量化大势研判 202603 3 月核心推荐预期成长风格 glmszqdatemark 执业证书： S0590525110059 邮箱： yeerle@glms.com.cn 相关研究 2026 年 03 月 04 日 [Table_Author] 分析师 叶尔乐 为了解决风格系统化轮动难题，我们开启了自下而上的量化大势研判探究。所谓 风格是资产本身的内在属性，内嵌于其产业生命周期的变化中，存在五种风格阶 段：外延成长、质量成长、质量红利、价值红利、破产价值。全局比较下来的优 势资产其特征属性，即为未来市场的主流风格。可通过 g>ROE>D 的基本优先级 进行考察，分析"有没有（好资产）"和"（好资产）贵不贵"进行优势资产的比 较判断，最后聚焦当下最具有优势的细分板块。 预期增速资产优势差继续回升，实际增速资产优势差变化不大，继续核心推荐预 期成长风格，景气类成长有待财报验证。△gf 继续保持扩张，其主要来自 Top 组 的上升，高预期增速板块依然有表现机会；△g 同样扩张但变化不大，景气类策略 虽缺乏基本面动量优势，看后续财报披露下是否会再次开启上升趋势。 ROE 的优势差回升但幅度走弱，拥挤度较低下，可挑选 ...

www.leadleo.com 2025年中国PoE电源行业研究报告 China Power Over Ethernet Industry 中国イーサネット電力供給（PoE）産業 概览标签：PoE、以太网供电、PoE电源 1 www.leadleo.com 400-072-5588 © 2026 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系 头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再造 、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行 为发生，头豹研究院保留采取法律措施，追究相关人员责任的权利。头 豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘 用其他任何第三方代表头豹研究院开展商业活动。 报告摘要 报告摘要 • PoE系统构成与分类 以太网供电（Power over Ethernet，简称PoE）技术，是指通过标准以太网电缆在传输数据信号的同时，为受电设备提供直流电力的技术。按照IEEE 802.3af和IEEE 802.3 ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变 ...

计算机 2026 年 3 月研究观点：中国模型领 跑全球调用量，软件吞噬情绪缓和 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 2 月，中国模型调用量首超美国站至第一；模型应用层面，Grok 与谷歌多模态模型 加速迭代，Claude Cowork 插件体系扩容，企业级 Agent 向职能场景纵深落地，软 件吞噬情绪缓和。 投资要点： 请务必阅读正文之后的免责条款部分 风险提示：技术发展不及预期，公司业务拓展不及预期。 [Table_Report] 相关报告 计算机《计算机周观点第 ...

计算机 2026 年 3 月研究观点：中国模型领 跑全球调用量，软件吞噬情绪缓和 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 2 月，中国模型调用量首超美国站至第一；模型应用层面，Grok 与谷歌多模态模型 加速迭代，Claude Cowork 插件体系扩容，企业级 Agent 向职能场景纵深落地，软 件吞噬情绪缓和。 投资要点： 请务必阅读正文之后的免责条款部分 风险提示：技术发展不及预期，公司业务拓展不及预期。 [Table_Report] 相关报告 计算机《计算机周观点第 ...

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [2]. Core Insights - The report identifies four major trends in the inference computing landscape driven by the Token economy, highlighting a surge in demand for inference computing, the emergence of pure inference chips, comprehensive innovations in inference systems, and accelerated breakthroughs in domestic computing chips [3][4][17]. Summary by Sections Inference Computing Trends - Inference computing demand is experiencing explosive growth, with significant increases in model invocation during the Spring Festival, where domestic AI models surpassed U.S. models for the first time [5][6]. - Pure inference chips are becoming increasingly important, as evidenced by Nvidia's $20 billion acquisition of Groq and OpenAI's partnerships with Cerebras, indicating a shift towards specialized inference hardware [9]. - Inference systems are undergoing comprehensive innovations, with a new three-layer network architecture designed to meet the needs of agents, increasing demand for multi-core and multi-threaded CPUs [10][11]. - Domestic computing chips are making rapid advancements, with Huawei's Ascend 950 series introducing new low-precision data formats and significantly enhancing vector computing capabilities [17][18]. DeepSeek V4 Expectations - Anticipations for DeepSeek V4 include leading capabilities in inference and coding, improved handling of long contexts and complex tasks, and continued innovation in technical architecture [22][25]. - Recent papers from DeepSeek suggest breakthroughs in long context processing and complex task handling, which may enhance the performance of domestic computing chip adaptations [29][35]. Recommended Investment Themes - Key investment themes include leadership in the digital economy, AIGC applications, AIGC computing power, data elements, flexible innovation, core Hong Kong stocks, intelligent connected vehicles, new industrialization, and medical informationization [37].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《春节海内外大模型更新全梳理！壁仞科 2026 年 02 月 28 日 从国产算力变化到 LPU！DS 新模 型前瞻！ 看好 ——计算机行业周报 20260223-20260227 技深度发布！——计算机行业周报 20260216-20260220》 2026/02/23 《模型会吞噬软件吗？——计算机行业周 报 20260202-20260206》 2026/02/07 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@ ...

在私募行业蓬勃发展的几十年中，公募基金经理"奔私"潮持续涌动，这背后既有个人在职业天花板的突围，亦有平台派系更迭引发的变动。从早年王亚伟、 邱国鹭开风气之先，到近年董承非、周应波等人自立门户，"公奔私"基金经理已经成为私募行业的一个重要派系，甚至不少是自身私募机构的核心人物，掌 舵着公司的整体投研方向。 私募排排网数据显示，截至2026年1月底，"公奔私"基金经理共有859位。其中，头部私募旗下的"公奔私"基金经理共有87位，占比10.13%。 接下来，笔者将划分百亿私募（规模100亿以上）、准百亿私募（规模50-100亿）两个规模组，为大家盘点头部私募（规模50亿以上）旗下"公奔私"基金经 理的代表人物。 | 8 | 崔童 | 股票 | 18 | | --- | --- | --- | --- | | 9 | 邓晓峰 | 股票 | 25 | | 10 | 董承非 | 股票 | 24 | | 11 | 杜昌勇 | 股票 | 30 | | 12 | 杜骐臻 | 股票 | 14 | | 13 | 归江 | 股票 | 28 | | 14 | 韩冬 | 股票 | 18 | | 15 | 韩海峰 | 组合基金 | 12 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：君 2026年2月10日，深圳第零智能科技股份有限公司（简称"第零智能"或"公司"）向联交所主板提交上市申请，民银资本为独家保荐人。 作为一家AI智能体公司，第零智能招股书披露的网站无法访问，网页显示"未完成备案"。同时，第零智能董事长、执行董事兼首席执行官乔迁的姓名至今仍 挂在互联网助贷平台分期乐的官网上，现任该公司首席金融官，且为"分期乐小贷监事"，与招股书披露的信息存在重大出入。一直以来，围绕分期乐周围 的"诱导分期消费""高利贷""暴力催收"等诸多乱象屡有爆出，但公司方面却从未收敛，黑猫投诉 【下载黑猫投诉客户端】平台累计超14.77万条投诉，在众 多网贷平台中位居榜首。 更匪夷所思的是，第零智能招股书中所列两项发明专利的法律持有人为海康威视，而非公司自身。这是性质极其恶劣的欺诈行为，已涉嫌信息披露违规。 网站未备案无法访问 微信公众号注册不到半年 第零智能成立于2020年8月，是一家以自主研发的BlackZero混合智能体集群为技术引擎的创新型企业。公司专注于通过AaaS模式，为法律、品牌、办公、评 估、投顾等业务 ...