Asian ended mostly higher on Friday, even as Nvidia's strong earnings and guidance failed to dispel investor fears over the durability of an AI boom. The Japanese yen and U.S. Treasuries rose in Asian trade while gold held steady a tad below $5,200 an ounce. Oil prices edged up slightly after diplomatic efforts between the United States and Iran aimed at easing tensions over Tehran's nuclear program concluded on Thursday without an agreement. Following meetings in Switzerland, an Omani mediator involved in ...

智通财经APP获悉，瑞银发布研报称，百度-SW(09888)公布截至去年底止第四季及全年业务，其中第四 季业绩胜预期。为更好向投资者展示其战略方向，集团自第三季起已改善财务披露，并在第四季持续分 享AI业务驱动下的关键指标，相关收入达113亿元人民币，年增48%，占百度通用业务(即核心业务)总 收入的43%。维持百度(BIDU.US)美股目标价180美元，H股目标价175港元，评级均为"买入"。 展望2026财年，瑞银表示，随着AI应用普及率提升、产品持续创新及使用场景拓宽，预计集团AI业务 将保持强劲增长，收入占比进一步提升。虽然集团股价近期出现波动，但认为其分类加总估值法框架维 持稳固。鉴于未来诸多利好因素如旗下昆仑芯 IPO、股息宣布等，认为当前股价风险回报吸引。基于对 营运效率的持续关注，略微上调了核心非通用会计准则营运利润率。 ...

南方财经2月27日电，据央视财经，有机构报告预计，今年由于存储芯片短缺，预计全球智能手机的出 货量约为11亿部，与去年的12.6亿部相比大幅下滑。分析指出，近期用于支持人工智能任务的高端存储 需求激增，已经消耗了全球大部分供应，而且这种供应紧张的状况预计将持续到2027年。由此，当下许 多智能手机厂商的商业模式受到了威胁。分析指出，存储芯片短缺对廉价手机的冲击更为严重，存储芯 片价格飙升将挤压本就利润微薄的安卓品牌。此外，机构预计存储芯片的价格还可能继续上涨。目前预 计今年第一季度，DRAM芯片的合约价格季度环比将上涨90%到95%，而NAND闪存环比将上涨55%到 60%。 ...

Hedge fund manager Bill Ackman has significant stakes in Uber, Amazon, Alphabet, and Meta Platforms.Billionaire Bill Ackman hopes to re-create Warren Buffett's success by turning Howard Hughes Holdings into a "modern-day version of Berkshire Hathaway." His vision started to take shape in December when Howard Hughes announced plans to acquire specialty insurance and reinsurance company Vantage Group.Ackman plans to create an insurance-focused investment company, as Buffett did with Berkshire. Whether he achi ...

AI 编程行业深度报告 2026 年 2 月 27 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 海外价值获验证，国内市场开启高增长周期 深 度 资料来源：iFind，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： AI Coding向"自主型Agent"跃迁，未来市场空间广阔。AI Coding已 成为众多AI应用领域中落地速度最快、发展潜力最大的细分赛道之一， 其产品或功能演进高度依赖底层大模型能力的发展。当前，国际前沿编 程大模型发展由海外厂商引领，而国产大模型正展现出强劲的追赶态 势。在发展趋 ...

Core Insights - Emerging-market stocks are experiencing their strongest earnings growth since the 2002-04 super-cycle, driven by a surge in artificial intelligence investment [1] - This growth contrasts sharply with the previous decade, where earnings estimates were typically revised lower [1][2] Earnings Growth and Concentration - Earnings estimates for the MSCI Emerging Markets Index have risen by an average of 6.5% for this year, primarily driven by three companies: Samsung Electronics, SK Hynix, and Taiwan Semiconductor Manufacturing [3] - The concentration of earnings upgrades in the semiconductor sector raises concerns about rising concentration risk within the asset class [2][7] Market Outlook - Morgan Stanley has raised its year-end target for the MSCI Emerging Markets Index to 1,700 from 1,400, indicating a potential 5% gain from the recent close [5] - The firm projects earnings per share for the index to reach $118 by December 2026, representing a 33% year-on-year increase, followed by $131 in December 2027, an 11% increase [5] Regional Performance - Despite the overall earnings upswing, China's reporting season remains muted, with weak domestic demand affecting major tech firms like Baidu, which has reported three consecutive quarterly revenue declines [6] - In contrast, India is showing early signs of recovery in corporate profits, indicating a divergence in performance among emerging markets [6]

Core Insights - CPP Investments and Equinix have announced a joint agreement to acquire atNorth for an enterprise value of US$4 billion, aimed at enhancing data center capacity in the Nordics to meet rising demand for enterprise, AI, and hyperscale services [1][2] Group 1: Acquisition Details - The transaction involves CPP Investments investing approximately US$1.6 billion for a 60% controlling interest, while Equinix will hold a 40% stake [1] - The acquisition is expected to be immediately accretive to Equinix's adjusted funds from operations (AFFO) per share upon closing [1] - atNorth operates eight data centers across Denmark, Finland, Iceland, Norway, and Sweden, with plans for further expansion and 1 GW of secured power [1][2] Group 2: Strategic Importance - The acquisition underscores the strategic significance of the Nordics as a growing hub for AI and digital infrastructure, supported by a resilient economy and a focus on sustainability [1][2] - atNorth's facilities are designed to support high-density workloads, including AI and high-performance computing, with a focus on renewable energy and circular economy principles [1][2] Group 3: Financial and Operational Aspects - CPP Investments and Equinix have provisionally agreed to a financing package of US$4.2 billion to fund the acquisition and business expansion [2] - Equinix currently operates eight data centers in the Nordics, contributing to a broader European footprint of over 100 facilities across 20 countries [2]

FROM DEEP ROOTS TO NEW FRONTIERS A Leading Competitive Force in Banking 27 February 2026 Disclaimer THIS PRESENTATION IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, WHICH WAS PREPARED BY BANCA MONTE DEI PASCHI DI SIENA S.P.A. (THE "COMPANY" OR "BMPS" AND TOGETHER WITH ITS CONSOLIDATED SUBSIDIARIES, THE "GROUP"), IS PRELIMINARY IN NATURE AND MAY BE SUBJECT TO UPDATING, REVISION AND AMENDMENT. IT MAY NOT BE REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIREC ...

2026 年 2 月 27 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 究 超配（维持） 半导体行业双周报（2026/02/13-2026/02/26） 英伟达超预期财报彰显 AI 高景气 行 业 周 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 半导体行业指数近两周涨跌幅：截至2026年2月26日，申万半导体行业指 数近两周（2026/02/13-2026/02/26）累计上涨2.86%，跑赢沪深300指 数2.71个百分点；2026年以来申万半导体行业指数累计上涨17.18%，跑 赢沪深300指数15.09个百分点。 SAC 执业证书编号： 行业新闻与公司动态：（1）机构：涨价效应带动2025年第四季度 ...

Core Viewpoint - The DeepSeek team has released a new academic paper focusing on optimizing inference speed for large language models (LLMs), which is crucial for the practical application of AI agents [4][5]. Group 1: Research and Innovation - The paper, co-authored with Peking University and Tsinghua University, introduces an innovative inference system called DualPath, designed to enhance the performance of LLMs under agent workloads [4]. - The DualPath system employs a "dual-path reading KV-Cache" mechanism, redistributing storage network load, resulting in an offline inference throughput increase of 1.87 times and an average increase of 1.96 times in the number of agent operations per second for online services [4][5]. Group 2: Industry Context and Expectations - The introduction of DualPath addresses the significant changes in inference workloads as LLMs evolve from simple dialogue systems to complex agent systems capable of multi-turn interactions, which can reach dozens or even hundreds of rounds [4]. - There is a growing expectation for the release of DeepSeek's next flagship model, DeepSeek V4, with various rumors about its launch timeline ranging from early February to March [6]. - Recent leaks suggest that DeepSeek is testing a V4 Lite model, codenamed "Sealion-lite," which supports a context window of 1 million tokens and native multimodal inference [6]. Group 3: Market Reactions and Concerns - Despite the technical advancements presented in the paper, there is a sentiment in the industry that such optimizations are seen as a necessity due to GPU shortages, with some viewing it as "dirty work" rather than innovative [5]. - Concerns have been raised among investment institutions that the release of the new model could lead to significant market volatility, similar to the previous year's model launch [6].