基金名称：陕西建兴湛卢股权投资合伙企业（有限合伙） 管理人名称：建信（北京）投资基金管理有限责任公司 托管人名称：中国建设银行股份有限公司 备案日期：2026 年 3 月 20 日 备案编码：SBSE62 本公司将严格按照相关法律法规的要求，对建兴湛卢基金的后续进展情况及时履行 信息披露义务。敬请广大投资者注意投资风险。 特此公告。 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202620 中兴通讯股份有限公司 关于参与认购的建兴湛卢基金完成备案登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 中兴通讯股份有限公司（简称"中兴通讯"或"本公司"）于 2026 年 2 月 2 日召 开的第十届董事会第十九次会议审议通过了《关于认购陕西建兴湛卢股权投资合伙企业 （有限合伙）份额的议案》，本公司拟作为有限合伙人出资 11,700 万元人民币认购陕西 建兴湛卢股权投资合伙企业（有限合伙）（简称"建兴湛卢基金"），建兴湛卢基金规 模为 3 亿元人民币，具体请见本公司于 2026 年 2 月 3 日发布的《第十届董事会第 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Core Insights - The article discusses the establishment of the National Artificial Intelligence Application Pilot Base in the energy sector, specifically focusing on electricity, which aims to facilitate the integration of AI technologies into the power industry [3][4]. Group 1: Overview of the Pilot Base - The pilot base has successfully connected over 100 different entities to promote efficient resource sharing and collaborative expansion in the AI field [3]. - Eight initial enterprises, including major players like Huawei and Baidu, have officially joined the pilot base, with plans to introduce 30 more companies by 2026 [3][5]. Group 2: Services and Support Offered - The pilot base provides a comprehensive range of services, including testing, certification, and consulting, to support the entire chain of AI technology application in the power sector [4]. - It offers resources such as computing power, high-quality data, and valuable models to its partners, facilitating the transition from research to market-ready products [4]. Group 3: Importance of AI in the Power Sector - The integration of AI technologies is crucial for addressing the systemic challenges faced by the new power system, including planning, operation, and scheduling [5]. - AI technologies are expected to drive significant transformations in the entire electricity supply chain, enhancing reliability, safety, and economic efficiency [5].

Core Viewpoint - The company, Placo New Materials (铂科新材), has a diverse customer base that includes several prominent companies across various industries [1] Group 1: Customer Base - The main customers of the company include ABB, BYD (比亚迪), Gree, GoodWe, Huawei, Jinlang Technology (锦浪科技), Midea, Megmeet (麦格米特), MPS, Flex, TDK, Delta, Weimais, Sungrow (阳光电源), Eaton, and ZTE [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company is firmly advancing its "Connection + Computing Power" transformation strategy in 2025, with the computing power business (government and enterprise services) experiencing rapid growth, doubling its revenue year-on-year. However, the connection business is under pressure due to industry cycles, leading to short-term fluctuations in gross margin and a phase of adjustment in profitability. Strong R&D investment is expected to gradually restore profitability as self-developed chips and full-stack intelligent computing capabilities continue to strengthen and apply [2][12] Summary by Relevant Sections Revenue and Profitability - In 2025, the company achieved total revenue of 133.9 billion yuan, a year-on-year increase of 10.4%. The net profit attributable to shareholders was 5.6 billion yuan, down 33.3% year-on-year, while the net profit excluding non-recurring items was 3.4 billion yuan, down 45.5% year-on-year. In Q4 alone, the company reported revenue of 33.4 billion yuan, a quarter-on-quarter increase of 15.2%, with a net profit of 300 million yuan, up 11.9% quarter-on-quarter [6][12] Business Segmentation - The company's revenue from different business segments in 2025 was as follows: operator networks 62.9 billion yuan (down 10.6% year-on-year), government and enterprise services 37.2 billion yuan (up 100.5% year-on-year), and consumer business 33.8 billion yuan (up 4.4% year-on-year). The operator network business was primarily affected by the decline in domestic operators' 5G investment, while the government and enterprise services capitalized on opportunities in intelligent computing, leading to significant growth [12][12] Gross Margin and Cost Management - The overall gross margin for the company in 2025 was 30.3%, down 7.7 percentage points year-on-year, mainly due to the rapid growth of lower-margin government and enterprise services. The gross margins for operator networks, government and enterprise services, and consumer business were 48.1%, 11.0%, and 18.3%, respectively. Effective cost management was evident, with R&D, sales, and management expense ratios decreasing to 17.0%, 6.9%, and 3.2%, respectively [12][12] R&D Investment and Future Outlook - The company maintained a high level of R&D investment, totaling 24.5 billion yuan, accounting for approximately 18.3% of revenue. This investment focused on high-potential and strategic projects, enhancing capabilities in both network and computing power sectors. The company expects to see a gradual recovery in profitability as it continues to strengthen its full-stack intelligent computing capabilities [12][12] Profit Forecast - The company forecasts net profits attributable to shareholders for 2026, 2027, and 2028 to be 7.4 billion yuan, 8.5 billion yuan, and 9.5 billion yuan, respectively, with corresponding year-on-year growth rates of 31.8%, 14.5%, and 12.0%. The projected price-to-earnings ratios for these years are 24x, 21x, and 19x, respectively [12][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The upcoming GTC conference is expected to showcase advancements in GPU architecture, power supply upgrades, and liquid cooling technologies, which will further solidify the global computing ecosystem and accelerate the commercialization of core components and supporting infrastructure [3][12] - The OFC conference is anticipated to highlight the ongoing upward trend in the optical communication sector, with significant developments in high-speed optical modules and advanced packaging technologies [4][15] - The report emphasizes the resonance of the global AI industry, recommending investment in four main areas: optical communication, liquid cooling, domestic computing power, and satellite technology [5][13] Summary by Sections GTC and OFC Insights - The GTC conference will take place from March 16 to 19, 2026, focusing on new GPU architectures and related technologies [11] - The OFC conference will occur from March 15 to 19, 2026, showcasing advancements in high-speed optical modules and related technologies [15] Investment Recommendations - Recommended stocks in the optical communication sector include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [13][17] - Beneficiary stocks include: Longfly Optical Fiber, Robot Technology, and others [13][16] - In the liquid cooling and power supply sectors, recommended stocks include: Yingweike and others [20][18] Market Review - The communication index experienced a slight decline of 0.12% during the week of March 9 to March 13, 2026 [25] 5G Infrastructure Data - By December 2025, the total number of 5G base stations in China reached 4.84 million, with a net increase of 588,000 stations from the previous year [27] - The number of 5G mobile phone users reached 1.204 billion, reflecting a year-on-year growth of 18.74% [27][29]

Core Viewpoint - The article discusses the upcoming "5th Advanced Thermal Management Technology Summit and AI and AI Intelligent Agent Developer Forum" scheduled for March 23-24, 2026, in Shanghai, China, focusing on opportunities and challenges in thermal management technology across various sectors, including AI servers, automotive electronics, humanoid robots, and high-performance chips [3][4]. Group 1: Event Overview - The summit will feature over 70 speakers and 600 industry experts, covering key topics such as AI server data centers, automotive electronics, humanoid robots, and smart terminals [4]. - The event will include a main conference and four specialized sessions, focusing on high-performance and high-power chip thermal management technology [4]. Group 2: Key Topics and Technologies - Key technologies discussed will include AI and AI intelligent agents, AI server data centers, smart terminals, humanoid robots, high-performance and high-power chips, high thermal conductivity materials, and microchannel cooling technology [4]. - Specific sessions will address liquid cooling technologies, embedded microfluidic cooling, and thermal management solutions for AI computing infrastructure [5][6]. Group 3: Participating Companies and Presentations - Notable companies participating include ZTE Corporation, Lenovo, and Ansys, presenting on topics such as high-power liquid cooling technology and thermal simulation solutions [5][15]. - Various universities and research institutions, including Peking University and Xiamen University, will also present their findings on advanced thermal management technologies [6][17]. Group 4: Industry Challenges and Innovations - The summit will explore challenges in thermal management for electric vehicle motor controllers and the principles of automotive thermal management design [8][23]. - Innovations in thermal management for humanoid robots will be discussed, focusing on key difficulties such as high power density and dynamic coupling effects [7][22].

Investment Rating - The communication industry is rated as "Cautious" with expectations of moderate performance in the coming months [48]. Core Insights - The communication sector outperformed the CSI 300 index by 1.8 percentage points during the review period, with a 0.73% increase from March 2 to March 6, 2026 [2][12]. - The sector's cumulative increase for the year 2026 stands at 5.84%, ranking 14th among 30 sectors [2][12]. - The report highlights the government's focus on developing a new intelligent economy, emphasizing the importance of AI, satellite internet, and 6G technology as key growth areas for the communication industry [3][5][40]. Summary by Sections Market Review - The communication sector includes 119 listed companies, with 30 experiencing price increases and 88 seeing declines during the review period [12][13]. - The top three gainers were Huagong Technology, Sega Technology, and Xinyi Technology, while the largest decliners were Jinglun Electronics, Tianfu Communication, and Feiling Kesi [13][16]. - As of March 6, 2026, the sector's PE TTM was 27.53, placing it in the 38.62 percentile [14]. Industry News - The government work report emphasizes the need for new infrastructure projects, including large-scale intelligent computing clusters and the development of satellite internet [20][21]. - The GSMA report predicts that mobile technology will create $7.6 trillion in economic value by 2025, with significant growth expected in 5G and AI-driven services [21][22]. - The semiconductor industry saw a 46.1% year-on-year increase in sales in January 2026, driven by AI demand [22]. Investment Recommendations - The report suggests focusing on operators with sustained profit growth and network value enhancement, particularly in the "5G + Industrial Internet" and satellite internet sectors [5][45]. - Companies that continuously invest in technological innovation and possess strong competitive advantages are also recommended for investment [5][45].

Group 1 - Jiangyin International maintains a "Buy" rating for BYD Company Limited with a target price of HKD 133, highlighting the launch of the second-generation blade battery and MW Flash Charge 2.0 technology, which allows for a 70% charge in 5 minutes at room temperature and 97% in 12 minutes at -20°C, alleviating user anxiety regarding charging [1] - CMB International maintains a "Buy" rating for ZTE Corporation with a target price of HKD 38.6, noting a projected 10.4% revenue growth in FY25, despite a 33.3% decline in net profit due to a higher proportion of enterprise and government business affecting gross margin [1] - CITIC Securities maintains a "Buy" rating for Bilibili Inc., indicating that the company is expected to achieve its first annual GAAP profit by Q4 2025, with advertising revenue growing by 27.4% as a core driver [1] Group 2 - Huatai Securities maintains a "Buy" rating for JD.com with a target price of HKD 147.88, reporting steady growth in retail with double-digit growth in daily categories for five consecutive quarters and a 40% increase in user purchase frequency [2] - CITIC Jiantou maintains a "Buy" rating for JD Health with a target price of HKD 69.22, forecasting a 26.3% revenue increase and a 36.3% rise in Non-IFRS net profit in 2025, driven by prescription drugs and platform advertising revenue [2] Group 3 - Huatai Securities maintains a "Buy" rating for JD Logistics with a target price of HKD 17.1, projecting an 18.8% revenue increase in 2025, with a significant rise in integrated supply chain revenue [3] - Tianfeng Securities maintains a "Buy" rating for Bosideng, reporting an 8.3% revenue increase in brand down jackets for FY26H1, supported by designer collaborations and store reform strategies [4] Group 4 - Tianfeng Securities maintains a "Buy" rating for Nine Dragons Paper Holdings, noting a 318.8% increase in net profit for FY26H1, benefiting from integrated pulp and paper operations and new production lines [5] - Zhongtai International maintains a "Buy" rating for Weisheng Holdings with a target price of HKD 32.68, expecting a 42% to 50% increase in net profit for FY25, driven by smart distribution business growth [7] Group 5 - Shenwan Hongyuan maintains a "Buy" rating for Xidi Intelligent Driving, reporting a 57.9% revenue increase with 304 autonomous mining trucks delivered in H1 2025, and a significant order backlog [8]

Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [19]. Core Insights - Recent investments by Nvidia in optical technology companies Lumentum and Coherent, amounting to $2 billion each, reflect a strategic move to enhance its ecosystem and emphasize the importance of optical communication products [2][8]. - Huawei's launch of next-generation all-optical network products at the MWC 2026 highlights the anticipated upgrade in demand for optical network solutions, driven by AI applications and increased bandwidth requirements [2][17]. - ZTE's introduction of a modular liquid cooling CDU at MWC 2026 demonstrates a significant focus on cooling solutions for high-density computing environments, addressing the challenges posed by traditional cooling methods [2][3][17]. Industry Dynamics - **Optical Communication**: Nvidia's strategic agreements with Lumentum and Coherent include substantial procurement commitments and capacity rights, aimed at advancing optical technology for AI infrastructure [2][13]. - **Optical Networks**: Huawei's innovations in all-optical networks are set to meet the growing demands for bandwidth and reliability, with the ITU-T's ION-2030 framework outlining the future capabilities and standards [2][17]. - **Liquid Cooling**: ZTE's modular liquid cooling solution supports flexible scaling from 400kW to 2MW, addressing the cooling needs of high-performance computing and enhancing operational efficiency [2][3][17]. Industry Valuation - As of March 6, 2026, the PE-TTM for the communication industry stands at 27.97, which is above the historical average of 22.00 for the years 2023-2025, indicating a higher valuation compared to historical levels [15].