紫光股份有限公司（以下简称"公司"）2026 年 3 月 3 日召开的第九届董事会第 二十二次会议审议通过了关于延长紫光股份有限公司首期 2 号员工持股计划存续期 的议案，现将具体情况公告如下： 一、员工持股计划基本情况 公司于2015年5月21日召开的第六届董事会第十一次会议、第六届监事会第九次 会议和2015年6月25日召开的2015年第一次临时股东大会审议通过了关于《紫光股份 有限公司首期2号员工持股计划（草案）（非公开发行方式认购）》的议案和关于提请 股东大会授权董事会全权办理员工持股计划相关事宜的议案。具体内容详见公司于 2015年5月26日、2015年6月26日披露在《中国证券报》《证券时报》《上海证券报》 及巨潮资讯网的相关公告。 股票简称：紫光股份 股票代码：000938 公告编号：2026－016 紫光股份有限公司 关于延长紫光股份有限公司首期 2 号员工持股计划存续期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 2026年3月3日，公司第九届董事会第二十二次会议审议通过了关于延长紫光股 份有限公司首期2号员工持股计划存续期的议案， ...

股票简称：紫光股份 股票代码：000938 公告编号：2026－015 关于延长紫光股份有限公司首期 1 号员工持股计划存续期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）2026 年 3 月 3 日召开的第九届董事会第 二十二次会议审议通过了关于延长紫光股份有限公司首期 1 号员工持股计划存续期 的议案，现将具体情况公告如下： 一、员工持股计划基本情况 公司于2015年5月21日召开的第六届董事会第十一次会议、第六届监事会第九次 会议和2015年6月25日召开的2015年第一次临时股东大会审议通过了关于《紫光股份 有限公司首期1号员工持股计划（草案）（非公开发行方式认购）》的议案和关于提请 股东大会授权董事会全权办理员工持股计划相关事宜的议案。具体内容详见公司于 2015年5月26日、2015年6月26日披露在《中国证券报》《证券时报》《上海证券报》 及巨潮资讯网的相关公告。 紫光股份有限公司首期 1 号员工持股计划（以下简称"紫光 1 号员工持股计划"） 股票来源为认购的公司非公开发行的股票。经中国证券监督管理 ...

股票简称：紫光股份 股票代码：000938 公告编号：2026－014 紫光股份有限公司 第九届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）第九届董事会第二十二次会议，于 2026 年 2 月 27 日以书面方式发出通知，于 2026 年 3 月 3 日在紫光大楼四层会议室以现 场结合通讯方式召开。会议由董事长于英涛先生主持，会议应到董事 9 名实到 9 名， 符合《紫光股份有限公司章程》的规定。 | 议同意，员工持股计划存续期限可予以延长。 | 续期变更为 120 个月。经本员工持股计划持 | | --- | --- | | …… | 有人会议审议通过、并经公司董事会审议通 | | | 过相关议案后，本员工持股计划实施第三次 | | | 延期，存续期再延长 36 个月，即存续期变更 | | | 为 个月。 156 | | | 经公司董事会和员工持股计划持有人会 | | | 议同意，员工持股计划存续期限可予以延长。 | | | …… | 上述事项已经紫光 1 号员工持股计划持有人会议审议通过 ...

Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

AI 算力龙头启航，成长确定性凸显 工业富联(601138) 工业富联（601138.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 公司作为全球 AI 算力基础设施核心供应商，凭借精密制造基因与全产业链布局，在 AI 服务器、高速交换机与端侧 AI 领域形成协同，随着全球 AI 资本开支浪潮及 GB200/300 等新平台放量，公司成长动能有望持续强化。 投资要点： | [Table_Fina ...

AI 算力龙头启航，成长确定性凸显 工业富联(601138) 工业富联（601138.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 公司作为全球 AI 算力基础设施核心供应商，凭借精密制造基因与全产业链布局，在 AI 服务器、高速交换机与端侧 AI 领域形成协同，随着全球 AI 资本开支浪潮及 GB200/300 等新平台放量，公司成长动能有望持续强化。 | 股东权益(百万元) | 161,5 ...

证券研究报告|行业点评报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 国产算力逻辑春节后全面夯实 [Table_Title2] 通信 [Table_Summary] 1、国产算力逻辑春节后全面夯实：Token 调用量首超 美国 + 芯片拐点验证 + 政策基建双轮驱动 春节后，国产算力逻辑进一步夯实，由 Token 数量暴增、国产芯 片业绩拐点使得算力全链条确定性提升。当前时点， 短期地缘冲 突（美以-伊朗升级）可能放大 risk-off 情绪，需警惕海外不确 定性对全球 AI 投资节奏的扰动，但在国内市场需求相对具有韧 性，国产模型的成本/生态提供较强对冲，国产算力全链条有望 在政策+成本双轮驱动下持续稳健提升。在视频、编程等核心领 域有望加速催化应用落地，同时国内相关算力需求有望拉动硬件 设备和算力租赁相关市场景气度，对于边缘端算力分发也有受 益。相关受益标的包括算力租赁和第三方数据中心厂商：光环新 网、数据港、润泽科技、协创数据、东阳光、大卫科技等；国产 芯片和昇腾生态相关厂商：寒武纪、海光信息、华胜天成等；海 外共振+国产推理放量受益的光联接相关：天孚通信、 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Nvidia's performance exceeded expectations, with Q4 FY2026 revenue reaching $68.1 billion, a year-on-year increase of 73% and a quarter-on-quarter increase of approximately 19%. The data center business revenue was $62.3 billion, up 75% year-on-year and 22% quarter-on-quarter, driven by the continuous release of Blackwell and Blackwell Ultra products [5][13] - DeepSeek, in collaboration with Tsinghua University and Peking University, introduced the DualPath system to address storage bandwidth bottlenecks in LLM inference, achieving an average throughput increase of 1.96 times [6][16] - The global AI industry is expected to resonate, with significant capital expenditure increases from major players like Google and Meta, indicating a robust growth trajectory for AI-related sectors [14][18] Summary by Sections Nvidia Performance - Nvidia's Q4 FY2026 revenue was $68.1 billion, with a 73% year-on-year growth and a 19% quarter-on-quarter growth. Data center revenue reached $62.3 billion, marking a 75% year-on-year increase and a 22% quarter-on-quarter increase. The growth was primarily due to the release of Blackwell and Blackwell Ultra products, with the Grace Blackwell system contributing approximately two-thirds of the data center revenue [5][13][14] DeepSeek Innovation - DeepSeek's DualPath system addresses the KV-Cache storage bottleneck in LLM inference, significantly improving online inference throughput by 1.96 times. This innovation is seen as a milestone in AI computing, enhancing hardware utilization and facilitating the commercial application of large models [6][16] AI Industry Outlook - The report highlights a strong outlook for the AI industry, with major companies like Google and Meta increasing their capital expenditures significantly. This trend is expected to support the growth of AI computing and related technologies [14][18] Communication Data Tracking - As of December 2025, China had 4.84 million 5G base stations, with 1.204 billion 5G mobile users, reflecting an 18.74% year-on-year growth. However, 5G mobile phone shipments decreased by 27.3% year-on-year [28][30][41]

大数据ETF（515400）紧密跟踪中证大数据产业指数（930902.CSI），指数精选沪深两市50只大数 据产业主题上市公司股票样本，涉及大数据存储设备、大数据分析技术、大数据运营平台、大数据生 产、大数据应用等领域，科大讯飞、中科曙光、紫光股份等科技公司是其前十大重仓股。场外投资者的 可以通过联接基金（A类018134；C类018135）关注投资机遇。 早盘市场情绪逐步回暖，三大指数震荡攀升，AI应用端以及大数据方向集体上行，盘中智谱AI、 云计算、东数西算、AI应用、AI智能体等细分方向涨幅居前，大数据ETF（515400）盘中涨幅达 3.19%，创业板软件 ETF 富国（159107）盘中涨幅达3.01%。其中大数据ETF成分股云天励飞20cm涨 停，城地香江、云赛智联等均涨停。 每日经济新闻 近期消息面催化不断，华为2月26日发布AI代码智能体，覆盖代码生成、测试、知识问答，接入 GLM-5、DeepSeek及鸿蒙专属模型，大幅提升开发者效率。 另外，英伟达 GTC 2026 于3月16–19日在加州圣何塞举办，为全球AI算力年度盛会。黄仁勋将发布 全球首见的推理专用LPU芯片，同步推出 Feynm ...