March 30, 2026 10:00 PM GMT China Equity Strategy Launching China Best Business Models Version 2 We identify 26 best business models in China with sustainable competitive advantages to drive outperformance using the expertise of Morgan Stanley's fundamental, quant, and thematic research. These stocks offer ROE 1.5x higher than the benchmark with a back-tested 3-year Sharpe Ratio of 1.2. An approach worth repeating: We have made identifying Best Business Models a core part of the research franchise for two r ...

富士康工业互联网股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：601138 证券简称：工业富联 公告编号：2026-016 | 回购方案首次披露日 | 2025/4/15 ，由董事会提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 年 2025 30 | 4 | 日~2026 | 月 4 | 日 29 | | 预计回购金额 | 50,000万元~100,000万元 | | | | | | 回购价格上限 | 74.67元/股 | | | | | | 回购用途 | √减少注册资本 □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 1,410.35万股 | | | | | | 实际回购股数占总股本比例 | 0.07% | | | | | | 实际回购金额 | 50,000.14万元 | | | | | | 实际回购价格区间 | 18.40元/股~63 ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 MACD金叉信号形成，这些股涨势不错！ 3月27日，180ESGETF工银（510990）开盘跌0.70%，报0.999元。180ESGETF工银（510990）重仓股方 面，贵州茅台开盘跌0.08%，中国平安涨0.11%，紫金矿业跌1.84%，招商银行跌0.15%，兴业银行跌 0.42%，长江电力跌0.11%，工业富联跌2.23%，中芯国际跌0.91%，恒瑞医药跌0.64%，中信证券跌 0.33%。 责任编辑：小浪快报 180ESGETF工银（510990）业绩比较基准为中证180ESG指数收益率，管理人为工银瑞信基金管理有限 公司，基金经理为李锐敏，成立（2021-06-18）以来回报为0.48%，近一个月回报为-6.81%。 3月27日，180ESGETF工银（510990）开盘跌0.70%，报0.999元。180ESGETF工银（510990）重仓股方 面，贵州茅台开盘跌0.08 ...

Group 1 - The Dawan District ETF Ping An (512970) opened with a gain of 1.73%, priced at 1.472 yuan [1][2] - Major holdings of the ETF include China Ping An, Luxshare Precision, BYD, and others, with mixed performance among these stocks [1] - The ETF's performance benchmark is the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, managed by Ping An Fund Management Co., Ltd. [2] Group 2 - Since its establishment on September 23, 2019, the ETF has achieved a return of 44.66%, while the return over the past month has been -5.61% [2] - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

以下文章来源于数据宝 ，作者刘俊伶 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ A股2025年年报现金分红密集落地，上市公司回报股东力度稳步提升。 据证券时报·数据宝统计，截至3月24日收盘，已有224家公司发布年度分红方案，合计现金分红总额达1710.68亿元，其中27家公司分红规模超10亿元。 5家公司年报分红超百亿元 数据显示，分红榜单头部效应显著。27家分红规模超10亿元的公司中， 宁德时代、中国石化、工业富联、中信银行 、紫金矿业5家龙头企业更是突破百亿 元大关。 | | | 2025年年报分红总额居前的上市公司 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 现金分红总额（亿元） | 3月以来涨跌幅(%) | 行业 | | 300750 | 宇德时代 | 315.32 | 16.08 | 电力设备 | | 600028 | 中国石化 | 135.44 | -8.05 | 石油石化 ...

Group 1 - The Shanghai Stock Index ETF (510210) opened at 0.977 yuan, with a gain of 0.21% on March 25 [1][2] - Major holdings of the ETF include Agricultural Bank (0.00%), China Petroleum (-3.09%), Kweichow Moutai (0.20%), Industrial Fulian (1.13%), Bank of China (-0.18%), Zijin Mining (4.04%), China Shenhua (-2.06%), China Life (0.28%), China Merchants Bank (0.20%), and Ping An Insurance (0.65%) [1][2] - The ETF's performance benchmark is the Shanghai Composite Index, managed by Fortune Fund Management Co., with fund managers Fang Min and Wang Baohe [2] Group 2 - Since its establishment on January 30, 2011, the ETF has achieved a return of 106.07%, while the return over the past month is -5.74% [2] - A MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in the Shanghai Stock Exchange, with a significant number of companies announcing dividend plans alongside their annual reports, indicating a strong support for company valuations [1][3]. Group 1: Dividend Announcements - As of now, 122 companies in the Shanghai Stock Exchange have released annual reports, with 120 of them announcing cash dividend plans, representing over 98% [1]. - Among the 89 companies that disclosed annual reports on the main board, 70 have announced dividend proposals, with an expected total dividend amount of 765.24 billion RMB [1]. - In the Sci-Tech Innovation Board, 33 companies have disclosed annual reports, with 31 announcing dividends, totaling an expected dividend amount of 37.88 billion RMB [1]. Group 2: Major Dividend Payers - Four companies among those that have announced dividend plans have proposed dividends exceeding 100 billion RMB [2]. - China CITIC Bank plans to distribute a total cash dividend of 212.01 billion RMB for the year 2025, with a cash dividend per 10 shares of 3.81 RMB, marking a historical high with a payout ratio of 31.75% [3]. - Sinopec intends to distribute a total cash dividend of 135.44 billion RMB for the fiscal year 2025, with an annual profit distribution ratio of 81% when accounting for share buybacks [3]. - Industrial Fulian plans a total cash dividend of approximately 194.51 billion RMB for 2025, with a dividend rate of 55.12% [3]. - Zijin Mining plans to distribute cash dividends of approximately 101.04 billion RMB, with a dividend of 3.8 RMB per 10 shares, and also announced a share buyback plan of 1.5 billion to 2.5 billion RMB [3]. Group 3: Investor Engagement and Market Trends - The increasing transparency and standardization of dividend decisions among listed companies are attracting more enterprises to follow suit, indicating a positive market feedback loop [4]. - It is anticipated that measures to encourage companies to increase dividend amounts and frequency will continue to evolve, leading to more companies joining the trend of high-frequency dividends [4]. - This trend is expected to create a virtuous cycle of "governance optimization - dividend enhancement - valuation reshaping," fostering a new paradigm of shared value creation between investors and companies, and driving a systematic reshaping of the capital market's value discovery mechanism [4].

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 report highlights that Industrial Fulian (601138.SH) has experienced strong growth in AI servers and high-speed switches, leading to accelerated performance in the company's financials [4][6] - The company reported a revenue of 902.887 billion yuan for 2025, marking a year-on-year increase of 48.22%, with a net profit of 35.286 billion yuan, up 51.99% year-on-year [6] - The demand for AI computing power continues to drive the company's performance, with significant growth in market share among major clients [6] Financial Performance - For Q4 2025, the company achieved a revenue of 298.956 billion yuan, reflecting a year-on-year increase of 73.04, and a net profit of 12.799 billion yuan, up 58.49% year-on-year [6] - The company's gross margin for 2025 was 6.98%, a decrease of 0.30 percentage points from the previous year, while the net profit margin improved to 3.91%, an increase of 0.10 percentage points [6] Business Segments - Cloud computing revenue reached 602.679 billion yuan in 2025, a year-on-year increase of 88.70%, accounting for 66.7% of total revenue [6] - The communication and mobile network equipment segment generated 297.851 billion yuan in revenue, a year-on-year increase of 3.46%, with high-speed switches seeing a remarkable growth of 13 times year-on-year [6] - The industrial internet segment reported a revenue of 6.94 billion yuan, a decrease of 26.15% year-on-year, despite the establishment of new lighthouse factories [6] Investment Outlook - The company is expected to benefit from the strong demand for AI servers, with projected EPS for 2026-2028 at 2.89, 4.08, and 5.10 yuan respectively [7] - The report maintains a "Buy-A" rating, with projected PE ratios for 2026-2028 at 17.5, 12.4, and 9.9 times [7]

Group 1 - The fund "Hongtu Innovation Technology Innovation Stock (LOF) A" (code 501201) reported a net value increase of 3.41% as of March 20 [1][2] - The fund was established on July 23, 2020, with a performance benchmark of 50% China Strategic Emerging Industries Index return and 50% China Bond Index return [1][2] - Since its inception, the fund has achieved a return of 95.73%, with a year-to-date return of 29.92%, a one-month return of 9.33%, a one-year return of 90.97%, and a three-year return of 27.54% [1][2] Group 2 - The fund ranks 52 out of 4411 in its category over the past year [1][2] - The fund manager is Gai Junlong, who has managed the fund since August 3, 2021, with a return of -11.96% during his tenure [3] Group 3 - The latest report lists the top ten holdings of the fund, with the following details: - Stock code 300502, Xinyi Sheng, 9.60% holding, 20,200 shares, market value of 8.7038 million [4] - Stock code 300308, Zhongji Xuchuang, 9.56% holding, 14,200 shares, market value of 8.662 million [4] - Stock code 688498, Yuanjie Technology, 8.75% holding, 12,349 shares, market value of 7.9279 million [4] - Stock code 300394, Tianfu Communication, 6.71% holding, 29,940 shares, market value of 6.0787 million [4] - Stock code 600105, Yongding Co., 6.20% holding, 224,000 shares, market value of 5.6224 million [4] - Stock code 601138, Industrial Fulian, 5.55% holding, 81,100 shares, market value of 5.0323 million [4] - Stock code 300476, Shenghong Technology, 4.70% holding, 14,800 shares, market value of 4.2562 million [4] - Stock code 603083, Cambridge Technology, 4.64% holding, 31,300 shares, market value of 4.2061 million [4] - Stock code 300548, Changxin Bochuang, 4.21% holding, 26,900 shares, market value of 3.8198 million [4] - Stock code 688048, Changguang Huaxin, 4.13% holding, 29,842 shares, market value of 3.7407 million [4]