2月27日，A股三大股指集体低开，其中沪指跌0.43%报4128.9点，深成指跌0.89%报14375.25点，创业板 指跌1.23%报3303.98点，科创50指数跌1.2%报1468.08点；CPO概念（核心股）多股低开，特发信息竞 价逼近跌停，明阳电路开跌7%，天孚通信开跌5.8%，长盈通、长飞光纤等跟跌；存储芯片板块低开， 盛美上海跌超5%，三孚股份跌超3%，生益科技、通富微电等跟跌；钛白粉（核心股）概念盘初走强， 金浦钛业涨停，东华科技涨超3%，惠云钛业、鲁北化工（核心股）等跟涨；量子科技概念逆势活跃， 格尔软件涨停，科大国创、富士达、神州信息、德美化工跟涨。 盘面上，市场焦点股豫能控股（6板）高开5.19%，光纤光缆概念股法尔胜（4板）低开2.37%，化工 （核心股）板块澄星股份（3板）低开3.24%、金正大（3板）高开4.96%，算力（核心股）工程概念股 华胜天成（4天2板）平开，有色金属（核心股）板块云南锗业（2板）高开0.61%、章源钨业（6天4 板）高开4.42%。 公司动态：业绩与布局齐飞 招商轮船受市场供需结构影响，国际油轮市场高涨，干散货船型市场需求强劲。 沪电股份处于筹划重大事项阶 ...

Group 1 - The A-share market opened lower with all three major indices declining, with the Shanghai Composite Index down 0.43%, the Shenzhen Component down 0.89%, and the ChiNext Index down 1.23% [2][3] - The CPO, optical fiber, energy metals, and semiconductor sectors experienced significant declines, while the tourism, hotel, and port shipping sectors saw slight gains [2][3] - The Hong Kong market opened with the Hang Seng Index up 0.25% and the Hang Seng Tech Index up 0.15%, driven by strong performance in the biopharmaceutical sector [4] Group 2 - The central bank conducted a 7-day reverse repurchase operation of 269 billion yuan at an interest rate of 1.40%, with no reverse repos maturing today [4] - The RMB to USD central parity rate was reported at 6.9228, unchanged from the previous trading day [4]

南方财经2月27日电，CPO、光纤等算力硬件股多数回调，特发信息逼近跌停，天孚通信、长飞光纤跌 超5%，亨通光电、四会富仕纷纷回调。消息面上，隔夜英伟达等算力股录得下跌。 ...

截至2月10日，天孚通信股东户数8.43万，较上期减少26.03%；人均流通股9206股，较上期增加 35.18%。2025年1月-9月，天孚通信实现营业收入39.18亿元，同比增长63.63%；归母净利润14.65亿元， 同比增长50.07%。 分红方面，天孚通信A股上市后累计派现21.72亿元。近三年，累计派现15.36亿元。 2月26日，天孚通信涨6.01%，成交额156.56亿元。两融数据显示，当日天孚通信获融资买入额16.07亿 元，融资偿还15.71亿元，融资净买入3658.89万元。截至2月26日，天孚通信融资融券余额合计76.44亿 元。 融资方面，天孚通信当日融资买入16.07亿元。当前融资余额75.86亿元，占流通市值的2.70%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，天孚通信2月26日融券偿还2020.00股，融券卖出1.18万股，按当日收盘价计算，卖出金额 427.18万元；融券余量16.06万股，融券余额5813.32万元，超过近一年90%分位水平，处于高位。 资料显示，苏州天孚光通信股份有限公司位于江苏省苏州市高新区长江路695号，成立日期2005年7月20 日 ...

研究早观点 2026 年 2 月 27 日 星期五 市场走势 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档 密集推新，NPO 和柜内光 3 月重点关注 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,146.63 | -0.01 | | 深证成指 | | 14,503.79 | 0.19 | | 沪深 | 300 | 4,726.87 | -0.19 | | 中小板指 | | 8,841.13 | 0.61 | | 创业板指 | | 3,344.98 | -0.29 | | 科创 | 50 | 1,485.86 | 0.85 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档密集推新，NPO ...

2月25日英伟达披露2026财年Q4财报，单季营收681亿美元、净利429.6亿美元，三项核心数据均创历史 新高且远超分析师预期，同时下季营收指引及新架构芯片进展释放强烈信号。此次财报最亮眼的是数据 中心业务，单季营收623亿美元，占总营收的91%以上，同比增速达75%。英伟达的毛利率高达75%，远 超芯片行业平均水平。Blackwell架构的Grace Blackwell平台已成为推理业务的核心，能将每个token的成 本降低一个数量级。下一代Vera Rubin架构目前已向客户交付首批样品，预计2026下半年正式出货，其 性能功耗比将提升10倍。英伟达CEO黄仁勋在财报电话会上强调，智能体AI的拐点已经到来，算力直 接转化为收入，全球AI基建仍处于早期阶段，长期赛道空间广阔。 华创证券电子首席分析师岳阳认为，英伟达最新业绩远超预期，加上CEO黄仁勋关于"智能体AI拐点到 来"的积极表态，极大地提振了全球市场对AI算力前景的信心。作为AI硬件的核心，英伟达芯片需求的 强劲，直接带动了上游硬件产业链的景气度。东吴证券指出，CPO交换机规模放量在即，核心供应商迎 增长机遇，英伟达CPO交换机产品矩阵抢先卡位，构 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | -0.01 | 0.34 | 1.58 | | 深证综指 | 2755 | 0.33 | 1.26 | 2.79 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.25 | 0.34 | 5.18 | | 中盘指数 | 0.41 | 1.02 | 22.14 | | 小盘指数 | 0.59 | 1.31 | 15.75 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 元件Ⅱ | 5.57 | 13.86 | 41.45 | | 其他电源设 | 3.9 | 6 | 28.64 | | 备Ⅱ 风电设备Ⅱ | 3.89 | 1.04 | 41.58 | | 通信服务 | 3.29 | 3.43 | -1.44 | | 特钢Ⅱ ...

Market Overview - The A-share market exhibited a mixed and volatile pattern, with major indices showing varied performance. The Shanghai Composite Index closed at 4146.63 points, down 0.01%, while the Shenzhen Component Index rose 0.19% to 14503.79 points. The ChiNext Index fell 0.29% to 3344.98 points, and the Sci-Tech Innovation Index increased by 1.29% to 1843.20 points. The total market turnover reached 25.566 billion yuan, an increase of 0.757 billion yuan compared to the previous trading day [1]. AI Hardware Sector - The AI hardware sector experienced a collective surge, driven by Nvidia's better-than-expected earnings report, which activated market sentiment. The CPO sector saw significant gains, with stocks like Jieput and Jufei Optoelectronics hitting the daily limit of 20%. Leading stock Tianfu Communication reached a historical high, closing at 362.02 yuan, up 6.01%, indicating high sector vitality [2]. - In addition to the CPO sector, related segments such as copper cable high-speed connections, liquid-cooled servers, and PCBs also performed well. Stocks like Chuanrun and Jialitu hit the daily limit, while leading companies Shenghong Technology and Dongshan Precision rose by 7.75% and 8.01%, respectively, showcasing a strong collaborative upward trend across the sector [2]. - The ongoing AI trend positively impacted computing chip stocks, with leading stock Cambricon rising by 7.96% and achieving a total trading volume of 16 billion yuan. Other computing chip-related stocks, including Muxi and Chipone, also saw varying degrees of increase [2]. Power Grid Equipment Sector - The power grid equipment sector also showed strong activity, benefiting from the AI wave. Stocks like Beijing Keri, Shima Power, and Xinlian Electronics hit the daily limit. The global demand for power grid equipment is robust, with AI data centers expected to significantly increase electricity demand. According to IEA data, global power grid investment is projected to reach 390 billion USD in 2024 and exceed 400 billion USD in 2025 [3]. - The energy infrastructure in the U.S. is largely below standard, and the increasing electricity demand from AI is likely to initiate a mandatory upgrade cycle for U.S. power grid equipment. The electricity consumption of global data centers is expected to rise from approximately 415 TWh in 2024 to 945 TWh by 2030, with an annual growth rate of about 15% [3]. - Longcheng Securities' research indicates that the significant growth in electricity demand from AI data centers is likely to directly drive the demand for transformers and high-voltage cables, benefiting domestic export enterprises. Customs data shows that the total export value of transformers in 2025 is expected to reach 9.036 billion USD, setting a historical high [3]. Opportunities in Interconnect Density - In the context of sustained high demand in the computing sector, institutions are highly focused on investment opportunities in domestic computing capabilities. CITIC Securities reports that during the Spring Festival, Alibaba and Tencent launched significant NPO achievements, including Alibaba Cloud's all-optical Scale-up network architecture UPN512, which connects xPU and switches directly, significantly reducing wiring complexity, heat load, power requirements, and operational costs, with power consumption reduced by 50% and costs down by 30% [4]. - Domestic computing capabilities, leveraging cost and ecosystem advantages, are expected to evolve from serving only domestic large enterprises to potentially serving global users through domestic AI models, thus expanding the demand ceiling for domestic computing [4]. - CITIC Securities emphasizes that the super-node architecture is essential for domestic computing development to catch up, with cloud vendors and equipment manufacturers accelerating the adaptation of open protocols. There is a recommendation to focus on the value re-evaluation opportunities brought by increased interconnect density, including optical communication, high-speed line modules, switching chips, and data centers [4].

当天上午9点04分，富时中国A50指数期货在夜盘收涨0.3%的基础上低开，但很快转为上涨0.26%。这看起来是一个平静的开局。然而，开盘后不到一个小 时，情况急转直下。到了上午10点10分左右，A50期指盘中跌幅已经超过1%。从上涨0.52%到下跌1.13%，它在短时间内完成了一次幅度接近1.8%的跳水。 而且，这次跳水发生的时间点非常精准，几乎与港股市场开盘后的走势同步。 更让人困惑的是，即使后来A股大盘一度翻红，A50期指依然没有拉回来。盘中大多数时间，它都在下跌0.90%左右震荡。从更长的周期来看，这个代表中 国核心资产的期指已经持续下跌了近两个月。据市场数据显示，其价格从15670点附近一路下滑至14664点，累计跌幅达到6.5%。这种持续的阴跌，让很多 通过它来观察A股前景的投资者感到不安。 几乎在同一时间，香港股市上演了更加惨烈的一幕。恒生指数在上午开盘时还上涨了1.05%，国企指数上涨0.53%，恒生科技指数上涨0.52%。但这仅仅是昙 花一现。开盘价成了全天的最高点，随后指数一路向下，几乎没有任何像样的反弹。收盘时，恒生指数报26381.02点，下跌384.7点，跌幅1.44%；国企指数 下跌 ...

1、英伟达第四季度营收超预期 英伟达第四季度营收681亿美元，环比增长20%，同比增长73%。2026财年全年营收2159亿美元， 同比增长65%。GAAP与非GAAP毛利率分别为75.0%和75.2%。2026财年全年，GAAP与非GAAP毛利率 分别为71.1%和71.3%。GAAP与非GAAP摊薄后每股收益分别为1.76美元和1.62美元。2026财年全年， GAAP与非GAAP摊薄后每股收益分别为4.90美元和4.77美元。2026财年期间，英伟达以股票回购+现金 分红形式向股东返还411亿美元。截至第四季度末，公司仍有585亿美元股票回购额度未使用。 2、今日特朗普要闻 1、伊朗：两名知情人士透露，特朗普的高级顾问更希望以色列率先袭击伊朗，随后美国再对后者 发动攻击。美国副总统万斯表示，美国发现证据表明，在6月美国主导对伊朗核设施发动袭击后，伊朗 正试图重建其核计划。他表示，特朗普倾向于通过外交方式解决问题，但如有必要，也将动用美军。美 国中东问题特使威特科夫表示，特朗普政府要求伊朗在未来任何核协议中接受协议"无限期有效"，不得 设定到期条款。伊朗总统佩泽希齐扬表示，特朗普说伊朗必须声明不会拥有核武 ...