（记者 张明双） 锐捷网络（301165.SZ）2月27日在投资者互动平台表示，近年来，公司持续开展CPO技术和解决方案的 研究探索，已有CPO技术储备，在2025年深圳中国国际光电博览会上，首次对外公开了51.2T CPO交换 机商用互联方案，该方案能够满足AI训练及超大规模计算集群对高速互联的持续增长需求，并为未来 800G和1.6T网络升级提供了可行的技术路径。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司在CPO交换机上的产业进展如何？位于数通行 业什么水平？是否量产出货？ ...

每经AI快讯，锐捷网络（301165.SZ）2月27日在投资者互动平台表示，在AI技术迭代加速、互联网行业 智算中心建设需求旺盛的驱动下，公司数据中心高速产品和解决方案规模化部署，2025年前三季度，公 司互联网数据中心交换机收入中，按照速率分，400G及以上交换机产品收入占比持续提升，其中400G 交换机占比达67%、800G交换机占比达14%。 目前，公司已有LPO、CPO、NPO 等技术路线的数据中 心光互联方案，尚未规模化商用落地。公司将持续聚焦光通信技术创新，为超大规模智算中心提供高性 能、低功耗的网络互联解决方案 。 （文章来源：每日经济新闻） ...

Fourth Quarter and Full Year 2025 Results February 26, 2026 Important information Caution Regarding Forward Looking Statements These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, including, without limitation, our dependence on customers' capital spending on data, communication and entertainment equipment, which could be negatively impacted by a regional or global economic downturn, among other factors; the potential impact of higher than n ...

（文章来源：证券日报） 证券日报网讯 2月25日，锐捷网络在互动平台回答投资者提问时表示，公司是阿里巴巴、腾讯、字节跳 动等头部互联网企业的数据中心交换机主流供应商，公司的产品与解决方案为多家大型互联网客户提供 了智算中心网络建设服务。在海外业务方面，公司仍以SMB市场及部分企业级园区市场的客户为主。 近年来，公司海外业务持续增长，主要得益于海外业务市场渠道以及支撑平台建设取得的成效。目前， 公司建立起庞大的合作伙伴体系，海外合作伙伴数量增长到2600多家。同时，公司重视打造并已初步建 成海外业务的合规体系以及建设海外业务支撑平台能力，如交付、运维等，为海外业务拓展和落地提供 基础保障。 ...

Cisco Systems (CSCO) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The ...

Group 1 - The core theme of the Spring Festival Gala skit "You Like It" reflects the daily life of young families, highlighting the role of algorithmic recommendations in content consumption and the prevalence of multi-device online environments [1][3] - The skit subtly integrates the MOVA LINCO X1 Pro smart voice router into the narrative, symbolizing the evolution of digital home infrastructure without overtly emphasizing its technical attributes [5][6] - The MOVA LINCO X1 Pro router utilizes Wi-Fi 7 technology, achieving wireless speeds up to 11,000 Mbps and supporting over 200 devices, making it suitable for large homes of 120-150 square meters [5][6] Group 2 - The increasing number of devices in households is transforming home networks from mere connection points to central hubs for managing and controlling smart devices [6][8] - MOVA's strategy includes integrating voice interaction and AI capabilities into the router, allowing it to manage data distribution and device control within the home network [6][8] - The portrayal of family life in the Spring Festival Gala reflects a shift in technology's role from functional tools to essential infrastructure that supports daily living [7][8] Group 3 - The emergence of algorithm-driven family models indicates that digital content and multi-device connectivity are becoming integral to daily interactions [8] - The MOVA LINCO router exemplifies a transitional phase where home networks evolve from functional devices to foundational infrastructures, supporting entertainment, learning, socializing, and work [8] - The recent appointment of actor Song Weilong as the brand ambassador aligns with MOVA's emphasis on reliability and strength, resonating with young families [7]

Core Insights - The company has made significant progress in the AI computing power network and high-speed switch sectors, with recent developments including winning a major project and the lifting of share restrictions for key shareholders [1][3]. Business Progress - The company won a bid for a smart computing infrastructure project in Shanghai, achieving a milestone of supporting a million P-level computing power for the first time [2]. - The 800G switch has been awarded a commercial procurement framework for clients from the second half of 2025 to the first half of 2026, with expectations of doubling related revenue in 2026 [2]. - The company has mass-produced 400G/800G LPO optical modules and launched a 1.6T prototype to meet the demands of the AI computing power network [2]. - Revenue from internet data center switches reached approximately 5.2 billion yuan in the first three quarters of 2025, with major clients including Alibaba, Tencent, and ByteDance [2]. Company Status - The controlling shareholder, StarNet Ruijie, and shareholders holding more than 5% of shares, Ruijin Consulting, have had their shares released from restrictions as of November 18, 2025 [3]. - As of February 9, 2026, the company has not received any notifications regarding share reduction plans from relevant shareholders [3]. Stock Performance - The stock price has experienced significant volatility, with a notable increase on February 9, 2026, due to the AI computing power network concept, followed by a 2.01% decline on February 13, 2026, with a net outflow of 28.71 million yuan in major funds [4]. - For the first three quarters of 2025, the company's revenue grew by 27.50% year-on-year, while net profit attributable to shareholders increased by 65.26% year-on-year [4].

Core Insights - Ubiquiti Inc. is expected to attract market attention regarding its financial performance, business progress, industry competition, and external economic factors impacting its operations [1][2][3][4] Financial Performance - The company's quarterly and annual financial reports are critical events for market observers, focusing on revenue growth, profit margins, cash flow, and performance across different regional markets, particularly in enterprise business and emerging markets [1] Business Progress - The company's competitiveness is closely tied to its product innovation and technology roadmap, with market interest in new releases and marketing plans in next-generation wireless technologies, enterprise solutions, and network security [2] Industry and Risk Analysis - The network equipment industry is highly competitive, with attention on how the company addresses competition from traditional network equipment vendors and cloud service providers. Key observation points include changes in market share, pricing strategies, and supply chain stability [3] Industry Policy and Environment - As a global company, its performance may be influenced by macroeconomic conditions in different regions, currency fluctuations, and changes in international trade policies [4]

Market Overview - Japanese Prime Minister Sanae Takaichi's Liberal Democratic Party secured a supermajority in lower house elections, leading to a surge in Japanese stocks, with the Nikkei surpassing 58,000 for the first time [1] - The yen and Japanese government bonds (JGBs) strengthened, with the yen on track for its largest weekly gain in over a year, reflecting investor optimism about Takaichi's fiscal policies [1] - U.S. economic data showed mixed signals, with weaker-than-expected December retail sales raising expectations for Federal Reserve interest rate cuts, but January jobs numbers surprised positively, indicating a stabilizing labor market [1] Technology Sector - Tech stocks faced declines, with the Nasdaq Composite dropping 2% following disappointing earnings from Cisco Systems, and Apple experiencing a 5% drop, its largest since April [1] - The ongoing AI disruption trade has negatively impacted transportation stocks, highlighting the volatility in the tech sector [1] Energy Market - Oil prices remained rangebound, influenced by U.S.-Iran negotiations, with the International Energy Agency forecasting slower global oil demand growth than previously expected, suggesting a potential supply glut [1] - Brent crude prices remained near $70 a barrel, raising questions about the accuracy of market prices reflecting physical fundamentals [1] Investment Trends - Major tech companies are planning significant capital expenditures, with a combined $650 billion earmarked for 2026 among four leading firms, indicating a bullish outlook despite concerns over rising interest rates [1] - Global governments are expected to increase spending this year, which may counteract the pressures of high debt burdens and could impact bond markets negatively [1]

Core Viewpoint - The conversation between NVIDIA CEO Jensen Huang and Cisco CEO Chuck Robbins emphasizes the transformative impact of AI on computing, suggesting that the industry is undergoing a fundamental shift from explicit programming to implicit programming, where the focus is on intent rather than specific code [5][11][30]. Group 1: AI and Computing Transformation - Huang asserts that the industry is experiencing the first true reinvention of computing in 60 years, moving from explicit programming to implicit programming, where users express their intentions and the system determines the solution [11][12]. - The transition from general computing to AI signifies a complete redefinition of the computing stack, which includes not just processing but also storage, networking, and security [11][12]. - Huang emphasizes that the real value lies not in the answers provided by AI but in the questions that can be posed, highlighting the importance of inquiry in the AI landscape [5][41]. Group 2: AI Implementation Strategies - Companies are advised not to focus on immediate ROI when adopting AI technologies but to allow for experimentation and innovation, akin to letting "a hundred flowers bloom" [22][24]. - Huang suggests that organizations should identify their core impactful work and encourage internal AI projects without strict control, fostering an environment of creativity and exploration [22][24]. - The approach to AI should evolve from a controlled environment to one that embraces experimentation, allowing for a diverse range of AI applications to emerge [22][24]. Group 3: Future of Programming and AI - Huang predicts that programming will become less about writing code and more about communicating intent, as AI systems will increasingly handle the coding process [39]. - The future of software development will shift from "pre-recorded" to "generative," where software adapts to context and user needs in real-time [30][39]. - The industry is moving towards a model where AI can learn and adapt without the constraints of traditional programming, fundamentally changing how software is developed and deployed [30][39]. Group 4: Market Opportunities and AI - Huang highlights the potential for creating "augmented labor" through AI, suggesting that the market for AI-enhanced tools could be significantly larger than the current IT industry, which is valued at approximately $1 trillion [36][37]. - The opportunity exists for every company to transform into a technology-driven entity, leveraging AI to enhance their operations and market position [36][37]. - Huang emphasizes that understanding customer needs and domain expertise will become the ultimate value, as the ability to communicate intent to AI systems will be crucial for success [39].