渤海证券研究所晨会纪要（2026.03.27）-20260327

Macro and Strategy Research - The report indicates that the export structure is continuously optimizing, which is expected to support export resilience, although risks from escalating Middle Eastern conflicts may weaken external demand [3] - Domestic demand shows a good start, but short-term incremental deployment may be relatively restrained due to policy emphasis on quality improvement [3] - Input inflation is expected to increase cost pressures on enterprises, posing challenges to corporate operating efficiency in Q2 [3] A-Share Market Liquidity - The report suggests that the relationship between capital supply and stock supply will become more balanced in Q2, with public funds expected to expand further as reforms deepen [4] - The overall funding situation is gradually improving, with policies aimed at increasing the proportion of stock financing leading to further growth in IPOs and refinancing [4] Industry Research - The rise of the "Token Economy" in the AI era is highlighted, with significant benefits expected for the computing power industry chain [7] - The report notes that the price increase trend in PC hardware has spread from memory to CPUs, with Intel and AMD raising prices across their entire CPU range [7] - The AI computing power segment is experiencing rapid growth in token usage, reflecting high demand in inference stages, which is expected to drive revenue from computing power services [8] Investment Opportunities - The report identifies potential investment opportunities in resource products and high-dividend varieties if geopolitical conflicts persist, while a resolution could revive market risk appetite and catalyze thematic opportunities [5] - Specific areas of focus include the computing power sector driven by the construction of large-scale intelligent computing clusters and the domestic power equipment industry benefiting from policy support and overseas energy transitions [5]