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，中小100ETF华夏（159902）开盘涨0.39%，报4.365元。中小100ETF华夏（159902）重仓股方 面，立讯精密开盘涨2.24%，比亚迪涨0.08%，北方华创涨1.33%，牧原股份跌0.87%，三花智控涨 0.70%，海康威视涨0.00%，东山精密涨5.93%，沪电股份涨1.23%，科大讯飞涨0.68%，宁波银行涨 0.50%。 中小100ETF华夏（159902）业绩比较基准为中小企业100指数，管理人为华夏基金管理有限公司，基金 经理为严筱娴，成立（2006-06-08）以来回报为356.07%，近一个月回报为-5.64%。 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25日，中小100ETF华夏（159902）开盘涨0.39%，报4.365元。中小100ETF华夏（159902）重仓股方 面，立讯精密开盘涨2.24%，比亚迪涨0.08%，北方华创涨1.3 ...

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, multi-IM access, 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 mid-2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is set to transform AI from a conversational role to an execution role, enabling more intelligent personal AI assistants and digital employees. Major companies like Xiaomi and Huawei are adapting OpenClaw for various devices, indicating a shift in the capabilities of edge AI [5] Summary by Sections OpenClaw Development - OpenClaw was initially released on November 24, 2025, and saw a surge in adoption in February 2026, with major domestic companies launching products based on its code. Notable implementations include Tencent's WorkBuddy and Zhizhu's AutoClaw, which offer seamless integration with existing communication tools [4] Token Consumption and Demand - The introduction of Agent AI has led to a shift in token consumption patterns, with tasks now consuming tens of thousands to millions of tokens per execution. Predictions indicate that by 2030, the global active AI agents will reach 2.216 billion, with annual token consumption skyrocketing from 0.0005 Peta Tokens in 2025 to 15.2 million Peta Tokens [5] 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 [6]

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]

Core Insights - The report identifies three main engines driving the transformation of the new consumption sector: AI + consumption, emotional economy, and new quality retail [2][3][4] AI + Consumption - AI technology is seen as a catalyst for consumption, with the potential to become a market hotspot. By the first half of 2025, the user base for generative AI products in China is expected to reach 515 million, a growth of 266 million from December 2024, with a penetration rate of 36.5% [2] - AI technologies such as large models, chips, embodied intelligence, and digital innovations are expected to comprehensively upgrade consumer goods across production, supply chain, and operational selection [2] Emotional Economy - Changes in economic demographics are giving rise to an emotional consumption market projected to reach 4.5 trillion yuan. The emotional consumption market in China is expected to grow from 1.63 trillion yuan in 2022 to 2.72 trillion yuan in 2025 and exceed 4.5 trillion yuan by 2029 [3] - Emotional consumption scenarios are rapidly expanding, with trends in collectibles, shopping, cultural tourism, pets, technology, and dining gaining traction among younger consumers [3] New Quality Retail - The shift from traditional retail to new quality retail focuses on enhancing consumer experience and value reconstruction. New quality retail includes aspects like quality-price ratio consumption and instant retail, optimizing supply-side offerings [4] - For instance, Sam's Club in China is projected to achieve sales of over 140 billion yuan by 2025, with online business accounting for about 50% of its sales [4] Investment Opportunities - Key companies to watch in the AI + consumption sector include Luxshare Precision, Goertek, DJI, and Xiaomi in various AI product categories [5] - In the emotional consumption space, companies like Laopuhuangjin and Chaohongji are highlighted, along with brands in outdoor sports and beauty sectors [5] Market Overview - The overall consumption industry in 2025 is expected to show structural changes, with a focus on upgrading consumption quality and enhancing consumer experiences [19][29] - The report emphasizes the importance of policies aimed at boosting domestic demand and consumption, which are expected to continue into 2026 [28][29] Economic Context - The contribution of final consumption expenditure to GDP growth in China is projected to remain significant, with a contribution rate of 53.5% in the first three quarters of 2025, reflecting a 9 percentage point increase from the previous year [18][36] - The report notes that the consumer market in China still has substantial growth potential, with the final consumption expenditure expected to rise from approximately 57% to 60% of GDP by the end of the 14th Five-Year Plan [28][36] Demographic Trends - The report highlights the aging population and declining birth rates in China, with the Z generation gradually becoming the main consumer force. This demographic shift is expected to drive new consumption patterns focused on emotional value and sustainability [40][41] Future Outlook - The report anticipates that 2026 will be a pivotal year for the integration of AI technology into the consumption sector, creating new market opportunities and innovative products [45][46] - The AI + consumption landscape is expected to evolve with advancements in AI-powered products, including smart home devices and wearables, which are projected to reshape consumer lifestyles [62][63]

Group 1 - The core viewpoint of the news highlights a significant rise in the optical module and CPO computing hardware sectors, with major ETFs like Huaxia (515050) and Huaxia AI ETF (159381) both increasing over 2% in early trading, surpassing 100 million in trading volume [1] - The upcoming NVIDIA GTC conference scheduled for March 16-19, 2026, is expected to showcase new GPU core parameters and technological breakthroughs in computing infrastructure, including CPO switches and liquid cooling systems [1] - Guojin Securities expresses optimism about AI-PCB and core computing hardware, suggesting continued focus on innovations presented at the GTC conference, with a projected explosive growth in ASIC numbers from major companies like Google, Amazon, Meta, OpenAI, and Microsoft between 2026 and 2027 [1] Group 2 - The Huaxia communication ETF (515050) focuses on electronic and communication computing hardware, with top holdings including Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision [2] - The Huaxia AI ETF (159381) has a balanced allocation between optical module CPO and AI software applications, with top ten holdings including Zhongji Xuchuang (11.8%) and Xinyi Sheng (11.2%), and a total fund size nearing 2 billion [2] - The AI PCB sector is experiencing strong demand, with many companies reporting full production and sales, indicating a potential for sustained high growth in performance [1][2]

Group 1 - Douban Mall faced significant losses due to a coupon system error, leading to a "full refund" policy for abnormal orders and a compensation of 20 yuan for affected users [4][5] - A foreign company in Shanghai unexpectedly closed, resulting in the immediate layoff of over 200 employees, with compensation packages provided [6][7] - DJI led the Chinese action camera market during the Spring Festival, capturing 62.9% of the market share with strong sales across various segments [10] Group 2 - Hongmeng Zhixing reported a 31% year-on-year increase in vehicle deliveries, reaching 28,212 units in February, while Zhijie Auto's sales plummeted by 90.6% to 945 units [13][14] - WeChat accounts have been used for AI-based friend recommendations, raising privacy concerns among users [16][17] - BYD announced a groundbreaking technology conference scheduled for March 5, 2026, amid rising oil prices [19] Group 3 - Former ByteDance executive Yang Jianchao has started a new venture focused on video generation models, seeking $50 million in initial funding [21] - Vbot Weita Power appointed former chief scientist of Qianli Zhijia, Qin Hailong, as Vice President of R&D to accelerate the development of intelligent robotics [22][23] - Meituan launched the Tabbit AI browser, designed for efficiency in data extraction and task automation [28][29] Group 4 - MiniMax reported a revenue of approximately $79.04 million for 2025, a 159% increase year-on-year, despite a significant net loss [30] - Sony Interactive Entertainment Japan announced a substantial salary increase for new graduates, raising monthly pay from 358,000 yen to 425,000 yen [50][51] - Renowned entrepreneur Elon Musk's net worth surpassed $800 billion, marking a significant increase in wealth over the past month [53]

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, highlighting a strong outlook for 2026 driven by capital expenditures (Capex) related to AI technologies [8][10]. Key Insights - **Opportunities in AI**: There are significant opportunities in AI GPU and ASIC server/rack design upgrades, particularly with the upcoming Vera Rubin platform and Kyber architecture [8][10]. - **AI ASIC Server Upgrades**: The magnitude of upgrades and volume expansion is primarily centered around TPU and Trainium platforms, indicating a robust demand for AI server hardware [8][10]. - **Share Price Upside**: Analysts see potential for share price increases in the near term, particularly for AI server power solutions and smooth delivery of GB300 server racks [8][10]. - **Capacity Expansion**: A wave of capacity expansion is anticipated across the tech hardware supply chain, which could enhance production capabilities [8][10]. Risks Identified - **Consumer Electronics Demand**: Demand for consumer electronics, such as smartphones and PCs, may be negatively impacted by rising memory costs [8][10]. - **Raw Material Price Hikes**: Increases in raw material prices (copper, nickel) and supply tightness are expected to create margin headwinds [8][10]. - **Supply Shortages**: Potential supply shortages could delay shipment schedules, affecting overall market performance [8][10]. - **Geopolitical Tensions**: Ongoing geopolitical tensions may impact spending on AI data center infrastructure, posing a risk to growth in this area [8][10]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, FII/Hon Hai, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuit, Unimicron, Yageo, and Fositek [8][10]. - Edge AI: Xiaomi, Luxshare, Lenovo [8][10]. Valuation Comparisons - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as P/E ratios, market capitalization, and expected earnings per share (EPS) for 2026 and 2027 [10]. This summary encapsulates the critical points discussed during the conference call, providing insights into both opportunities and risks within the Greater China Technology Hardware industry.

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-025 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于股份回购进展情况的公告 2、中国证监会和深圳证券交易所规定的其他情形。 根据《上市公司股份回购规则》《回购指引》等相关规定，上市公司在回购期间 应当在每个月的前 3 个交易日内公告截至上月末的回购进展情况。现将公司回购进 展情况公告如下： 一、回购股份的进展情况 截至 2026 年 2 月 28 日，公司通过股份回购专用证券账户以集中竞价方式回购 公司股份 9,900,600 股，占公司总股本的比例为 0.14%，最高成交价 50.91 元/股， 最低成交价 50.14 元/股，成交总金额 499,946,537.83 元（不含交易费用）。本次回 购股份资金来源为公司自筹资金(含股票回购专项贷款资金等)，回购价格未超过 86.60 元/股。本次回购符合相关法律法规及公司既定的股份回购方案的要求。 二、其他说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞价交易的委托 时间段均符合《回 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-024 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于申请发行境外上市外资股（H 股）并上市的进展公告 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。 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）正在申请发行境 外上市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂 牌上市（以下简称"本次发行"）的相关工作。公司已于 2025 年 8 月 18 日向香港联 交所递交了本次发行的申请，并于同日在香港联交所网站刊登了本次发行的申请材料。 2026 年 3 月 2 日 https://www1.hkexnews.hk/app/sehk/2026/108261/documents/sehk2602270239 8_c.pdf 英文版招股书： https://www1.hkexnews.hk/app/sehk/2026/108261/documents/sehk26022 ...