Group 1 - The report highlights a peak in lock-up expirations in March 2026, with a total of HKD 87.2 billion in lock-up shares set to be released, primarily affecting sectors such as non-ferrous metals, tea beverages, automotive, and pharmaceuticals [4][33] - The upcoming earnings disclosure deadline for Hong Kong companies, particularly those with fiscal years aligned with the calendar year, is expected to exert downward pressure on stock performance, with many companies required to announce preliminary results by March 31 [4][39] - Geopolitical tensions, particularly the escalation of military conflicts involving Iran, are noted as a secondary factor impacting market sentiment, although the overall effect on Hong Kong stocks may be limited due to a prevailing bullish trend in global risk assets [4][45] Group 2 - The report suggests that the period from mid to late March 2026 may present an opportunity for negative sentiment to dissipate, as the peak of the aforementioned pressures passes [4][50] - The performance of the Hang Seng Technology Index is expected to improve as major companies within the index are likely to report earnings by mid to late March, potentially alleviating market concerns [5][39] - The potential visit of former President Trump to China at the end of March to early April could also positively influence market sentiment [5][52] Group 3 - Historical data indicates that the Hong Kong market does not exhibit a significant seasonal effect post-Chinese New Year, with the Hang Seng Index showing only a 46.7% probability of rising during this period over the past 15 years [7][13] - The report emphasizes that the recent appreciation of the Renminbi is not driven by domestic economic fundamentals, which may lead to a divergence between currency strength and Hong Kong stock performance [20][21] - The report notes that the core variable influencing foreign investment in Hong Kong stocks is the expectation of China's economic fundamentals rather than short-term fluctuations in the exchange rate [21][22]

新春第一会。 作者/刘博 报道/投资界PEdaily 海淀，打响开年第一枪。 2月2 8日，海淀新春第一会——"海淀区2 0 2 6经济社会高质量发展大会"召开。投资界在 现 场 获 悉 ， 中 关 村 科 学 城 科 技 成 长 四 期 基 金 、 中 关 村 科 学 城 科 技 成 果 转 化 基 金 联 袂 发 布，总规模高达1 0 0亿元。 这一幕极具风向标意义。 回 望 4 0 年前 ， 海淀 的 " 电子 一 条街 " 点 燃了中 国 科技 创新 的 星星 之 火 ；4 0 年后 ， 这 片 热 土又孕育出现代化产业的崭新篇章。这座全球瞩目的科技与产业高地，正成为越来越多 人必然的选择。 汇聚500家VC/PE 开年，海淀诞生百亿基金 创投圈再度沸腾。 投资类型则包括成果转化型：聚焦源头成果转化；产业协同型：联动头部平台企业；投 资引领型：合作市场头部机构，出资比例上限5 0 %。 此外，产业直投基金规模1 0亿元，聚焦1+ 5+ 3产业体系，聚焦B轮前后的高成长项目， 重点投向产业关键环节、链主准链主、强链补链项目。 而中关村科学城科技成果转化基金瞄向早期优质项目，涵盖高校院所成果转化项目、国 ...

证券研究报告 | 2026年2月29日 AI周报： AI快速发展，AI HALO资产价值彰显 行业研究 · 行业专题 计算机&通信 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 证券分析师：艾宪 0755-22941051 aixian@guosen.com.cn S0980524090001 请务必阅读正文之后的免责声明及其项下所有内容 AI HALO：AI领域的重资产、低淘汰率 图1：美国基建股指数价格波动（25年1月-26年2月） 资料来源：Wind，国信证券经济研究所整理 n AI HALO：AI领域的重资产、低淘汰率。 Ø 定义：HALO = Heavy Assets（重资产）+ Low Obsolescence（低淘汰率）。其中，重资产是指其商业模式建立在庞大的实物资本基础之上，具有很高 复制壁垒（例如成本、监管、建设时间、工程复杂性、网络整合难度等）的资产；低淘汰率是指资产的经济相关性能够穿越技术周期而持久存在（即 商业模式、资产是刚需，不会因AI革命而被取代）。 Ø 代表资产：HALO代表 ...

Core Viewpoint - Super Micro is positioned to capitalize on the growing demand for AI servers and data center solutions, despite facing challenges related to margin compression and customer concentration [18]. Company Overview - Super Micro specializes in modular high-performance servers, networking, and storage solutions, catering to markets such as enterprise data centers, cloud computing, AI, 5G, and edge computing [2][5]. - The company offers a wide range of products, including server and storage systems, modular blade servers, and server management software [2]. Competitive Landscape - Major competitors in the U.S. include Dell, Hewlett Packard Enterprises, and IBM, while Lenovo is a key international competitor [3][4]. - Super Micro's unique value proposition lies in its ability to rapidly develop customizable and energy-efficient server solutions [4]. Recent Financial Performance - For the fiscal year 2026, Super Micro reported non-GAAP EPS of 69 cents, beating estimates by 20 cents, with revenue increasing by 123% year-over-year to approximately $12.7 billion, surpassing estimates by $2.36 billion [6][7]. - The company expects net sales to exceed $40 billion in fiscal year 2026, driven by increased production capacity and strong customer engagement [8]. Growth Potential - Super Micro's forward revenue growth is estimated at 49%, significantly higher than the sector's average of 10% [9]. - The company is well-positioned to benefit from increasing hyperscale capital expenditures, particularly with the launch of Nvidia's Vera Rubin GPU [10]. Valuation Insights - The current market capitalization is around $20 billion, with last year's revenue at $28 billion expected to grow to $41 billion, indicating a price-to-sales ratio of less than one, suggesting potential undervaluation [11]. Margin Challenges - The company faces margin compression, with gross margins falling to 6.4% and net income margins around 3%, lower than the sector average of 5% and its own historical average of 6% [12][13]. - A significant reliance on one large customer, which accounts for approximately 63% of total revenue, raises concerns about financial and execution risks [15]. Technical Analysis - Super Micro's annual returns are down 36%, while year-to-date returns are up nearly 10%, indicating some recovery [16]. - The stock is currently in an intermediate-term downtrend but shows signs of potential consolidation and upside momentum [17][18].

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [2]. Core Insights - The report identifies four major trends in the inference computing landscape driven by the Token economy, highlighting a surge in demand for inference computing, the emergence of pure inference chips, comprehensive innovations in inference systems, and accelerated breakthroughs in domestic computing chips [3][4][17]. Summary by Sections Inference Computing Trends - Inference computing demand is experiencing explosive growth, with significant increases in model invocation during the Spring Festival, where domestic AI models surpassed U.S. models for the first time [5][6]. - Pure inference chips are becoming increasingly important, as evidenced by Nvidia's $20 billion acquisition of Groq and OpenAI's partnerships with Cerebras, indicating a shift towards specialized inference hardware [9]. - Inference systems are undergoing comprehensive innovations, with a new three-layer network architecture designed to meet the needs of agents, increasing demand for multi-core and multi-threaded CPUs [10][11]. - Domestic computing chips are making rapid advancements, with Huawei's Ascend 950 series introducing new low-precision data formats and significantly enhancing vector computing capabilities [17][18]. DeepSeek V4 Expectations - Anticipations for DeepSeek V4 include leading capabilities in inference and coding, improved handling of long contexts and complex tasks, and continued innovation in technical architecture [22][25]. - Recent papers from DeepSeek suggest breakthroughs in long context processing and complex task handling, which may enhance the performance of domestic computing chip adaptations [29][35]. Recommended Investment Themes - Key investment themes include leadership in the digital economy, AIGC applications, AIGC computing power, data elements, flexible innovation, core Hong Kong stocks, intelligent connected vehicles, new industrialization, and medical informationization [37].

国家知识产权局信息显示，联想（新加坡）私人有限公司取得一项名为"基于侧链路角度和基于SL RRM的定位"的专利，授权公告号CN116034285B，申请日期为2021年8月。 作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

本文源自：市场资讯 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1748条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"所有权转移方法、装置、电子设备及 存储介质"的专利，授权公告号CN116017453B，申请日期为2022年12月。 作者：情报员 ...

作者：情报员 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种数据标记方法及装置"的专利，授 权公告号CN115965982B，申请日期为2021年10月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1748条，专利信 息5000条，此外企业还拥有行政许可238个。 ...

本文源自：市场资讯 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种位姿确定方法及装置"的专利，授 权公告号CN115965691B，申请日期为2022年12月。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1748条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：情报员 ...

国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种处理方法、装置、电子设备及存 储介质"的专利，授权公告号CN115567758B，申请日期为2022年9月。 本文源自：市场资讯 作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1748条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...