计算机行业周报 20260322 计算机行业 2026 年一季度业绩前瞻 glmszqdatemark 市场回顾 本周（03.16-03.20）沪深 300 指数下跌 2.19%，中小板指数下跌 3.86%，创业 板指数上涨 1.26%，计算机（中信）板块下跌 4.54%。板块个股涨幅前五名分别 为：朗科科技、同有科技、东方国信、盛世科技、佳发教育；跌幅前五名分别为： 渤海化学、湘邮科技、川发龙蟒、御银股份、金现代。 行业要闻 阿里云 AI 算力、存储等产品最高涨价 34％。 国家安全部发布《OpenClaw"龙虾"安全养殖手册》，覆盖 AI 全生命周期安全 规范。 公司动态 英方软件：3 月 21 日消息，公司披露《关于股东及董事、高级管理人员、核心 技术人员减持股份计划公告》。截至公告披露日，公司大股东、董事、副总经理、 核心技术人员周华先生直接持有公司股份 6,519,374 股，占公司总股本的 7.81%；公司董事、副总经理、核心技术人员陈勇铨先生直接持有公司股份 813,050 股，占公司总股本的 0.97%，上述股份均为 IPO 前取得并已于 2026 年 1 月 19 日解除限售上市流通。因自身 ...

股票研究 /[Table_Date] 2026.03.22 [Table_Industry] 计算机 计算机周观点第 37 期：大模型进入可执 行 Agent 时代，入口与算力侧同步演进 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 本周，小米、MiniMax、Anthropic 及腾讯 QClaw 继续强化模型 Agent 能力与入口 布局，英伟达重启 H200 对华生产、新一代机架"光铜并举"，产业演进持续提速。 投资要点： [Table_Invest] 评级： 增持 计算机《计算机周观点第 36 期：OpenClaw ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [5]. Core Insights - The breakthrough in domestic RDMA technology is expected to enhance the certainty of the deployment of domestic supernodes in 2026, which is a critical year for this development [3]. - The scaleFabric 400 network card and switch meet the performance requirements for high bandwidth and low latency networks needed for large-scale AI training clusters [2]. - The integration of RDMA technology with high-performance domestic network cards and adaptive congestion control algorithms is anticipated to improve the collaborative efficiency of domestic AI computing chips [3]. Summary by Sections Industry Overview - RDMA technology addresses data transmission delays and CPU consumption issues in large-scale parallel computing, becoming a fundamental technology for AI computing infrastructure [1]. - The scaleFabric network, launched by Zhongke Shuguang, represents a significant advancement in domestic RDMA technology, designed for ultra-large-scale intelligent computing clusters [1]. Technical Specifications - The scaleFabric 400 network card features a PCIe 5.0 interface with a port bandwidth of 400 Gbps and an end-to-end communication latency as low as 0.9 microseconds [2]. - The scaleFabric 400 switch has a single-port bandwidth of 800 Gbps and a total switching capacity of 64 Tbps, with a switching latency of approximately 260 nanoseconds [2]. Market Implications - The report suggests that companies with strong technological foundations in the industry are likely to experience significant and flexible growth as the demand for AI computing infrastructure increases [3]. - Recommended companies to watch include Zhongke Shuguang, Cambricon, Haiguang Information, and others involved in AI chips and interconnection technology [3].

Investment Rating - The report assigns a "Hold" rating for the computer industry [2]. Core Insights - The AI application sector continues to thrive, with ongoing policy support for artificial intelligence initiatives [2][8]. - The report highlights the recent launch of OpenAI's GPT-5.4, which is described as the most efficient model to date, enhancing capabilities in reasoning, coding, and workflow management [3]. - The domestic AI application landscape is evolving, with a shift from general coverage to scenario penetration, as evidenced by the top AI apps in terms of monthly active users [3]. - Government policies have consistently emphasized the development of "artificial intelligence+" to foster high-quality growth in the AI industry [8]. Summary by Sections Market Overview - During the week of March 2-6, the Shanghai Composite Index fell by 0.93%, while the computer index dropped by 5.29%, underperforming the broader market indices [2]. AI Applications - As of December 2025, the top five AI native apps by monthly active users include Doubao, DeepSeek, Yuanbao, Antifufu, and Alibaba Qianwen, indicating a strong presence of ByteDance and Alibaba in the market [3]. Policy Support - The government has reiterated its commitment to "artificial intelligence+" in its work reports over the past three years, aiming to expand AI's application across various industries and promote new economic growth models [8]. Investment Recommendations - The report suggests focusing on companies in the computing power sector such as Cambrian, Haiguang Information, and others, as well as AI application firms like Kingsoft Office and iFlytek [9].

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][17]. Core Insights - The AI industry is at a pivotal transition from "technology validation" to "commercialization," with AI-native applications reshaping the global tech landscape. Major players like OpenAI, Anthropic, and Google Gemini are driving enterprise-level services, marking a shift from growth-at-all-costs to value realization [6]. - The report highlights the emergence of AI agents as a significant trend, with the year 2026 expected to be a landmark year for AI agent products, comparable to the launch of large models in 2025 [6]. - The competitive landscape is shifting, with traditional software giants facing threats from AI-native companies that leverage more agile organizational structures and fewer historical burdens [6]. Industry Overview - The computer industry comprises 337 listed companies with a total market capitalization of approximately 60,008.15 billion yuan and a circulating market value of about 54,005.61 billion yuan [3]. - The absolute performance of the industry over the past 12 months has been 5.5%, while its relative performance has underperformed the benchmark by 12.3% [4]. Key Areas of Focus 1. **Large Models**: Hong Kong stocks are becoming a global hub for AI asset valuation, with companies like MiniMax and Zhizhu standing out for their foundational model capabilities [6]. 2. **Internet Sector**: Alibaba and Tencent are currently undervalued, with Alibaba leading in open-source ecosystems and Tencent integrating AI deeply into its WeChat ecosystem [6]. 3. **AI in Enterprise Services**: Companies like Kingdee International are transitioning from SaaS providers to AI-native enterprise service platforms, marking a significant shift in management paradigms [6]. 4. **AI in Industry**: Hikvision and other companies are leading in smart control and predictive maintenance in industrial settings, positioning these areas as key application scenarios for AI agents [6]. 5. **AI Infrastructure**: Domestic database firms are rapidly developing vector databases and AI operational capabilities, benefiting from dual trends of domestic substitution and intelligent upgrades [6]. 6. **AI for Science**: Companies like Hualan and Jiuan Medical are integrating AI into drug development and medical diagnostics, reshaping innovation paradigms in the life sciences [6]. 7. **Companion Technology**: Companies are developing companion robots to address emotional needs among China's large population of single individuals [6]. 8. **Data Services**: High-quality data service providers are experiencing growth due to the surge in demand for multimodal data, positioning them as essential players in the AI era [6].

Core Insights - The 2025 computer industry performance report indicates that over half of the companies are experiencing positive growth, showcasing a polarized structure with both growth and decline, where profit improvement outpaces revenue growth, primarily concentrated in hardware and AI application sectors [1]. Group 1: Performance Metrics - Median revenue growth rate for 100 sampled companies is 5.33%, while median net profit growth rate is 9.72%, indicating that profit growth exceeds revenue growth [2]. - Among 358 computer companies, 100 released performance reports, with 60% showing revenue growth and 40% experiencing declines. Specifically, 11 companies (11%) grew over 30%, while 19 companies (19%) saw revenue declines of 10% to 30% [3]. Group 2: Profit Distribution - Companies with a net profit of 100 million yuan or more show stronger growth certainty, with 41.2% in the 10% to 30% growth range and 23.5% exceeding 30% growth. Notable high-growth companies include Daotong Technology and Hongsoft Technology [4]. - Conversely, companies facing significant profit declines (over 30%) include Yunxingyu and Youche Technology, indicating a challenging environment for certain firms [4].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][25] Core Insights - Nvidia's FY26 Q4 and full-year performance exceeded expectations, with Q4 revenue reaching $68.1 billion, a 20% quarter-over-quarter increase and a 73% year-over-year increase, surpassing the Q3 guidance [4][7] - The global AI large model continues to iterate and upgrade, with intense competition driving sustained demand for AI computing power [4][10] Summary by Sections Nvidia Performance - Nvidia reported FY26 Q4 revenue of $68.1 billion, with data center revenue at $62.3 billion, reflecting a 22% quarter-over-quarter and 75% year-over-year growth [4][7] - The GAAP net profit for Q4 was $43 billion, a 35% quarter-over-quarter increase and a 94% year-over-year increase [4][7] - For FY26, total revenue was $215.9 billion, a 65% year-over-year increase, with GAAP gross margins at 71.1% [4][7] AI Large Models - Multiple large models were released around the Chinese New Year, including updates from Anthropic, Zhizhu, Alibaba, and Google, indicating a competitive landscape [4][11] - In performance rankings, Google's Gemini 3.1 Pro leads with a score of 57, followed by GPT-5.3 Codex and Claude Opus 4.6 [4][11] Market Performance - The computer industry index rose by 0.62% this week, underperforming the CSI 300 index, which increased by 1.08% [16] - The overall P/E ratio for the computer industry is 58.2 times, with 215 out of 358 A-share stocks in the sector rising in price [18] Investment Recommendations - Strongly recommend stocks in AI computing power such as Haiguang Information, Longxin Zhongke, and others, while also suggesting to pay attention to companies in AI algorithms and applications like Hengsheng Electronics and Zhongke Chuangda [21]

作者：情报员 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种数据标记方法及装置"的专利，授 权公告号CN115965982B，申请日期为2021年10月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1748条，专利信 息5000条，此外企业还拥有行政许可238个。 ...

Group 1 - The main market experienced a net outflow of 29.449 billion yuan in principal funds as of February 27 [1] - The top ten sectors with inflows of principal funds included: Computer (9.397 billion yuan), IT Services III (5.089 billion yuan), IT Services II (5.089 billion yuan), Non-ferrous Metals (3.442 billion yuan), Software Development (3.283 billion yuan), Vertical Application Software (2.635 billion yuan), Minor Metals (2.293 billion yuan), Photovoltaic Equipment (2.032 billion yuan), Steel (1.743 billion yuan), and Plates (1.653 billion yuan) [1] Group 2 - The Computer sector saw a price increase of 1.63% with a net inflow of 9.397 billion yuan, led by Huasheng Tiancai [2] - IT Services III and IT Services II both recorded a price increase of 2.4% with net inflows of 5.089 billion yuan, also led by Huasheng Tiancai [2] - The Non-ferrous Metals sector had a price increase of 1.64% with a net inflow of 3.442 billion yuan, led by Xianglu Tungsten Industry [2] - The Software Development sector increased by 1.7% with a net inflow of 3.283 billion yuan, led by Tuo Wei Information [2] - The Minor Metals sector experienced a significant price increase of 6.39% with a net inflow of 2.293 billion yuan, led by Xianglu Tungsten Industry [3] - The Photovoltaic Equipment sector had a price increase of 1.57% with a net inflow of 2.032 billion yuan, led by Shuangliang Energy Saving [3] - The Steel sector increased by 1.38% with a net inflow of 1.743 billion yuan, led by Baogang Co. [3] - The Plates sector recorded a price increase of 1.64% with a net inflow of 1.653 billion yuan, also led by Baogang Co. [3]

Macro and Strategy Research - The market showed a mild recovery in consumption during the Spring Festival, with significant capital inflow observed in the A-share market. Major indices rose, with the Shanghai Composite Index increasing by 1.58% and the ChiNext Index by 2.11% during the first three trading days post-holiday [2] - The average daily trading volume reached 2.40 trillion yuan, an increase of 308.83 billion yuan compared to the average daily trading volume in the five trading days before the holiday [2] - The average daily sales revenue in consumption-related industries during the 2026 Spring Festival increased by 13.7% compared to the same period in 2025, driven by an increase in holiday duration and supportive policies [2] - Domestic tourism during the Spring Festival reached 596 million trips, with total spending of 803.48 billion yuan, both setting historical records [2] Policy Insights - The State Council meeting on February 24 emphasized the need to achieve annual economic targets, with nearly 60% of provinces lowering their GDP growth targets for 2026, indicating a focus on "high-quality" economic development [3] - The meeting also discussed advancing the silver economy and elderly care services, highlighting the importance of this sector in building a robust domestic market [3] Strategy Outlook - Post-holiday, the market exhibited signs of capital inflow, with an increase in trading volume and financing scale. The upcoming Two Sessions are expected to shift market focus towards new policy expectations, maintaining a generally oscillating market trend [3] - The performance of precious metals and resource products indicates heightened market attention to geopolitical risks and resource security. The TMT sector is experiencing growth due to the rapid penetration of AI large models, reflecting concerns about AI disrupting traditional software and rising costs in the computing sector [3] Industry Research - The computer industry saw a decline of 0.61% from February 12 to February 25, with most sub-sectors experiencing downturns. The overall market sentiment remains cautious despite ongoing capital expenditure growth in AI computing from major cloud providers [6] - Recent financing events for large model companies are expected to accelerate infrastructure development and model iteration. Domestic model providers are leveraging open-source models and low token costs to attract global developers [6] - Major domestic tech companies have invested over 4.5 billion yuan during the Spring Festival to promote AI applications, indicating a strong push towards consumer adoption [6] Investment Opportunities - Investment opportunities are identified in the communication and electronics sectors due to ongoing capital expansion by domestic and foreign cloud vendors, as well as the acceleration of domestic computing power substitution [4] - The power equipment industry is poised for growth driven by overseas photovoltaic expansion plans and a 4 trillion yuan investment from the State Grid [4] - The non-ferrous metals sector presents investment potential amid frequent geopolitical risks and the weakening status of the US dollar [4]