AI PC、AI 服务器、供应链韧性有望驱动公司业绩稳健增长AI PC 渗透率稳健提升+AI 服务器的充足订 单有望带动公司营收平抑周期波动、较强的供应链韧性保障盈利率稳定，考虑到FY2026Q3 业绩超预 期，我们上调FY2026 业绩，并维持FY2027-2028 财年业绩预测，最终预计FY2026-2028 年non-gaap 归 母净利润为18.1/20.7/23.6 亿美元（前值为17.6/20.7/23.6 亿美元），同比增长25.5%/14.5%/13.9%，考虑 潜在可转债摊薄，当前股价对应PE 估值为9.5/8.3/7.3 倍，维持"买入"评级。 收入业绩超预期， ISG 扭亏在即 机构：开源证券 研究员：初敏/杨哲 （2）ISG：实现收入51.76 亿美元，同比增长31.4%，得益于GB300 NVL72 部署，AI 基础设施收入同比 增长59%，且后续业绩具备155 亿美元订单储备支撑。 opm 为-0.21%，亏损率环比收窄，有望下个季度转正，公司通过资产重组在单季度产生2.85 亿美元费 用，并有望在未来3 个财年年均净成本节省超2 亿美元；（3）SSG：实现收入26.52 亿美元， ...

央视网消息（焦点访谈）：过了小年，除夕就近在咫尺，年味已经越来越浓了。置办年货，是每年这个时候家家户户的一件大事。家庭大厨们为年夜饭 挑选最好的食材，很多人开始装点家里的节日气氛，甚至还有一些外国人也加入到年前的购物大军中。马年春节，大家的购物车里都有哪些新年货？这些年 货里又藏着哪些经济发展的密码和文化传承的基因？今天（2月14日）我们就来看看年货里的故事。 用什么方式进入春节最合适？去一场传统大集肯定没错。进入腊月，各地新春大集纷纷开市，挑上几串色香味俱全的香肠，备上几斤过年串门唠嗑不能 缺的瓜子，再来上一袋刚出炉的爆米花，"土"味年货是唤醒大家春节记忆的最好单品，不管食材有多简单，只要有家人的陪伴，就是最难忘的美味。 为了保障节前至春节期间物资供应，早在去年年底，中办、国办就已经下发通知，确保市场供应平稳有序，尤其是粮油肉蛋奶果蔬等生活必需品供应充 足。 在福建厦门、宁夏吴忠等地，上百吨平价蔬菜陆续投放市场。 在江苏扬州传统面点生产企业里，面点师们拼着手速，捏出一个个团圆的包子。 在甘肃平凉，当地的年货大集把线下展销和线上直播带货相结合，农民家自产的土特产被仔细包装后都带到了大集。原本在直播间的主播也走 ...

Core Insights - Willis Towers Watson Public Limited Company (NASDAQ: WTW) is highlighted as a strong foreign stock investment opportunity due to its recent product upgrades and positive earnings outlook [1][3]. Company Developments - On February 9, Willis Towers Watson launched an upgraded version of its RiskAgility FM U.S. Library models to comply with new VM-22 rules for non-variable annuities, enhancing insurers' ability to manage fixed annuities and related products [1][2]. - The new suite features improved asset-liability integration, faster projections, and support for VM-22 groups and investment strategies, incorporating AI tools and governance features for complex workloads [2]. Financial Performance - Following the Q4 earnings report, Mizuho raised the price target for Willis Towers Watson from $388 to $392, maintaining an Outperform rating [3]. - Mizuho also increased its earnings forecasts, raising the 2026 estimate by $0.40 to $19.65 per share and the 2027 estimate by $0.25 to $22.65 per share, citing a 50 basis point increase in expected consolidated organic growth to 5% and favorable foreign exchange impacts [4]. Company Overview - Willis Towers Watson is a UK-based company providing global advisory, broking, and solutions services aimed at managing risk, optimizing benefits, and driving growth across various sectors including health, wealth, career consulting, and insurance brokerage [5].

Core Viewpoint - Spotify Technology S.A. is currently viewed as a strong investment opportunity, with analysts reaffirming positive ratings based on the company's impressive Q4 earnings and promising guidance for Q1 [1][2][3]. Group 1: Analyst Ratings and Price Targets - Bernstein SocGen Group analyst Ian Moore maintained an Outperform rating on Spotify with a price target of $650, citing the company's stellar performance [1][2]. - Benchmark also reiterated a Buy rating on Spotify, setting a higher price target of $760, describing the Q4 results as "an exceptionally clean quarter" [3]. Group 2: Q4 Performance Insights - Spotify's Q4 earnings results addressed concerns regarding average revenue per user, gross margin, and subscriber growth, which were previously under scrutiny [3]. - The stock experienced a 15% increase following the Q4 results, recovering partially from a decline in January attributed to competitive threats [2]. Group 3: AI and Industry Dynamics - Benchmark highlighted Spotify management's perspective that AI will lead to aggregation in the music industry, benefiting large platforms like Spotify that have data and distribution advantages [4]. - The company believes that AI-driven content creation will enhance the global audio catalog and improve its personalization, discovery, and monetization capabilities [4]. Group 4: Company Overview - Spotify Technology S.A. operates the world's largest audio streaming platform, providing music, podcasts, and digital content to hundreds of millions of users globally [5].

腾讯出行服务接入Uber，支持20个国家和地区的境外打车 比亚迪正式进入埃及市场 2025年泡泡玛特全IP全品类产品销售超4亿只 文远知行携手Uber，在中东部署超千辆Robotaxi 穹彻智能获数亿元融资，多家海外基金加注 AI有望赋能手术机器人实现自主操作，助力远程手术出海 Temu携手DEKRA加强电子类商品安全合规 2月12日，Temu宣布与全球检测认证机构DEKRA达成合作。合作聚焦于强化平台商品安全与合规管理，由DEKRA为Temu平台上 汽车电子、家用电子等电气类产品提供独立检测服务，检测流程将直接接入卖家中心系统以提升合规效率。这是Temu持续加强商 品安全管理的最新举措，平台此前已要求玩具、高压电器等高风险品类必须提交国际检测机构出具的合规文件方可上架。（州友 出海） 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 腾讯出行服务接入Uber，支持20个国家和地区的境外打车 2月12日，腾讯出行服务小程序正式接入全球头部的移动出行服务平台Uber优步打车。目前支持中国香港、日本、英国等20个国 家和地区，1000多个城市。用户直接打开微信小程序即可使用打 ...

Provide Infrastructure to Key Industries: Semiconductors and memory steal the headlines when it comes to AI CapEx, but data centers are still huge buildings made of steel, generators, turbines, and A/C units. Industrials benefit from the ripple-down effect of these growing needs, and judging by AI hyperscaler capex plans, demand is only going to increase from here. Additionally, increased U.S. defense spending and a rebound in the aerospace sector have provided tailwinds for the sector.AI and Improved Effic ...

Core Viewpoint - The company is a global leader in power piston component systems, with a strong performance foundation and significant growth potential in various sectors, including automotive and data centers [1][2]. Group 1: Company Overview - The company specializes in internal combustion engine components such as cylinder liners, pistons, piston rings, and bearings, serving major clients like Caterpillar and Cummins [1]. - In the first half of 2025, the company's revenue from PCU, electronic control actuators, and brake drums reached 1.28 billion, 150 million, and 290 million respectively, accounting for 66.1%, 7.9%, and 14.7% of total revenue [1]. - The company expects a net profit attributable to shareholders of 368-428 million in 2025, representing a year-on-year growth of 80.5% to 110.0% [1]. Group 2: Market Trends and Growth Drivers - The demand for large-diameter products is surging due to the booming AI capital expenditure cycle, with the company benefiting from data center construction [2]. - The company’s subsidiary, Zhongyuan Jikean, is a core supplier of large-diameter cylinder liners, achieving revenue of 330 million in the first half of 2025 with a net profit margin of 14% [2]. - The company plans to acquire 59% of Zhongyuan Jikean, which will enhance its consolidated earnings [2]. Group 3: Product Development and Expansion - The company is experiencing significant growth in its automotive increment business, particularly in brake drums, which saw a growth rate of 56.3% in the first half of 2025 [3]. - The company is expanding its production capacity for brake drums and has initiated a third-phase expansion project to meet customer demand [3]. - The company’s electronic control actuators have entered mainstream manufacturers' systems, with a growing market share, and it is extending its product line into air suspension and robotic joint modules [3]. Group 4: Financial Projections - The company is projected to achieve revenues of 3.92 billion, 4.69 billion, and 5.75 billion from 2025 to 2027, with net profits of 410 million, 570 million, and 680 million respectively [3].

Core Viewpoint - IBM plans to triple the hiring of entry-level positions by 2026, amidst concerns in the tech industry about AI displacing basic jobs [1] Group 1 - The company’s executives state that as AI replaces basic tasks, entry-level employees will engage more in cross-department collaboration and product innovation [1] - This strategy is expected to contribute to long-term talent pipeline development within the company [1]

Group 1 - The MSCI index adjustment is expected to trigger over $17 billion in passive trading in the Asia-Pacific and global emerging markets, with a net inflow of approximately $1.6 billion [2] - Chinese stocks are projected to receive about $1.4 billion in net passive fund inflows, the highest among global markets, while France, the UK, and the US markets are expected to see significant outflows [2] - The adjustment reflects a structural reallocation of global funds across regions and industries, with a focus on market capitalization, free float, liquidity, and investability [1][2] Group 2 - The passive fund inflows are concentrated in specific sectors, with notable increases in technology hardware and semiconductors (+$2.2 billion), capital goods (+$930 million), and software and services (+$480 million) in the Asia-Pacific region [4] - In the Chinese market, key beneficiaries include semiconductor-related hardware, AI software, and upstream resources like non-ferrous metals, with companies such as SenseTime, Longi Green Energy, Hesai Technology, and Pony.ai expected to attract at least $200 million in passive inflows [4] - In the US market, companies like Lumentum and Coherent are anticipated to receive nearly $700 million in net inflows due to the index adjustment [5] Group 3 - The adjustments will take effect after the market closes on February 27, with the next quarterly adjustment scheduled for May 12 [6]

Core Viewpoint - The article highlights the significant advancements made by HaiMoxing Laser in the lithium battery manufacturing sector, particularly through laser technology, achieving a tenfold increase in production speed from 28 meters per minute to 200 meters per minute in laboratory settings, showcasing a successful path of technological disruption and domestic advancement in equipment manufacturing [1][12][21]. Group 1: Development and Achievements - HaiMoxing Laser has established itself as a representative of China's equipment manufacturing capabilities, particularly in the lithium battery sector, by overcoming key technological challenges in collaboration with leading companies like CATL since 2015 [6][11]. - The company has successfully transitioned from domestic equipment replacement to supplying equipment to international giants, marking a significant milestone in the evolution of Chinese manufacturing [10][11]. - The advancements in laser cutting technology have not only improved efficiency but also significantly reduced manufacturing costs, with production speeds increasing from 28 meters per minute to 200 meters per minute, representing an efficiency leap of nearly ten times [21][22]. Group 2: Strategic Focus and Future Directions - The company emphasizes the importance of systematic capability building before taking on large-scale orders, ensuring that customer needs are met without compromising quality [1][62]. - HaiMoxing Laser is actively exploring the integration of AI and smart manufacturing, with plans for large-scale implementation of AI technologies to enhance production processes [51][52]. - The company is preparing for the next generation of solid-state batteries, focusing on micro-nanotechnology and semiconductor applications to address challenges related to solid-solid interfaces and stability [30][34]. Group 3: Global Expansion and Market Strategy - HaiMoxing Laser has developed a comprehensive overseas service system, with eight subsidiaries established to support its global operations, reflecting a strategic shift from merely following industry leaders to establishing a robust international presence [2][61]. - The company has learned from its early experiences in international markets, gradually building its capabilities and understanding of local cultures and regulations to enhance its competitiveness abroad [60][62]. - The focus on not compromising customer satisfaction has been a guiding principle for the company, ensuring that it builds a reputation for reliability and quality in its international dealings [62][63]. Group 4: Core Competencies and Organizational Structure - The core competencies of HaiMoxing Laser lie in its ability to address critical process challenges and provide systematic support to battery manufacturers, which is essential for creating long-term value [64][65]. - The company recognizes the need for a multi-disciplinary approach, integrating expertise in optics, mechanics, electronics, and software to enhance its product offerings and service capabilities [65][66]. - Continuous improvement in operational quality and strategic partnerships is crucial for the company's sustained growth and ability to navigate industry cycles effectively [41][66].