Wall Street Insights Breakfast FM-Radio | February 27, 2026

2026-02-26 23:25:55

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Market Overview

Nvidia’s strong earnings report did not alleviate market concerns, with the stock plunging nearly 5.5%, dragging down the US stock market, AI concept stocks, and the semiconductor sector.

The Dow slightly rose, the Nasdaq fell nearly 1.2%, almost erasing all of yesterday’s gains, while the Russell small-cap index gained 0.5%. Large technology stocks became the main drag on the US market. Sector rotation occurred. Reports indicate tensions between Anthropic and the U.S. Department of Defense, leading to a strong rebound in software stocks, marking three consecutive days of gains.

Yields on US Treasuries across all maturities generally declined by 3 to 4 basis points, with the 10-year yield hitting its lowest since November 28, 2022. The US dollar rose 0.12%.

Cryptocurrencies and tech stocks declined in tandem. Bitcoin fell over 2%, losing the $68,000 level. Ethereum dropped 3.5%, briefly falling below $2,000 intraday.

Spot gold edged up 0.4%. Spot silver fell 1%, copper rose 0.68%, marking three consecutive days of gains.

Market attention is on US-Iran negotiations, with crude oil experiencing volatile swings. WTI crude oil initially dropped 3%, then rebounded 4.9% from the daily low, ending slightly lower than yesterday’s close.

During Asian trading hours, A-shares showed mixed performance, with the Shanghai Composite slightly down, while computing hardware stocks surged collectively. The RMB broke above 6.83, the Hang Seng Tech Index plunged nearly 3%, and tech internet stocks declined broadly.

News Highlights

China

Baidu’s Q4 revenue was 32.74 billion yuan, with AI computing power subscription revenue up 143% YoY; conference call: AI Cloud to reach 30 billion yuan in revenue by 2025, with computing power subscriptions up 143% in Q4, “Radish Express” orders soared 200%.

Explosive growth in AI computing orders drove the revenue of ChipMOS Technologies to increase 35.77% YoY in 2025, with continued narrowing of losses to 528 million yuan.

DeepSeek and Tsinghua-Baidu jointly published a heavyweight paper: focusing on foundational infrastructure for intelligent agents, breaking through I/O bottlenecks in agent reasoning.

Li Ka-shing sold again! CK Hutchison and two other companies issued a joint announcement, announcing the sale of UK Power Networks, cashing out over HKD 110 billion.

Overseas

Betting on AI, Block layoffs nearly halved.

Samsung’s storage division demanding high prices, Apple accepting all, Samsung’s mobile division forced to adopt 50% Micron storage chips.

Google upgraded its popular image tool Nano Banana, with Pro capabilities + Flash speed, launching Gemini and search on Thursday.

CoreWeave’s Q4 revenue doubled, with year-end backlog reaching 66.8 billion yuan, but losses unexpectedly widened, causing a post-market plunge.

Dell’s earnings and guidance exceeded expectations, with AI server revenue expected to double this year, surging over 12% after hours.

Netflix refused to raise its bid for Warner Bros. acquisition, announced restart of stock buyback plan, rising 13% after hours.

Federal Reserve Board member Mester reiterated the need to cut interest rates by 100 basis points by 2026, warning against excessive regulation distorting credit structures.

The third round of US-Iran talks concluded, with Iran’s Foreign Minister stating good progress; US media report disappointment during negotiations, US demands are tough, with clear disagreements between Trump and the military.

Market Close

US and European stocks: S&P 500 down 0.54%, at 6,908.85 points. Dow up 0.03%, at 49,499.20 points. Nasdaq down 1.18%, at 22,878.383 points. Europe’s STOXX 600 index fell 0.05%, at 633.18 points.

A-shares: Shanghai Composite closed at 4,146.63, down 0.01%. Shenzhen Component rose 0.19% to 14,503.79. ChiNext index fell 0.29% to 3,344.98.

Bond Market: US 10-year Treasury yield fell 3.82 basis points to 4.0136%. 2-year yield declined 2.86 basis points to 2.4423%.

Commodities: Spot gold rose 0.41% to $5,186.18/oz. Silver fell 0.88% to $88.4490/oz. WTI April crude futures declined 0.32% to $65.21/barrel.

Details of Highlights

Global Major News

China

German Chancellor Olaf Scholz visited Chinese robotics company Yushu Technology, observing robot boxing, dancing, and other performances. During the visit, Wang Xingxing, founder of Yushu Technology, introduced Chinese robots and performed demonstrations such as robot boxing and dancing. Wang expressed that Germany is a very important market, and hopes to leverage this opportunity to establish more collaborations with German companies, promoting the global intelligent robot industry.

Baidu’s Q4 revenue exceeded expectations at 32.74 billion yuan, with AI new business revenue at 11.3 billion yuan, accounting for 43%. Full-year revenue reached 129.1 billion yuan, with AI new business surpassing 40 billion yuan, up 48% YoY. Operating cash flow turned positive in the second half at 3.9 billion yuan, restoring cash-generating ability. The company announced a maximum buyback plan of $5 billion and adopted a dividend policy for the first time, while pushing for Kunlun Chip’s spin-off listing.

Robin Li emphasized during the conference call that “application is more important than models,” and the value of models ultimately depends on application. He clarified that Baidu will adhere to an application-driven development path, continuously refining models based on real needs. Regarding autonomous driving, he is confident in Apollo Go’s global expansion, expecting more cities to achieve positive unit economics, further confirming the sustainability of its business model.

Explosive growth in AI computing orders drove ChipMOS Technologies’ revenue to increase 35.77% YoY in 2025, with losses narrowing to 528 million yuan. As a leading domestic custom chip company, ChipMOS’s 2025 revenue is approximately 3.152 billion yuan, up over 35%, with net losses narrowing by 73 million yuan. The booming demand for AI computing power led to nearly 6 billion yuan in new orders signed throughout the year, with related orders accounting for over 73%. Benefiting from data processing business growth and mass production scale effects, the company’s on-hand orders exceed 5 billion yuan, with breakeven expected.

DeepSeek and Tsinghua-Baidu jointly published a heavyweight paper: focusing on foundational infrastructure for intelligent agents, breaking through I/O bottlenecks in agent reasoning. The paper proposes a dual-path reasoning system, targeting I/O bandwidth bottlenecks caused by KV-Cache reads in large models. It innovatively introduces a “storage → decoding → prefill” dual-path loading mechanism, fully utilizing idle storage bandwidth at decoding nodes. Through QoS traffic isolation and adaptive scheduling, tested on a 1,152-GPU cluster, the system boosts offline inference throughput by up to 1.87 times and online service throughput by an average of 1.96 times.

Li Ka-shing sold again! CK Hutchison and two other companies issued a joint announcement, announcing the sale of UK Power Networks, cashing out over HKD 110 billion. According to the Daily Economic News, CK Hutchison’s three companies—Cheung Kong Infrastructure, Power Assets, and CK Asset—sold their 100% stake in UK Power Networks to Engie’s subsidiary, netting over HKD 110 billion. The stakes are 40%, 40%, and 20%, respectively. The proceeds will be used for future investments and acquisitions.

Overseas

Despite Nvidia’s earnings surpassing expectations, its stock plunged 5.7 intraday, the largest drop in three months.

Nvidia’s “blowout” earnings report puzzled the market. Nvidia has exceeded expectations for 14 consecutive quarters. When beating estimates becomes routine, good performance alone is no longer enough. The market’s focus has shifted to concerns over the sustainability of AI demand and Nvidia’s supply constraints. Large long-term orders face criticism due to cross-shareholdings with clients. Although data center growth is strong, other segments underperformed expectations.
Goldman Sachs identified three catalysts for Nvidia, stating “the path to outperform in the coming months is clear.” Nvidia’s latest earnings and guidance beat expectations comprehensively. Goldman reaffirmed a “Buy” rating and raised the target to $250. Driven by increased capital expenditure from major cloud providers, funding for AI startups, and leading new architecture tech, Nvidia’s path to outperform the market is clear. Deep collaborations with Meta, OpenAI, and resilient gross margins are further supporting industry strength.

Betting on AI, Block layoffs nearly halved! Fintech company Block announced in a shareholder letter that it is cutting about 4,000 jobs, nearly halving its staff. CEO Jack Dorsey admitted that employees learned of layoffs on the same day, and predicted most companies will be forced to make similar structural adjustments within a year. After the announcement, Block’s stock rose over 24% in after-hours trading.

Samsung’s storage division demanding high prices, Apple accepting all. Samsung’s semiconductor division quoted a 100% increase, which Apple accepted on the spot, establishing pricing power and prompting internal price hikes in mobile divisions. To ensure supply, Samsung’s mobile division introduced Micron chips—initial production of Galaxy S26 will use 50% Micron LPDDR5X memory, supplied equally by Samsung and Micron. Facing cost pressures, Samsung raised the S26 base model price to $899, introduced its own Exynos 2600 chip, but industry analysts believe this still cannot fully offset memory cost increases.

Google upgraded its popular image tool Nano Banana, with Pro capabilities + Flash speed, launching Gemini and search on Thursday. Nano Banana Pro remains available for “high-fidelity tasks requiring maximum factual accuracy,” while Nano Banana 2 focuses on “fast generation, precise instruction following, and image search integration,” supporting text-to-chart, data visualization, image text translation, with up to 14 object detail restorations, resolution from 512 pixels to 4K. Regarding content tracing, Google states that since its Gemini App launch last November, SynthID verification has been used over 20 million times.

CoreWeave’s Q4 revenue doubled, with year-end backlog reaching 66.8 billion yuan, but losses widened unexpectedly, causing a post-market plunge. CoreWeave claims it will become the fastest cloud service provider to reach $5 billion annual revenue by 2025. By year-end, backlog orders including RPO totaled $66.8 billion, more than tripling from the start of the year. Q4 EPS lost $0.89, expanding 1.6 times YoY, well above analyst expectations. Operating loss turned to $89 million profit, with net loss of $452 million nearly nine times last year’s. The company projects capital expenditure of at least $30 billion in 2026, three times that of 2025, with ARR reaching $19 billion by year-end. Stock price fell over 10% after hours.

Dell’s performance and guidance exceeded expectations, with AI server revenue expected to double this year, surging over 12% after hours. Dell Technologies reported record revenue, profit, and cash flow for Q4 and full year, with AI-optimized servers as a core growth driver. The company forecasts FY2027 revenue up to $142 billion, with AI server revenue doubling to about $50 billion, significantly above market expectations, boosting the stock over 12% after hours.

Netflix refused to raise its bid for Warner Bros. acquisition, announced restart of stock buyback plan, rising 13% after hours.

Federal Reserve Board member Mester reiterated the need to cut interest rates by 100 basis points by 2026, warning against excessive regulation distorting credit structures. Mester stated that despite labor market improvements, a 100 basis point cut is still needed by 2026, and favors early action. She pointed out that excessive regulation has increased bank lending costs, leading to a surge in private credit, but not yet systemic risk. Mester remains cautious about employment prospects, believing weak inflation pressures support rate cuts. She has repeatedly opposed holding rates steady and advocates for larger cuts.

The third round of US-Iran negotiations concluded, with Iran’s Foreign Minister saying good progress was made; US media report disappointment during talks, US demands are tough, with clear disagreements between Trump and the military.

Iran’s Foreign Minister said that the two sides are close to reaching consensus in some areas, with technical talks scheduled in Vienna next Monday. Oman’s foreign minister, acting as mediator, said the negotiations have “made significant progress.” Media reports indicate major differences remain; the US insists Iran must dismantle nuclear facilities and transfer all enriched uranium abroad, while Iran proposes a temporary halt to enrichment activities with future resumption under regulatory oversight. Iran’s spokesperson said they will continue uranium enrichment as needed.

Selected Research Reports

Zimbabwe’s export ban sparks supply concerns, lithium prices break 180,000 yuan; listed companies respond intensively. Guotai-Haitong Securities believes the export ban will exacerbate the supply gap caused by low inventories and demand recovery, expecting lithium prices to remain strong and volatile. Chinese companies like Zhongkuang Resources and Yahua Group have responded, some pre-stocking or applying for new export licenses.

Goldman Sachs: Zimbabwe’s lithium export ban unlikely to be lifted soon; lithium prices will “undoubtedly” hit new highs! Goldman emphasizes that only when mining companies fully comply with Zimbabwe’s local processing requirements might the ban be lifted. Looking at history, Congo’s cobalt export ban in February 2025 was only replaced by export quotas in October of the same year.

Memory chip shortages will cause a 13% contraction in the global smartphone market in 2026, ending the era of cheap phones. Driven by AI, IDC forecasts global smartphone shipments will decline 12.9% YoY to about 1.1 billion units in 2026, surpassing pandemic and tariff crisis declines. Rising DRAM and NAND costs severely squeeze entry-level markets, ending the “sub-100-yuan smartphone” era. Shortages are expected to persist into 2027; even with supply recovery, prices will likely not return to 2025 levels.

Record capital inflows but worst relative performance in 15 years! The US stock market’s halo fades, and the dollar faces risks. Deutsche Bank states that in 2025, a record capital inflow equivalent to about 2% of GDP will enter US stocks, yet they will underperform the global market for the 15th straight year. With high valuation premiums and rising non-US earnings momentum, overseas funds may reassess US stock overweighting; if net inflows slow or reverse, the dollar could face downside pressure similar to the tech bubble burst in the early 2000s.

The “selling shovels” in the robot wave! Morgan Stanley sees high growth potential—up to 300 times—for this core component. Morgan Stanley believes bearings are essential for all robot forms, irreplaceable and hard to internalize. The more complex the robot, the higher the bearing usage and unit price, with long-term growth logic supporting a revaluation. It forecasts the global robot bearing market will grow from $827 million in 2025 to $255 billion by 2050.

Goldman Sachs: Oil prices bottom out by 2026, potential supply shortages in 2027. Goldman predicts that Q4 2026 will see oil prices bottom out: Brent at $60/barrel, with a severe oversupply of 2.3 million barrels per day. However, in the second half of 2027, shortages will re-emerge, with a 300,000 barrel/day gap in Q4. Demand growth will rely heavily on non-OECD countries, especially India, which could increase to 6.3 million barrels/day. Despite weak fundamentals in 2026, overall price risks are skewed upward, with structural shortages in 2027.

Domestic Macro

Will China support Iran against US aggression together with Russia? Foreign Ministry responds. According to The Paper, spokesperson Mao Ning emphasized that China advocates resolving issues through political and diplomatic means, opposing the use or threat of force in international relations. She noted China and Iran have a traditional friendship, supporting Iran’s government and people in maintaining stability and rights. She urged all parties to cherish peace, exercise restraint, and resolve differences through dialogue. China will continue to play a responsible role.

“Shanghai Seven Policies” implemented; bank mortgage inquiries surge on the first day. After the new policies took effect, the second-hand housing market showed signs of activity. Some landlords accelerated listings, others raised prices or delayed sales, as market expectations improve. Real estate agents report that many landlords have shifted mindset, waiting for better timing to sell.

Domestic Companies

Luckin Coffee’s Q4 revenue up 33% YoY but profit declines; delivery surge squeezes margins. Luckin’s 2025 revenue reached 49.288 billion yuan (+43%), with non-GAAP operating profit of 5.646 billion yuan (+43.5%), over 31,000 stores, with same-store sales turning positive at 7.5% growth after a -16.7% decline. However, Q4 showed “revenue up, profit down”: revenue rose 32.9%, net profit only 5.18 billion yuan (vs. 8.51 billion last year), mainly due to a 94.5% surge in delivery fees and increased tax provisions.

BeiGene’s Q4 revenue up 33%, full-year profit turned positive, with flagship drug BeiYueZe’s quarterly sales hitting 1.1 billion yuan, a record high. BeiGene’s 2025 full-year revenue was $5.343 billion, up 40%. BeiYueZe’s global sales reached $3.9 billion, maintaining top position. Operating cash flow and net profit turned positive, ending “burning money” mode. For 2026, with new drugs approaching commercialization, revenue guidance raised to $6.4 billion, entering a high-quality growth phase.

Tesla China launched new promotions: Model 3/Y down payment from 79,900 yuan, with “7-year ultra-low interest” or “5-year zero interest” options. Tesla China announced limited-time promotions, allowing orders of Model 3/Y (excluding high-performance versions) before March 31 to enjoy 7-year ultra-low interest or 5-year zero interest financing, with a down payment starting at 79,900 yuan. Aimed at boosting sales amid challenges like surpassing BYD in global deliveries and declining sales in China. Regarding FSD’s progress in China, Tesla said it is actively adapting.

Overseas Macro

US 30-year mortgage rates first fell below 6% since 2022; industry predicts spring home sales may hit multi-year highs. According to Freddie Mac, the average 30-year fixed mortgage rate was 5.98%, down from 6.01% last week, and below 6% for the first time since September 2022. Industry experts suggest that slow improvement in affordability could make this spring’s sales season the best in years. Additionally, winter storms in the US Northeast may further boost pent-up demand.

US rare earth supply worsens! Some aerospace and chip sectors forced to cut production; yttrium prices surge 69 times in a year! The US aerospace and semiconductor sectors face severe rare earth shortages. Yttrium prices soared 69 times in a year, forcing aerospace coating companies to limit production and ration supplies; scandium stockpiles are critically low, threatening chip supply chains. Despite White House promises to develop alternatives, key raw materials heavily depend on imports, risking supply chain disruptions in high-end manufacturing.

Lagarde: ECB closely monitors AI’s impact on employment; no mass layoffs yet. ECB President Christine Lagarde said AI investment has boosted productivity in Europe, benefiting small and medium enterprises. While large-scale unemployment has not yet appeared, AI’s rapid iteration is unprecedented. She emphasized that the ECB will remain “extremely vigilant” about potential job losses and structural changes caused by AI.

European Central Bank records third consecutive year of losses, longest “loss streak” since inception. The ECB posted a net loss of €1.3 billion in 2025, marking the third straight year of losses, mainly due to mismatched low-interest bond purchases and high interest rates. The depreciation of the yen has exhausted foreign exchange buffers, potentially triggering new losses. Market worries that future QE tools may become more restrained; profitability may only return around 2027.

High-ranking “doves” at the Bank of Japan: rate hikes “difficult and long.” Morgan Stanley and Goldman Sachs believe that recent personnel arrangements will raise the hurdle for rate hikes, significantly reducing the likelihood of an April or June increase, with summer becoming a key decision period. Morgan Stanley maintains a baseline forecast of a June hike, awaiting May inflation data to confirm wage pass-through. Goldman Sachs insists on a July hike, warning that delaying beyond July risks falling behind the yield curve, with terminal rates possibly exceeding 1.5%.

India relaxes regulations, allowing stock funds to allocate up to 35% in gold and silver! SEBI revised rules permitting actively managed equity funds to allocate up to 35% of assets in gold, silver, and related instruments, expanding investment scope for a market worth $384 billion. This move coincides with rising global demand for precious metals, with India’s gold ETF inflows surpassing equity funds for the first time in January.

This crypto winter, the underlying infrastructure remains intact. Despite Bitcoin’s sell-off, foundational infrastructure has not collapsed: exchanges operate normally, custodians remain solvent, institutional buyers stay committed, Bitcoin ETF assets are held steadily, and free trading supply has decreased. Bernstein analysts believe this is merely a “confidence crisis.”

Crypto bull Tom Lee: AI and crypto sell-offs are nearing the end. Tom Lee believes markets often bottom during “bad news.” Citriini Research’s apocalyptic AI article has impacted the market, indicating a formation of a bottom. He estimates the “95% of decline” in the Mag 7 stocks is over, “99% of software sector sell-off” is complete, and crypto retracement is in its “final weeks.”

Overseas Companies

10 times the capacity of HBM! SK Hynix and SanDisk initiate HBF global standardization. SK Hynix and SanDisk jointly promote the standardization of High Bandwidth Flash (HBF), aiming to fill the gap between HBM and SSD. HBF stacks NAND to balance high bandwidth and large capacity, optimized for AI inference. Under the OCP framework, they plan to commercialize by 2027, with market potential surpassing HBM long-term, becoming a key support for AI storage architectures.

A Bloomberg terminal costing 210,000 yuan is replicated by AI! Perplexity’s new “PC” in two months: integrating all AI functions, scheduling 19 models via Opus. Perplexity launched the Perplexity Computer, a universal AI agent with a browser sandbox architecture capable of autonomous programming, project management, and complex tasks. Within five hours, users created a Bloomberg terminal alternative costing only 1/12, supporting multi-model calls and division of labor.

Betting on the “Singularity Moment”! Circle conference: AI agents will be the biggest business driver. Circle’s Q4 profit surged 412%, revenue up 77% YoY. CEO believes this is the “singularity” of the AI economy, with USDC becoming the core transaction medium. They launched a testnet called Circle Gateway for AI agents.

Tesla’s California autonomous driving “pie in the sky”? Regulatory records show zero miles of road testing for six consecutive years. Tesla’s progress on California’s Robotaxi service is minimal: only 562 miles of testing, far below the 50,000 miles required for operational approval. Elon Musk blames regulatory approval delays, but experts say the reality is the company has not even met basic testing requirements. The so-called “Robotaxi” in the Bay Area is actually human-assisted driving.

Industry/Concepts

AI Programming | On February 26, Huawei Cloud CodeArts released the public beta of its code intelligent agent, integrating large code models, IDE, autonomous development modes, covering code generation, R&D knowledge Q&A, unit test case generation, expert skills, codebase indexing, and规范驱动开发等AI Coding技术，接入开源模型GLM-5.0、DeepSeek-V3.2及华为自研模型，提供鸿蒙专属模型，提升开发效率，智能编码体验。

点评：信达证券认为，AI编程重塑核心生产力方式，大模型技术赋能编程工具。基于大模型的自动化编程与代码生成，提升软件开发效率与自动化水平。AI编程直接作用于开发核心环节，有望成为最具价值的AI应用之一；海外应用广泛，产品爆发验证其潜力。技术层面，大模型编程能力大幅跃升，核心技术赋能AI Coding工具；开源生态与企业付费双轮驱动，2025年市场价值预计达260亿美元。

Commercial Space | 中科宇航透露，其可回收液体运载火箭“力箭二号”计划于今年3月下旬首飞，搭载我国“轻舟一号”货运飞船样机发射。已申报2026年发射计划，全年计划13次，争取追加1-2次，发射频次创新高。

蓝箭航天宣布，国产重用火箭“朱雀三号”今年第二季度将再次开展回收试验。团队正优化着陆流程，计划2026年Q2再试，争取今年第四季度首次回收复用飞行。

点评：中泰证券认为，今年是中国商业火箭首飞+回收验证的密集期，产业由“技术攻关”向规模化、可复用、低成本落地迈进，太空算力、卫星互联网、太空旅游、深空探测等应用将带动火箭需求爆发。

Artificial Intelligence | 全球最大AI模型API聚合平台OpenRouter数据显示，2026年2月9日至15日这一周，中国模型调用量达4.12万亿Token，首次超过美国模型(2.94万亿Token)。16日至22日这一周，中国模型调用量激增至5.16万亿Token，领先优势进一步扩大。全球前五模型中，中国模型占四席。这股强劲增长动力，不依赖单一爆款，而是中国AI厂商集群崛起。

点评：研究机构认为，当前大模型在架构、效率优化、GPU芯片适配等方面快速迭代，推理需求仍在快速增长。2025年上半年至下半年，企业级大模型调用量持续上行。日均调用规模达万亿Tokens后，高并发、长周期场景的新增流量优先投向已验证稳定的头部厂商。凭借算力调控、生态适配和规模化成本优势，持续获得增量需求，市场份额进一步集中。

Computing Power | 证券时报报道，2月26日，DeepSeek宣布即将推出V4“海狮轻型版”，支持1M超长上下文窗口，可一次性处理超长文本如《简爱》等，显著拓展AI模型应用边界。深度适配华为昇腾平台，推理速度提升超35倍，打破行业惯例，将早期访问权限独家授予华为等国产供应商，推动国产AI算力闭环。

点评：DeepSeek选择华为，不仅是技术适配，更是战略安全考量。此前已在昇腾平台完成模型迁移，推理速度提升超35倍。模型-芯片协同优化，是国产AI产业链走向闭环的关键。华为近期发布的Atlas950超节点，提供8192张昇腾950DT、FP8算力8EFLOPS，为协同提供坚实支撑。支持多达8192张昇腾950DT，算力规模大幅跃升，也破除“单芯片差距论”。此次V4Lite优先适配国产芯片，优化模型在国产硬件上的运行效率，推动“国产大模型+国产芯片”生态协同，降低对海外算力依赖，符合国产算力市场发展趋势。

PCB | 证券时报报道，2月25日，英伟达CEO黄仁勋在财报电话会透露，英伟达近期与AI初创公司Groq达成非排他性技术许可协议，获得LPU架构非独家IP授权，吸纳创始人及核心团队，双方技术融合成果预计在GTC大会发布。合作旨在扩展AI基础设施，提升性能和市场价值，有望在AI行业保持领先。

点评：当前AI行业正由“规模竞赛”转向“效率价值”兑换。推理需求大于训练需求已成共识。Groq的LPU芯片以5-10倍GPU速度优势和1/10成本，成为新兴核心玩家。分析师预计，英伟达将在GTC展出LPU芯片，主要用于推理场景，类似ASIC，采用SRAM存储降低延时，显著提升推理速度。LPU有望成为英伟达抢占推理市场的重要工具。LCP预计采用PCB，层数可能超过50层，单柜PCB价值接近4-50万元人民币，拓展PCB市场空间。关注PCB厂商及上游材料。

HBF | 集邦咨询报道，2月26日，SK海力士宣布与闪迪公司联合举办“HBF规格标准化联盟启动会”，正式发布面向AI推理的下一代存储器解决方案HBF（High Bandwidth Flash）全球标准化战略。HBF作为介于HBM和SSD之间的新型存储层级，满足AI推理对容量扩展和能效的双重需求。

点评：HBF旨在填补HBM与SSD之间的存储层级空白，为AI推理提供高带宽和大容量的创新存储方案。预计2027-2028年将集成至英伟达、AMD和谷歌产品，2038年市场规模有望超越HBM。HBF标准化标志AI存储架构进入新阶段，随着需求爆发，能同时提供HBM与HBF全栈存储方案的厂商将占据战略优势。

光伏 | 央视网报道，青岛生物能源与过程研究所团队在新型太阳能电池材料上实现超过15%的光电转换效率，获得国际权威认证。核心材料为铜锌锡硫硒（CZTSSe）太阳能电池。

点评：中证报指出，CZTSSe材料资源丰富，元素储量大，不依赖稀有金属，成本低；采用溶液法制备，工艺简便；薄膜用料少，安全环保，不含有毒元素，适合大规模应用。效率突破15%后，已达商业化门槛，被认为是下一代潜力巨大的太阳能技术。

赛马 | 人民财讯报道，广州从化区高质量发展大会透露，从化是内地唯一、全球第53个获国际认可的马匹“无疫区”。香港赛马会从化马场正成为湾区马产业平台。预计今年10月将举行国际标准速度赛马比赛。广州规划建设10平方公里穗港马产业深度合作区，释放粤港澳大湾区高端消费潜力。已有超万亩发展空间，致力打造世界级马产业高地。

今日前瞻

MSCI中国指数将纳入白银有色等37只股票。

中证指数公司发布中证港股通机器人主题指数。

美国1月PPI数据。

德国、法国2月CPI数据。

日本2月东京CPI。

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