大事观察 财政部推出2500亿等多项政策提振消费稳投资 3月22日，中国发展高层论坛2026年年会上，财政部部长蓝佛安表示将综合运用多种政策工具建设强大国内市场。今年安排2500亿元超长期特别国债支 持消费品以旧换新，设立1000亿元促内需专项资金。同时优化政府投资结构，聚焦新质生产力等重点领域，出台财税政策为民营企业发债增信、提供贷 款贴息。 国内稀土和稀有金属大会 中国五矿化工进出口商会发布通知，将于2026年3月25日举办稀土和稀有金属出口政策及形势说明会。通知称，本次会议将邀请商务部和海关总署有关 部门领导参加会议并发言，就相关产品的出口政策和形势进行解读，同时也有助于政府部门了解企业出口面临的问题。 QFII最新持仓出炉 医药与科技制造成布局主线 3月22日，QFII在A股最新持仓路径公布，41家公司现身重仓名单，涉及16家外资机构，加仓、减仓与新进动作并行。主权财富基金重点布局医药、能 源等领域，国际投行活跃于半导体、汽车零部件等方向。行业分布上，制造业为主要配置方向，医药生物与科技制造构成核心布局主线，多只个股获多 家外资机构重叠持仓。 国家发改委主任会见大众汽车集团相关负责人 2026人形机器 ...

更多评选进程，敬请关注新财富官网及官方微信公众号。新财富金牌董秘评选相关咨询请联系邮箱： jpdm@xcf.cn 截至2026年3月23日，第二十二届新财富金牌董秘评选与第九届新财富最佳IR港股公司评选已完成首轮客观指标评价工作。共有2741位上市公司董秘、 417家港股通标的公司、60家A股上市公司证券事务代表进入预公示候选名单。 预公示期截至2026年3月31日17:30，期间接受意见反馈。咨询邮箱：jpdm@xcf.cn。 最终候选名单以第二轮投票环节为准，第二轮投票拟定于4月上旬 启动。 候选董秘及港股公司的资料补充与修订仍在进行中，截止时间为3月31日17:30。 点击下方图片，查看第二十二届新财富金牌董秘、第九届新财富最佳IR港股公司评选预公示候选名单。 经首轮客观指标筛查，入围的2741位董秘供职于2741家上市公司，总市值近68万亿元（以2026年3月20日收盘价为基准）。此外，60位证券事务代表入 选预公示候选名单。 候选人的产生遵循以下规则：评选设置客观与主观两轮评价机制，其中"金牌证券事务代表"需单独自主申报。首轮客观指标筛选需满足两项限制条件： 一是董秘任职满一个会计年度（2025年1 ...

美联储维持利率不变 暗示2026年降息1次 大事观察 特斯拉拟29亿美元采购中国 光伏 设备 3月20日，据路透社消息，特斯拉与中国光伏设备供应商展开大额采购洽谈，计划斥资29亿美元（约200亿元人民币）进口太阳能电池板及电池生产核心 装备，助力美国本土100吉瓦太阳能装机容量目标落地，相关设备需2026年秋季前交付至美国得克萨斯州新工厂。 这批设备投产后，电力将主要支撑特斯拉电动汽车、数据中心等运营，同时为SpaceX卫星供电。今年1月，马斯克曾公开表示，太阳能可满足美国全部 电力需求，特斯拉计划2028年底前完成美国太阳能全链条产能建设。 当地时间3月18日，美联储将联邦基金利率目标区间维持在3.5%-3.75%不变，为今年1月后连续第二次维持利率不变。美联储理事米兰投反对票，支持 此次降息25个基点，2025年7月以来美联储历次议息会议均遭遇反对票。 美联储表示中东局势对美国经济影响尚不确定，美以袭击伊朗后布伦特原油价格大幅上涨，或推高通胀并破坏经济增长。点阵图显示，美联储官员暗示 2026年、2027年或各降息1次，与去年12月预测一致。美联储同时上调2026年个人消费支出通胀率预期至2.7%，GDP ...

引言：从"传统化药企业"到"技术平台型药企"的转型 过去二十余年，莱美药业一直以化学制药业务为核心，产品覆盖抗肿瘤、消化系统、抗感染等多个治疗领域，其中最具代表性的产品是纳米炭混悬注射 液（卡纳琳）。 该产品是国内首个获批上市的肿瘤淋巴示踪剂，经过多年临床应用和市场推广，在市场上保持了较高的市场占有率，目前已在甲状腺、乳腺、胃肠及妇 科肿瘤等多个外科手术场景中得到广泛使用，并逐渐成为相关手术淋巴结清扫的重要辅助工具。 莱美药业的发展逻辑正在从过去以单一创新产品为核心的经营模式，逐步转向以技术平台为基础、以多产品创新组合为支撑的结构性升级。 公司参股公 司康德赛作为聚焦"mRNA+细胞疗法"的创新型生物医药企业，凭借技术突破、临床进展、产业合作及政策适配等多重优势，在肿瘤治疗、纤维化修复等 领域构建起核心竞争力，康德赛用于治疗晚期卵巢癌的个体化肿瘤疫苗项目（CUD002）、用于治疗中晚期肝硬化的巨噬细胞项目（CUD005）临床一期 均在稳步推进过程中。 对于一家深耕化学制药多年的企业而言，这种转型既是应对行业环境变化的必然选择，也可能成为未来重新打开成长空间的重要起点。 0 2 业绩短期承压，战略转型成效初显 ...

大事观察 美团回应"北大毕业送外卖"传闻 3月18日，针对近期网络热议的"北大毕业生送外卖"一事，美团公司正式作出回应。美团表示，经内部核实，该传闻系个别自媒体为吸引流量而编造的 虚假信息，平台方并未查询到符合描述的在职骑手记录。 美团强调，公司尊重每一位劳动者的职业选择，但坚决反对任何捏造事实、消费大众情绪的行为。目前，美团已就相关不实信息向网信部门进行了举 报，并保留追究造谣者法律责任的权利。同时，美团呼吁广大网民不传谣、不信谣，共同维护清朗的网络空间。 伊朗划定油气打击目标，沙特卡塔尔设施遇袭起火 当地时间3月18日，伊朗伊斯兰革命卫队发布紧急警告，将美国相关石油设施、沙特阿联酋卡塔尔三国油气设施，正式列为合法打击目标，敦促周边人 员紧急撤离。此次强硬表态源于伊朗本土核心能源设施遭袭，伊朗认定三国为美以提供后勤支持，相关油气枢纽不再享有民用豁免权，系对等反制核心 举措。 3月19日凌晨伊朗发起报复行动，沙特、卡塔尔核心炼油与石化设施接连遇袭起火，部分设施临时停运，直接扰动中东本地油气生产与出口调度。 近日，美国证券交易委员会（SEC）批准了纳斯达克的一项试点计划，允许其在合规框架内进行部分股票的代币化交 ...

0 1 大事观察 拉里贾尼已遇难 伊朗最高国家安全委员会秘书阿里.拉里贾尼的社交媒体账号18日凌晨发布消息，证实拉里贾尼在美国和以色列对伊朗的袭击中遇难。 特朗普反恐高官公开决裂 美国国家反恐中心（NCTC）主任乔·肯特宣布即时辞职。他在致总统特朗普的公开信中明确表示，"无法昧着良心支持正在进行的伊朗战 争"，并指伊朗未对美国构成"迫在眉睫的威胁"。 肯特在信中直指战争根源，称这场战争是"迫于以色列及其在美强大游说集团的压力而发动的"。作为特朗普亲自提名并获参议院确认的 高级官员，他的辞职标志着MAGA阵营内部首次因重大政策分歧出现公开决裂。特朗普迅速回应，称肯特在安全问题上"软弱"，并表示"如果政府中有 人认为伊朗不是威胁，那我们不需要这些人"。白宫发言人则称肯特信中内容存在"多处虚假"。 肯特的辞职并非孤立事件，它反映了美国国内对伊动武的广泛质疑。此前，民主党议员多次批评行动缺乏国会授权与正当性，民调也显 示近六成民众不赞成军事行动。掌握核心反恐情报的官员公开质疑战争必要性，将极大削弱官方叙事，加剧国内反战情绪。 国家发改委推出新一批重大外资项目，包括电子制造、化工、汽车、电气机械等 近日，国家发展改革委 ...

目前，英伟达已经正式宣布，CPO技术将于2026年开始启动规模化部署。合作伙伴CoreWeave、Lambda及德克萨斯高级计算中心（TACC）将率先在上 半年部署基于InfiniBand CPO系统，而面向Spectrum-X以太网平台的CPO产品也计划于下半年开始部署。全球算力数据中心终于开始迈入一个全新的光 通信时代。 自此，共封装光学CPO也从根本上颠覆了传统光模块的独立形态，取而代之的是与特定交换芯片深度绑定的"光引擎子系统"。这也直接引发了行业最深 的忧虑："去模块化"是否意味着光模块的产业价值链，就此要结束了？ 0 1 供应链的战争，即将开始 目前，英伟达宣布向Lumentum和Coherent各投20亿美元，并附上价值数十亿美元的长期采购承诺。其核心目的就是，不惜重金，提前锁定全球最紧缺的 高端激光芯片产能。 自此，全球AI算力行业，开始进入一场关于底层光学供应链的规模战。这也是英伟达首次与上游光器件供应商达成含股权投资的深度绑定协议，进而其 对原有的光模块产业链的主导能力，前所未有地增强了。 如此的迫在眉睫，重点还是出于对产能瓶颈的考量——当前，基于磷化铟（InP）衬底的高速激光芯片（如EM ...

Core Viewpoint - Yanjing Beer has been slower in its premiumization process compared to other leading beer companies, but recent strategic actions aim to enhance operational efficiency and product structure, which could lead to improved profitability [4][6][18]. Group 1: Premiumization and Product Structure - Yanjing Beer launched its premium products U8 and V10 in 2019-2020, while competitors like Qingdao Beer and Chongqing Beer had already introduced their premium products earlier [4]. - The company has initiated a "cost reduction and efficiency enhancement" strategy since 2022, focusing on streamlining its product offerings and improving operational efficiency [4][18]. - The premiumization strategy is expected to enhance gross margins, as the gross margin of mid-to-high-end products like U8 is significantly higher than that of lower-tier products [21]. Group 2: Financial Performance and Efficiency - In 2024, Yanjing Beer achieved revenue of 14.67 billion yuan, with a gross margin of 40.72%, while Qingdao Beer had a revenue of 32.14 billion yuan and a gross margin of 40.23% [12][11]. - Yanjing's management expense ratio is higher than that of its peers, which contributes to its lower net profit margin despite a higher gross margin [6][11]. - The company has seen improvements in operational efficiency, with a production capacity utilization rate of 65.4% in 2024, compared to Qingdao Beer’s 79.5% [16][18]. Group 3: Taxation and Profitability - Yanjing Beer benefits from a reduced corporate tax rate of 15% for some subsidiaries due to high-tech enterprise qualifications and tax incentives [8]. - The increase in the proportion of higher-priced products like U8 is expected to lower the effective tax rate, further enhancing profitability [21]. - The company anticipates that by 2028, U8 could account for 30% of total sales, contributing approximately 7.4 billion yuan in revenue, significantly boosting overall profitability [22][23].

Major Events Observation - Ant Group's acquisition of Yao Cai Securities for HKD 28.14 billion has been approved, with the deal expected to close on March 30, 2023. Ant Group will acquire 50.55% of Yao Cai Securities at HKD 3.28 per share, gaining control of the Hong Kong brokerage [2] Healthcare Sector - The National Healthcare Security Administration, National Development and Reform Commission, and National Health Commission have jointly issued guidelines to support grassroots healthcare services. Eligible chronic disease patients can receive long-term prescriptions for up to 12 weeks at grassroots medical institutions, which will not be included in outpatient cost assessments [3] Retail Sector - Yonghui Supermarket has publicly urged Sam's Club not to force suppliers into a "choose one" situation, opposing unfair competition practices and emphasizing the importance of quality management [4] Automotive Industry - Xiaomi has announced the core configurations of its new generation SU7 model, which includes 12 key features such as a CLTC range of 902 kilometers, silicon carbide high-voltage platform, V6sPlus super motor, and advanced safety features [5] Technology Sector - Apple's first foldable iPhone, the iPhone Fold, is set to launch in September 2026, featuring a 7.8-inch inner display and a 5.5-inch outer display. It will support split-screen functionality for dual app operation, enhancing user experience [6] Commodities Market - Tungsten prices have surged over 500% in the past year due to supply-demand imbalances, with domestic mining quotas tightening and increased demand from sectors like photovoltaics, semiconductors, and high-end manufacturing. China controls 83% of global tungsten production, leading to a significant supply gap [7] AI Industry - NVIDIA has launched the Vera Rubin AI computing platform, featuring 256 LPU chips per rack, which significantly enhances inference throughput and power efficiency [9] - Alibaba has established a new business group, Alibaba Token Hub, to focus on the AI Agent market, integrating various departments to enhance AI applications across its services [10] - OpenAI is negotiating with private equity firms to form a joint venture aimed at the enterprise AI market, with a pre-investment valuation of approximately USD 10 billion [11] - Meta has signed a five-year agreement with Nebius for AI infrastructure procurement, potentially reaching a total investment of USD 27 billion for dedicated AI computing capabilities [12]

Major Events Observation - WeChat has launched three new features to enhance call experiences, including an ignore button for incoming calls, voice-to-text support for 18 languages, and a screen lock feature for video calls [2] - Moutai has established a new consignment policy for non-standard products, allowing distributors to earn a 5% commission on sales, which will be settled monthly [3] - Apple announced a reduction in the App Store commission rate in mainland China from 30% to 25%, effective March 15, 2026 [4] - Pony.ai has integrated with Tencent's transportation service mini-program to expand smart travel applications and enhance user service options [5] - Xiaomi's new SU7 model is set to launch this month, with significant interest from international car manufacturers [6] - Pinduoduo has initiated a trial for free delivery services to rural areas, aiming to enhance user shopping experiences and expand market coverage [7] - Omdia forecasts that smartphone shipments in Latin America will reach a historical high by 2025, indicating a growing consumer electronics market [8] - Gulf countries have initiated alternative logistics corridors to ensure supply chain continuity amid regional tensions [9] - Iran's new Supreme Leader emphasized national unity and regional security in his first public statement, indicating a continuation of the blockade of the Strait of Hormuz [10] - The U.S. confirmed that an attack on an Iranian school was conducted by its military, attributing it to a series of errors [11] - The U.S. Treasury issued a general license allowing the sale of Russian oil and petroleum products that were loaded before March 12, 2023, to alleviate international oil price pressures [12] - JD.com announced a new delivery service strategy and plans to expand its smart robot industry, with daily investments reaching 128 million yuan [13] - A former Xiaomi executive has announced a new company brand and is preparing for internal testing of a new app [14] - JD Cloud launched a promotional campaign involving digital and physical lobsters, enhancing user engagement [16] - The Ministry of Industry and Information Technology released guidelines to mitigate security risks associated with OpenClaw [17] - Ninebot has integrated OpenClaw into its electric vehicles, marking a significant advancement in AI applications within the industry [18] - Microsoft and Meta are driving a surge in the global data center leasing market, projected to reach $700 billion [19] - Meta announced the development of four self-designed AI chips, aiming to compete with Nvidia and AMD by the end of 2027 [20] - The 2026 AWE exhibition highlighted the integration of AI in home appliances, showcasing innovations in smart home technology [21]