智能民用安防市场增长较快，云技术推动行业发展 随着物联网基础设施完善，智能终端高度普及，云计算技术迅猛发展，智能民用 安防市场近几年实现了高速发展。Statista 的数据显示，2024 年全球民用安防市 场规模约 236.80 亿美元，预计到 2028 年，全球智能民用安防市场规模将达 359.5 亿美元，智能民用安防家庭用户数量亦呈现快速增长趋势。预计至 2028 年，全 球智能民用安防市场家庭用户数量将达 6.31 亿户。Statista 预计 2027 年全球智能 网络摄像机的家庭用户数将增长至 18,070 万户，较 2023 年增长 82.79%。全球智 能网络摄像机市场渗透率仍有较大增长空间，预计 2026 年渗透率将提升至 7.10%。 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 智能网络摄像机小巨人，产品辐射全球主流渠道，入驻沃尔玛、亚马逊平台 觅睿科技是国家级专精特新"小巨人"，主营业务为集硬件、软件、云服务、AI 为一体的智能网络摄像机及物联网视频产品的研发、设计、生产和销售。公司拥 有完整的产品线，主要应用于室外安防、 ...

本期投资提示： 购 策 略 证 券 研 究 汪秉涵 A0230525090003 wangbh@swsresearch.com 联系人 2026 年 02 月 25 日 觅睿科技（920036.BJ）：物联网设 备国家级"小巨人" ——北交所新股申购策略报告之一百六十四 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 报 告 相关研究 - 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 基本面：深耕工业物联网领域，抢先布局智慧安防与场景化增值服务体系。公司成立于 2017 年 2 月 15 日，主要从事智能网络摄像机及物联网视频产品的研发、制造与销售， 为国家级专精特新"小巨人"，公司采用自主研发模式，主要业务包括智能网络摄像机及 物联网视频产品和云存储、AI 等增值服务，产品主要应用于主要应用于室内、外安防、智 能入户 ...

热点聚焦 按市值排名，明日即将发布财报的英伟达涨0.68%、苹果涨2.24%、谷歌-A跌0.19%、微软涨1.18%、亚马逊涨1.6%、台积电涨4.25%、Meta涨0.32%、博通跌 1.47%、特斯拉涨2.39%、伯克希尔哈撒韦-A涨0.14%、沃尔玛涨0.75%。 中概股多数走强，纳斯达克中国金龙指数收涨1.37%。 截至收盘，阿里巴巴涨0.22%、拼多多涨1.06%、网易涨0.73%、京东涨1.07%、百度跌0.23%、携程涨1.59%、理想汽车涨1.3%、富途控股跌1.89%、哔哩哔 哩跌0.5%、蔚来涨0.19%、世纪互联涨6.68%、万国数据涨6.72%。 1.小米集团董事长兼CEO雷军表示，小米计划未来五年重点攻坚芯片、AI、操作系统等底层核心技术，向着成为全球硬核科技公司的目标不断努力。 2.据报道，Meta与AMD达成AI设备采购协议，将部署6吉瓦AMD GPU。AMD同意向Meta公司出售价值高达600亿美元的AI芯片。此外，AMD将向Meta Platforms发行基于业绩的认股权证，可认购最多1.6亿股AMD普通股。 3.做空机构香橼资本周二发帖称，已经对存储牛股闪迪建立空头头寸。受 ...

当前消费者信心波动剧烈，住房负担能力挑战依旧，且美国去年的就业增长几乎停滞。在上周最高法院 推翻了总统特朗普广阔的全球征税计划后，美国的关税政策再次陷入变动之中。特朗普承诺将征收新 税，但关于税率水平、实施方式及持续时间仍存疑问。 麦克法伊尔表示，家得宝正在分析这些变化的潜在影响。他补充道，在最新声明发布之前，公司已在很 大程度上消化了关税的影响。受近期提价举措影响，今年上半年部分商品的售价将"小幅"上涨。 家得宝表示，公司赢得了更多的市场份额，同时电子商务实现了连续三个季度的两位数增长。尽管如 此，住房需求的实质性改变尚未显现。 该公司预计2026财年总销售额同比增长约2.5%至4.5%，低于此前预估的4.06%的同比增长率。同店销售 额增长预计在0%至2.0%。 首席财务官理查德.麦克法伊尔在接受采访时表示："在大型装修项目上，我们的客户已经持币观望了整 整三年。虽然房主是目前最健康的消费群体之一，但他们告诉我们，不确定性正在增加，人们对住房负 担能力和裁员风险感到担忧。" 目前住房市场出现了一些早期积极迹象：抵押贷款利率有所下降，而过去一年房价中位数保持相对持 平。麦克法伊尔表示，抵押贷款利率需要进一步 ...

（文/霍东阳 编辑/张广凯） 春节期间（2月19日），沃尔玛公布了2026财年及第四季度业绩。 2026财年（截至2026年1月31日），沃尔玛全年实现总营收7,132亿美元，同比增长4.7%（剔除汇率波 动，总营收为7,159亿美元，同比增长5.1%）；全年调整后营业利润为311亿美元，同比增长10.5%。 第四季度表现同样强劲，沃尔玛实现总营收1,907亿美元，同比增长5.6%（剔除汇率波动，总营收为 1,893亿美元，同比增长4.9%）；第四季度调整后营业利润为86亿美元，同比增长10.5%。 这一业绩不仅超越了市场预期，更标志着沃尔玛从传统零售商向科技驱动型企业的成功转型。 沃尔玛新任CEO John Furner在电话会议上表示，沃尔玛在技术方面的投资正在取得成效。自动化举措 正在削减劳动成本、提高生产率并改善交付速度。 据悉，目前沃尔玛约六成的门店从自动化配送中心接受货物，约一半的电商履约中心处理量完全实现自 动化。 2026财年，沃尔玛中国净销售额约为247亿美元，较2025财年的203亿美元同比增长约21.67%。 第四季度，沃尔玛中国实现净销售额61亿美元，同比增长19.3%，持续保持高速增 ...

Group 1 - Amazon's stock price increased by 2.56% to $210.11 as of February 20, 2026, driven by its sales performance [1] - Amazon's total sales for 2025 reached $717 billion, surpassing Walmart's $713.2 billion, making it the highest revenue-generating company globally [1] - This achievement has strengthened investor confidence in Amazon's retail and cloud business capabilities [1] Group 2 - Morgan Stanley rated Amazon as a "preferred stock" on February 20, highlighting the resilience of its AWS cloud business and retail growth, setting a target price of $300 [2] - The firm is optimistic about the long-term monetization potential of Amazon's AI capital investments, which has led to increased buying interest [2] Group 3 - Prior to the stock price increase, concerns over a $200 billion AI capital expenditure plan led to a nine-day decline in stock price, with the RSI indicator dropping to 15.39, indicating extreme oversold conditions [3] - On February 20, trading volume surged to 65.78 million shares (totaling $13.7 billion), with technical buying and short covering contributing to the rebound [3] Group 4 - The Nasdaq index rose by 0.90% on the same day, with the internet retail sector increasing by 1.70%, indicating a recovery in market risk appetite that provided external support for individual stocks [4]

来源：格隆汇APP 格隆汇2月20日｜亚马逊(AMZN.US)涨2.1%，报209.2美元。消息面上，亚马逊正式取代零售霸主沃尔 玛，成为全球年度营收金额最高的企业。沃尔玛公布的财年业绩报告显示，截至2026年1月31日的12个 月内，公司实现销售额7132亿美元；而亚马逊此前披露，其2025年全年销售额为7170亿美元，以38亿美 元的差距反超沃尔玛。(格隆汇) ...

Market Performance - The Hang Seng Index closed down 1.10%, while the Hang Seng Tech Index fell by 2.91% on the first trading day after the Spring Festival, with a total market turnover of 165.37 billion HKD [6][9] - Notable stock movements included a significant rise in Zhihui (02513.HK) by 42.72%, reaching a market capitalization of over 320 billion HKD, and MINIMAX-WP (00100.HK) increasing by 14.52% [6][9] - Conversely, major tech stocks like Baidu (09888.HK) and Alibaba (09988.HK) saw declines of over 5% [6][9] Sector Trends - Oil, artificial intelligence, and robotics sectors showed strong performance despite the overall market decline, while sectors such as film and entertainment, internet healthcare, and online retail struggled [6][9] - The AI application and robotics concept stocks were highlighted as outperformers in a generally bearish market environment [1][6] Trade Agreements - The U.S. and Indonesia have finalized a reciprocal trade agreement aimed at expanding market access for U.S. goods, with Indonesia agreeing to eliminate tariffs on over 99% of U.S. exports [6] - The agreement includes approximately 33 billion USD in commercial cooperation, covering energy, aviation, and agricultural products [6] Economic Indicators - Federal Reserve Governor Stephen Milan revised down his expectations for significant interest rate cuts this year, citing stronger-than-expected employment data and persistent inflation [7] - Milan's updated stance suggests a potential reduction of 1 percentage point from the current rate of 3.5% to 3.75% [7]

Market Overview - The U.S. stock market faced pressure from multiple factors, including concerns over artificial intelligence, private credit news, and the situation in the Middle East, leading to a collective decline in major indices [2] - As of the close, the Dow Jones index fell by 0.54% to 49395.16 points, the S&P 500 index decreased by 0.28% to 6861.89 points, and the Nasdaq Composite index dropped by 0.31% to 22682.73 points [2] Geopolitical Factors - Reports indicate that U.S. President Trump is considering a "limited scale" military strike against Iran to compel compliance with nuclear agreement demands, with potential actions targeting specific military or government facilities [2] - This military action is viewed as a phased approach rather than an immediate declaration of war [2] Economic Indicators - Federal Reserve Governor Stephen Milan has revised down his expectations for the extent of interest rate cuts this year, citing better-than-expected employment data and persistent commodity inflation [2] - Milan no longer believes that significant rate cuts, as previously predicted two months ago, are warranted [2] Technology Sector - In the tech sector, Facebook, Tesla, and Amazon saw slight gains, while Nvidia, Microsoft, and Google experienced minor declines, with Apple dropping by 1.43% [4] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the year ending December 31, 2025, compared to Walmart's $713.2 billion for the year ending January 31, 2026 [4] Asset Management Sector - Blue Owl Capital announced a deal to sell $1.4 billion in direct loan investments at a face value of 99.7% to four North American public pension and insurance investors [6] - The asset management sector faced collective pressure, with Blue Owl Capital down nearly 6%, and other firms like Dutch Global Insurance, Blackstone Group, and Apollo Global Management also experiencing declines of 5.83%, 5.38%, and 5.21% respectively [6] Energy Sector - International oil prices have risen recently, influenced by geopolitical tensions, with NYMEX WTI crude futures closing above $66 per barrel [8] - The energy sector saw gains, with Occidental Petroleum and International Offshore Engineering rising over 9% [11] Gold Market - The international gold price has shown significant fluctuations, with COMEX gold futures trading above $5000 per ounce, supported by geopolitical factors [9][12]

Core Insights - Walmart's strong holiday sales boosted its fourth-quarter revenue and profit, exceeding Wall Street expectations, but concerns about future profitability remain [1][4] - The company forecasts adjusted earnings per share for the current fiscal year between $2.75 and $2.85, significantly below the Wall Street estimate of $2.96 [1][4] Group 1: Financial Performance - In the fourth quarter ending January 31, Walmart reported revenue of $190.66 billion, surpassing analyst expectations of $190.43 billion; adjusted earnings per share were $0.74, slightly above the expected $0.73 [4] - Same-store sales in Walmart's U.S. business grew by 4.6%, while Sam's Club saw a 4% increase [4] - Walmart announced a new $30 billion stock buyback authorization, replacing the previously approved $20 billion plan from 2022 [4] Group 2: Consumer Trends - The company's performance reflects a "K-shaped" economic trend, where high-income households are driving market share growth, while low-income families face financial difficulties [5] - CEO John Furner noted that low-income groups are struggling with rising costs of food, housing, and utilities, indicating a significant divide in consumer spending [5] Group 3: E-commerce and Digital Transformation - Walmart is heavily investing in its digital business to compete with Amazon, with U.S. e-commerce sales growing by 27% year-over-year and global e-commerce sales increasing by 24% [6] - E-commerce now accounts for 23% of Walmart's total U.S. sales, a record high, driven by a 50% increase in order fulfillment and a 41% rise in advertising revenue from Walmart Connect [6] Group 4: Economic Outlook - Walmart executives expressed optimism regarding the macroeconomic environment, suggesting that inflation driven by tariffs has peaked and price pressures are expected to ease in the coming months [7] - The inflation rate for Walmart in the U.S. during the fourth quarter was slightly above 1%, indicating a more normalized pricing environment [7]