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！ 责任编辑：小浪快报 富国创新科技混合型证券投资基金（简称：富国创新科技混合A，代码002692）公布3月18日最新 净值，上涨3.40%。 富国创新科技混合型证券投资基金（简称：富国创新科技混合A，代码002692）公布3月18日最新 净值，上涨3.40%。 富国创新科技混合A成立于2016年6月16日，业绩比较基准为中证TMT产业主题指数×60%+中证全 债指数收益率×40%。该基金成立以来收益218.90%，今年以来收益11.62%，近一月收益7.85%，近一年 收益133.11%，近三年收益112.03%。近一年，该基金排名同类25/8170。 富国创新科技混合A成立于2016年6月16日，业绩比较基准为中证TMT产业主题指数×60%+中证全 债指数收益率×40%。该基金成立以来收益218.90%，今年以来收益11.62%，近一月收益7.85 ...

融资融券周报 主要指数全部震荡调整，两融余额小幅下降 ――融资融券周报 分析师：王雪莹 SAC NO：S1150525020001 2026 年 3 月 18 日 | 研 | 证券分析师 | 核心观点： | | --- | --- | --- | | 究 | 王[Table_IndInvest] 雪莹 022-23839121 |  市场概况 | | | wangxy4430@bhzq.com |  上周（3 月 11 日-3 月 17 日）A 股市场主要指数全部下跌，其中中证 500 | | | | 跌幅最大，下跌了 4.69%；上证 50 跌幅最小，下跌了 0.61%。此外， | | | | 上证综指下跌 1.78%，深证成指下跌 2.19%，创业板指下跌 0.79%，科 | | 证 | | 创 50 下跌 4.67%，沪深 300 下跌 0.80%。 | | | | 月 日，沪深两市两融余额为 亿元，较上周减少  3 17 26,435.92 32.33 | | 券 | | 亿元。其中融资余额为 26,255.50 亿元，较上周减少 32.27 亿元；融券 | | 研 | | 余额为 180.42 ...

[Table_Title] 行业小幅调整，OpenClaw 引领 AI 创新 [Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2026 年 03 月 16 日 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2026.3.9-2026.3.13)市场回顾 1) 本周(2026.3.9-2026.3.13)计算机（申万）指数小幅下跌 0.92%， 跑输主要指数。本周上证指数下跌 0.70%，深证成指上涨 0.76%，创 业板指上涨 2.51%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、IT 服 务Ⅱ(801103.SL)、软件开发(801104.SL)涨跌幅分别为+1.24%、- 1.77%、-1.50%。 本周重点公告 1) 同花顺发布《2025 年年度报告》：2025 年，公司实现营业收入 60.29 亿元，同比增长 44.00%，实现归母净利润 32.05 亿元，同比增 长 75.79%，实现扣非归母净利润 30.51 亿元，同比增长 72.87%。 2) 寒武纪发布《2025 年年度报告》2025 年，公司实现 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant paradigm shift brought by OpenClaw, transitioning from a "dialogue tool" to a "digital employee," enabling autonomous execution of tasks through a four-layer architecture [4] - OpenClaw has sparked a nationwide technological craze, with its GitHub stars surpassing 270,000, leading to widespread adaptation by domestic manufacturers [4] - The demand for AI infrastructure is expected to grow exponentially due to OpenClaw's token consumption model, which has shifted from "human-machine dialogue" to "machine self-circulation" [4] Summary by Relevant Sections Industry Overview - The closing index for the industry is 5311.29, with a 52-week high of 6151.34 and a low of 4080.58 [1] Investment Recommendations - The report suggests focusing on: 1. Large models benefiting from API call surges: MiniMax, Zhipu, etc. 2. Instant Messaging (IM) entry points: Alibaba, Tencent, etc. 3. Cloud services as direct beneficiaries of user growth: UCloud, QingCloud, Wangsu Technology, etc. 4. Computing power leasing/IDC due to rising demand: Dazhi Technology, Dongyangguang, etc. 5. Computing hardware for foundational support: Cambricon, Haiguang Information, etc. [5]

业 研 究 2026 年 03 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 67% 2025-03 2025-07 2025-11 电子 沪深300 相关研究报告 《OpenClaw 催化 AI 终端热度，英伟 达 GTC 大会召开在即—行业周报》 -2026.3.15 《存储高景气度逐步向上游扩散， OpenClaw 登顶 GitHub 开启端侧 AI Agent 新形态—行业周报》-2026.3.8 《SK 海力士打响存储扩产第一枪，3 月看好设备+耗材扩产链 —行业点评 报告》-2026.3.1 OpenClaw 热潮加速端侧 Agent 渗透，推理算力需求激增 ——行业点评报告 | 陈蓉芳（分析师） | 陈瑜熙（分析师） | 张威震（分析师） | | --- | --- | --- | | chenrongfang@kysec.cn | chenyuxi@kysec.cn | zhangweizhen@kysec.cn | | 证书编号：S0790524120002 | 证书编号：S0790525020003 | 证书编号：S07 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

on 11-Mar-2026 China Semiconductors China Semis Tour 1H26: Strong Demand, Rising Localization Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com We conducted a China Semiconductors Tour in Beijing and Shanghai from March 2– 6, 2026, meeting with more than 20 companies. This call highlights our key findings. Generally, semis demand is better than expected (except for mobile) and most companies ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [24]. Core Insights - Oracle's Q3 FY26 performance was strong, with total revenue reaching $17.2 billion, a 22% increase year-over-year in USD terms, and an 18% increase at constant exchange rates. Cloud revenue was $8.9 billion, growing 44% in USD terms and 41% at constant exchange rates [3][6]. - The launch of the "Lobster" products by Zhipu and Tencent is expected to drive sustained high demand for AI computing power, transitioning AI from dialogue interaction to autonomous execution, thus opening up commercial monetization opportunities for large models [10][12]. - The report emphasizes the ongoing development of domestic large models in China, which are expected to enhance their usability and accelerate their application across various industries [20]. Summary by Sections Oracle's Q3 FY26 Performance - Oracle achieved a total revenue of $17.2 billion in Q3 FY26, with a 22% year-over-year increase in USD terms and an 18% increase at constant exchange rates. Cloud business revenue reached $8.9 billion, growing 44% in USD terms and 41% at constant exchange rates. Non-GAAP operating profit was $7.4 billion, a 19% year-over-year increase, and Non-GAAP net profit was $5.2 billion, a 23% increase [3][6][8]. AI Computing Power Demand - The rapid adoption of the Lobster (OpenClaw) AI agents is expected to create a continuous high demand for AI computing power. The features of these products will lead to exponential growth in token consumption, further driving the demand for computing resources [10][12]. Investment Recommendations - The report recommends focusing on AI computing power companies such as Haiguang Information, Longxin Zhongke, and Inspur Information, among others. For AI algorithms and applications, strong recommendations include Hengsheng Electronics and Zhongke Chuangda [20].

寒武纪-U（688256.SH）2025 年年报点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 事件概述：2026 年 3 月 12 日，寒武纪发布 2025 年年报，2025 年公司实现营 业收入 64.97 亿元，同比增长 453.21%；归母净利润 20.59 亿元，同比扭亏为 盈。 大比例分红凸显龙头价值，业绩高增体现自身实力。根据 2025 年报，公司拟向 全体股东每 10 股派发现金红利 15.00 元（含税），以资本公积金向全体股东每 10 股转增 4.9 股。根据 2025 年年报数据，公司总股本 4.2 亿股，以此计算，此次合 计拟派发现金红利 6.32 亿元（含税），占归母净利润比例超过 30%。 第一，存货方面，2025 年底账面价值为 49 亿元，较 2025Q3 末增加约 12 亿元； 预付款项约 7.5 亿元，较 2025Q3 末继续增加。根据年报，2025 年智能芯片及 板卡库存量为 85.7 万片。 第二，市场销售方面，2025 年智能芯片及板卡生产量及销售量分别达到 12.8/11.7 万片，均实现大幅增长。公司在运营商、金融、互联网等多个重点行业规模化部 ...

行业点评报告 · 电子行业 十五五政策领航，加速推进算力基建国产化 —— "十五五"规划纲要解读 2026 年 03 月 14 日 核心观点 电子行业 | | | ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 刘来珍 ：021-20252647 ：liulaizhen_yj@chinastock.com.cn 分析师登记编码：S0130523040001 相对沪深 300 表现图 2026 年 03 月 13 日 -40% -20% 0% 20% 40% 60% 2025/3/14 2025/4/14 2025/5/14 2025/6/14 2025/7/14 2025/8/14 2025/9/14 2025/10/14 2025/11/14 2025/12/14 2026/1/14 2026/2/14 SW电子 沪深300 资料来源：中国银河证券研究院 分析师 高峰 ：010-80927671 相关研究 1.【银河电子】半导体行情周点评-板块内部分化， 电子化学品表现优异 2.【银河电子】消费电子行情周点评-深化拓展"人 工智能+" 3.【银河电子 ...