华龙内参2025 年第43 期，总第1842期（电子版）：低开高走，缩量拉升

Investment Rating - The report indicates a medium risk level for the investment product, suitable for conservative investors [1][12][18] Core Insights - The market showed a low open but high recovery, with major indices closing positively. The Shanghai Composite Index rose by 0.41%, the Shenzhen Component by 0.33%, and the ChiNext Index by 0.19% [7][10] - The total trading volume in the Shanghai and Shenzhen markets was 1.48 trillion yuan, a decrease of 238 billion yuan from the previous trading day [4][10] - Key sectors that performed well included military, small metals, pork, and state-owned cloud concepts, while sectors like photolithography machines, AI healthcare, software development, and CRO saw declines [6][10] Market Overview - The market experienced a mixed performance with over 2800 stocks rising, indicating a broad-based recovery despite the initial downturn influenced by overseas markets [4][10] - The financing balance on the Shanghai Stock Exchange reached 965.98 billion yuan, an increase of 4.296 billion yuan from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 937.655 billion yuan, up by 5.208 billion yuan [9] Concept Highlights - Samsung Electronics is accelerating the development of next-generation packaging materials, specifically glass interlayers, to replace expensive silicon interlayers, which is expected to enhance chip performance [11] - The glass substrate industry is anticipated to grow rapidly due to advancements in AI computing chip technology, with TGV glass perforation and metal filling being key processes for production [11] Key News - ByteDance's model team announced an open-source optimization technology for MoE architecture, improving training efficiency by 1.7 times and reducing costs by 40%, which could significantly impact AI model training and deployment [13] - Delta Electronics unveiled a new 19-inch 72kW 800V HVDC power rack at the NVIDIA GPU Technology Conference, which is expected to accelerate the adoption of HVDC technology in data centers [13] Future Events Reminder - Upcoming events include an AI glasses industry seminar on March 12, NVIDIA's GTC AI conference on March 17, and the 2025 China Household Appliances and Consumer Electronics Expo on March 20 [16]