Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][17]. Core Insights - The AI industry is at a pivotal transition from "technology validation" to "commercialization," with AI-native applications reshaping the global tech landscape. Major players like OpenAI, Anthropic, and Google Gemini are driving enterprise-level services, marking a shift from growth-at-all-costs to value realization [6]. - The report highlights the emergence of AI agents as a significant trend, with the year 2026 expected to be a landmark year for AI agent products, comparable to the launch of large models in 2025 [6]. - The competitive landscape is shifting, with traditional software giants facing threats from AI-native companies that leverage more agile organizational structures and fewer historical burdens [6]. Industry Overview - The computer industry comprises 337 listed companies with a total market capitalization of approximately 60,008.15 billion yuan and a circulating market value of about 54,005.61 billion yuan [3]. - The absolute performance of the industry over the past 12 months has been 5.5%, while its relative performance has underperformed the benchmark by 12.3% [4]. Key Areas of Focus 1. **Large Models**: Hong Kong stocks are becoming a global hub for AI asset valuation, with companies like MiniMax and Zhizhu standing out for their foundational model capabilities [6]. 2. **Internet Sector**: Alibaba and Tencent are currently undervalued, with Alibaba leading in open-source ecosystems and Tencent integrating AI deeply into its WeChat ecosystem [6]. 3. **AI in Enterprise Services**: Companies like Kingdee International are transitioning from SaaS providers to AI-native enterprise service platforms, marking a significant shift in management paradigms [6]. 4. **AI in Industry**: Hikvision and other companies are leading in smart control and predictive maintenance in industrial settings, positioning these areas as key application scenarios for AI agents [6]. 5. **AI Infrastructure**: Domestic database firms are rapidly developing vector databases and AI operational capabilities, benefiting from dual trends of domestic substitution and intelligent upgrades [6]. 6. **AI for Science**: Companies like Hualan and Jiuan Medical are integrating AI into drug development and medical diagnostics, reshaping innovation paradigms in the life sciences [6]. 7. **Companion Technology**: Companies are developing companion robots to address emotional needs among China's large population of single individuals [6]. 8. **Data Services**: High-quality data service providers are experiencing growth due to the surge in demand for multimodal data, positioning them as essential players in the AI era [6].

产业研究 证 券 研 究 报 告 科技制造产业月报（26 年 2 月） 灵巧之手，如何成形？ ——解析人形机器人灵巧手产业链 综合 2026 年 03 月 09 日 华创证券研究所 证券分析师：洪锦屏 邮箱：hongjinping@hcyjs.com 执业编号：S0360516110002 证券分析师：肖琳 邮箱：xiaolin@hcyjs.com 执业编号：S0360523020003 相关研究报告 《科技制造产业月报（2025 年 9 月）：人形机器人 产业链概览》 2025-09-12 《科技制造产业月报（2025 年 12 月）：奔跑的机 器人，与变局的制造业》 2026-01-17 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 在人形机器人领域，随着行走能力趋于成熟，作为"最后一公里"的灵巧手已 成为实现通用化的终极突破口。这一集多自由度运动、多模态感知与精密控制 于一体的复杂系统，正面临成本高昂、可靠性不足和控制泛化能力弱三大瓶颈， 亟需在核心器件与算法上实现协同创新。从技术架构看，主流路线如腱绳驱动 强调轻量化与高拟人化，适用于高性能研究；气动软体驱动则以安全低成本 ...

证 券 研 究 报 告 老凤祥（600612）2025 年业绩快报点评 强推（维持） 受益黄金高景气，25Q4 表现亮眼 目标价：61.43 元 事项： 公司发布 2025 年业绩快报。2025 年，公司预计实现营收/归母净利润/扣非归 母净利润 528.2/17.5/15.9 亿元，分别同比下滑 7.0%/10.0%/11.9%；据此推测， 单四季度，公司实现营收/归母净利润/扣非归母净利润 48.2/3.2/3.1 亿元，分别 同比增加 14.5%/82.5%/199.1%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 56,793 | 52,823 | 54,947 | 57,525 | | 同比增速(%) | -20.5% | -7.0% | 4.0% | 4.7% | | 归母净利润(百万) | 1,950 | 1,763 | 1,890 | 2,008 | | 同比增速(%) | -11.9% | -9.6% | ...

证 券 研 究 报 告 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 56,793 | 52,823 | 54,947 | 57,525 | | 同比增速(%) | -20.5% | -7.0% | 4.0% | 4.7% | | 归母净利润(百万) | 1,950 | 1,763 | 1,890 | 2,008 | | 同比增速(%) | -11.9% | -9.6% | 7.2% | 6.2% | | 每股盈利(元) | 3.73 | 3.37 | 3.61 | 3.84 | | 市盈率(倍) | 11 | 12 | 12 | 11 | | 市净率(倍) | 1.8 | 1.7 | 1.5 | 1.4 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 3 月 6 日收盘价 公司研究 珠宝首饰及钟表 2026 年 03 月 09 日 | | | 老凤祥（600612）2025 年业绩快报点评 强推（维持） 受益 ...

证 券 研 究 报 告 【债券周报】 从两会看转债市场，哪些板块值得关注？ ——可转债周报 20260308 关注两会政策导向及规划部署，新兴支出产业及未来产业仍是政策重点。上周 权益及转债市场多因素角力，外部环境受到美伊冲突扰动不确定性增加，向国 内传导导致拖累风险偏好，而另一方面两会政策预期下市场仍有部分积极表 现。整体来看，2026 年政府工作报告特别强调"新质生产力"及"人工智能 +"概念，明确提出打造集成电路、航空航天、生物医药、低空经济等新兴支 柱产业，同时培育发展未来能源、量子科技、具身智能、脑机接口、6G 等未 来产业，此外，报告中重点提及 AI 底层算力基建，明确提出"加快建设全国 一体化算力网"，为"人工智能+"提供底层支持。梳理相关板块转债标的： 集成电路板块转债标的较多覆盖中上游，标的覆盖上游材料、设备，到中游设 计、制造、封测，可选相对丰富，其中多只个券即将离开不强赎承诺期，以及 包括光力、伟测、利扬即将触发强赎，赎回可能性或仍成为扰动项；航空航天 板块转债标的集中于材料与零件，主要涉及核心部件制造、整机配套以及运营 服务，或可关注此轮行情对于民营航天主体的带动。生物医药交易降温，关 ...

Investment Rating - The report assigns a positive investment rating to Marvell Technology, indicating expectations of significant outperformance relative to benchmark indices in the coming months [56]. Core Insights - Marvell Technology reported record revenue for FY26Q4, with a total revenue of $2.219 billion, reflecting a quarter-over-quarter increase of 7% and a year-over-year increase of 22%, driven by strong demand in the data center market [3][8]. - The company expects FY27Q1 revenue to be approximately $2.4 billion, with a projected growth of around 10% in the data center segment, despite seasonal declines in local deployment data centers [4][24]. - Non-GAAP gross margin for FY26Q4 was reported at 59.0%, slightly down from the previous quarter and year, while GAAP gross margin was 51.7%, exceeding guidance [9][4]. - The company is experiencing robust growth in its data center market, with FY26Q4 revenue of $1.651 billion, up 21% year-over-year, and expects continued growth in FY27Q1 [15][22]. - Marvell's capital return program included $200 million in stock repurchases and $51 million in cash dividends during FY26Q4 [10]. Revenue Performance - FY26Q4 revenue reached $2.219 billion, with a breakdown showing $1.651 billion from the data center market and $567 million from communications and other markets [3][23]. - The company anticipates FY27 revenue to approach $11 billion, representing over 30% year-over-year growth, with expectations of continued strong quarterly growth [24]. Margin and Cost Structure - Non-GAAP operating margin for FY26Q4 was reported at 35.7%, while GAAP operating margin was 18.2% [11]. - The company expects FY27Q1 Non-GAAP gross margin to be between 58.25% and 59.25%, with GAAP gross margin projected between 51.4% and 52.4% [4][25]. Inventory and Cash Flow - Inventory for FY26Q4 was reported at $1.39 billion, an increase of $374 million from the previous quarter [12]. - Operating cash flow for FY26Q4 was $374 million, indicating strong cash generation capabilities [12]. Market Segmentation - The data center market is expected to continue driving revenue growth, with significant demand for interconnect products and custom chips [15][20]. - The communications and other markets segment reported revenue of $567 million in FY26Q4, with expectations of continued growth in FY27Q1 [22]. Future Guidance - Marvell expects to maintain strong growth in its data center segment, with projections for FY27Q1 indicating a revenue increase of approximately 10% [4][24]. - The company is optimistic about its custom business, projecting over 20% growth in FY27, driven by new product developments and customer demand [20][30].

证 券 研 究 报 告 有色金属行业周报（20260302-20260306） 推荐（维持） 中东冲突扰动全球铝供给，铝价高波震荡运行 ❑ 一、工业金属 ❑ 行业观点：中东冲突扰动全球铝供给格局，铝价高波震荡运行 首先，从中东区域看，中东六国电解铝产量 685 万吨，占全球 9%，当前铝减 停产正在扩大化，考虑近 2 年全球铝本身紧平衡，当前铝厂减停产影响全球现 货供应，当前卡塔尔 64 万吨项目已经停产，考虑其全面复产或需 6-12 个月， 仅考虑该项目，测算下未来或至少影响 32 万吨-64 万吨产量； 其次，霍尔木兹海峡封闭限制原料/铝锭贸易，对中东生产&全球现货双杀，根 据 Mysteel 数据，中东企业氧化铝库存在 30 天左右，而从产能自给率看，我 们测算中东企业氧化铝 60%以上靠进口、铝锭出口依赖度高，海峡长久封锁将 影响现货，推升海外铝高升水，若巴林铝业出口受限影响 4 周，则测算影响 12.5 万吨电解铝流通，若中东电解铝企业（不含卡特尔）发运均影响 4 周，则 测算影响 48 万吨电解铝流通； 再次，能源成本上涨或导致供给风险全球化波及，当前冲突已造成原油、欧洲 天然气等能源价格暴涨，考 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The most significant changes in market sentiment this week were observed in the oil and petrochemical, and transportation sectors, with the oil and petrochemical sector showing a positive change rate of 154.9% [27] - The overall market valuation for major indices is high, with the rolling 5-year historical percentiles for the CSI 300, CSI 500, and CSI 1000 at 93%, 99%, and 99% respectively [41] - The report highlights that several primary and secondary industries are currently above the 80% historical percentile, indicating potential overvaluation, including power equipment, electronics, and steel [43][44] Market Sentiment Monitoring - The weekly heat change rates for major indices showed that the CSI 300 increased by 10.5%, while the CSI 2000 decreased by 3.52% [16] - The top five primary industries with positive heat change rates were oil and petrochemical, transportation, public utilities, agriculture, forestry, animal husbandry, and fishing, and steel [27] - The top five secondary industries with the highest positive heat change rates included refining and trading, gas II, oil service engineering, shipping ports, and agricultural chemical products [27] Market Valuation Monitoring - The report indicates that the current valuation of several primary industries is above the 80% historical percentile, including power equipment, electronics, and steel [43] - Conversely, industries such as food and beverage, and non-bank financials are below the 20% historical percentile, suggesting potential undervaluation [43] Weekly Event Tracking - A total of 12 stock incentive events were tracked this week, indicating ongoing corporate governance activities [45] - There were 26 significant shareholder changes, with 22 reductions and 4 increases, reflecting shifts in investor sentiment [48] - The report also tracked 10 private placement events, highlighting capital-raising activities within the market [50] Summary - The report emphasizes the importance of monitoring market sentiment and valuation metrics to identify potential investment opportunities and risks within the industry [6][39]

金融工程 证 券 研 究 报 告 市场情绪监控周报（20260302-20260306） 本周热度变化最大行业为石油石化、交通运输 ❖ 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为沪深 300，相比上周提高 10.5%， 最小的为中证 2000，相比上周降低 3.52%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分别为石油石化、交通运输、公用事业、农林牧渔、钢铁，负向变化前 5 的 一级行业分别为传媒、建筑材料、商贸零售、房地产、轻工制造；申万二级行 业中，热度正向变化率最大的 5 个行业是炼化及贸易、燃气Ⅱ、油服工程、航 运港口、农化制品。 本周概念热度变化最大的 5 个概念为页岩气、可燃冰、玉米、俄乌冲突概念、 转基因。 ❖ 本周市场估值跟踪 本周宽基和行业估值：沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数 分别为 93%、99%、99%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、电子、建筑材料、轻工制造、国防军工、环保、基础 化工、钢铁、商贸零售、煤炭、计算机；位于估值历 ...

证 券 研 究 报 告 有色金属行业周报（20260302-20260306） 推荐（维持） 中东冲突扰动全球铝供给，铝价高波震荡运行 我们认为当前在没有中东冲突风波下，铝本身基本面已经比较稳定：一是受制 于电力、项目建设周期等影响，未来几年供给相对刚性，电力扰动存量项目仍 存减产预期，莫桑比克铝厂 58 万吨项目因电力合约问题计划本月转入维护停 产；二是当前我国财政政策较为积极，货币政策适度宽松，市场铝代铜、储能 新需求领域层出，全球原铝供需维持紧平衡；三是全球库存总体维持低位，尽 管国内受消费淡季影响持续累库，但节后铝锭社会库存基本如预期，海外维持 去库态势，全球铝库存总体维持低位，铝价支撑强，国内外铜铝比高位+海外 铝高升水，铝补涨空间仍存。 而铝作为"固态的电"，当前在中东冲突下，供给刚性持续强化，全球低库存 对铝价强支撑，需打开价格想象力空间，考虑中国电力结构情况以及电力成本 相对处于全球低位，我们持续看好国内电解铝红利属性，建议关注低成本的新 疆企业和电力优势明显的绿电企业。本周电解铝行业平均利润在 8100 元/吨附 近，预计未来电解铝利润有望维持高位。从分红意愿看，因为这几年电解铝企 业总体进 ...