今年年初，黄仁勋赴日亲自拜访一家名为日东纺的百年企业，为的是求购这家公司用玻璃纤维生产的高端电子布，以巩固英伟达的产能。 若缺少该产品的加入，英伟达人工智能（AI）芯片的印制电路板（PCB）在高功耗产生的热量下会发生翘曲变形，导致芯片失效。另外，芯片 间传输海量数据要做到高传速也需要高端电子布的支持，普通电子布会导致高频信号的衰减和失真，英伟达AI算力架构的落地也会受影响。 图片来源：视觉中国 AI竞赛的爆发使得高端电子布正面临史无前例的供应紧张，而当前可满足AI芯片高要求的低热膨胀系数T-Glass电子布市场，几乎被日东纺垄 断——占据全球超90%的市场份额。另外，在AI服务器所需的低介电常数电子布领域，日东纺也掌握超80%的份额。 这家日本企业面对市场需求缺口采取了颇为审慎的态度。公司代表执行役社长多田宏之认为，盲目扩张会带来财务风险，"这种井喷般的需求 增长不会持续下去。" （来源：财富FORTUNE） 在缺少替代的情况下，业内仍将缓解短缺的希望更多地寄予在日东纺及其旗下公司的产线扩充和升级上。为锁定优势，日本政府对日东纺的T- Glass新工厂投入了24亿日元进行补贴，公司层面也宣布在四个财年内投入8 ...

（来源：中国商报） 转自：中国商报 当地时间2月25日，英伟达发布截至2026年1月25日的2026财年第四季度财报。该季度英伟达营收681亿 美元，同比增长73%，创历史新高，高于分析师预测的662亿美元的营收额；该季度的每股盈利为1.62 美元，超过了华尔街分析师预计的每股1.53美元的水平。 英伟达2025财年全年营收增长68%，达到创纪录的1937亿美元。在此前的两年间，英伟达每个季度的营 收表现都超过了华尔街的预期。 受业绩与业绩指引超预期刺激，英伟达的股价在美股盘后交易中直线飙升，一度大涨超3%。 财报显示，该公司绝大部分收入来自其数据中心业务，该业务因科技行业对人工智能基础设施的巨大投 资而得到提振。 英伟达发布的报告称，第四季度数据中心业务营收623亿美元，创历史新高，环比增长22%，同比增长 75%；全年营收1937亿美元，同比增长68%。 英伟达预计，2027财年的资本支出将较2026财年有所增加，以支持公司业务的未来增长。 中国商报综合自第一财经、券商中国、智通财经、智通财经等 英伟达创始人兼CEO黄仁勋在财报中称："计算需求正呈指数级增长，AI智能体的转折点已经到来。企 业对智能体的应 ...

北京时间2月26日，英伟达发布2026财年第四季度财报，营收、净利润及下一季度指引全面超越市场预期，再次验证AI算力需求的旺盛程度远超想象。更为 关键的是，公司电话会透露，客户已部署9GW的Blackwell基础设施，并强调"性能/瓦"是选择架构的关键。 这一数据背后隐藏着一个正在发酵的长期逻辑——AI算力的爆发正在转化为实实在在的电力需求，北美电网正面临前所未有的压力。在国内，"十五五"期间 国家电网固定资产投资预计达4万亿元，较"十四五"增长40%。 内外需求共振下，电网产业链正迎来"制度+投资"双轮驱动的长周期景气，受此催化，电网ETF（561380）涨超2%，近20日净流入超9亿元，把握一键布局 发电、输电、配电及用电全产业链机遇。 【英伟达财报隐含的信号：AI算力=电力需求】 英伟达财报不仅展示了AI芯片的强劲需求，更透露了一个关键数据——客户已部署9GW的Blackwell基础设施。这标志着AI算力正在转化为实实在在的电力 负荷，单机柜功率密度飙升，电网压力与日俱增。 业绩再超预期，网络业务成亮点。FY4Q26英伟达数据中心业务623.14亿美元，同比+75%，其中Networking业务109. ...

有分析指出，随着英伟达公布的财报及业绩指引超出预期，过去几周在市场上不断蔓延的"AI泡沫"忧虑 有望缓解，市场对英伟达AI芯片的需求依然旺盛。 英伟达创始人兼CEO黄仁勋在财报中表示，"计算需求正呈指数级增长——AI智能体的转折点已经到 来。企业对智能体的应用正在飞速增长。我们的客户正竞相投资AI计算——这些计算能力是推动AI产 业革命和未来发展的动力源泉。" 来源市场信息 业绩指引方面，英伟达预计2027财年第一季度营收764.4亿美元—795.6亿美元，高于市场预估的727.8亿 美元。 受业绩与业绩指引超预期刺激，英伟达股价在美股盘后交易中直线飙升，一度大涨超4%。 截至周三收盘，英伟达股价在2026年已上涨5%，而纳斯达克指数下跌0.4%。万亿市值俱乐部中今年唯 一同样上涨的另一家公司是苹果，涨幅不到1%。 美东时间周三美股盘后，全球"AI总龙头"英伟达公布了2026财年第四季度及全年财报。 财报显示，英伟达第四财季营收681亿美元，同比增长73%，市场预期为656.84亿美元，上年同期为 393.31亿美元。2026财年全年营收为2159亿美元，同比增长65%，创历史新高。 ...

2026 年 02 月 24 日 开源晨会 0224 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.056 | | 国防军工 | 0.651 | | 食品饮料 | -0.183 | | 电子 | -0.288 | | 房地产 | -0.408 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | -3.356 | | 建筑材料 | -3.099 | | 石油石化 | -3.093 | | 钢铁 | -2.462 | | 电力设备 | -2.026 | | 数据来源：聚源 | | | 吴梦迪（分析师） | | --- | wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】美对等关税被判违法，春晚展示机器人技术突破——春节海内外要 闻-20260223 【宏观经济】地方两会观 ...

中国在2025年12月18日启动海南自由贸易港全岛封关，这步棋把岛屿变成海关特殊监管区，货物从境外进来零关税，人员资金流动更顺畅。 进入内地得加工增值30%才能免税，这套政策直接拉动物流和加工。 洋浦港吞吐量快速上升，外贸集装箱中转量跳增213%，国际航线达到85条。东南亚货物直航海南，省去绕道的中转环节，航程短6天，成本低15%。 企业把澳洲牛肉运来加工成牛排，销往内地避开关税壁垒。三亚免税销售额首周破亿，单日1.06亿元，比去年同期多56%。 外资企业蜂拥而至，前三季度使用外资增长超四成。新设企业超8000家，年均涨43.7%。 新加坡转口贸易额下滑11.3%，创十年最大跌幅。中印贸易转口量跌23%，泰国散货降32%。第三季度GDP增速从4.8%到2%，航运股跌6.8%。高端金融物流 人才80多人转上海或洋浦。 企业把亚太总部迁海南，享15%企业所得税。跨国公司不再绕第三方中转。海南早期邀新加坡共建示范区，但新方顾虑美国，错过机会。现在门槛高，融入 难。小国外交困境显现。 新加坡总理黄循财2025年12月21日在加拿大广播公司采访中，说不允许企业借新加坡规避美国芯片出口管制，已设机制便于美方调查企业。这等 ...

【文/观察者网 阮佳琪】 前脚刚有消息称英伟达CEO黄仁勋对OpenAI心存不满、千亿投资谈判迟迟没有进展，后脚OpenAI又被 曝出"看不上"英伟达的人工智能（AI）芯片，这一系列动向让AI热潮中最受瞩目的这两家美国企业之间 的关系愈发复杂。 当地时间2日，路透社援引多位知情人士消息称，OpenAI对英伟达最新推出的部分AI芯片在推理环节的 表现感到不满（即模型响应用户查询和请求的过程），自去年起已着手寻找替代方案。 据七名消息人士透露，OpenAI的核心不满集中在速度层面：英伟达硬件在处理软件开发、AI系统间通 信等特定问题时，向ChatGPT用户输出答案的响应速度未达预期。 报道称，OpenAI的战略转向，愈发重视用于执行AI推理特定环节的芯片，而传统英伟达GPU依赖外部 存储的架构，与推理任务需频繁读取数据的需求存在矛盾，反观Anthropic、谷歌等竞争对手，早已依 托谷歌自研的张量处理单元（TPU）占据优势。这类专为推理计算设计的芯片，性能表现优于英伟达的 通用GPU。 一名消息人士补充，这一问题在OpenAI大力推广的代码生成产品Codex上体现得尤为突出，公司内部员 工也将Codex的部分性能 ...

Core Insights - Lambda, a cloud service startup supported by Nvidia, is negotiating to raise at least $350 million to bolster its capital reserves ahead of an IPO planned for later this year, highlighting ongoing investor interest in AI infrastructure [1][2] - Mubadala Capital, a UAE sovereign wealth fund, is reportedly in talks to lead this funding round, which is structured as convertible notes offering new investors a 20% discount on shares at the IPO price [1][3] - The financing terms impose a clear timeline pressure on Lambda, as failure to go public within a year could result in significant compensation to investors, reflecting the capital market's focus on the timing of AI startups' public offerings [1][3] Financial Performance - Lambda has achieved over $520 million in revenue for the year ending September 2025, with a reported 80% year-over-year sales growth in the third quarter, despite incurring a net loss of approximately $175 million during this period [4] - The company is in a "burning cash" expansion phase, competing directly with major tech firms like Amazon Web Services, Microsoft, and Google [4] Strategic Relationships - Nvidia plays a dual role as both a major investor and customer for Lambda, having committed to lease 10,000 AI chips over four years for $1.3 billion, along with an additional $200 million lease for 8,000 chips [5] - Microsoft has also entered into a multi-billion dollar server leasing agreement with Lambda, indicating strong backing from key industry players [5] Market Comparisons - Lambda's valuation in the public market may be influenced by its competitor CoreWeave, which went public in March 2025 and has seen its stock price rise over 90% from its initial offering, although it has experienced significant volatility recently [6][7] - CoreWeave's valuation has halved since October due to investor concerns over its substantial debt and delays in data center projects, suggesting that Lambda's upcoming financing and IPO performance will largely depend on investor sentiment towards high-growth, asset-heavy AI infrastructure companies [7]

Group 1 - Amazon is negotiating to invest at least $10 billion in OpenAI, which would raise OpenAI's valuation to over $500 billion. This investment will help OpenAI fulfill its commitment to lease servers from cloud service providers, including Amazon Web Services (AWS) [2] - OpenAI plans to use Amazon's Trainium AI chips as part of the investment deal, although Amazon cannot sell OpenAI's models to its cloud customers due to Microsoft's exclusive sales rights [2] Group 2 - Xiaomi's ecosystem has made significant progress, with 1.2 million global software developers and 742 million monthly active hardware users, representing an 8.2% year-on-year growth. The global IoT device connection count reached 1.04 billion, up 20.2% year-on-year [2] - Xiaomi's open-source ecosystem, openvela, has expanded to over 100 global partners, empowering more than 1,500 categories and connecting over 160 million devices [2] Group 3 - A new clinical trial for invasive brain-machine interfaces in China has shown progress, allowing a patient with quadriplegia to control electronic devices using thought, marking a significant advancement from 2D to 3D interactions [2] - The brain-machine interface system has enabled the user to operate devices at speeds close to those of able-bodied individuals and to control embodied intelligent robots [2] Group 4 - Xiaopeng Motors' CEO, He Xiaopeng, highlighted the competitive landscape of humanoid robots, suggesting that major companies will compete in this space, while specialized robots will have numerous opportunities across various fields [3]

Group 1 - Elon Musk predicts Ford's electric strategy will lead to its demise, citing a $19.5 billion asset impairment and the halt of F-150 Lightning production as key factors [3] - Tesla's market value surpassed $1.6 trillion, with a single-day increase of $48.5 billion, reflecting investor confidence in electric vehicle technology [3] - Xiaomi's new model, MiMo-V2-Flash, has been released and is capable of deep thinking and real-time data retrieval, indicating advancements in AI capabilities [18] Group 2 - Luckin Coffee is reportedly considering acquiring Blue Bottle Coffee, although Blue Bottle has not confirmed this information [13] - OpenAI is in talks with Amazon for a potential investment of at least $10 billion, which could elevate OpenAI's valuation to over $500 billion [14] - Databricks has completed over $4 billion in Series L funding, raising its valuation to $134 billion, indicating strong investor interest in data and AI sectors [17] Group 3 - BYD has initiated comprehensive testing for L3 autonomous driving in Shenzhen, completing over 150,000 kilometers of real-world validation [18] - The Chinese music theater market is projected to generate over 1.8 billion yuan in ticket revenue by 2025, with a growing number of performances and audience engagement [22] - The foldable smartphone panel shipment is expected to grow by 46% in 2026, driven by Apple's first foldable device, with Samsung Display likely to capture over 50% market share [22]