Investment Rating - The report maintains an "Overweight" rating for the industry, recommending investment in AI computing, cloud vendors, AI applications, and AI social sectors [5]. Core Insights - Nvidia's guidance exceeded expectations, showcasing significant advantages in token economics. The company's data center revenue surpassed expectations, with a year-on-year increase of 73% to $68.1 billion, and data center revenue alone rose by 75% to $62.3 billion. The customer base diversified, with revenue from cloud service providers (CSPs) slightly exceeding 50% [5][8]. - Baidu Group's performance is under short-term pressure, but the proportion of AI-driven revenue is increasing. In Q4 2025, Baidu's total revenue was 32.74 billion yuan, down 4.1% year-on-year, while core revenue decreased by 5.7% to 26.11 billion yuan. AI-related revenue exceeded 11 billion yuan, accounting for 43% of core revenue [5][9]. - Google released the new image generation model Nano Banana 2, enhancing multimodal capabilities and improving generation efficiency and cost performance [5][10]. Summary by Sections Weekly Overview - Nvidia's guidance exceeded expectations, with data center revenue increasing by 75% year-on-year. The company raised its revenue guidance for Blackwell and Rubin to a combined $500 billion [8]. Baidu Group Performance - Baidu's total revenue in Q4 2025 was 32.74 billion yuan, with AI cloud revenue growing by 34% year-on-year. AI-related revenue accounted for 43% of core revenue [9]. Google Developments - Google launched Nano Banana 2, which improves image generation efficiency and supports various aspect ratios and up to 4K resolution output [10]. Investment Recommendations - Recommended stocks include Nvidia (NVDA.O), TSMC (TSM.N), ASML (ASML.O), and major cloud vendors like Microsoft (MSFT.O), Amazon (AMZN.O), and Google (GOOGL.O) [25].

证券分析师 2026年03月02日 离子阱路线商业化验证;树突信号 发现为算力效率提供新物理路径 卡来产业周报第 11 期（2026/2/22-2026/2/28） 相关研究 《AI4S 制药进入生态化竞争,具身 智能大脑基模实现时空记忆 来产业周报第 10 期 (2026/2/8-2026/2/21) 》 2026/02/23 《量子互联网可扩展性进步; 侵入式 脑机,迈入商业化阶段 未来产业 周报第９期(2026/2/1-2026/2/7)》 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟璋璋 A0230524100002 mujj@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 王雪蓉 A0230523070003 wangxr@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 2026/02/ ...

《AI4S 制药进入生态化竞争，具身 智能大脑基模实现时空记忆——未 来产业周报第 10 期 （2026/2/8-2026/2/21）》 2026/02/23 《量子互联网可扩展性进步；侵入式 脑机迈入商业化阶段——未来产业 周报第 9 期（2026/2/1-2026/2/7）》 证券分析师 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 王雪蓉 A0230523070003 wangxr@swsresearch.com 策 略 研 究 证 券 研 究 报 告 2026 年 03 月 02 日 离子阱路线商业化验证；树突信号 发现为算力效率提供新物理路径 ——未来产业周报第 11 期（2026/2/22-2026/2/28） 相关研究 ...

Key Insights - The report highlights the competitive landscape in the AI sector during the Spring Festival, with major players like ByteDance, Alibaba, and Tencent achieving significant user engagement and interaction through their AI applications [1][8] - The report discusses the advancements in autonomous driving, including legislative support in the US and significant developments from companies like Tesla and Waymo, indicating a growing market for self-driving technology [2][9] - The US Supreme Court's ruling against the "reciprocal tariffs" imposed by the Trump administration is expected to impact trade dynamics significantly, affecting various sectors [3][10] Recent Key Events - ByteDance's AI model generated over 50 million new year avatars and achieved 19 billion interactions during the Spring Festival, showcasing its strong user engagement [1][8] - Alibaba's "Qianwen" app facilitated nearly 200 million orders during the holiday, with a notable user base of older adults successfully utilizing the service [1][8] - Tencent's user engagement metrics reached new highs, with over 50 million daily active users during the Spring Festival, reflecting the effectiveness of its promotional activities [1][8] Market Situation - The Hang Seng Index fell from 27,387 points at the end of January to 26,381 points by February 26, marking a decline of 3.7% [11] - The Hang Seng Technology Index experienced a more significant drop of 10.6% during the same period [11] - Net inflows from southbound trading reached 75.6 billion HKD in February, indicating a positive trend in capital movement [12] Current Investment Recommendations - Focus on growth-oriented real estate and energy companies such as Beike-W, China Qinfa, and Power Development, which are expected to perform well in the current market [21] - Consider companies benefiting from the adjustment of the Hong Kong Stock Connect, like Leshushi, which is positioned for growth in the African hygiene products market [21] - Internet companies like Alibaba and Tencent are recommended due to their advancements in AI and strong market positions [21] Company-Specific Insights - Beike-W (2423.HK) is positioned as a leader in the real estate brokerage sector, with expected net profits of 37.1 billion CNY in 2025, reflecting a growth trajectory despite market challenges [22][24] - China Qinfa (0866.HK) is transitioning away from coal operations in Shanxi and focusing on its growing Indonesian coal business, with projected profits of 6.1 billion CNY by 2026 [25][26] - Leshushi (2698.HK) is a leading player in the African hygiene products market, with a projected net profit growth of 18.5% in 2025, driven by increasing market penetration [35][36] - Alibaba (9988.HK) is enhancing its AI capabilities with the launch of the Qwen3.5 model, which is expected to drive significant revenue growth across its platforms [39][40] - Tencent (0700.HK) is experiencing strong growth in its gaming and advertising segments, with a projected revenue increase to 7,530 billion CNY by 2025 [44][46]

来源：中国证券报-中证网 Wind数据显示，当地时间2月27日，美股三大指数全线收跌，道指跌1.05%。 美股科技股、银行股普跌，高盛集团跌超7%，英伟达跌超4%，苹果跌逾3%。中概股多数下跌，阿特斯 太阳能、爱奇艺等跌幅居前。 大宗商品市场方面，国际贵金属价格普涨，白银大涨，国际油价上涨。 美股三大指数全线收跌 当地时间2月27日，美股三大指数全线收跌。Wind数据显示，截至收盘，道指跌1.05%报48977.92点， 标普500指数跌0.43%报6878.88点，纳指跌0.92%报22668.21点。 中概股多数下跌，纳斯达克中国金龙指数跌1.81%。个股方面，阿特斯太阳能、爱奇艺、世纪互联、蔚 来等跌幅居前；金山云、涂鸦智能等涨幅居前。 | W 京新 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 名称 | | | 现价 | 涨跌 == | | 阿特斯太阳能 | | | 17.710 | -11.18% | | CSIQ.O | | | | | | 灿谷 | | | 0.762 | -9.47% | | CANG.N | | | | ...

一、市场: ●2月28日收盘：美股收跌道指跌逾500点 三大股指本周均录得跌幅 周五美股成交额靠前的公司表现不一。英伟达收跌4.16%，虽业绩超预期，但投资者担忧人工智能支出可持续性。特斯拉收跌1.49%，多家联邦机构对xAI工 具有安全担忧，而五角大楼允许其聊天机器人用于机密环境。微软收跌2.24%，重申与OpenAI合作稳固。苹果收跌3.21%，同意提高三星存储芯片价格。奈 飞收高13.77%，退出竞购被视为注重财务纪律。闪迪收跌2.54%，遭做空机构质疑估值。戴尔收高21.93%，业绩超预期且下季营收预测强劲。 ●2月28日热门中概股多数下跌 金山云涨6.98%，蔚来跌4.32% 周五油价上涨逾2%，交易商在美国与伊朗延长核谈判后，对潜在供应中断保持警惕。布伦特原油期货和纽约商品交易所4月交割的西得州中质原油期货均有 涨幅。不确定性及恐惧情绪推高油价，受伊朗核谈判及美可能军事行动影响。美伊周四间接会谈，期间因美要求伊朗零铀浓缩讨论陷入僵局致油价上涨，后 阿曼调解人表示取得进展，油价回落。双方计划下周在维也纳恢复技术讨论。因担心冲突中断供应，油价有地缘政治风险溢价。此外，阿联酋、沙特计划增 产，沙特或提高 ...

每经记者｜杜波 每经编辑｜何小桃 编辑|何小桃 易启江 校对|陈俊杰 2月27日晚，美国开盘后加速下跌。截至发稿，道指跌1.55%，跌760点；纳指跌1.17%；标普500指数跌0.95%。市场上超3700只个股下跌。 美国科技七巨头全部下跌。其中，英伟达继昨日跌超5%后，今日再次跌超2%，950亿美元（约合人民币6515亿元）市值蒸发！ | 谷歌(ALPHABET). | 306.320 | -0.27% | | --- | --- | --- | | GOOG.O | | | | 亚马逊(AMAZON) | 205.630 | -1.10% | | AMZN.O | | | | 苹果(APPLE) | 268.980 | -1.45% | | AAPL.O | | | | 特斯拉(TESLA) | 402.375 | -1.52% | | TSLA.O | | | | 脸书(META PLATF | 640.605 | -2.50% | | META.O | | | | 英伟达(NVIDIA) | 180.400 | -2.43% | | NVDA.O | | | | 微软(MICROSOFT | 391 ...

| < W | 英伟达(NVIDIA) | | | --- | --- | --- | | | NVDA.O | | | 184.900 | 量 3.60亿 股本 243亿 市盈 ™ 37.4 万得 | | | -10.660 --5.45% | 盘口 换 1.48% 市值14.5万亿 市净＂ 28.56 | | | ■ ▼ | 更多 向 五日 日K 周Ｋ 月Ｋ | | | 叠加 | 均价： 187.359 ೈ □ | | | 206.738 | 5.72% 卖1 184.930 | | | | 买1 184.880 | 50 | | | 16:00 184.920 100 | | | 195.560 | 0.000 16.00 184.920 | 27 | | | 16:00 184.920 | 20 | | | 16:00 184.920 | 20 | | | 16:00 184.920 | 25 | | 184 | 16:00 184.920 | 50 | 消息面上，英伟达近日公布了其2025财年第四季度财报，英伟达数据中心业务收入同比增长75%，达623亿美元，但约一半销售额来自超大规模客户，引 发需 ...

美东时间2月26日，美股三大指数收盘走势显著分化。纳斯达克指数大幅下挫1.18%，收于22878.38点，而道琼斯工业指数微涨0.03%，标普500指数下跌 0.54%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普5( | | 49499.20 | 22878.38 | 6908.1 | | +17.05 +0.03% -273.70 -1.18% | | -37.27 - | | 中国余龙 | 纳指100期货 | 标普500 | | 7411.36 | 24990.75 | 6891.( | | -134.19 -1.78% -90.25 -0.36% | | -29.00 - | 这场震荡的核心焦点直指人工智能龙头英伟达——其股价单日暴跌5.46%，创下去年4月以来最大单日跌幅，市值蒸发约2592亿美元（约合人民币1.77万亿 元）。这一走势不仅拖累费城半导体指数大跌3.19%，更让标普500指数在冲击7000点关口时再度"腿软"。 英伟达的暴跌与其最新财报形成鲜明反差。尽管公司2025财年第四季度营收同比增长73%至681亿美元，且对下一财季的指 ...

今日热点导览 德国总理默茨参访宇树科技 魅族被曝大量欠款成坏账 特斯拉中国官宣5年0息方案 携程集团总裁、董事双双辞职 微信上线新功能：同一文件多聊转发不重复占存储 TOP3大新闻 巨亏1800亿元，玛莎拉蒂母公司业绩爆雷 全球第四大汽车制造商Stellantis在2025年经历了一场代价沉重的战略转身。该公司2月26日发布的财报 显示，全年净亏损高达223亿欧元（以当前汇率计算约为1802亿人民币），这主要源于下半年启动业务 重组产生的254亿欧元非常规费用。尽管全年数据承压，但下半年运营已出现回暖信号，营收恢复增 长，现金流状况较上半年大幅改善。这家拥有Jeep、玛莎拉蒂、标致、雪铁龙等14个品牌的汽车巨头， 在2025年净营收录得1535亿欧元，同比微降2%。该公司解释称，外汇因素影响及上半年新车价格下降 是影响营收的主要原因。 此外，2025年全球车企销量排行最终尘埃落定。丰田、大众、现代汽车、通用汽车依旧占据前四；凭借 去年下半年11%的同比增幅，Stellantis集团以逾540万辆的销量继续位居全球第五；中国车企则有比亚 迪、上汽集团和吉利控股三家上榜，且排名均有所提升；而去年进入榜单的日产汽车 ...