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 资料来源：Wind，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 图2：美国SaaS指数价格波动（25年1月-26年2月） 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 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 太空光伏 "破晓"：商业航天的能源革命与 万亿机遇 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、商业航天提速，太空光伏打开成长空间 商业航天商业化新纪元下，中美主导全球商业发射， 低轨卫星部署与太空算力场景兴起，带动太空光伏需 求爆发。太空光伏凭借无遮挡、24 小时发电、能量 密度高的优势，较地面光伏效率显著提升，还能大幅 降低太空数据中心成本，成为 AI 数据中心与卫星星 座的刚需能源方案。2026 年 1 月 22 日，在瑞士达沃 斯举行的世界经济论坛上，特斯拉与 SpaceX 首席执 行官埃隆·马斯克宣布，两家公司将在未来三年内于 美国合计建设每年 200 吉瓦（GW）的太阳能制造产 能，其中，SpaceX 的 40GW 产能将主要适配太空光伏 需求。目前太空光伏行业形成砷化镓电池主导、p 型 异质结电池为商业化过渡期最优解、钙钛矿叠层电池 长期替代的技术梯队。 ► 二、各国加速布局，中国光伏手握关键筹码 全球科技巨头与各国以差异化路径角逐太空光伏赛 道，美国三巨头竞 ...

QXO, Inc. (NYSE:QXO) is one of the stocks Jim Cramer put under the microscope. Starting the lightning round, a caller inquired about the company, and Cramer commented: Okay, that’s Brad Jacobs’ company. I don’t bet against Brad. That’s roofing. Normally, it shouldn’t be doing right now in the cycle, but Jacobs will pull it off. You can buy it. A laptop and a computer monitor display a detailed stock market technical analysis chart. Photo by Jakub Zerdzicki on Pexels QXO, Inc. (NYSE:QXO) supplies roofi ...

Core Viewpoint - SM Energy Company (NYSE:SM) has shown strong performance recently, driven by a significant increase in its quarterly dividend and strategic asset sales, despite a decline in net income for the fourth quarter and full year 2025 [1][4]. Group 1: Dividend and Shareholder Value - SM Energy announced a 10% increase in its quarterly dividend, raising it to $0.22 per share, effective for shareholders on record as of March 9, 2026, with payment scheduled for March 23 [2]. - The company is also executing a share buyback program worth $500 million, with $12 million already repurchased, expected to continue until December 31, 2027 [3]. Group 2: Financial Performance - For the full year 2025, SM Energy's net income decreased by 15.8% to $648 million from $770 million in 2024, while total operating revenues increased by 17% to $3.15 billion from $2.69 billion year-on-year [4]. - In the fourth quarter of 2025, net income fell by 42% to $109 million from $188 million in the same period a year earlier, and total operating revenues declined by 17% to $705 million from $852 million year-on-year [5].

| 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 李昂 S0350525030002 | | | | lia@ghzq.com.cn | | 联系人 | ： | 吴亦辰 S0350125030017 | | | | wuyc@ghzq.com.cn | [Table_Title] 储能需求有望持续超我们预期，Rubin 全液冷 方案有望逐步起量 ——新能源行业周报 最近一年走势 | 行业相对表现 | | 2026/02/27 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 1.9% | 12.4% | 48.1% | | 沪深 300 | 0. ...

当地时间2月27日，美股三大指数全线收跌，万得美国科技七巨头指数跌1.72%，延续上一交易日颓 势。 在超预期的第四财季业绩公布后，英伟达股价连续两个交易日下跌。英伟达本周累计下跌6.65%，在2 月份下跌7.29%。 有市场分析师表示："去年推动市场的AI，如今却在拖累股价，因为人们尚不清楚人工智能对经济的确 切影响。" 股价与财报背离 OpenAI 1100亿美元融资 加码AI基础设施建设 科技巨头股价震荡，主要原因并非财报数据不及预期。 当地时间2月25日美股盘后，英伟达发布财报。数据显示，英伟达第四财季总营收681.3亿美元，环比增 长20%，同比增长73%，高于分析师此前预测的662亿美元的营收额。从结构上看，数据中心营收623亿 美元，上年同期为355.8亿美元；网络营收109.8亿美元，分析师预期90.2亿美元；游戏营收37亿美元， 分析师预期40.1亿美元。 尽管财报表现如过去几个财季一样超出市场预期，但科技龙头企业资本开支规模的大幅提升，已引发市 场对英伟达财务可持续性及AI投资实际盈利能力的担忧。 在英伟达财报电话会上，有分析师就此提出相关问题，英伟达CEO黄仁勋表示，对客户现金流增长充满 ...

行 业 研 究 2026 年 02 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 84% 96% 108% 2025-02 2025-06 2025-10 通信 沪深300 相关研究报告 《英伟达业绩超预期，坚定看好全球 AI 算力链 — 行业点评报告》- 2026.2.26 《维谛指引乐观，液冷趋势再强化— 行业点评报告》-2026.2.12 《海外 AI 财报点评：AWS 和谷歌云 营收超预期，巨头资本开支指引乐 观，继续看好 AI 算力全链条—行业 英伟达业绩亮眼，DeepSeek 新突破，重视全球 AI 共振 ——行业周报 | 蒋颖（分析师） | 杜致远（联系人） | | --- | --- | | jiangying@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124070064 | 英伟达业绩超预期，坚定看好全球 AI 算力链 FY2026Q4，英伟达实现营收 681 亿美元，同比增长 73%，环比增长约 19%，其中 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a significant increase in demand for computing power driven by advancements in AI models, particularly in video generation and multi-modal applications, indicating a structural shift in the industry towards higher quality and more complex models [6][11][17] - The introduction of GLM-5 and its "Interleaved Thinking" mechanism represents a new paradigm where computing power is exchanged for intelligence, leading to increased computational demands for inference tasks [13][27] - The supply side is expected to transition from a state of scarcity to structural balance by 2026, with improvements in domestic chip performance and the approval of NVIDIA's H200 chips for the Chinese market [42][43] Summary by Sections Section 1: Supply and Demand Dynamics - Seedance 2.0 has shown a strong user demand with long wait times for video generation, indicating a critical need for computing resources [11][12] - The demand for computing power is expected to escalate as major internet companies continue to develop large-scale AI models, with a notable focus on multi-modal capabilities [17][18] Section 2: Rapid Release of Computing Demand - The competition among leading internet firms is intensifying, with significant investments in AI infrastructure and model development, leading to a sharp increase in inference computing demand [32][34] - The report predicts that by 2026, the AI application landscape will expand significantly, driving real-time inference computing consumption [6][33] Section 3: Supply Side Improvements - The approval of NVIDIA's H200 chips is expected to alleviate computing power shortages for major internet companies, enhancing model iteration speeds [42] - Domestic chip manufacturers are making strides in performance and ecosystem development, with several companies achieving significant advancements in their products [43][44] Section 4: Full-Chain Inflation in Domestic Computing Power - The report anticipates a "full-chain inflation" cycle in the computing power industry by 2026, with growth expected across various segments including AI data centers and cloud services [49] - Major tech companies are projected to increase their capital expenditures significantly, further driving demand for computing resources [51] Section 5: Related Companies - The report identifies several companies as relevant to the industry, including Dongyangguang, Cambrian, Haiguang Information, Wangsu Technology, and others [4][55]

OpenAl创始人奥尔特曼：与美国国防部达成协议，在其机密网络中部署人工智能模型…… ②OpenAl创始人奥尔特曼：与美国国防部达成协议，在其机密网络中部署人工智能模型； ③OpenAI宣布获得1100亿美元融资； ⑤Anthropic回应被美政府封杀：将就任何供应链风险的认定在法庭上提出挑战。 ④英伟达计划推出全新芯片，以加速人工智能处理； ①阿里桌面Agent工具CoPaw正式开源； ...

| 华安研究 2026年3月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2 ...