Industry Overview - The report highlights that North American capital expenditures are expected to continue growing, driven by AI investments, with a projected total of $660 billion in 2026, a 60% increase from 2025 and more than double the 2024 figures [6][7] - Major cloud service providers (CSPs) like Amazon, Google, and Microsoft are experiencing significant growth in their cloud businesses, with Amazon's cloud sales reaching $128.7 billion, a 20% year-on-year increase, and Microsoft's Azure revenue exceeding $75 billion, up 34% [6][7] - The integration of AI into traditional business models is revitalizing sectors such as search, advertising, and e-commerce, with AI-driven tools generating substantial new revenue streams [6][7] Company Analysis: Huafeng Technology (688629.SH) - Huafeng Technology anticipates a net profit of 338-388 million yuan for 2025, reflecting a year-on-year increase of 35.6-40.6 million yuan [9][10] - The company is focusing on the development of high-speed line modules and has a robust pipeline of domestic super-node projects, which are expected to accelerate production [9][10] - The demand for AI servers and related equipment is driving revenue growth, with the company projecting a significant increase in orders and production capacity for high-speed line modules [10] Company Analysis: Changan Automobile (000625.SZ) - Changan Automobile plans to repurchase shares worth 1-2 billion yuan to enhance investor confidence, with a clear sales target of 3.3 million vehicles for 2026, representing a 13.3% increase [12][14] - The company reported a total sales volume of 2.913 million vehicles in 2025, marking an 8.5% year-on-year growth, with a strong focus on electric vehicles, which saw a 51.1% increase [12][14] - Changan aims to launch 43 new models over the next three years and is investing 6 billion yuan in new energy vehicle development and smart platform projects [12][14][15]

*三大股指重挫，纳指，标普跌超1%； *中长期美债收益率回落，10年期美债逼近4%关口； 医疗保健指数上涨近1%，受礼来股价大涨4.86%%提振 ——其竞品诺和诺德的减肥药CagriSema 在头对 头试验中表现不及礼来的Zepbound。 *风暴袭击美国大部，航空，旅游板块承压。 周一，美股低开低走，软件与金融板块领跌。上周五美国最高法院裁定特朗普政府对进口商品征收的全 面关税违宪后，白宫随即发出新一轮贸易威胁，市场再度陷入关税政策的迷雾。截至收盘，道指跌 821.91点，跌幅1.66%，报48804.06点，纳指跌1.13%，报22627.27点，标普500指数跌1.04%，报6837.75 点。衡量市场波动性的芝商所恐慌指数VIX大涨11.05%，报21.20。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 48804.06 22627.27 | 6837.75 | | -821.91 -1.66% -258.80 -1.13% -71.76 -1.04% | | 【热门股表现】 明星科技股跌多涨少，英伟达涨0.91%，苹果涨0.60%，谷歌跌1.02%，亚马逊、Me ...

*三大股指重挫，纳指，标普跌超1%； *中长期美债收益率回落，10年期美债逼近4%关口； 黄金夺回5200美元，VIX狂飙11%。 *风暴袭击美国大部，航空，旅游板块承压。 周一，美股低开低走，软件与金融板块领跌。上周五美国最高法院裁定特朗普政府对进口商品征收的全 面关税违宪后，白宫随即发出新一轮贸易威胁，市场再度陷入关税政策的迷雾。截至收盘，道指跌 821.91点，跌幅1.66%，报48804.06点，纳指跌1.13%，报22627.27点，标普500指数跌1.04%，报6837.75 点。衡量市场波动性的芝商所恐慌指数VIX大涨11.05%，报21.20。 | 道琼斯工业平均 纳斯达克 | 标普500 | | --- | --- | | 48804.06 22627.27 | 6837.75 | | -821.91 -1.66% -258.80 -1.13% -71.76 -1.04% | | 【热门股表现】 明星科技股跌多涨少，英伟达涨0.91%，苹果涨0.60%，谷歌跌1.02%，亚马逊、Meta、特斯拉和微软跌 超2%。 | 名称 现价◆ -- 涨跌幅= ---- 涨跌 ▶ | | --- | | ...

作者 |第一财经 樊志菁 2026.02.24 本文字数：1917，阅读时长大约3分钟 软件相关企业受AI颠覆担忧拖累重挫4.0%，DoorDash和赛富时跌超5%，甲骨文跌4.59%。网络安全股 低迷，CrowdStrike ,Datadog 和Zscaler 跌幅达到两位数。 纳斯达克中国金龙指数跌0.95%，拼多多涨0.78%，京东跌0.66%，阿里巴巴跌1.10%，百度跌1.42%，网 易跌1.76%。 一场强冬季风暴席卷美国大部，东北部交通陷入瘫痪，航空与旅游休闲板块分别暴跌3.7%与4.0%，道 琼斯运输指数下跌2.9%。 医疗保健指数上涨近1%，受礼来股价大涨4.86%%提振 ——其竞品诺和诺德的减肥药CagriSema 在头对 头试验中表现不及礼来的Zepbound。 美国最高法院上周五裁定特朗普政府的紧急关税政策无效，特朗普随即迅速宣布对所有美国进口商品加 征10%新关税，周六又将税率上调至15%。新关税依据1974年《贸易法》第122条（Section 122 of the Trade Act of 1974）实施。 周一，美股低开低走，软件与金融板块领跌。上周五美国最高法院裁定特朗普政府 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-24 在全球科技创新浪潮与国家战略布局深度融合的今天，科技自立自强已 成为驱动长期经济增长、塑造国际竞争新优势的核心主线。根据我们于 2026 年 1 月 26 日发布的报告《"十五五"规划中的"债"机遇：详解政 策东风如何重塑产业债格局（主线篇）》显示，我国"十五五"规划进一 步凸显对科技创新与产业升级的战略定力，明确将科技作为未来发展的 关键引擎。在这一宏观背景下，健全的多元化融资体系对于支撑科技企 业，尤其是处于快速成长期和重大技术投入期的企业至关重要。当前，我 国债券市场在服务科技创新领域仍存在显著的结构性空间，尽管 2025 年 "债券科技板"的推出标志着市场建设迈出重要一步，但其发行主体仍高 度集中于中央及地方国有企业，众多具备核心技术能力与高成长潜力的 民营科技企业，尚未能充分借助债券市场这一公开、透明、可预期的直接 融资渠道，实现其长期资本需求与债务结构的优化。 鉴于此，本报告希 望通过复盘海外成熟市场中顶尖科技企业的债券融资轨迹，及其在成长 过程中对于债券融资的利用情况，以史为鉴，研判我国科技公司，特别是 民营高成长企业，在未 ...

来源：格隆汇APP 癌症细胞疗法公司Arcellx涨超77%，消息面上，吉利德科学据悉将以每股115美元的价格收购该公司。 Visa跌超4%，创去年6月份以来最大单日跌幅；MasterCard跌超5%，创去年4月份以来最大单日跌幅。 纳斯达克中国金龙指数收跌0.95%，热门中概股里，网易收跌1.7%，百度、小马智行、新东方至少跌约 1%，阿里跌0.8%，腾讯、拼多多、小米、理想则至多涨0.9%，比亚迪、美团、百胜中国、文远知行、 蔚来至多涨4.5%。 市场预计美国总统特朗普可能快会下令对伊朗发动大规模空袭，避险情绪升温；美股三大指数收盘均跌 超1%，道指跌1.66%，纳指跌1.13%，标普500指数跌1.04%。大型科技股多数下跌，微软、奈飞跌超 3%，特斯拉、亚马逊、Meta跌逾2%，谷歌、英特尔跌超1%；苹果、英伟达小幅上涨。IBM跌超13%， 创2000年以来最大跌幅。诺和诺德跌超16%，在临床试验中，旗下产品CagriSema的效果不及礼来的 Zepbound。 ...

Core Insights - U.S. technology giants Alphabet, Amazon, Meta, and Microsoft are projected to invest approximately $650 billion in AI-related infrastructure in 2026, a significant increase from $410 billion in 2025 [1] Investment Trends - The investment surge indicates a shift into a "more dangerous phase" of the AI boom, characterized by rapidly increasing investments in physical infrastructure and a growing dependence on external capital [1] - The demand for computing resources is outpacing supply, prompting hyperscalers to accelerate their investments to meet future demand [1] Financial Strategies - The four companies have reduced share buybacks to finance the increase in capital expenditures [1] - Significant spending creates downside risks if investments do not yield expected returns, particularly for companies like Anthropic and OpenAI, which require major product breakthroughs to secure funding for potential IPOs [1] Market Implications - The tech investment boom is expected to exert upward pressure on U.S. economic growth, contributing approximately 50 basis points to GDP growth in 2025 and potentially around 100 basis points in 2026 [1] - However, this spending may also lead to inflation in technology and communications equipment and increase electricity prices in certain regions [1] Sector Risks - The aggressive investment in AI is creating existential risks for other sectors, particularly software companies and data providers, as evidenced by recent selloffs in software stocks [1] - A severe stock market correction could hinder growth and limit capital-raising capabilities for companies, reminiscent of the Dot-com bubble in 2000, although current market movements are described as much smaller [1]

Core Viewpoint - Dominion Energy forecasts annual profit below Wall Street expectations while increasing its five-year capital spending plan by nearly 30% to meet rising electricity demand [1] Group 1: Financial Forecasts - Dominion Energy expects fiscal 2026 operating earnings of $3.45 to $3.69 per share, with the midpoint below analysts' average estimate of $3.60 [1] - The company's fourth-quarter operating expenses rose nearly 11% to $3.33 billion compared to the previous year, impacting overall financial performance [1] - Dominion's adjusted profit for the quarter ended December 31 was 68 cents per share, slightly exceeding estimates of 67 cents [1] Group 2: Capital Expenditure Plans - Dominion plans to spend $64.7 billion on capital investments from 2026 through 2030, an increase from its prior budget of $50.1 billion through 2029 [1] - The utility has contracted nearly 48.5 gigawatts of data center capacity as of December, reflecting a 1.4 GW increase since September [1] Group 3: Market Context - U.S. utilities, including Dominion, are increasing capital expenditure budgets due to extreme weather conditions and rising demand for new power capacity from data centers, particularly those focused on artificial intelligence and cryptocurrency [1] - Dominion serves the world's largest data center market, which exceeds the combined capacity of the next five largest markets in the U.S. [1]

春节假期落幕，A股即将开市。参考海外资产与港股的假期表现，有望成为预判板块轮动的关键风向标。快来看看最新消息！ 今日（2月23日），港股高开高走，全线大涨，为A股马年开门红营造积极氛围。 港股率先开市，全线飘红 哪些板块春节假期走强？ 消息面上，据新华社消息，我国科学家近日在光通信和6G领域取得突破性进展，在国际上率先实现光纤通信和无线通信系统间的跨网络融合，自主研发 的"光纤—无线一体化融合通信系统"的数据传输速率刷新纪录。该成果2月19日凌晨在线发表于《自然》。《自然》审稿人认为，这项工作"对融合光学和 太赫兹通信系统的进步作出重要贡献"。 开源证券近期研报称，展望2026年，AI"虹吸效应"显著，全球AI或继续共振。海外方面，谷歌、Meta等巨头不断上调AI资本开支指引，谷歌Gemini等大 模型Tokens消耗量大幅提升，AI正循环效应逐步凸显。国内方面，以字节跳动、阿里巴巴、腾讯等为代表的国内AI巨头或进入AI算力大规模投入期。看 好"光、液冷、国产算力"三大核心主线，同时建议重点关注AI应用、运营商、卫星互联网&6G等板块。 纵观整个假期，港股先抑后扬、震荡中不乏亮点，多只基金重仓港股大幅走强，既 ...

| 整体市场 | | 更新于:02-23 12:11 | | --- | --- | --- | | 恒生指数 | 恒生科技 | 恒生生物科技 | | 27019.21 | 5384.52 | 16217.85 | | +605.86 +2.29% | +173.02 +3.32% | +268.68 +1.68% | | 港股通消费 | 港股红利 | 港股现金流 | | 1724.29 | 2313.71 | 2595.53 | | +24.30 +1.43% | +17.29 +0.75% | +55.96 +2.20% | | 恒生综合指数 | 恒指期货 | 恒生科指期货 | | 4140.72 | 27026 | 2386 | | +89.19 +2.20% | +614 +2.32% | +177 +3.40% | | 香港主板涨跌分布 | | | | 跌564 | | 涨1(日) 3 | 美团涨超6.9%，中芯国际涨4.58%，腾讯控股、阿里巴巴、百度集团涨超3%。 去年四季度以来，恒生科技经历了一轮深度调整。 春节后第二个交易日，港股突然拉升。 恒生科技指数迎来久违的大涨，截至发稿，当日涨幅达3 ...