东吴证券近日发布2026年端侧AI产业深度：互联网与云算力大厂加速布局端云协同硬件生态、筑牢AI 转型硬件底座，云算力企业与互联网大厂均在持续加大端侧布局力度，通过搭建端云协同的闭环硬件生 态体系，夯实自身向AI全面转型的底层硬件支撑。 IoT市场是当前规模最大的蓝海市场，也是国产替代的核心机遇所在。IoT覆盖穿戴、家居、工业等多元 场景，不仅对硬件技术能力提出要求，更需要适配具体场景与终端的定制化解决方案和软件生态。国产 芯片依托国内丰富的终端消费电子产业基础，拥有广阔的合作开发空间。其中，AI眼镜仍是当下尚未 被证伪的优质端侧场景，无论是作为手机的衍生产品，还是探索替代手机的产业方向，均在持续寻求最 优解决方案。具身智能有望实现与IoT、智能驾驶领域的技术能力平滑迁移，其适配场景的需求逐步清 晰，这些尚未完全定型的终端AI新场景，均为国产IoT芯片带来重要发展机遇。 端侧存储芯片：兆易创新等 以下为研究报告摘要： 投资要点 AI应用迭代驱动端侧硬件需求持续攀升，端侧高算力升级推动传统手机和PC端侧存量市场格局重塑， 行业巨头需依托AI软件需求驱动硬件创新以巩固地位。AI应用的落地离不开端侧硬件支撑，其快速 ...

来源：新浪基金∞工作室 芯片ETF（159995）业绩比较基准为国证半导体芯片指数收益率，管理人为华夏基金管理有限公司，基 金经理为赵宗庭，成立（2020-01-20）以来回报为93.54%，近一个月回报为3.60%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，芯片ETF（159995）开盘涨1.86%，报1.972元。芯片ETF（159995）重仓股方面，中芯国际开 盘涨0.94%，海光信息涨3.00%，寒武纪涨1.39%，北方华创涨1.17%，兆易创新涨2.85%，中微公司涨 1.26%，澜起科技涨3.27%，豪威集团涨1.02%，拓荆科技涨0.92%，长电科技涨1.67%。 ...

（原标题：A股开盘速递 | 创业板指涨1.7% 人形机器人等板块涨幅居前） 东吴证券表示，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有望迎来积极开局。春节休市期间全球股市多 数上涨，全球风险偏好较优。流动性层面，美联储降息路径虽存变数，但市场对全年流动性预期未显著恶化；离岸人民币汇率假期运行平稳。内 需方面，动能稳步修复。产业趋势层面，机器人、国产大模型在内的科技主线在假期期间持续发酵。后续来看，两会临近将进一步强化市场维稳 预期，白宫官员确认特朗普拟于3月底访华，有助于稳定市场对外部环境预期。 配置结构上，建议关注中期产业趋势确定性(错杀后弹性更大)和顺周期困境反转两条线索(传统经济全面复苏前缺乏赔率，但具备防御属性)。关 注：(1)AI与泛AI领域的云、国产芯片制造端(半导体设备、材料、封测等)、CPO相关环节、AI电力建设周边如燃气轮机、柴发液冷等，机器人产 业链；(2)"十五五"新兴产业品种如商业航天、量子、氢能、脑机接口等；(3)顺周期如化工、建材、消费龙头、工程机械等；(4)储能、战略资源品 (稀土等)。 东方证券：节后宏观和产业层面催化有望陆续出现，沪指有望继 ...

盘面上，黄金、石油板块领涨，宇树机器人、能源金属、CPO、特高压、消费电子、半导体概念股活跃。 09:34 港股恒生科技指数跌幅扩大至2%，恒生指数现跌1.27%。 09:33 港口航运板块盘初冲高，招商轮船盘中创新高，中远海能、招商南油涨停，宁波远洋、中远海特、国航远洋等跟涨。 沪指高开1.15%，深成指高开1.52%，创业板指高开1.70%，科创综指涨1.16%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 4129.13 | 47.06 | 1.15% | | 399001 | 深证成指 | 1m | 14313.86 | 213.67 | 1.52% | | 399006 | 创业板指 | MW | 3331.79 | 55.84 | 1.70% | | 000680 | 科创综指 | mm | 1830.15 | 20.97 | 1.16% | 盘面上，黄金、石油板块领涨，宇树机器人、能源金属、CPO、特高压、消费电子、半导体概念股活跃；免税店、短剧游戏、see ...

Group 1 - The 2025 Q4 earnings cycle is concluding, with most S&P 500 companies reporting strong growth and many exceeding expectations [1][2] - NVIDIA is set to report its earnings this week, marking a significant event in the Q4 cycle, as it is a late reporter and highly anticipated by investors [2][6] - Earnings and revenue estimates for NVIDIA's upcoming quarter have shown positive growth rates of 70% and 67% respectively since late November 2025 [2][3] Group 2 - The Zacks Consensus Estimate for NVIDIA's Data Center revenue stands at $58.7 billion, indicating a year-over-year growth rate of 65% [4] - The growth in NVIDIA's Data Center segment has been remarkable, as illustrated by its quarterly sales performance [4][6] - Overall, estimates for NVIDIA remain bullish, with expectations of significant growth continuing in the Data Center sector [3][6]

然而，传统铁电晶体管存在能耗过高、逻辑电压不匹配等短板，限制了其大规模应用。为此，北京大学 邱晨光研究员－彭练矛院士团队，利用纳米栅极结构设计，巧妙解决了铁电材料"改变极化状态"需要高 电压高能耗的问题。 "我们持续精进工艺，将铁电晶体管的物理栅长缩减至极限1纳米，这一精度达到原子尺度，促成铁电层 内部形成高强度电场，仅需极少外部能量（0.6V电压）激发，即可轻松翻转铁电极化。"邱晨光表示， 这一技术打破了传统铁电晶体管的物理限制，使得能耗比国际最好水平整整降低了一个数量级。 "纳米栅的设计就好像是对电场进行了'杠杆放大'，能够以极低的电压代价，驱动铁电材料发生极化反 转，从而在物理机制上实现了能耗的跨越式降低。"邱晨光进一步解释，有着超低工作电压与极低能耗 特性的纳米栅铁电晶体管，不仅能为构建高能效数据中心提供核心器件方案，也为发展下一代高算力人 工智能芯片奠定关键技术基础。 科技日报北京2月23日电 （记者张佳星）"我们将铁电晶体管的物理栅长缩减到了1纳米极限。"23日， 北京大学电子学院研究员邱晨光告诉科技日报记者，团队创造性地制备了迄今尺寸最小、功耗最低的铁 电晶体管，有望为AI芯片算力和能效提升提供 ...

Core Insights - The article discusses the choice between owning a $1 million home and having $1 million in a 401(k) for retirement, highlighting the advantages of liquidity and flexibility offered by a 401(k) compared to the stability of homeownership [1] 401(k) Overview - A 401(k) is a tax-advantaged retirement account that provides tax deductions on contributions, with withdrawals taxed at ordinary income rates [1] - Investment options typically include index funds and target-date funds, allowing for flexibility in withdrawals, although penalties apply before age 59½ [1] - Financial planners favor the 401(k) for its liquidity and control over investments, emphasizing the importance of access to funds in retirement [1] Homeownership Overview - Owning a home provides a place to live without monthly rent or mortgage payments, but incurs ongoing costs such as property taxes and maintenance [1] - From Q1 2020 to Q3 2025, home prices increased nearly 55% nationally, though appreciation varies by region and does not account for homeownership costs [1] - Financial planners express concerns about the ongoing expenses associated with homeownership, which can outweigh the benefits of having a physical asset [1] Decision Factors - The choice between a 401(k) and a home depends on individual retirement needs, with a 401(k) offering low fees and easy access to funds, while homeownership may appeal to those wanting to avoid rental payments or pass down property to heirs [1] - Homeownership lacks liquidity but can provide equity access through options like reverse mortgages [1]

Core Viewpoint - The ongoing tech sell-off in the U.S. is significantly influenced by developments in AI, with IBM experiencing its steepest drop in history, reflecting broader market concerns about the tech sector's sustainability amidst AI advancements [1][5]. Group 1: Market Dynamics - The tech sector is under pressure, with a notable sell-off driven by fears that AI advancements are cannibalizing traditional tech stocks [2][3]. - FAANG ETFs and software stocks like Salesforce and Adobe are among the first to feel the impact, indicating a broader trend of U.S. investors divesting from tech [3][9]. - The consumer discretionary, tech, and financial sub-indices of the S&P 500 remain negative year-to-date, highlighting the rapid growth of investor fears [9]. Group 2: AI Developments - IBM's recent price action is linked to the emergence of AI programs like Anthropic's 'Claude,' which are seen as potential competitors to existing software solutions [5][9]. - Agentic AI, which can autonomously create code and fulfill roles traditionally held by humans, poses a significant threat to companies like Adobe and Salesforce, potentially reducing their revenue from SaaS contracts [6][9]. - The speculative nature of AI's impact on the economy is underscored by a report suggesting that AI could lead to a 'Ghost GDP,' where economic activity does not translate into consumer spending [14][15]. Group 3: Speculative Insights - A speculative blog post titled "The 2028 Global Intelligence Crisis" has contributed to market panic, suggesting that AI disruption could lead to a collapse in labor GDP and the mortgage market [11][12]. - The report's narrative resonates with existing market fears, indicating a consensus view among investors regarding the potential negative implications of AI on the economy [12][15]. - The concept of a 'Ghost GDP' suggests that while investments in AI may increase, they do not benefit the workforce, leading to decreased consumer spending and economic downturn [14][15].

Market Overview - Wall Street stocks experienced a significant decline, with all three major U.S. stock indexes falling more than 1% due to fears surrounding artificial intelligence disruption and the fallout from a recent U.S. Supreme Court ruling [1] - Financial stocks dropped by 3.3%, while software-related firms saw a decline of 4.3% amid ongoing concerns about AI-related disruptions [2] Supreme Court Ruling Impact - The U.S. Supreme Court ruled 6-3 that former President Trump overstepped his authority by enacting tariffs under an economic emergency law, which has led to increased market volatility and uncertainty regarding trade policies [4] - Trump's response included a threat of a 15% temporary tariff on all imports, despite existing trade agreements with several U.S. partners [4] Investor Sentiment - Investor sentiment is characterized by a "sell first, assess later" approach, reflecting concerns about the costs and potential disruptions caused by AI technology [4] - The combination of geopolitical tensions, tariff uncertainties, and AI displacement is prompting a broad reassessment of risk among investors [6] Earnings Season Insights - The fourth-quarter earnings season is nearing completion, with 73% of companies that have reported beating expectations, leading to an aggregate year-on-year S&P 500 earnings growth forecast of 13.9%, up from an earlier forecast of 8.9% [9] - Notable companies expected to report earnings include Nvidia, Home Depot, Lowe's, Salesforce, and Universal Health Services [8] Sector Performance - Among the 11 major sectors of the S&P 500, financials suffered the largest percentage decline, while consumer staples showed resilience [10] - The healthcare index advanced by 1.2%, driven by a 4.9% gain in Eli Lilly following positive performance compared to a rival's obesity drug [10] Stock Movements - Domino's Pizza shares rose by 4.1% after reporting better-than-expected fourth-quarter same-store sales [10] - PayPal's stock jumped by 5.8% amid reports of takeover interest [11]

A broad selloff sent all three major U.S. stock indexes more than 1% lower by the closing bell, as risk appetite was dampened by a combination of persistent fears over potential disruption due to Financial stocks were off 3.3%, while software-related firms slid 4.3% amid ongoing "The question about AI is twofold: How much is it going to cost, and who all is going to be disrupted?" said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. "You've seen the market react ...