美国进口商承担了绝大部分的关税成本，出口商并未明显降价；无论分国别还是分行业，外国出口商几乎没有主动降价 第一层传导：从出口商到进口商的价格传递 我们将关税传递率定义为传递率 =（进口价格变化 + 关税变动）/ 关税变动。传递率=1表示出口商维持价格不变、美国进口商承担全部关税；传递率<1表示出口商降价分担部分成本。 研究发现美国进口商承担了绝大部分的关税成本，出口商并未明显降价。2025年传递率高达92%。无论分国别还是分行业，2025年传递率普遍接近100%，表明外国出口商几乎没有主动降价。 我们基于HS10位级别进口数据，构建了一个大规模面板数据集：535万观测值（8国×20，868产品×108个月），覆盖中国、墨西哥、加拿大、越南、日本、德国、韩国、印度，时间跨度为2017年1月至2025年12月。 推荐进入 财新数据库 ，可随时查阅宏观经济、股票债券、公司人物，财经数据尽在掌握。

格隆汇2月26日｜据新京报，特斯拉中国官宣新一轮购车金融优惠政策，在3月31日前下单，全系车型均可享受7年超低息贷款。其中Model3、ModelY及ModelYL三款主力车型，可额外选择5年0息方案，贷款购车无需支付任何利息，此举被业内普遍解读为又一轮“变相降价”，旨在进一步提振终端销量。2026年1月，特斯拉中国就曾发布类似促销方案，当时活动期限至1月31日。数据显示，特斯拉中国2025年批发销量总计85.17万辆（包含国内交付和海外出口），同比下降7.08%。

EyeEm Mobile GmbH/iStock via Getty Images Overview Market indices continue to trade choppy as technology pulls back from its highs and there's some renewed tariff drama. While equity investors wait for the volatility to cool, income investors can preserve capital and collect cash flow in the meantime. The Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust ( GBAB ) can act as a hedge against market indices by providing a reliable monthly income that is disconnected from the equity market. When I previously covered GBAB, I issued a hold rating due to the questionable dividend coverage. Since my last coverage, GBAB has released an updated semi-annual report that prompted me to revisit the fund's performance and outlook for the remainder of the year. Looking at the performance over the last twelve months, we can see that the share price has declined by 1.3%. Despite the deterioration in the debt markets, GBAB has mostly remained resilient. When including all distributions that were paid out to shareholders, the total return jumps up to 8.8% over the same time frame. GBAB now offers investors a starting dividend yield of 9.8% while issuing payouts on a monthly basis. Based on the latest reporting, it seems like GBAB may be on track to generate sufficient earnings to support payouts for the 2026 period. However, the high payouts may be negatively impacting the NAV growth. Data by YCharts GBAB now trades at a slightly higher premium to NAV valuation compared to my last coverage. Despite this, I believe that the fund still trades at a reasonable valuation for investors that are optimistic about the outlook of interest rates. Unfortunately, the growth potential is likely to stay limited as long as interest rates remain elevated, due to the vulnerability of GBAB's portfolio and the inclusion of leverage as part of its operating strategy. So let's start by taking a look at the underlying strategy that GBAB implements to generate its earnings. Fund Strategy Accordi...

Hong Kong’s stock exchange posted a 15% gain in net income as a flood Chinese firms sought to sell shares and trading jumped. Hong Kong Exchanges & Clearing Ltd. delivered net income of HK$4.34 billion ($555 million) during the three months ending December, according to a statement on Thursday. The exchange has been hitting record earnings as initial public offerings and equities trading revived, fueled by artificial intelligence boom and a renewed interest in investing in China. The city saw 119 listings raising a total of US$36.7 billion, reclaiming the global top spot after some tepid years. “In 2025, HKEX reinforced its role as a global superconnector, regained its position as the world’s leading venue for IPOs and set new trading as well as financial performance records,” Chief Executive Officer Bonnie Chan said in a statement. Core revenue rose 11% in the quarter, while equity trading jumped 22%. Hong Kong Regulator Urges IPO Auditors to Safeguard Quality Banker Shortage Pressures Hong Kong Firms Handling IPO Boom (2) Hong Kong Regulator Ramps Up Warnings Over Poor IPO Filings (1)

伊朗外交部26日发布声明，称伊朗外交部长阿拉格齐与阿曼外交大臣巴德尔25日晚已在日内瓦会面。声明说，这意味着伊美第三轮间接谈判正式开始。声明表示，阿拉格齐在会谈中阐述了伊朗在核问题和解除对伊制裁方面的立场，并表示谈判的成功需要对方的认真态度，避免出现相互矛盾的行为和立场。巴德尔则表示，阿曼赞赏伊朗推进外交途径解决问题的决心，希望谈判能取得双方都满意的结果。（央视新闻）

企查查APP显示，近日，京东科技信息技术有限公司申请公布“用于机器人的导航方法、装置、机器人和计算机可读介质”专利。专利摘要显示，该方法的一具体实施方式包括：根据当前导航信息，确定目标观测点；对于获取的候选运动轨迹组中的每个候选运动轨迹，确定候选运动轨迹上的轨迹点朝向目标观测点的视线信息；根据确定的视线信息，从候选运动轨迹组中选取候选运动轨迹；根据选取的候选运动轨迹生成目标运动轨迹，根据目标运动轨迹进行导航。该实施方式与智能机器人有关，有助于实现机器人导航过程中的主动安全保障和流畅避障。（人民财讯）

近日，汉得信息大客户数智化事业部群与罗欣药业集团股份有限公司（简称“罗欣药业”）达成深度合作。双方基于H-AI汉得AI中台，共同构建企业级统一数字化智能底座，通过“场景深耕+平台筑基”的创新模式，成功推动订单智能预审、医药知识问答，以及招商风控等核心场景落地。(人民财讯)

德国总理默茨26日抵达浙江杭州，继续中国之行。杭州是默茨此次访华的第二站。默茨是25日抵达北京开始对中国进行为期2天的正式访问的。(新华社)

寶馬與寧德時代合作聚焦電池供應鏈協同降碳- 財經快訊 dotdotnews

寶馬與寧德時代合作聚焦電池供應鏈協同降碳- 財經快訊 點新聞

格隆汇2月26日｜英伟达CEO黄仁勋表示，美国国防部有权以服务其利益的方式使用他们采购的技术和产品，同样地，Anthropic也有权决定如何营销其产品，以及产品可以用于哪些类型的案例。黄仁勋表示：“所以我认为他们双方都有各自合理的视角。”“我希望他们能解决这个问题，但如果解决不了，那也不是世界末日，”黄仁勋指出，Anthropic并非世界上唯一的AI公司，而国防部也不是唯一的客户。

Earnings Call Insights: RxSight, Inc. (RXST) Q4 2025 Management View Ronald Kurtz, President and CEO, welcomed Mark Wilterding to his first earnings call as CFO and asked him to review the quarter's results and key business drivers. Kurtz noted, "2025 was a year of meaningful progress for RxSight... as together, we advance the delivery of our life-changing LAL technology around the world." Mark Wilterding, Chief Financial Officer, reported, "RxSight reported fourth quarter 2025 sales of $32.6 million, down 19% year-over-year due to lower LDD sales... we exited 2025 with an LDD installed base of 1,134 units, up 17% from the 971 units installed at the end of 2024." Wilterding added, "Fourth quarter 2025 SG&A expenses were $27.7 million, down 2% compared to the prior year period," and "we reported a net loss in the fourth quarter of 2025 of $9.2 million or $0.22 per basic and diluted share." Kurtz highlighted strategic decisions in 2025 to strengthen clinical and practice expertise, focusing on training, education, and support for both new and existing practices. He emphasized, "procedure volumes improved sequentially in the fourth quarter, driven primarily by LAL utilization within our customer base." Kurtz announced, "data from our post-approval study were accepted for publication... 93% of LALIs achieved both spherical equivalent and residual cylinder within half diopters of target, demonstrating statistically superior refractive accuracy compared to historical studies." Outlook Wilterding provided full year 2026 revenue guidance of $120 million to $135 million, noting, "implies a year-over-year decline of approximately 5% at the midpoint of the range, primarily driven by lower LDD sales versus the year ago period." Gross margin guidance for 2026 was set at 70% to 72%, with Wilterding stating, "We've taken a prudent view... to reflect the sell-through of higher cost inventory due to lower than originally anticipated production levels in 2025." Operating expenses for...

东莞召开2026年全市“资本赋能 服务强企”动员部署大会，东莞市上市公司协会会长林海川在会上表示，资本市场“东莞板块”未来可期，未来将力争实现上市公司数量破百家的历史性突破，推动“东莞板块”总市值向万亿规模迈进。林海川透露，五年来，东莞资本市场实现了“量”与“质”的双飞跃，境内外上市公司达87家，A股总市值突破8000亿元大关，形成了独具特色的“东莞板块”。 (上证报)

最高人民法院指，涉及緬北電騙案的明家及白家犯罪集團案，已完成全部審理程序。 最高人民法院召開記者會指，緬北「四大家族」犯罪集團涉及的電騙案，受到境內境外廣泛關注，目前明家及白家兩大犯罪集團案，全部審理程序已經完成，39人被判無期徒刑以上刑罰，當中16人被判死刑，立即執行。兩大跨境武裝犯罪集團被徹底摧毀。 截至2025年底，內地法院已經一審審結至少2.7萬宗涉及緬北電騙的案件，有至少4萬涉案回流人員被判刑。

特斯拉中国官宣新一轮购车金融优惠政策，在3月31日前下单，全系车型均可享受7年超低息贷款。其中Model 3、Model Y及Model Y L三款主力车型，可额外选择5年0息方案，贷款购车无需支付任何利息，此举被业内普遍解读为又一轮“变相降价”，旨在进一步提振终端销量。2026年1月，特斯拉中国就曾发布类似促销方案，当时活动期限至1月31日。数据显示，特斯拉中国2025年批发销量总计85.17万辆（包含国内交付和海外出口），同比下降7.08%。

英伟达业绩超预期。 “疯狂小杨哥”概念股，暴涨暴跌 近期一家美股上市公司引发市场广泛关注，其股价暴涨暴跌令人咋咂舌。 Rich Sparkle Holdings 于2025年7月在纳斯达克上市，发行价为4美元，此后该股上演惊天暴涨暴跌行情，2025年8月份攀升至50美元上方，2025年11月底跌破20美元。 2026年1月再度启动暴涨行情，1月15日一度攀升至180美元上方，其间最大涨幅接近64倍。然而，该股的暴涨暴跌行情更加迅猛，短短20多个交易日就跌至最低8美元附近，其间最大跌幅接近96%。 Rich Sparkle Holdings近期暴涨，主要是资产重组所致。据21世纪经济报道，公开资料显示，2026年1月，美股上市公司Rich Sparkle宣布完成对Step Distinctive的收购。 该目标公司经营电子商务直播带货业务，由TikTok现象级网红Khaby Lame（“无语哥”）持股49%，安徽小黑羊网络科技有限公司持股13%。 这家安徽小黑羊网络科技有限公司，在股权全景穿透图中显示，由合肥领头羊文化传媒有限公司全资持股，后者由张庆杨（“疯狂小杨哥”）和张开杨（“疯狂大杨哥”）分别持股51%、49%，他们是三只羊创始人。 英伟达业绩超预期 全球瞩目，英伟达再度交出亮眼财报。截至1月25日的2026财年第四财季，公司核心指标全面超出华尔街预期： 营收681亿美元，同比增长73%，高于预期的659亿美元；调整后每股收益1.62美元，高于1.53美元的共识；调整后毛利率75.2%，在高基数下仍然上行。同时，英伟达对当前季度的营收指引高达780亿美元，大幅碾压市场预期。 在此利好消息影响下，2月26日上午，A股相关板块均大幅上涨，电路板、光电路交换机、光通信、液冷服务器等概念均大涨。部分权重股涨势凶猛， 胜宏科技 上午收盘大涨超9%， 沪电股份 涨停。此外， 高澜股份 盘中“20cm”涨停， 明阳电路 、 润泽科技 等个股均涨超10%。 持续高增长概念股揭秘 天风证券 （维权） 表示，节前科技内部并非全面走弱，超额拖累来自海外SaaS映射下的AI应用，财报发布与乐观业绩指引驱动海外SaaS股价企稳，恐慌情绪阶段出清或接近尾声。当前TMT整体超配17个百分点，但超配比例边际变化对下季度超额指引意义不强，且细分赛道超配系数并未到达超额收敛的极端阈值，机构筹码拥挤...

格隆汇2月26日｜银河娱乐：2025年全年经调整EBITDA 145亿港元，按年上升19%；股东应占溢利107亿港元，按年上升22%。公司拟派末期股息每股0.8港元。

一、【早盘盘面回顾】 财联社2月26日讯，早盘三大指数涨跌不一，深成指探底回升翻红，创业板指走势稍弱，黄白线明显分化。沪深两市半日成交额1.64万亿，较上个交易日放量1173亿。盘面上热点快速轮动，全市场超2900只个股下跌。从板块来看，算力硬件股持续活跃，PCB、CPO、液冷服务器概念均表现强势，深南电路、大族激光、沪电股份、广合科技、川润股份涨停。电力板块走强，赣能股份2连板，华银电力涨停。燃气轮机概念集体拉升，东方电气、常宝股份封涨停。小金属概念表现活跃，云南锗业2连板，章源钨业触及涨停。下跌方面，锂电池板块盘中震荡回落，鹏辉能源跌超9%。影视院线再度下挫，博纳影业大跌。截至收盘，沪指跌0.08%，深成指涨0.28%，创业板指跌0.39%。 个股来看，今日早盘涨停数量为45家（不包括ST及未开板新股），封板率为80%，连板股数量为7家，豫能控股6连板，法尔胜4连板，金正大、澄星股份3连板，赣能股份、洪兴股份、云南锗业2连板。 板块上，算力硬件股全线爆发，PCB、CPO集体走强，杰普特、聚飞光电、中天科技、亨通光电、沪电股份、广合科技涨停，天孚通信、明阳电路、东山精密、胜宏科技、鹏鼎控股、生益科技涨幅居前。 消息面上，2月25日，英伟达展示了下一代Vera Rubin算力系统的内部构成与供应链细节。该机架集成72颗Rubin图形处理单元（GPU）和36颗Vera中央处理器（CPU），整套系统共含130万个组件。 中原证券研报指出，25Q4北美四大云厂商资本开支合计为1260亿美元，同比增长62.0%。2026年资本开支指引合计超6600亿美元，预计同比增长61.0%。TrendForce预计800G以上高速光模块在全球出货占比将自2024年的19.5%上升至2026年的60%以上，并逐渐成为AI数据中心的标准配备。 液冷概念同样走强，川润股份、广安爱众、佳力图等涨停，高澜股份、润泽科技、德邦科技涨超10%。 消息面上，2月25日，英伟达AI基础设施负责人Dion Harris在加州总部向媒体展示了下一代Vera Rubin算力系统的内部构成与供应链细节。由于功耗上升，Vera Rubin也是英伟达首个100%液冷散热的系统。 开源证券研报认为，在光模块、PCB已大幅上涨的背景下，站在当前的时间点，液冷板块是战略性投资机会。液冷作为AI算力链条的一份子，具备“增长...

Ceri Breeze/iStock Editorial via Getty Images It has only been three months since my previous coverage of Hilton Worldwide Holdings Inc. ( HLT ). And yet, it has already given returns of approximately 14%, which justifies my bullish rating from before. Two weeks ago, it released its robust Q4 2025 results and supported the rally. However, the price seems to have already increased more than necessary, which can pose some downside risks. Technicals adhere to it as price starts to decrease amid the recent overbuying. HLT Q4 2025: Growth Did Not Go On Vacation Stubborn inflation and tariff woes still affect discretionary spending across industries. Yet, tourism remains resilient as more people try to find ways to fit it into their budget. A large player like Hilton Worldwide Holdings Inc. continues to benefit from this trend, supported by its strategic operations. This was shown in its most recent performance. In Q4 2025, its operating revenue amounted to $3.09B , up by 10.9% YoY from $2.78B. This was higher than the increase of 8.8% in my previous coverage. This dispelled woes about HLT weakening amid increasing pressures. Instead, it highlighted the resilience of its business model and pricing power. Cost reimbursement revenues primarily drove this, which shows that a higher concentration of franchised and managed hotels can help provide diverse but secure revenue streams. If we remove it, the actual revenue growth will stay decent at 7.0%. Both fee-based and ownership-based models remained solid. Now, one might say that it was only because of the increase in rooms and properties. But if you average them, HLT was more fruitful than in the year before. For instance, it had 1,351,351 rooms. With its $1.28B revenue excluding cost reimbursements, HLT generated an average amount of $947 per room. In Q4 2024, it only had 1,268,206 rooms, but the average amount per room was only $943. This means that its continued expansion derived more revenues per room. Rooms (HLT Q4 2025 ...

Chinese stocks may gain another 20% as rising inflation expectations translate into better earnings, according to UBS Securities Asia Ltd. A bottom-up survey of the brokerage’s sector analysts suggests that more Chinese companies are looking to raise prices this year due to higher input cost, while excess capacity is showing signs of improvement. A reflationary environment would drive a valuations re-rating and stronger earnings-per-share growth, potentially boosting the MSCI China Index by 20%, UBS strategists said. In the event of rising prices, “the potential share price reaction is weighed towards the upside given low expectations around reflation and low positioning of inflation related stocks” such as consumer, strategists led by James Wang wrote in a note Thursday. A reflationary environment could give Chinese shares another boost after a tech-driven rally lost steam this month. The MSCI China gauge has slid 5% in February, erasing gains for the year, after a 40% surge from a low in April. Chinese stocks have underperformed Asian and global peers this year. The latest report reaffirms UBS’s bullish view on China. In November, the analysts expected the MSCI China gauge to hit 100 by the end of 2026. Other major banks also have positive outlooks on local markets due to artificial intelligence and policy measures. In January, Goldman Sachs Group Inc. projected a 20% climb for the Chinese index. China’s producer price index has turned less negative, while corporate profitability are showing signs of improvements, Wang wrote. Bond yields have also crept up, signaling some expectations of reflation among investors, he added. The analysts, however, noted that earnings expectations will be lowered if companies aren’t able to raise prices due to sales pressure, and lead to a 7% to 10% downside for China stocks. “The share market experience in Japan in 2022 suggests that the best performing sectors during reflation included materials, financials and property,” they sai...

《財政預算案》倡議發展全民人工智能(AI)培訓，有市民關注有部分外國人工智能平台限制在本港的使用。財政司司長陳茂波回應稱，會盡力開拓更多人工智能平台在本港應用。 聽眾張先生說：「我覺得全民人工智能是好好的，司長有沒有考慮香港的人工智能配套，有很多平台在連接方面有問題，香港未必可以連接。我相信要推行全民人工智能，於不同的平台連接方面要有一些考慮，看看如何幫助市民更容易使用平台。」 財政司司長陳茂波表示：「我們鼓勵接入不同的平台，不過個別有些平台很可能有種種考慮，對我們不太歡迎。我們盡力做，能開拓更多方便大家，讓大家獲更多資訊，是我們樂見和非常願意做。」

《財政預算案》倡議發展全民人工智能(AI)培訓，有市民關注有部分外國人工智能平台限制在本港的使用。財政司司長陳茂波回應稱，會盡力開拓更多人工智能平台在本港應用。 聽眾張先生說：「我覺得全民人工智能是好好的，司長有沒有考慮香港的人工智能配套，有很多平台在連接方面有問題，香港未必可以連接。我相信要推行全民人工智能，於不同的平台連接方面要有一些考慮，看看如何幫助市民更容易使用平台。」 財政司司長陳茂波表示：「我們鼓勵接入不同的平台，不過個別有些平台很可能有種種考慮，對我們不太歡迎。我們盡力做，能開拓更多方便大家，讓大家獲更多資訊，是我們樂見和非常願意做。」

matejmo/iStock via Getty Images Market Overview US fixed-income markets delivered positive total returns in the fourth quarter of 2025, as policy uncertainty, fiscal developments, and divergent central-bank actions shaped the investment landscape. The US began the quarter with its longest government shutdown on record, which delayed key economic data and forced the Federal Reserve to make policy decisions with limited visibility. The shutdown ended in mid-November, but data gaps persisted, adding to market uncertainty. US agency mortgage-backed securities ('MBS'), investment-grade ('IG') corporates, and high-yield corporate bonds produced positive total returns. MBS and high yield outperformed duration 1 -equivalent US Treasuries, while IG corporate bonds underperformed as spreads 2 widened. The Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index returned 1.41% during the quarter. The ratio of 10-year AAA general obligations (GOs) to 10-year Treasuries decreased from 69.1% to 66.7%, remaining below the long-term historical average of 86% over the last 20 years.* Performance Summary The Hartford Sustainable Municipal Bond Fund (I share) outperformed the Bloomberg Municipal Bond Index during the period. Security selection in high-yield healthcare and IG transportation, healthcare, industrial development, and student loans were the main contributors of relative returns. Duration and yield-curve positioning was also additive to benchmark-relative returns, as the portfolio was overweight to the 10- and 20-year segments of the curve, which benefited from yield declines during the period. The Fund's allocation to and security selection within IG GO bonds detracted from performance. Positioning & Outlook Most states ended fiscal year 2025 with revenues above forecast. Although they have been declining recently, strong reserves keep us positive overall. Many municipal sectors have the ability to raise revenues quickly to address inflationary pressures. Labor constrained se...

財政司司長陳茂波出席立法會財委會，簡述新發表的《財政預算案》，多名議員要求政府在有盈餘下，恢復對教育和社福的資助，陳茂波回應指用錢要精準。 選舉委員會界別議員管浩鳴說：「收縮計劃每年(扣減)百分之2，我不知道財經同事是否明白我們困難，反正你有兩盤帳，我也想過，我可否分兩盤帳？因為既然你受助者不減，我又不是政府機構，不如你將我撥向受助者一方，因為我幫受助者，不可能受助者(資助)不減，我幫他們的，你就扣減，我百思不得其解。你叫我們用儲備，我想問我們用光儲備是否政府『包底』？」 財政司司長陳茂波稱：「特區政府考慮到公共財政狀況，過去這幾年需要在開支每年減百分之2。社福機構在這方面也是一視同仁，個別情況有特殊需要、特殊情況，勞福局會具體看看有否空間，做針對性幫助。」 專業動力新界東南議員方國珊指出：「教育是一個投資，很多市民，特別青年人，期望司長團隊恢復2,500元學生津貼。」 陳茂波回應：「之前取消最主要原因，現屆政府希望支援措施比較精準、針對性，之前這2,500元沒有任何資產審產。支援措施去年約78億，今年加大一倍，如個人免稅額、差餉方面，已達156億元。」

財政司司長陳茂波出席立法會財委會，簡述新發表的《財政預算案》，多名議員要求政府在有盈餘下，恢復對教育和社福的資助，陳茂波回應指用錢要精準。 選舉委員會界別議員管浩鳴說：「收縮計劃每年(扣減)百分之2，我不知道財經同事是否明白我們困難，反正你有兩盤帳，我也想過，我可否分兩盤帳？因為既然你受助者不減，我又不是政府機構，不如你將我撥向受助者一方，因為我幫受助者，不可能受助者(資助)不減，我幫他們的，你就扣減，我百思不得其解。你叫我們用儲備，我想問我們用光儲備是否政府『包底』？」 財政司司長陳茂波稱：「特區政府考慮到公共財政狀況，過去這幾年需要在開支每年減百分之2。社福機構在這方面也是一視同仁，個別情況有特殊需要、特殊情況，勞福局會具體看看有否空間，做針對性幫助。」 專業動力新界東南議員方國珊指出：「教育是一個投資，很多市民，特別青年人，期望司長團隊恢復2,500元學生津貼。」 陳茂波回應：「之前取消最主要原因，現屆政府希望支援措施比較精準、針對性，之前這2,500元沒有任何資產審產。支援措施去年約78億，今年加大一倍，如個人免稅額、差餉方面，已達156億元。」

随着数据中心业务业绩释放，其投资价值有望逐步被市场认知。 2025年基金四季报披露完毕后，机构持仓板块逐渐清晰，中集集团这一在外界看来是传统制造业领域的玩家，成为了科技主题基金新增的 重仓标的，引发市场关注。 以广发中小盘精选混合基金为例，该基金由知名基金经理陈韫中管理，其在增持中际旭创、寒武纪等AI算力牛股的同时，将中集集团A+H股纳入了核心持仓，总净值占比5.78%。 （图源：广发基金官网） 实际上，陈韫中作为深研科技成长赛道的基金经理，聚焦数据中心、芯片等投资主题，其管理的多只广发系基金都增持了中集集团。 在“广发小盘成长混合”基金中，中集集团A股占净值比为5.16%，寒武纪作为第一大重仓股占比6.66%；在“广发成长启航混合”基金中，中集集团A+H股占比5.39%，中际旭创占比6.34%。 回顾2025年股价表现，中际旭创上涨393.89%、寒武纪上涨106.01%、中集集团H股上涨72.83%，涨势都十分亮眼。 公募基金重仓布局往往是股价趋势的前瞻指标，中集集团此番获知名基金经理看重，究竟手握哪些优势，能跻身AI投资阵营？ 知名基金经理认可，数据中心价值迎来重估 根据基金四季报透露的持仓逻辑，上述广发系基金旨在布局AI紧缺环节的核心资产，挖掘新兴成长板块的阿尔法机会，以获得显著的超额收益。 这意味着，中集集团能够获得公募基金重仓，背后有着坚实的产业层面和公司基本面支撑。 （1）角色升维，卡位AI算力基础设施赛道 中集集团提供的模块化数据中心业务，在AI时代迎来价值的系统性重估，是基金增持中集集团的核心逻辑。 随着AI应用规模化落地，算力成为“硬通货”，而数据中心作为算力基础设施，需求随之快速攀升。 其中，模块化数据中心凭借建设快、灵活性高等优势，对比传统的数据中心建设模式，模块化快速部署更能满足AI业务快节奏发展，因此成为算力产业链最底层、最确定的环节。 中集集团布局该业务较早，占据先发优势，目前已构建起预制模块化数据中心全链条一体化能力，进一步巩固行业地位。 据了解，截至目前，中集集团在中东、东南亚等多个国家和地区已累计交付规模超过1000兆瓦、模块超过17000个。 同时，公司正为超过300MW的AI、云计算的客户提供预制化数据中心的技术与制造交付服务。未来公司和更多互联网、云计算厂商形成长期合作，订单储备充足。 从行业角度来看，根据埃森哲旗下Sobe...