www.leadleo.com 2025年中国PoE电源行业研究报告 China Power Over Ethernet Industry 中国イーサネット電力供給（PoE）産業 概览标签：PoE、以太网供电、PoE电源 1 www.leadleo.com 400-072-5588 © 2026 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系 头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再造 、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行 为发生，头豹研究院保留采取法律措施，追究相关人员责任的权利。头 豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘 用其他任何第三方代表头豹研究院开展商业活动。 报告摘要 报告摘要 • PoE系统构成与分类 以太网供电（Power over Ethernet，简称PoE）技术，是指通过标准以太网电缆在传输数据信号的同时，为受电设备提供直流电力的技术。按照IEEE 802.3af和IEEE 802.3 ...

当春晚讲述算法生活，MOVA LINCO X1 Pro 走入家庭中枢 从春晚内容延展到家庭网络，MOVA LINCO X1 Pro 的时代位置 如果把春晚视作观察社会生活的一扇窗口，那么马年春晚小品《你准喜欢》提供了一个颇具代表性的样本。一则 围绕算法推荐展开的小品，将年轻家庭的内容消费状态放在聚光灯下：刷视频、追剧、被精准推送吸引注意力，成为 许多家庭再熟悉不过的日常。除了节目本身引发的讨论，一些细节也被观众慢慢注意到：一台造型简洁的路由器反复 出现在镜头里，几乎不刻意强调，却始终参与着剧情空间的构成。而在春晚衍生节目《下一站春晚》中，这款产品则 以静态展示的方式再次出现，让"让每个团圆时刻高清无延迟"的表达从台词之外延伸到真实生活场景之中。 节目与小品中被放大的，其实正是许多家庭正在经历的日常：推荐算法参与生活选择，沉浸式刷屏成为习惯，多 终端在线的家庭状态逐渐常态化。《你准喜欢》并没有刻意讨论技术，却让"算法生活"以一种轻松的方式被看见，也 让网络环境从背景条件变成可以被感知的生活要素。MOVA LINCO X1 Pro 智能语音路由器被置入这一语境，可以被 视为数字家庭基础设施演进的一种缩影。 从"上 ...

财务状况 毛利率变化与成本管理：第三财季调整后毛利率指引为65.5%–66.5%，较去年同期下降，主要因AI相关 支出和关税不确定性。市场将密切监测利润率能否企稳或改善。 经济观察网 基于2026年2月12日发布的财报及相关报道，思科（CSCO）近期已公布2026财年第二财季 （截至2026年1月24日）业绩，并更新了指引。未来值得关注的事件主要围绕财务表现、AI需求推动的 业务增长及合作伙伴关系展开。 业绩经营情况 第三财季业绩发布与指引兑现：思科预计第三财季营收为154亿至156亿美元，调整后每股收益（EPS） 约1.02–1.04美元，市场将关注实际数据是否达到或超出这一指引。第三财季业绩通常于财季结束后（约 2026年4月）公布。 业务进展情况 AI基础设施订单的持续增长：第二财季来自超大规模云厂商的AI基础设施订单达21亿美元，同比增长 显著加速。投资者将关注后续订单能否维持高增速，以验证AI需求对收入的拉动作用。 合作项目与产品推进：思科已宣布与AMD合作参与沙特阿拉伯的AI基础设施项目，并推出了搭载英伟 达芯片的网络交换机。这些合作可能在未来财季贡献增量收入，尤其关注2026财年下半年至2027 ...

Core Viewpoint - Recent events surrounding Huiyu Technology focus on its financial performance, business dynamics, and market outlook [1] Recent Events - For Q1 of FY2026, Huiyu Technology provided revenue guidance of $9 billion to $9.4 billion, which is below market expectations of $9.88 billion. This shortfall is attributed to delays in data center preparations and U.S. government orders, pushing some AI server deliveries to 2026 [2] Business Progress - In Q4, the company secured $2 billion in new AI server orders, although the delivery of some large orders, particularly from European and government clients, has been postponed to the 2026 calendar year. Management noted that demand remains strong, but delivery schedules may be uneven [3] Company Status - Following the acquisition of Juniper Networks in July 2025, the networking business has become a core pillar for Huiyu Technology. This segment saw a 150% year-over-year revenue increase in Q4, contributing approximately 50% of EBITDA. It is expected to further support profit stability in FY2026 [4] Institutional Perspectives - Analysts on Wall Street have differing views: Morgan Stanley expresses caution, citing rising commodity costs that may pressure FY2026 profit margins and a slower-than-expected conversion rate in the AI server business. Conversely, Evercore ISI and JPMorgan maintain an "outperform" rating, viewing the profitability of the networking business and the management's upward revision of FY2026 profit guidance (including free cash flow) as positive signals [5] Financial Status - The company's non-GAAP gross margin improved to 36.4%, an increase of 550 basis points year-over-year. Additionally, the midpoint of the FY2026 diluted EPS and free cash flow guidance has been raised, reflecting effective cost control and product mix optimization [6]

周四，全球最大网络设备制造商思科系统（Cisco Systems）的 股价暴跌12%，录得自2022年以来最大的单日跌幅，因投资者担心内存价 格暴涨将侵蚀该公司的盈利能力 。 | 1天 | | 5天 | 1个月 | | 6个月 | | YTD | 1年 | 5年 | 最大 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 90 | | | | | | | | | | | | 85. | | | | | | | | | | 昨日 | | | | | | | | | | | | 收盘价 | | 80 . | | | | | | | | | | 85.54 | | 75 | | | | | | | | | | | | 70- | | | | | | | | | | | | | 10:00 | | 12:00 | | 14:00 | | 16:00 | 18:00 | | 20:00 | | 开盘 | | 79.61 | | 市值 | | 2963.32亿 | | 股富 | | 2.19% | | 最高 | | 80.37 ...

智通财经APP获悉，思科(CSCO.US)周四成为市场关注焦点。尽管这家网络设备巨头公布的业绩与指引 被部分华尔街人士评价为"稳健"，内存成本大幅上行引发投资者对毛利率的担忧，思科股价盘初跌超 10%。 美国银行分析师Tal Liani指出，思科第四财季的市场预期"偏保守"。公司给出的第三财季收入指引同比 增长9.5%，明显高于市场预期的7.3%。不过，他同时表示，更强劲的硬件增长、更高的云业务占比， 以及内存价格同比暴涨约400%，正在侵蚀公司毛利率。 Liani在报告中称，产品提价有望对冲部分成本压力。近期园区交换机与计算相关产品价格已上调约 3%，在年初至今内存价格持续走高的背景下，进一步提价的可能性仍然存在。管理层预计，毛利率压 力在短期内仍将持续，但通过运营效率提升，或可抵消影响，从而维持运营利润率的稳定。Liani维持 对思科的"买入"评级和95美元目标价，并认为公司正同时受益于强劲的硬件周期和网络升级周期。 他补充称，思科在园区网络更新周期中处于有利位置，服务器、Wi-Fi以及工业物联网解决方案有望带 来额外增长。安全业务预计全年仍将偏弱，但SASE、XDR以及升级后的防火墙等新产品需求健康，当 ...

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures up by 0.31%, and Nasdaq futures increasing by 0.29% [1] - European indices also show positive movement, with Germany's DAX up by 1.22%, UK's FTSE 100 up by 0.11%, France's CAC40 up by 0.74%, and the Euro Stoxx 50 up by 0.59% [2] Oil Prices - WTI crude oil is down by 0.09%, priced at $64.57 per barrel, while Brent crude oil is down by 0.17%, priced at $69.28 per barrel [3] Economic and Market News - David Einhorn of Greenlight Capital predicts that the Federal Reserve will cut interest rates "far more than twice" this year, contrary to market expectations, citing political pressure and upcoming leadership changes at the Fed as catalysts for aggressive rate cuts [4] - John Cito from Apollo Asset Management warns that the software industry is entering a "violent technology cycle," with a significant reset in valuation logic as the market begins to aggressively differentiate between winners and losers [5] - The Federal Reserve is reportedly planning to revoke certain non-public corrective orders issued to banks, signaling a potential easing of regulatory burdens [6] Employment Data - The US non-farm payrolls report for January showed an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000, leading to a delay in rate cut expectations from June to July [7] - Moody's Chief Economist Mark Zandi cautions against overconfidence in the employment data, suggesting that the labor market remains fragile and susceptible to shocks [7] Company-Specific News - Apple (AAPL.US) faces delays in its AI upgrade plan for Siri, with significant features potentially being rolled out in multiple phases rather than all at once [9] - Sanofi (SNY.US) announced a sudden CEO change, with Paul Hudson stepping down amid disappointing R&D results, leading to a drop in stock price by over 6% [10] - Cisco (CSCO.US) reported a 10% year-over-year revenue increase to $15.3 billion, but stock fell over 7% due to concerns over future profit margins amid rising storage chip costs [11] - Applovin (APP.US) reported a 66% revenue increase in Q4, with net profit soaring by 84%, indicating strong performance in the AI and digital advertising space [12] - McDonald's (MCD.US) achieved its fastest revenue growth in over two years, with Q4 sales reaching $7 billion, driven by value meal offerings [13] - Confluent (CFLT.US) exceeded expectations in Q4, with revenue rising by 21% to $314.8 million, marking a strong performance before its acquisition by IBM [14] - Albemarle (ALB.US) reported a Q4 revenue of $1.43 billion but faced a net loss of $455.9 million, leading to a drop in stock price by over 2% [15] - Unilever (UL.US) reported Q4 sales of €12.6 billion, slightly down year-over-year, but expects stable growth in 2026, supported by a €1.5 billion share buyback plan [16]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures up by 0.31%, and Nasdaq futures increasing by 0.29% [1] - European indices also show positive movement, with Germany's DAX up by 1.22%, UK's FTSE 100 up by 0.11%, France's CAC40 up by 0.74%, and the Euro Stoxx 50 up by 0.59% [2] Oil Prices - WTI crude oil is down by 0.09%, priced at $64.57 per barrel, while Brent crude oil is down by 0.17%, priced at $69.28 per barrel [3] Economic and Market News - David Einhorn of Greenlight Capital predicts that the Federal Reserve will cut interest rates "far more than two times" this year, contrary to market expectations, citing political pressure and upcoming leadership changes at the Fed as catalysts for aggressive rate cuts [4] - Apollo Global Management warns that the software industry is entering an "extremely violent technology cycle," with a significant reset in valuation logic, emphasizing the need for humility in understanding future market dynamics [5] - The Federal Reserve is signaling a reduction in regulatory burdens for banks, planning to revoke certain non-public corrective orders that were previously issued to improve operations [6] Employment Data - The US non-farm payrolls report for January shows an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000, with the unemployment rate dropping to 4.3% [7] - Moody's chief economist Mark Zandi cautions against overconfidence in the employment data, suggesting that the labor market remains fragile and could easily face shocks [7] Company-Specific News - Apple faces delays in its AI upgrade for Siri, with significant features being split into multiple releases due to testing setbacks [9] - Sanofi announces a leadership change, with CEO Paul Hudson being replaced by Merck executive Paul Garibaldi, following disappointing R&D results [10] - Cisco's Q2 revenue increased by 10% to $15.3 billion, but the stock fell over 7% due to concerns about future profit margins amid rising storage chip costs [11] - Applovin reports a 66% increase in Q4 revenue to $1.66 billion, with net profit soaring by 84%, indicating strong performance in the AI and digital advertising space [12] - McDonald's sees a 9.5% increase in Q4 revenue, driven by value meal offerings, marking the fastest growth in over two years [13] - Confluent's Q4 revenue reaches $314.8 million, with a 21% year-over-year increase, as the company prepares for privatization by IBM [14] - Albemarle reports a Q4 revenue of $1.43 billion but faces a net loss of $455.9 million, leading to a shutdown of key production lines [15] - Unilever's Q4 sales exceed expectations, driven by strong performance in key markets, with a forecast for 2026 sales growth aligning with analyst expectations [16]

专题：聚焦美股2025年第四季度财报 网络设备供应商思科系统（CSCO）周三公布，经调整后的季度毛利率低于市场预期，原因是该公司正 受到全球存储芯片价格上涨的冲击，这导致其股价在周四盘前交易中下跌 7%。 OpenAI、 Alphabet、微软等美国科技企业对人工智能基础设施的快速建设，消耗了全球大量存储芯片 供应。芯片厂商优先为高毛利的数据中心供应组件，而非消费电子设备，从而推高了芯片价格。 该股在 2025 年大涨 30% 后，今年迄今已上涨超 11%，因华尔街押注其数据中心网络产品将从 AI 领域 的强劲支出中显著受益。 思科为运行 AI 应用的数据中心提供关键的高速网络基础设施，包括搭载多种存储芯片的交换机和路由 器。 Direxion 资本市场主管杰克・贝汉表示："本季度思科需求强劲、收入加速增长，这些都是明显利好， 但毛利率受压确实让这份财报打了折扣。思科将积压订单转化为实际收入的速度，将是今年下半年的关 键关注点。" 根据伦敦证券交易所集团（LSEG）数据，这家网络设备制造商第二季度经调整毛利率为67.5%，低于 分析师平均预期的68.14%。 思科首席执行官查克・罗宾斯在与投资者的电话会议中表 ...

Core Viewpoint - Cisco's Q2 earnings report exceeded market expectations, driven by growth in AI business, but the stock fell due to lackluster profit margin guidance and conservative earnings forecast for the upcoming quarter [1][7]. Financial Performance - Q2 revenue increased by 10% year-over-year to $15.3 billion, surpassing the market expectation of $15.1 billion. Net profit rose from $2.43 billion to $3.18 billion, with adjusted EPS of $1.04, better than the expected $1.02 [3]. - AI infrastructure demand significantly boosted Cisco's core networking business, with orders from hyperscale data center providers reaching $2.1 billion, up from $1.3 billion in the previous quarter. Core networking revenue grew by 21% to $8.3 billion, exceeding analyst expectations of $7.9 billion [3]. Market Position and Strategy - Cisco's CEO Chuck Robbins stated the company is uniquely positioned to provide reliable infrastructure for the AI era, with expectations of $5 billion in AI orders from hyperscale data centers for the fiscal year 2026. Cisco announced a partnership with AMD for an AI infrastructure project in Saudi Arabia and launched new network switches featuring NVIDIA chips [5]. - The revenue contribution from "new cloud" providers is expected to become more significant in the second half of the fiscal year and even more so by fiscal year 2027 [6]. Profit Margin Concerns - Cisco's forecast for Q3 adjusted EPS is between $1.02 and $1.04, aligning with the market median of $1.03. However, the projected adjusted gross margin of 65.5% to 66.5% is significantly below the analyst average expectation of 68.2%, raising investor concerns [7]. - Following the earnings report, Cisco's stock dropped over 7%. The company faces challenges from storage chip shortages affecting multiple product lines and rising component costs due to high demand for NVIDIA GPUs [8]. Future Outlook - Cisco's revenue guidance for the upcoming quarter is projected between $15.4 billion and $15.6 billion, exceeding Wall Street's expectation of $15.2 billion. For the full fiscal year 2026, Cisco raised its revenue forecast to between $61.2 billion and $61.7 billion, corresponding to a growth rate of approximately 8.5%, with adjusted EPS expected between $4.13 and $4.17, surpassing previous estimates [9].