主题风向标 3月第 2期：能源安全与打造智能经济新形态

Group 1: Market Trends - The trading heat of hot themes has rebounded, with power, energy, and aerospace themes continuing to show strength, while technology themes have overall retreated. The average daily trading volume of hot themes increased to 1.049 billion yuan, with an average turnover rate of 3.99% [6][7] - The structural differentiation has intensified, with the Middle East conflict and increased domestic demand expectations catalyzing continuous increases in power grid, oil and gas services, methanol, and aerospace themes over the past two weeks [6][8] Group 2: Energy Security - Geopolitical conflicts are disrupting key energy supplies, prompting policies to focus on building a new energy system and nurturing future energy sources. The ongoing conflict in the Middle East has led to a supply crisis for key energy resources, with multiple commercial vessels attacked in the Strait of Hormuz, increasing transportation risks [16][21] - The government work report emphasizes the formulation of a national energy construction plan, aiming to build a new power system, accelerate smart grid construction, and develop new energy storage and green hydrogen [16][21] Group 3: AI Applications - The deployment of OpenClaw on Tencent Cloud has been highly successful, with the execution capabilities of AI agents significantly improving, which is expected to accelerate the application ecosystem of AI products. The government work report highlights the creation of a new intelligent economy and the promotion of large-scale commercial applications of AI in key industries [17][31] - The domestic large model companies are expected to benefit from increased token usage, while internet platform companies with strong user engagement and capital expenditure are also poised for growth [17][34] Group 4: Domestic Computing Power - Policies emphasize the implementation of large-scale intelligent computing clusters and the synergy between computing and electricity as part of new infrastructure projects. The government work report outlines the construction of major projects in integrated circuits, satellite internet, and domestic large aircraft [18][32] - The performance of mature AI application products is expected to stimulate user demand, leading to increased capital expenditure in domestic computing power-related sectors [18][41] Group 5: Commercial Aerospace - The government work report stresses the development of aerospace as a new pillar industry, with the Zhuque-3 rocket scheduled for recovery tests in the second quarter of 2026. This is expected to accelerate the commercialization of private rockets [20][31] - Various local governments are deploying tasks for the development of the commercial aerospace industry, with significant investments planned for infrastructure and supporting industries [20][31]