Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Global financial markets are affected by multiple factors including geopolitical tensions, tariff policies, and corporate earnings, leading to significant fluctuations in various asset classes. For example, the US stock market declined due to Trump's tariff plan and EU's suspension of the trade - agreement approval, while the precious metals market rose due to increased risk - aversion [5][6]. - The energy market is influenced by the Iran - US nuclear negotiation, with expectations of increased Iranian oil supply putting downward pressure on oil prices [7]. 3. Summary by Directory Overnight Night - Market Trends - **Stock Markets**: US major indices (Dow, S&P 500, Nasdaq) fell, with IBM and American Express leading the decline. European indices (DAX, CAC40, FTSE 100) also closed lower. The reasons include Trump's tariff plan and EU's suspension of trade - agreement approval [5]. - **Precious Metals**: COMEX gold and silver futures rose due to increased risk - aversion from geopolitical tensions, tariff policy changes, and other factors [6]. - **Energy**: US crude oil and Brent oil futures fell as the Iran - US nuclear negotiation showed signs of progress, increasing the expectation of more Iranian oil supply [7]. - **Base Metals**: Most London base metals declined, except for LME tin which rose [7]. Important News Macro News - Shanghai Export Container Settlement Freight Index for European routes dropped 2.1%. The US will stop collecting certain illegal tariffs. There is still a risk of US military strikes against Iran. India postponed a trade delegation plan. China is assessing the impact of US tariff rulings and urges the US to cancel unilateral tariffs. The EU suspended the approval of a trade agreement with the US. The Trump administration is considering new "national security tariffs" [9][11]. Energy Futures - Saudi Aramco sold condensate oil. Methanol supply in Southeast Asia is restricted due to planned maintenance. Goldman Sachs and Morgan Stanley have different forecasts for oil prices, with Goldman Sachs raising price forecasts for Q4 2026 and 2027, and Morgan Stanley expecting a short - term increase followed by a decline [14][16][18]. Metal Futures - The US energy storage market is expected to grow 21%. Lebanon may sell part of its gold reserves. UBS is positive on gold, with a target price of $6200/ounce [20][21]. Black - Series Futures - China's iron ore arrivals decreased, but global iron ore shipments increased. Vietnam plans to build a large - scale steel plant. The blast furnace capacity utilization rate of Chinese pig - iron enterprises decreased, and inventory increased [23][25]. Agricultural Products Futures - Malaysian palm oil production and exports decreased in February. Argentina's soybean moisture conditions improved, and the production forecast remains unchanged [27][28]. Financial Markets Financial - 143 companies have submitted IPO applications in the Hong Kong stock market in 2026. Deloitte predicts a better performance in the Hong Kong IPO market this year [30]. Industry - Payment transactions on Chinese New Year's Eve increased. The real - estate market may show more stabilization signals. China's AI governance system is maturing [31]. Overseas - The US may adjust tariff application methods and continue steel - aluminum tariffs. The Fed has about 75 basis - points to reach the neutral rate. India plans to invest $200 billion in AI. The Australian central bank may tighten policy. UK unemployment reached a new high [32][34][35]. International Stock Markets - US and European stock markets rose, while the Japanese market fell. High - end companies made significant stock - position adjustments. The UK may adjust accounting rules to attract Chinese companies. Australia simplifies corporate governance rules. Some companies announced major transactions or reported good earnings [36][38][41]. Commodities - Precious metals, oil, and most base metals futures fell due to factors such as progress in the Iran - US nuclear negotiation and reduced risk - aversion [43]. Bonds - US Treasury yields had mixed changes. Japanese bonds rose, and the 2029 fiscal - year bond issuance may increase [45]. Foreign Exchange - The US dollar index rose slightly, and most non - US currencies fell [46]. Upcoming Economic Data and Events - **Economic Data**: Include Japan's trade balance, UK's inflation and housing - price index, US's new - home construction, and other data [48]. - **Events**: New Zealand's central - bank rate decision, European Central Bank officials' speeches, and the Fed's release of meeting minutes [50]. - **Market Closures**: Chinese, South Korean, and Vietnamese stock markets are closed due to the Spring Festival [52].

美股半导体与科技板块的周度投资备忘录，核心是对近期市场情绪、板块轮动、个股表现以及机构仓位进行解 读，并重点聚焦英伟达（NVDA）的买方预期。 我帮你拆解成几个关键部分： 一、市场整体情绪：原地踏步，等待不确定性消散 投资者感受：如同漫长寒冬，市场在原地踏步，一边降风险，一边在光学股、存储股之外寻找新机会。 核心预期：一旦不确定性消散，硬件和半导体股仍有上行空间，但机构已买入 + 4 美股半导体与科技板块的周度投资备忘录，核心是对近期市场情绪、板块轮动、个股表现以及机构仓位进行解 读，并重点聚焦英伟达（NVDA）的买方预期。 我帮你拆解成几个关键部分： 一、市场整体情绪：原地踏步，等待不确定性消散 投资者感受：如同漫长寒冬，市场在原地踏步，一边降风险，一边在光学股、存储股之外寻找新机会。 核心预期：一旦不确定性消散，硬件和半导体股仍有上行空间，但机构已买入 + 4z的半导体股，这一预期并非必 然。 本周亮点： 半导体设备（WFE）：应用材料（AMAT）财报强劲，板块持续走强，但部分个股开始面临估值压力。 光学股：在 AXTI 业绩、英伟达共封装光学（CPO）乐观预期及 OFC 会议前夕推动下，LITE、COH ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

2026.02.24 本文字数：2349，阅读时长大约4分钟 作者 |第一财经 樊志菁 眼下，美股投资者正被迫直面并压力测试一个曾被认为不可能发生的情景：若科技巨头与AI头部云服 务商持续走弱，是否会同时拖垮美国股市与美国经济？ 今年以来，美股整体走势已经落后于全球主要市场，纳指和标普500指数已经完全回吐年内涨幅。投资 者对 "七大科技巨头"（Magnificent Seven）前景感到越发不安，微软年内跌幅超17%，亚马逊下跌超 10%。周一，Meta成为第三家跌入技术性熊市的科技巨头。 与此同时，行业板块波动剧烈，软件、财富管理、房地产服务等部门的股票，因担忧受AI颠覆性冲击 而遭遇重挫。 不只是简单的风格切换 新年伊始，一批此前落后的板块领涨美股，而 "七大科技巨头"则因市场担忧其巨额AI投入承压。 本月早些时候，因AI创新可能冲击其核心业务。软件股的抛售蔓延至整个科技板块，投资者抛售所有 可能被AI技术替代的公司股票。FactSet数据显示，标普500能源板块今年以来大涨超22%，在11个板块 中领跑；必需消费板块上涨12.7%，工业板块上涨13.1%。与之相对，科技权重极高的信息技术板块下 跌4. ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 2 月 24 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 节前最后一个交易日两市主要指数调整。两市成交额 1.98 万亿元，变化不大。沪 | | | | 深 | 300 指数收 4660 点，跌 59 点，跌幅-1.25%；上证 50 指数收 3034 点，跌 45 点， | | | | | 跌幅-1.47%；中证 500 指数收 8299 点，跌 123 点，跌幅-1.47%；中证 1000 指数收 | | | | | 8204 点，跌 110 点，跌幅-1.32%。行业与主题 ETF 中涨幅居前的是航空航天 ETF、 | | | | | 中韩半导体 ETF、军工龙头 ETF、科创半导体 ETF、影视 ETF，跌幅居前的是油气 ETF | | | | | 博时、石油 ...

Group 1 - The 2025 Q4 earnings cycle is concluding, with most S&P 500 companies reporting strong growth and many exceeding expectations [1][2] - NVIDIA is set to report its earnings this week, marking a significant event in the Q4 cycle, as it is a late reporter and highly anticipated by investors [2][6] - Earnings and revenue estimates for NVIDIA's upcoming quarter have shown positive growth rates of 70% and 67% respectively since late November 2025 [2][3] Group 2 - The Zacks Consensus Estimate for NVIDIA's Data Center revenue stands at $58.7 billion, indicating a year-over-year growth rate of 65% [4] - The growth in NVIDIA's Data Center segment has been remarkable, as illustrated by its quarterly sales performance [4][6] - Overall, estimates for NVIDIA remain bullish, with expectations of significant growth continuing in the Data Center sector [3][6]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

电子周观点 存储涨价持续，关注英伟达3月GTC大会亮点。近期英伟达首席执行官黄仁勋在接受媒体采访时表示， 在3月16日GTC2026大会上，英伟达将在会上揭晓"世界前所未见"的全新芯片。黄仁勋表示，这些全新 芯片的研发极具挑战，所有技术都已逼近极限，但有英伟达和SK海力士内存工程师组成的技术团队， 没有什么是不可能的。研判大概率出自两大芯片系列：一是Rubin系列的衍生产品，该系列已于2026年 CES大会上亮相，包含6款全新设计芯片，目前已全面量产；二是下一代Feynman系列芯片，该系列被 称为"革命性"产品，英伟达正探索以SRAM为核心的广泛集成，或通过3D堆叠技术整合LPUs。此外， GTC2026英伟达将全方位展示从GPU、CPU、网络、软件到数据中心的全新系统级AI基础设施，建议关 注新技术创新方向。模型在不断升级，2月21日，谷歌发布了新一代模型-Gemini3.1Pro，推理能力、 SVG生成与多模态表现全面升级，在性能、成本与生成质量之间取得罕见平衡。这次升级最核心的变 化，在于推理与复杂任务表现。根据公开基准测试数据，Gemini3.1Pro在多项高难度测试中的表现明显 优于Gemini3 ...

Market Overview - Wall Street stocks experienced a significant decline, with all three major U.S. stock indexes falling more than 1% due to fears surrounding artificial intelligence disruption and the fallout from a recent U.S. Supreme Court ruling [1] - Financial stocks dropped by 3.3%, while software-related firms saw a decline of 4.3% amid ongoing concerns about AI-related disruptions [2] Supreme Court Ruling Impact - The U.S. Supreme Court ruled 6-3 that former President Trump overstepped his authority by enacting tariffs under an economic emergency law, which has led to increased market volatility and uncertainty regarding trade policies [4] - Trump's response included a threat of a 15% temporary tariff on all imports, despite existing trade agreements with several U.S. partners [4] Investor Sentiment - Investor sentiment is characterized by a "sell first, assess later" approach, reflecting concerns about the costs and potential disruptions caused by AI technology [4] - The combination of geopolitical tensions, tariff uncertainties, and AI displacement is prompting a broad reassessment of risk among investors [6] Earnings Season Insights - The fourth-quarter earnings season is nearing completion, with 73% of companies that have reported beating expectations, leading to an aggregate year-on-year S&P 500 earnings growth forecast of 13.9%, up from an earlier forecast of 8.9% [9] - Notable companies expected to report earnings include Nvidia, Home Depot, Lowe's, Salesforce, and Universal Health Services [8] Sector Performance - Among the 11 major sectors of the S&P 500, financials suffered the largest percentage decline, while consumer staples showed resilience [10] - The healthcare index advanced by 1.2%, driven by a 4.9% gain in Eli Lilly following positive performance compared to a rival's obesity drug [10] Stock Movements - Domino's Pizza shares rose by 4.1% after reporting better-than-expected fourth-quarter same-store sales [10] - PayPal's stock jumped by 5.8% amid reports of takeover interest [11]

Group 1: Investment Opportunities in AI Stocks - The article highlights three AI stocks: Nebius Group, Nvidia, and Palantir Technologies, which are expected to perform well due to strong revenue growth and their roles in AI platform development [2][4]. - Nebius Group is noted for its potential, with an annualized run rate revenue of $1.25 billion in 2025, and projected revenue between $7 billion and $9 billion for the current year [5][7]. - Nvidia has a market capitalization of $4.6 trillion and reported a 62% revenue growth to $57 billion for its fiscal 2026 third quarter, with $51.2 billion coming from data center sales [8][10]. - Palantir Technologies reported a revenue of $4.475 billion in 2025, a 56% year-over-year increase, and projects revenue between $7.182 billion and $7.198 billion for 2026, indicating a 60% growth [11][13]. Group 2: Company Profiles - Nebius Group is focused on building data centers that provide full-stack AI cloud platforms, essential for developers and hyperscalers [4][5]. - Nvidia's GPUs are in high demand, contributing to its status as the largest publicly traded company, with significant investments in AI from major tech firms expected to drive further revenue growth [8][10]. - Palantir Technologies offers advanced AI software that aggregates data from various sources for real-time analysis, making it a leader in AI software solutions [11][12].