Group 1 - The Shanghai Stock Exchange has approved China Merchants Securities Co., Ltd. to provide market-making services for the E Fund Hang Seng A-Share Electric Grid Equipment ETF starting from March 6, 2026 [1] - This initiative aims to enhance market liquidity and ensure the smooth operation of the electric grid ETF [1]

| 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上 ...

Core Viewpoint - China Energy Engineering Corporation (CEEC) is a leading player in the energy construction sector, strategically positioned across the entire industry chain, with a dual focus on engineering construction and investment operations [1] Group 1: Financial Performance - The company has shown steady growth in revenue and profit, with a projected compound annual growth rate (CAGR) of 12.08% for operating income and 10.43% for net profit attributable to shareholders from 2019 to 2024 [1] Group 2: Market Position and Strategy - CEEC maintains a strong presence in traditional power generation sectors such as thermal, hydropower, nuclear power, and power transmission, while also actively expanding into new energy and energy storage markets, showcasing significant competitive advantages [1] - The company is transitioning strategically from a focus solely on engineering construction to a dual-driven model that includes both engineering construction and investment operations, which is expected to enhance profitability [1] Group 3: Growth Drivers - The growth is driven by a comprehensive layout in wind, solar, hydrogen, and deep involvement in the nuclear fusion industry, with an increasing operational share contributing to profitability [1] - CEEC is also deepening its engagement in overseas markets, with rapid growth in order volume and operational metrics, leading to a gradual release of profit-generating capabilities as multiple projects come online [1]

Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has developed self-research capabilities for main control chips and established a solid supply chain with global top wafer foundries and main control chip manufacturers [1] Group 1: Company Overview - Jiangbolong has accumulated technology over the years and has three major brands: FORESEE, Lexar, and Zilia, with a presence in both domestic and international markets [1] - The company has created a TCM model to effectively smooth out the impact of storage price fluctuations on its gross margin [1] Group 2: Future Strategy - The company plans to continue increasing investments in AI storage and advanced packaging and testing, aiming to enhance the proportion of enterprise-level and automotive-grade products [1] - The initial coverage of the company has been rated as "Buy" [1]

Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has developed self-research capabilities for main control chips and established a solid supply chain with global top wafer foundries and main control chip manufacturers [1] Group 1: Company Overview - Jiangbolong has accumulated technology over the years and has three major brands: FORESEE, Lexar, and Zilia, with a presence in both domestic and international markets [1] - The company has created a TCM model to effectively smooth the impact of storage price fluctuations on its gross margin [1] Group 2: Future Strategy - The company plans to continue increasing investments in AI storage and advanced packaging and testing, aiming to enhance the proportion of enterprise-level and automotive-grade products [1] - The initial coverage of the company has been rated as "Buy" [1]

呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The global quantum computing sector has seen significant breakthroughs since Q4 2025, with accelerated technological maturity and industrialization processes [1] - Google's quantum AI lab published a paper in Nature on October 22, 2025, demonstrating the "quantum echo" algorithm on its Willow chip, achieving a speed 13,000 times faster than the best traditional supercomputers [1] - IBM announced key innovations at its annual quantum developer conference on November 12, 2025, aiming to achieve quantum advantage by the end of 2026 and to launch a large-scale fault-tolerant quantum computer by 2029 [1] Group 2 - The Chinese government has prioritized quantum technology in its national economic and social development plans, marking it as a strategic high ground for future competitiveness [2] - The Ministry of Industry and Information Technology plans to deploy 17 key tasks in early 2025 to enhance the development of quantum computing, communication, and precision measurement [2] Group 3 - Superconducting quantum computers are currently the mainstream technology in the quantum computing field, recognized for their scalability, ease of control, and compatibility with integrated circuit processes [3] - Various quantum computing technologies are developing diversely, with superconducting quantum computing, ion trap quantum computing, and others each having unique advantages [3] Group 4 - IonQ, established in 2015, is the world's first publicly traded quantum computing company, focusing on ion trap technology and offering a full-stack quantum computing capability [4] - IonQ's products include hardware, cloud services, and software, with its quantum computers being industry leaders in performance [4] Group 5 - Benyuan Quantum, founded in 2017, focuses on building a self-controlled engineering quantum computer ecosystem, with its core product being the "Wukong" superconducting computer featuring a 72-qubit chip [5][6] - The company has achieved over 80% localization in its hardware, software, and operational systems [6] Group 6 - Quantum computers consist of superconducting quantum chip systems, quantum computing measurement and control systems, environmental support systems, and operational software systems [7] - The quantum chip is crucial for defining computational power and application potential, with China making significant strides in quantum chip development [7] - The "Benyuan Sinan" is the first domestic quantum computer operating system, enabling efficient utilization of quantum processors and collaboration with classical computing platforms [7]

Core Viewpoint - The United States has initiated the construction of 765kV ultra-high voltage transmission lines to alleviate congestion in existing infrastructure and enhance grid reliability and long-term system stability [2]. Group 1: Infrastructure Development - The 765kV is the highest transmission voltage level in the U.S., with major lines primarily located in the Eastern Interconnection, covering approximately 2,000 miles. By the end of 2025, Texas, the Mid-Atlantic, and the Midwest grid operators have been approved for a total of about $75 billion in transmission expansion projects, with the 765kV lines being a key focus, expected to extend to 10,000 miles [2]. - The introduction of competitive bidding and other models is aimed at accelerating grid construction due to the increasing electricity demand from AI data centers and the manufacturing sector, which has led to a growing conflict between electricity demand and aging grid infrastructure [3]. Group 2: Opportunities for Chinese Companies - The U.S. power system is entering a new investment cycle not seen since the 1970s, coupled with increased electricity demand from the AI industry, making it difficult to complete grid construction in the short term. Currently, overseas high-voltage equipment companies have the longest lead times for high-voltage transformers extending to 2030, and the supply-demand situation for high-voltage switches and insulators will also tighten further, with 765kV ultra-high voltage capacity being particularly scarce [4]. - Demand for high-voltage and ultra-high-voltage equipment may spill over to companies in Japan, South Korea, and China, as overseas high-voltage equipment verification cycles are longer, typically taking 5-10 years. Companies with established product layouts and good reputations are expected to seize opportunities [4]. Group 3: Recommended Companies - Companies that have gained a foothold in overseas markets and are entering the localization phase in the end market, or those deeply integrated into the supply chains of large overseas enterprises, are recommended. Notable mentions include Si Yuan Electric (002028), Shenma Electric (603530), Jinpan Technology (688676), and Igor (002922), with additional attention to Tebian Electric (600089), China XD Electric (601179), Pinggao Electric (600312), Anke Intelligent Electric (300617), Baiyun Electric (603861), Huaming Equipment (002270), and Changgao Electric (002452) [5].

Core Viewpoint - The A-share index is expected to be limited in space and primarily driven by structural trends in March, influenced by the upcoming Two Sessions and the release of the 14th Five-Year Plan [1][2] Market Outlook - The index is anticipated to oscillate near previous highs, with a focus on policy expectations and government investment intensity as key variables [2] - Geopolitical factors, particularly the US-Iran situation and US-China communications, are significant influences on market dynamics [2] - The market style is expected to balance between growth and value, with small-cap stocks likely to continue outperforming [3] Policy and Economic Indicators - The Two Sessions in March will reinforce expectations for stable growth policies, with a focus on traditional infrastructure and service consumption policies [2][3] - The first year of the 14th Five-Year Plan is projected to see significant project acceleration [2] Industry and Sector Recommendations - Key sectors to focus on include non-ferrous metals, basic chemicals, machinery (automation and engineering), power equipment (batteries and wind power), electronics (semiconductors), and public utilities (electricity) [3][5] - The market is positioned for a core window of policy anticipation and price increase trends [5] Liquidity and Fund Flow - Incremental capital is expected to continue net inflow in March, with attention on the dynamics between financing funds and ETF redemptions [4] - The macro liquidity environment is projected to remain stable and ample, supported by the central bank's monetary policy stance [4] Economic Performance and Profit Expectations - Recent adjustments in profit expectations indicate an upward trend, particularly in resource products, information technology, and midstream manufacturing sectors [4] - The sectors with the most significant profit growth adjustments include agriculture, coal, non-ferrous metals, steel, and power equipment [4] Market Sentiment and Trends - High sentiment areas in February were concentrated in midstream manufacturing, consumer services, and information technology, with notable improvements in machinery sales and resource prices [5] - The market is advised to focus on sectors benefiting from policy anticipation and price increases [5]

Investment Rating - The report maintains a recommendation for the industry [6] Core Insights - The concept of "deposit migration" is often misunderstood; it refers to the reallocation of existing deposits into other asset types, reflecting changes in residents' asset allocation rather than a significant decrease in total deposits [2][17] - Historical data shows that total deposits in China have consistently increased, from 120 trillion yuan in 2015 to 327 trillion yuan by the end of 2025, with household deposits rising from 51 trillion to 166 trillion during the same period [2][16] - The report identifies a structural shift in deposit behavior, with a notable transition from corporate and government deposits to household deposits, and from large banks to small and medium-sized banks [3][21] - The trend of increasing time deposits has begun to slow down since 2025, indicating a potential shift towards a decrease in time deposits, similar to trends observed in Japan [3][4][30] Summary by Sections 1. Long-term Characteristics of Deposit Evolution - Domestic deposit balances have shown a consistent upward trend, with periodic fluctuations in growth rates. The structure of deposits has changed significantly, with household deposits increasing their share at the expense of corporate and government deposits [18][25] - The share of deposits held by large banks has decreased from approximately 70% before 2015 to nearly 50% currently, indicating a migration of deposits towards smaller banks [21][25] - The trend of increasing time deposits has slowed down since May 2025, with the proportion of time deposits dropping from 56.4% to 54.7% [21][25] 2. International Comparison of Household Deposits - The report draws parallels between the deposit evolution in China and Japan, noting that both countries have high savings rates and significant reliance on time deposits as a financial asset [34][35] - Japan experienced a long-term trend of deposit de-maturation, with time deposits decreasing significantly due to narrowing interest rate spreads, a phenomenon that may also occur in China [29][30][34] 3. Savings as the Main Driver of Retail Asset Management Growth - The retail asset management industry is projected to grow significantly, with estimates suggesting that by the end of 2026, the net financial assets of residents will reach 26 trillion yuan, closely aligning with the anticipated growth in retail asset management [4][65] - The report forecasts that funds will continue to flow into insurance, wealth management, and public funds, driven by the relatively higher returns compared to traditional deposits [41][50]