证券研究报告 | 2026年03月08日 美股市场速览 弱于大市 市场震荡回撤，但盈利预测稳步向好 价格走势：多数行业回撤，软件显著反弹 本周，标普 500 指数-2.0%（上周-0.4%），纳斯达克综指-1.2%（上周-1.0%）。 风格：大盘成长（罗素 1000 成长-0.7%）＞大盘价值（罗素 1000 价值-3.5%） ＞小盘价值（罗素 2000 价值-3.6%）＞小盘成长（罗素 2000 成长-4.5%）。 4 个行业上涨，20 个行业下跌。上涨的主要有：软件与服务（+6.3%）、商 业和专业服务（+2.3%）、电信业务（+2.3%）、能源（+1.1%）；下跌的主 要有：家庭与个人用品（-7.5%）、耐用消费品与服装（-7.5%）、材料（-6.8%）、 食品饮料与烟草（-6.1%）、运输（-5.5%）。 资金流向：整体加速流出，软硬件显著分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-99.4（亿美元， 下同），上周为-31.9，近 4 周为-154.3，近 13 周为-283.8。 6 个行业资金流入，18 个行业资金流出。资金流入的主要有：软件与服务 （+49.1）、能源（+ ...

Market Overview - The S&P 500 and NASDAQ experienced declines of 1.4% and 2.1% respectively as geopolitical tensions and market reactions to presidential announcements intensified [1] - The DOW fell by 340 points in late trading, reflecting investor anxiety over a multi-front geopolitical strategy [2] Defense Sector - The announcement of building battleships "100x more powerful" than those from the 1940s led to a 4.2% spike in shares of Huntington Ingalls Industries (HII) and a 3.1% increase for General Dynamics (GD) [3] - An agreement to quadruple production of defense weaponry has positively impacted Lockheed Martin (LMT), which saw a 2.8% rise in stock price [4] Energy Sector - WTI Crude prices surged to $94.50 per barrel, benefiting ExxonMobil (XOM) and Chevron (CVX) with stock increases of 1.9% and 2.2% respectively, while airline stocks like Delta Air Lines (DAL) and United Airlines (UAL) faced declines of 3.4% and 4.1% [6] Tariff Policies - The administration's plan to refund $166 billion in tariffs while threatening new tariffs on European allies has led to modest stock increases for retail giants like Walmart (WMT) and Target (TGT) [7] - A 15% global tariff hike following a Supreme Court ruling has negatively impacted logistics companies such as FedEx (FDX) and UPS, which saw declines of 2.3% and 1.9% respectively [9] Geopolitical Dynamics - The U.S. administration's focus on defense production coincides with a quiet response from China and Russia, with implications for trade relations and potential sanctions [10] - Tech stocks, particularly Apple (AAPL) and NVIDIA (NVDA), are under pressure due to the potential escalation of trade tensions with China, as the administration seeks to limit Chinese influence in Latin America [11] Market Volatility - The current market environment is characterized by extreme volatility, with significant trading volume observed, including over 12 billion shares on the NYSE during a single session [12] - The "Trump Premium" is noted to be back, indicating heightened market reactions to presidential communications and geopolitical developments [13]

Core Insights - NVIDIA Corporation (NVDA) stock has experienced a decline of 3.8% since the last report, attributed to a broader market sell-off and additional pressure on tech stocks [1] Group 1: Company Overview - NVIDIA is involved in the technology sector, specifically focusing on graphics processing units (GPUs) and related technologies [1] - The company is analyzed by an expert with a background in aerospace engineering, indicating a specialized approach to understanding its market dynamics [1] Group 2: Analyst's Perspective - The analyst aims to identify investment opportunities within the aerospace, defense, and airline industries, suggesting a strategic focus on sectors with significant growth potential [1] - The analysis is data-driven, utilizing in-house developed data analytics platforms to inform investment ideas [1]

Nvidia CEO Jensen praises @elonmusk“Elon’s approach is about as state of the art as anybody knows. It’s a stack that’s hard to criticize. I wouldn’t criticize it. I would encourage them to continue doing what they’re doing. They’re doing a great job.”https://t.co/OCGALeghPY ...

Core Viewpoint - The equity and bond markets are experiencing a downturn, reflecting a sentiment that war brings no benefits to the financial landscape [1]. Group 1 - The author has 28 years of experience as a professional trader, analyst, and portfolio manager, previously running the equity trading desk at Northern Trust Co. in Chicago [1]. - The author is now a private investor and the founder of a nonprofit investor advocacy firm, with an average annual return of 17.2% since January 2009 [1]. - The author publishes stock picks in a newsletter format, providing updates on market outlook and model portfolios to subscribers on a weekly basis [1].

1.【 甲骨文和OpenAI或已终止扩建得州旗舰数据中心的计划】据报道，甲骨文和OpenAI已取消在美 国得州扩建一座旗舰人工智能数据中心的计划，此前磋商因融资问题和OpenAI不断变化的需求而久 拖不决。 知情人士称，谈判破裂为Meta介入创造了机会，Meta考虑从开发商Crusoe手中租赁位于 得州阿比林的拟扩建场地。知情人士称，英伟达协助促成Meta与这家开发商之间的洽谈。（新浪财 经） 2.【蜂巢能源1月全球动力电池装机量升至第八】根据SNEResearch最新数据，2026年1月蜂巢能源 全球动力电池装机量1.9GWh，同比增长16.3%，市占率提升至2.7%，排名上升至全球第八。海外市 场持续发力成为增长主因。依托宝马MINI独家供应、Stellantis短刀电池批量交付及VinFast配套放 量，蜂巢能源海外装机高速增长，全球化战略加速落地。（蜂巢能源官网） 更多智能制造产业资讯…… 3.【沪东中华手持LNG船订单增至近60艘】3月6日，据浦东发布，中船集团旗下沪东中华造船（集 团）有限公司联合中国船舶工业贸易有限公司，与马来西亚国际航运公司近日正式签署第二批2+2艘 17.4万立方米大型液化天 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 根据英伟达周五提交的监管文件，该公司已为 2027 财年制定了一项新的浮动薪酬计划，为首席执行 官黄仁勋设定了 400 万美元的目标现金奖金。 该计划于 3 月 2 日获得英伟达薪酬委员会的批准，将高管现金奖金与截至 2027 年 1 月 31 日的财政 年度的具体收入目标的实现情况挂钩。 英特尔在AIB GPU出货量市场的份额保持稳定在1%左右，与2025年第三季度的表现一致。当时，该 公司自推出面向游戏玩家的Arc"炼金术士"GPU以来，首次实现了个位数的市场份额。这表明英特尔 的发展势头稳健，市场需求持续稳定，游戏玩家对英特尔GPU的需求与以往保持一致。要想突破个位 数市场份额，英特尔可能需要推出更多GPU设计，例如备受期待的"战斗法师"B770显卡。 1、https://www.reuters.com/business/nvidia-sets-4-million-cash-bonus-ceo-huang-under-2027-compensation-plan-2026-03-06/ 根据去年 5 月提交的监管文件显示，黄在 2025 年的总薪酬为 49 ...

在具体的产品上，他们设计了prefill与decode分离的系统架构，P芯片侧重计算密集，D芯片侧重访存密集，以此实现极致的 推理效率与极致性价比。 他们的GPNPU芯片也会有多个芯片协同的超节点，其中26年将推出第一代超节点P芯片， 算力对标NVIDAI的Hopper架构芯 片 ，27年则会推出第一代超节点D芯片，主打超低时延推理，对标NVIDAI的Blackwell架构芯片。 28年的第二代超节点D芯片则会对标NVIDIA的Rubin芯片 ，有望实现毫秒级推理时延。 2026年开年爆火的AI当属OpenClaw，被称为小龙虾的它可以充当7x24小时AI打工人，玩法非常多，但消耗的Token太多 了，很多人烧不起。 这也是最近2个月国产AI大模型调用超越了谷歌、OpenAI、Anthropic的原因，他们的Koken费用比国外便宜多了，但还是不 够便宜，要想解决这个问题还得需要大幅降低成本。 国产GPU初创企业云天励飞董事长兼CEO陈宁日前提出了一个新观点，表示未来5到10年全球AI竞争将从过去10年的谁最聪 明转向最能让AI应用大规模落地。 目前AI应用落地的瓶颈就在成本，Token费用是OpenClaw ...

切入通信领域 中经记者 李玉洋 上海报道 近日，在西班牙巴塞罗那举行的2026年世界移动通信大会（MWC2026）已正式收官，本届MWC的AI 浓度相当高，以主办方全球移动通信系统协会（GSMA）为例，其多个官方核心论坛涉及AI，包括智能 基础设施、ConnectAI、AI 4 Enterprise和AI Nexus。 《中国经营报》记者注意到，在MWC 2026期间（3月2日至5日），英伟达作为当前全球AI发展的扛旗 者已然进军通信界，且布局渐深，从本届大会前夕预热、核心阶段，再到收官，该公司以"AI原生（AI- Native）6G"为核心，做了技术演示、战略发布、AI-RAN 生态成果等诸多对外展示。 "通信业将是下一个被AI彻底改变的主要行业。我们不只是在网络中添加AI，而是从头开始重建AI原生 网络。这将把每个通信塔变成AI超级计算机，实现大规模物理AI。"英伟达创始人兼CEO黄仁勋表示， 6G网络必须从底层架构开始就具备AI原生特性，将AI嵌入无线接入网（RAN）、边缘和核心网，实现 智能感知、安全通信与自主决策。 而在电信与互联网分析师马继华看来，英伟达进入通信领域，且组建了一个AI-RAN（人工 ...

Core Viewpoint - The energy sector has seen a significant year-to-date increase of 24.2%, driven by rising oil prices and geopolitical tensions, while the S&P 500 has only increased by 0.5% [1] Group 1: Energy Sector Performance - Energy stocks represent only 3.5% of the S&P 500, while Nvidia alone accounts for 6.9%, indicating Nvidia's market value surpasses that of major energy companies like ExxonMobil and Chevron combined [2] - Despite the energy sector's underperformance in 2025, it remains relatively cheap compared to Nvidia, which has a price-to-earnings (P/E) ratio of 36.1 versus 22.3 for the State Street Energy Select Sector SPDR ETF [5] - Energy stocks are considered undervalued as they entered the year at lower valuations, while Nvidia's stock price has stagnated despite surging earnings [12] Group 2: Nvidia's Financial Performance - Nvidia reported a trailing-12-month profit of $120 billion, making it the second-most profitable company globally, with earnings nearly three times that of ExxonMobil and Chevron combined [6] - Nvidia's revenue has increased by 65% over the past year, and its forward P/E ratio is lower than that of ExxonMobil, Chevron, and the S&P 500, suggesting it may be a better value than leading oil majors if it meets earnings expectations [9] - Nvidia has a gross margin of 71.07%, significantly higher than that of leading oil and gas companies, indicating superior profitability [14] Group 3: Investment Strategy - Investors are advised to focus on energy companies with strong balance sheets and diversified, cost-efficient assets, such as ExxonMobil and Chevron, which can sustain operations and dividends even at lower oil prices [16] - Both ExxonMobil and Chevron have a strong history of increasing dividends, with ExxonMobil raising its payout for 43 consecutive years and Chevron for 39 years, yielding 2.7% and 3.8% respectively [17] - Energy stocks are viewed as a compelling value for passive-income investors who anticipate sustained demand for oil and gas, despite the rise of cleaner alternatives [18]