock Markets - US and European stock markets rose, while the Japanese market fell. High - end companies made significant stock - position adjustments. The UK may adjust accounting rules to attract Chinese companies. Australia simplifies corporate governance rules. Some companies announced major transactions or reported good earnings [36][38][41]. Commodities - Precious metals, oil, and most base metals futures fell due to factors such as progress in the Iran - US nuclear negotiation and reduced risk - aversion [43]. Bonds - US Treasury yields had mixed changes. Japanese bonds rose, and the 2029 fiscal - year bond issuance may increase [45]. Foreign Exchange - The US dollar index rose slightly, and most non - US currencies fell [46]. Upcoming Economic Data and Events - **Economic Data**: Include Japan's trade balance, UK's inflation and housing - price index, US's new - home construction, and other data [48]. - **Events**: New Zealand's central - bank rate decision, European Central Bank officials' speeches, and the Fed's release of meeting minutes [50]. - **Market Closures**: Chinese, South Korean, and Vietnamese stock markets are closed due to the Spring Festival [52].

每经AI快讯，2月24日，中概股多数下跌，纳斯达克中国金龙指数跌0.95%。金山云跌近9%，BOSS直聘 跌超6%，世纪互联跌逾5%，唯品会跌逾4%；蔚来涨逾4%，百胜中国涨近3%。 ...

Group 1 - Century Internet experienced a decline of 9.42% [1] - Yika Technology saw a drop of 5.99% [1] - Jinsheng Amusement fell by 6.32% [1] - Huya decreased by 5.39% [1] - Kingsoft Cloud declined by 3.50% [1]

Group 1 - The Nasdaq Golden Dragon China Index decreased by 0.10% on February 18 [1] - Individual stocks showed mixed performance, with Hesai Technology rising nearly 4% and Huazhu Group increasing by nearly 3% [1] - ZTO Express saw an increase of over 2%, while TAL Education and Tencent Music both dropped by over 3% [1] Group 2 - Kingsoft Cloud and Beike both experienced declines of over 2% [1]

Group 1 - Popular Chinese concept stocks mostly rose before the market opened on February 17, with Hesai up nearly 4%, Kingsoft Cloud up over 3%, and Baidu up over 1% [1] - AI application stocks declined, with SAP SE down nearly 3%, Applovin down nearly 2%, and both Palantir and Snowflake down over 1% [1]

Group 1 - The core viewpoint of the article highlights the performance of popular Chinese concept stocks, with most showing an upward trend in pre-market trading [1] - Hesai Technologies saw an increase of nearly 4% [1] - Kingsoft Cloud experienced a rise of over 3% [1] - Baidu's stock price increased by more than 1% [1] Group 2 - In contrast, AI application stocks faced declines, with SAP SE dropping nearly 3% [1] - Applovin fell by nearly 2% [1] - Both Palantir and Snowflake saw declines of over 1% [1]