Group 1: Industry Overview - The semiconductor industry is expected to maintain a high growth trend, driven by increased demand for optical modules, as evidenced by NVIDIA's investment of $2 billion each in Lumentum Holdings Inc. and another company to support new product development [4] - Price increases in the semiconductor sector are becoming widespread, with companies like STMicroelectronics raising prices by 20% for certain products due to rising raw material costs [4] Group 2: Company Performance - Ninebot Company reported a revenue of 21.325 billion yuan for 2025, a year-on-year increase of 50.2%, and a net profit of 1.755 billion yuan, up 61.8% year-on-year, driven by strong sales in electric two-wheelers and service robots [7] - The company faced temporary profit pressure in Q4 2025 due to currency exchange losses and tax provisions, but anticipates a recovery in Q2 2026 with plans to launch new electric products [7] Group 3: Cosmetics Industry Insights - The cosmetics industry in 2025 showed moderate domestic demand recovery and strong export performance, with retail sales reaching 465.3 billion yuan, a year-on-year increase of 5.1% [8] - The total import and export value of cosmetics was $24 billion, with exports at $7.82 billion, reflecting a year-on-year increase of 9.2%, indicating a robust growth trajectory in emerging markets [8]

AI芯片巨头英伟达周一宣布大手笔投资，向两家光学技术公司Coherent和Lumentum各投20亿美元，总计40亿美元，继续加 码AI基础设施。 英伟达CEO黄仁勋表示："借助Coherent的技术，英伟达正在开创下一代硅光子学，以更大规模、更快速度、更高能效实现 AI基础设施。"他还称，与Lumentum携手推进全球最先进的硅光子技术，目标是"构建下一代千兆瓦级AI工厂"。 随着AI模型规模持续扩大，芯片间的数据传输逐渐成为算力瓶颈。传统铜线互联已逼近物理极限，而以硅光子为核心的光 互连技术，可实现更高带宽、更低时延与更低功耗，成为下一代算力架构的关键方向。 英伟达指出，光互连和先进的封装集成是下一代人工智能基础设施的基础，能够为人工智能工厂带来超高带宽、高能效的 连接。此次合作充分利用了英伟达在AI、加速计算和网络领域的领先地位，以及两家公司在光技术创新和先进制造方面的 专长。 英伟达CEO黄仁勋表示："计算方式已经发生了根本性的变化。在人工智能时代，软件运行依赖于人工智能，而人工智能工 厂会针对每一次交互和每一个场景实时生成令牌，借助Coherent的技术，我们正在开创下一代硅光子学，以前所未有的规 ...

>> THIS IS THE ASIA TRADE. I AM AVRIL HONG IN SINGAPORE. >> TOP STORIES THIS HOUR.>> WE WILL EASILY PREVAIL. WE ARE ALREADY SUBSTANTIALLY AHEAD OF OUR TIME PROJECTIONS. WHATEVER IT TAKES.>> PRESIDENT TRUMP REFUSING TO PUT A TIMELINE ON THE WAR WITH IRAN AND NOT RULING OUT AMERICAN BOOTS ON THE GROUND WHILE IRAN RESPONDS WITH MISSILE LAUNCHES ACROSS THE REGION. OIL SURGING WITH NATURAL GAS SPIKING. TREASURIES UNDER PRESSURE WITH INFLATION FEARS DIMMING THE CHANCES OF INTEREST RATE CUTS.THE UAE AND QATAR LOBB ...

Exclusive: Ayar Labs, a decade-old chip startup backed by Nvidia and Advanced Micro Devices, has raised $500 million from investors https://t.co/n1ieRIvCEZ ...

中东地区（包括海湾合作委员会国家和伊朗）2025年的电解铝产量约占全球 总产量（7,380 万吨）的 9%。我们预计当前的伊朗战争将从两个方面影响铝 供应：(1) 伊朗的铝产量（约 62 万吨）约占 2025 年全球总产量的 0.8%，如 果伊朗的电力基础设施和物流系统遭到破坏，将会对铝生产造成不利影响； (2) 霍尔木兹海峡的封锁将影响整个中东地区氧化铝和铝土矿的运输，同时 也会影响该地区的铝出口。美国总统特朗普透露空袭可能持续四周。我们预 计供应链不稳将支撑铝价。我们认为中国宏桥（1378 HK，买入）将从中受 益。我们同时看好创新实业（2788 HK，买入），公司在沙特阿拉伯的产能 仍处于建设阶段，因此我们预计当前的局势不会对公司产生太大影响。 （链接） 2026 年 3 月 3 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 行业点评 电解铝行业 - 中东地区潜在的供应受限将支撑铝价 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来，黄金、白银等贵金属价格持续走高，并带动A股相关的贵金属板块走强。 其中， COMEX黄金期货在2024年上涨27.39%，2025年上涨64.03%，2026年以来（截至3月2日）已经 涨超24%；A股的黄金股板块指数（东方财富板块指数）2024年上涨12.53%，2025年上涨 95.64%，2026年以来（截至3月2日）已经涨近73%。 贵金属期货相关A股板块的亮眼表现，吸 引了众多投资者的关注。 那么，贵金属近几年来为何表现如此强劲呢？经过近几年的上涨，贵金属期货和相关的A股板 块，目前累计涨幅都比较大，是该继续持有还是落袋为安？为了给投资者解惑，笔者特采访 了 中欧瑞博、盛麒资产、钧富投资、乾图投资、联海资产、泽元投资、持赢私募、观理基金、波粒 二象私募 等多家知名私募。 01 近年来，黄金期货价格持续上涨， 贵司 认为背后的主要驱动因素是什么？ 中欧瑞博联席投资总监黄松杰： 金价上涨的中长期逻辑主要是去美元、央行购金和地缘/贸易冲 突升级、美联储降息。2026年开年以来的金价上涨的短期触发因素是：格陵兰岛争端引发的欧美 贸易冲突 ...

均为 非独家 、 多年期 先进光学合作； 均包含" 以十亿美元计的采购承诺 "； 该行写道："促成交易的首要原因，是为英伟达在柜外互联（Scale-out）和柜内互联（Scale-up）两类CPO上保护供应。"在其看来，这更像是在为更大 规模的"光互联"时代推进"提前备料"，而不是一次短期的供需扰动。 这就像在果园结果前提前包下整座果园。 随着AI集群规模的扩大，传统可插拔光模块将面临功耗和密度的物理极限。将光学组件与GPU直接封装在一 起的CPO（共封装光学）技术成为必然趋势。CPO将可插拔收发器直接集成至交换机内部，可降低数据中心运营商的硬件采购成本，并显著压缩网络 能耗。 英伟达豪掷40亿美元，同步入股光通信巨头Coherent与Lumentum，为下一代"AI互联"提前锁定供应链产能，在巴克莱看来其诉求是CPO的"供应保 护"。而这一动作时点并不偶然，英伟达"很可能在GTC大会上公开部分讨论新的CPO解决方案"。此次采购承诺延伸至2030年，资金重点支持两家公司 美国本土扩产与CPO关键激光器供给。 英伟达豪掷40亿美元入股两大光通信巨头，为下一代AI算力架构的"光互联"时代提前锁定关键产能。 当地时 ...

英伟达过去两个季度的股价几乎没动，但摩根士丹利的判断是：基本面反而在变强，市场只是被两件事卡住——增长能不能"熬过"2026，以 及市场份额会不会被ASIC、AMD慢慢啃掉。大摩把英伟达重新抬回半导体板块的"首选"，维持增持评级与260美元目标价，并把当前估值视 作少见的介入窗口。 英伟达横盘两季，大摩却将其重申为半导体"首选"。市场忧虑其2026年增长见顶，但云巨头"三年锁单、全额预付"的极端买单动作成为最硬 反证，大摩认为仅18倍的远期市盈率是极罕见的介入窗口。对于市场担忧市场份额回落，大摩认为在英伟达规模已接近"每季度800亿美元"的 约束下，同行增速略快、份额回吐1—2个百分点并不意外。 摩根士丹利北美半导体分析师Joseph Moore在最新报告中表示，英伟达以2027年盈利计仅约18倍市盈率，是一个出人意料的好切入点。他 的逻辑不是押注下个季度再超预期，而是押注投资人对"增长耐久度"的怀疑，会在未来几个月开始松动。 支撑这套判断的证据，更多来自供应链与客户行为：报告提到， 超大规模云厂商正在对上游做更长周期的锁量，甚至出现"3年订单、部分全 额预付"的现象。这类动作很难与"明年就打算急刹车"兼容。 ...

Core Viewpoint - Nvidia has regained its position as Morgan Stanley's top pick in the semiconductor sector, overtaking Micron Technology, indicating a shift in market discussions regarding AI investment paths [1] Group 1: Nvidia's Market Position - Analyst Joseph Moore believes that despite Nvidia's recent stock performance being flat, market enthusiasm for its 2027 outlook may increase in the coming months, with the current stock price corresponding to an estimated earnings multiple of about 18 times for the 2027 calendar year, presenting an "unexpectedly good entry point" [1] - There is an ongoing debate about whether memory stocks or Nvidia stocks represent the best bet on the AI boom, with Moore suggesting that while memory stocks reflect a longer-term cycle, Nvidia's strength is central to the memory shortage, and AI's profit leverage may not be limited to memory companies [1] Group 2: Industry Demand and Competition - Moore indicates that memory and Nvidia's logic are closely linked, with comprehensive surveys showing that capital expenditures from hyperscale cloud service providers are expected to grow for several years, although sustainability is harder to determine [2] - Some hyperscale customers have placed three-year orders with memory suppliers, even making full prepayments, indicating that companies are preparing for broader long-term infrastructure expansions, which should enhance market confidence in their long-term narratives [2] - Nvidia is not the only beneficiary in the competitive landscape, as AMD is strengthening its graphics processor offerings, while Alphabet and Broadcom's partners are gradually expanding market share through lower-cost application-specific integrated circuits [2] Group 3: Nvidia's Product Development - Despite some weakening of "moats" among AI chip manufacturers, customers still prefer Nvidia products, with expectations that demand for AI chips will continue to exceed supply [3] - Nvidia's current Blackwell chip is expected to remain the preferred processor, and the upcoming Vera Rubin AI platform, set to ship in the second half of the year, is anticipated to further solidify the company's appeal among large cloud customers [3] - Nvidia plans to launch a new inference-oriented chip system and is accelerating innovation through a new partnership with startup Groq, although the company has not commented on this potential new product [3]

2 March 2026 | 2:56PM EST Equity Research Americas Technology: Hardware: AI Project Pulse: February 2026 We summarize recent announcements and developments in the AI project space across neoclouds, sovereigns, and enterprise made in February 2026. This represents select project announcements and is not indicative of the total AI infrastructure opportunity. Key highlights in February 2026 include: 1 AMZN, GOOGL, META, AAPL, MSFT, ORCL, and CRWV Goldman Sachs does and seeks to do business with companies cover ...