3月25日，中远海运集运在公司网站发布消息称，即日起，恢复远东至中东地区如下国家的新订舱业务（普通箱），包括阿联酋、沙特、巴林、卡塔尔、 科威特、伊拉克。 该消息称，鉴于中东地区局势动荡，上述新订舱业务的安排以及实际的运输可能会有变动。 图片来源：公司网站 据公司网站，截至2026年1月31日，中远海运集运自营453艘集装箱船舶，运力规模为245万标准箱（中远海运集运及东方海外货柜，即"双品牌"船队自营 591艘集装箱船舶，运力规模为360万标准箱，船队总规模居于行业领先）。公司共经营422条航线，其中包括275条国际航线（含国际支线）、62条中国沿 海航线及85条珠江三角洲和长江支线。公司自营船队在全球约146个国家和地区的656个港口均有挂靠。 新华社消息，伊朗常驻联合国代表团于德黑兰时间3月25日凌晨在社交媒体上发表声明表示，非敌对船只，如果其所属或有关联的国家不参与且不支持针 对伊朗的侵略行为，并完全遵守已公布的安全和安保规定，在与伊朗有关部门协调下，可安全通行霍尔木兹海峡。 （文章来源：中国证券报） ...

3月19日至20日，中信证券2026年春季资本市场论坛在北京举行。中信证券研究团队研判，当前中国经 济在波动中稳步复苏，以人工智能、商业航天、生物科技为代表的新质生产力加速从概念转向产业落 地，持续重塑经济增长主线。资本市场生态持续优化，制度改革精准护航新产业发展，推动A股迈向增 量配置新阶段。市场正聚焦低估值与定价权核心，锚定优势制造布局，新质生产力全面赋能资本市场， 为中国资产价值的重估与全球吸引力提升注入强劲动能。 基于上述判断，具体配置策略需紧扣时代趋势与市场逻辑。裘翔建议，投资者应坚定围绕中国优势制造 定价权的重估进行布局，核心方向包括化工、有色、电力设备、新能源等行业，涨价主线仍是核心投资 线索；同时需增加低估值因子敞口，重点关注保险、券商、电力等板块。这一策略既契合"十五五"规划 中现代化产业体系建设的要求，也顺应了全球资产向中国优势资产配置的长期趋势。 全球经济格局的演变，正深刻影响资产配置的底层逻辑。明明认为，当前全球经济步入再平衡阶段，美 国经济面临结构性矛盾，通胀与经济走弱交织导致美联储降息节奏趋于谨慎。从大类资产表现来看，权 益资产在经济复苏与通胀回升周期中性价比突出，国债利率短期或在 ...

资本市场高质量发展的核心支撑，离不开生态体系的持续优化。朱烨辛认为，监管层通过严打财务造 假、完善强制退市制度、深化创业板改革等举措，正构建起一个更注重投资者回报保护、制度更包容的 市场环境，精准支持新产业、新业态发展。在基本面修复与增量资金入市的双重驱动下，A股正从存量 博弈转向增量配置的关键时期，更具韧性的资本市场新生态加速成型，中国资产的全球吸引力也在持续 攀升。 3月19日至20日，中信证券2026年春季资本市场论坛在北京举行。中信证券研究团队研判，当前中国经 济在波动中稳步复苏，以人工智能、商业航天、生物科技为代表的新质生产力加速从概念转向产业落 地，持续重塑经济增长主线。资本市场生态持续优化，制度改革精准护航新产业发展，推动A股迈向增 量配置新阶段。市场正聚焦低估值与定价权核心，锚定优势制造布局，新质生产力全面赋能资本市场， 为中国资产价值的重估与全球吸引力提升注入强劲动能。 围绕双核心布局优势制造 新质生产力赋能资本市场 2026年春季的市场走向，既面临多重不确定性，也孕育着结构性机遇。中信证券首席A股策略师裘翔表 示，当前是市场信心重塑与指数抉择的关键时期，全球地缘动荡叠加指数触及关键关口，让 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 3月17日，昭衍新药股价跌停。消息面上，公司股东顾晓磊及其一致行动人顾美芳拟"清仓式"减持。 值得一提的是，昭衍新药1月29日晚公告，公司实际控制人之一周志文于2025年12月30日披露了减持计 划，自减持计划公告之日起15个交易日后的3个月内通过上海证券交易所以集中竞价或大宗交易的方式 减持不超过1498万股，不超过其持有股份的20.0466%，不超过公司当时总股本的1.99873%。截至2026 年1月29日，周志文以大宗交易及集中竞价交易的方式减持公司A股股份1497.9万股，并决定提前终止减 持计划。 昭衍新药2025年半年报显示，周志文与昭衍新药董事长冯宇霞系夫妻关系。 对此，昭衍新药证券部工作人员回应中国证券报记者，股价大跌主要受减持消息影响，上述股东一直在 减持，但本次减持力度超出预期，因此市场反应较大。 回应"清仓式"减持 3月16日晚间，昭衍新药披露关于股东减持A股股份计划的公告显示，股东顾晓磊及其一致行动人顾美 芳拟自减持计划公告之日起3个交易日后的3个月内，通过上海证券交易所以集中竞价的方式分别减持约 2042.0 ...

北京时间3月17日凌晨，英伟达CEO黄仁勋在2026年GTC大会上发表主题演讲。他谈到算力芯片的最新营收预测：到2027年达到1万亿美元。上一年黄仁勋 曾预测，2026年芯片的市场需求约5000亿美元。 黄仁勋认为，过去三年，AI产业的3个里程碑式产品分别是ChatGPT、OpenAI的o1推理模型，以及Claude Code智能体。ChatGPT开启生成式AI时代；o1推 理模型使模型能够反思、规划，将复杂问题分解为可处理的步骤；Claude Code则革新了软件工程。AI经历了从"感知"到"生成"，再到"推理""执行"的演 进。 黄仁勋表示，推理拐点已经到来，Token生成需求呈爆炸式增长。黄仁勋在演讲中提到"每瓦Token数"（Tokens per watt）的概念，他表示，英伟达的Token 成本目前是全球最低。 英伟达CEO黄仁勋在2026年GTC大会上发表主题演讲图片来源：英伟达视频截图 英伟达还发布全新的Vera CPU机架，该机架集成256个液冷Vera CPU，AI工厂可在单个机架内快速部署并扩展至数万个并发实例和智能体工具，效率比传 统机架级CPU提升一倍，速度提升50%。 黄仁勋还介绍了 ...

Core Insights - Li Auto achieved a revenue of 112.3 billion yuan in 2025, marking its third consecutive year of over 100 billion yuan in revenue and profitability [1] - The company delivered 406,300 vehicles in 2025, with a significant recovery in Q4, showcasing strong growth momentum [2] - Li Auto's cash reserves reached 101.2 billion yuan, providing a solid foundation for future growth and strategic initiatives [3] Financial Performance - In Q4 2025, Li Auto's revenue was 28.8 billion yuan, with a quarter-on-quarter increase of 5.2% and vehicle deliveries of 109,000, up 17.1% [1] - The company maintained a net profit of 1.1 billion yuan, demonstrating strong profitability during a period of strategic investment [2] R&D and Technological Advancements - Li Auto's R&D investment reached a record high of 11.3 billion yuan in 2025, with 50% allocated to AI-related projects [4] - The company is focusing on core technologies in embodied intelligence, with plans to launch its self-developed chip, Maher 100, in Q2 2026, which will significantly enhance intelligent driving capabilities [4] Sales and Operational Strategy - Li Auto revamped its sales system in 2025, implementing a four-tier flat operational structure to improve decision-making efficiency and employee satisfaction [2] - The introduction of a store partner system aims to invigorate the direct sales model, with expectations of noticeable improvements in sales operations by Q3 2026 [2] Future Outlook - The company aims to achieve a sales target of 500,000 vehicles in 2026, representing over 20% growth compared to 2025, supported by a "3+2" growth strategy [7] - Li Auto plans to launch the i9 electric flagship SUV in the second half of 2026, further enhancing its product lineup [7]

他提出，一是建立通信覆盖协同机制，将网络保障纳入基础类改造范畴。建议相关部门加大财政支持， 进一步明确把电梯、地下停车场等关键区域的通信覆盖设施建设列为老旧小区改造必选项。在项目立项 阶段，引导通信企业提前介入方案设计，确保通信管线、弱电井改造与电梯加装、道路开挖等工程实现 同步规划、设计与施工，避免二次施工造成的重复投入。同时，积极推广光纤到房间(FTTR)技术，统 一规范隐蔽布线和弱电箱集成改造的标准，并对采用先进接入技术的小区给予政策性补贴，全面提升社 区数字化接入水平。 二是以需求为导向，分层分类推进智能化基础设施全覆盖。建议针对不同小区条件与居民需求，制定差 异化改造清单。如必选项包括智能安防、智慧消防、电动自行车充电桩等基础需求；鼓励项包括光纤到 户升级、新能源汽车充电桩、智慧停车系统等发展场景；探索项包括智慧养老、健康监测、社区能耗管 理等增值服务。进一步丰富智能化服务场景，打造"安全、智能、宜居"的智能小区。 三是完善多元合作模式，构建可持续的运维管理体系。在财政资金支持的基础上，进一步健全多主体参 与的改造运营模式，鼓励地方政府引入社会资本，参与设计、投资、建设、运营全流程，探索充电服 务、 ...

Core Viewpoint - The Chinese government aims to expand the use of the Renminbi in cross-border transactions as part of its high-level opening-up strategy, indicating a clear direction for financial industry reform [1] Group 1: Global Financial Governance and Cross-Border Payment - The transformation of global financial governance provides a "window period" for Chinese financial institutions to participate in international rule-making [3] - Financial institutions should support the internationalization of the Renminbi by promoting the use of Renminbi for the settlement of key commodities like iron ore and crude oil [3][4] - There is a need to enhance the connectivity of local clearing systems with major trading partners to facilitate Renminbi transactions [5] Group 2: Digital Currency and Technological Integration - The digital Renminbi is positioned as a "digital bridge" to connect China with other countries, with expectations for its application to expand steadily [5] - The establishment of a cross-border ecosystem for digital Renminbi is essential, including the development of localized digital wallet services and smart contract-driven B2B payment systems [4][5] - The digital Renminbi is expected to see initial breakthroughs in small, high-frequency retail scenarios [5] Group 3: Support for Enterprises Going Global - Financial institutions need to innovate cross-border financial products to better support enterprises as they expand internationally, shifting from product-based to industry chain-based approaches [6] - The integration of digital technology is crucial for addressing service bottlenecks faced by small and medium-sized enterprises in cross-border operations [7] - Financial institutions should evolve from being mere fund providers to comprehensive resource integrators, offering a range of services including compliance consulting and supply chain integration [7] Group 4: Financing for New Quality Productivity - Financial institutions must develop a multi-dimensional evaluation system to better understand and meet the financing needs of technology-driven enterprises [8] - There is a need to embed financial product innovation within specific scenarios to align with the characteristics of technology innovation [9] - The assessment of technology companies should include new metrics beyond traditional financial statements, focusing on growth potential and market dynamics [9]

今年全国两会期间，全国人大代表、中国铁塔董事长张志勇重点关注老旧小区智能化基础设施建设和推 动数据要素高效流通。他建议，建立通信覆盖协同机制，将网络保障纳入基础类改造范畴；以需求为导 向，分层分类推进智能化基础设施全覆盖，并优化多元合作模式，构建可持续的运维管理体系。他还建 议，从制度体系、供给能力、安全底线三个方面发力，加快推动数据要素合规高效流通，充分释放数据 价值。 当前，数据作为新型生产要素和关键战略资源已深度融入经济社会发展各领域，成为支撑经济高质量发 展、培育新质生产力、提升国家治理水平的重要基础。在数字技术进入深度融合、迭代升级的新阶段， 数据价值释放已不再局限于单点应用、局部探索，而是更加依赖规范有序的数据流通机制、持续高效的 高质量数据供给以及安全可控的运行保障环境。 针对目前存在的数据流通机制不畅导致"转不起来"、数据供给能力不足导致"不好用"、数据安全保障能 力不强导致"不放心"等问题，张志勇呼吁从国家层面加强统筹、从行业层面强化协同，不断完善制度体 系、提升支撑能力，推动数据价值在更高层次、更大范围充分释放。 进一步推进智能化基础设施建设 当前，我国正在推动老旧小区改造，这是提升居民生 ...

Group 1 - The government work report and the 14th Five-Year Plan indicate a clear direction for the green transformation of the automotive industry, emphasizing the need for accelerated transition to new energy commercial vehicles and promoting energy-saving and carbon-reduction efforts in manufacturing [2] - The pickup truck market in China is expected to experience strong growth during the 14th Five-Year period, with a projected market share of approximately 14% of the total commercial vehicle sales of 4.296 million units by 2025, which is significantly lower than the mature North American market [3] - The perception of pickup trucks is shifting from being merely tools to multifunctional vehicles suitable for both commercial and personal use, with an increasing focus on product diversification and high-end features [3] Group 2 - There is a need to differentiate between passenger and commercial pickup trucks, with current regulations imposing a mandatory inspection every year and a 15-year scrappage rule for light trucks, which is seen as wasteful and misaligned with consumer demand [4] - The suggestion is made to eliminate the 15-year mandatory scrappage policy for non-commercial pickup trucks, allowing them to be managed similarly to passenger vehicles, with a focus on mileage limits rather than age [4] - The exclusion of pickup trucks from the national "trade-in" policy is seen as a barrier to market consumption potential, highlighting the need for regulatory adjustments to stimulate demand [4] Group 3 - The rise of automation and smart factories necessitates a reevaluation of the role of traditional craftsmen, emphasizing that technology should enhance human capabilities rather than replace them [5] - The concept of "craftsmanship" is viewed as essential for product competitiveness, with a focus on precision and quality in every aspect of production [6] - There are challenges in the current vocational education system, including a lack of integration between industry and education, insufficient training resources, and low social recognition of skilled trades, which need to be addressed to meet the demands of advanced manufacturing [6]