Group 1: Paramount and Warner Bros. Acquisition - Paramount Skydance (PSKY) wins the bidding war for Warner Bros. Discovery (WBD) as Netflix (NFLX) decides not to raise its bid, deeming the revised offer from Paramount as "superior" [3] - The final purchase price from Paramount is $31.00 per share in cash, which values Warner Bros. at approximately $108 billion, reflecting a one-dollar increase from its previous bid [3] - Warner Bros. Discovery is contractually obligated to pay Netflix a breakup fee of $2.8 billion due to the termination of the original deal [4] Group 2: Anthropic and Pentagon Negotiations - Anthropic (ANTHRO) refuses the Pentagon's demand for unrestricted access to its AI models, stating that it cannot allow its technology to be used in all lawful cases without limitations [5] - The Pentagon has threatened to label Anthropic as a "supply chain risk" and may invoke the Defense Production Act to enforce compliance with its demands [7] - Anthropic signed a $200 million contract with the Department of Defense in July, becoming the first lab to deploy its models in classified mission workflows [8] Group 3: Burger King Whopper Update - Burger King is refreshing its iconic Whopper for the first time in nearly a decade, introducing a more premium bun and better-tasting mayo while maintaining the same beef and toppings [9][10] - The new Whopper will be served in a box instead of a wrapper to ensure quality upon delivery, reflecting changes made based on customer feedback [10] - Restaurant Brands International (QSR) announced the upgraded Whopper at its Investor Day event, with QSR shares closing up 3.3% [10]

Group 1 - The core viewpoint of the article highlights the mixed performance of the technology sector in the A-share market, driven by Nvidia's strong earnings report, but tempered by concerns over market volatility and AI sustainability [1][5][6] - Nvidia reported a revenue of $68.1 billion for Q4 of fiscal 2026, exceeding expectations of $65.91 billion, with a significant year-on-year increase from $39.33 billion [5] - The market remains skeptical about the sustainability of AI spending, with analysts questioning whether AI can deliver tangible cost savings or profits for businesses [6] Group 2 - The ChiNext 50 ETF (588870) experienced fluctuations, with a decline of over 1% in early trading after two consecutive days of gains, reflecting the overall market sentiment [1] - Key stocks within the ChiNext 50 ETF saw mixed performance, with notable declines in companies like Zhongwei Company (down over 4%) and Lanke Technology (down 2%), while Chip Original Co. saw an increase of over 5% [3][4] - The semiconductor industry is showing signs of recovery, with companies like SMIC reporting stable operations and growth in revenue and net profit for Q4 of fiscal 2025 [8] Group 3 - The semiconductor sector is experiencing a divergence in performance, with AI-related segments like computing chips and storage chips seeing strong demand, while non-AI segments are recovering more slowly [6][8] - The ChiNext 50 index has a high exposure to the semiconductor industry, with a weight of 68.3%, capturing significant opportunities in AI chip innovation [9] - The R&D expenditure of the ChiNext 50 index constituents reached 53.23 billion yuan, accounting for 7.93% of revenue, significantly higher than the averages for the Growth Enterprise Market and Main Board [12]

最近几件事，把中美之间的差距，看得明明白白。 美国东北部被风雪席卷，近40万人遭遇停电，而且停电人数还在不断增加。同样是多风雪的地方，中国却很少出现这么大规模的停电，最多就是个别区域短 暂停一会儿，很快就能恢复。 其实核心差别很简单，美国的电力公司都是私营的，做生意优先考虑赚钱。 要是遇到大风大雪，供电要亏钱，他们就敢直接断电，之前加州就发生过这种事。 而中国的国家电网是国有的，优先保障老百姓用电，哪怕亏钱也要扛住。 更厉害的是，现在中国的发电总量，比后面九个国家的总和还多，除了煤炭占55%，剩下的都是清洁能源，比很多地方都强。 不光是美国，日本的福岛核灾也早就暴露了私营电力的问题，东京电力为了保股价，迟疑了一天才采取措施，最后造成了严重后果，而这背后还有美国股东 的影子。说到底，还是制度不一样，国有体制才能给老百姓最实在的安全保障。 这些年，中国在很多领域都实现了弯道超车，军工领域尤其明显。最近美国终于公布了他们的六代机F47的完整造型，不再藏着掖着，本以为能惊艳世界， 结果刚曝光就被网友嘲笑"一出现就落后"。 为啥这么说？首先，这款F47还只是PPT阶段，连真正试飞都没做，更别说量产了，预计要到2032年 ...

今日早参 2026 年 2 月 26 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 陈慎 房地产行业首席研究员 座机：021 38476038 邮箱：chenshen@htsc.com 今日热点 风险提示：房地产政策波动，房地产市场复苏不及预期，部分房企经营风 险。 研报发布日期：2026-02-25 研究员 刘璐 SAC:S0570519070001 SFC:BRD825 固定收益：AI 叙事的转变 ——基本面观察 2 月第 2 期 2026 年以来，全球 AI 叙事正在经历一次重要的边际变化，我们至少看到了 三层叙事的转变。 第一层叙事：对 Scaling Law 开始出现一些分歧。 过去几年 AI 投资的核心引擎来自于 Scaling Law 的经验规律：模型越大、数 据越多、算力越强，性能越好。但这条规律正在出现一些裂痕。 风险提示：AI 开支不及预期，地缘政治风险。 研报发布日期：2026-02-25 研究员 张继强 SAC:S0570518110002 SFC:AMB145 吴靖 SAC:S0570523070006 房地产 ...

Core Viewpoint - ASML identifies the artificial intelligence boom as a long-term growth driver for demand in its products, marking a shift from its previous stance in 2024 where it viewed AI as a limited growth factor [1] Group 1: Demand and Market Trends - The company now anticipates strong growth in the semiconductor market driven by high demand for AI logic and memory products, alongside elevated pricing due to supply-demand imbalances [1] - CEO Christophe Fouquet noted that significant demand for AI is fueling capacity build-up across a broad customer base, a trend expected to continue into 2026 and beyond [1] Group 2: Export Controls and Operations - ASML reported that export-control regimes are evolving, with the Dutch government implementing new controls on metrology and inspection equipment in January 2025 [1] - The company plans to establish a sales and support operation in India to enhance its market presence [1]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Insights - The storage supercycle remains a key theme for the semiconductor industry in 2026, driven by strong demand and limited supply [20][21] - Major technology companies are increasing their capital expenditure (Capex) forecasts, which supports the positive outlook for the storage market [22] - The report highlights the importance of advanced packaging and the potential for new technologies like CPO (Chiplet Packaging Optimization) to enhance system performance [15][14] Summary by Sections Storage Market - The storage market is entering a seller's market characterized by rising prices and demand, with DRAM ASPs increasing approximately 40% for Samsung and 20% for SK Hynix in Q4 2025 [4][20] - The report anticipates that DRAM prices will continue to rise in Q1 2026, with a forecasted increase of 90-95% for conventional DRAM [25] - Supply constraints are expected to persist, with capital expenditures focused on HBM and advanced processes rather than broad capacity expansion [21][4] Advanced Packaging - Advanced packaging is becoming a critical area of focus, with companies like Intel and Samsung investing in 2.5D/3D packaging technologies [14] - The demand for advanced packaging is expected to grow as cloud service providers increase their capital expenditures and accelerate in-house chip development [15] CPO (Chiplet Packaging Optimization) - CPO is projected to gain traction, with NVIDIA showcasing its CPO solutions that significantly enhance system-level efficiency [15] - The report notes that CPO applications are expected to transition from scale-out to scale-up, improving bandwidth density and energy efficiency [15] Capital Expenditure Trends - North American tech giants are significantly increasing their Capex forecasts for 2026, with estimates reaching approximately $655 billion, a 60% year-over-year increase [22] - This increase in Capex is expected to support ongoing demand for high-performance storage solutions and AI applications [22][24]

February 20, 2026 04:20 PM GMT Investor Presentation | Japan M Foundation Semiconductor Production Equipment: Tech Monthly Feb 2026 Morgan Stanley MUFG Securities Co., Ltd.+ Suzune Tamura, CFA Equity Analyst Suzune.Tamura@morganstanleymufg.com +81 3 6836-8891 Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 Semiconductor Production Equipment Japan Industry View Attractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a re ...

Vi e w p o i n t | 20 Feb 2026 11:21:44 ET │ 17 pages US Semiconductor Equipment SPIE 2026 Investor Packet CITI'S TAKE We will be attending the SPIE Advanced Lithography conference from Feb 22-26 in San Jose, California, and hosting meetings with Lam Research, KLA and Applied Materials management teams. The conference features keynotes by a) SK Hynix on HBM technology evolution b) high-NA EUV/process control updates by ASML/IBM/TSMC, and c) Advanced packaging solutions presentations by Rapidus/Micron. Moreo ...

21 February 2026 | 12:05PM EST Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT Raising 2026/27 WFE estimates, driven by memory and foundry strength Bottom Line: Positive semiconductor CapEx datapoints during 4Q earnings season drive our WFE estimates meaningfully higher. We raise our 2026/27/28 WFE estimates to $132/$160/$174 bn (+20%/+21%/+9%) from $124/$132/$144 bn (+11%/+6%/+9%) previously, reflecting recent CapEx revisions and a more constructive outlook from SPE suppliers. We see mem ...

2）当下全球存储仍以典型周期资产估值定价，下一个阶段有望转向成长，估值将不再是5X、6X，而是10X、 15X、甚至20X。 持续强call存储设备，重视机器人催化【华西机械】 3）大陆存储扩产是景气度+国产替代共振，十五五两存+晋华预计扩产规划超过百万，显著强于海外，短期看两存 招标po临近。 持续强call存储设备，重视机器人催化【华西机械】 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 纪律性扩产以及洁净室限制导致供给失衡。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 ...