Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - Nvidia reported record revenue of $68.1 billion for FY26Q4, a 73% year-over-year increase, and a GAAP net profit of $42.96 billion, up 94% [2][9]. - The report emphasizes the growing opportunities in the AI industry, particularly in the AI computing supply chain [2][39]. - The report highlights the strong performance of AAOI, which has significantly revised its earnings expectations upward due to high-end product demand [15]. Summary by Sections Weekly Viewpoint - Nvidia's quarterly revenue reached $68.1 billion, exceeding market expectations, with a strong guidance for Q1 FY27 at $78 billion [7][10]. - The data center business, a core growth driver, generated $62.3 billion in revenue, marking a 75% year-over-year increase [7][11]. - The report suggests focusing on key opportunities along the AI computing supply chain, including optical modules, CPO, and AI servers [7]. Industry News - Nvidia's record revenue is seen as a bellwether for AI demand, with CEO Jensen Huang stating that the adoption of AI is at a turning point [9][10]. - Alibaba Cloud launched its Coding Plan, offering access to top open-source models, significantly reducing costs for high-frequency coding tasks [13][14]. - AAOI's latest earnings report shows a total revenue of $456 million for 2025, a year-over-year increase of 83%, with expectations for continued growth in 2026 [15][16]. Investment Highlights - The industry has seen an increase in holding ratios, with valuations at historically high levels, reflecting positive expectations driven by the AI supply chain [39]. - Strong overseas demand and the acceleration of domestic AI infrastructure are expected to benefit core domestic companies [40][41]. - The report anticipates a significant shift in the industry with new connections and technologies emerging in 2026, creating more investment opportunities [42]. - AI-driven network upgrades are expected to enhance communication capabilities, with rapid advancements in new technologies [43].

行 业 研 究 华福证券 机械设备 2026 年 02 月 28 日 机械设备 人形机器人吸引德总理访问宇树，中德合作开启新范式 投资要点： 人形机器人成核心，德总理专程访宇树 行 业 定 期 报 告 2026 年 2 月 26 日，德国总理默茨率 30 余位德企高管访杭考察宇 树科技，该企业 2025 年人形机器人出货量全球第一，其产品曾完成全 球首次全自主人形机器人集群武术表演，此次还展示了人形机器人在 工业场景的应用。2025 年全球人形机器人装机量超 80%来自中国，德 国亟需中国人形机器人的软智能赋能本土硬制造，其唯一人形机器人 企业也已落户杭州。 人形机器人促转型，中德合作模式升级 德国 2025 年经济遇阻，汽车业对华出口大跌，但中国重回其最大 贸易伙伴，德企对华投资大幅增长，杭州成为德企布局人形机器人等 智能制造的重要枢纽，2026 年初已有多家德企在杭落地合作。以人形 机器人为代表的中国智造崛起，推动中德合作从"德技术+中市场"升 级为双向互补，也成为全球合作新趋势，多国政要访华均聚焦务实经 贸，中国凭借智造实力成为全球经济重要基石。 人形机器人造福全人类，未来有望像汽车般普及 中国机器人网 ...

Core Insights - The report highlights a growing investor interest in "heavy asset" stocks, such as utilities, basic resources, and energy stocks, driven by concerns over AI disruption and high valuations in growth sectors [9] - The market is currently betting on two major themes: "AI growth" and "real asset inflation hedging," leading to a rare co-movement between growth and value/dividend sectors [9] - Japan's Prime Minister expressed concerns over further interest rate hikes, which is expected to maintain a relatively loose monetary environment, benefiting the Japanese stock market, particularly in export, finance, and military sectors [9] Market Overview - The report notes that the US stock market saw gains influenced by AI-related news and interest rate expectations, with the Dow Jones Industrial Average rising by 370 points or 0.76% [11] - The Hang Seng Index closed at 26,590.32, down 491.59 points or 1.82%, while the Shanghai Composite Index rose by 47.14 points or 1.01% [15] - The report indicates that the A-share market opened positively after the Lunar New Year holiday, with significant gains in oil and gas stocks, and the Shanghai Composite Index closing at 4,117 points, up 35 points or 0.9% [13] Company Analysis - The report discusses the performance of various companies, noting that a domestic GPU demand surge is expected to drive orders and valuations higher for companies involved in AI computing power [21] - China Resources Beer reported a 2.2% year-on-year increase in beer sales, with premium products seeing over a 10% rise, indicating the effectiveness of the company's high-end strategy [21] - The report highlights that Deere & Company reported a 13% year-on-year revenue growth, driven by strong sales in small agricultural and construction machinery, reflecting the company's resilience amid cost pressures [23] Economic Data - The report provides key economic data, including Hong Kong's GDP growth rate of 3.8% year-on-year for Q4 and a consumer price index increase of 1.2% year-on-year for January [20] - It also notes that the Eurozone's consumer price index rose by 1.7% year-on-year in January, with a month-on-month decrease of 0.5% [20]

人工智能的竞争，正在从图文生成延伸到对物理世界的理解。这一发展特征在家装行业尤为凸显。譬 如，AI技术大幅赋能空间设计软件行业，使创新、效率及优化达至前所未有的水平。 GPU及AI渲染的 进步优化了渲染流过并提升了用户体验，并确保流畅的高性能图形运作，从而推动行业创新。 营收稳增，盈利难仍是破局关键 据智通财经获悉，群核科技是国内领先的云原生空间设计软件提供商，产品广泛应用于从住宅及办公楼 到零售店及商业项目等业务场景。 公司的产品矩阵主要以酷家乐为核心。酷家乐是中国的一个云原生空间设计平台， 提供快速拖放式3D 设计、实时生成逼真渲染效果、广泛模型库及BIM能力。在国际市 场，公司针对亚洲及美国市场推出 一款本地化空间设计解决方案Coohom，其拥有适配 特定地区的设计界面及模型库，支持18种语言。除 软件产品外，群核科技还透过新一代空间 智能解决方案SpatialVerse提供专业服务，利用逼真且物理正 确的合成3D数据集加速人工智能开发，同时降低现实世界的测试成本。 从核心竞争力来看，技术与创新仍是群核科技软件不可或缺的部分。公司的解决方案基于三项核心技术 能力：专门构建的GPU基础设施，先进的人工智能 ...

北京商报讯（记者 魏蔚）2月28日，快手发布的春节红包数据报告显示，从2月4日至23日期间，快手推 出"摇一摇领红包""换红包"和"点金卡""卫视春晚联动下红包雨""集卡瓜分2亿""好友互扫招财码""小马 PK赢金币"等红包与互动玩法。其中，"摇一摇"参与用户规模同比去年增长超60%。"一键换红包"将小 额红包兑换为大额红包的玩法，人均换红包超过10次。为求一张能让红包最高放大100倍的"财神点金 卡"，老铁们在一位主播评论区下刷出300多万条评论。 ...

北京商报讯（记者 孟凡霞 周义力）2月28日，中央纪委国家监委网站消息，据中央纪委国家监委驻中国 建设银行纪检监察组、山西省纪委监委消息：中国建设银行山西省分行原党委副书记、副行长斛文锋涉 嫌严重违纪违法，目前正接受中央纪委国家监委驻中国建设银行纪检监察组纪律审查和山西省监察委员 会监察调查。 ...

证券研究报告 | 2026年02月28日 策略周报 两会前后市场如何演绎？ 两会前后市场及风格、行业特征或与政策导向有关。那么为何两会前后 A 股 存在明显的日历效应？这是由于历年全国两会是观察今年经济工作动向的 重要窗口，往往对市场行情产生重要影响。宏观层面看，两会前稳增长政策 预期通常升温、融资交易活跃，市场风格也偏向小盘；两会召开期间随着政 策部署，前期预期兑现，市场情绪阶段性回落，行情表现也多为震荡休整； 两会后随着全年政策目标明确，各类政策加速落地，叠加高频数据往往季节 性上行，易推动乐观预期发酵，与宏观经济相关度较高的顺周期板块胜率也 往往较高。产业层面看，两会前后资金往往围绕产业政策布局，且历年两会 报告中提及的重点产业往往能成为当年的投资热点， 核心观点 策略研究·策略周报 从春季行情望继续，均衡配置为佳。当前多重因素有望支撑春季行情延续： 一是国内宏观政策面延续积极；二是特朗普访华预期提振市场风偏；三 是近期资金面已重回增量。从中长期的视角看，未来随着宏微观基本面 的修复由点到面扩散，配合居民资金入市，2026 年 A 股牛市有望走向后 半场。结构上行业轮动或加快，均衡配置为佳，阶段性关注资 ...

宏观经济 | 证券研究报告 — 总量周报 2026 年 2 月 28 日 宏观和大类资产配置周报 春节后首周人民币资产股涨债跌 大类资产配置顺序：股票>大宗>债券>货币。 宏观要闻回顾 资产表现回顾 宏观经济 ◼ 本周沪深 300 指数上涨 1.08%，沪深 300 股指期货下跌 0.14%；焦煤期货 本周下跌 5.38%，铁矿石主力合约本周下跌 5.56%；股份制银行理财预期 收益率收于 1.85%，余额宝 7 天年化收益率下跌 13BP 至 1.01%；十年国 债收益率下行 4BP 至 1.79%，活跃十年国债期货本周上涨 0.18%。 资产配置建议 本期观点（2026.3.1） | 宏观经济 | | 本期观点 | 观点变化 | | --- | --- | --- | --- | | 一个月内 | = | 关注国内稳增长政策的落地情况 | 不变 | | 三个月内 | = | 关注 2026 年财政政策支出力度 | 不变 | | 一年内 | = | 地缘关系仍有较大不确定性 | 不变 | | 大类资产 | | 本期观点 | 观点变化 | | 股票 | + | 关注"增量"政策落实情况 | 超配 | | 债券 ...

Core Insights - The article discusses IQVIA Holdings Inc.'s recent performance, highlighting a revenue of $4.017 billion in Q2, which was driven by growth in the Technology & Analytics Solutions (TAS) segment [1]. Company Performance - IQVIA reported a revenue of $4.017 billion in Q2, indicating a strong performance compared to previous quarters [1]. - The growth in revenue is primarily attributed to the Technology & Analytics Solutions (TAS) segment, suggesting a focus on innovative solutions within the healthcare sector [1]. Investment Focus - The article emphasizes the importance of innovative companies in the biotech and pharmaceutical sectors, particularly those developing breakthrough therapies with potential acquisition catalysts [1].

原标题：中国人民保险集团党委召开扩大会议暨党建工作领导小组会议启动部署全系统开展树立和践行 正确政绩观学习教育工作 来源：人民保险 2月28日，中国人民保险集团党委召开扩大会议暨党的建设工作领导小组会议，认真学习贯彻习近平总 书记关于树立和践行正确政绩观学习教育的重要讲话和重要指示精神，传达学习中央党的建设工作领导 小组会议部署、中共中央办公厅《关于在全党开展树立和践行正确政绩观学习教育的通知》要求，研究 部署启动全系统开展树立和践行正确政绩观学习教育工作。集团党委书记、董事长、党建工作领导小组 组长丁向群主持会议并讲话，集团党委班子成员出席会议。 开展树立和践行正确政绩观学习教育，是党中央着眼党和国家事业发展全局作出的重要部署，对于推 动"十五五"开好局、起好步，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力保障，具有 重大而深远的意义。系统上下要提高思想认识，深刻领悟习近平总书记关于树立和践行正确政绩观的一 系列重要论述，深刻认清开展树立和践行正确政绩观学习教育的重大意义，深刻认识中国人保面临的形 势任务和存在的差距不足，切实增强抓好学习教育的政治自觉、思想自觉和行动自觉。 会议指出 开展学习教育 ...