Q&A 飞腾 CPU 在服务器和 PC 端的市场占有率及竞争格局如何？ 对于 2026 至 2027 年的信创市场，其推进进度和招标情况有何预期？ 在 CPU 发展路线图中，大算力服务器 CPU 仍是投入重点，相关产品迭代按计 划进行，性能指标设计具备充分市场竞争力。桌面端方面，2025 年更新的 D3,000M 处理器在市场上表现出很强的竞争力，搭载该处理器的信创笔记本 续航时间已从行业普遍的 3-4 小时提升至 10 小时以上，基本与主流 x86 产品 在关键指标上持平。同时，公司也在布局前沿技术，尤其是在终端侧的推理应 用，以顺应 AI 浪潮。公司将持续关注并从战略上支持飞腾的技术研发投入。 除了续航时间的提升和对推理应用的布局，采用飞腾 CPU 的整机产品在成本、 性能和生态方面还有哪些差异化竞争优势？ 当前信息技术应用创新正从以党政为主的阶段逐步向行业应用拓展，其中金融、 能源等信息化预算较为充裕的行业走在前列。市场呈现出两个主要特征：首先， 本轮替代正从项目式、工程式转向常态化。随着国产计算产品性能的显著提升， 例如五年间产品体验已发生质变，市场信心增强，替代范围有望从党政领域扩 展至行业领域，并 ...

中国长城科技集团股份有限公司 资产减值准备计提与核销管理制度 （经2026年3月26日公司第八届董事会第二十八次会议审议通过） 第一章 总则 第一条 为加强中国长城科技集团股份有限公司（以下简称"公 司"）资产管理，进一步完善公司财务管理和内部控制制度，统一 和规范资产减值准备计提与核销的程序，根据国家《企业会计准则》、 《中央企业财务决算报告管理办法》及其他有关规定，特制定本制 度。 第二条 本制度适用于公司所属各职能部门、事业部、分公司 （以下简称"各单位"）；纳入合并范围的子公司，可参照本制度 制定本单位的资产减值准备计提与核销管理制度。 第三条 各单位的各项资产在取得时应当按照实际成本计量， 其后应定期对各项资产进行全面清理核实，至少于每年末检查一次， 并根据谨慎性原则的要求，合理预计各项资产可能发生的损失，计 提资产减值准备。 第四条 各单位计提减值准备资产范围包括应收票据、应收账 款、其他应收款、应收利息、应收股利、长期应收款、长期股权投 资、预付款项、合同资产、存货、固定资产、在建工程、无形资产、 以及按照《企业会计准则第 22 号—金融工具确认和计量（2017）》 第十八条分类为以公允价值计量 ...

证券代码：000066 证券简称：中国长城 公告编号：2026-007 中国长城科技集团股份有限公司 第八届董事会第二十八次会议决议暨高级管理人员变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中国长城科技集团股份有限公司（以下简称"公司"）第八届董事会第二十 八次会议通知于 2026 年 3 月 20 日以电子邮件方式发出，会议于 2026 年 3 月 26 日在深圳中电长城大厦会议室以现场方式召开，应参加会议董事九名，实际 参加会议董事九名；符合《公司法》和《公司章程》的有关规定。会议由董事长 戴湘桃先生主持，审议通过了以下议案： 一、关于修订《资产减值准备计提与核销管理制度》的议案 经董事会审议，同意修订《资产减值准备计提与核销管理制度》。 审议结果：表决票 9 票，同意 9 票，反对 0 票，弃权 0 票，表决通过。 《资产减值准备计提与核销管理制度》详见公司同日登载于巨潮资讯网 http://www.cninfo.com.cn 的内容。 二、关于修订《募集资金管理制度》的议案 经董事会审议，同意修订《募集资金管理制度》。 审议结果：表决票 ...

（经 2026 年 3 月 26 日公司第八届董事会第二十八次会议审议通过） 第一章 总则 中国长城科技集团股份有限公司 募集资金管理制度 第一条 为规范中国长城科技集团股份有限公司（以下简称"公司"） 募集资金的使用和管理，保护投资者的权益，依照《中华人民共和国公司 法》《中华人民共和国证券法》《首次公开发行股票注册管理办法》《上 市公司证券发行注册管理办法》《上市公司信息披露管理办法》《上市公 司募集资金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 1 号—主板上市公司规范运作》及《公司章程》 等有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司通过发行股票或者其他具有股权性质的证 券，向投资者募集并用于特定用途的资金监管，但不包括公司为实施股权 激励计划募集的资金监管。 第三条 本制度所称超募资金是指实际募集资金净额超过计划募集资 金金额的部分。 第四条 募集资金应当专款专用。公司使用募集资金应当符合国家产业 政策和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当 用于主营业务，有利于增强公司竞争能力和创新能力。 第五条 公司应当建立并完善募 ...

Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The company is a pioneer in China's independent computing industry, focusing on CPU and integrated systems, and is expected to benefit from the deepening of the Xinchuang industry and the explosive demand for AI [2][10]. - The company has a stable shareholding structure, with China Electronics being the largest shareholder, holding 39.35% of the shares [10][25]. - The company has made significant contributions to the development of China's independent computing industry, having created several industry firsts [10][24]. Financial Summary - The projected total revenue for 2025-2027 is expected to be 151.80 billion, 170.15 billion, and 188.14 billion yuan, respectively, with a corresponding net profit of -0.56 billion, 1.28 billion, and 2.59 billion yuan [4][18]. - The earnings per share (EPS) for the same period is projected to be -0.02, 0.04, and 0.08 yuan [18]. - The company’s revenue is expected to grow at rates of 10.00%, 15.00%, and 12.00% for its computing industry business from 2025 to 2027 [14][16]. Revenue Breakdown - The computing industry business is projected to generate revenues of 117.72 billion, 135.37 billion, and 151.62 billion yuan from 2025 to 2027, with gross margins of 15.00%, 17.00%, and 17.00% [14][16]. - The system equipment business is expected to see revenues of 25.49 billion, 25.76 billion, and 27.05 billion yuan, with gross margins of 14.00%, 15.00%, and 16.00% [15][16]. - Other business revenues are projected to be 8.59 billion, 9.02 billion, and 9.47 billion yuan, with gross margins of 31.50%, 34.00%, and 36.00% [15][16]. Valuation Analysis - The report uses both PS and PB valuation methods, estimating a reasonable valuation of 740.51 billion yuan and a target price of 22.96 yuan for the company [19][22][23]. - The PS valuation method suggests a valuation based on an average of 11.59 times PS for comparable companies, while the PB valuation method suggests a valuation of 6 times PB [20][22]. Market Position and Strategy - The company is positioned as a key player in the Xinchuang and AI computing sectors, focusing on developing core products and technologies for information security and infrastructure [10][24]. - The company has invested in Feiteng, a leading domestic CPU developer, to enhance its capabilities in high-end chip design and production [10][32][35]. - The company aims to leverage opportunities in the Xinchuang market and solidify its integrated system business [10][14].

自主计算产业开拓者，深耕 CPU 与整机 有望受益于信创 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 公司背靠中国电子，聚焦计算产业与系统装备两大主业，是我国自主计算产业的开 拓者和引领者。公司有望受益于信创产业深化及 AI 需求爆发，走向发展快车道。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,420 | 14,20 ...

Core Viewpoint - The article highlights the rising interest and investment in OpenClaw, an open-source AI agent platform, which is driving growth in related sectors such as AI computing and cloud services, leading to significant stock price increases for several companies in these fields [5][12]. Group 1: Market Performance - On March 9, OpenClaw's concept gained traction, resulting in a surge in AI computing and cloud computing sectors, with multiple stocks hitting their daily limit up [5]. - Companies such as Qingyun Technology (688316.SH) and Youke De (688158.SH) saw their stock prices increase by 20% and 19.99%, respectively, while others like China Great Wall (000066.SZ) and Meiliyun (000815.SZ) also experienced significant gains [6][13]. Group 2: Government Support - The Longgang District of Shenzhen has released a draft for public consultation regarding measures to support OpenClaw and OPC development, including free deployment, data service support, and talent development [8]. - Wuxi High-tech Zone has also proposed 12 measures to support OpenClaw and related community projects, with individual support reaching up to 5 million yuan [10]. Group 3: Industry Implications - OpenClaw is positioned as a transformative platform that can evolve from personal efficiency tools to enterprise-level productivity units, with potential applications in key sectors like government, healthcare, and education [12]. - The platform's community engagement and contributions from developers are expected to accelerate AI technology innovation and application [12]. - Major cloud service providers, including Tencent Cloud and Alibaba Cloud, are integrating OpenClaw into their offerings, indicating a shift towards a new paradigm in AI applications [14]. Group 4: Future Outlook - The adoption of OpenClaw is anticipated to create a positive feedback loop of model upgrades, data return, and increased computing demand, which will benefit the entire domestic computing industry [14]. - The article suggests that the growth in AI applications will lead to a significant increase in demand for computing resources, impacting the entire supply chain from chips to cloud services [14].

Core Viewpoint - OpenClaw has gained significant attention in the tech and capital markets, with its latest version introducing advanced features and becoming a leading open-source project on GitHub, while the "lobster farming" concept related to AI is gaining traction in the A-share market despite most companies not yet seeing substantial business growth from it [4][5][8]. Group 1: OpenClaw's Features and Innovations - OpenClaw has five core breakthroughs compared to previous AI products like AutoGPT and GPT-4o, including a layered architecture that positions it as a self-hosted AI gateway and a file-driven design for managing AI behavior [6]. - The execution capability of OpenClaw has evolved from passive response to proactive execution, allowing it to run autonomously 24/7 without human intervention [6]. - OpenClaw features a dual-mode memory architecture that combines short-term and long-term memory, enhancing its intelligence over time while ensuring data privacy through local storage [7]. Group 2: Market Impact and Trends - The rise of OpenClaw is creating a "lobster farming" trend in the A-share market, with companies in the cloud deployment and ecosystem services sectors being the most direct beneficiaries [8]. - A surge in demand for local computing power is expected as OpenClaw promotes the shift of AI applications from cloud to edge and terminal devices, benefiting hardware manufacturers like personal computers and private servers [8]. - The A-share market has seen a notable increase in stocks related to AI and computing power, with several companies experiencing significant stock price surges [9]. Group 3: Cloud Service Providers and Business Adaptation - Cloud service providers are positioned as the primary beneficiaries of the OpenClaw trend, with many companies already disclosing their business layouts and technological adaptations related to OpenClaw [10]. - Companies like UCloud have quickly implemented OpenClaw-related services, enabling users to deploy AI assistants efficiently through cloud solutions [10][11]. - Other cloud service providers, such as QingCloud and Wangsu Technology, are also adapting their platforms to support OpenClaw, indicating a rapid industry response [11]. Group 4: Enterprise Applications and Future Prospects - The enterprise application landscape is crucial for scaling revenue and building long-term competitiveness, with companies focusing on integrating OpenClaw into their AI solutions [13]. - Han's Information has launched an AI application aggregation platform that incorporates OpenClaw, aiming to provide a comprehensive enterprise-level AI solution [13]. - The demand for AI applications in various sectors, including finance and automation, is expected to grow as companies leverage OpenClaw's capabilities [14]. Group 5: Hardware Adaptation and Challenges - Domestic hardware manufacturers are actively working on full-stack adaptations for OpenClaw, which is essential for achieving autonomous and secure AI operations [15]. - Companies like Loongson and Rockchip have successfully adapted their hardware to run OpenClaw, although the immediate business impact remains to be seen [15][16]. - The overall market for AI-related hardware is evolving, with companies like Inspur launching AI servers optimized for OpenClaw, indicating a growing demand for high-performance computing solutions [16].

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks, sector performances, and significant fund flows, indicating potential investment opportunities and market trends. Group 1: Trading Activities - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 361.197 billion, with Zijin Mining and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The top traded stocks in the Shanghai market included Zijin Mining (25.92 billion), Industrial Fulian (20.14 billion), and Baiwei Storage (16.47 billion) [2][3] - In the Shenzhen market, CATL topped the list with a trading volume of 43.17 billion, followed by Xinyi Technology (31.14 billion) and Zhongji Xuchuang (27.07 billion) [4] Group 2: Sector Performance - The computer sector saw the highest net inflow of funds, amounting to 77.11 billion, with a net inflow rate of 3.14% [6] - Other sectors with notable net inflows included the electric new industry (10.42 billion) and automotive (9.09 billion) [6] - Conversely, the electronics sector experienced the largest net outflow of funds, totaling -155.98 billion, with a net outflow rate of -4.06% [7][8] Group 3: ETF Trading - The A500 ETF Fund (512050) recorded the highest trading volume among ETFs at 117.432 billion, with a week-on-week increase of 24.83% [13] - The 300 Dividend Low Volatility ETF (515300) saw a remarkable increase in trading volume by 621.84%, indicating strong investor interest [14] - The top ETFs by volume also included the Gold ETF (518880) and the Hang Seng Technology ETF (513130), with significant trading activities [13] Group 4: Institutional and Retail Investor Activities - Institutional investors showed varied activity, with Dongyangguang seeing a 5.82% increase and receiving significant buying from three institutions totaling 8.95 billion [17][18] - Retail investors were active in stocks like Tuo Wei Information, which achieved a two-day consecutive rise, while also witnessing significant selling from major retail investors [19] - Quantitative funds were notably active, with China Great Wall receiving a substantial buy of 2.96 billion from a quantitative fund [20]

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating a favorable outlook for the sector [1]. Core Insights - The upcoming NVIDIA GTC 2026 conference is expected to unveil a new AI inference chip system, integrating the LPU architecture from NVIDIA's acquisition of Groq, aimed at optimizing inference performance [5]. - The global demand for computing power is shifting from training to inference, with significant implications for the market structure and opportunities for domestic chip manufacturers [8]. - The report emphasizes the acceleration of domestic infrastructure development for AI inference, suggesting a broad growth opportunity for related AI chip, hardware, and service companies [8]. Summary by Sections Recent Performance - The computer industry has shown mixed performance over the past year, with a 1-month decline of 0.6%, a 3-month increase of 4.4%, and a 12-month decline of 1.3% [3]. Upcoming Events - The NVIDIA GTC 2026 conference will take place from March 16 to 19 in San Jose, California, featuring key advancements in AI technologies, including new AI acceleration chips and systems [5]. Technological Developments - The Groq LPU is designed for inference acceleration, utilizing SRAM for model parameter storage, which significantly enhances data processing speed compared to traditional GPU architectures [6][7]. Market Trends - By 2032, the proportion of training costs in large cloud computing companies' data center expenditures is expected to drop from over 40% to around 14%, indicating a clear shift towards inference [8]. - Major companies are securing large-scale orders for inference-optimized chips, highlighting the growing demand for such technologies [8]. Investment Strategy - The report suggests a focus on specific stocks within the AI chip sector, including companies like Haiguang Information, Cambrian, and others, as well as those involved in servers and liquid cooling technologies [8].