海外科技 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 -20% -10% 0% 10% 20% 30% Wind 恒生指数 数据来源：聚源 相关研究报告 《春节成为 C 端 AI 全民普及拐点，国 产大模型跻身全球第一梯队—行业周 报》-2026.2.22 《AI 入口竞争加剧，关注 Moltbot 带 动的生态机会—行业周报》-2026.2.1 《RoboX 进展顺利，家用机器人新品 密集亮相—行业周报》-2026.1.25 国内 BC 端 AI 生态逐步进入加速节点，OpenAI 完 成全球 AI 领域迄今规模最大单笔融资 ——行业周报 | 初敏（分析师） | 杨哲（分析师） | 荀月（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790523070001 | 证书编号：S0790524100001 | 国内：B/C 市场双轮驱动，国内 AI 市场或进入加速拐点 B 端/Agent 端：根据 O ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Industry Overview - Software stocks are facing challenges as investors are concerned about the impact of artificial intelligence (AI) on the industry, with new AI agents capable of performing tasks independently and writing code, which may increase competition for established companies [1] - Despite these concerns, enterprise spending on software is projected to grow, with Gartner forecasting a 15% increase to $1.4 trillion this year [2] Microsoft - Microsoft continues to grow its revenue in the productivity segment despite facing competition from free, open-source alternatives [4] - The launch of Copilot features has led to a 17% year-over-year increase in Microsoft 365 commercial cloud revenue, indicating that customers are finding more value in Microsoft's offerings [5] - Microsoft Azure's revenue surged by 39% year over year, supported by the introduction of the Maia 200 AI chip aimed at reducing compute costs for AI workloads [6] - Microsoft has a market capitalization of $2.9 trillion and generated $160 billion in cash flow over the past year, providing a strong financial position to invest in AI and innovation [8] - The stock trades at approximately 24 times forward earnings, with analysts expecting around 14% annualized earnings growth, presenting an attractive P/E-to-growth ratio [9] ServiceNow - ServiceNow, which automates various business tasks, generates nearly all its revenue from subscriptions, leading to consistent growth in revenue and free cash flow [10] - Despite a 33% decline in stock price year to date due to fears of AI competition, ServiceNow's subscription revenue increased by 21% year over year, slightly below its three-year average growth rate [11] - Management reported accelerating new business deals and substantial growth in licensed users, guiding for a 20.5% to 21% year-over-year increase in subscription revenue for full-year 2026 [13] - ServiceNow is actively shaping the future of AI technology, with CEO Bill McDermott emphasizing the company's role in creating an "AI control tower for business reinvention" [14] - The stock's forward P/E has decreased to about 25, making it attractive for a company with strong growth guidance [15]

1）英伟达发布 4Q25 业绩，单季度每股盈利 1.62 美元，较分析师预期的 1.53 美元高出 5.81%，同比+82.02%；单季度 营收 681.27 亿美元，较分析师预期的 660.03 亿美元高出 3.22%，同比+73.21%。同时公司给出 1Q26 780 亿美元业绩 指引，超分析师预期的 727.8 亿美元，整体业绩&指引双 beat。但从股价看市场反应温和，我们认为主要系担心竞争 格局、预期交易充分的原因。展望 3 月，NVIDIA GTC 大会即将开幕。将首次公开下一代核心产品 Feynman 芯片，且将 搭载全球首款 1.6nm 制程工艺，同时我们预计有望展示 CPO 交换机、rubin ultra 等方案，或将给再催化光通信板块。 2）旭创发布业绩快报，2025 年全年收入 382.40 亿元，我们测算对应 4Q25 单季度收入 132.35 亿元，同比+102%/环比 +30%，增长稳健。2025 年全年营业利润 135.97 亿元，我们测算对应 4Q25 单季度营业利润 47.59 亿元，同比+190%/环 比+20%。整体处于此前业绩预告中枢。利润增速小于收入增速，我们认为主要 ...

[Table_Page] 宏观经济|定期报告 2026 年 3 月 1 日 证券研究报告 [Table_Title] 怎么看所谓 2028 年"全球智能危机"的观点 宏观周度述评系列（2026.02.24-03.01） [报告摘要 Table_Summary：] 识别风险，发现价值 请务必阅读末页的免责声明 1注：未特别说明，报告数据来自 wind，彭博 | [Table_Author] 分析师： | 郭磊 | | --- | --- | | | SAC 执证号：S0260516070002 | | | SFC CE No. BNY419 | | | 021-38003572 | | | guolei@gf.com.cn | | 分析师： | 陈礼清 | | | SAC 执证号：S0260523080003 | | | 021-38003809 | | | chenliqing@gf.com.cn | | 分析师： | 陈嘉荔 | | | SAC 执证号：S0260523120005 | | | 021-38003674 | | | gfchenjiali@gf.com.cn | | 分析师： | 钟林楠 | ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a major shift in the global economy [2] - Major firms like PwC and McKinsey acknowledge that AI could unlock multi-trillion-dollar opportunities, reinforcing the technology's economic significance [3] Group 1 - The breakthrough in AI is seen as redefining human work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - A specific under-owned company is highlighted as pivotal to the AI revolution, suggesting it possesses critical technology that could disrupt competitors [4] - Notable billionaires are aligning their investments with AI advancements, indicating a strong belief in the sector's future potential [6] Group 2 - Bill Gates considers AI the most significant technological advancement of his lifetime, with implications for healthcare, education, and climate change [8] - Larry Ellison is investing heavily in AI through partnerships and technology acquisitions, showcasing the industry's growth trajectory [8] - Warren Buffett acknowledges the potential social benefits of AI, further validating its importance in the investment landscape [8]

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is seen as a catalyst for redefining work, learning, and creativity, attracting significant interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a key investment opportunity [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8] Market Dynamics - The AI ecosystem is expected to reshape how businesses, governments, and consumers operate, indicating a broad and profound impact on various sectors [2] - The competitive landscape includes major players like Tesla, Nvidia, Alphabet, and Microsoft, but there is a belief that a smaller company may offer even greater investment potential [6][7] - The urgency to invest in AI-related stocks is emphasized, with a recommendation to explore detailed reports on promising companies in the sector [9][10]

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8] - The article suggests that investors may soon regret not owning shares in a specific AI company that is positioned to capitalize on this technological wave [9]

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...