Core Viewpoint - The A-share market has resumed its upward trend, with the hard technology broad-based ETF, "Shuang Chuang Long Tou ETF" (588330), showing significant activity and a price increase of over 3.7% in early trading, recovering the 5-day moving average [1][9]. Group 1: ETF Performance - The "Shuang Chuang Long Tou ETF" (588330) attracted 9.22 million yuan in a single day, indicating strong investor interest [1][9]. - The ETF's underlying index has achieved a cumulative increase of 60.86% year-to-date, outperforming major indices such as the ChiNext 50 (57.45%) and the Sci-Tech Innovation Index (46.30%) [4][12]. Group 2: Key Stocks Performance - Leading the gains, the optical module company Xinyi Sheng surged by 11.46%, with a net inflow of over 4.5 billion yuan, topping the A-share capital inflow rankings [5][13]. - Other notable performers include Jinghe Integrated (up 7.06%), and several companies in the semiconductor and electronic sectors, such as Zhongyuan Xiangchuang and Tuo Jing Technology, which saw increases of over 6% [2][5][13]. Group 3: Industry Insights - The upcoming NVIDIA GTC conference, scheduled for March 16-19, 2026, is expected to showcase significant advancements in AI computing power, including new GPU core parameters and breakthroughs in technology infrastructure [3][10]. - Guojin Securities expresses optimism regarding AI-PCB and core computing hardware, predicting explosive growth in ASIC numbers from major tech companies like Google, Amazon, and Microsoft between 2026 and 2027, driven by strong demand for AI [3][11].

Core Viewpoint - The recent volatility in the A-share market is not indicative of a trend reversal but rather a short-term emotional release under external pressures, with a medium to long-term positive trend remaining intact [1][2][3] Market Characteristics - The A-share market has experienced significant fluctuations driven by geopolitical risks, market structure differentiation, and capital dynamics, resulting in wide index oscillations and extreme sector divergence [2] - External geopolitical factors, particularly the ongoing Middle East tensions, have triggered short-term volatility, while domestic economic fundamentals and policy direction continue to dominate medium to long-term trends [2][3] Investment Opportunities - The market is expected to transition from emotion-driven movements to fundamentals-driven dynamics, characterized by "oscillation digestion, momentum enhancement, and structural focus" [3] - Key investment themes include: - **Theme One**: Short-term certainty in price increases and risk aversion, particularly in sectors like oil and gas, petrochemicals, coal, non-ferrous metals, and shipping ports, which are benefiting from rising energy prices and inflation expectations [3][4] - **Theme Two**: Improvement in supply-demand dynamics and industry profit recovery, with a focus on sectors such as basic chemicals, steel, construction materials, and financials, especially banks [4] - **Theme Three**: New productive forces in the domestic economy, including storage, computing power, consumer electronics, communication equipment, communication services, semiconductors, and military industries, as well as consumer sectors with strong domestic and external demand expectations [4]

Core Viewpoint - The global capital markets are currently overshadowed by the US-Iran conflict, leading to a decline in A-shares and investor uncertainty about future market trends. However, there are potential opportunities in specific sectors and stocks as the market adjusts [2]. Group 1: Market Outlook - The A-share market is expected to enter the second half of the "spring excitement" phase in March, with a potential for a balanced overall market style and a trend of oscillation upwards [2]. - Key investment strategies focus on three main lines: technology (AI infrastructure), energy revolution (new and traditional energy), and consumer sectors post the Two Sessions [2][3]. Group 2: Sector Focus - The sectors related to the US-Iran conflict, such as oil and petrochemicals, are seeing increased attention. The conflict is expected to have a pulse-like impact on the A-share market [3][7]. - The electronic industry remains the most recommended sector, with 54 companies included in the March stock picks, an increase of 4 from the previous month [8][10]. Group 3: Stock Recommendations - A total of 40 brokerages have disclosed their March stock picks, involving 266 A-share companies, with many companies being recommended by multiple brokerages [4]. - Notable stocks include Zijin Mining, which has received recommendations from 8 brokerages, driven by rising gold prices due to the US-Iran conflict and strong copper price expectations [10][12]. Group 4: Investment Trends - The focus on defensive sectors has increased, with significant recommendations in industries such as defense, basic chemicals, public utilities, and oil and petrochemicals, all of which have seen at least a 5-stock increase in recommendations [7][8]. - The stock of Zhongji Xuchuang, a leader in optical modules, has also been favored by 7 brokerages, highlighting its strong market position and institutional backing [13]. Group 5: Institutional Holdings - 24 stocks in the March stock picks have been heavily held by public funds and northbound capital, indicating strong institutional interest [14]. - Stocks like Tianfu Communication and Zijin Mining are notable for their substantial institutional holdings, with Tianfu Communication showing a 48% increase in the first two months of the year [14][15].

Group 1 - FTSE Russell announced changes to the FTSE China Index Series during its quarterly review, with adjustments effective after market close on March 20, 2026 [1] - The FTSE China 50 Index will include new constituent stocks and remove certain Hong Kong stocks [1] - A new list of candidate stocks for the upcoming season of the FTSE China 50 Index has been published, featuring several Hong Kong companies [1]

Group 1 - Alibaba's Qwen team experiences significant leadership changes as Lin Junyang announces his departure, along with other key members, leaving uncertainty about succession and team structure [2] - Elon Musk confirms SpaceX's IPO target valuation of over $1.75 trillion, indicating plans for funding related to space exploration and colonization [3] - Mark Zuckerberg and his wife purchase a $170 million property in Miami to avoid California's proposed billionaire tax, setting a record for the most expensive residential transaction in Miami-Dade County [5] Group 2 - Saudi Aramco is restructuring its export routes, focusing on the Red Sea port of Yanbu due to disruptions in the Strait of Hormuz, which has affected oil shipments [10] - Huawei unveils a new generation of green AI site and GW-level AIDC solutions at MWC 2026, emphasizing advancements in power supply and cooling systems [12] - Amazon Web Services faces significant operational disruptions after drone attacks on its data centers in the Middle East, affecting service availability and infrastructure [12] Group 3 - OPPO announces the global launch of its Find X9 Ultra series, marking a strategic move to expand its presence in the high-end smartphone market [12] - Honor introduces the MagicAgent, an intelligent agent foundational model aimed at global open-source deployment, showcasing advanced planning capabilities [22] - A report indicates that by 2030, the mobile technology and services industry will contribute approximately $11.3 trillion to the global GDP, representing about 8.4% of it [25]

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 備 性 亦無 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 引 致 的 任何 損 失 承 擔任 何責任。 俊 知 集 團 有 限 公 司 * （ 於開曼群島註冊成立的有限公司） （股份代號：1300） 自願公佈— 預中標中國電信集團有限公司（「中國電信」） 電力電纜（2025年– 2027年）集中採購項目 此乃俊知集團有限公司（「本公司」，連同其附屬公司合稱「本集團」）之自願 公佈。 本集團董事會欣然公佈，2026年2月28日，中國電信通過其線上商務平臺公 佈了中國電信電力電纜（ 2025年– 2027年 ）集中採購項目中標結果公示（ 以下 簡稱「中 標公示」），本 集團之全 資附屬公司 ，江蘇俊 知技術有 限公司（ 以下 簡稱「俊知技術」）為相關中標候選人，預中標具體項目如下： 中國電信電力電纜（ 2025年– 2027年 ）集中採購項目：俊知技術此次投標報價 ...

Group 1: Company Overview - Shanghai Weiyi Communication Technology Co., Ltd. was established in 2009 and listed on the Shenzhen Stock Exchange in 2017, focusing on providing forward-looking IoT terminal products and solutions globally [2]. - The company covers a wide range of communication networks including cellular, ZigBee, Bluetooth, satellite communication, and NTN, with products spanning automotive, visual, network, AI terminal, livestock, and domestic products [2]. - The headquarters is located in Shanghai, with R&D centers in Shanghai, Shenzhen, and Hefei, and sales and support teams in major global regions, serving customers in over 140 countries [2]. Group 2: Market and Product Development - The company is currently focused on the aftermarket but has plans to enter the original equipment manufacturer (OEM) market with its vehicle gateway product (T-Box), which is already in mass production for engineering machinery [4]. - The animal traceability market is growing, with the company operating a dedicated e-commerce platform for animal traceability products in regions like the USA, Canada, Australia, New Zealand, and South Africa, effectively reducing labor costs and enhancing operational efficiency [5]. - The company has developed products with embedded satellite communication modules for animal traceability, currently in testing and certification stages [5]. Group 3: Competitive Advantages and Risk Management - The company's core competitiveness lies in its software application layer, with encrypted core software code and hardware designed to be difficult to replicate [3]. - To mitigate risks from international market fluctuations, the company has established cooperative production bases in China, Vietnam, and Indonesia, optimizing customer structure and diversifying markets [7]. - The company has made significant progress in domestic substitution of core components, ensuring quality while reducing costs to maintain stable gross margins [7]. Group 4: Future Growth and Innovation - The company anticipates growth driven by the transition from IoT to intelligent connectivity, focusing on expanding its product matrix and application scenarios [8]. - Key growth drivers include: 1. Actively developing new businesses to create a second growth curve [8] 2. Leveraging innovations in AI, edge computing, satellite communication, and other technologies to upgrade product lines [8] 3. Deeply exploring product applications in diverse scenarios to enhance penetration and solution capabilities [8] 4. Optimizing market structure by focusing on leading companies in niche domestic markets and expanding into "Belt and Road" countries [8].

Investment Rating - The investment rating for the company is 5.1 out of 10, based on operational performance, industry outlook, and IPO valuation [7]. Core Insights - The company, Meige Intelligent (3268.HK), is a provider of wireless communication modules and solutions, widely used in IoT, smart connected vehicles, and wireless broadband sectors [1]. - The revenue for 2022, 2023, and 2024 is projected at 2.306 billion, 2.147 billion, and 2.941 billion RMB respectively, with a year-on-year growth of -6.9%, 37.0%, and 29.3% [2]. - The company holds a leading position in high-performance intelligent modules with a market share of 29.0% and ranks fourth overall in the global wireless communication module market with a 6.4% market share [3]. Financial Performance - The company's revenue for the first nine months of 2025 reached 2.821 billion RMB, a year-on-year increase of 29.3%, with intelligent modules contributing approximately 70% of this revenue [2]. - The net profit attributable to shareholders for 2025's first nine months is projected at 113 million RMB, reflecting a year-on-year growth of 23.9% [2]. - The gross margin for the first nine months of 2025 is reported at 12.6%, indicating a decline due to rising component costs and price competition in overseas markets [2]. Industry Status and Outlook - The global wireless communication module market is expected to grow from 32.3 billion RMB in 2020 to 43.6 billion RMB in 2024, with a CAGR of 7.7% [3]. - The Chinese market is projected to grow from 17.4 billion RMB in 2020 to 24.7 billion RMB in 2024, with a CAGR of 9.1%, indicating a higher demand compared to the global average [3]. - The market is anticipated to accelerate further from 2025 to 2029, with a projected CAGR of 10.6%, reaching 72.6 billion RMB by 2029 [3]. Strengths and Opportunities - The company benefits from first-mover advantages and high industry entry barriers, with balanced development across three core areas and strong market competitiveness through long-term partnerships with leading global clients [4]. Weaknesses and Risks - The company faces intense industry competition, and any failure to develop new products in line with market demand could weaken its competitive position [5].

Group 1 - The report emphasizes a shift in market strategy from a rapid ascent to a more stable approach, indicating a transition from a "quick run" to a "camping and resting" phase in the bull market, with a focus on managing stamina and structure rather than speed [3][29] - The current market is characterized by a rising securities ratio, which is seen as a sign of moving from an early valuation repair phase to a deeper activation of existing assets, indicating a more cautious and structured investment environment [3][16] - The report identifies three signals indicating the failure of old investment strategies, highlighting a shift from beta-driven index performance to alpha-driven structural performance, suggesting a need for more selective investment approaches [3][36] Group 2 - The report introduces a new pricing logic for the "new rhythm bull market" based on the Dividend Discount Model (DDM), emphasizing the importance of understanding the marginal changes in profit growth (ΔG) rather than just the existence of growth [3][41] - It discusses the restructuring of the funding ecosystem, noting that the outflow from broad-based ETFs and inflow into non-broad-based ETFs reflects a healthy market dynamic, indicating a shift in investment strategies [4][62] - The report highlights the importance of AI technology in profit distribution, suggesting that sectors with stable price increase capabilities, such as non-ferrous metals and certain chemicals, will be key investment areas [4][56] Group 3 - The report provides industry allocation recommendations, focusing on sectors such as AI technology, cyclical industries benefiting from price increases, and high-dividend stocks, indicating a strategic shift towards sectors with strong growth potential and stable returns [4][5] - It emphasizes the significance of structural changes in profitability, particularly in the technology sector, where internal differentiation is crucial for investment success [4][55] - The report notes that the real estate sector's investment appeal is diminishing, leading to a shift in resident funds towards equity markets, which are becoming the new main stage for wealth management [4][67]

Group 1 - Haizhi Technology Group (02706) saw a mid-day increase of over 4.1% following the announcement of a strategic cooperation framework agreement with Zhipu, focusing on model training and application scenarios [1] - NetEase-S (09999) rose nearly 3% after receiving a notification from the Hong Kong Stock Exchange indicating that over 55% of its global transaction volume for the fiscal year 2025 will be completed on the Hong Kong Stock Exchange [1] - Oil stocks continued their upward trend, with China Petroleum (00857) up 3.73%, CNOOC Services (02883) up 3.43%, and CNOOC (00883) up 2.32%, amid reports of the Strait of Hormuz being closed by Iran [1] Group 2 - CNOOC Chemical (03983) increased nearly 5% after signing a management agreement with CNOOC Refining and Fudao Chemical for daily operations from March 1, 2026, to February 28, 2029 [2] - Tianlun Gas (01600) surged nearly 8% after Qatar Energy announced a suspension of LNG production due to drone attacks from Iran, causing European natural gas futures to rise over 50% [2] - Guotai Junan International (01788) rose over 4% after receiving approval from the SFC to use the ISDA Standard Initial Margin Model for OTC derivatives trading starting February 12, 2026 [3] Group 3 - Xpeng Motors (09868) fell over 4.5% after announcing the launch of its second-generation VLA, with February deliveries dropping to 15,256 units, a 49.9% year-on-year decline [4] - China Duty Free Group (01880) dropped nearly 5%, with a cumulative decline of over 30% post-holiday, attributed to losing some operating rights at Shanghai Airport [4] - Lithium mining stocks fell, with Ganfeng Lithium (01772) down 6.93% and Tianqi Lithium (09696) down 3.75%, as lithium carbonate futures hit a limit down of 13% [5] Group 4 - U.S. stocks in the storage sector fell, with Seagate Technology (STX.US) down 6.94% and Western Digital (WDC.US) down 3.44% [6] - Cryptocurrency stocks surged, with Circle (CRCL.US) up 15.22% and Coinbase (COIN.US) up 5.34% [6] - Corning (GLW.US) rose 4.97% after launching a new generation of Gorilla Glass with enhanced drop resistance [6] Group 5 - Nokia (NOK.US) increased by 6.99% after announcing an expanded partnership with TIM Brasil and Deutsche Telekom to utilize NVIDIA's AI-RAN platform [7] - Oil and gas stocks generally rose, with Occidental Petroleum (OXY.US) up 2.13% as oil prices surged due to escalating Middle East conflicts [7] - Airline stocks fell, with United Airlines (UAL.US) down 2.91% as rising oil prices impact profitability [7] Group 6 - Optical communication stocks rose significantly, with Applied Optoelectronics (AAOI.US) up 21.7% following a strategic agreement between NVIDIA and Lumentum [8] - The defense sector saw gains, with Raytheon Technologies (RTX.US) up 4.71% as geopolitical tensions increase demand for defense technologies [8]