Group 1 - The Chinese technology industry has initiated an "AI model war" since before the Spring Festival, with a dense release and continuous upgrade of domestic AI models [1] - American analysts assert that the impact of Chinese technology on the world is just beginning [1] - Following the release of domestic models, several Chinese chip companies have quickly announced the completion of compatibility with these models, allowing large models to run on their chips and meet expected performance [1] Group 2 - Foreign media reports indicate that each new achievement released by China this week demonstrates the ability to achieve greater breakthroughs with fewer resources [1]

The partnership will integrate Myelin’s edge-first AI stack directly into ASM’s engineering design-led manufacturing portfolioMyelin Foundry provides AI solutions for edge devices for the media and entertainment and automotive sectorsASM Technologies said that its board approved the investment proposal to acquire an aggregate 20% stake in the startupAI startup Myelin Foundry is raising ₹48 Cr (around $5.3 Mn) from listed digital services provider ASM Technologies.In an exchange filing, ASM Technologies said ...

Core Viewpoint - The silver market experienced extreme volatility in 2025 and early 2026, driven by liquidity influx, strong industrial demand, and self-reinforcing market sentiment, leading to a dramatic price surge followed by a sharp decline [1][3][5][8]. Group 1: Liquidity and Market Dynamics - In 2025, the Federal Reserve's interest rate cuts led to a surge in liquidity, attracting significant capital into the silver market, which has a total market value only one-tenth that of gold [3]. - The influx of retail and speculative investors, drawn by low prices, resulted in unprecedented premiums for silver funds and record-high open interest in COMEX silver futures [3]. - The market's structure became increasingly crowded with long positions, setting the stage for a sharp correction when prices began to fall [9]. Group 2: Industrial Demand - Silver transitioned from being a mere precious metal to a critical industrial component, particularly in the photovoltaic sector, which consumed about one-sixth of the global silver production in 2025 [4]. - The demand for silver surged due to advancements in high-efficiency battery technologies and the expansion of data centers and electric vehicles, while supply remained rigid due to the nature of silver extraction [4]. - The London Bullion Market Association reported that deliverable silver stocks fell to levels sufficient for only 1.2 months of global consumption, indicating a precarious supply situation [4]. Group 3: Market Sentiment and Price Fluctuations - By the end of 2025, social media buzz around silver investments created a speculative bubble, with prices soaring over 140% throughout the year [5]. - On January 29, 2026, silver prices peaked at $121.65 per ounce before a sudden collapse triggered by the nomination of a hawkish Federal Reserve chair, which reversed market expectations for further rate cuts [8]. - The market's fragile structure led to a cascade of forced liquidations, resulting in a record single-day price drop of over 35%, with prices plummeting to near $74 [9]. Group 4: Long-term Supply and Demand Outlook - Despite the short-term volatility, the World Silver Survey projected a supply deficit of 67 million ounces in 2026, indicating persistent structural demand from industries like photovoltaics and AI [11]. - The rising silver prices have pressured manufacturers, particularly in the photovoltaic sector, to innovate and reduce silver usage, potentially impacting long-term demand growth [15]. - Silver's dual role as both an industrial metal and a financial asset creates a complex market dynamic, with its price sensitivity to monetary policy and industrial demand [12][15].

21世纪经济报道记者黄子潇 A股尚处春节休市期，港股已抢先开市。 大年初四（2月20日），港股迎来马年首个交易日。截至收盘，恒生指数跌1.10%，恒生科技指数跌2.91%。 尽管大盘的"开门红"未能如愿，但"春晚效应"正在显现，多只机器人概念股逆势走高。 同日，香港交易所、香港黄金交易所均举行新春开市仪式，港交所主席唐家成表示，今年以来已有24只新股上市，募资金额超过870亿港元，目前有488家企 业正在排队等候上市。"希望港股市场气氛能一直延续整个马年。"他表示。 此外，香港金市收获红盘。 港交所举行马年新春开市仪式。来源：港交所官网 恒指走弱收跌，机器人板块逆势上涨 2月20日，恒生指数低开后维持震荡，截至收盘全日下跌1.1%；恒生科技指数受软件板块拖累表现较弱，收跌2.91%。 从成交量来看，恒生指数、恒生科技指数等交易量均较节前（2月13日）降幅近40%，原因或为港股通的缺席。Wind数据显示，2025年港股通成交额占港股 市场总成交比例约55.3%。春节休市时间表显示，2月14日至2月23日，A股、沪/深港通（北向）、港股通（南向）均处于休市期，而港股在除夕（2月16 日）开市半日，在初四（2月20 ...

Core Insights - TTM Technologies (TTMI) is transitioning into a significant player in the AI and defense industry infrastructure, moving away from its previous reliance on cheap consumer electronics and market fluctuations [1] Company Overview - TTM Technologies has evolved from a company dependent on consumer electronics to one focused on high-growth sectors such as AI and defense [1] Investment Strategy - The investment strategy emphasizes growth by identifying fundamental momentum indicators such as EPS, ROE, and revenue, along with price-volume confirmation and macroeconomic filters [1] - The analysis incorporates econometric tools to assess market direction, cycles, and behavior [1] Analyst Background - The analyst managing personal capital since 2020 has a background in Business Administration and Economics, currently pursuing a master's in Finance with a thesis on the impact of financial results announcements on stock returns and trading volumes in micro-cap gold mining companies [1]

2月20日，港股迎来马年首个交易日。截至收盘，恒生指数报26643.69，跌0.98%，恒生科技指数报 5222.75，跌2.70%。尽管大盘走弱，但人工智能与机器人概念股集体逆市大涨，多只个股再创历史新 高，表现亮眼。 前海开源基金首席经济学家杨德龙认为，从投资的角度来看，机器人预计有三年左右的比较好的投资机 会，2025年相当于是炒概念的阶段，2026年进入到炒订单的阶段，2027年进入到炒业绩的阶段。在2025 年，那些宣布要做机器人相关业务的零部件公司都大涨，但是大家无法分辨哪家公司最终会获得大厂订 单；到2026年，就要逐步来看哪家能拿到大厂的订单，比如进入特斯拉机器人产业链、进入宇树机器人 产业链等等，有可能就会聚焦订单炒作；到2027年就要进入到业绩兑现阶段，看最终能不能释放出业 绩。 2月20日，港股开盘后，AI与机器人概念股全线爆发，机器人概念股中，越疆盘中一度涨超24%，截至 收盘涨21.40%，首程控股涨11.90%，速腾聚创涨9.24%，禾赛-W涨7.93%，优必选、三花智控分别上涨 4.71%、5.57%。 （文章来源：南方都市报） 东吴证券机械研究团队发布观点表示，机器人核心能力进 ...

截至发稿，AI大模型公司智谱和MiniMax在香港分别上涨31%和13%，延续1月上市以来的强势，两只股票累计涨幅均已超过四倍。 $$\begin{array}{l}{{\phi_{\blacksquare}\supset\exists t}}\\ {{\models\bot\vdash}}\end{array}$$ 港股农历新年假期后复市，科技股走出分化行情，生成式AI初创公司大涨，传统互联网巨头回调，资金偏好正从"综合平台"转向更纯粹的AI标的。 中国人形机器人春晚炫酷表演 点燃香港股市投资者的热情。机器人板块的优必选周五在香港一度上涨13%，越疆一度飙升近23%，创4月份以来最大盘中涨 幅。 华尔街机构对MiniMax的态度也在为行情提供支撑。摩根士丹利，Jefferies和瑞银已完成对MiniMax的覆盖，评级相当于"买入"。 其中，瑞银给出的目标价为1000港元。Morgan Stanley预计，MiniMax收入到2027年可能达到约7亿美元，意味着未来两年存在最高约十倍的增长空间。 互联网巨头回调，投入与回报被重新定价 阿里巴巴和腾讯在假期期间披露的运营数据并不弱，但市场焦点转向"投入与回报"。 ...

2025年12月4日，白宫发布了2025年版的《美国国家安全战略》。这份由川总亲自签署的文件正式宣布，从前那个喜欢到处管 闲事的世界警察不复存在了，取而代之的是一个只认钱不认人的国家级加钱哥。川总对这份文件所规划的纲领非常满意，他在 序言中明确写道，这份文件，是确保美国继续成为人类历史上最伟大、最成功国家的路线图。 我在之前的很多篇文章里都提过一个概念，川总是个商人，并且也擅长经商，在他荣登大典之后，他就是用管理公司的理念来 管理美国这台庞大老旧的国家机器的。 在川总的眼中，美国的本质就是一家大公司，以前公司效益好，除了给自己员工升职加薪和带薪假期以外，公司还愿意拿出不 少钱来做公益活动，比如说搞搞价值观输出啊，提携一下全球的小弟啊，跑去中东调节邻里矛盾等等。这些公益活动有助于公 司形象的提升，从长远来看，公司可能会因此获得很多意想不到的回报，但是这些回报并非是直接收益，回报周期可能会比较 长。 但是现在的局面不同了。公司的基本面恶化，财务压力越来越大，通胀压力和债务压力像是两个相互掣肘的死对头，让公司管 理层左右为难。川总是个精明的商人，非常看重投入产出比，他绝不能容忍钱花出去了，但是回报未知。 所以我们在 ...

机器人、AI概念股逆市大涨。 2月20日，港股节后恢复交易，主要指数均低开，随后跌幅扩大。截至发稿，恒生指数跌约1%，恒生科 技指数跌超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26420.63 | -285.31 | -1.07% | | HSTECH | 恒生科技 | 5228.51 | -139.01 | -2.59% | | HSBIO | 恒生生物科技 | 15851.11 | 53.47 | 0.34% | | HSCEI | 恒生中国企业指数 | 8971.94 | -98.38 | -1.08% | AI应用、人形机器人等概念逆市走高。 人形机器人方面，越疆涨近20%，速腾聚创涨近11%，优必选涨超9%，微创机器人涨超5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 2432 | 越疆 | 47.860 | 7.960 | 19.95% | | 2498 | 速腾聚创 | 38.100 | 3. ...

我国科学家打造出安全、抗冻、耐热新型电池 速腾聚创：预计2025年第四季度首次实现单季度盈利 2月18日蔚来换电单日总量达15.83万次，再创历史新高 财经新闻 1. 据央视新闻报道，天津大学许运华教授团队联合华南理工大学黄飞教授团队等，成功研制出一种新型 有机正极材料，突破了传统有机锂电池"电量低""难以实用化"等瓶颈。相关研究成果于北京时间2月19 日在线发表于国际学术期刊《自然》。研究团队在一种新型导电聚合物材料基础上，系统调控了材料中 电子与锂离子的"协同传输"效率，成功研制出一种兼具优异电子导电性、锂离子快速传输能力和高储能 容量的有机正极材料。基于此材料，团队制备出一款能量密度超过250瓦时/公斤的有机软包电池，这一 数值已超越目前广泛使用的磷酸铁锂电池。这款电池展现出卓越的温度适应能力，不仅能在-70℃到 80℃的温度下正常工作，还兼具良好的柔韧性与安全性。 2. 国务院安委办、应急管理部2月19日召开紧急视频调度会，要求高度重视防范烟花爆竹安全风险，严 格落实烟花爆竹"五个严禁、三个务必"八项硬措施，抓实全链条安全监管，坚决避免各类事故发生。 3. 据新华社报道，我国科学家近日在光通信和6G领 ...