行业研究 证 券 研 究 报 告 消费者服务行业周报（20260223-20260227） 推荐（维持） 春节客流创历史新高，下沉市场释放消费潜力 消费者服务 2026 年 03 月 02 日 华创证券研究所 证券分析师：饶临风 邮箱：raolinfeng@hcyjs.com 执业编号：S0360525080002 证券分析师：曹锦瑜 邮箱：caojinyu@hcyjs.com 执业编号：S0360525100001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 55 | 0.01 | | 总市值(亿元) | 4,988.04 | 0.43 | | 流通市值(亿元) | 4,570.81 | 0.49 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -7.7% | -0.7% | 9.2% | | 相对表现 | -6.9% | -20.3% | -9.9% | -8% 3% 13% 23% 25/03 25/05 25/07 25/10 25/12 26/02 2025- ...

一句话让网页自己干活，还能导出Excel。 作者 | 程茜 编辑 | 李水青 智东西3月2日消息，今日，美团旗下光年之外团队宣布其首款AI浏览器Tabbit正式开启免费公测。 相比于传统浏览器，Tabbit的最大特色是支持"智能代理模式"。该模式能帮你执行复杂的网页操作任务，模拟人工操作，自动打开网页、提取信息、填写 表单、跨平台整合数据等操作，把结果交付给你。 ▲右侧为Tabbit的智能分组 智东西在体验时让Tabbit首先介绍了自己，其提到自己有五项核心功能，包括智能搜索、浏览器控制、内容管理、实时信息、多语言支持。该浏览器已接 入美团自家的LongCat-Flash-Chat以及DeepSeek、豆包、千问、Kimi等模型。 Tabbit可以把你常做的事变成快捷指令，输入"/"就能调用，也可以用一句话给网站加上"自动提取数据、截图解题"的新功能，帮你告别重复劳动。 ▲Tabbit在多个内部系统间自动完成表单填写、数据录入和流程执行 在浏览器架构上，Tabbit还支持智能分组，能自动识别你正在处理的同类任务，将相关标签页一键归类整理，让界面清爽有序。 智东西实际体验了Tabbit的功能发现，其页面简洁，在 ...

Core Viewpoint - Meituan's Tabbit AI browser has officially launched its free public beta, featuring an "intelligent proxy mode" that automates complex web tasks, aiming to enhance user productivity and streamline repetitive tasks [1][4]. Group 1: Product Features - Tabbit's intelligent proxy mode allows users to execute complex web operations, such as automatically opening web pages, extracting information, and filling out forms [1]. - The browser supports intelligent grouping, which automatically organizes related tabs for a cleaner interface [3]. - Tabbit includes five core functionalities: intelligent search, browser control, content management, real-time information, and multilingual support [4]. Group 2: User Experience - Users can create quick commands for frequently performed tasks using the "tricks" and "scripts" features, enabling automation without coding knowledge [5][22]. - Tabbit can generate reports and perform tasks like online shopping by automatically adding items to the cart and identifying current discounts [13][28]. - The browser's ability to execute tasks based on user-defined scripts allows for personalized automation, such as extracting product information from shopping pages [28]. Group 3: Market Positioning - Meituan's launch of Tabbit signifies its expansion from a focus on local life services into the broader internet tools market, targeting office workers, students, and creators [5][33]. - The AI browser market is becoming increasingly competitive, with many products offering similar functionalities, making differentiation crucial for success [33]. - Meituan is building a comprehensive AI application matrix that includes both B2B and B2C solutions, indicating a strategic shift towards more open AI applications [33].

Core Viewpoint - Meituan's Tabbit AI browser has entered public beta, aiming to redefine the browsing experience by integrating AI capabilities deeply into its functionality, targeting office workers, students, and content creators [1][2]. Group 1: Product Overview - Tabbit AI browser supports both macOS and Windows platforms and is currently available for free without an invitation code [1]. - The browser is designed to automate tasks such as opening web pages, extracting information, filling forms, and integrating data across platforms, enhancing user efficiency [1][2]. - Unlike traditional browsers that primarily serve as web browsing tools, Tabbit aims to achieve "human-machine collaboration" through features like "smart agents," "tips," and "scripts" [1]. Group 2: Market Context - The browser market is dominated by Microsoft IE/Edge and Google Chrome, but the rise of generative AI presents an opportunity for tech companies to innovate traditional browsers [1]. - Many existing AI browsers in the market add AI functionalities on top of traditional browser architectures, maintaining the core browsing logic [1][3]. Group 3: Competitive Landscape - Other players in the AI browser space include Alibaba's Quark AI browser and a Silicon Valley startup, The Browser Company, which is developing an AI-native browser that eliminates traditional tabs [3]. - Meituan's Tabbit is part of a broader trend where companies are integrating AI deeply into browser functionalities to enhance user experience [3]. Group 4: Company Strategy - Meituan's "Light Year Beyond" team, which developed Tabbit, was founded by Meituan's co-founder Wang Huiwen and has received significant investment, with a valuation exceeding $600 million [3]. - Meituan's CEO Wang Xing has expressed a strong interest in AI, outlining a three-tier AI strategy focusing on workplace efficiency, product enhancement, and building internal language models [4]. Group 5: Challenges and Opportunities - Despite the potential of AI browsers, Meituan has faced challenges in gaining market presence, especially in the C-end AI application space, where competitors have been more aggressive [6][7]. - The launch of Tabbit may not immediately change Meituan's position in the AI landscape, but it signals the company's commitment to C-end AI applications [7].

Investment Rating - The report maintains an "Overweight" rating for the industry, recommending investment in AI computing, cloud vendors, AI applications, and AI social sectors [5]. Core Insights - Nvidia's guidance exceeded expectations, showcasing significant advantages in token economics. The company's data center revenue surpassed expectations, with a year-on-year increase of 73% to $68.1 billion, and data center revenue alone rose by 75% to $62.3 billion. The customer base diversified, with revenue from cloud service providers (CSPs) slightly exceeding 50% [5][8]. - Baidu Group's performance is under short-term pressure, but the proportion of AI-driven revenue is increasing. In Q4 2025, Baidu's total revenue was 32.74 billion yuan, down 4.1% year-on-year, while core revenue decreased by 5.7% to 26.11 billion yuan. AI-related revenue exceeded 11 billion yuan, accounting for 43% of core revenue [5][9]. - Google released the new image generation model Nano Banana 2, enhancing multimodal capabilities and improving generation efficiency and cost performance [5][10]. Summary by Sections Weekly Overview - Nvidia's guidance exceeded expectations, with data center revenue increasing by 75% year-on-year. The company raised its revenue guidance for Blackwell and Rubin to a combined $500 billion [8]. Baidu Group Performance - Baidu's total revenue in Q4 2025 was 32.74 billion yuan, with AI cloud revenue growing by 34% year-on-year. AI-related revenue accounted for 43% of core revenue [9]. Google Developments - Google launched Nano Banana 2, which improves image generation efficiency and supports various aspect ratios and up to 4K resolution output [10]. Investment Recommendations - Recommended stocks include Nvidia (NVDA.O), TSMC (TSM.N), ASML (ASML.O), and major cloud vendors like Microsoft (MSFT.O), Amazon (AMZN.O), and Google (GOOGL.O) [25].

他在 X 平台表示，Temple 的目标是打造"精英运动员的终极可穿戴设备"，并声称可测量现有产品无法提供的关键指标。公司正在招聘嵌入式系统、计算神 经科学以及脑机接口工程领域人才。 IT之家 3 月 2 日消息，当地时间 2 月 27 日，据外媒 TechCrunch 报道，辞去印度版"美团"—— 在线订餐及外卖平台 Zomato 及母公司 Eternal 首席执行官职务 数周后，印度企业家迪平德尔 · 戈亚尔宣布为可穿戴设备初创公司 Temple 完成 5400 万美元（IT之家注：现汇率约合 3.71 亿元人民币）融资。这笔资金来 自一轮亲友投资，公司投后估值约 1.9 亿美元（现汇率约合 13.05 亿元人民币）。戈亚尔表示，超过 30 名员工也以相同估值参与投资。 Temple 只是戈亚尔投资布局变化的一部分。2025 年 10 月，他承诺向 Continue Research 投入 2500 万美元个人资金，探索延长人类寿命的科技路径。他还是 LAT Aerospace 的联合创始人，该公司近期通过收购 Sharang Shakti 进军防务技术领域。 在 Temple 之前，戈亚尔还投资了多家健 ...

近日，降糖减重药品GLP-1市场竞争态势进一步升级。面对日益激烈的市场博弈，诺和诺德采取激进的 价格策略应对，宣布全线产品价格调整。其中，美国市场计划于2027年大幅调价；而中国市场反应更为 迅速，2月26日，青海省药品采购中心发布《关于调整部分药品价格的通知》，口服司美格鲁肽片剂出 现在降价名单中，降价幅度约20%。 业内人士分析指出，GLP-1赛道正进入"以价换量"的市场渗透新阶段，线上平台已成为这类强消费属性 药品的下一个竞技场。此类良性竞争有助于大幅降低患者的长期用药负担，提升优质药物的可及性，推 动行业向成熟、普惠方向发展。 这一价格调整恰逢节后公众体重管理与血糖控制需求的高峰期，"价格下探"与"需求升温"双重因素叠 加，迅速在零售终端引发连锁反应。据美团买药最新数据显示，节后平台相关药品搜索量与订单量激 增。替尔泊肽、玛仕度肽、司美格鲁肽等GLP-1药物跃居节后热搜榜前十。其中，司美格鲁肽搜索量较 节前增长90%，领跑市场。此外，替尔泊肽和玛仕度肽搜索量也分别实现88%和48%的显著增长。 ...

新京报贝壳财经讯 3月2日，美团旗下的光年之外（GN06）团队宣布，其全新产品Tabbit AI浏览器已进 入公测。目前，用户可前往官方网站下载体验，公测期间免费且无需邀请码。 作为一款专为上班族、在校学生及内容创作者等人群量身打造的AI原生浏览器，Tabbit打破了传统浏览 器的功能边界，将网页浏览、全网搜索、AI对话与复杂任务执行融为一体，推动浏览器从"被动的信息 展示工具"进化为"主动的智能工作伙伴"。 ...

CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Last Friday, the new SUMITR Float 29s tightened 6bps from RO at SOFR+71, and SUMITR Float 31s tightened 15bps from RO at SOFR+89. As for fixed- rate SUMITR new issues, SUMITR 29s were unchanged from RO at T+53, SUMITR 31s tightened 6bps, and SUMITR 36s were 5bps wider amid heaving selling. In Chinese IG space, belly-to-long-end TMT names LENOVO/XIAOMI/JD/KUAISH/MEITUA faced concentrated selling and widened 1-6bps ...

据新华社报道，2月28日，美国与以色列对伊朗发起联合军事行动，伊朗首都德黑兰遭遇多次打击。中 东地区多个航空枢纽也遭受波及。另据央视新闻报道，当地时间2月28日晚至3月1日凌晨，阿联酋迪拜 国际机场响起巨大的爆炸声，机场航站楼遭到袭击。 21世纪经济报道记者周慧 近年来，中东已成为中国科技企业出海的重要目的地。此次中东局势是否会波及企业的海外业务，引发 关注。 21世纪经济报道记者就此联系了多家大厂了解其相关应对举措。美团旗下国际外卖品牌Keeta相关人士 回应称，目前Keeta密切关注中东局势情况，骑手、商家、用户和员工的安全始终是首要考虑。Keeta与 中东地区相关部门保持密切联系，严格遵守所有政府指引和指令，包括任何与营运暂停或服务调整相关 的指示。必要时，特定区域将暂时限制或停止服务，以确保社区安全，Keeta会根据形势迅速应变。 记者还在迪拜的美团Keeta Drone无人机配送站点体验了点单无人机配送星巴克咖啡外卖。截至2025年 11月，迪拜共开通5条无人机航线，包括2条医疗配送航线和3条餐饮配送航线，新的航线正在开通中。 公司还计划将"夜航"等新技术引入迪拜，推动试点向普及发展。 一位长期生活 ...