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 ...

Group 1 - The core focus of the Central Economic Work Conference is to expand domestic circulation, similar to last year, but with significant differences in expectations and pricing for domestic and foreign demand stocks [10][11] - There is a strong performance expectation for overseas exposure stocks, but the difficulty in valuation increases, while domestic demand stocks have potential for valuation recovery if they exceed expectations [10][11] - The market is expected to see a short-term positive trend following the conference, with historical data indicating that the market style tends to perform well in the week following the conference [12] Group 2 - The spring market is anticipated to be a small-scale rally, with a focus on short-term price-performance opportunities in technology and cyclical sectors [13][14] - Key themes from the conference include commercial aerospace, robotics, and other sectors related to the ocean economy and energy security [13][14] - The investment strategy should focus on sectors benefiting from supply-side reforms and consumer demand stimulation, particularly in services and non-durable goods [13][14] Group 3 - The market is characterized by volatility, with a recommendation to adopt a cautious approach and wait for better entry points [16][17] - Specific sectors to watch include brokerage firms, home appliances, and mechanical equipment, with a focus on stocks that are currently undervalued [16][17] - The policy environment is expected to support structural adjustments and "anti-involution" measures, creating opportunities in social services and resource sectors [16][17] Group 4 - The investment outlook for 2026 suggests a shift from valuation-driven to earnings-driven market dynamics, with continued monetary easing expected [18] - Key narratives for the future include AI technology, safety, and industry expansion, which are anticipated to provide medium to long-term investment certainty [18] - Asset allocation strategies should focus on passive investments for risk diversification and active management for capitalizing on market trends [19]

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the Chinese economy's shift towards high-quality development, emphasizing technological innovation for self-sufficient industrial chains and expanding multilateral cooperation to overcome geopolitical constraints [1][2]. Core Insights and Arguments 1. **AI Capability Closure**: The core of achieving AI capability closure lies in the self-sufficiency of the entire supply chain for computing chips. Since August 2025, the chip sector has shown a trend of excess returns, with breakthroughs in technology and local production capacity expected to be critical in 2026 [2][4]. 2. **Strategic Resource Prices**: Global geopolitical changes and the trend towards multipolarity support the prices of strategic resources. Attention is drawn to rigid supply resources such as copper, aluminum, tin, cobalt, tungsten, and rare earths, as well as new demands arising from nuclear energy development [1][5]. 3. **Frontier Industry Innovations**: Key areas of innovation include wafer fabrication, advanced packaging equipment, and GPU ASIC EDI software. Companies with strong data protection barriers in the B2B sector are particularly noteworthy [1][5]. 4. **New Energy Sector Development**: The new energy industry is transitioning towards coordinated and integrated development, with significant opportunities in energy storage and green hydrogen. Solid-state batteries are expected to reach a critical industrialization phase in 2026 [7][8]. 5. **Supply-Side Reform and Growth**: Focus on anti-involution and consumption promotion is essential. The market is expected to shift from policy-driven expectations to pricing based on economic recovery, with attention to supply concentration and industry profitability [3][10]. Additional Important Content - **Domestic Consumption**: The importance of domestic consumption, particularly in services and non-durable goods, is highlighted. The government's policies to promote consumption through trade-in subsidies are expected to boost sectors like travel, aviation, and non-durable goods [11][12]. - **Nuclear Energy Innovations**: The development of fourth-generation nuclear energy technologies, particularly the molten salt reactor, is emphasized as a significant opportunity, especially given China's resource endowment [7][8]. - **Emerging Industries**: Future industries such as quantum technology, biomanufacturing, hydrogen, and nuclear fusion are in the early stages and require attention to their technological pathways and business model explorations [9]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the investment landscape for 2026 and beyond.