Group 1 - Hong Kong is accelerating its listing system reforms to attract more new economy enterprises to go public [1][6] - The Financial Secretary, Paul Chan, announced plans to revise the "dual-class share" listing requirements in the first quarter, providing more flexibility for biotech and specialized technology companies [2][7] - Recent market conditions show the Hang Seng Index has dropped over 4.5% since the end of January, but industry experts remain optimistic about future performance supported by resilient capital flows and favorable fundamentals in AI and new economy sectors [1][11] Group 2 - The revision of "dual-class share" requirements is expected to attract more Chinese concept stocks back to Hong Kong, with Goldman Sachs estimating that 27 such stocks could return, totaling over HKD 1.4 trillion in market value [2][5] - UBS predicts that if these Chinese concept stocks return, the average daily trading volume in Hong Kong could increase by HKD 19 billion, boosting the exchange's revenue and net profit by 4%-5% and 7%, respectively [2][5] - The current listing rules require a high market capitalization for "dual-class share" companies, which poses challenges for many smaller companies looking to enter the Hong Kong market [5] Group 3 - The Hong Kong government is emphasizing the strategic role of the technology sector in the capital market, signaling further reforms to attract new economy enterprises [6][8] - The government has launched a HKD 10 billion "Innovation and Technology Industry Guidance Fund" focusing on investments in life sciences, AI, and robotics [8] - The Hong Kong Stock Exchange is considering allowing more types of companies to submit listing applications confidentially, enhancing its competitive edge in the global capital market [8] Group 4 - Despite the announcement of significant reforms, the Hong Kong stock market has continued to decline, with the Hang Seng Index showing mixed performance recently [9][10] - Recent outflows of southbound funds have been noted, with nearly HKD 4.5 billion sold in two consecutive trading days, contrasting with previous inflows [10] - Analysts believe that the current market adjustments are temporary and that the Hang Seng Technology Index may see a rebound as investor sentiment improves [12]

Core Viewpoint - Nvidia's record-breaking financial report aims to counter skepticism regarding the AI bubble, showcasing significant revenue and profit growth amid concerns about capital expenditures in the AI sector [1][4]. Financial Performance - In Q4, Nvidia reported record revenue of $68.127 billion, a 73% increase from $39.331 billion year-over-year; net profit reached $42.960 billion, up 94% from $22.091 billion [3]. - For the entire year, Nvidia's revenue was $215.938 billion, with a net profit of $120.067 billion, equating to daily earnings of approximately $32.8 million (RMB 220 million) [3]. Business Segments - The data center segment generated $193.48 billion in revenue for the year, a 68% increase, and accounted for over 91% of total revenue in Q4, with $62.3 billion in revenue, up 75% year-over-year and 22% quarter-over-quarter [3]. - Within the data center segment, the "compute business" (primarily GPU products) contributed $51.3 billion, a 58% increase, while the "network business" generated $11 billion, a 263% increase [3]. Future Guidance - Nvidia's guidance for Q1 FY2027 anticipates revenue of $78 billion, exceeding analyst expectations [4]. - The CFO indicated ongoing sales of Blackwell and Rubin architecture chips, while the gaming segment faces tight memory supply [4]. Market Sentiment - Concerns persist among investors regarding potential threats from the AI bubble, with 23% of surveyed investors citing it as their primary concern, up from 9% in December [6]. - Despite positive performance, there are worries that capital expenditures by major tech firms may peak this year, impacting Nvidia [6][7]. Strategic Initiatives - Nvidia aims to solidify its position in the AI ecosystem, with plans to integrate various sectors onto its platform, including AI, robotics, and life sciences [8]. - The company is nearing an agreement with OpenAI for a potential $100 billion AI infrastructure project and has acquired technology from AI startup Groq for $20 billion [8]. Upcoming Developments - Nvidia's GTC 2026 conference is set for March 15, where new, unprecedented chips are expected to be unveiled [8][9]. - Speculation surrounds the new chips, likely from the Rubin series or the next-generation Feynman series, which are anticipated to be revolutionary [9].

（文章来源：每日经济新闻） 每经AI快讯，2月26日，芯原股份(688521.SH)公告称，2025年公司实现营业收入31.52亿元，同比增长 35.77%；预计2025年归属于母公司所有者的净利润为-5.28亿元，与上年同期相比亏损收窄0.73亿元，收 窄比例为12.16%。2025年度，公司预计量产业务收入同比增长73.98%，芯片设计业务收入同比增长 20.94%。2025年全年，公司新签订单金额59.60亿元，同比增长103.41%，其中AI算力相关订单占比超 73%，数据处理领域订单占比超50%。 ...

2026 年 2 月 26 日 | H70529@capital.com.tw | | --- | | 何利超 目标价(元) 270 | 公司基本资讯 一季度预计高速增长，CPU+DCU 双轮驱动公司成长 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2026/2/25) | | | 246.48 | | 上证指数(2026/2/25) | | | 4147.23 | | 股价 12 个月高/低 | | 308.46/127.87 | | | 总发行股数(百万) | | | 2324.34 | | A 股数(百万) | | | 2324.34 | | A 市值(亿元) | | | 5729.03 | | 主要股东 | | 曙光信息产业 | | | | | 股份有限公司 | | | | | | (27.96%) | | 每股净值(元) | | | 9.68 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -3.0 15.4 | | 60.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | ...

Core Insights - The aerospace and semiconductor suppliers in the U.S. are facing a significant shortage of rare earth elements, particularly yttrium and scandium, which are crucial for defense technology, aerospace, and semiconductor industries [1] Group 1: Supply Chain Impact - Two suppliers have reportedly refused some customer orders due to the rare earth shortage [1] - Kevin Michaels, an aerospace supply chain expert, noted that while the yttrium supply shortage has not yet impacted jet engine production, manufacturers are still concerned [1] Group 2: Semiconductor Industry Risks - Dylan Patel, CEO of SemiAnalysis, indicated that U.S. semiconductor manufacturers are on the verge of depleting their scandium inventory, which poses risks for the production of next-generation 5G chips [1]

刘太宗介绍尊湃侵犯华为海思芯片技术商业秘密案时说，该案涉及国产芯片技术，涉案金额3.17亿元， 社会各界高度关注。上海检察机关以侵犯商业秘密罪提起公诉，14名被告人均被判处刑罚。广东检察机 关办理的一起侵犯智图软件著作权案件中，涉案软件是一款以摄影测量技术为核心的三维重建软件，检 察机关依法提起公诉，被告人被判处有期徒刑。 2025年，最高检指导上海办理的尊湃侵犯华为海思芯片技术商业秘密案引发社会高度关注。2026年2月 24日，最高检知识产权检察厅副厅长刘太宗做客最高检厅长访谈时表示，依法惩治侵犯核心技术犯罪是 知识产权检察服务新质生产力发展的重要途径。2021至2024年，全国检察机关受理审查起诉侵犯商业秘 密犯罪1262人，2025年前11个月受理232人，数量呈上升趋势。 刘太宗表示，党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规 划的建议》提出，"加快高水平科技自立自强，引领发展新质生产力"。过去一年，检察机关聚焦新一代 信息技术、人工智能、高端装备、生物制造、新能源、新材料等新兴产业、未来产业，办理了一批具有 典型意义的精品案例，服务新质生产力发展。 "加强技术案件 ...

中国经济网北京2月26日讯力合微(688589.SH)1月31日披露的2025年年度业绩预告显示，经财务部门初 步测算，公司预计2025年年度实现营业收入人民币34,000万元至37,000万元，与上年同期相比，将减少 17,883.19万元至20,883.19万元，同比下降32.58%至38.05%。预计2025年年度实现归属于母公司所有者 的净利润人民币1,700万元至2,200万元，与上年同期相比，将减少6,233.67万元到6,733.67万元，同比下 降73.91%到79.84%。预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润人民币450 万元至650万元，与上年同期相比，将减少6,900.20万元到7,100.20万元，同比下降91.39%到94.04%。本 次业绩预告未经注册会计师审计。 2024年，力合微实现营业收入54,883.19万元，同比下降5.24%；归属于上市公司股东的净利润8,433.67 万元，同比下降21.10%；归属于上市公司股东的扣除非经常性损益的净利润7,550.20万元，同比下降 18.63%；经营活动产生的现金流量净额8,863.97万元，同比下降 ...

公开资料显示，天数智芯提供针对不同行业的通用GPU产品及AI算力解决方案。公司的产品组合主要 包括通用GPU芯片及加速卡，以及定制AI算力解决方案(包括通用GPU服务器及集群)，天数智芯通用 GPU产品涵盖天垓及智铠系列，兼容国内外主流AI生态以及各类深度学习框架。今年1月，该公司公布 四代芯片架构路线图，预期于2027年超越英伟达Rubin架构；同时推出"彤央"系列边端算力产品。 消息面上，近年来，AI的发展，尤其是大语言模型的兴起，推动算力需求大幅增长。根据弗若斯特沙 利文的资料，中国通用GPU市场快速扩张，2024年的出货量达到1.6百万片，2022年至2024年的复合年 增长率为72.8%。预计市场将维持强劲增长，于2025年至2029年，出货量预计以33.0%的复合年增长率 增长。随着中国通用GPU公司出货量的增长速度超越国际竞争对手，国内市场占有率持续攀升。 天数智芯(09903)涨超20%，高见287港元刷新上市新高。截至发稿，涨19.52%，报285港元，成交额3.7 亿港元。 ...

2026年2月3日，公司与灵明科技（珠海市）合伙企业（有限合伙）、臧凯等主要交易对方及标的公 司签署了《股权投资意向性协议》，拟以发行人民币普通股股票、定向发行可转换公司债券（如有）、 支付现金（如有）等方式购买灵明光子控股权，同时拟募集配套资金。 经初步测算，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重组；本次交 易前，交易对方与公司不存在关联关系。本次交易完成后，部分交易对方持有公司股份比例预计将超过 5%。根据《上海证券交易所科创板股票上市规则》的相关规定，初步预计本次交易构成关联交易。本 次交易不会导致公司控制权发生变更。 中国经济网北京2月26日讯 智洋创新(688191.SH)今日复牌，股价平开报38.41元。 据智洋创新昨晚披露的关于终止筹划重大资产重组事项暨公司股票复牌的公告，公司因筹划以发行 人民币普通股股票、定向发行可转换公司债券（如有）、支付现金（如有）等方式购买深圳市灵明光子 科技有限公司（以下简称"灵明光子"或"标的公司"）控股权，同时拟募集配套资金（以下简称"本次交 易"）的事项，公司股票自2026年2月4日（星期三）开市起停牌。经审慎研究，公司决定终止筹划本次 ...

查看最新行情 撰文 ：嘉盛集团资深分析师Jerry Chen 万众瞩目的英伟达于周三盘后揭晓。交易员也预计，标普500也有望突破徘徊近半年的6900点区间，冲 击7000点。 英伟达财报炸裂、展望积极 公司2026财年四季度营收达到创纪录的681.3亿美元，同比增长73%，轻松超出市场预期，毛利率回升 至75%，净利润同比几乎翻倍。英伟达营收的91%来自于数据中心，而数据中心过半的收入来自超大规 模云服务商。谷歌、亚马逊、Meta、微软四巨头今年合计的资本支出预计达到6300亿美元，这其中很 大一部分将转为为英伟达的营收。 此次财报会议未提及与OpenAI之间的最新一轮投资协议，预计金额达到300亿美元，这可能取代双方在 去年达成的框架协议。一旦新协议落地，可能成为股价的另一个爆点。 英伟达股价盘后时间由涨转跌，但今年累计涨幅仍高于其他科技巨头和标普500指数。 强劲的业绩和指引有望暂时缓解投资者对AI泡沫的担忧，但AI对相关行业造成的冲击（尤其是软件行 业）仍需要时间修复。若占标普500超三成权重的科技板块无法恢复强势，大盘很难获得上行动力，更 无法追赶亚太和欧洲股市的涨幅。 标普500能否冲击7000点？ ...