Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid iteration of large models is enhancing application capabilities, with global AI development leading to significant improvements in knowledge Q&A, mathematics, and programming, surpassing human-level performance in various tasks [2][4] - The increase in token usage is elevating the ranking of domestic models, with notable growth in API call volumes for Chinese models, indicating improved performance and cost-effectiveness [2][12] - AI applications are driving growth in the cloud market, leading to an expansion in IDC demand, as domestic internet and cloud companies lag behind their overseas counterparts in capital expenditure on AI infrastructure [2][3] Summary by Sections 1. Rapid Iteration of Large Models - The global large model industry has transitioned from annual to quarterly or even monthly iterations since 2025, with leading companies significantly reducing their model update cycles [11] - Domestic companies like Deepseek and ByteDance are also accelerating their model iterations, enhancing their capabilities and performance [11][12] 2. Increase in Token Usage and Domestic Model Ranking - The launch of viral AI applications like OpenClaw has spurred global AI application growth, leading to record-high token consumption [2] - By March 2026, over 50% of the top ten models on Openrouter were domestic, reflecting a significant rise in the performance and market acceptance of Chinese models [2] 3. AI Applications Driving Cloud Market Growth - The surge in domestic model usage is increasing the demand for local data centers, with a notable gap in capital expenditure on AI infrastructure compared to international firms [2] - As AI applications commercialize and grow rapidly, cloud services are becoming the primary platform for these applications, resulting in increased IaaS demand [2][3]

Group 1: Market Overview - The bond market is currently testing the 1.8 level, despite recent weakness, as inflation expectations rise domestically and internationally[1] - The current scale of wealth management products has returned to a high of 33 trillion yuan, with a shift towards multi-asset strategies due to insufficient bond coupon attractiveness[1] - The market is concerned about a potential slowdown in growth, exacerbated by input cost shocks and weak pricing power in the manufacturing sector[1] Group 2: Economic Indicators - Fixed asset investment has decreased by 3.80% year-on-year, while retail sales have increased by 0.90% year-on-year[5] - Exports have surged by 39.60% year-on-year, and M2 growth stands at 9.00%[5] Group 3: Asset Performance - From March 7 to March 14, the CSI 300 index rose by 0.19%, while the Hang Seng index fell by 1.14% and the S&P 500 dropped by 1.6%[13] - The 10-year government bond yield increased by 3.34 basis points, while the 10-year U.S. Treasury yield rose by 13 basis points[13] Group 4: Inventory and Fund Behavior - Crude oil inventory increased to 44,684 million tons, up by 46,789 million tons from the previous week[24] - The latest week saw a rise in long positions for the U.S. dollar to 16,384 contracts, an increase of 1,323 contracts[28]

资讯日报：伊朗新领袖释放强硬信号 股票市场概览 港股市场表现 美股市场表现 2026 年 3 月 13 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 周涨跌 | 年初至今 湖铁 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 25.717 | (0.70) | (0.16) | 0.34 | | 恒生科技 | 5.028 | (0.54) | 1.62 | (8.85) | | 恒生国企 | 8.700 | (0.06) | 0.83 | (2.40) | | ┣证指数 | 4.129 | (0.10) | 0.12 | 4.04 | | 日经225 | 55,025 | (1.04) | (2.10) | 8.17 | | 新加坡海峡 | 4.864 | (0.170 | 0.15 | 0.00 | | 标普500 | 6.776 | (1.52) | (1.00) | (2.53) | | 纳斯达克 | 22,716 | (1.78) | (0.34) | (4.0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (from March 9, 2026, to March 13, 2026), the median weekly return of equity ETFs was -0.28%. Among broad-based ETFs, the median return of ChiNext ETFs was 2.49%, the highest. By sector, the median return of cyclical ETFs was -0.12%, the smallest decline. By theme, the median return of new energy vehicle ETFs was 5.01%, the highest [1][12]. - Last week, equity ETFs had a net redemption of 8.649 billion yuan, and the overall scale decreased by 32.72 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the least net redemption, at 598 million yuan. By sector, technology ETFs had the most net subscriptions, at 5.178 billion yuan. By theme, chip ETFs had the most net subscriptions, at 4.572 billion yuan [2][28][33]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non-monetary ETFs were Huaxia, E Fund, and Huatai-PineBridge. This week, 7 ETFs will be issued, including Huabao CSI All-Share Household Appliances ETF, Fullgoal CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, etc. [5][56] 3. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was -0.28%. The median returns of ChiNext, CSI 300, A500, CSI 1000, Shanghai 50, CSI 500, and STAR Market ETFs were 2.49%, 0.17%, -0.26%, -0.42%, -1.21%, -1.44%, and -1.89% respectively. The median returns of money market, bond, cross-border, and commodity ETFs were 0.02%, -0.00%, -0.73%, and -0.73% respectively [12]. - By sector, the median returns of cyclical, consumer, large financial, and technology sector ETFs were -0.12%, -0.13%, -1.41%, and -1.89% respectively. By theme, the median returns of new energy vehicle, power, and photovoltaic ETFs were 5.01%, 4.02%, and 3.55% respectively, showing relatively strong performance, while the median returns of military, resource, and AI ETFs were -6.86%, -4.00%, and -3.85% respectively, showing relatively weak performance [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 3.0086 trillion yuan, 981.2 billion yuan, and 726.1 billion yuan respectively. The scales of commodity and money market ETFs were relatively small, at 360.1 billion yuan and 170.9 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had relatively large scales, at 571.4 billion yuan and 242.7 billion yuan respectively [19]. - By sector, the scale of technology sector ETFs was 511.3 billion yuan as of last Friday, followed by cyclical sector ETFs at 401.5 billion yuan. The scales of consumer and large financial ETFs were relatively small, at 198.7 billion yuan and 192.5 billion yuan respectively. By theme, the scales of chip, resource, and securities ETFs were the highest, at 184.2 billion yuan, 141.7 billion yuan, and 136.7 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 8.649 billion yuan, and the overall scale decreased by 32.72 billion yuan. Money market ETFs had a net redemption of 2.369 billion yuan, and the overall scale decreased by 2.354 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the least net redemption, at 598 million yuan, and its scale decreased by 1.533 billion yuan. ChiNext ETFs had the most net redemptions, at 6.204 billion yuan, and their scale decreased by 3.205 billion yuan [28]. - By sector, technology ETFs had the most net subscriptions last week, at 5.178 billion yuan, and their scale decreased by 7.419 billion yuan. Large financial ETFs had the most net redemptions, at 83 million yuan, and their scale decreased by 2.533 billion yuan. By theme, chip ETFs had the most net subscriptions, at 4.572 billion yuan, and their scale decreased by 2.133 billion yuan. Resource ETFs had the most net redemptions, at 7.247 billion yuan, and their scale decreased by 12.551 billion yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 80.68%, 89.93%, 97.27%, 97.69%, 63.17%, and 91.69% quantile levels respectively, and the price-to-book ratios were at the 54.95%, 77.29%, 97.52%, 81.50%, 65.24%, and 93.59% quantile levels respectively. Since December 31, 2019, the price-to-earnings and price-to-book ratios of STAR Market ETFs are currently at the 74.57% and 77.37% quantile levels respectively [34]. - As of last Friday, the price-to-earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 88.93%, 23.04%, 20.48%, and 91.82% quantile levels respectively, and their price-to-book ratios were at the 94.63%, 35.14%, 23.78%, and 83.65% quantile levels respectively [37]. - As of last Friday, the price-to-earnings ratio quantiles of photovoltaic, dividend, and military ETFs were relatively high, at 99.92%, 98.51%, and 96.45% respectively. The price-to-book ratio quantiles of dividend, AI, and robot ETFs were relatively high, at 99.83%, 95.71%, and 90.67% respectively. Compared with the previous week, the valuation quantile of power ETFs increased significantly. Overall, among broad-based ETFs, the valuation quantile of ChiNext ETFs was relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By theme, the valuation quantiles of liquor and securities ETFs were relatively low [42][46]. ETF Margin Trading and Short Selling - Overall, the margin balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 47.824 billion yuan in the previous week to 47.386 billion yuan, and the short selling volume increased from 2.385 billion shares in the previous week to 2.5 billion shares [47]. - Among the top 10 ETFs with the highest average daily margin purchases and short selling volumes from last Monday to Thursday, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases, and CSI 1000 ETFs and CSI 500 ETFs had relatively high average daily short selling volumes [50][52]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non-monetary ETFs and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [53]. - Last week, 10 new ETFs were established. This week, 7 ETFs will be issued, including Huabao CSI All - Share Household Appliances ETF, Fullgoal CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, etc. [56].

证券研究报告 | 2026年03月14日 金融工程专题研究 一键布局养殖周期拐点——中证畜牧养殖产业指数投资价值分析 一键布局养殖周期拐点 生猪养殖行业正处在周期底部的关键窗口期。自 2025 年下半年以来， 猪价持续底部震荡，产能去化加速推进。2026 年 3 月，发改委联合农 业部进一步将能繁母猪存栏目标下调至 3650 万头，政策调控趋严，产 能收缩路径明确，为 2026-2027 年猪价中枢回归至合理盈利水平奠定基 础。 中证畜牧养殖产业指数投资价值分析 中证畜牧养殖产业指数（931946.CSI）发布于 2023 年 7 月 28 日，该 指数选取畜牧产品、动物保健与育种、饲料、肉制品、乳制品行业的上 市公司证券作为指数样本，以反映畜牧养殖产业上市公司证券的整体表 现。 持仓高度集中，聚焦产业链龙头。截至 2026 年 2 月 28 日，指数前十大 权重股合计占比 66.47%，其中牧原股份、温氏股份两大生猪养殖龙头 合计占比近 30%，养殖业权重占比超 54%，饲料加工占比 15.41%，产 业链代表性纯粹。指数成分股平均市值 239.67 亿元，小盘风格显著， 在周期反转阶段具备较高弹性。 估值 ...

证券研究报告 | 2026年03月14日 主动量化策略周报 新旧能源领涨，四大主动量化组合年内均排名主动股基前 1/4 核心观点 金融工程周报 国信金工主动量化策略表现跟踪： 本周，优秀基金业绩增强组合绝对收益-0.16%，相对偏股混合型基金指数超 额收益 0.77%。本年，优秀基金业绩增强组合绝对收益 9.06%，相对偏股混 合型基金指数超额收益 4.53%。今年以来，优秀基金业绩增强组合在主动股 基中排名 23.25%分位点（865/3721）。 本周，超预期精选组合绝对收益-0.17%，相对偏股混合型基金指数超额收益 0.75%。本年，超预期精选组合绝对收益 11.91%，相对偏股混合型基金指 数超额收益 7.38%。今年以来，超预期精选组合在主动股基中排名 12.42% 分位点（462/3721）。 本周，券商金股业绩增强组合绝对收益-1.18%，相对偏股混合型基金指数超 额收益-0.26%。本年，券商金股业绩增强组合绝对收益 11.08%，相对偏股 混合型基金指数超额收益 6.55%。今年以来，券商金股业绩增强组合在主动 股基中排名 14.59%分位点（543/3721）。 本周，成长稳健组合绝对收 ...

多因子选股周报 估值因子表现出色，四大指增组合年内超额均超 1.5% 核心观点 金融工程周报 证券研究报告 | 2026年03月14日 国信金工指数增强组合表现跟踪 因子表现监控 以沪深 300 指数为选股空间。最近一周，预期 EPTTM、EPTTM、EPTTM 一年分位点等因子表现较好，而单季营利同比增速、一年动量、预期净利润 环比等因子表现较差。 以中证 500 指数为选股空间。最近一周，预期 EPTTM、单季 EP、标准化 预期外盈利等因子表现较好，而预期净利润环比、标准化预期外收入、三个 月机构覆盖等因子表现较差。 以中证 1000 指数为选股空间。最近一周，预期 PEG、三个月反转、预期 BP 等因子表现较好，而一年动量、单季 ROA、三个月机构覆盖等因子表现 较差。 以中证 A500 指数为选股空间。最近一周，预期 EPTTM、EPTTM、三个月 反转等因子表现较好，而一年动量、三个月机构覆盖、预期净利润环比等因 子表现较差。 以公募重仓指数为选股空间。最近一周，预期 EPTTM、预期 PEG、三个月 反转等因子表现较好，而一年动量、三个月机构覆盖、标准化预期外收入等 因子表现较差。 公募基金指数 ...

港股精选组合绩效回顾 证券研究报告 | 2026年03月14日 港股投资周报 能源涨医药跌，港股市场持续调整 核心观点 金融工程周报 本周，港股精选组合绝对收益-4.17%，相对恒生指数超额收益-3.04%。 本年，港股精选组合绝对收益-5.05%，相对恒生指数超额收益-4.41%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 南向资金监控 近期，兖煤澳大利亚等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为科技、制造、医 药和大金融板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生小型股指数收益最高，累计收益 1.47%；恒生中型 股指数收益最低，累计收益-2.22%。 行业指数方面，本周能源业行业收益最高，累计收益 6.25%；金融业行业收 益最低，累计收益-4.36%。 概念板块方面，本周锂电池指数概念板块收益最高，累计收益 14.62%；彩 票指数概念板块收益最低，累计收益-17.53%。 南向资金整体方面，本周港股通累计 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][42]. Core Views - The company is expected to achieve a net profit of 77.201 billion yuan in 2025, representing a year-on-year increase of 42%. Revenue is projected to reach 423.702 billion yuan, up 17% year-on-year. The gross margin is forecasted at 26.27%, an increase of 1.83 percentage points, while the net margin is expected to be 18.12%, up 3.20 percentage points [1][8]. - The company is accelerating its capacity expansion to meet strong demand, with a capacity utilization rate of 96.9% expected by the end of 2025. The total planned capacity is projected to reach 1,093 GWh, an increase of 198 GWh from the end of 2024 [3][38]. - The company maintains a leading position in the power battery market, with a global market share of 39.2% in 2025, marking a year-on-year increase of 1.2 percentage points. The company has held the top position in the global market for nine consecutive years [21][26]. Summary by Sections Financial Performance - In Q4 2025, the company is expected to achieve revenue of 1,406.30 billion yuan, a year-on-year increase of 37% and a quarter-on-quarter increase of 35%. The net profit for the same period is projected to be 231.67 billion yuan, up 57% year-on-year and 25% quarter-on-quarter [1][8]. - The company’s operating income for 2025 is forecasted at 423.702 billion yuan, with a net profit of 72.201 billion yuan, and a gross margin of 26.27% [4][8]. Product and Market Position - The company’s power battery revenue is expected to reach 316.51 billion yuan in 2025, with a stable gross margin of 23.8%. The sales volume is projected to be 541 GWh, reflecting a year-on-year increase of 42% [21][26]. - The company has introduced several new products in 2025, including the second-generation supercharging battery and sodium-ion batteries, reinforcing its competitive advantage [21][33]. Capacity Expansion and Globalization - By the end of 2025, the company will have established a production capacity of 772 GWh, with an additional 321 GWh under construction. The company is also expanding its global footprint with ongoing projects in Germany, Hungary, Spain, and Indonesia [3][38]. - The company’s strategic partnerships with various firms aim to enhance its service capabilities and achieve mutual benefits [2][38].

- The report does not contain any quantitative models or factors for analysis[1][2][3]