证券研究报告 推理需求爆发下的机会 ——计算机行业2026年Q2策略报告 行业评级：看好 2026年3月31日 | 分析师 | 刘雯蜀 | 分析师 | 童非 | 分析师 | 郑毅 | | --- | --- | --- | --- | --- | --- | | 证书编号 | S1230523020002 | 证书编号 | S1230524050005 | 证书编号 | S1230524070002 | | 分析师 | 刘静一 | 分析师 | 张致远 | | | | 证书编号 | S1230523070005 | 证书编号 | S1230525080001 | | | 核心观点 ◼ 国产大模型实力增强，中国厂商在"局部能力SOTA"和极致性价比的算力利用率上展现竞争壁垒。 2 ➢ 技术突破：国产大模型在多模态理解、长文本处理、行业适配等能力上快速追赶国际水平，模型调用频次与 Token 消耗呈指数级增长。 ➢ 头部大模型公司上市，进一步扩充资金储备，增强远期研发实力。 ◼ 以国产大模型为锚点，模型迭代越迅速，推理能力越强，对上游基础设施带动越明显，云服务 + 算力核心部件成核心受益环节。 ➢ 上游迎来三重利好 ...

证券研究报告 推理需求爆发下的机会 ——计算机行业2026年Q2策略报告 行业评级：看好 2026年3月31日 | 分析师 | 刘雯蜀 | 分析师 | 童非 | 分析师 | 郑毅 | | --- | --- | --- | --- | --- | --- | | 证书编号 | S1230523020002 | 证书编号 | S1230524050005 | 证书编号 | S1230524070002 | | 分析师 | 刘静一 | 分析师 | 张致远 | | | | 证书编号 | S1230523070005 | 证书编号 | S1230525080001 | | | 核心观点 ◼ 国产大模型实力增强，中国厂商在"局部能力SOTA"和极致性价比的算力利用率上展现竞争壁垒。 2 ➢ 技术突破：国产大模型在多模态理解、长文本处理、行业适配等能力上快速追赶国际水平，模型调用频次与 Token 消耗呈指数级增长。 ➢ 头部大模型公司上市，进一步扩充资金储备，增强远期研发实力。 ◼ 以国产大模型为锚点，模型迭代越迅速，推理能力越强，对上游基础设施带动越明显，云服务 + 算力核心部件成核心受益环节。 ➢ 上游迎来三重利好 ...

Group 1: Company Insights - The report highlights that Guoneng Rixin (301162) is expected to benefit from the government's emphasis on "computing power and electricity synergy" as part of the new infrastructure initiatives, marking a significant policy shift [4] - Revenue projections for Guoneng Rixin are estimated at 726 million, 935 million, and 1.169 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 32.06%, 28.79%, and 25.03% [4] - The net profit forecast for the same period is 125.57 million, 169.88 million, and 214.53 million yuan, with growth rates of 34.17%, 35.29%, and 26.28% [4] Group 2: Industry Trends - The report indicates that Hong Kong is poised to attract global capital as a safe haven due to geopolitical tensions in the Middle East, with a notable increase in family offices and capital inflow from the region [5][6] - The valuation of Hong Kong stocks is significantly lower compared to other markets, with the Hang Seng Technology Index trading at a TTM P/E of 21.2, which is substantially undervalued compared to the Korean KOSDAQ and NASDAQ [5] - The report emphasizes that the diversification of industries in Hong Kong exceeds that of Japan and South Korea, positioning it as a key channel for international capital to benefit from the rise of Chinese technology companies [5][6] Group 3: Macro Economic Factors - The macroeconomic report notes that fiscal spending in early 2026 has been robust, particularly in social welfare, indicating a proactive fiscal policy stance [7] - The report suggests that the emphasis on improving the efficiency of fund utilization and policy coordination is a highlight of the current fiscal strategy [7] Group 4: Sector-Specific Analysis - In the food and beverage sector, the impact of rising crude oil prices on costs is expected to be limited, as many strong alpha companies have locked in prices and utilized inventory to mitigate short-term effects [8] - The report recommends focusing on strong alpha companies in the food and beverage sector, highlighting specific companies such as Dongpeng Beverage and Weilong [8] - The electronic skin industry is identified as a growth area, with the report recommending companies like Hanwei Technology and Fule New Materials as key players in this emerging market [11]

睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 以下文章来源于睿兽Pro ，作者Bestla 上周基金重点事件回顾丨 03.09-03.15 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金 市场动向。 政府引导基金 京津冀创业投资引导基金完成备案 2026年3月12日，中金公司宣布，规模500亿元的京津冀创业投资引导基金合伙企业（有限合伙）已 完成首批资金实缴到位，并于近日在中国证券投资基金业协会完成私募基金备案。该基金管理人为中 金公司全资子公司中金资本运营有限公司，坚持"投早、投小、投长期、投硬科技"，采用"子基金+直 投项目"方式投资种子期、初创期企业，充分发挥政策效能，支撑原创性、颠覆性技术创新和关键核 心技术攻关，培育发展战略性新兴产业和未来产业。截至目前，京津冀基金已签约投资4只子基金及1 个直投项目，并完成首笔出资。 （ 中 金 公司 ） 朝阳科创基金首都会展科创基金招GP 中关村科技园区朝阳园管理委员会发布公告遴选朝阳科创基金首都会展科创子基金管理机构，公告指 出，首都会展科创子基金以会展 ...

国能日新科技股份有限公司 关于与专业投资机构共同投资设立产业基金的公告 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。 一、与专业投资机构共同投资的情况 为促进国能日新科技股份有限公司（以下简称"公司"）可持续发展，借助 专业投资机构的专业资源和投资管理优势，挖掘新能源产业链优质项目，实现公 司资产保值增值的同时，加强产业链协同及公司新能源信息化、资产运营等相关 业务的市场拓展。在不影响公司日常经营和发展、有效控制投资风险的前提下， 公司于近日与深圳新融管理咨询合伙企业（有限合伙）（以下简称"深圳新融"）、 南京太保鑫汇致远股权投资基金管理合伙企业（有限合伙）（以下简称"太保鑫 汇"）共同出资，设立成都光宜股权投资基金合伙企业（有限合伙）（暂定名， 以最终工商备案为准，以下简称"产业基金"、"基金"或"合伙企业"）并签署《成 都光宜股权投资基金合伙企业（有限合伙）合伙协议》（以下简称"合伙协议"）。 产业基金首次认缴出资总额为人民币 20,000 万元，其中，公司作为有限合伙人， 拟以自有资金认缴出资人民币 5,000 万元，占产业基金首次认缴出资总额的 25 ...

Core Viewpoint - Nanyuan Energy has confirmed its participation in the 14th International Energy Storage Summit and Exhibition (ESIE 2026), inviting industry peers to visit their booth [3][10]. Procurement Project Summary - The procurement project for Nanyuan Energy's lithium iron phosphate electrochemical energy storage system equipment has a total scale of 2GWh, divided into three lots: 1.2GWh for 0.25C and 0.8GWh for 0.5C [5][6]. - The candidates for Lot 1 (Battery Cabin Integration Package) include BYD Auto, Shanghai Pylon Energy Technology, Tianjin Ruiyuan Electric, Xiamen Beichen Star Energy Development, and Xinyuan Zhichu Energy Development [4][6]. - The candidates for Lot 2 (PCS Power Conversion Package) include Suzhou Inovance Technology, Tianjin Ruiyuan Electric, Shangen Electric, Yisite Group, and Sungrow Power Supply [4][6]. - The candidates for Lot 3 (Energy Management System) include Nanjing Zhonghui Electric Technology, Yisite Group, Guoneng Rixin Technology, and Tianjin Ruiyuan Electric [4][6]. Project Requirements - The project requires bidders to have a cumulative supply performance of no less than 2GWh within one year and at least one single project performance of 400MWh or more [6][7]. - The procurement includes lithium iron phosphate batteries, battery management systems, bidirectional inverters, energy management systems, and various supporting facilities [6][8]. Event Details - The opening of bids took place on March 5, 2026, at a designated location in Lanzhou, Gansu Province [7]. - The public announcement of the shortlisted suppliers will be from March 11 to March 13, 2026 [7][8]. - The ESIE 2026 event will be held from April 1 to April 3, 2026, at the Capital International Exhibition Center in Beijing [10].

Group 1: Industry Research Highlights - The most popular industries for institutional research in the week of February 9-13, 2026, ranked by the total number of institutional surveys, are machinery, automotive, basic chemicals, and electronics, with a notable focus on power equipment and machinery in the past five days [11][13]. - Over the past 30 days, the industries with the highest number of institutional surveys are machinery, electronics, pharmaceuticals, and basic chemicals, with machinery and electronics receiving significant attention [13][14]. Group 2: Company Research Highlights - In the week of February 9-13, 2026, the companies with the highest number of institutional surveys, where the number of institutional ratings exceeds 10, include Huari Precision, China National Heavy Duty Truck Group, and Guoneng Rixin [17][20]. - Over the past 30 days, the companies with the most institutional surveys and ratings exceeding 10 are Jiemai Technology, Ice Wheel Environment, and Shanghai Bank [19][21]. Group 3: Key Company Insights 1. **Guoneng Rixin** - Focused on strategic upgrades driven by electricity trading and policies, leveraging its self-developed "Kuangming" new energy model 3.0 to create a closed loop of "prediction-decision-execution-optimization" [23][24]. - The National Development and Reform Commission's new pricing mechanism for independent energy storage significantly enhances project return expectations, driving demand for electricity trading operations [24]. - The company is expanding its investment in new energy assets through its subsidiary Rixin Hongsheng [23]. 2. **Changan Automobile** - Announced a share repurchase plan of 1-2 billion yuan to optimize capital structure and enhance shareholder confidence, alongside a product roadmap that includes 43 new models over the next three years, with over 80% being new energy vehicles [25][26]. - The Avita 06T, a product of its collaboration with Huawei, features advanced technologies and aims to produce the world's first sodium-ion battery passenger vehicle [27]. 3. **Huari Precision** - Expected to achieve a net profit of 180-200 million yuan in 2025, representing a year-on-year increase of 68-87%, driven by recovering downstream demand and product performance improvements [29]. - The company ranks second in domestic production of hard alloy CNC blades and is transitioning towards becoming a comprehensive cutting solution provider [28][29]. - It has a strong focus on R&D, with 32 authorized invention patents and a commitment to high-precision manufacturing capabilities [29][30].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the electric grid equipment industry, highlighting significant growth driven by multiple factors including government policies and technological advancements in AI [1][2]. Core Insights and Arguments - Electric grid equipment has seen a surge in demand, primarily due to: 1. The release of a prospectus by Si Yuan Electric for its Hong Kong IPO 2. The State Council's issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" 3. Continuous advancements in AI technology impacting the electricity sector [1] - In North America, the logic of AI-related electricity shortages is becoming clearer, with demand consistently exceeding expectations. This is compounded by rigid supply capacities and delays in production expansions by major overseas manufacturers. By 2030, there is projected to be a 10% shortage of electric transformers in Europe and North America [1]. - Domestic companies are expected to benefit from the overflow of overseas orders, with leading firms in international markets likely to continue outperforming expectations [1]. Investment Recommendations - The call provides specific investment suggestions based on the anticipated growth in the electric grid sector: 1. High-voltage equipment exports and components: Si Yuan Electric, TBEA, Huaming Equipment, etc. 2. Domestic ultra-high voltage and main grid: Pinggao Electric, China XD Electric, XJ Electric, Guodian NARI, etc. 3. Companies focused on the electricity market: Guoneng Rixin, Oriental Electronics, etc. [2]. Additional Important Content - The "14th Five-Year Plan" outlines a total investment of 5 trillion yuan, establishing a foundation for long-term high prosperity in the domestic electricity market [2]. - The goal is to fully establish a national unified electricity market system by 2035, promoting the participation of various power sources from the "Shagehuang" renewable energy base in the electricity market [2].

Group 1: Company Strategy and Investment in Power Trading - The company is strategically investing in power trading by increasing personnel in research, product, and marketing, focusing on high-end talent recruitment [2] - A dedicated marketing team for power trading products has been established to enhance sales efficiency across major regions [2] - The company is actively promoting power trading data and strategy tools for both power stations and end-users, alongside offering power trading management services [3][4] Group 2: AI Model Development and Application - The company has developed the "Kuangming" New Energy Model 3.0, which integrates weather forecasting and new energy generation predictions to enhance trading strategies [2][8] - The model leverages big data and AI technology to improve the accuracy of power generation and load forecasts, significantly boosting trading revenue for clients [3][7] - The company emphasizes continuous R&D investment in AI, with a focus on integrating artificial intelligence into industry applications [8] Group 3: Client Types and Services - The company serves various client types in the power trading sector, including centralized new energy stations, power sales companies, large industrial users, and new market entities [4] - It offers tailored power trading management services and energy management systems for independent energy storage stations [5] Group 4: Core Advantages in Independent Energy Storage - The company possesses significant advantages in decision-making support, precise intelligent control, and comprehensive operational guarantee services for independent energy storage stations [6][7] - It utilizes a vast array of market data and self-developed models to provide high-precision trading strategy outputs [7] Group 5: Future Investment Strategies - The company’s investment strategy focuses on synergy with its core business in new energy information services, encompassing both equity and asset investments [9] - Investments aim to enhance technical and market collaboration, thereby improving asset yield and creating a positive feedback loop for technology and business [10]

Summary of Conference Call on Guoneng Rixin Company and Industry Overview - **Company**: Guoneng Rixin - **Industry**: New Energy and Power Market Key Points and Arguments 1. **Market Acceleration**: The industry is experiencing a clear acceleration trend, which is perceived as undervalued by the market. Guoneng Rixin is well-positioned within this industry with significant long-term market potential [2][3][4]. 2. **Policy Changes**: The introduction of new policies, particularly the 136 and 114 documents, is crucial for the development of a new power system and market-oriented electricity trading. 2025 is highlighted as a pivotal year for these changes [2][5][6]. 3. **Capacity Pricing Policy**: The 114 document outlines a compensation mechanism for adjustable resources, which is seen as a positive development. However, there are mixed feelings in the market regarding its implications for profitability and operational strategies [5][6][7]. 4. **Transition to Market-Oriented Trading**: The shift towards market-oriented trading is accelerating, with various stakeholders needing to adapt to new trading mechanisms. This transition is expected to enhance the overall efficiency of the power market [3][12][18]. 5. **Growth in Distributed Energy**: The company has seen rapid growth in its distributed energy business, which is expected to continue as the market evolves towards a unified electricity trading environment [3][14][18]. 6. **Operational Changes**: Guoneng Rixin is adapting its business model to include more market-oriented services, such as power trading and energy storage management, which are becoming increasingly important in the current market landscape [15][19][20]. 7. **Investment Opportunities**: The company is observing increased interest from investors in new energy storage projects, indicating a growing market for these assets. The capacity pricing policy is expected to provide a safety net for these investments [10][11][27]. 8. **Competitive Landscape**: The competitive landscape in the power trading market is evolving, with various players including traditional power companies and new tech firms entering the space. Guoneng Rixin's unique capabilities in data analytics and power forecasting position it favorably against competitors [33][36][38]. Additional Important Content 1. **Customer Demand**: There is a growing demand from clients for comprehensive asset management services, combining operational and maintenance support with data services. This trend is driving the company's strategic acquisitions [43][46]. 2. **Technological Advancements**: The company is investing in AI and data analytics to enhance its trading capabilities, which is expected to improve profitability and operational efficiency [23][38]. 3. **Financial Performance**: Guoneng Rixin's financial performance has shown positive growth, with expectations for continued improvement in 2025 and beyond, driven by the evolving market dynamics [17][18]. This summary encapsulates the key insights and developments discussed during the conference call, highlighting the strategic direction and market positioning of Guoneng Rixin within the new energy sector.