Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]

Group 1: Domestic Computing Industry Insights - The domestic computing industry is expected to see significant growth in 2026, with the new generation of computing chips, the 950 series from Company H, set to be mass-produced[4] - Internet companies have shown positive evaluations and strong purchasing intentions for the 950 chip, indicating robust demand in the downstream market[4] - Key domestic computing stocks recommended include Cambricon (688256) and SMIC (981.HK), with a focus on semiconductor supply chains[4] Group 2: AI and CAPEX Trends - AI applications are driving a significant increase in computing CAPEX, with North American CSPs planning substantial investments to meet rising demand[7] - The emergence of Agentic AI is expected to dramatically increase CPU performance requirements, potentially creating new bottlenecks in the market[9] - The AI inflation trend is spreading across the electronics industry, with price increases noted in various components due to heightened demand and rising raw material costs[10] Group 3: Supply Chain and Component Shortages - The IC substrate supply chain is facing bottlenecks due to a shortage of fiberglass cloth, with tight supply expected to persist until 2027[5] - Companies like Zhongji Xuchuang (300308) are proactively addressing supply chain issues through early stockpiling and new supplier development[8] - The advanced packaging industry is also experiencing increased demand, with domestic companies benefiting from a favorable market environment[11]

融资融券月报 13307 主要指数多数上涨，两融余额小幅下降 ――融资融券 3 月月报 | 分析师：王雪莹 | SAC NO：S1150525020001 2026 年 3 月 2 日 | | --- | --- | | 证券分析师 | 核心观点： | | 王[Table_IndInvest] 雪莹  | 市场概况 | | 022-23839121 | | | wangxy4430@bhzq.com  | 本月（2 月 1 日-2 月 27 日）A 股市场主要指数多数上涨，其中中证 500 | | | 涨幅最大，上涨了 3.44%；科创 50 跌幅最大，下跌了 1.42%。此外， | | | 上证综指上涨 1.09 %，深证成指上涨 2.04%，创业板指下跌 1.08%， | | | 沪深 上涨 下跌 300 0.09 %，上证 50 0.88%。 | |  | 截至 2 月 27 日，沪深两市两融余额为 26,605.88 亿元，较上月末减少 | | | 458.86 亿元。其中融资余额为 26,432.55 亿元，较上月末减少 466.21 | | | 亿元；融券余额为 173.33 亿元，较上月末 ...

金融工程研究团队 2026 年 03 月 02 日 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 券商金股解析月报（2026 年 03 月） ——金融工程定期 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 3 月份券商金股特征解析 3 月份 ...

证券研究报告|行业点评报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 国产算力逻辑春节后全面夯实 [Table_Title2] 通信 [Table_Summary] 1、国产算力逻辑春节后全面夯实：Token 调用量首超 美国 + 芯片拐点验证 + 政策基建双轮驱动 春节后，国产算力逻辑进一步夯实，由 Token 数量暴增、国产芯 片业绩拐点使得算力全链条确定性提升。当前时点， 短期地缘冲 突（美以-伊朗升级）可能放大 risk-off 情绪，需警惕海外不确 定性对全球 AI 投资节奏的扰动，但在国内市场需求相对具有韧 性，国产模型的成本/生态提供较强对冲，国产算力全链条有望 在政策+成本双轮驱动下持续稳健提升。在视频、编程等核心领 域有望加速催化应用落地，同时国内相关算力需求有望拉动硬件 设备和算力租赁相关市场景气度，对于边缘端算力分发也有受 益。相关受益标的包括算力租赁和第三方数据中心厂商：光环新 网、数据港、润泽科技、协创数据、东阳光、大卫科技等；国产 芯片和昇腾生态相关厂商：寒武纪、海光信息、华胜天成等；海 外共振+国产推理放量受益的光联接相关：天孚通信、 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

Investment Rating - The report recommends a "Buy" rating for several companies within the technology sector, indicating a positive outlook for their stock performance over the next 12 months [31]. Core Insights - The report highlights key companies in the technology sector, including Jiangsu Technology (Electronics, Communication, Computer, Media) as top picks for March 2026 [5][9]. - The report emphasizes the growth potential in various sub-sectors, particularly in 3D printing, liquid cooling solutions, AI chips, and gaming [15][16][18][19][21]. Summary by Category Electronics - **Precision Electronics**: Expected to achieve a net profit of 0.8e-0.9e in 2025, a significant increase of 181.97%-192.21% year-on-year, driven by semiconductor orders and improved operational efficiency [15]. - **Han's Laser**: Anticipated explosive growth in 3D printing, with a potential market share increase due to demand from North American clients [15]. Communication - **Invech**: Projected net profits of 5.87 million, 10.47 million, and 15.35 million from 2025 to 2027, with a strong focus on liquid cooling solutions and overseas market expansion [16]. - **Rui Ming Technology**: Expected to recover from previous losses, with projected net profits of 3.81 million, 4.95 million, and 6.67 million from 2025 to 2027, driven by increased demand in commercial vehicle information systems [17]. Computer - **Haiguang Information**: Positioned as a leader in high-end CPUs and DCUs, benefiting from the growth of domestic AI computing power and collaboration with major tech firms [18]. - **Cambricon**: Anticipated to maintain strong growth in AI chip demand, supported by ongoing R&D and market trends [18]. Media - **Kaiying Network**: Expected to launch several new games in 2026, which are projected to drive revenue growth [19]. - **Perfect World**: Anticipated to release a new RPG game, "Yihuan," with high market expectations, contributing to future revenue growth [21].

Group 1 - The market is expected to maintain a balanced growth and value style as it approaches the "Two Sessions" in March, with sectors sensitive to macro policies like real estate and cyclical industries showing potential for marginal improvement [1] - The market is projected to transition from a policy-driven phase to a fundamental-driven phase by mid to late April, with potential pressure on market sentiment if corporate earnings reports fall short of expectations [1] - Current market conditions indicate ample liquidity and rising policy expectations, making it suitable to moderately position in sectors with safety margins and high sensitivity to policy changes while awaiting new catalysts [1] Group 2 - The recommended stocks for March 2026 include Huaxi Nonferrous Metals, which is expected to benefit from rising tin and antimony prices due to its strong resource endowment and clear growth path [18] - Lu'an Huanneng is highlighted for its high proportion of spot coal sales, which provides good earnings elasticity during coal price upcycles, alongside low current industry inventory levels [18] - Industrial Fulian is noted for its deep ties with leading clients and its role as a core manufacturer for AI server OEMs, with expected high growth rates in earnings [18] Group 3 - Key financial data for the recommended stocks includes Huaxi Nonferrous Metals with an EPS forecast of 2.45 yuan for 2026 and a PE ratio of 26, indicating a strong growth outlook [21] - Lu'an Huanneng is projected to have an EPS of 1.01 yuan for 2026 with a PE ratio of 15, reflecting its favorable valuation [21] - Ningde Times is expected to achieve an EPS of 19.99 yuan for 2026 with a PE ratio of 17, indicating significant growth potential in the power equipment sector [21]

2026 年 02 月 28 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 2）技术创新点：现有 AI 基础设施仍面临较高能耗问题，根据论文原文，预计到 2028 年美国 AI 数据中心将占用 12%总电力容量，核心原因是当前 LPUs 和 GPU 仍将模型视为动态数据，千亿级权重参数在自回归解码中反复调取，功耗进而提 升。为从根本解决该问题，需将 LPU 专用化推向极致——提出硬连线 LPU （Hardwired LPU），通过将权重参数物理硬连线到计算架构中，实现架构-模型 完美匹配、零参数调取开销及极致计算效率。硬连线 LPU 的核心挑战是现代 LLM 规模过大：直接硬连线 GPT-OSS 120B 模型，在 5nm 工艺下需 176,000mm²的 CMAC 阵列，经济性成为挑战。论文提出金属嵌入（Metal-Embedding）方法， 将权重嵌入金属线 3D 拓扑而非硅器件二维网格，使硬连线 LPU 的非经常性工程 （NRE）成本进入经济可 ...

寒武纪-U（688256.SH）2025 年业绩快报点评 3）论文成果：基于该方法设计的硬连线神经元语言处理单元（HNLPU），在 5nm 推荐 维持评级 当前价格： 1,178.00 元 相对走势 120% 寒武纪-U 沪深300 LPU 引领推理算力创新，国产算力龙头新机遇可期 glmszqdatemark 2026 年 02 月 28 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 2）技术创新点：现有 AI 基础设施仍面临较高能耗问题，根据论文原文，预计到 2028 年美国 AI 数据中心将占用 12%总电力容量，核心原因是当前 LPUs 和 GPU 仍将模型视为动态数据，千亿级权重参数在自回归解码中反复调取，功耗进而提 升。为从根本解决该问题，需将 LPU 专用化推向极致——提出硬连线 LPU （Hardwired LPU），通过将权重参数物理硬连线到计算架构中，实现架构-模型 完美匹配、零参数调取开销及极致计算效率。硬连线 LPU 的核心挑 ...