投资建议：2026 年，全球半导体产业在 AI 需求爆发与 消 费 电 子 成 本 压 力 的 双 重 驱 动 下 呈 现 显 著 分 化 ： 据 请仔细阅读报告最后的重要法律申明 第 1 页 共 12 页 证券研究报告｜TMT 行业周报 2026 年 3 月 13 日 AI 驱动 HBM 与服务器需求爆发，消费电子承压 【20260302-20260308】 周度市场回顾：本周（2026/03/02-2026/03/08）上证指 数周跌幅 0.93%收 4124.19 点，深证成指周跌幅 2.22%收 14172.63 点，创业板指周跌幅 2.45%收 3229.3 点。本周 A 股 市场呈现先抑后扬的震荡修复态势，整体围绕关键整数关口 展开多空博弈，结构性特征显著。本周沪深两市成交额呈现 "缩量整理"态势，全周日均成交额约 2.6 万亿，成交节奏 呈现"前高后低"特征，周初成交活跃，随后逐步缩量，未 出现明显增量资金进场迹象，更多体现为抛压释放后的场内 资金重新布局，市场延续震荡整理的节奏。 周度行业要闻：（1）华尔街看好博通：AI 收入前景超出 预期。博通超预期的业绩指引以及公司对毛利改善，关键生 产部 ...

以下文章来源于华尔街见闻Max ，作者杨宸 华尔街见闻Max . 华尔街见闻姊妹号，直击全球市场风暴，助力投资者决策。 伊朗战争的爆发打破了美国散户投资者持续逾一年的"逢跌必买"惯性。摩根大通最新零售雷达报告显示， 散户群体正出现"持续性疲软迹象" ，这是自该行追踪 以来极为罕见的信号。 与去年4月"对等关税"冲击后散户创纪录抄底的反应截然不同，本次地缘冲突爆发后， 散户周购买规模骤降约30% 。与此同时，散户ETF周度净流入减少 22%，终结了此前长达三个月的稳定买入势头。 摩根大通认为，此轮缺乏集中性抛售清仓的市场走势（不同于2025年4月标普500在数日内急跌进入调整区间的行情）或令散户普遍保持观望。 值得注意的是，尽管整体买入力度明显收缩， 散户对AI及科技方向的偏好依然显著 。本周散户继续增持英伟达、微软等科技巨头，同时大幅减持能源股，显 示出清晰的板块轮动逻辑。 买入冲动骤冷：散户整体流量跌破年均水平 根据摩根大通报告，3月5日至11日当周，散户总流入规模降至67亿美元，低于过去12个月周均71亿美元的水平。 散户持续偏好ETF（净流入63亿美元），对个股的兴趣则大幅萎缩，单股净流入仅4亿美元。 ...

JP Morgan's Flow Deck: When the Retail Dip Buyers Put Down the Shovel | Investing.comOil prices trim early losses as Iran supply fears overshadow Russia measuresGold prices rise but head for second weekly loss as Iran war spurs inflation fearsWall Street ends deep in the red amid renewed spike in oil prices due to Iran warThis chart could spell trouble for crypto and Bitcoin bulls# JP Morgan's Flow Deck: When the Retail Dip Buyers Put Down the ShovelBy Stephen InnesStock MarketsPublished 03/13/2026, 02:23 A ...

Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]

公众号记得加星标⭐️，第一时间看推送不会错过。 随着人工智能集群规模的不断扩大，它们开始使用光互连来实现横向扩展连接。然而，它们 可能很快就会需要使用光互连来实现纵向扩展连接。为了应对这一挑战，超大规模数据中心 运营商微软、Meta 和 OpenAI与硬件设计公司 AMD、博通和英伟达合作，共同开发了一种 与协议无关的、适用于人工智能集群的纵向扩展互连技术。 为此，本周这些公司成立了光计算互连（OCI:optical compute interconnect）多源协议（MSA： Multi-Source Agreement ）小组，旨在为大型人工智能系统和机架内部的扩展互连定义一个开放的 光连接规范，使超大规模数据中心能够使用光缆而非铜缆，以高速和可预测的功耗连接更多加速器。 实际上，这意味着该联盟将开发一个通用的光物理层（PHY）和统一的组件，以支持各种协议，例如 AMD和博通的UALink协议以及英伟达的NVLink协议。 用于人工智能机架和扩展集群的短距离光链路的OCI连接技术将定义一个基于NRZ信令和波分复用 (WDM)的通用物理层(PHY)，初始配置为4个波长×50 Gb/s（单向200 Gb/s） ...

2.英伟达：宣布未来五年斥资260亿美元开发开源AI大模型，正式从AI芯片制造商向前沿模型实验室转 型，直接挑战OpenAI等企业的市场地位，同时发布Nemotron 3 Super，多项基准测试超越GPT-OSS。 // 热点头条 // 1. 全球半导体产业正酝酿新一轮涨价潮，德州仪器、恩智浦、英飞凌已向客户发出通知，4月1日起上调 部分产品售价。其中，德州仪器部分产品涨幅最高可达85%。英飞凌主流产品预计涨价5%至15%，部分 高端产品涨幅可能更高。 4. 特斯拉：第三代人形机器人亮相AWE 2026，计划年底启动生产，长期规划产能100万台；全新无方向 盘、无踏板的无人驾驶出租车Cybercab已于上月在奥斯汀工厂正式下线，将于4月开始量产，正在设计 生产线以实现每周生产数百辆。美国联邦贸易委员会批准其将对xAI的投资转换为SpaceX持股，同步从 马斯克手中收购部分SpaceX股份，提前布局SpaceX上市前的股权布局。 5. 百度：发布全球首款手机端龙虾应用"红手指Operator"，用户下载APP即可实现手机端"养虾"功能， 上线后迅速引发下载热潮，一度出现后台资源紧缺情况，百度智能云回应称正全速 ...

Core Insights - Broadcom Inc. is expanding its AI infrastructure portfolio to support gigawatt-scale AI clusters, showcasing solutions at the 2026 Optical Fiber Communications Conference [1][2] - The company emphasizes the need for an open, scalable, and power-efficient infrastructure to meet the demands of generative AI, aiming for a roadmap to 200T connectivity [2][3] Product Innovations - Introduction of the 3.5D XPU, 102.4T Ethernet switch with co-packaged optics, and 400G/lane optical DSP, which are designed to enhance performance and efficiency in AI applications [1][4] - Launch of Taurus™, the first 400G/lane optical DSP, which, along with 400G electro-absorption modulated laser and photodiodes, enables cost-effective 1.6T transceivers [2][4] Industry Collaboration - Broadcom is part of the Optical Compute Interconnect Multi-Source Agreement to establish open specifications for a multi-vendor ecosystem in AI infrastructure [3][4] - The company is collaborating with over 30 partners to demonstrate its solutions at OFC 2026, focusing on advancements in optical networking [5] Technical Advancements - The 3.5D XDSiP platform combines 2.5D techniques and 3D-IC integration for enhanced compute performance and power efficiency [4] - Broadcom's Ethernet portfolio includes the only shipping 102.4T Tomahawk 6 switch, designed for large-scale AI networks [4] Conference Engagement - Broadcom will participate in various technical sessions at OFC 2026, discussing challenges and advancements in optical networking and AI infrastructure [5]

PALO ALTO, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO), a global leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that the Tomahawk® 6 family switch series is now shipping in production volume. Unprecedented for a chip of its scale, Tomahawk 6 moved rapidly from initial samples to production deployment. “Broadcom’s ability to take Tomahawk 6 to production in less than three quarters from initial sampling is a testamen ...

Core Insights - Broadcom has announced the production shipment of the Tomahawk 6 family switch series, marking a rapid transition from initial samples to production deployment in less than three quarters [1][2] - The Tomahawk 6 switch doubles the throughput of its predecessor, Tomahawk 5, representing a significant advancement in AI infrastructure design [2] - The switch is optimized for both scale-out and scale-up AI networks, providing advanced load balancing and congestion management for improved network utilization and reduced job completion time [2] Product Features - Tomahawk 6 supports 100G and 200G SerDes, offering a comprehensive set of AI routing features and interconnect options suitable for AI clusters with over one million XPUs [2] - The platform allows for a 128K-XPU network using only two switch tiers, which reduces latency and simplifies load balancing and congestion control [3] - A single Tomahawk 6 can connect 512 XPUs, enabling single-hop all-to-all connectivity for AI scale-up networks [3] System-Level Benefits - The innovations in Tomahawk 6 extend beyond the chip, providing system-level power efficiency and cost savings through Broadcom's advanced SerDes and optics ecosystem [3] - The switch offers the longest reach for passive copper interconnect, facilitating high-efficiency, low-latency system designs with high reliability and low total cost of ownership [3] - The Tomahawk family includes an option for 512 200G or 1024 100G SerDes on a single chip, allowing for efficient deployment of AI clusters with extended copper reach [3]

Income has been top of mind for investors lately, especially with market volatility rising and interest rates still relatively high. Joining me now for this week's ETF spotlight is Adrien Halford, chief investment officer of multi-asset strategies at Westwood. Adrien, thanks so much for being here at the desk.>> Thank you for having me. >> All right, so let's start big picture. We're talking income opportunities.Where are the best places to get those opportunities right now. >> Abundant, some more attractiv ...