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]

Group 1 - The core viewpoint emphasizes the need for a self-reliant approach in technology and security, focusing on deepening reforms to enhance internal growth resilience [1][3] - The industry configuration for 2026 will revolve around two main lines: technology and security, and reform and growth [1][4] Group 2 - In the technology and security sector, there is a focus on AI capabilities, resource and energy security, and the development of cutting-edge industries [1][4] - The AI industry is expected to benefit from domestic computing power and chip manufacturing, with attention on AI power infrastructure, new AI glasses, humanoid robots, and B2B AI applications [1][4] - Resource and energy security will involve the reassessment of strategic resources and the establishment of a new energy system, with a focus on metals like copper, aluminum, and tin, as well as new energy developments such as solid-state batteries and nuclear energy [1][4] Group 3 - The reform and growth aspect will address supply-side anti-involution and demand-side consumption promotion, with a shift from trading policy expectations to pricing recovery points [1][4] - Key areas of interest include the electrolyte, positive and negative electrodes, membranes, and the photovoltaic industry chain, as well as improvements in the chemical, steel, and thermal coal sectors due to capacity reduction [1][4] - There will be an increased emphasis on service and non-durable goods consumption, particularly in travel, aviation, hotels, duty-free shopping, and essential consumer goods like frozen foods and health products [1][4]