证券研究报告 点评报告 2026 年 3 月 2 日 晨会纪要 第一创业证券研究所 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 核[心Ta观bl点e_：Summary] 2 月 13 日晚 9 点半，美国劳工部统计局公布 1 月 CPI 数据。 评论 2： 请务必阅读正文后免责条款部分 一、宏观经济组： 事件 1： 2 月 13 日 17 点中国人民银行公布 1 月中国金融数据。 评论 1： 从存量上看，1 月 M2 同比为 9%，创 24 年 1 月以来新高，高于 Wind 预期为 8.4%， 前值去年 12 月为 8.5%；M1 同比为 4.9%，远高于 Wind 预期为 2.9%，前值为 3.8%； M1 与 M2 之差为-4.1%，较上月回升 0.6 个百分点，表明资金流动速度有所上升。 1 月社融同比为 8.2%，Wind 预期为 8.3%，前值为 8.3%；社融与 M2 之差为-0.8%， 较上月回落 0.6 个百分点，表现资金需求相较供给增速有所回落。 从增量上看，1 月社融增量为 7.22 万亿元，创单月 ...

（编辑 王雪儿） 证券日报网讯 2月24日，格力博在互动平台回答投资者提问时表示，机器人奇妙夜亮相的机器狗并非我 司产品，与公司无关。公司在具身智能领域确有前瞻性布局，但相关规划与该展品不存在任何关联。公 司始终坚守"成熟一代、推广一代"原则，待技术与市场条件完备后，再推进相关智能产品的商业化落 地，后续进展将按规及时披露。 ...

据天眼查显示，近期，小米科技有限责任公司申请注册多枚"小米智能存储"商标，国际分类包括科学仪 器、通讯服务、网站服务等，当前商标状态均为等待实质审查。 公开资料显示，小米科技有限责任公司成立于2010年3月，法定代表人为雷军，注册资本18.5亿元人民 币，经营范围含技术进出口、通讯设备销售、日用杂品销售、日用百货销售、日用家电零售、家具销售 等，由雷军、黎万强等共同持股。 | | 重老板 重庆系 重义给 建镇入公司名称、老板姓名、品牌名称等 | All+T | 22 应用 · | 周务会作 企业级产品。 | | 中国 中 成效有 | | --- | --- | --- | --- | --- | --- | --- | | 未公开 80448259 42-网站服务 | | | | | | 4, 7 11 | | | 高标名称 | 来公用 | | 国际分类 | 42-网站服务 | | | | 申请/注册号 | 89448259 | | 面积状造 | 等待实发审查 | | | | 周标典型 | 普通用标 | | 周标形式 | | | | | 是否为其有酶标 () | | | 优先权日期 0 | | | | 小米智 ...

Core Viewpoint - The company has reported better-than-expected quarterly results, driven by accelerating AI computing demand and a gradual shift in the terminal replacement cycle, with AI-related business becoming a core growth engine [1] Revenue and Profit Growth - In FY26Q3, the company achieved total revenue of $22.2 billion, a year-on-year increase of 18%, significantly exceeding market expectations; operating profit reached $948 million, up 38%, with an operating profit margin of 4.3% [2] - AI-related revenue grew by 72% year-on-year, accounting for 32% of total revenue, highlighting its role as a key growth driver; adjusted net profit attributable to shareholders increased by 36% year-on-year, with a net profit margin of 2.7% [2] Intelligent Device Group (IDG) Performance - The Intelligent Device Group (IDG) reported revenue of $15.76 billion, a 14% year-on-year increase, maintaining an industry-leading operating profit margin of 7.3% [3] - The company's global PC market share rose to 25.3%, becoming the only vendor with over 25% market share for two consecutive quarters, solidifying its leading position [3] - The company is expected to counteract potential sales pressure from rising component prices through high-end product optimization and average selling price (ASP) strategies, while AI PC revenue continues to grow at a high double-digit rate [3] Infrastructure Solutions Group (ISG) Highlights - The Infrastructure Solutions Group (ISG) saw revenue growth of 31% year-on-year to $5.18 billion, with AI infrastructure revenue increasing by 59% [4] - AI server revenue maintained high double-digit growth, and liquid cooling solutions revenue surged by 300%; despite a small operating loss, a strategic restructuring is underway, with expected annual net cost savings of over $200 million [4] - The potential order size for AI servers is reported at $15.5 billion, providing a strong revenue growth foundation for the next 1-2 years [4] Solutions and Services Group (SSG) Performance - The Solutions and Services Group (SSG) continued to grow steadily, with FY26Q3 revenue increasing by 18% and operating profit margin rising to 22.5%, nearing historical highs [5] - The combined revenue from Managed Services and Project & Solutions accounted for 59.9% of total revenue, indicating a shift towards higher value-added services [5] Earnings Forecast and Target Price - Despite concerns over rising storage prices, the company is expected to manage cost fluctuations effectively due to its leading supply chain management capabilities [6] - Revenue and net profit forecasts for 2026-2028 have been raised, with expected net profits of $1.76 billion, $2.02 billion, and $2.28 billion respectively [6] - The target price for 2026 is set at HKD 13, corresponding to a projected price-to-earnings ratio of approximately 10 times, maintaining a "buy" rating [6]

国盛证券对联想集团未来发展作出积极预测，预计公司 25/26FY、26/27FY、27/28FY 营业收入分别为 802、871、929 亿美元，同比增长 16.1%、8.6%、6.6%；非香港财务报告准则归母净利润分别为 17.9、 19.7、23.1 亿美元，同比增长 24.3%、9.7%、17.3%。结合公司行业龙头地位与未来成长性，券商给予 公司合理市值 1537 亿港元，对应目标价 12.4 港元 / 股，维持 "买入" 评级。 作为全球智能设备与基础设施领域的领军企业，联想集团正凭借 AI 全产业链布局、核心业务的持续升 级以及精细化的运营管理，穿越行业周期实现高质量增长。随着 AI 技术的持续渗透、各业务板块的协 同发展，联想集团有望在人工智能时代持续抢占发展先机，迎来业绩与价值的双重提升。 PC 核心业务的竞争力进一步巩固，高端化与 AI 化双轮驱动发展。Q3 IDG 业务收入同比增长 14% 至 158 亿美元，AI PC 营收实现高双位数增长；据 IDC 数据，联想 PC 市占率同比提升 1 个百分点至 25.3%，出货量达 1930 万台，行业龙头地位愈发稳固。在 2026 CES 上， ...

文 | 银发财经 对行动不便者而言，独立出行曾是难题，而智能轮椅这一设备，正是科研者与创业者秉持"助力行动自 由"的初心，用四十年从实验室雏形打磨而成的智能辅助工具。 本文将跳过晦涩术语与生硬数据，聚焦智能轮椅四十年的发展历程，探寻其从实验室走向现实的坚守与 突破"。 1. 1986-2005年，开荒年代——只为证明"这件事，能成" 上世纪80年代，全球科技尚处懵懂期，计算机笨重、传感器精度不足，但一群科研者率先提出设想：让 轮椅实现自主移动、无需人力操控，这便是智能轮椅四十年征程的起点。 这一阶段毫无商业化诉求，所有参与者的核心目标只有一个：验证"机器人技术可应用于轮椅"的可行 性。 1986年，亚利桑那州立大学科研团队做出第一台自主轮椅原型机——将普通轮椅连接笨重计算机和简易 传感器，虽能勉强自主移动，却无法有效避障，极易"卡壳"。但这台粗糙的原型机，为行业奠定了信 心：这件事，能成。 此后十几年，"开荒者"不断增多：1992年日本NEC推出自动导向轮椅，可在固定路线自主导航，拓宽了 应用想象；密歇根大学研发的NavChair辅助导航系统，以"辅助省力"为核心，帮助上肢障碍用户实现独 立操控，成为"共享控 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in consumer spending and demand for green, smart, and healthy products during the pre-Spring Festival period, indicating a robust recovery in the retail and catering sectors [1][3][5] Group 2 - Data from the Ministry of Commerce shows that the average daily sales of key retail and catering enterprises increased by 10.6% compared to the same period before the Spring Festival in 2025 [1] - On February 15, foot traffic and sales in 78 monitored pedestrian streets increased by 23.2% and 33.2% respectively compared to the first day of the previous year's holiday [1] - The "trade-in" program has effectively stimulated consumer demand, benefiting 27.56 million people and generating sales of 193.09 billion yuan, with 607,000 cars traded in, leading to new car sales of 99.56 billion yuan [3] - Sales of smart wearable devices on key platforms surged by 130%, with smart blood pressure monitors and blood glucose meters increasing by over 60%, and organic food sales rising by 52% [3] - In the service consumption sector, reservations for New Year's Eve dinners increased by 80.7%, hotel accommodation transactions rose by 32.7%, car rental orders grew by 54%, and spending on ice and snow tourism increased by 120%, while winter vacation spending rose by 68% [5]

【#春节血糖仪销量暴增##春节新三样卖爆了#】记者从商务部了解到，春节假期前两天，各地年味浓 厚，购销两旺，其中绿色、智能、健康类消费需求旺盛。商务大数据显示，2月15日，重点平台智能穿 戴设备销售额增长1.3倍，智能血压仪、血糖仪增长超60%，有机食品增长52%。服务消费方面，2月15 日，重点平台年夜饭预订量增长80.7%，酒店住宿交易额增长32.7%，租车订单量增长54%，冰雪游消费 增长1.2倍，避寒游消费增长68%。#2026春节消费迎来开门红# （央视财经） 来源：@华夏时报微博 ...

据商务部消息，春节假期前两天，各地年味浓厚，购销两旺，其中绿色、智能、健康类消费需求旺盛。 商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增长超 60%，有机食品增长52%。服务消费方面，2月15日，重点平台年夜饭预订量增长80.7%，酒店住宿交易 额增长32.7%，租车订单量增长54%，冰雪游消费增长1.2倍，避寒游消费增长68%。（央视财经） ...

Group 1 - The core viewpoint of the articles highlights the surge in demand for AI products during the Chinese New Year, particularly AI glasses, which are becoming popular among consumers, especially young males around 30 years old [1][3][4] - Sales data from JD.com indicates a significant increase in interest for AI products during the Spring Festival, with robot search volume up over 300%, customer inquiries up 460%, and order volume up 150% on the night of the Spring Festival Gala [3] - The introduction of government subsidies for certain smart products starting January 1, 2026, is expected to further stimulate the market, with a subsidy of 15% on the final sales price for items priced under 6000 yuan [4] Group 2 - AI products are not only changing gift-giving traditions but are also deeply integrating into traditional Chinese New Year customs, allowing users to create personalized digital greetings and photos [3][4] - The popularity of smart products among young consumers reflects a shift in preferences, where practical value and emotional connection are prioritized over traditional material gifts [4]