证券研究报告|行业动态报告 [Table_Date] 2026 年 02 月 22 日 [Table_Title] 春启新程：全球科技赛道加速前行 [Table_Title2] 计算机行业 核心观点： 2026 年春节期间，全球科技核心赛道呈现 AI 驱动深化、 硬科技转型提速、中美双极引领的格局，技术实用化与商 业化落地成为核心主线。 AI 与大模型领域成为绝对核心，全球资本与技术双向加 码。OpenAI 千亿级融资锁定算力优势，谷歌推动大模型向 科研场景深耕；中国企业则在消费级应用与技术攻坚中双 线突破，多模态能力与国产算力生态适配持续进阶，全栈 自主可控进程加快。 人形机器人产业迎来关键转型，技术路线与商业场景同步 突破。国际头部企业完成向纯电驱动的产业化转型，中国 凭借"人机共演"等场景落地抢占先机，但核心产能不足 成为行业扩张的主要瓶颈。 一、AI 算力与应用 算力：寒武纪、工业富联、润泽科技、浪潮信息、中科曙光、蓝 色光标、中际旭创、立讯精密等 应用：合合信息、金山办公、福昕软件、万兴科技、鼎捷数智、 汉得信息等 二、机器人 均胜电子、新泉股份、恒勃股份、汉威科技、福莱新材、品茗科 技等 三、大模 ...

作者：艾布拉姆・布朗 单从表面来看，科技界有头有脸的人物都想在人工智能领域分一杯羹。而聪明的人会扪心自问：自己选 定的赛道是否真的具备潜力。 我承认，没人能百分百确定，但我想到了一个万无一失的判断方法：环顾四周，问问自己 ——谷歌来 了吗？它是不是想把你挤走？ 自从 ChatGPT 的问世打了谷歌一个措手不及后，这家加州山景城的科技巨头便奋起直追，近期更是展 现出永不停歇的进取姿态。就在本周，谷歌将矛头直接对准了音乐行业，在其 Gemini 聊天机器人中推 出全新功能，可生成 30 秒音乐片段，还能自定义歌词和音频。在此之前，Gemini 已在图像生成等领域 实现技术突破，一举跻身顶尖聊天机器人行列。 这项全新的音乐生成功能，足以让 Spotify 以及 Suno、Udio、Klay 等一众 AI 音乐初创公司心惊胆战 —— 这些初创企业累计融资已达约 4 亿美元。 诚然，谷歌向来并非音乐行业的主要玩家，旗下 YouTube Music 也鲜少被人关注。但当下的行业格局早 已颠覆过往，别忘了：谷歌刚刚与苹果达成协议，为其提供 AI 技术。而苹果在音乐领域可谓根基深 厚。如此一来，苹果音乐或许能借助谷歌 AI， ...

With all the real promise and unrealistic hype around agentic AI, it’s understandable to forget a foundational truth: AI is built on data. No data, no agents. This past week has seen more evidence of exactly how tightly that connection is made.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Google says enterprise teams trying to build agen ...

Famed “Big Short” investor Michael Burry has issued a scathing warning to Silicon Valley, alleging that tech giants are employing aggressive accounting maneuvers to mask the true costs of the AI infrastructure race.The ‘Sinister’ Accounting Trick“Now you are engaging in accounting tricks to hide expense, to protect earnings,” Burry posted. “You will be tortuously adjusting your earnings in a new and sinister ways.”Inflated Profits And The 20% GapAccording to data shared by Burry, this accounting treatment c ...

Core Insights - Demis Hassabis, CEO of DeepMind, predicts a new era of discovery and a renaissance in the next 10 to 15 years, driven by advancements in artificial intelligence (AI) [2] - AI is expected to revolutionize medicine through personalized treatments and breakthroughs in energy solutions, enabling interstellar exploration [2] - Google faces a critical turning point with the rise of generative AI, necessitating a self-disruption to maintain its competitive edge [3] Company Restructuring - In response to competition from OpenAI's ChatGPT, Google underwent a significant internal restructuring, merging its research divisions Google Brain and DeepMind under Hassabis's leadership [3] - The integration aims to leverage the strengths of both teams and enhance the computational capabilities required for training advanced models like Gemini [3] - Following the release of models such as Gemini 3 and Nano Banana, Alphabet's stock surged approximately 65% by the end of the year, indicating the success of the restructuring strategy [3] AI in Biology - Hassabis highlights the application of AI in biology as foundational for the new era, citing DeepMind's AlphaFold model, which addresses the protein folding problem and predicts the 3D structures of over 200 million proteins [4] - AlphaFold has been utilized by over 3 million researchers and has contributed to Hassabis receiving the 2024 Nobel Prize in Chemistry [4] - Isomorphic Labs, a subsidiary of Google, is applying AlphaFold technology to drug development, aiming to enhance efficiency by 1000 times through computer simulations [4] Future Aspirations - Hassabis emphasizes that the challenging schedule and company restructuring are necessary steps toward achieving the ultimate goal of solving intelligence and leveraging it to address other global issues [5] - The next decade is anticipated to be a period of significant technological transformation, but Hassabis remains confident in the long-term vision of utilizing intelligence to tackle various challenges, potentially including space exploration [5]

Core Insights - Alphabet is experiencing record revenues and accelerating growth in Google Cloud, driven by aggressive AI investment plans, but there are concerns about whether AI will enhance or undermine growth [1][3] Group 1: Google Search Developments - AI-generated answers are not reducing clicks on Google Search as previously feared; instead, they are driving greater usage and longer, more complex query sessions [4][6] - The Gemini family of large language models is improving ad matching with user intent, reducing irrelevant ads, and enabling monetization of complex queries [6][9] - Alphabet is testing new monetization strategies within AI Mode, including ads below AI-generated responses and a pilot program for exclusive merchant deals [7][8] Group 2: Google Cloud Growth - Google Cloud's revenue grew 48% year over year to $17.7 billion in Q4 2025, with a backlog of nearly $240 billion, up 55% sequentially [9] - The growth of Google Cloud in 2026 will depend on the pace of AI infrastructure expansion, with planned capital expenditures of $175 billion to $185 billion [10][11] - AI-focused Google Cloud customers utilize 1.8 times as many products as non-AI customers, indicating a potential for faster growth and a sticky customer base [11] Group 3: Financial Outlook and Margin Pressure - Rising capital spending may lead to higher depreciation and operating costs, potentially pressuring operating margins and profitability in 2026 [12] - Despite potential margin pressure, efficiency gains from Gemini AI have reduced serving unit costs, and record operating and free cash flow in 2025 provide flexibility for future investments [13]

Core Viewpoint - Seth Klarman's investment strategy indicates a shift from Alphabet to Amazon, highlighting the perceived undervaluation of Amazon amidst market pessimism and strong growth potential in cloud computing and AI services [2][10][12]. Group 1: Alphabet (GOOG) - Klarman initially invested in Alphabet during the COVID-19 pandemic, drawn by its strong free cash flow and dominant market position [4]. - Despite trimming his stake, Klarman sold 41% of his remaining shares in Alphabet last quarter, capitalizing on a significant price increase as the stock's forward P/E ratio rose from around 20 to 30 [5][8]. - Alphabet's recent developments, including lenient antitrust remedies and growth in its core Search and cloud computing businesses, contributed to its stock price surge, making it a top-10 position in Baupost's portfolio [6][8]. Group 2: Amazon (AMZN) - Klarman invested nearly half a billion dollars in Amazon in the fourth quarter, making it the second-largest position in Baupost's portfolio at 9.3% [10]. - Amazon's stock only increased by 5% from the start of 2025, contrasting sharply with Alphabet's 65% rise, which may present a buying opportunity due to its attractive valuation [11][12]. - Amazon Web Services (AWS) showed a 24% year-over-year revenue growth, with expectations for strong earnings acceleration in 2027, despite significant capital expenditures planned for 2026 [14][15].

Core Insights - Alphabet has transformed from being perceived as a laggard in artificial intelligence to a leader in the sector, particularly through its Google Cloud division [1][2] Financial Performance - Google Cloud reported a year-over-year revenue growth of 48% in Q4, significantly up from a 30% gain in Q4 2024, contributing nearly $59 billion in total sales for the year, which is 15% of Alphabet's total revenue [4] - The operating margin for Google Cloud reached 30% with an operating income of $5.3 billion, a substantial improvement from an operating loss of $480 million in Q4 2022 [8] Market Position - Google Cloud holds the third position in the overall cloud computing market, with its Q4 growth rate surpassing competitors like Amazon Web Services (24% growth) and Microsoft Azure (39% growth) [5] - The cloud market is experiencing robust demand for AI capabilities, benefiting from enterprises moving IT workloads off-site [5] Strategic Collaborations - Google Cloud has secured a partnership with Apple as their preferred cloud provider to develop next-generation Apple Foundation Models based on Gemini technology [6] Competitive Advantages - Google Cloud benefits from a clear cost advantage due to years of investment in technical infrastructure, allowing it to leverage fixed costs for higher margins as it continues to grow [9] - High switching costs for customers make it less likely for them to leave Google Cloud once they have transitioned their IT systems, enhancing its competitive position [10]

在2026年新德里举行的印度人工智能影响力峰会上，奥特曼就将数据中心送入轨道的可行性发表了看法。 他在接受《印度快报》采访时表示：在目前的形势下，将数据中心送入太空简直是荒谬的。 他进一步解释说，发射成本带来的经济和技术挑战，以及解决图形处理器（GPU）等组件问题的难度，使得此 类计划在未来十年内难以实现。 2月23日消息，据印度媒体报道，OpenAI首席执行官萨姆·奥特曼(Sam Altman)认为，鉴于SpaceX首席执行官埃 隆·马斯克(Elon Musk)最近的言论，轨道数据中心的概念并不切实际。 利用太空进行数据处理的讨论也引起了谷歌的关注，预计未来几年内将有相关计划付诸实施。 今年1月在达沃斯世界经济论坛上，马斯克声称："部署人工智能成本最低的地方将是太空，而且这一目标将在 两年内实现，最迟三年。" 去年12月，在xAI的全体员工大会上，他进一步阐述了这一计划的雄心壮志，并设想特斯拉的Optimus机器人将 参与管理轨道数据中心。 近日，马斯克表示，将xAI与SpaceX整合，有望加速在轨数据中心项目的推进。SpaceX的目标是建立一个由一 百万颗卫星组成的网络，这些卫星将作为轨道数据中心运行。据 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美Q4GDP逊色，12月核心PCE通胀高于预期，美股低开，美最高法院裁定特朗普关税违法，三大美股指盘中加速反弹，收创逾一周新高；"科技七巨 头"中，微软独跌，谷歌收涨近4%领涨，关税降低前景推动亚马逊涨超2%、领涨道指成分股；Anthropic工具又掀恐慌，网络安全股重挫，SailPoint跌超 9%；甲骨文逆市跌超5%。 美最高法推翻关税，财政担忧加剧，美债收益率刷新日高、长债价格领跌，在美联储纪要放鹰一周，短债价格领跌；美元指数迅速转跌并刷新日低，结束四 连涨，仍创四个月最大周涨幅；金银加速上涨、扭转全周跌势，盘中黄金涨超2%、期银一度涨9%。 2026年春节档电影总票房破50亿。 智谱就GLM Coding Plan问题致歉并公布补偿方案。 海外 美国最高法院周五裁定特朗普全球关税违法，超1750亿美元税收面临退款。特朗普周五动用替补工具加征10%全球关税，暗示违法征收的关税不 退了，周六宣布税率提高至15%；白宫称新关税2月24日生效、为期150天；美财长称今年关税收入将"基本保持不变"；数百家企业起诉要求退还 关税。 ...