关于周末的伊美冲突，梳理了十几场电话会议的核心观点与信息差，汇总了一篇文章给大家进行解读，因为会议 持续开到了晚上，而且制作了大量PPT配合解读，为了不占用不影响圈子里已看好并持续跟踪的行业与个股机会， 所以大家直接文章，我就不分开发了，除了短期情绪扰动将在周一开盘进行计提反馈，并不影响Token出海新叙事 带来的国产算力、先进制程扩产，大模型基础设施硬件软件的高景气逻辑与长期机会，本周节后的第一周我们主 要提示更新的是行业大方向如昇腾链、马斯克光伏、先进制程扩产的假期信息差，下周我们会在市场调整时，给 大家逐步梳理更新其中具体细分环节的公司调研情况与市场预期差，珍惜调整带来的二次布局机会。 关于周末的伊美冲突，梳理了十几场电话会议的核心观点与信息差，汇总了一篇文章给大家进行解读，因为会议 持续开到了晚上，而且制作了大量PPT配合解读，为了不占用不影响圈子里已看好并持续跟踪的行业与个股机会， 所以大家直接文章，我就不分开发了，除了短期情绪扰动将在周一开盘进行计提反馈，并不影响Token出海新叙事 带来的国产算力、先进制程扩产，大模型基础设施硬件软件的高景气逻辑与长期机会，本周节后的第一周我们主 要提示更新的是 ...

推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 2026 年 03 月 01 日 Token 出海调用量爆发拉动国产算力需求，涨价 推动 IDC 与电力设备景气上行 行业相对表现 表现 1M 3M 12M 电力设备(申万) 5.3 10.3 51.6 沪深 300 0.1 2.9 21.1 相关研究 1、《电力设备行业周报：北美 CSP 大厂资本开支再加速，国内 AI 应用 裂变进入"商业化拐点期"》2026- 02-10 2、《电力设备行业周报：太空光伏 打开新空间，设备环节率先受益》 2026-01-27 3、《电力设备行业周报：国内数据 中心迎扩容与升级新周期，直流供 电设备有望率先受益》2026-01-12 ▌Token 出海调用量爆发拉动国产算力需求，涨价推 动 IDC 与电力设备景气上行 需求端，中国模型周调用量在 2 月 16~22 日冲高至 5.16 万亿 Token，三周增长 1 ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [17] Core Viewpoints - The explosive growth in Token usage abroad is driving domestic computing power demand, leading to price increases that boost the IDC and electric power equipment sectors [5][15] - The demand side shows that China's Token usage surged to 51.6 trillion in the week of February 16-22, marking a 127% increase over three weeks, surpassing the U.S. usage of 27 trillion [5][15] - The domestic AI models are leading globally, with four out of the top five models in terms of usage being Chinese, contributing to 85.7% of the total [5][15] - The tight supply of computing power is causing some manufacturers to raise prices, which is expected to improve profitability across the industry chain [5][15] Summary by Sections Investment Insights - The current domestic computing power market has shifted from "external replacement" to "demand-driven active selection" [16] - The explosive growth in Token usage is expected to drive demand for GPU servers, IDC cabinets, and high-power density data centers, enhancing the industry's outlook [16] - The report suggests focusing on AI infrastructure construction, particularly in the IDC sector, with recommended companies including Dazhi Technology, Runze Technology, and Kehua Data [6][16] Industry Dynamics - The electric power equipment sector has shown strong performance, with a 1.89% increase last week, ranking 13th among 28 sub-industries [35] - The report highlights significant investments in high-voltage projects, including a 43.74 billion yuan investment in the Daqing-Mongolia 1000 kV project [20] - The National Grid has completed investments of 12.48 billion yuan in grid production and infrastructure projects, reflecting a year-on-year increase of over 120% [20] Key Companies and Profit Forecasts - The report provides profit forecasts for key companies, with recommendations for investment: - Liangxin Co., Ltd. (Buy) with an EPS forecast of 0.28 in 2024, increasing to 0.44 in 2026 [10] - Sifang Co., Ltd. (Buy) with an EPS forecast of 0.86 in 2024, increasing to 1.19 in 2026 [10] - Jinpan Technology (Buy) with an EPS forecast of 1.26 in 2024, increasing to 2.20 in 2026 [10]

证券研究报告 AI交易切换：重视国产算力和电力建设 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2026年3月1日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：本周交易日为2月24日-27日 （如无特殊说明）后文同 ✓ 本周全A日均成交2.44万亿，环比节前一周放量超3000亿 图：万 ...

策略研究 | 证券研究报告 — 总量周报 2026 年 3 月 1 日 策略周报 中东地缘冲突升级，节奏与影响 A 股短期或受地缘政治波动及避险情绪干扰，但外部冲击幅度有限，关注资 源品及 AI 国产算力方向。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 | 观点回顾 4 | | --- | | 市场热点聚焦 5 | | 中观行业与景气 8 | | 一周市场总览、组合表现及热点追踪 11 | | 风险提示 13 | (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 （8621）20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a significant increase in demand for computing power driven by advancements in AI models, particularly in video generation and multi-modal applications, indicating a structural shift in the industry towards higher quality and more complex models [6][11][17] - The introduction of GLM-5 and its "Interleaved Thinking" mechanism represents a new paradigm where computing power is exchanged for intelligence, leading to increased computational demands for inference tasks [13][27] - The supply side is expected to transition from a state of scarcity to structural balance by 2026, with improvements in domestic chip performance and the approval of NVIDIA's H200 chips for the Chinese market [42][43] Summary by Sections Section 1: Supply and Demand Dynamics - Seedance 2.0 has shown a strong user demand with long wait times for video generation, indicating a critical need for computing resources [11][12] - The demand for computing power is expected to escalate as major internet companies continue to develop large-scale AI models, with a notable focus on multi-modal capabilities [17][18] Section 2: Rapid Release of Computing Demand - The competition among leading internet firms is intensifying, with significant investments in AI infrastructure and model development, leading to a sharp increase in inference computing demand [32][34] - The report predicts that by 2026, the AI application landscape will expand significantly, driving real-time inference computing consumption [6][33] Section 3: Supply Side Improvements - The approval of NVIDIA's H200 chips is expected to alleviate computing power shortages for major internet companies, enhancing model iteration speeds [42] - Domestic chip manufacturers are making strides in performance and ecosystem development, with several companies achieving significant advancements in their products [43][44] Section 4: Full-Chain Inflation in Domestic Computing Power - The report anticipates a "full-chain inflation" cycle in the computing power industry by 2026, with growth expected across various segments including AI data centers and cloud services [49] - Major tech companies are projected to increase their capital expenditures significantly, further driving demand for computing resources [51] Section 5: Related Companies - The report identifies several companies as relevant to the industry, including Dongyangguang, Cambrian, Haiguang Information, Wangsu Technology, and others [4][55]

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 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@swsresearch.com 联系人 王开元 A0230125030001 wangky@swsresearch.com 2026 年 02 ...

2月27日，全市场成交额2.51万亿元，较前一交易日缩量512亿元。板块方面，小金属、稀土、有色金属板块大爆 发，电力、煤炭、锂矿等板块走高；玻璃玻纤、半导体设备、PCB、元件等板块下挫。 龙虎榜单日净买入额前三为拓维信息、华胜天成、云天励飞，分别为5.67亿元、3.93亿元、3.46亿元。 | 市场 | 4685 | 名称 | 示日涨幅 | 当日价格 | 换手率 | 全额 | 净买入 = | | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 600498 | 烽火通信 3日 | +10.01% | 51.55 | 12.35% | 76.711Z | 19.28亿 | | 源 | 600010 | 包钢股份 图 | +8.72% | 3.24 | 12.99% | 130.33亿 | 7.63 Z | | 北 | 600410 | 华胜天成 88 | +6.12% | 28.94 | 54.98% | 176.19 Z | 7.12 Z | | 深 | 000657 | 中钨高新 图 | +10.00% | 66.22 | 6.57% | 61. ...

Group 1 - Yuanlong Yatu announced that as of the date of the announcement, Yuanlong Investment has pledged a total of 7.64 million shares, accounting for 8.99% of its total holdings [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally, indicating a significant increase in domestic computing power demand [1]

（记者 王晓波） 每经头条（nbdtoutiao）——2月井喷！中国AI调用量首超美国，四款大模型霸榜全球前五，国产算力需 求正经历指数级增长 每经AI快讯，歌华有线2月27日晚间发布公告称，2026年2月27日，北京歌华有线电视网络股份有限公 司董事会收到公司董事万涛先生、石然先生的书面辞呈，万涛先生、石然先生因工作调整原因，向公司 董事会申请辞去董事职务，辞职后万涛先生、石然先生不再担任公司及子公司任何职务。 ...