Group 1 - Tianfu Communication is a global leader in optical devices and optical engine solutions, focusing on optical communication, data centers, and AI computing interconnection, with core products including passive and active optical devices and high-speed optical engines [1][34] - The company is deeply integrated with NVIDIA's ecosystem, providing key optical communication components and is one of the core suppliers for NVIDIA's computing network construction [1][34] - As NVIDIA's AI server and data center business grow rapidly, Tianfu Communication's orders for optical engines and high-speed optical devices remain robust, indicating significant performance elasticity [1][34] Group 2 - Shenghong Technology is a core supplier of AI server PCBs in China, focusing on the R&D, production, and sales of high-end printed circuit boards, with a strong technical advantage in high-speed and high-density PCBs [2][36] - The company provides critical PCB boards for NVIDIA's AI servers, benefiting from the continuous growth in NVIDIA's server shipments, leading to a strong increase in high-end PCB orders [2][36] - Shenghong Technology's market share in the AI server and data center PCB market is expected to continue rising, with long-term growth potential [2][36] Group 3 - Inspur Information is a leading AI server enterprise in China, covering AI servers, cloud computing, big data, and edge computing, and is a core partner of NVIDIA in developing AIStation and other computing platforms [3][37] - The company benefits from the explosive global demand for AI computing and the acceleration of domestic computing infrastructure, with a high order volume for AI servers and sustained high capacity utilization [3][37] - Inspur Information's market position and technical accumulation in the AI server field allow it to share in the growth of the AI industry [3][37] Group 4 - Unisplendour is a leading digital infrastructure provider in China, covering network equipment, cloud computing, big data, and information security, with its subsidiary being a core agent for NVIDIA's data center GPU and DGX systems [4][38] - The company leverages NVIDIA's technological advantages to provide AI computing solutions and related products to enterprise clients, with revenue from agency business and related solutions continuously increasing [4][38] - Unisplendour's competitiveness in AI computing solutions is expected to strengthen, benefiting from the global AI industry development and domestic digital transformation [4][38] Group 5 - Desay SV is a leading provider of intelligent driving solutions in China, focusing on smart cockpits, intelligent driving, and vehicle networking, and collaborates with NVIDIA to develop a powerful autonomous driving system based on the Orin chip [5][39] - The company experiences strong order growth for its autonomous driving solutions based on NVIDIA's Orin chip, indicating strong performance growth certainty [5][39] - Desay SV's position in NVIDIA's autonomous driving ecosystem is expected to strengthen, benefiting from the global development of the autonomous driving industry [5][39] Group 6 - Jingwang Electronics is a leading PCB and FPC manufacturer in China, with a focus on printed circuit boards, flexible circuit boards, and metal-based circuit boards, and is on NVIDIA's qualified supplier list [6][40] - The company has achieved bulk supply to customers and is steadily advancing product development and validation processes for AI servers [6][40] - Jingwang Electronics' market share in the AI server and data center PCB market is expected to continue rising, benefiting from the explosive growth of global AI computing infrastructure [6][40] Group 7 - Perfect World is a leading comprehensive entertainment company in China, covering online game development and distribution, and film production and distribution, actively collaborating with NVIDIA in AI technology and applications [8][42] - The company utilizes NVIDIA's Omniverse Audio2Face application, ACE platform, ray tracing, and DLSS technologies to enhance game development efficiency and product performance [8][42] - Perfect World's early advantage in the AI game application field is expected to strengthen as AI technology continues to integrate with the gaming industry [8][42] Group 8 - Wentai Technology is a leading semiconductor and smart terminal solution provider, covering semiconductor IDM, optical modules, and smart terminal design and manufacturing, with NVIDIA as a close partner [9][43] - The company is poised to expand its collaboration with NVIDIA, providing more AI-related supporting products as AI technology deepens in smart terminals and servers [9][43] - Wentai Technology's comprehensive layout in the semiconductor and smart terminal fields positions it well to benefit from the growth of the AI industry [9][43] Group 9 - OmniVision Technologies is a global leader in semiconductor image sensor solutions, covering CMOS image sensors and analog and mixed-signal processing [10][44] - The company's TheiaCel™DCG+LOFIC solution supports NVIDIA's products and solutions, with applications in image recognition and autonomous driving [10][44] - OmniVision's position in NVIDIA's AI ecosystem is expected to strengthen, benefiting from the explosive growth of the AI industry and image recognition technology applications [10][44] Group 10 - GDT is a leading financial technology and smart terminal solution provider in China, covering smart finance, public safety, transportation, and government services [11][45] - The company participates in AI computing solution implementation and promotion, providing AI computing services and application solutions based on NVIDIA technology [11][45] - GDT's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [11][45] Group 11 - GAC Group is a comprehensive automotive manufacturing leader, covering the R&D, manufacturing, sales, and service of passenger and commercial vehicles [12][46] - The company collaborates with NVIDIA to produce L4 autonomous vehicles, enhancing its core competitiveness in the intelligent driving sector [12][46] - GAC Group's technological layout and product implementation in autonomous driving are expected to accelerate, supported by its partnership with NVIDIA [12][46] Group 12 - Digital China is a leading digital transformation solution provider in China, covering cloud computing, big data, network security, and IT distribution [14][47] - The company provides AI computing infrastructure and application solutions to clients in finance, manufacturing, and healthcare, leveraging NVIDIA's GPU technology [14][47] - Digital China's comprehensive service capability in AI computing solutions is expected to drive rapid growth in its AI-related business [14][47] Group 13 - Leadcore Technology is a leading provider of intelligent operating system products and technologies, covering intelligent driving, IoT, and intelligent vision [15][48] - The company has obtained authorization for image quality tuning from NVIDIA, participating in the R&D and product implementation of intelligent driving and edge computing [15][48] - Leadcore's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of intelligent driving and edge computing industries [15][48] Group 14 - Linyang Electronics is a leading provider of precision structural components and metal forming solutions, covering precision stamping parts and smart terminal structural components [20][54] - The company is a distributor of NVIDIA DGX AI Compute Systems, providing enterprise clients with NVIDIA AI servers and related solutions [20][54] - Linyang Electronics' strong position in the AI server distribution market is expected to drive rapid growth in its AI-related business [20][54] Group 15 - Aoyang Technology is a leading manufacturer of power semiconductor devices, covering MOSFETs, diodes, and IGBTs, with applications in automotive electronics and industrial control [21][55] - The company's power semiconductor products are used in NVIDIA-related products, providing critical power management support for AI servers and smart terminals [21][55] - Aoyang Technology's competitive position in the AI hardware power management market is expected to strengthen as global AI computing infrastructure develops [21][55] Group 16 - Beidou Star is a leading satellite navigation and positioning service provider in China, covering Beidou navigation chips, modules, antennas, and positioning service solutions [22][56] - The company collaborates with NVIDIA to provide AI solutions based on precise positioning for smart driving and smart city applications [22][56] - Beidou Star's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of smart driving and smart city industries [22][56] Group 17 - Advanced Data Communication is a leading financial technology and big data solution provider in China, covering financial IT, big data, and cloud computing [23][57] - The company is an elite partner in NVIDIA's AI and Compute business, providing AI computing solutions and technical services to clients in finance and government [23][57] - Advanced Data Communication's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [23][57] Group 18 - Zhongdian Port is a leading electronic component distribution and supply chain service provider in China, covering electronic component distribution and supply chain management [24][58] - The company is an authorized distributor of NVIDIA, providing enterprise clients with NVIDIA AI chips and related solutions [24][58] - Zhongdian Port's comprehensive service capability in AI chip distribution is expected to drive rapid growth in its AI-related business [24][58] Group 19 - Magpower is a leading provider of smart home and industrial control solutions in China, covering smart home controllers and industrial power supplies [25][59] - The company is one of NVIDIA's designated data center component providers, offering innovative power solutions for AI data centers [25][59] - Magpower's strong position in the AI data center power market is expected to benefit from the growing demand for AI data center construction [25][59] Group 20 - Zhiwei Intelligent is a leading provider of intelligent hardware and edge computing solutions in China, covering edge computing gateways and industrial control computers [32][60] - The company is a member of NVIDIA's NPN partner network, launching powerful edge computing products based on NVIDIA Jetson Orin modules [32][60] - Zhiwei Intelligent's competitive position in the AI edge computing market is expected to strengthen as demand for edge AI applications continues to grow [32][60]

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

距监管要求的A股ESG报告强信披"大限"仅剩两个月，ESG大考已然拉开帷幕。根据交易所要求，471家A股上市公司须在4月30日前提交2025年度ESG报告。 回看上一个披露季，ESG强信披企业的报告披露率高达95%。电子行业作为知识密集型产业的代表，其业务覆盖从纳米级芯片到各类智能终端的广泛领域。 据21世纪经济报道记者统计，共有64家电子企业被纳入交易所ESG强信披范围，2024年ESG报告披露率为82.81%。 然而值得注意的是，在少数未披露的28家ESG强信披上市公司中，电子企业占据了近半数席位，数量达到11家，成为"掉队"最为明显的板块。电子行业中， 工业富联、立讯精密和京东方A是2024年营收排名前三者，营收排名前20的ESG强信披电子企业均披露了2024年ESG报告，行业内部的ESG表现正呈现明显 的"头部领先、尾部滞后"的分化格局。信披分化的背后原因究竟有哪些？头部链主企业又该如何带动供应链、产业链协同降碳？ 随着披露截止日期日益逼近，11家尚未交卷的电子企业能否如期完成ESG信披，记者将持续关注。 立讯精密2024年碳排激增32% | 证券简称 | 2024年温室气体排放总量同比增速 | 范围 ...

【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/25 分析师:张一 S0670524030001 | 张宁 S0670524090001 | 刘艳平 S0670512050002 | 余闵华 S0670524050001 |周晟昂 S0670525050001 | 陈阳 S0670525120001 | 蔡萌萌 S0670524110001 | 徐娜 S0670524020001 "十五五"规划—人工智能(算力) 技术概况: 人工智能(ArtificialIntelligence,Al)是研究、开发 用于模拟、延伸和扩展人类智能的理论、方法、技术及应用系统的 一门技术科学,其核心在于通过计算机系统模拟人类智能,应用领 域涵盖机器人、语言识别、图像处理、智能决策等等。 2 筛选逻辑:以人工智能(AI)算力相关硬件上游、硬件、服务器等 产业链环节核心股票池为基础,通过基准指数权重穿透方法,计算 各ETF基准指数持股权重,保留权重较高的指数和ETF产品。 人工智能一算力产业链公司 一 服务器 9 硬件上游 算坑 · 德福科技 /菲利华 · 浪潮信息 / 紫光股份 产业能 · 工业富联 / 中兴 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in AI-related stocks, particularly in the hardware sector, driven by advancements in AI coding capabilities and the anticipated growth of AI applications by 2026 [1][2] - The AI coding capability is expected to lead to an exponential increase in the volume of effective code globally, indicating a new phase of competition and market dynamics that investors should consider [2] - OpenAI's interview with Peter Steinberger emphasizes the transformative potential of AI in software development, suggesting that the focus will shift from coding to defining intentions, with a prediction of a breakthrough in Agentic Coding by 2026 [1][2] Group 2 - The communication ETF Huaxia (515050) focuses on electronic and communication sectors, with top holdings including Zhongji Xuchuang and Xinyi Sheng, indicating a strong emphasis on hardware related to AI [3] - The entrepreneurial AI ETF Huaxia (159381) has a balanced allocation between hardware and AI software applications, with significant holdings in Zhongji Xuchuang and Xinyi Sheng, and a fund size nearing 2 billion [3] - The cloud computing ETF Huaxia (516630) emphasizes domestic AI software and hardware, with a high combined weight in computer software, cloud services, and computer equipment, showcasing a strong focus on AI capabilities [4]

摘要 ■ 投资逻辑 基于大模型对券商年度展望的全面解析 每年的年底到年初，各券商会密集发布关于总量、行业等年度报告。对投资者而言，难以整合大量研报信息从而提取共识点，此外分歧点也同样缺乏量化 对比。大模型工具的出现解决了这一难点，大模型可以帮助分析师快速完成研报数据预处理、观点精准抓取与分类；大模型通过确定共识点与分歧点的判 定规则，系统整合分散观点，量化呈现各券商对板块不同观点的支持率，清晰核心分歧维度。本次研究以大模型为核心分析工具，全面剖析2026年各大板 块年度展望，梳理宏观、策略、固收及七大细分行业的共识与分歧，为投资者提供高效精准的决策参考。 总量观点总结 对于总量观点，我们分别从宏观经济、年度策略、固定收益三个方面分别剖析了各券商分析师的年度展望。 在宏观经济方面，大多数券商认为随着"十五五"政策发力，2026年GDP目标为5%左右；CPI、PPI从低位逐步修复，国内通货膨胀的压力得到缓解；货币 政策维持适度宽松基调，流动性保持合理充裕；财政政策延续积极取向，赤字率维持合理高位；出口保持稳健，贸易顺差维持历史较高水平；国外环境虽 然出现波动，但整体风险可控。 作者：高智威、许坤圣 在年度策略方面 ...

据交易所数据显示，截至2月26日午后一小时，主力资金流入前20的股票分别为： 胜宏科技（17.49亿元）、 沪电股份（14.35亿元）、 亨通光电（10.44亿 元）、 润泽科技（9.37亿元）、 东山精密（8.66亿元）、 华胜天成（8.47亿元）、 航天动力（7.82亿元）、 聚飞光电（7.74亿元）、 中天科技（6.34亿 元）、 高澜股份（6.17亿元）、 华银电力（5.90亿元）、 芯原股份（5.53亿元）、 东方电气（5.19亿元）、 永鼎股份（4.81亿元）、 川润股份（4.69亿 元）、 深南电路（4.58亿元）、 赛微电子（4.40亿元）、 工业富联（4.28亿元）、 光迅科技（4.15亿元）、 深科技（3.99亿元）。 | 芯原股份 | 6.09 | 5.53亿元 | 电子 | | --- | --- | --- | --- | | 东方电气 | 10.01 | 5.19亿元 | 电力设备 | | 永鼎股份 | 5.48 | 4.81亿元 | 通信 | | 川润股份 | 10.02 | 4.69亿元 | 机械设备 | | 深南电路 | 10 | 4.58亿元 | 电子 | | 塞微电子 | ...

人工智能算力方向延续强势，通信ETF华夏、通信ETF广发、通信ETF银华、通信ETF嘉实、通信ETF、 通信设备ETF涨超2%。 | 证券代码 | 证券简称 | 跟踪指数 | 当日涨幅% | 年内涨幅% | 管理人 | | --- | --- | --- | --- | --- | --- | | 515050.SH | 通信ETF华夏 | 5G通信 | 2.87% | 8.57% | 华夏星美 | | 159507.SZ | 通信ETF广发 | 国证通信 | 2.87% | 10.03% | 广发基金 | | 159994.SZ | 通信ETF银华 | 5G通信 | 2.65% | 8.39% | 银华基金 | | 159695.SZ | 通信ETF嘉实 | 国证通信 | 2.49% | 10.12% | 嘉实基金 | | 515880.SH | 通信ETF | 通信设备 | 2.49% | 8.25% | 国泰基金 | | 159583.SZ | 通信设备ETF | 通信设备主题 40 40 mix, ... J 14 11 10, 30 0 0 0 0 0 0 0 10 10 10 10 10 10 | ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至2026年2月26日 10点45分，上证科创板人工智能指数（950180）上涨0.12%，成分股云天励飞 上涨5.71%，思看科技上涨3.88%，天准科技上涨3.56%，海天瑞声上涨3.37%，芯原股份上涨2.02%。科 创人工智能ETF华夏（589010）多空胶着，最新报价1.59元。拉长时间看，截至2026年2月25日，科创 人工智能ETF华夏近2周累计上涨0.76%。 消息面，英伟达首席执行官黄仁勋在接受媒体采访时，对即将到来的GTC2026大会进行预热，明确 表示将在会上揭晓"世界前所未见"的全新芯片，引发业界广泛关注。AI浪潮带动算力需求爆发，服务 器、AI芯片、光芯片、存储、PCB板等环节价值量将大幅提升，建议关注高速PCB龙头沪电股份和深南 电路、全球服务器ODM龙头工业富联、AI芯片设计厂商寒武纪-U、国产处理器龙头海光信息、封装基 板厂 ...

今日（2月26日）英伟达产业链含量近28%的电子ETF（515260）震荡拉升，场内价格盘中涨近2.3%， 现涨2.01%，冲击日线5连阳！ 成份股方面，PCB（印制电路板）龙头显著领涨，沪电股份、深南电路涨停，东山精密涨超9%，胜宏 科技涨逾8%。此外，寒武纪涨超8%，芯原股份、长电科技等个股跟涨。 | 毛部股票 | Wind概念板块 | Wind主题行业 | 申万一级行业 | | --- | --- | --- | --- | | 代码 | 名称 | 主力净流入额 ▼ | 涨跌幅 | | 801080 | 电子(申万) | 282.52亿 | 2.19% | | 801770 | 通信(申万) | 167.38亿 | 2.84% | | 801890 | 机械设备(申万) | 123.53亿 | 1.30% | | 801740 | 国防军工(申万) | 52.474Z | 1.69% | | 代码 | 名称 | 主力净流入额 ▼ | | | ୧୫୫೭೯୧ | 惠冠纪-U | 32.38亿 | 1174.0 | | 300476 | 胜宏科技 | 31.27亿 | 317.6 | | 002463 | 沪 ...