焦点事件 英伟达市值蒸发1.77万亿元 美国三大股指收盘涨跌不一，道指涨0.03%，标普500指数跌0.54%，纳指跌1.18%。大型科技股多数下 跌，英伟达跌超5%，市值蒸发2592亿美元（约合人民币1.77万亿元），创去年4月16日以来最大单日跌 幅，这也是英伟达连续第三次在发布整体好于预期的财报后下跌。有分析师指出，英伟达在财报层面很 少失手，但当前市场环境需要公司解答的问题显然不止于卖出多少芯片。 宁波银行管理层大调整！两名70后接任董事长、行长 资产规模超3万亿的宁波银行管理层迎来大调整。 2月26日，宁波银行发布公告，宣布一系列人事变动。核心调整包括选举庄灵君为新任董事长，同意聘 任冯培炯为新任行长，两人均为"70后"，掌舵超过20年的陆华裕就此迎来谢幕时刻。目前，A股上市银 行中年龄最小的董事长为青农商行梁衍波，其出生于1978年8月，庄灵君上任后，将刷新这一记录。 第 823期 2026-02-27 宏观要闻 商务部回应近期将举行的第六轮中美经贸磋商 商务部2月26日举行例行发布会。商务部新闻发言人何咏前在回应近期将举行的第六轮中美经贸磋商相 关提问时表示，中美双方通过中美经贸磋商机制，在各层 ...

据"陕西发布"微信公众号消息，2月26日，陕西省委书记赵一德、省长赵刚在西安与中兴通讯董事长方 榕一行座谈。赵一德代表省委和省政府对方榕一行来陕表示欢迎，向中兴通讯长期以来给予陕西发展的 支持表示感谢。他说，当前陕西正按照党的二十届四中全会部署，积极抢抓数字化、网络化、智能化深 入发展的历史机遇，加强数字技术创新攻关，大力实施"人工智能+"行动，加快推动产业数字化转型、 数字产业化发展。中兴通讯作为全球领先的综合信息与通信技术解决方案提供商，与我省有着良好的合 作基础和前景。希望双方进一步加强战略对接，持续深化新型数字基础设施建设、数字经济核心产业发 展、应用场景拓展、信息技术人才培养等方面的合作，在携手推进数字中国建设中实现互利共赢。我们 将持续优化营商环境，为企业在陕发展创造良好条件。 方榕表示，中兴通讯始终将陕西视为公司战略布局的核心区域，愿进一步依托陕西科教、产业、区位、 场景等优势，围绕算力拓展、数字底座、行业赋能、生态共建等方面布局更多高端项目，为陕西高质量 发展现代化建设注入新动能。 (本文来自第一财经) ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [11] Core Insights - The report highlights a significant leap in the development of general artificial intelligence large models, with continuous breakthroughs in model scale, training paradigms, and reasoning capabilities, establishing a solid technological foundation for various AI applications. Intelligent driving, being an application of "physical AI," is evolving towards large models, marking a new phase of intelligent emergence [3][6] Summary by Sections Introduction: AI Empowerment, Intelligent Driving Enters the Large Model Era - The report discusses the rapid development of general artificial intelligence large models, emphasizing their role in enhancing intelligent driving through technological iterations [6][19] Emergence of General Large Model Capabilities - The AI large model era is characterized by the use of the Transformer architecture, exponential increases in computing power, and the accumulation of vast multimodal data, leading to critical breakthroughs in AI applications [7][21] Progression of Intelligent Driving Large Models - Intelligent driving has transitioned from rule-based models to end-to-end large models, gradually evolving towards VLA (Vision-Language-Action) and world models, enhancing deep reasoning and decision-making capabilities [8][50] Investment Recommendations - The report suggests that the continuous emergence of AI large model capabilities will accelerate the commercialization of high-level intelligent driving. Key recommendations include companies like XPeng Motors, BYD, and Geely in the vehicle sector, and Top Group and Bertelson in the parts sector [9]

此前，五角大楼一位发言人表示，五角大楼要求Anthropic允许政府"为所有合法目的"使用其人工智能技 术，这一要求"简单"且"合乎常理"，五角大楼"不会让任何公司就我们如何作出作战决策来制定条款"。 五角大楼首席技术官Emil Michael则透露，美国军方为与Anthropic达成协议已作出"若干实质性让步"， 还向Anthropic提供了参与其人工智能伦理委员会的机会。 当地时间2月26日，Anthropic表示无法接受美国国防部的要求，称后者的威胁"不会改变我们的立场"。 Anthropic要求在建立安全保障机制后再为军方提供服务，并希望美国国防部能重新考虑。 ...

2、中国航天：今年计划实施2次载人飞行任务，全力推进登月配套设施建设 类型：行业 盘前要闻 情绪影响：正面 1、2月井喷！中国AI调用量首超美国，四款大模型霸榜全球前五 类型：行业 情绪影响：正面 据报道，2月中国AI的模型调用量爆发式增长，首次超过美国。与此同时，全球调用量排名前五的模型 中，中国模型占据四席。相比用户数，Token调用量是更能真实反映AI模型使用强度、用户粘性及商业 价值的关键指标。中国模型厂商，正凭借快速迭代和成本优势占领全球市场，国产算力需求正经历指数 级增长。 3、未缓解AI担忧，英伟达深夜大跌超5%！市值蒸发万亿，纳指跌超1% 据中国载人航天工程办公室消息，2026年，计划实施2次载人飞行任务、1次货运飞船补给任务，来自港 澳地区的航天员有望最早于今年执行空间站飞行任务，神舟二十三号飞行乘组1名航天员将开展一年期 驻留试验。瞄准2030年前实现中国人首次登陆月球的目标，载人月球探测工程登月阶段工作正在扎实稳 步推进。 分散投资是唯一的免费午餐。 4、事关第六轮中美经贸磋商等，商务部最新回应 类型：宏观 情绪影响：正面 商务部新闻发言人何咏前在回应近期将举行的第六轮中美经贸磋商相关提 ...

此前，不列颠哥伦比亚省发生了一起致命枪击案，案中嫌疑人曾与OpenAI的聊天机器人进行过互动。 OpenAI在致加拿大人工智能事务部长信中表示，将采用更灵活的标准，把相关账户移交执法机构处 理。公司还将与加拿大执法人员建立直接联络渠道，协助引导陷入困境的用户联系相关救助机构，并强 化检测系统，防止有人试图绕过安全防护机制。 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Viewpoints - Optical Circuit Switch (OCS) technology enables direct switching of optical signals between fiber ports without optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnects [3][4][92] - The OCS market is expected to grow rapidly, with a projected market size exceeding $2.5 billion by 2029, driven by increasing demand from AI data centers and enhanced customer penetration [4][81] - The report highlights four main technology routes for OCS: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS technology currently leading the market [4][14][92] Summary by Sections 1. OCS as a New Photonic Interconnect Technology - OCS technology allows for high bandwidth capabilities and low latency, making it suitable for modern data center demands [13] - The technology is transparent to rate and protocol, allowing for seamless upgrades without hardware replacement [13] - OCS can be incrementally deployed and expanded, reducing initial capital investment [13] 2. OCS Applications for AI Data Centers - Google has been at the forefront of developing ASIC chips, with the latest TPU generation utilizing OCS technology for enhanced interconnectivity [51][64] - The TPU architecture requires a significant number of ports, indicating a growing demand for OCS solutions [71] 3. OCS Industry Chain Company Layout - Various companies are positioned within the OCS industry chain, including Silex, Tengjing Technology, and Zhongji Xuchuang, each focusing on different aspects of OCS technology and components [83][84] - The report emphasizes the importance of collaboration between domestic manufacturers and leading global firms to capitalize on the OCS market growth [84] 4. Investment Recommendations - The report suggests focusing on companies within the OCS supply chain, particularly those with established partnerships with leading international firms, as they are likely to benefit from the industry's growth [4][90]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of $68.127 billion for FY26Q4, representing a year-on-year growth of 73%. The GAAP and Non-GAAP gross margins were 75.0% and 75.2%, respectively, with net profits of $42.96 billion and $39.55 billion, reflecting year-on-year increases of 94% and 79% [2]. - For FY27Q1, the company guides revenue to be around $78 billion (±2%), excluding data center revenue from China, with expected gross margins of 74.9% and 75.0% for GAAP and Non-GAAP, respectively [2]. - The data center revenue reached $62.314 billion in FY26Q4, up 75% year-on-year, with network revenue contributing approximately $11 billion. The company is set to commercialize the Vera Rubin CPU in the second half of the year, which is crucial for AI applications [3]. - The company anticipates diversification in its customer base, moving beyond the top five cloud service providers that currently account for over 50% of its revenue. Strategic investments, such as in Anthropic, aim to expand its AI ecosystem [3]. - The company is positioned as a leader in AI chips, benefiting from ongoing AI development. The product iterations and the high moat created by the CUDA platform are expected to maintain its competitive advantage [4]. - Projected net profits for FY27, FY28, and FY29 are $217.6 billion, $307.4 billion, and $381.1 billion, respectively, indicating strong growth potential [4]. Financial Summary - The company’s revenue is projected to grow from $215.938 billion in FY26 to $401.342 billion in FY27, reflecting a growth rate of 85.9% [9]. - The net profit is expected to increase from $120.067 billion in FY26 to $217.582 billion in FY27, with a growth rate of 81.2% [10]. - The earnings per share (EPS) is forecasted to rise from $4.94 in FY26 to $8.95 in FY27 [9].

省领导王海鹏、李九红，省政府秘书长吕来升，省直有关部门负责同志等参加座谈。 方榕表示，中兴通讯始终将陕西视为公司战略布局的核心区域，愿进一步依托陕西科教、产业、区 位、场景等优势，围绕算力拓展、数字底座、行业赋能、生态共建等方面布局更多高端项目，为陕西高 质量发展现代化建设注入新动能。 2月26日，省委书记赵一德、省长赵刚在西安与中兴通讯董事长方榕一行座谈。 赵一德代表省委和省政府对方榕一行来陕表示欢迎，向中兴通讯长期以来给予陕西发展的支持表示 感谢。他说，当前陕西正按照党的二十届四中全会部署，积极抢抓数字化、网络化、智能化深入发展的 历史机遇，加强数字技术创新攻关，大力实施"人工智能+"行动，加快推动产业数字化转型、数字产业 化发展。中兴通讯作为全球领先的综合信息与通信技术解决方案提供商，与我省有着良好的合作基础和 前景。希望双方进一步加强战略对接，持续深化新型数字基础设施建设、数字经济核心产业发展、应用 场景拓展、信息技术人才培养等方面的合作，在携手推进数字中国建设中实现互利共赢。我们将持续优 化营商环境，为企业在陕发展创造良好条件。 ...

刘昼 编者按： 中国风险投资业走过二十余载高速发展征程，已构筑起超14万亿元管理规模的成熟生态，稳居全球第二。2020—2025年，国内超65%新上市企业获VC/PE 支持，其影响力已深度渗透至人工智能、商业航天、半导体、创新药等每一个科技角落。立足国家战略与市场实践，证券时报特推出《问道·浪潮之巅》 系列访谈，对话头部创投机构掌舵者，深度剖析构建中国式现代化产业体系的密码。首期对话达晨财智创始合伙人、董事长刘昼。 刘昼是达晨财智（以下简称"达晨"）的掌舵者，他给人的第一印象是务实、理性、沉稳。 2000年，刘昼怀揣电广传媒给的1亿元启动资金创立达晨，扎入创投赛道。转眼25年过去，如今的达晨已管理着近660亿元规模的基金。 摊开达晨的项目版图，累计投资企业800余家，其中145家企业实现IPO，约17%的IPO退出率是其亮眼业绩的核心指标。刘昼所领导的达晨，一大特色在 于对产业趋势的理解及对资本市场"审美"变革的精准把控——在创业板启动前围绕中小科创与消费升级进行布局（爱尔眼科、亿纬锂能、圣农发展等）； 2015年加码半导体、高端装备、医疗等硬科技（佰维存储、道通科技、康希诺等），随后迎来注册制落地及科创板开 ...