（09626.HK）的研报，维持"买入"评级。公司25Q4营收及经调整净利润同比+7.6%/+94.3%，超预期， 主因高毛利广告业务高增与成本管控优化，2025年首次实现全年盈利，商业化能力获验证。2026年AI 投入或短期扰动业绩，但中长期强化生态壁垒，广告与游戏业务驱动盈利持续提升。 转自：智通财经 【中信证券：维持哔哩哔哩买入评级】智通财经3月10日电，中信证券发布关于哔哩哔哩-W ...

Investment Rating - The report does not provide a specific investment rating for the industry [4] Core Insights - The approval of a new commercial reactor construction license by the NRC marks a significant milestone for the advanced nuclear power sector in the U.S., indicating renewed policy support for nuclear energy amid growing energy security and electricity demand [5][12] - AST SpaceMobile reported a revenue of $70.9 million for 2025, with a Q4 revenue of $54.3 million, driven by the delivery of commercial gateways and government service milestones, and has signed over $1 billion in minimum revenue commitment agreements [17][18] - The commercial aerospace sector is experiencing a fundamental resonance period, with government orders and initial revenue growth laying a solid foundation for 2026 revenue [18] Summary by Sections 1. Overseas AI 1.1 Market Review - The Hong Kong and U.S. tech stocks experienced a significant pullback, with the Hang Seng Tech Index down 3.7% and the Philadelphia Semiconductor Index down 7.2% during the week [8] - The AI energy sector saw notable stock movements, with Eos Energy up 8% and several companies like ESS Tech and The AES Corporation down 18% [10] 1.2 Key Events - The NRC authorized the construction of the Kemmerer Power Station, the first new commercial reactor approval in a decade, which is expected to positively impact the advanced nuclear power supply chain and long-term uranium demand [11][12] 2. Commercial Aerospace 2.1 Market Review - The aerospace sector indices showed mixed performance, with the US Space Economy Index up 0.36% and the S&P Aerospace and Defense Select Industry Index down 1.31% [14] - Key aerospace stocks like AST SpaceMobile and Intuitive Machines saw significant gains, with AST SpaceMobile up 12.99% [15] 2.2 Key Events - AST SpaceMobile's financial report highlighted a total revenue of $70.9 million for 2025, with a strong cash position of approximately $3.9 billion to support satellite manufacturing and launches in 2026 [17][18]

Macro Insights - China's CPI in February increased by 1.3% year-on-year, surpassing the previous value of 0.2% and the Bloomberg consensus estimate of 0.9% [2] - PPI decreased by 0.9% year-on-year, an improvement from the previous -1.4%, also exceeding the Bloomberg consensus estimate of -1.1% [2] Market Strategy - The A-share market experienced significant fluctuations due to geopolitical disturbances, with capital outflows following a brief return after the holiday [2] - Financing balances remain high, with an average guarantee ratio above 290%, indicating potential volatility in the market [2] - Active equity funds and ETFs have shown strong capital absorption capabilities amidst market turbulence [2] Fixed Income - The geopolitical conflict has raised concerns about global inflation and energy diversification, impacting currency markets [3] - The U.S. dollar index rose from approximately 97.7 to 99.6, while the RMB exchange rate increased from around 6.8 to above 6.9 [3] - China's CPI for February was reported at 1.3%, exceeding expectations of 0.9% [4] Real Estate - The real estate market in Hong Kong has shown resilience, with residential transactions performing well despite being traditionally off-peak [10] - The commercial real estate sector is recovering, with rental declines narrowing for high-end retail and office spaces [10] - The ongoing geopolitical tensions may create uncertainties for liquidity in the Hong Kong market, but could also enhance its attractiveness for global capital [10] Energy Sector - The ongoing conflict has led to a significant rise in global oil prices, which is expected to push up electricity prices in China [11] - A projected increase in coal prices to around 750 RMB per ton could result in a 2.9% rise in wholesale electricity prices [11] - The demand for green electricity is anticipated to increase, potentially raising green certificate prices significantly [11] Semiconductor Industry - The semiconductor sector is facing potential disruptions due to geopolitical tensions, particularly in the Middle East [6] - The impact on AI and semiconductor supply-demand balance is being closely monitored, with short-term effects considered manageable [6] - Long-term implications may include increased production costs and accelerated self-sufficiency in China's semiconductor industry [6] Commercial Aerospace - The commercial aerospace sector is experiencing heightened interest, with significant advancements in rocket reusability and satellite technology [16] - The industry is expected to benefit from a "flywheel" effect driven by increased capital market attention [16] - Key developments in policy, performance, and technology are anticipated to create growth opportunities within the sector [16] Selected Companies - LeShuShi (2698 HK) is positioned as a leading player in Africa's hygiene products market, with a target price of 42 HKD and a "buy" rating [18] - Broadcom (AVGO US) reported strong Q1 FY26 earnings of 19.311 billion USD, driven by rapid growth in AI business, maintaining a "buy" rating [19] - Marvell Technology (MRVL US) has raised its revenue guidance for FY27 due to strong demand for optical interconnect products, maintaining an "overweight" rating [22]

证券研究报告 途牛 (TOUR US) 打包游收入增长强劲 2026 年 3 月 10 日│美国 互联网 | 途牛公布 4Q25 业绩：净收入 1.24 亿元，yoy+20.3%，25 全年收入 5.8 亿， | 夏路路 | 研究员 | | --- | --- | --- | | 华泰预期 5.7 亿元，超预期，主因旅游需求景气。4Q25 归属股东净利润 150 | SAC No. S0570523100002 SFC No. BTP154 | xialulu@htsc.com +(852) 3658 6000 | | 净利润 万元，Non-GAAP 350 万元。公司实现了季度和年度的盈利，标志着 | | | | 疫情后连续第三年实现全年非美国通用会计准则盈利。主业打包旅游产品收 | 苏燕妮 | 研究员 | | 入 1.021 亿元，yoy+35.3%，增长驱动主要来自跟团游和自助游的增长。公 | SAC No. S0570523050002 | suyanni@htsc.com | | 司持续采取更为积极的产品策略，通过针对性的产品差异化及供应链优势吸 | SFC No. BTT483 | +(86) 2 ...

由于中东局势升级，近日外围市场的风险偏好明显降低，带动A股波动加大。 3月9日，A股三大指数宽幅震荡，沪指盘中跌幅一度接近2%，深证成指与创业板指跌幅一度超过3%。不过随后跌幅均有明显收窄。截至当日收 盘，沪指跌0.67%，深证成指、创业板指分别跌0.74%、0.64%。 多位机构人士在接受证券时报·券商中国记者采访时表示，随着市场风险释放，预计A股重拾震荡上行的态势。长期来看，A股改革仍然有不少重 磅政策在路上，不断推动A股从"融资市"向"投资市"转型、构建长期稳定发展生态的核心政策组合，对市场生态、资金结构、估值体系与投资风 格将产生深远影响。 外围波澜吹动A股市场 袁闯认为，中东冲突、美国关税走势均存在较大不确定性，尤其是中东冲突导致油价大幅上行，对全球经济和资产价格产生了一定影响。同时， 近期美股指数震荡下行、日韩股市见顶回落、香港股市持续偏弱，背后既有地缘风险事件的影响，也有对AI商业模式的担忧，这在一定程度上也 压制了A股的情绪。 申万宏源研究A股策略首席分析师傅静涛也认为，外围市场的变化是A股近期震荡的核心因素之一。 他表示，霍尔木兹海峡油运近日陷入停滞，导致油价冲高，通胀预期向上脉冲，市场不确 ...

传媒/数字媒体 哔哩哔哩-W（09626.HK） Q4 业绩高增，看好丰富新游/AI 赋能平台共驱成长 2026 年 03 月 10 日 投资评级：买入（维持） | 日期 | 2026/3/9 | | --- | --- | | 当前股价(港元) | 197.60 | | 一年最高最低(港元) | 285.60/113.60 | | 总市值(亿港元) | 831.57 | | 流通市值(亿港元) | 819.52 | | 总股本(亿股) | 4.21 | | 流通港股(亿股) | 4.15 | | 近 3 个月换手率(%) | 61.54 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-03 2025-07 2025-11 哔哩哔哩-W 恒生指数 相关研究报告 《Q3 广告亮眼，新游蓄势待发，看好 商业化持续推进—港股公司信息更新 报告》-2025.11.17 《Q2 业绩高增，看好平台商业化及游 戏业务加速成长—港股公司信息更新 报告》-2025.8.23 《2025Q1 游戏收入大增且连续盈利， 流量稳步增长—港股公司信息更新报 告》-2025.5.21 方光照 ...

光大期货金融期货日报 光大期货金融期货日报（2026 年 03 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 市场全天探底回升，三大指数集体调整。个股跌多涨少，沪深京三市约 | | | | 4000 股飘绿，今日成交 2.67 万亿。截止收盘沪指跌 0.67%，深成指跌 | | | | 0.74%，创业板指跌 0.64%。美伊冲突对市场风险偏好影响明显，全球多数 | | | | 权益市场出现下跌，A 股同步回调。短期来看，本次冲突如能较快结束， | | | | 对 A 股市场整体影响有限，但如果进入持久战模式，引发全球金融风险， | | | | 则可能冲击各国股票市场。中期来看，A 股维持震荡概率较大，但波动率 | | | | 可能上升。自去年 12 月以来，A 股科技题材相比在美上市的中概股和恒生 | | | 股指 | 科技等指数均有明显超额收益，且同期人民币进入快速升值通道，这可能 | 震荡 | | | 与中国科技公司在本轮全球化 AI 产业链中的优势地位有关，资本对境内人 | | | | 民币资产较为青睐，这可能成为 2026 年上半年 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The blockage of the Strait of Hormuz has led to a significant increase in global oil prices, which in turn may drive up PPI. However, the impact on CPI is relatively limited. The relationship between PPI and interest rates is complex, and historical data shows that the impact of PPI on interest rates varies in different periods. Currently, the bond market lacks a clear trading logic, and inflation factors may affect short - term pricing [1][2][30]. - The fiscal policy strength is not weak when considering new policy - based financial instruments. The reduction of the generalized deficit rate is small. Local governments face difficulties in leveraging, while the central government is increasing its leverage. The debt - reduction progress of financing platforms is over 70%, and the bottom - line risk of local government debt is under control. The government is relatively satisfied with the current broad - spectrum interest rate level [31][37][42]. 3. Summary According to the Directory 3.1 How to View Inflation and the Bond Market? - As of March 9, the Strait of Hormuz remained unnavigable, with a large number of ships congested. Brent crude oil futures prices soared above $110 per barrel. Historically, rising oil and commodity prices lead to an increase in PPI, while the impact on CPI is relatively small [12][15][18]. - PPI has a greater impact on interest rates than CPI. Historically, when PPI reverses its trend or turns from negative to positive, it may put short - term pressure on interest rates. However, in the last two periods of continuous PPI increase, the impact on interest rates was relatively small. Currently, the market lacks a trading logic, and inflation factors may affect short - term pricing [20][21][30]. - There are also some trend - improving factors in inflation, such as the rising prices of non - ferrous metals driven by AI demand and the support of core inflation due to the slowdown in the decline of second - hand housing prices [25][30]. 3.2 Rethinking the Details of the Two Sessions 3.2.1 Is the Fiscal Strength Strong? What Does It Reflect? - The fiscal strength is not weak. The generalized deficit rate decreases slightly. If new policy - based financial instruments are considered, the fiscal policy strength is comparable to that of 2025. The reason for the flat new local special bonds is that local governments face difficulties in leveraging, while new policy - based financial instruments are a form of central government leveraging [31][34]. - A significant portion of the 4.4 trillion yuan in new local government special bonds is used to replace hidden debts and pay off government arrears, indicating that local governments still face a heavy historical debt burden. The central government's direction of increasing leverage is clear, but the imagination space for fiscal policy is limited. Future efforts should focus on the revenue side [36]. 3.2.2 How to Look Forward to the Debt - Reduction Progress and Urban Investment Risks? - As of the end of last year, compared with the beginning of 2023, the number and debt scale of financing platforms have both decreased by more than 70%. The overall progress and speed of platform withdrawal are relatively fast [37]. - The orderly resolution of risks in real estate, local government debt, and local small and medium - sized financial institutions remains one of the major strategic tasks. The bottom - line risk of local government debt is under the government's key attention. Although urban investment bonds have valuation fluctuation risks, there is no need to overly worry about the bottom - line risk [41]. 3.2.3 How to Understand the Stance of Monetary Policy? - The government's statement of "promoting the low - level operation of the social comprehensive financing cost" this year is weaker than that of "promoting the decline of the social comprehensive financing cost" in 2025, indicating that the government is relatively satisfied with the current broad - spectrum interest rate level [42].

以下文章来源于阑夕 ，作者→ 阑夕 . 寻找科技与商业的光芒。 来源丨 阑夕（ID：techread） 作者丨阑夕 图源丨Midjourney OpenClaw引起的这波「龙虾热」，变得越来越魔幻现实主义了。 如果说春节长假刚结束那会儿，上门安装龙虾还是一个段子、还是一个停留在用Nano Banana作图博君一笑的阶段，上周末腾讯大厦门口排成长队 等待免费安装龙虾，就只能说「至此已成艺术」了。 我很想引述一个笑话，它的原始版本是这样的： 「一个小男孩多大了就不应该进女澡堂了？」 「当他想进女澡堂的时候，他就不应该进了。」 龙虾这事儿的基本道理，本质上也是一样的，如果你需要托人帮你安装龙虾，那么其实你就不太可能需要龙虾⋯⋯ 勇敢的人先享受世界，这话大家都赞同，但要承认自己不在其中、也不配先享受世界，这就很难了。 OpenClaw是很牛逼的创新，没毛病，但它的牛逼并不在于普惠层面，恰恰相反，它是一个用来提高AI使用上限的手段。 是给那些已经把现有AI工具——从ChatBot到Coding——用到了瓶颈的人，一个打破极限的「超频」方案。 而不是给那些时至今日都没亲手写过超出500字的提示词的人，一个弯道超车的万能钥 ...

传媒/数字媒体 哔哩哔哩-W（09626.HK） Q4 业绩高增，看好丰富新游/AI 赋能平台共驱成长 2026 年 03 月 10 日 投资评级：买入（维持） | 日期 | 2026/3/9 | | --- | --- | | 当前股价(港元) | 197.60 | | 一年最高最低(港元) | 285.60/113.60 | | 总市值(亿港元) | 831.57 | | 流通市值(亿港元) | 819.52 | | 总股本(亿股) | 4.21 | | 流通港股(亿股) | 4.15 | | 近 3 个月换手率(%) | 61.54 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-03 2025-07 2025-11 哔哩哔哩-W 恒生指数 相关研究报告 《Q3 广告亮眼，新游蓄势待发，看好 商业化持续推进—港股公司信息更新 报告》-2025.11.17 《Q2 业绩高增，看好平台商业化及游 戏业务加速成长—港股公司信息更新 报告》-2025.8.23 《2025Q1 游戏收入大增且连续盈利， 流量稳步增长—港股公司信息更新报 告》-2025.5.21 方光照 ...