3月3日的新年阿里开工第一站，马云与阿里、蚂蚁的核心管理层来到杭州云谷学校，与校长、老师们畅谈AI带来的挑战和机会。 云谷学校公众号显示，阿里巴巴集团主席蔡崇信、CEO吴泳铭、风险委员会主席邵晓锋、电商事业群CEO蒋凡，蚂蚁集团董事长井贤栋和CEO韩 歆毅一同参加交流。核心管理层罕见地全部聚齐，体现出阿里巴巴集团和蚂蚁集团对发展AI的高度重视。 阿里巴巴在AI领域坚定投入，在春节期间实现AI的双线爆发，新一代大模型千问Qwen3.5-Plus性能媲美Gemini 3 Pro，千问APP则一跃成为国民级 AI应用。近期，通义实验室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首次浮出水面，它同时拥有全栈自研芯片平头哥、亚太第一的 阿里云，以及全球最强的开源模型"千问"。目前，阿里和谷歌是全球唯二在大模型、云和芯片三大领域均具备顶级实力的科技公司。 综合自： 云谷教育 马云表示，AI时代已经快速到来，对社会的冲击超出想象，我们大家谁都没有做好足够的准备，但是对十几岁的孩子来说，他们最有改变的希望 和机会，所以这次来到云谷学校，目的就是把阿里巴巴最近对AI越来越清晰的洞察和老师们分享。 目前，AI的迭代以周计 ...

2026.03. 03 3月3日的新年阿里开工第一站，阿里巴巴创始人马云等阿里巴巴、蚂蚁集团核心管理层齐聚杭州云 谷学校，谈起AI带来的挑战和机会。 云谷学校公众号显示，阿里巴巴集团主席蔡崇信、CEO吴泳铭、风险委员会主席邵晓锋、电商事业 群CEO蒋凡，蚂蚁集团董事长井贤栋和CEO韩歆毅一同参加交流。阿里巴巴、蚂蚁集团核心管理层 罕见地全部聚齐。 他们与云谷学校的校长老师们交流了一个多小时，探讨AI带来的挑战和机会。 马云表示，AI时代已经快速到来，对社会的冲击超出想象，谁都没有做好足够的准备，但是对十几岁 的孩子来说，他们最有改变的希望和机会，所以这次来到云谷学校，目的就是把阿里巴巴最近对AI越 来越清晰的洞察和老师们分享。 他们讨论谈及，目前AI的迭代以周计算，能力还在不断增长，这一次的技术革命对生产效率和社会方 方面面带来的变革是历史性的，以后可能一天不用工作8小时，社会财富极大丰富，但是很多工作种 类会消失。 对此，马云表示："我们大家之所以一起到云谷来，就是想告诉大家，这个变化会来得非常快，要迅 速做出改变，帮助孩子们从现在开始学会和AI共存，适应这个巨大的变化。" 阿里巴巴董事长蔡崇信则提到，AI ...

记者｜黎雨桐 见习记者林芊蔚 编辑｜吴桂兴 北京时间3月3日，美股全线大跌，截至发稿，三大指数集体跌逾2%，道指跌超1200点。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 47684.01 | 22176.63 | 6717.58 | | -1220.77 -2.50% | -572.23 -2.52% | -164.04 -2.38% | | 美国科技七巨头 中概科技龙头 | | 中国余龙 | | 61049.68 | 3652.34 | 6820.79 | | -1184.61 -1.90% -176.31 -4.60% | | -377.73 -5.25% | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 47885 | 24529.00 | 6751.75 | | -1060 -2.17% | | -496.25 -1.98% -136.50 -1.98% | 大型科技股集体下跌，谷歌、英伟达、特斯拉跌超2%。 加密货币多数币种下跌，比特币跌幅0.92%，报66334美元/枚。 | な | 1 | B BTC | $66334 ...

3月3日，美股大幅低开，截至发稿， 道指跌1.82%， 纳指跌1.75%，标普500指数跌1.53%。 黄金股走低，金田跌超10%，哈莫尼黄金跌超7%。 中概股普跌，万国数据跌超7%，阿里巴巴、百度集团跌逾4%。 | 名称 | 现价 | 淵鉄 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 48013.59 | -891.19 | -1.82% | | 纳斯达克指数 | 22351.75 | -397.11 | -1.75% | | 标普500 | 6776.44 | -105.18 | -1.53% | 芯片股重挫，美光科技跌超8%， 西部数据跌超7%， 闪迪、台积电、阿斯麦、英特尔均跌超5%， 博通、英伟达跌逾2%。 编辑 ｜ 钉钉 能源股逆势走高，西方石油涨近2%，埃克森美孚石油、雪佛龙均上涨。 ...

Valuation Insights - The Hang Seng Index is trading at a P/E of 13.5x, which is over 40% cheaper than the S&P 500, Nikkei 225, and KOSPI[3] - The Hang Seng TECH Index has a P/E of 24.2x, representing a 46% discount to ChiNext and a 37% discount to the Nasdaq[3] - The valuation percentile for the Hang Seng TECH Index is only 24% over the past five years, indicating significant valuation compression[3] Market Dynamics - The recent correction in Hong Kong equities is attributed to "AI anxiety," capital outflows to Japan and Korea, and geopolitical risks in the Persian Gulf[2] - Local funds have maintained a high short-selling turnover of around 20% due to uncertainties surrounding profitability and policy[2] - The market's expectations for stabilization in China's property sector and recovery in domestic demand remain low and underpriced[4] Investment Opportunities - "Hardcore assets" in Hong Kong, particularly in low-valued upstream and midstream industries, are becoming increasingly attractive, with energy dividend yields at 5.2%[4] - The property sector is expected to stabilize structurally, providing alpha opportunities in related sectors such as base metals, steel, and construction machinery[4] - New technology assets benefiting from the AI wave are also seen as scarce growth opportunities, with improved valuation appeal following recent market corrections[4]

Investment Rating - The report adjusts the industry rating to "in line with the market" due to the high valuation levels in the computer industry, with a PE-TTM of 219.91, which is above the historical average of 161.02 [6][16][21]. Core Insights - The domestic AI large model usage in February surpassed that of the United States for the first time, indicating significant advancements in technology and application within China's AI sector. Major companies like Tencent, Alibaba, and ByteDance are actively launching new models and initiatives to capture market share in both B-end and C-end applications [1][9][10]. - OpenAI has secured a new round of financing amounting to $110 billion, with a pre-money valuation of $730 billion, backed by investments from SoftBank, NVIDIA, and Amazon. This reflects a trend of strengthening partnerships across the AI industry chain [2][20]. - The National Data Bureau organized a signing event for high-quality data set chain master task books, emphasizing the importance of data as a core resource for AI infrastructure and the ongoing efforts to develop the data element industry in China [2][10]. Summary by Sections Industry Dynamics - In February, China's AI models led global token usage, with a total of 41.2 trillion tokens, surpassing the U.S. models which had 29.4 trillion tokens. The usage further increased to 51.6 trillion tokens in the following week, marking a 127% increase over three weeks [2][18]. - OpenAI's new financing includes $30 billion from SoftBank, $30 billion from NVIDIA, and $50 billion from Amazon, alongside a strategic partnership with Amazon for next-generation computing power [2][20]. - The National Data Bureau's event included 72 industry leaders signing agreements to enhance the development of high-quality data sets, which are crucial for AI applications [2][20]. Market Performance - The report notes that the computer industry index underperformed compared to the CSI 300 and ChiNext indices, with a weekly increase of only 0.62%, ranking 23rd among 31 primary industries [1][11]. - From the beginning of 2026 to March 1, the computer industry index increased by 8.61%, outperforming the CSI 300 and ChiNext indices [1][13].

Market Overview - Major indices declined with Shanghai Composite Index down by 1.43%, ChiNext Index down by 2.57%, Shenzhen Component Index down by 3.07%, North Star 50 down by 4.11%, and Sci-Tech Innovation 50 down by 5.21% [1] - TMT sector led the decline, with SW Other Communication Equipment down by 7.65%, SW Analog Chip Design down by 7.19%, and SW Military Electronics III down by 7.13% [1] Domestic News - STMicroelectronics issued a price increase notice to customers, announcing a price adjustment of 10%-20% for certain smart security and AIoT products starting March 1, due to upstream cost pressures [2] - World plans to raise 300 million yuan to enhance its diamond project, with a construction period of 3 years, aiming for an annual production capacity of 560,000 diamond micro-drills and 270,000 CVD diamond acoustic membranes [2] - Huafeng completed Series A financing to enhance advanced packaging, focusing on 2.5D/3D advanced packaging and Chiplet heterogeneous integration [2] - First Mirror Technology completed Series A financing to invest in the development of next-generation waveguide modules and enhance production capacity [2] Overseas News - ASML plans to introduce new products beyond its existing chip manufacturing equipment line, targeting the rapidly growing AI chip market, with the first advanced packaging i-line lithography machine expected to be delivered by Q3 2025 [3] - Counterpoint Research predicts a 12% decline in smartphone shipments in 2026 due to storage chip shortages and rising component prices, with recovery expected only in late 2027 [3] - NVIDIA is investing $2 billion in two optical communication companies, Lumentum Holdings and Coherent, to focus on AI data center optical interconnect technology [3] - Mitsubishi Gas Chemical announced a 30% price increase for its electronic materials, effective April 1, 2026 [3] AI News - Stripe launched an AI billing preview feature that automatically tracks token prices and user usage for different large models, allowing for a 30% gross margin on original LLM costs [4] - Alibaba's Qianwen announced the open-sourcing of four Qwen 3.5 small models, designed for lightweight AI needs from mobile devices to servers [4] - Xiaohongshu released and open-sourced an end-to-end document recognition model, addressing structural hallucination issues in general VLMs [4] - Meta is testing a new shopping research feature in the U.S. that recommends products based on user preferences, although it does not support direct payments [4] Industry Tracking - GES Aerospace held a review meeting for its satellite manufacturing, confirming that the satellite meets design requirements and is ready for delivery [5] - A Chinese team successfully developed a high-efficiency, high-purity dual-photon emitter based on a quantum dot-microcavity coupling system [5] - Xiaomi's humanoid robot achieved a 90.2% success rate in autonomous operation tests at a Beijing automotive factory [5] - Polyplast announced the successful development of a new type of long-fiber reinforced thermoplastic resin product made from post-consumer recycled polypropylene [5] Semiconductor Pricing - As of March 3, 2023, the average price of DDR5 16G (2G×8) 4800/5600 is $39.167, showing a decrease of 0.42% [6] - The average price of DDR4 16Gb (2G×8) 3200 is $77.273, reflecting a decline of 1.05% [6] - The average price of DDR3 4Gb 512M×8 1600/1866 is $5.789, with an increase of 1.92% [6] Semiconductor Material Prices - The average price for 4N zinc oxide powder is 1.575 yuan/kg, with no daily change [7] - The average price for 5N high-purity zinc is 1.755 yuan/kg, remaining stable [7] - The average price for 6N high-purity zinc is 1.350 yuan/kg, unchanged [7]

头豹市场研究| 2025/12 www.leadleo.com 2025年全球及中国叉车行业研究：具 身智能赋能，叉车行业加速升级 Global and China Forklift Industry 世界のフォークリフト業界と中国市場に関する研究 （精华版） 报告标签：具身智能、物流装备、无人驾驶、AGV、电动化 2025年12月 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）。未经头豹研究院事先书面许可，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。 头豹市场研读 | 2025/12 观点摘要 在智能制造与物流自动化双重驱动下，全球叉车行业迎来具身智能赋能的升级窗口期。劳动 力短缺与降本增效需求倒逼无人化转型，AI技术突破使叉车从搬运工具向智能 ...

叶诗人之分堂 相关研究 证券分析师 2026 年 03 月 03 日 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 我们对重点公司 2025 年度业绩进行预测：2025E 业绩同比增速在 50%以上的有：吉比 ○ 特、大麦娱乐、美图公司、猫眼娱乐、心动公司、泡泡玛特、光线传媒、世纪华通；同 比增速在 20-50%区间的有：恺英网络、三七互娱、巨人网络：同比增速在 0-20%区间 的有：腾讯控股、快手；同比增速低于0%区间的有：分众传媒、神州泰岳、阅文集团、 芒果超媒；同比扭亏的有：完美世界、哔哩哔哩。 游戏：25 年手游增长国内基数提升增速放缓，端游和出海亮眼。2025 年全年/26 年 1 ● 月，国内手游同比增速 7.92%/-1.52%，端游同比增长 14.97%/23.46%，自研游戏出海 同比增长 10.23%/24.05%。国内游戏市场有局部亮点：大 DAU 年轻向游戏，包括搜打 撤品类、端游。出海游戏系 SLG 品类持续突破。展望 2026 年，国内重点关注长青游戏 的普及，出海游戏重点关注休闲品类突破。 O 云计算和大模型：Agent、多模态突破，国产模型性价比优势明显，拉动 to ...

行 业 及 产 业 2026 年 03 月 03 日 Token 爆发利好 AI 云和大模型， 游戏 PC 及出海亮眼 看好 ——互联网传媒 2025 年四季度业绩前瞻 本期投资提示： 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 陈悦 A0230524100003 chenyue@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.co ...