有投资者在互动平台向 龙迅股份提问：公司与英伟达有没有业务合作？公司产品技术实力如何？ 龙迅 股份回复称，公司与英伟达在 汽车电子、高端显示领域保持深度参考设计合作，部分产品已量产，协 同效应持续释放。公司专注为智能终端、相关设备及 AI应用打造高效稳定的数据处理与互连方案，构 建高速可靠的数据传输通道。依托在高带宽SerDes、高速接口协议处理与数据加密、高清音视频处理及 显示驱动等领域的核心技术优势，公司产品可实现数据的高效传输与处理，保障计算、存储及显示单元 间的流畅交互，广泛应用于智能视觉终端、智能车载、AR/VR设备及AI与高性能计算等场景。通过融 合高清视频处理显示、智能感知与人机交互等技术，公司芯片为下一代 端侧AI应用奠定了坚实技术底 座。据沙利文数据，按2024年收入统计，公司在视频桥接芯片领域位居中国大陆企业第一、全球前五。 ...

2026 年 3 月 23 日 行业研究 宇树科技 IPO 申请获受理，GTC 大会释放 PCB 及液冷增量需求信号 ——高端制造行业周报 2026 年第 12 周（2026.3.16-2026.3.22） 高端制造行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：陈奇凡 执业证书编号：S0930523050002 021-52523819 chenqf@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 25/03 25/06 25/09 25/12 高端装备制造 沪深300 资料来源：Wind 要点 一、人形机器人： 宇树科技 IPO 申请获上交所受理。3 月 20 日，上交所官网显示，宇树科技的科创 板 IPO 申请获上交所受理。招股书显示，本次 A 股 IPO，宇树科技拟公开发行新股 不低于 4044.64 万股 ...

龙迅股份回复称，公司与英伟达在汽车电子、高端显示领域保持深度参考设计合作，部分产品已量产， 协同效应持续释放。公司专注为智能终端、相关设备及AI应用打造高效稳定的数据处理与互连方案， 构建高速可靠的数据传输通道。依托在高带宽SerDes、高速接口协议处理与数据加密、高清音视频处理 及显示驱动等领域的核心技术优势，公司产品可实现数据的高效传输与处理，保障计算、存储及显示单 元间的流畅交互，广泛应用于智能视觉终端、智能车载、AR/VR设备及AI与高性能计算等场景。通过 融合高清视频处理显示、智能感知与人机交互等技术，公司芯片为下一代端侧AI应用奠定了坚实技术 底座。据沙利文数据，按2024年收入统计，公司在视频桥接芯片领域位居中国大陆企业第一、全球前 五。 格隆汇3月23日｜有投资者在互动平台向龙迅股份提问：公司与英伟达有没有业务合作？公司产品技术 实力如何？ ...

美股科技股盘前普遍走低，美光科技(MU.O)下跌4%，特斯拉(TSLA.O)跌1.6%，英伟达(NVDA.O)跌 1%，甲骨文(ORCL.N)跌2.3%。 ...

Core Viewpoint - Nvidia is expected to utilize at least 50% of its free cash flow (FCF) for shareholder returns through buybacks and dividends, particularly in the latter half of the fiscal year [2][3]. Financial Performance - In fiscal 2026, Nvidia reported $215.9 billion in revenue and $96.6 billion in FCF, allocating $41.1 billion for stock buybacks and dividends, which is 42.6% of its FCF [3]. - Analyst estimates predict earnings per share of $8.28 for fiscal 2027, a 69% increase from $4.90 in fiscal 2026, suggesting a potential FCF of $163.3 billion for fiscal 2027, leading to over $80 billion in buybacks and dividends [4]. Dividend Strategy - Currently, Nvidia pays a quarterly dividend of $0.01 per share, costing $974 million in fiscal 2026, with most capital returns directed towards buybacks [5]. - The significant projected FCF and trends among other major tech companies indicate a strong case for Nvidia to increase its dividend [6]. Business Model Evolution - Nvidia's software is integrated into its hardware solutions, which positions the company to benefit from a shift towards recurring revenue through AI deployment rather than relying solely on hardware sales [9][10]. - The transition to an inferencing model allows Nvidia to generate recurring revenue from enterprise software, support contracts, and licensing, reducing dependence on hardware sales [11][12]. Investor Attraction - Implementing a dividend could attract a broader investor base, particularly those seeking passive income, and could lead to regular annual increases in dividends similar to practices by Microsoft and Apple [13].

美以伊冲突持续，全球资本市场表现如何？ —— 资本市场周报（2026 年第 1 期） 分析师：许冬石、吴京 CGS-NDI 周度报告 美以伊冲突持续，全球资本市场表现如何？ —— 资本市场周报（2026 年第 1 期） 2026 年 3 月 23 日 核心观点 分析师 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 许冬石 ：010-8092 7609 ：xudongshi_yj@chinastock.com.cn 分析师登记编码：S0130515030003 吴京 ：010-8092 7702 ：wujing_yj@chinastock.com.cn 分析师登记编码：S0130523080001 研究助理：郝安琪 资料来源：iFinD，中国银河证券研究院 风险提示 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 1 | 一、 | 本期焦点：美以伊冲突影响全球资本市场几何？ | 3 | | --- | --- | --- | | 二、 | 全球资本市场行情概览 | 5 | | （一）A | 股、港股行情回顾 | 5 | | | （二）海外 ...

Key TakeawaysSpot gold prices plummeted over 7% to $4,161.89/oz, marking a 25% decline from the January all-time high as a souring risk tone triggers massive liquidations.Geopolitical tensions spiked following reports of a U.S. fighter jet crash in Kuwait and indirect threats from Iran targeting regional electrical and water infrastructure.Goldman Sachs issued a hawkish pivot for the ECB, now forecasting 25-basis-point rate hikes in both April and June 2026.Japan’s Rengo confirmed a robust 5.26% average wag ...

为推动产品多元化，并允许日内交易者进行更多杠杆交易，韩国金融服务委员会(FSC)于1月表示，将加 快单只股票产品的审批流程。一位FSC官员称，监管机构目前正依据1月发布的公告与相关方进行磋 商，并致力于确保系统平稳升级。 不过，引入单只股票杠杆型ETF可能会加剧市场波动，因为这类产品会放大交易活跃股票的收益与损 失。在韩国这个以散户投资者为主导的市场中，这种影响可能尤为显著，因为资金往往集中流向权重较 大的半导体类股票。 智通财经获悉，韩国首批与芯片行业领军企业三星电子和SK海力士公司挂钩的单一股票杠杆交易所交 易基金(ETF)，最早将于5月面世。据报道，三星资产管理公司和未来资产环球投资公司等大型资产管理 公司已在筹备推出相关产品。杠杆型ETF旨在实现标的股票或指数每日表现两至三倍的收益，收益与损 失均会被放大。 鉴于此类产品风险较高，韩国迄今一直禁止单只股票杠杆型ETF在当地上市。然而，这却促使韩国热衷 冒险的散户投资者纷纷涌向香港的同类产品。过去一年，得益于人工智能驱动的芯片需求，三星和SK 海力士的股价成倍增长，直至伊朗战争引发市场情绪恶化。 韩国金融服务委员会于1月表示，杠杆倍数将限制在标的股票价格 ...

智通财经APP获悉，韩国首批与芯片行业领军企业三星电子和SK海力士公司挂钩的单一股票杠杆交易 所交易基金(ETF)，最早将于5月面世。据报道，三星资产管理公司和未来资产环球投资公司等大型资产 管理公司已在筹备推出相关产品。杠杆型ETF旨在实现标的股票或指数每日表现两至三倍的收益，收益 与损失均会被放大。 鉴于此类产品风险较高，韩国迄今一直禁止单只股票杠杆型ETF在当地上市。然而，这却促使韩国热衷 冒险的散户投资者纷纷涌向香港的同类产品。过去一年，得益于人工智能驱动的芯片需求，三星和SK 海力士的股价成倍增长，直至伊朗战争引发市场情绪恶化。 为推动产品多元化，并允许日内交易者进行更多杠杆交易，韩国金融服务委员会(FSC)于1月表示，将加 快单只股票产品的审批流程。一位FSC官员称，监管机构目前正依据1月发布的公告与相关方进行磋 商，并致力于确保系统平稳升级。 不过，引入单只股票杠杆型ETF可能会加剧市场波动，因为这类产品会放大交易活跃股票的收益与损 失。在韩国这个以散户投资者为主导的市场中，这种影响可能尤为显著，因为资金往往集中流向权重较 大的半导体类股票。 随着韩国本土产品的落地，这部分追逐三星和海力士波动的 ...

Core Insights - Nvidia's CEO Jensen Huang predicts that demand for AI chips will reach at least $1 trillion by 2027, doubling last year's forecast, indicating a significant shift in the chip industry towards interconnectivity as the bottleneck for AI computing power transitions from processing to connectivity [1][9] - The establishment of organizations like XPO MSA and Open CPX MSA at the OFC 2026 conference highlights the industry's consensus on the necessity of optical interconnects for AI data centers, with Arista leading the development of new liquid-cooled pluggable optical modules capable of 12.8 Tbps [1][2] Interconnect Bottleneck Shift - Huang's "Huang's Law" suggests that while processing power can continue to improve through advancements in manufacturing and 3D packaging, the I/O rates between chips are lagging, creating an "I/O wall" that limits the expansion of AI clusters [1] - Traditional copper cabling is nearing its physical limits in handling frequencies of 800G and above, restricting effective transmission distances to under 1 meter for 400G SerDes, which hampers the scalability of AI clusters across cabinets [1] Industry Index and ETF - The Shanghai Stock Exchange's Sci-Tech Innovation Board Chip Index (000685) is designed to serve as a benchmark for the entire "computing power + interconnect" industry chain, including semiconductor equipment, wafer manufacturing, chip design, and PCB materials [2][3] - The index includes up to 50 leading companies from the semiconductor industry, ensuring comprehensive coverage of key segments related to the interconnect revolution [3] ETF Performance and Structure - The Guotai Sci-Tech Chip ETF (589100) closely tracks the Sci-Tech Innovation Board Chip Index, providing investors with a standardized tool to replicate index returns [4] - As of March 16, 2026, the ETF has demonstrated a tracking error of only 0.007%, indicating high precision in mirroring the index's performance [5] - The ETF's holdings are well-aligned with the index, balancing heavy and light asset segments to match the comprehensive coverage of the industry chain [6] Investment Value of Interconnect Revolution - The rise of the interconnect revolution signifies a deeper investment logic in the chip sector, emphasizing the importance of interconnect infrastructure that supports computing clusters, rather than solely focusing on the chips themselves [8] - The demand for interconnect technology is expected to grow steadily, driven by Nvidia's forecast of $1 trillion in AI chip demand, which will also boost the demand for related interconnect devices and materials [8] - Domestic companies in the optical chip and high-speed PCB sectors are positioned to benefit from low domestic production rates and external capacity shortages, as evidenced by significant revenue growth in companies like Solstice [8]