Guolian Minsheng Securities·2026-03-01 13:25Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The demand for Tokens is rapidly increasing, driven by breakthroughs in domestic large models such as Zhipu and MiniMax, alongside China's stable and low-cost electricity infrastructure, which is expected to catalyze significant growth in the cloud computing industry [4][31]. - The performance of Chinese large models has reached international standards, with notable cost-performance advantages, positioning them favorably in the global market [14][19]. - The emergence of AI personal assistants, exemplified by products like Youdao Lobster, is expected to generate substantial demand for Tokens, as these assistants operate continuously and assist users with various tasks [25][31]. Summary by Sections Market Review - During the week of February 23-27, the CSI 300 index rose by 1.08%, the SME index increased by 2.87%, and the ChiNext index grew by 1.05%. The computer sector (CITIC) saw a 1.23% increase, with notable gainers including Hailianxun and ST Diweixun [39]. Industry News - Huawei Cloud launched the public beta of CodeArts, an intelligent coding assistant based on a vast code library, integrating code models and development tools [33][34]. - Hong Kong established an AI+ Committee focusing on life health and embodied intelligence, signaling strong policy support for AI-driven industrial transformation [33]. Company News - Huijin Group is planning a significant asset restructuring, aiming to acquire a 20% stake in Cooper New Energy, which will become a subsidiary post-transaction [3][35]. Investment Recommendations - The report suggests focusing on large model manufacturers like Zhipu and MiniMax, as well as cloud computing companies such as Alibaba, Shunwang Technology, and others, anticipating a major turning point in the cloud computing industry with simultaneous revenue and profit growth [4][31].