证券研究报告 | 北交所定期报告 | | --- | 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 我国 AI 调用量于 2026 年 2 月首超美国，关注北交所 AI 算力产业链标的 ——北交所科技成长产业跟踪第六十五期（20260301） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 hyzqdatemark 2026 年 03 月 02 日 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025H2 我国大模型日均调用量环比增长 263%，国产算力需求正经历指数级增长。根据第一财经消息，全球最 大的 AI 模型 API 聚合平台 OpenRouter 数据显示，2026 年 2 月 9 日-15 日，中国模型以 4.12 万亿 Token 的调 用量，首次超过同期美国模型的 2.94 万亿 Token；2026 年 2 月 16 日-22 日，中国模型周调用量进一步冲高至 5.16 万亿 Token，三周大涨 127 ...

2月26日，美国国际贸易委员会投票决定对特定一次性及其他封闭式电子尼古丁传送系统装置及其组件 启动337调查。 ...

Group 1: Market Overview - Major U.S. tech stocks experienced a pullback, with the Nasdaq dropping over 1% and the Dow Jones showing a slight increase [2][4] - Nvidia saw a significant decline of over 5%, resulting in a market cap loss of nearly $26 billion, equivalent to over 177 billion RMB [4] - Dell Technologies reported record revenue for fiscal year 2026, with Q4 revenue reaching $33.379 billion, a 39% year-over-year increase, and total revenue for the fiscal year at $113.538 billion, a 19% increase [4] Group 2: Commodity Market - Gold prices showed a slight increase, while silver futures declined; as of February 27, gold was priced at $5,187.68 per ounce, up 0.45%, and silver at $89 per ounce, down 2.87% [5][7] - Oil prices also saw a minor increase, with NYMEX WTI crude at $65.45 per barrel and ICE Brent crude at $71 per barrel [6][8] - Analysts predict that gold prices may continue a strong oscillating trend due to ongoing geopolitical risks and the impact of de-globalization on the U.S. dollar's credit system [5][8]

Group 1 - The Supreme People's Court ruled in favor of Yuzhu Technology in a patent infringement case against Luweimei, allowing Yuzhu to proceed with its IPO plans [2] - Tencent's Yuanbao team apologized for generating inappropriate content in user-created New Year greeting cards, addressing the issue and optimizing the model [2] - Hillhouse Capital plans to reduce its stake in Gree Electric Appliances by up to 112 million shares, with proceeds used to repay bank loans, marking its first reduction since becoming the largest shareholder [3] Group 2 - WeChat introduced new features for users to quickly locate images in chats and to receive photos and files face-to-face, enhancing user experience [4] - Yonyou Network clarified that its AI products are not intended to fully replace existing software but to enhance enterprise operations, focusing on knowledge workers [5] - Blue Arrow Aerospace announced plans to conduct recovery tests for its reusable rocket, Zhuque-3, in the second quarter of this year [6][7] Group 3 - Meizu's mobile business is reportedly ceasing operations, with plans to delist by March 2026, while its FlymeAuto division will operate independently [8] - Shunhao Co. announced that its subsidiary, Treadlight, plans to mass-produce satellites and establish a large-scale space data center between 2031 and 2035 [8] - The International Star Alliance updated its organizational structure to enhance technology implementation and scene promotion in smart home and terminal industries [9] Group 4 - Wingtech Technology is actively addressing the control rights issue of Anshi Semiconductor, focusing on maintaining business stability and communication with clients [10] - NVIDIA reported a revenue of $68.127 billion for Q4 of fiscal year 2026, a 73% year-over-year increase, with a net profit of $42.96 billion, reflecting a 94% growth [11] - Jiangsu Hongwei Technology announced a price increase for IGBT and MOSFET products due to rising manufacturing costs driven by fluctuations in core metal material prices [12][13] Group 5 - TrendForce predicts that the combined capital expenditure of eight major cloud service providers will exceed $710 billion by 2026, driven by AI server investments [14] - Manycore Tech Inc. updated its prospectus, reporting a revenue of 820 million yuan in 2025, with a gross margin of 82.2% [15] - Canaan Inc. completed the acquisition of several mining assets from Cipher Mining Technologies, shifting its strategy towards systematic upstream development in the U.S. power assets [16] Group 6 - Zhiyang Innovation plans to invest 300 million yuan in Lingming Photon Technology, acquiring a stake of approximately 9.09% to 10% [17]

国家知识产权局信息显示，小米科技（武汉）有限公司、北京小米移动软件有限公司、北京小米松果电 子有限公司申请一项名为"模式链接方法及装置、电子设备及存储介质"的专利，公开号 CN121560899A，申请日期为2025年11月。 专利摘要显示，本公开是关于模式链接方法及装置、电子设备及存储介质，所述方法包括：基于待查询 文本和模式子集的第一版本，控制智能体与数据库的数据环境和/或模式环境执行多个轮次的交互，并 将交互得到的所述模式子集的目标版本与所述待查询文本相链接，所述模式子集包括所述数据库的部分 模式信息；其中，在每个轮次的交互中，所述智能体基于当前轮次的历史信息生成动作集合、针对所述 数据环境和/或所述模式环境执行所述动作集合并获取执行结果，基于所述动作集合和所述执行结果更 新所述历史信息，所述动作集合包括至少一个交互动作。 作者：情报员 北京小米松果电子有限公司，成立于2014年，位于北京市，是一家以从事零售业为主的企业。企业注册 资本25000万人民币。通过天眼查大数据分析，北京小米松果电子有限公司共对外投资了1家企业，财产 线索方面有商标信息15条，专利信息1199条，此外企业还拥有行政许可5个。 ...

2026年2月以来，海外机构对A股市场的调研活跃度持续攀升，调研方向呈现鲜明的行业聚焦态势，重 点布局高景气赛道。相关上市公司凭借清晰的成长逻辑与坚实的业绩潜力，成为海外机构重点关注的对 象。 2月以来海外机构调研30股 据证券时报·数据宝统计，2月以来，海外机构调研30股。其中，9股获得5家及以上机构调研，奥比中 光-UW、大金重工、天顺风能获机构调研家数居前，分别达到26家、9家和8家，值得注意的是，大金重 工和天顺风能均属于风电设备细分行业。 奥比中光-UW在调研活动中透露了公司2025年业绩扭亏为盈的原因。公司表示，2025年，公司通过持续 推动研发效能提升与运营模式优化，依托各类AI端侧应用领域（包括三维扫描、机器人等）的快速发 展，预计实现归母净利润约1.23亿元，整体业务规模和盈利能力不断提升，下游多点开花，盈利状态已 明朗。 大金重工和天顺风能均提到海上风电业务布局情况。大金重工表示，日本、韩国是海外海上风电的重点 新兴市场，公司作为核心供应商正在积极参与投标。公司不仅是海上风电核心装备制造商，同时也是海 工综合服务解决方案系统提供商，已通过延长产业链，为下游客户提供包括运输、母港、安装等在内 ...

【财经日历】 央行在香港发行500亿元人民币央票 新股申购：固德电材 ►►国务院总理李强2月24日主持召开国务院常务会议，对抓紧做好春节假期后政府工作作出部署。会议研究推进银发经济和养老服务发展有关工作。会议 指出，我国银发经济潜力很大，要完善支持举措、强化政策落实，促进养老事业和养老产业发展，为应对人口老龄化提供有力支撑。要进一步释放银发消费 需求，提升消费能力，发挥消费补贴等政策牵引作用，打造一批银发消费新场景新业态。要推动普惠养老服务供给提质扩面，健全分级分类、普惠可及、覆 盖城乡、持续发展的养老服务体系，更好保障老有所养。要加强养老机构安全管理，及时排查化解风险隐患，严厉打击虚假宣传、非法集资和养老诈骗等行 为，切实维护老年群体合法权益。 ►►就美方表示美国总统特朗普将于3月底4月初访华，外交部发言人毛宁24日在例行记者会上答问时表示，元首外交对中美关系发挥着不可替代的战略引领 作用。中美双方就特朗普总统访华事宜保持着沟通。 ►►为保持银行体系流动性充裕，2026年2月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 ►►经文化和旅游部数据中心测算 ...

Market Overview - The North Exchange 50 Index increased by 0.58% during the second week of February 2026[15] - The average daily trading volume on the North Exchange fell to 18.581 billion yuan, a decrease of 9.33% from the previous week[7] Trading Activity - The turnover rate for the North Exchange was 16.83%, with a total of 294 listed companies[8] - The proportion of North Exchange trading volume in the overall market slightly rebounded to 0.88%[9] Sector Performance - Most sectors on the North Exchange experienced negative median returns, with the media sector leading at 22.62% and the oil and petrochemical sector declining by -8.66%[19] - The computer industry had the highest median price-to-earnings (P/E) ratio at 140.24 times, while the construction and decoration sector had a relatively low P/E ratio of 27.89 times[19] New Listings - Two new stocks were listed on the North Exchange, with average first-day price increases of over 150%[41] - The new stocks included Aide Technology, which saw a first-day price increase of 202.96%, and Haisan Medical, which increased by 142.41%[44] Risks - There is a risk of a pullback in North Exchange stocks due to recent fluctuations in trading volume and liquidity[45]

今日热点导览 TOP 3 大新闻 三亚飞北上广深机票逼近万元，官方出手 2月23日，春节假期进入尾声。海南三大机场将迎来整个春运期间客流峰值日，预计运送旅客将突破 23.2万人次。记者查询 多家在线旅游平台发现，2月22日至23日期间，从三亚飞往北京、上海等核心城 市的直飞航班经济舱几乎全部售罄，仅剩的公务舱票价普遍逼近万元大关。 与此同时，三亚至广州的直飞航班在23日已显示"售罄"；旅客只能选择耗时更久、价格仍高达近万元的 中转方案。深圳航线也不例外，2月22日、23日三亚飞往深圳的直飞机票全部售罄，一直到24号才有直 飞深圳的航班，售价仍超8000元。 面对"天价机票"，航司方面也给出了回应。根据"海口发布"消息，海南航空工作人员表示，春运期间机 票价格受市场供需关系影响出现波动，属于正常现象。所有国内航班经济舱票价均严格按备案价格体系 执行。"我们通过内部系统实时监控票价波动，确保春运期间票价处于合理区间。"另据新华社消息，中 国民航局已批复多个批次航班增加计划，在海口增加超110架次航班，精准执飞上海、北京、成都等热 门目的地。（智通财经、新华社） 史上最贵iPhone要来了，苹果首发折叠屏定价或冲2 ...

Group 1 - The 1-year and 5-year LPR will be announced on February 24, with the current rates remaining unchanged at 3.0% and 3.5% respectively, marking the eighth consecutive month of stability [2] - The domestic refined oil price adjustment window will open on February 24, following a previous increase of 205 CNY/ton for gasoline and 195 CNY/ton for diesel on February 3 [3] Group 2 - The MSCI China Index will undergo adjustments effective February 27, 2026, including the addition of 37 stocks and the removal of 16 stocks [4] - Apple Inc. will hold its annual shareholder meeting on February 24, focusing on new product development, AI technology implementation, and supply chain adjustments [5] Group 3 - A total of 56.43 billion shares of restricted stocks will be released in the A-share market from February 24 to 27, with a market value exceeding 87 billion CNY [6] - Notable companies with significant restricted stock releases include Huaxi Nonferrous and *ST Songfa, each exceeding 10 billion CNY in market value [6] Group 4 - Two new stocks will be issued in the week following the holiday, with Hai Fei Man on February 24 and Gu De Electric Materials on February 25 [8]