行业研究 市场研究部 2026 年 3 月 10 日 通信行业周报（3 月 2 日- 3 月 8 日） 通信行业市场回顾 2026 年 3 月 2 日至 3 月 6 日，通信（中信）板块上涨了 0.73%，而沪 深300指数下跌了1.07%，通信板块跑赢沪深300指数1.8个百分点。 期间通信业区间涨幅位列中信一级行业第 7 位，在 30 个中信一级行业 中表现中上。2026 年全年通信行业累计上涨 5.84%，在中信一级行业 中排第 14 位，表现居中。截至 3 月 6 日，中信通信行业 PE TTM 为 27.53 倍，处于 38.62%的分位数。 中信通信行业包括上市公司共 119 家，期间 30 家公司收涨，88 家公 司收跌，总体上跌多涨少。涨幅前 3 名分别为华工科技、世嘉科技及 新易盛，跌幅前 3 名则分别为精伦电子、天孚通信及菲菱科思。 周度关注：两会 3 月 5 日上午十四届全国人大四次会议在北京开幕，国务院总理李强 作政府工作报告。总理在报告中首次提出打造智能经济新形态，深化 拓展"人工智能+"，促进新一代智能终端和智能体加快推广，推动重 点行业领域人工智能商业化规模化应用；加快发展卫星互 ...

通信行业市场回顾 2026 年 3 月 2 日至 3 月 6 日，通信（中信）板块上涨了 0.73%，而沪 深300指数下跌了1.07%，通信板块跑赢沪深300指数1.8个百分点。 期间通信业区间涨幅位列中信一级行业第 7 位，在 30 个中信一级行业 中表现中上。2026 年全年通信行业累计上涨 5.84%，在中信一级行业 中排第 14 位，表现居中。截至 3 月 6 日，中信通信行业 PE TTM 为 27.53 倍，处于 38.62%的分位数。 中信通信行业包括上市公司共 119 家，期间 30 家公司收涨，88 家公 司收跌，总体上跌多涨少。涨幅前 3 名分别为华工科技、世嘉科技及 新易盛，跌幅前 3 名则分别为精伦电子、天孚通信及菲菱科思。 周度关注：两会 行业研究 市场研究部 2026 年 3 月 10 日 通信行业周报（3 月 2 日- 3 月 8 日） 2026 年是"十五五"规划的开局之年，"加紧培育壮大新动能"的提 法进一步体现出当前国际环境下科技创新的紧急性和重要性。报告提 出"十五五"期间全社会研发经费投入年均增长 7%以上，数字经济 核心产业增加值占国内生产总值比重从2025年的10 ...

沪深股通今日合计成交3163.47亿，其中紫金矿业和新易盛分居沪股通和深股通个股成交额首位。板块主力资金方面，电子板块主力资 金净流入居首。ETF成交方面，旅游ETF（159766）成交额环比增长179%。 龙虎榜方面，脑机接口概念人气股岩山科技强势涨停，获两家机构买入1 .9亿，深股通买入3.11亿，两家一线游资（国泰海通证券武汉 紫阳东路、国泰海通证券三亚迎宾路）合计买入4.86亿。油气股午后冲高回落，多家机构大量卖出，其中通源石油遭两家机构卖出1.15 亿，洲际油气遭两家机构卖出7 . 42亿，准油股份遭三家机构卖出0.74亿，贝肯能源遭四家机构卖出0. 48亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1475. 66亿，深股通总成交金额为1687 .82亿。 | | 沪股通 ( | 3月5日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601899 | 紫金矿业 | | 24.63 | | 2 | 688525 | 佰维存储 | | 23.70 | | 3 | 600089 | ...

Group 1 - The core viewpoint of the news highlights a strong rebound in the Asia-Pacific stock market, driven by a comprehensive rebound in US stocks and a significant increase in AI computing power, with the "computing power ETF" gaining over 2% [1][3] - Nvidia is increasing its investment in the computing power ecosystem, committing $2 billion to optical technology companies Lumentum and Coherent, which are key suppliers in the AI data center infrastructure [3][5] - The cloud computing ETF Huatai (159273) saw most of its weighted index stocks rise, with notable gains from companies like Xinyi and Zhongji [3][4] Group 2 - Citic Securities notes that the technology sector is experiencing upward pressure on capital expenditure (Capex) due to concerns over capital return rates and cash flow, leading to a shift in focus towards computing power and advanced processes [5][6] - The demand for computing power is expected to continue exceeding expectations in both overseas and domestic markets, with upstream sectors likely to maintain high profitability and price increases [6][8] - The recent iterations of large models from major companies like Google and Alibaba are driving AI inference demand, leading to a price increase in cloud services, marking a shift from price competition to premium monetization [8][9]

Market Overview - The A-share market experienced a strong rally on March 5, with the Shanghai Composite Index surpassing 4100 points, closing up 0.84% [2][3] - The Shenzhen Component Index rose by 1.67%, the ChiNext Index increased by 2.43%, and the STAR Market Index gained 2.33% [2][3] TMT Sector Performance - The TMT (Technology, Media, and Telecommunications) sector saw significant gains, with the communication sector rising nearly 4% [4] - Notable stocks included Guodun Quantum, Xinyi Sheng, and Meilixin, each with gains exceeding 10% [4][5] - The electronic sector also performed well, with over 20 stocks hitting the daily limit up, including Longteng Optoelectronics and Jucan Optoelectronics, both achieving a 20% increase [6][7] Stock Highlights - Guodun Quantum (688027) rose by 12.21% to 721.10, Xinyi Sheng (300502) increased by 11.75% to 412.77, and Meilixin (301307) gained 11.44% to 37.01 [5] - Longteng Optoelectronics (300708) and Jucan Optoelectronics (300303) both reached the daily limit up of 20.02% [7] Other Sector Movements - Mechanical equipment, power equipment, social services, computers, light industry manufacturing, and media sectors also showed strong performance [8] - Conversely, the oil and petrochemical sector experienced a decline, with a drop of over 2% [8] New Listings - Tongling Technology, a new stock listed on the market, saw its price surge by over 60% during the trading session [10] - The company specializes in automotive interior components and has received multiple accolades, including being recognized as a "National Specialized and Innovative 'Little Giant' Enterprise" [10]

Core Viewpoint - The A-share market has resumed its upward trend, with the hard technology broad-based ETF, "Shuang Chuang Long Tou ETF" (588330), showing significant activity and a price increase of over 3.7% in early trading, recovering the 5-day moving average [1][9]. Group 1: ETF Performance - The "Shuang Chuang Long Tou ETF" (588330) attracted 9.22 million yuan in a single day, indicating strong investor interest [1][9]. - The ETF's underlying index has achieved a cumulative increase of 60.86% year-to-date, outperforming major indices such as the ChiNext 50 (57.45%) and the Sci-Tech Innovation Index (46.30%) [4][12]. Group 2: Key Stocks Performance - Leading the gains, the optical module company Xinyi Sheng surged by 11.46%, with a net inflow of over 4.5 billion yuan, topping the A-share capital inflow rankings [5][13]. - Other notable performers include Jinghe Integrated (up 7.06%), and several companies in the semiconductor and electronic sectors, such as Zhongyuan Xiangchuang and Tuo Jing Technology, which saw increases of over 6% [2][5][13]. Group 3: Industry Insights - The upcoming NVIDIA GTC conference, scheduled for March 16-19, 2026, is expected to showcase significant advancements in AI computing power, including new GPU core parameters and breakthroughs in technology infrastructure [3][10]. - Guojin Securities expresses optimism regarding AI-PCB and core computing hardware, predicting explosive growth in ASIC numbers from major tech companies like Google, Amazon, and Microsoft between 2026 and 2027, driven by strong demand for AI [3][11].

CPO概念持续走强，聚飞光电"20cm"涨停，新易盛涨超13%，沃格光电、华工科技涨停。 个股方面，CPO龙头新易盛获主力资金净流入近31亿元，中际旭创获主力资金净流入超16亿元。 | 序号 代码 | | 名称 | ● | 最新 | 涨幅％ 主力净流入↓ | | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300502 | 新易盛 | + | 417.88 | 13.13 | 30.69亿 | | 2 | 601727 | 上海电气 | + | 9.46 | 10.00 | 19.57亿 | | 3 | 300308 | 中际旭创 | t | 580.00 | 7.61 | 16.35亿 | 消息面上，据智通财经，英伟达同意向两家开发数据中心光学技术的企业总计投资40亿美元，这类技术对人工智能系统至关重要。 | | | 序号 代码 名称 ● | | | 最新 | | | 成交量 | 现手 | 换手% | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

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]

March 3, 2026 08:45 AM GMT 全球科技 AI 光模块：增长逻辑胜于颠覆 风险 我们的全球团队共同对 AI 光模块市场的增长机会与潜在颠覆 风险进行了评估。行业总体可服务市场规模预计将从 2025年 的约180亿美元增至三倍，达到2028年的约500亿美元，主要 由 AI 数据中心架构在横向扩展、纵向扩展以及跨架构扩展方 面的推进所驱动。 要点： CPO带来的影响确实存在，但其威胁更多体现在中期而非短期： 情境分析： 请参见北美洞察报告：Into the Spotlight: Optical Market Opportunities • 乐观情境：CPO 的采用推迟至 2028 年以后；NPO 更早成熟；从更长期 看，光模块在高端市场的份额仍维持在 70% 以上。 • 基准情境：CPO 自 2027–2028 年开始放量；光模块与 CPO 在 3.2T 代际转 换过程中并存。 • 悲观情境：CPO 更早取得技术突破，压缩长期市场份额，但仍不足以破坏 短期盈利增长逻辑。 Global Insight M This translated report is made available fo ...

Market Sentiment - The current market sentiment score is 62, indicating a "relatively hot" market condition, with historical trends available for reference [5][8]. Hot Themes Tracking - **Robotics Theme**: The visit of German Chancellor Merz to Hangzhou Yushu Technology on February 26 has significantly boosted market confidence in China's humanoid robot technology. 2026 is anticipated to be a year of mass production, with domestic companies taking a leading role in the global supply chain, resulting in substantial cost reductions and accelerated commercialization. Continuous capital inflow into robotics ETFs is expected as the sector transitions from "theme speculation" to "performance realization" [5]. - **Power Equipment Theme**: The global AI data center (AIDC) is creating a rigid demand for high-power, high-stability transformers due to its massive energy consumption. The supply-demand situation is severely imbalanced, with delivery times in the U.S. market extending to 127 weeks. Additionally, China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on new power systems, providing clear long-term order support for the industry [5]. - **Chemical Industry Theme**: The expansion of domestic demand under the 14th Five-Year Plan, coupled with the U.S. interest rate cut cycle, is expected to boost chemical product demand. The industry has established a dual bottom in supply and demand, with policy support for capacity reduction and continuous capital expenditure contraction leading to ongoing supply optimization. A cyclical turning point is anticipated in 2026, resulting in a "Davis Double Play" of valuation and performance increases [5]. Related Stocks - **Robotics**: Sanhua Intelligent Control (002050), Wolong Electric Drive (600580) [5] - **Power Equipment**: China Western Power (601179), TBEA (600089) [5] - **Chemicals**: Yuntianhua (600096), Satellite Chemical (002648) [5]