分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 邮箱：zhangqiwei@cnhbstock.com 2026 年 03 月 23 日 证券研究报告 | 公募基金周报 震荡盘整，防御优先 公募基金指数跟踪周报（2026.03.16-2026.03.20） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 销售服务电话： 021-20515355 1、《地缘扰动剧烈，结构机会持 续 — 公 募 基 金 指 数 跟 踪 周 报 （2026.03.09-2026.03.13）》2026- 03-16 2026/3/16》2026-03-16 3 、 《 ETF 生 态 周 报 （ 2026.03.02- 03.06）—ETF 市场整体综合面板》 2026-03-12 2026/3/10》2026-03-10 主 — 公 募 基 金 指 数 跟 踪 周 报 （2026.03.02-2026.03.06）》2026- 03-09 投资要点 分析 ...

Equity Market Review and Outlook - The core variable affecting the market remains the Middle East, with both short-term trading logic and long-term "stagflation risk" expectations dependent on whether the geopolitical conflict can be resolved quickly [1][5] - Until uncertainties in the geopolitical situation decrease or commodity price volatility declines, the market will continue to be impacted by event narratives and liquidity shocks, leading to a focus on long-term expectations [5][6] - A-shares are expected to maintain a volatile trend, with structural opportunities being more prominent than overall opportunities; recommended sectors include energy-related stocks (oil, green energy, coal, coal chemical), low valuation and low volatility stocks (state-owned banks, utilities), and sectors that can maintain high prosperity independent of geopolitical and oil price influences (energy storage, domestic AIDC) [1][5][6] Fixed Income Market Review and Outlook - The bond market showed significant differentiation between short and long ends, with the 1-year government bond yield decreasing by 2.00 basis points to 1.26%, while the 10-year and 30-year yields increased by 1.56 basis points to 1.83% and 2.16 basis points to 2.39%, respectively [2][7] - The current bond market is in a volatile state, with extreme risk aversion driving down short-end yields, while long-end yields are rising due to escalating geopolitical conflicts and heightened inflation expectations [7][8] - The market sentiment is cautious, with a focus on short-end credit products showing strong allocation value; however, long-end yields have limited downward momentum, and liquidity may face certain shocks as the quarter-end approaches [2][7] Market Performance - The A-share market experienced a volatile decline, with average daily trading volume at 22,091 billion, a decrease from the previous week; the ongoing disruption in the Strait of Hormuz has led to a significant drop in global risk assets [4][5] - Funds are shifting from macro-sensitive cyclical sectors to technology manufacturing sectors with independent growth logic, driven by multiple industry benefits such as the overseas GTC conference and price increases in cloud computing and storage products [4][5] - Resource cyclical sectors like non-ferrous metals and chemicals are under pressure, primarily due to external macroeconomic impacts, including rising oil prices and concerns over the Federal Reserve's hawkish stance [4][5]

证 券 研 究 报 告 行业周报 英伟达GTC 2026正式开幕， OFC 2026见证"互连爆发" AI算力行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年03月23日 ◼ 分析师：何鹏程 ◼ SAC编号：S1050525070002 投 资 要 点 英伟达GTC 2026正式开幕，从芯片供应商转型全栈AI基础设施平台 当地时间3月16日，英伟达GTC 2026正式开幕。面对市场高度关注的算力需求天花板与业绩持续性问题，黄仁勋 预期Blackwell与Rubin的AI芯片，到2027年的需求将达到至少1万亿美元，这较去年的预测已经翻倍。在硬件系 统层面，英伟达介绍了其有史以来最复杂的AI计算系统Vera Rubin，同时官宣七款新芯片现已全面投产。其中包 括:NVIDIA Vera CPU、NVIDIA Rubin GPU、NVIDIA NVLink 6交换机、NVIDIA ConnectX® -9 SuperNIC、 NVIDIA BlueField® -4 DPU和NVIDIA Spectrum -6以太网交换机，以及新纳入的 NVIDIA Groq 3 LPU。除了硬 件壁垒，黄仁勋将 ...

证 券 研 究 报 告 行业周报 英伟达GTC 2026正式开幕， OFC 2026见证"互连爆发" AI算力行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年03月23日 ◼ 分析师：何鹏程 ◼ SAC编号：S1050525070002 投 资 要 点 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 2 重点关注公司及盈利预测 | 公司代码 | 名称 | 2026-03-20 股价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024 | 2025E | 2026E | 2024 | 2025E | 2026E | | | 002130.SZ | 沃尔核材 | 24.61 | 0.67 | 0.81 | 1.39 | 36.73 | 30.38 | 17.76 | 未评级 | | 002475.SZ | 立讯精密 | 48.22 | 1.86 | 2.33 | 3.00 | 25.92 | 20.68 | 16.06 | 未评级 ...

各位领导，今天我们外发了【电子行业26Q1业绩前瞻】，供领导们参考 整体来看：在中上游持续涨价的背景下，我们预计26Q1电子行业整体业绩将继续分化显著。 一方面，预计存储受益涨价表现最佳，存储芯片设计、模组厂商业绩同环比均继续高增，此外PCB、功率、模拟 及半导体先进制造相关景气维持；另一方面，受存储涨价及缺货影响，消费电子整体承压，其中安卓、IoT压力更 大，苹果产业链相对稳定。 各位领导，今天我们外发了【电子行业26Q1业绩前瞻】，供领导们参考 我们推荐一季报聚焦在"存储及其他涨价、AI及算力"方向，26Q2国产算力、消费电子有望迎转折机遇。 整体来看：在中上游持续涨价的背景下，我们预计26Q1电子行业整体业绩将继续分化显著。 一方面，预计存储受益涨价表现最佳，存储芯片设计、模组厂商业绩同环比均继续高增，此外PCB、功率、模拟 及半导体先进制造相关景气维持；另一方面，受存储涨价及缺货影响，消费电子整体承压，其中安卓、IoT压力更 大，苹果产业链相对稳定。 我们预计表现相对亮眼的细分板块有存储、AI PCB、功率、模拟、先进制造、果链龙头等，相关业绩亮眼的公司 有：存储模组龙头、兆易创新、普冉股份、南亚新材 ...

美光业绩指引存储需求继续强劲，GTC 再掀 AI 硬件浪潮。美光披露 FY26Q2（25.12~26.2）业绩，FY26Q2 公司实 现营收 238.6 亿美元，同比+196%，环比+75%；实现 GAAP 净利润 137.8 亿美元，同比+771%，环比+163%。公司指 引 FY26Q3 营收为 335±7.5 亿美元，GAAP/Non-GAAP EPS 分别为 18.9±0.4 美元/19.15±0.4 美元。DRAM、NAND 价格持续上行。FY26Q2 公司 DRAM 营收为 188 亿美元，同比+207%，环比+74%，DRAM 价格环比上涨约 65%，位元出 货量环比增长中个位数。NAND 营收为 50 亿美元，同比+169%，环比+82%，NAND 价格环比上涨 75~80%，位元出货 量环比增长低个位数。数据中心存储需求快速增长。公司预计 2026 年底，数据中心 DRAM 与 NAND 的位元数需求 将超过行业总位元数市场的 50%。目前 AI agent 也在驱动传统服务器需求增长，AI 需求持续强劲，公司预计 2026 年服务器出货量将同比增长 10~15%。三星电子已同意在今年下半年 ...

Investment Rating - The industry is rated positively, with expectations of significant growth in the coming months, particularly in AI-related sectors and semiconductor equipment [27][45]. Core Insights - Micron's FY26Q2 performance exceeded expectations, with revenue of $23.86 billion, a year-on-year increase of 196%, and a quarter-on-quarter increase of 75%. The company forecasts FY26Q3 revenue to be around $33.5 billion [1]. - The demand for data center storage is rapidly increasing, with expectations that by the end of 2026, the demand for DRAM and NAND will exceed 50% of the total industry market [1]. - AI continues to drive strong demand for storage solutions, with companies like Nvidia projecting significant growth in AI hardware and related technologies [1][27]. - The PCB industry is experiencing high demand due to AI applications, with many companies reporting strong orders and production capacity [27]. Summary by Sections 1. Consumer Electronics - The expansion of multimodal interactions and the maturation of AI applications are expected to drive significant growth in AI mobile devices, particularly within the Apple supply chain [4]. - New AI products, including smart glasses and AI-enabled devices, are being actively developed by major companies [4]. 2. PCB Industry - The PCB industry maintains a high level of prosperity, driven by demand from automotive and industrial sectors, alongside AI applications [5]. - Geopolitical conflicts have introduced uncertainties that could affect future pricing and supply chains [5]. 3. Semiconductor and Components - The semiconductor sector is expected to benefit from increased demand for storage solutions, particularly in the context of cloud computing and consumer electronics [19][23]. - Companies like Zhaoyi Innovation and others are positioned to benefit from the upward trend in storage prices and demand [23][32]. 4. AI and Advanced Technologies - The demand for AI-related technologies is expected to lead to a significant increase in the production of ASICs, with major tech companies planning substantial investments in this area [27]. - The introduction of new technologies, such as orthogonal backplanes in PCBs, is anticipated to enhance the value and performance of AI hardware [1][27]. 5. Market Trends - The overall market sentiment is positive, with expectations of continued growth in AI and electronic sectors, despite short-term geopolitical challenges [27].

PCB+英伟达，合作M9方案配套产品通过英伟达认证，预计今年批量发货，PCB细分设备收入居全球第一， 打破海外高端技术垄断，这家公司客户包括胜宏、沪电、东山精密等知名厂商。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...

3月18日，PCB概念快速走强，金禄电子、云汉芯城涨超10%，澳弘电子、奥士康、广合科技涨停，鹏 鼎控股、强瑞技术、大族数控、金安国纪涨超6%。 | 代码 名称 | 现价 · | 涨跌 | 涨幅� | | --- | --- | --- | --- | | 301282 金禄电子 | 36.47 | | +3.47 +10.52% | | 301563 云汉芯城 | 170.55 | +15.56 +10.04% | | | 602028 澳弘电子 | 35.49 | | +3.23 +10.01% | | 002913 奥士康 | 50.92 | | +4.63 +10.00% | | 001389 广合科技 | 119.68 | +10.88 +10.00% | | | 688312 荷麦科技 | 49.13 | +3.20 | +6.97% | | 002938 鹏鼎控股 | 55.07 | +3.57 | +6.93% | | 301128 强瑞技术 | 115.40 | +7.05 | +6.51% | | 301200 大族数控 | 158.96 | +9.48 | +6.34% | | 3001 ...

【DT新材料】 获 悉 ，3月17日， 鹏鼎控股 公告称，公司全资子公司 庆鼎精密 与 淮安经济技术开发区管理委员会 签署投资协议，计划投资 110亿元 建设高端 PCB项目生产基地。 项目主体为庆鼎精密公司，建设地点位于 庆鼎精密于2026年2月3日竞得的淮安市2025GGK33地块国有建设用地， 土地面积37.49万平方米。 据悉，本次投资是 庆鼎精密 基于整体战略规划，紧抓AI技术发展浪潮，加快推进高端PCB产品生产布局，有助于扩大公司经营规模、推动各产品线技术升级与 产品迭代，进而提升公司经营效益。 根据协议， 庆鼎精密将全面加快鹏鼎淮安园区落地项目建设进度，同时将 重点布局的人工智能、具身机器人、智能网联汽车、光通信等 前沿领域的高端产品研 发与生产优先落户淮安。 淮安经济技术开发区管理委员则会 围绕 PCB 产业链集聚，提供优越的政策环境和适合的平台载体，共同推动产业集聚，营造产业生 态，助力 庆鼎精密 降本增效。 庆鼎精密的母公司 鹏鼎控股 为全球范围内少数同时具备各类PCB产品研发、设计、制造与销售服务的专业大型厂商,拥有优质多样的PCB产品线,主要产品范围涵 盖FPC、SMA、SLP、HDI ...