3月26日，大湾区ETF平安（512970）开盘涨1.73%，报1.472元。大湾区ETF平安（512970）重仓股方 面，中国平安开盘跌0.02%，立讯精密涨1.45%，比亚迪涨0.02%，招商银行跌0.28%，美的集团涨 0.12%，胜宏科技跌0.50%，汇川技术跌0.01%，工业富联跌0.62%，中兴通讯跌0.54%，迈瑞医疗跌 0.29%。 大湾区ETF平安（512970）业绩比较基准为中证粤港澳大湾区发展主题指数收益率，管理人为平安基金 管理有限公司，基金经理为白圭尧、王郧，成立（2019-09-23）以来回报为44.66%，近一个月回报 为-5.61%。 3月26日，大湾区ETF平安（512970）开盘涨1.73%，报1.472元。大湾区ETF平安（512970）重仓股方 面，中国平安开盘跌0.02%，立讯精密涨1.45%，比亚迪涨0.02%，招商银行跌0.28%，美的集团涨 0.12%，胜宏科技跌0.50%，汇川技术跌0.01%，工业富联跌0.62%，中兴通讯跌0.54%，迈瑞医疗跌 0.29%。 大湾区ETF平安（512970）业绩比较基准为中证粤港澳大湾区发展主题指数收益率，管理人为平安基金 ...

3月25日，上证指数ETF富国（510210）开盘涨0.21%，报0.977元。上证指数ETF富国（510210）重仓股 方面，农业银行开盘涨0.00%，中国石油跌3.09%，贵州茅台涨0.20%，工业富联涨1.13%，中国银行跌 0.18%，紫金矿业涨4.04%，中国神华跌2.06%，中国人寿涨0.28%，招商银行涨0.20%，中国平安涨 0.65%。 上证指数ETF富国（510210）业绩比较基准为上证综合指数，管理人为富国基金管理有限公司，基金经 理为方旻、王保合，成立（2011-01-30）以来回报为106.07%，近一个月回报为-5.74%。 3月25日，上证指数ETF富国（510210）开盘涨0.21%，报0.977元。上证指数ETF富国（510210）重仓股 方面，农业银行开盘涨0.00%，中国石油跌3.09%，贵州茅台涨0.20%，工业富联涨1.13%，中国银行跌 0.18%，紫金矿业涨4.04%，中国神华跌2.06%，中国人寿涨0.28%，招商银行涨0.20%，中国平安涨 0.65%。 上证指数ETF富国（510210）业绩比较基准为上证综合指数，管理人为富国基金管理有限公司，基金经 理为方 ...

责编：叶舒筠 随着年报季到来， 多家沪市公司在年报披露同时预告了分红计划 ，以真金白银为沪市公司价 值提供有力支撑。 中信银行 2025年全年派发现金股息合计212.01亿元（每10股派发现金股息3.81元人民 币），现金分红占归属于普通股股东净利润比例达31.75%，分红金额和比例均创历史 新高； 中国石化 2025年度末期合计拟派发现金股利人民币135.44亿元（含税），预计全年派 发现金股利每股0.2元（含税），按照中国企业会计准则，与回购金额合并计算后，年度 利润分派比例达81%； 工业富联 2025年度现金分红（包括中期已分配的现金红利）总额约194.51亿元，分红 率55.12%； 紫金矿业 拟向2025年度利润分配实施公告日确定的股权登记日可参与分配的股东，每 10股派发现金红利3.8元（含税），以此计算拟派发现金红利约101.04亿元（含税）。 此外，公司还公告称，拟15亿元—25亿元回购公司股份，用于实施公司员工持股计 划或股权激励，回购价格不超过41.5元/股（含）。 投资者回报。上市公司分红决策的日益透明、规范，正逐渐通过正向的市场反馈吸引更多企 业效仿。 可以预期，推动上市公司进一步加 ...

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]

研究早观点 2026 年 3 月 23 日 星期一 市场走势 【今日要点】 【公司评论】工业富联(601138.SH)：工业富联（601138.SH）：AI 服务 器与高速交换机增长强劲，公司业绩加速释放 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,957.05 | -1.24 | | 深证成指 | | 13,866.20 | -0.25 | | 沪深 | 300 | 4,567.02 | -0.35 | | 中小板指 | | 8,411.96 | -0.66 | | 创业板指 | | 3,352.10 | 1.30 | | 科创 50 | | 1,318.31 | -1.55 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 事件描述 请务必阅读最后股票评级说明和免责声明 2 【今日要点】 【公司评论】工业富联(601138.S ...

红土创新科技创新股票型证券投资基金(LOF)（简称：红土创新科技创新股票(LOF)A，代码 501201）公布3月20日最新净值，上涨3.41%。 红土创新科技创新股票(LOF)A成立于2020年7月23日，业绩比较基准为中国战略新兴产业成分指数 收益率×50%+中证全债指数收益率×50%。该基金成立以来收益95.73%，今年以来收益29.92%，近一月 收益9.33%，近一年收益90.97%，近三年收益27.54%。近一年，该基金排名同类52/4411。 基金经理为盖俊龙。盖俊龙自2021年8月3日管理（或拟管理）该基金，任职期内收益-11.96%。 最新定期报告显示，该基金前十大重仓股如下： | 股票代码 | 股票名称 | 持仓占比 | 持仓股数（股） | 持仓市值（元） | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 9.60% | 20200 | 870.38万 | | 300308 | 中际旭创 | 9.56% | 14200 | 866.2万 | | 688498 | 源杰科技 | 8.75% | 12349 | 792.79万 | | 300 ...

通用计算机设备 工业富联（601138.SH） 买入-A(维持) AI 服务器与高速交换机增长强劲，公司业绩加速释放 2026 年 3 月 20 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 市场数据：2026 3 | | 月 | 日 19 | | | --- | --- | --- | --- | --- | | 收盘价（元/股）： | | | | 50.46 | | 年内最高/最低（元/ | | | | 83.88/14.58 | | 股）： | | | | | | 流通 A | 股/总股本（亿 | | | 198.58/198.58 | | 股）： | | | | | | 流通 A 股市值（亿元）： | | | | 10,020.45 | | 总市值（亿元）： | | | | 10,020.45 | 基础数据：2025 年 12 月 31 日 | 基本每股收益(元/股)： | 1.78 | | --- | --- | | 摊薄每股收益(元/股)： | 1.78 | | 每股净资产(元/股)： | 8.42 | | 净资产收益率(%)： | 21.14 | | 资料来源：最闻 | | 分析 ...

通用计算机设备 工业富联（601138.SH） 买入-A(维持) AI 服务器与高速交换机增长强劲，公司业绩加速释放 2026 年 3 月 20 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2026 年 3 月 | 19 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 50.46 | | 年内最高/最低（元/ | | 83.88/14.58 | | 股）： | | | | 流通 A 股/总股本（亿 | | 198.58/198.58 | | 股）： | | | | 流通 股市值（亿元）： A | | 10,020.45 | | 总市值（亿元）： | | 10,020.45 | 基础数据：2025 年 12 月 31 日 | 基本每股收益(元/股)： | 1.78 | | --- | --- | | 摊薄每股收益(元/股)： | 1.78 | | 每股净资产(元/股)： | 8.42 | | 净资产收益率(%)： | 21.14 | | 资料来源：最闻 | | 盖斌赫 执业登记编码：S0760522050003 邮箱：gaibinhe@sxzq.com ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Views - The company reported a strong performance in 2025, with revenue reaching 902.89 billion yuan, a year-on-year increase of 48.2%, and a net profit of 35.29 billion yuan, up 52.0% year-on-year [6][7]. - The company is expected to continue its growth trajectory, with projected revenues of 1,558.85 billion yuan in 2026, representing a 73% year-on-year growth [4]. - The AI server and switch business is anticipated to drive significant revenue growth, with cloud computing revenue increasing by 88.7% year-on-year in 2025 [7]. - The company is focusing on vertical integration in the cloud computing sector, which is expected to enhance profitability [7]. Financial Summary - For 2024, the company forecasts revenue of 609.14 billion yuan, with a growth rate of 28% year-on-year, and a net profit of 23.22 billion yuan, reflecting a 10% growth rate [4]. - The projected earnings per share (EPS) for 2026 is 3.36 yuan, with a price-to-earnings (P/E) ratio of 15.6 [4]. - The company’s net profit is expected to reach 66.71 billion yuan in 2026, with a year-on-year growth rate of 89% [4][8]. - The gross margin for 2025 was reported at 7.0%, with a slight decrease of 0.3 percentage points year-on-year [6]. Business Segments - The AI server and switch segments are expected to see continued demand, with the company’s 800G switch revenue increasing by 13 times year-on-year [7]. - The company is also benefiting from the sales of precision components to major clients, with a double-digit growth in shipments in 2025 [7]. - The company’s cloud computing business is projected to maintain high growth, supported by the increasing demand for AI infrastructure and data center network upgrades [7].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13] Core Insights - The company has entered a new growth cycle driven by AI, significantly enhancing its profitability. In 2025, it achieved a revenue of 902.89 billion yuan, a year-on-year increase of 48.22%, and a net profit attributable to shareholders of 35.29 billion yuan, up 51.99% year-on-year [4][8] - The company has established deep strategic collaborations with leading global clients to tackle core aspects of next-generation AI servers and liquid cooling technology, solidifying its position in the high-performance AI data center cluster market [8][9] - The cloud computing segment has become a crucial growth engine, with revenues reaching 602.68 billion yuan in 2025, representing an 88.70% year-on-year increase [8][9] Financial Performance Summary - **Revenue and Profitability**: - 2025 revenue: 902.89 billion yuan (+48.22% YoY) - 2025 net profit: 35.29 billion yuan (+51.99% YoY) - 2025 gross margin: 6.98% (-0.3 percentage points YoY) - 2025 net margin: 3.91% (+0.09 percentage points YoY) [4][8] - **Future Projections**: - Expected revenue for 2026: 1,500.14 billion yuan - Expected net profit for 2026: 60.16 billion yuan - Projected P/E ratios for 2026-2028 are 17.4X, 13.6X, and 10.9X respectively [6][11] - **Cash Flow and Financial Ratios**: - Operating cash flow for 2025: 3.45 billion yuan - Debt levels and liquidity ratios indicate a manageable financial structure, with a current ratio of 1.4 and a debt-to-asset ratio of 63.4% [10][12] Business Segment Analysis - **Cloud Computing**: - Revenue from cloud computing reached 602.68 billion yuan in 2025, marking a significant growth and becoming a key driver for the company's overall performance [8][9] - **Telecommunications Equipment**: - Revenue from telecommunications and mobile network equipment was 297.85 billion yuan, showing a modest growth of 3.46% year-on-year [8][9] - **Product Development**: - The company is focusing on high-value product upgrades, particularly in AI servers and high-speed networking equipment, which are expected to continue driving growth [9]