Core Viewpoint - Nvidia's GTC conference is set to showcase significant advancements in AI and semiconductor technology, with a focus on the upcoming Rubin architecture and its implications for the future of AI development [6][7]. Group 1: Chip Architecture and Product Roadmap - Nvidia has announced its chip architecture roadmap, highlighting the Rubin architecture set to launch in the second half of this year, followed by Rubin Ultra in 2027 and Feynman in 2028 [6]. - Bank of America predicts that the GTC will clarify Nvidia's product line from Rubin to Feynman, providing visibility across three generations of products, which will strengthen Nvidia's competitive edge [6][7]. Group 2: Networking and Optical Technologies - Nvidia is expanding its focus beyond GPUs, showcasing six Rubin chips at CES, including various networking components, indicating a broader strategy in networking and storage [7]. - The concurrent timing of GTC and the OFC conference suggests Nvidia may reveal more about its co-packaged optics (CPO) technology, with a focus on the Quantum-X and Spectrum-X network architecture [8]. Group 3: Collaboration and New Technologies - Nvidia's recent partnership with AI chip startup Groq may lead to the integration of Groq's technology into Nvidia's offerings, particularly in AI inference chips [9]. - Market speculation suggests that OpenAI may adopt Nvidia's inference chips based on Groq technology, although this remains unconfirmed [9]. Group 4: Autonomous Driving and AI Applications - Ahead of GTC, Nvidia released a video demonstrating its full-stack autonomous driving software, DRIVE AV, showcasing its capabilities in real-world scenarios without human intervention [10]. - The developments in Nvidia's automotive and robotics sectors are expected to be key highlights at GTC, reflecting the company's ongoing commitment to physical AI applications [10].

Group 1 - Meta is planning to lay off 20% of its workforce, affecting approximately 15,800 employees, as part of a cost-cutting strategy linked to its AI investments [4][5] - The company has previously undergone significant layoffs, with around 11,000 employees laid off in November 2022 and another 10,000 in 2023 [4][5] - Meta's capital expenditure for AI infrastructure is projected to reach between $115 billion and $135 billion in 2026, nearly double the previous year's spending [5] Group 2 - CCTV's 3.15 Gala revealed an "AI poisoning" industry, where companies can pay to manipulate AI models to favor their products in search results [7][10] - The GEO optimization service is being marketed as a way to enhance product visibility in AI models, raising ethical concerns about AI integrity [8][9] Group 3 - Apple has reduced its App Store commission rates in mainland China from 30% to 25% for standard developers and from 15% to 12% for smaller developers, effective March 15 [15][16] - This adjustment is seen as a response to antitrust regulations and is expected to lower costs for developers and consumers alike [16] Group 4 - Xiaomi's home appliance division aims to improve product quality perception and plans to eliminate suppliers that cannot keep pace with its development [22][23] - The focus on quality management is emphasized as critical for maintaining brand reputation, especially given the long lifecycle of home appliances [23] Group 5 - NIO plans to focus on the five-seat SUV market in 2026, anticipating significant growth in this segment, while maintaining stable pricing despite rising costs [27][28] - The company reported a projected delivery range of 80,000 to 83,000 vehicles for the first quarter of 2026, reflecting a year-on-year growth of 90.1% to 97.2% [28] Group 6 - Shanghai Xi Zhi Technology is planning an IPO in Hong Kong, aiming to raise between $300 million and $400 million, focusing on photonic computing technologies [53] - The company has a strong team with expertise from MIT and aims to address various sectors including big data and autonomous driving [53]

Core Insights - The upcoming NVIDIA GTC 2026 conference is expected to showcase an expanded chip product matrix, including the full suite of six core chips from the Vera Rubin AI platform, and potentially reveal details about the Rubin Ultra chip and cabinet innovations, enhancing data interconnectivity and power supply designs [1] Group 1: Rubin Platform and Chip Innovations - The Vera Rubin AI platform, unveiled at CES 2026, includes six core chips: Rubin GPU, Vera CPU, BlueField-4 DPU, NVLink 6 Switch, ConnectX-9 SuperNIC, and Spectrum-6 Ethernet Switch, all utilizing TSMC's 3nm process and upgraded HBM4 memory, enhancing synergy among GPU, CPU, and interconnect chips [2] - At GTC 2026, NVIDIA is likely to disclose more details about the Rubin Ultra chip, which is expected to double the computing performance compared to Rubin by integrating four computing dies, and introduce a two-layer super network architecture for data interconnectivity and power supply systems [2] Group 2: New Inference Chip and System-Level Infrastructure - NVIDIA is anticipated to launch a new inference chip, LPU, at GTC 2026, which will integrate Groq LPU technology and feature a custom chip architecture designed for LLM inference, significantly improving data storage and retrieval speeds [3] - The Rubin CPX, introduced in 2025, is expected to lower prefill costs and may transition from an integrated form to an independent cabinet setup, potentially utilizing GDDR7 or HBM3E memory specifications [3] Group 3: Future Architecture and Industry Trends - The next-generation Feynman architecture is expected to be showcased at GTC 2026, with predictions that it will adopt TSMC's A16 process and incorporate backside power delivery and 3D stacking technologies, with production starting in 2028 and deliveries in 2029 [4] - NVIDIA's insights into the future of AI computing infrastructure will be crucial, especially in the context of the slowing Moore's Law, focusing on innovations in computing, storage, and operational capabilities to support the ongoing evolution of the AI industry [4]

Core Viewpoint - The upcoming NVIDIA GTC 2026 conference is expected to showcase an expanded chip product matrix, enhancing confidence in the growth of the AI industry [1] Group 1: Product Developments - NVIDIA is anticipated to unveil a complete set of six core chips for the Vera Rubin AI platform at the conference [1] - There may be additional details revealed about the Rubin Ultra chip and cabinet, focusing on innovations in data interconnectivity and power supply design [1] - The introduction of new products such as orthogonal backplanes and CPOs is expected to gain visibility [1] Group 2: Future Directions - NVIDIA might announce the LPU inference chip, which will complement the CPX chip to expand its inference capabilities [1] - The company is likely to discuss the next-generation Feynman architecture upgrade direction, sharing insights on future computing infrastructure and the AI industry [1] - The conference is seen as a means to reinforce market confidence in the sustained growth and realization of incremental logic within the AI sector [1]

Group 1 - Global market events include US-China trade talks, key economic data from China, and multiple central bank interest rate decisions [4][6] - Iran's military actions and conditions for ending the conflict are highlighted, with the use of advanced weaponry [5][6] - Rising oil prices have prompted the US and other countries to release strategic oil reserves, with the US planning to release 86 million barrels [5][6] Group 2 - Consumer data shows a rebound in consumption and investment in China, with retail and service consumption growing by 5.7% and 1.1% respectively [8] - The National Development and Reform Commission is focusing on improving consumer protection and standards in response to recent consumer rights issues [8] - The Hong Kong Stock Exchange is consulting on listing mechanism reforms to lower thresholds for dual-class shares and enhance IPO processes [9] Group 3 - The FOF (Fund of Funds) market has seen significant growth, with 40 new products raising a total of 61.973 billion yuan this year [9] - Active equity funds are experiencing a revival, with record subscription numbers for new funds launched recently [10] - Major announcements from listed companies include significant profit changes and strategic asset transfers [12]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the stock market last week (March 9 - March 13), the market's risk - aversion sentiment rose at the beginning of the week, and the stock market was under pressure as oil prices soared. Then, with multiple factors such as the coordinated release of strategic oil reserves by multiple countries, the AI agent boom led by OpenClaw, and TACO trading, the market stabilized, but the stability was short - lived. The technology sector cooled down in the second half of the week, and the overall market declined again. In the bond market, bond yields fluctuated upward under the influence of multiple factors, and the 10 - year Treasury bond rate closed at 1.81% on Friday, up 3.33bp from the previous week. In the convertible bond market, most convertible bond issues fell, with the CSI Convertible Bond Index down 1.10% for the whole week, the median price down 1.68%, and the calculated arithmetic average parity down 0.90%. The overall market conversion premium rate decreased by 1.66% compared with the previous week [1][7][8]. - In the coming week (March 16 - March 20), as the geopolitical conflict between the US and Iran intensifies, the A - share market is more volatile, and the convertible bond market continues the previous week's situation of "double killing" of parity and valuation. It is recommended to focus on individual bonds with good fundamentals and no strong redemption risk, such as opportunities in the AI computing power chain, embodied intelligence, and autonomous driving, as well as the catch - up opportunities of innovative drugs and two - wheeled vehicles at relatively low levels. Also, it is advisable to avoid bonds with high strong redemption risks [2][19]. 3. Summary by Relevant Catalogs Market Trends - **Stock Market**: At the beginning of last week, the stock market was under pressure due to rising risk - aversion sentiment and soaring oil prices. Then it stabilized under the influence of multiple factors but declined again later. The A - share market showed different trends on different days. For example, on Monday, the three major A - share indexes fell, with the Shanghai Composite Index down 0.67%, the Shenzhen Component Index down 0.74%, and the ChiNext Index down 0.64%, and the trading volume was 26706 billion yuan, an increase of 4513 billion yuan from the previous day. By industry, most Shenwan primary industries closed down last week, with coal (5.03%), power equipment (4.55%), and building decoration (4.12%) leading the gains, while national defense and military industry (-6.64%), petroleum and petrochemicals (-4.33%), and others lagged behind [7][8]. - **Bond Market**: Bond yields fluctuated upward last week. Geopolitical conflicts, rising inflation data, and strong import - export data all suppressed bond market sentiment. The 10 - year Treasury bond rate closed at 1.81% on Friday, up 3.33bp from the previous week [8]. - **Convertible Bond Market**: Most convertible bond issues fell last week. The CSI Convertible Bond Index was down 1.10% for the whole week, the median price was down 1.68%, and the calculated arithmetic average parity was down 0.90%. The overall market conversion premium rate decreased by 1.66% compared with the previous week. By industry, most convertible bond industries closed down, with coal (2.06%), steel (0.21%), and petroleum and petrochemicals (0.18%) leading, while social services (-7.10%), national defense and military industry (-6.55%), and others lagging. The total trading volume of the convertible bond market last week was 3374.40 billion yuan, with an average daily trading volume of 674.88 billion yuan, a decrease from the previous week. At the individual bond level, Wankai (bottle chips), Baichuan Convertible Bond 2 (fine chemicals), and others had the highest increases, while Fenggong (precision tools), Yong 22 (adhesive materials), and others had the largest declines [8][12][13][16]. Valuation Overview - As of March 13, 2026, for equity - biased convertible bonds, the average conversion premium rates for bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 49.88%, 44.86%, 33.31%, 21.92%, 13.48%, and 13.48% respectively, at the 98%/97%, 98%/98%, 98%/98%, 93%/94%, 83%/76%, and 96%/93% percentile values since 2010/2021. For bond - biased convertible bonds, the average YTM for bonds with parities below 70 yuan was -4.43%, at the 2%/5% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 46.65%, at the 93%/96% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 5.14%, at the 90%/90% percentile values since 2010/2021 [20]. Primary Market Tracking - Last week (March 9 - March 13), there was no announcement of convertible bond issuance, and Haitian Convertible Bond was listed. The underlying stock is Haitian Co., Ltd., which belongs to the environmental protection industry, with a market value of 47.75 billion yuan as of March 13. The company is an integrated environmental service operator. The scale of the issued convertible bonds is 8.01 billion yuan, with a credit rating of AA, and it was listed on March 12. The funds after deducting issuance fees are used for multiple projects such as the digital water supply and comprehensive efficiency improvement project in Jianyang [28]. - As of the announcement on March 13, there is no announcement of convertible bond issuance and listing for the coming week (March 16 - March 20). Last week, the exchange approved the registration of 1 company (Star Semiconductor), the listing committee passed 1 company (Dwell), the exchange accepted 1 company (Tianshan Electronics), and the board of directors proposed a plan for 1 company (Sinco Environmental). There is no new company approved by the general meeting of shareholders. As of now, there are 101 convertible bonds to be issued, with a total scale of 164.96 billion yuan, including 5 bonds with a total scale of 5.13 billion yuan that have been approved for registration and 9 bonds with a total scale of 8.16 billion yuan that have passed the listing committee [29].

Core Viewpoint - The upcoming week in the US stock market is termed a "Super Week," featuring significant events such as NVIDIA's GTC Developer Conference, the Federal Reserve's interest rate decision, and the "Triple Witching Day" alongside major adjustments in the S&P index [1]. Group 1: Key Events Overview - **Monday (March 16)**: NVIDIA's GTC Conference will be the main focus, gathering attention on AI developments [2]. - **Tuesday (March 17)**: The NCAA "March Madness" basketball tournament begins, expected to benefit sports betting companies like DraftKings and BetMGM [7]. - **Wednesday (March 18)**: The Federal Reserve's interest rate decision is anticipated to be a pivotal moment for the market, with the Producer Price Index (PPI) data released at 08:30 [8][11]. - **Thursday (March 19)**: Alibaba's earnings report will be crucial for assessing the recovery of Chinese e-commerce and cloud business [12]. - **Friday (March 20)**: The "Triple Witching Day" will see the simultaneous expiration of stock options, index futures, and index options, likely leading to increased market volatility [15]. Group 2: Earnings Reports and Market Reactions - **Earnings Reports**: Key companies reporting include Dollar Tree, Lululemon, and Alibaba, with expectations of significant market reactions based on their performance [6][10][12]. - **Market Adjustments**: The S&P index will undergo major changes, with new members like Micron Technology and Applied Materials being added, while others like Target and PayPal will be removed [16]. Group 3: Sector-Specific Insights - **Technology Sector**: NVIDIA's GTC Conference is expected to influence the semiconductor sector significantly, with potential reactions from companies like AMD and TSMC depending on the announcements made [5][17]. - **Chinese Internet Sector**: The earnings reports from Tencent Music and Alibaba will be critical in evaluating the profitability recovery of Chinese internet firms, particularly in AI and cloud services [17].

Core Viewpoint - The global semiconductor market is expected to experience significant growth in 2026, driven primarily by AI-related demand, with projections indicating a market size exceeding $1 trillion, representing a year-on-year increase of over 32% [9]. Group 1: Market Trends - The semiconductor device market is showing strong growth, particularly in North America, Asia-Pacific, and mainland China, with mainland China's growth rate recently improving [5]. - The current market trajectory has surpassed previous models, indicating a growth trend that exceeds the theoretical volatility limits established since 2016 [7]. - The last time the year-on-year growth rate exceeded 30% was in 2010, following the financial crisis, highlighting the uniqueness of the current growth phase [8]. Group 2: Regional Insights - The mainland China semiconductor market is projected to exceed $285 billion, with a year-on-year growth of 35%, slightly above the global average [10]. - North America is expected to see even higher growth, approaching 36%, with a market size of approximately $338 billion [11]. Group 3: Equipment and Capacity Expansion - The shipment area of large silicon wafers is estimated to grow by about 15%, reaching a historical high since 2011, translating to a market value of approximately $13.5 billion, with a year-on-year increase of nearly 18% [13][14]. - The global semiconductor equipment market for Q4 2025 is projected to be around $37.3 billion, with both year-on-year and quarter-on-quarter increases of approximately 11% [16]. - The overall semiconductor market in 2026 is anticipated to be a year of unprecedented growth, primarily driven by AI computing chips and associated memory chips, while other consumer electronics may face growth challenges due to memory shortages [18].

Report Title - Overseas Equity (Hong Kong and US Stocks) Weekly Strategy Report [1] Report Date - March 15, 2026 [2] Report Industry Investment Rating - Not provided Core Views - The market's concerns about the continued Middle East conflict have intensified this week, and the stagflation trading continues. The US stock energy sector has continued to lead the rise, and the US consumer confidence index has declined, while the VIX has risen [3]. - The three major US stock indexes have all fallen this week. It is recommended to maintain a relatively defensive stance (military/energy) in the short term and wait for the situation to become clearer before buying at low prices [6]. - The market logic has shifted from simple risk - aversion to stagflation. Different scenarios of the "US - Iran conflict" have different impacts on the equity market, and corresponding investment strategies are proposed [9]. - In the short term, maintain a defensive stance in the US stock market and pay attention to the Fed's interest - rate meeting and the GTC conference next week. In the long - term, US stock investment returns to fundamental endogenous factors, and hardware + HALO assets are favored [12]. - Geopolitical factors have continued to disrupt the market this week, and funds have favored defensive allocations in the Chinese - funded stock market. The overall Chinese - funded stock market is still in a state of shock and consolidation, and the chemical and coal sectors are relatively strong [13][14]. - A - shares have relatively stronger HALO attributes. In the short term, maintain a defensive stance, and in the medium - term, A - shares are better than Hong Kong stocks [16][18]. Summary by Related Catalogs US Stocks - **Market Performance**: This week, the US stock energy sector led the rise. The three major US stock indexes fell due to concerns about the Middle East conflict and AI - related trading. The US consumer confidence index declined, and the VIX rose [3][6]. - **Scenario Analysis of "US - Iran Conflict"**: - **Scenario 1: Quick Resolution**: In the short term, the growth style will have stronger elasticity. In the medium - term, the market will return to the fundamental trading logic [9]. - **Scenario 2: Prolonged Consumption**: In the short term, stagflation trading will be repeatedly contested, and the global equity market will experience high - volatility shocks. Energy, oil transportation, and coal - chemical industries have hedging properties. In the medium - term, strategies can be long - term in concept but short - term in operation [9]. - **Scenario 3: Comprehensive Regional War**: The traditional energy sector may benefit in the short term, but the equity market as a whole will face systemic downward risks [9]. - **Investment Strategy**: - **Short - term**: Maintain a defensive stance (military/energy), reduce the overall risk preference of the portfolio, and pay attention to the Fed's interest - rate meeting and the GTC conference next week [12]. - **Long - term**: Focus on hardware + HALO assets, including offensive HALO assets (AI - related physical assets) and defensive HALO assets (traditional physical assets relatively far from AI) [12]. Chinese - Funded Stocks - **Market Performance**: This week, the A - share and Hong Kong stock markets fell overall, and defensive sectors led the rise [13]. - **Investment Strategy**: - **Short - term**: Maintain a relatively defensive stance (energy, coal - chemical, and dividend stocks) and wait for the situation to become clearer before buying at low prices [18]. - **Medium - term**: HALO assets are mainly concentrated in A - shares. Although Hong Kong stocks have valuation advantages, their fundamental reversal requires the resolution of some issues [18].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1] Core Insights - The new materials sector is identified as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of the new materials industry in supporting other sectors [6][17]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [7] - In the first two months of 2026, China's total import and export value reached 7.73 trillion yuan, a year-on-year increase of 18.3%. Notably, the export value of integrated circuits reached 304.67 billion yuan, up 68.9% year-on-year [8][24]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [9] 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [11] 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [13] 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [15] 6. Key Companies and Profit Forecasts - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2023, 2024E, and 2025E, along with their respective investment ratings [18].