2026 年 3 月 2 日 行业研究 Token 出海，看好国内涉足"算电"协同业务的电力运营商 ——碳中和领域动态追踪（一百七十六） 要点 事件：近日，在线 AI 托管平台 OpenRouter 最新数据显示，由 MiniMax、月之 暗面（Moonshot AI）、智谱领衔的中国开源人工智能模型，已登顶全球 Token 使用量榜单。基于该平台的最新数据，在全球 Token 使用量上，中国开源 AI 模 型实现了全面反超。 相比美国主流 AI 模型，中国大模型 Token 输出价格优势显著。 中国模型的最大优势在于以极低的商业化成本实现了对标国际一线的模型性能： 当前美国主流 AI 模型的输出价格均在 10 美元/百万 Token 以上，而我国的主流 AI 模型输出价格基本处于 10~20 元人民币/百万 Token 区间，和美国模型相比 有近 7 倍的价格优势。 电价优势叠加产业趋势带动，中国大模型具备强竞争力。 未来随着"东数西算"工程的持续深化、全国一体化算力网络的加速成型、清洁 能源与智算产业的深度协同落地，叠加国内厂商在推理架构优化、算力调度效率 上的持续突破。电价维度来看，中国整体电价具备强竞 ...

今天一开盘，市场情绪就显得有些犹豫。上证指数在小幅低开后，一度下探到4127点附近，随后才在买盘的推动下慢慢回升。整个上午，指数基本在水面下 方弱势震荡。转折点出现在午后，指数一度翻红，但上涨的力量似乎后劲不足，很快又被打压回来，最终在涨跌边缘徘徊收盘。最终，三大指数涨跌互现， 上证指数微跌0.01%，深圳成指上涨0.19%，创业板指则下跌了0.29%。单从指数层面看，这确实是一个标准得不能再标准的"震荡整理日"，波动幅度很小， 多空双方似乎达成了某种短暂的平衡。 除了内资的调仓，备受关注的北向资金（外资）今天也呈现净流出的状态。虽然流出的绝对金额可能不大，但其选择也与内资形成了部分共振。外资的流向 往往对市场情绪和部分权重股有直接影响，它们的净流出也在一定程度上加剧了金融等板块的压力。 面对这样分裂的行情，市场中的观点自然也出现了分歧。乐观者看到的是科技主线的强势崛起和成交量的活跃，认为这是新行情主线确立的标志，资金正在 从旧阵地转向新战场，为后续上涨积蓄力量。而谨慎者则担忧权重股的持续疲软会最终拖垮市场情绪，并且"放量滞涨"在技术分析上常被视为一个需要警惕 的信号，说明在当前位置，卖压沉重，上攻阻力很大。 ...

股指早报 A 股周期板块引领市场 2026 年 2 月 26 日 报告摘要： 海外方面，隔夜经济数据清淡，在财报方面英伟达四季度营收超 市场预期，并且再次给出乐观的季度营收预测，这表明大规模的人工 智能计算建设仍步入正轨，缓解了市场对于 AI 泡沫的担忧。隔夜外 围资产走势来看，美元指数下跌，10 年期美债收益率上行，黄金小幅 上涨，美三大股指集体上涨，纳斯达克中国金龙指数收十字星下跌， 离岸人民币汇率继续升值。隔夜外围资产走势指向目前市场担忧情绪 缓解，利于提振科技板块风险偏好。后续继续关注地缘政治方面的博 弈。 国内盘面上看，周三大盘上涨 0.72%，深成指上涨 1.29%，创业 板指上涨 1.41%，市场呈现冲高回落走势。周期板块扛起上涨主线， 逻辑就是 PPI 涨价，涉及有色、石油、磷化工、光伏等资源板块。市 场成交量也有所放大，两会前估计此周期主线会持续。板块上看，钢 铁、有色、建筑材料、房地产、化工涨幅居前，传媒、银行下跌。全 市场 3742 只个股上涨，1609 只个股下跌。消息上看，上海打响 2026 年一线城市松绑限购第一枪，释放房地产改善预期。 整体来看，隔夜外围走势明显指向市场对 AI ...

Core Insights - The meeting marks a significant moment for Zhengzhou's development, emphasizing the importance of political consultation and collaboration for the city's modernization efforts [1] Economic Development - During the "14th Five-Year Plan" period, Zhengzhou's GDP surpassed four trillion yuan, projected to exceed 1.52 trillion yuan by 2025, ranking 16th among China's 29 trillion-yuan cities [2] - The city's per capita GDP reached $16,200, indicating a transition to a high-quality development phase driven by innovation and efficiency [2] Innovation and Technology - Zhengzhou has entered the ranks of national innovation source cities, recognized among the top 20 cities for technological innovation competitiveness in China [2] - The total scale of computing power in the city is 78,000 P, accounting for approximately 20% of the national total, with significant advancements in artificial intelligence capabilities [2] Industrial Development - The digital economy in Zhengzhou has reached a scale of 800 billion yuan, with the automotive industry valued at 200 billion yuan, producing over 700,000 new energy vehicles [3] - The city has been recognized as one of the top ten exhibition cities in China and has been approved as a key international logistics hub [3] Reform and Opening Up - Zhengzhou has been designated as a key city for comprehensive reform in market-oriented resource allocation, achieving significant milestones in various sectors [4] - The city has implemented a smart bidding platform and has facilitated intelligent financing for small and micro enterprises, totaling 96.6 billion yuan [4] Cultural and Tourism Development - The city has seen a robust growth in cultural and tourism sectors, with 180 million domestic tourists and a tourism revenue of 212.6 billion yuan [6] - Zhengzhou has successfully hosted major cultural events, enhancing its reputation as a cultural hub [6] Social Welfare and Environmental Improvement - The city has effectively addressed housing issues, ensuring the delivery of over 111,000 housing units, and has improved air quality with a 14.7% reduction in PM2.5 levels [7] - Continuous improvements in employment, education, healthcare, and elderly care have enhanced the overall well-being of the population [7] Governance and Community Engagement - The city has established a governance model integrating party leadership, grid management, and big data, achieving high satisfaction rates in public service responses [5] - Zhengzhou's governance practices have been recognized nationally, showcasing effective community engagement and problem-solving strategies [6] Future Development Strategies - The city aims to deepen reform and accelerate innovation, focusing on integrating new technologies and fostering a conducive environment for entrepreneurship [9][10] - Emphasis on building seven key centers, including education, industrialization, and international trade, to enhance the city's competitive edge [12]

Group 1 - The core viewpoint of the articles highlights the rapid growth of China's artificial intelligence (AI) computing power market, which is expected to reach $25.9 billion by 2025, reflecting a year-on-year increase of 36.2% [3][1] - The Ministry of Industry and Information Technology and other departments have issued guidelines to strengthen AI computing power supply and promote the construction of a national integrated computing power network [1][22] - The "Blue Book" on comprehensive computing power index indicates that while progress has been made in China's computing power ecosystem, challenges such as uneven infrastructure and insufficient application depth remain [1][2] Group 2 - As of mid-2025, China has released 1,509 large models, accounting for approximately 40.2% of the global total of 3,755 [2] - The number of standard racks in data centers in China has increased from 3.15 million in 2019 to over 9 million by 2024, with a total of 10.85 million racks in use by mid-2025 [2][9] - The top provinces for standard racks in use are Hebei, Guangdong, and Jiangsu, each exceeding 600,000 racks [2] Group 3 - The global AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, with generative AI servers expected to increase their market share from 29.6% in 2025 to 37.7% by 2028 [3] - The comprehensive computing power index ranks Hebei, Jiangsu, and Guangdong as the top three provinces, while cities like Langfang, Zhangjiakou, and Dalian lead in computing power sub-index [14][21] Group 4 - The national strategy to accelerate the construction of an integrated computing power network is leading to a more extensive distribution of computing resources beyond core regions [21] - The average Power Usage Effectiveness (PUE) of computing centers in China is 1.46, indicating progress in energy efficiency, although there is still significant room for improvement [21] - The implementation of the "Opinions" encourages the use of cloud computing services to quickly build intelligent infrastructure capabilities, reducing technology investment costs [22]

Market Overview - The A-share market has shown a significant downward trend in November, contrasting sharply with the optimistic expectations at the beginning of the month, with the Shanghai Composite Index declining by 1.67% and the ChiNext Index falling by 4.23% [1][2] - Defensive sectors such as banking and textiles performed relatively well, while growth sectors like technology and automotive faced substantial declines, with the computer industry down by 5.26% [1][2] Key Factors Influencing Market Performance - A notable cooling in global artificial intelligence investment themes has directly impacted the performance of growth sectors, initiated by a significant pullback in U.S. tech stocks, with the Nasdaq index experiencing a maximum drop of 7.37% in November [2][3] - Domestic economic recovery momentum remains insufficient, as indicated by a drop in the manufacturing Purchasing Managers' Index (PMI) to 49.0, and a 5.5% year-on-year decline in profits for industrial enterprises [3][4] - The tightening of global liquidity conditions has also exerted pressure on risk assets, with U.S. non-farm payrolls increasing by 119,000 in September, leading to a shift in market expectations regarding the Federal Reserve's interest rate policies [3][4] Market Behavior and Trends - As the year-end approaches, institutional investors are adopting strategies to lock in profits and preserve performance, leading to a shift from high-valuation sectors to low-valuation defensive stocks, resulting in significant market structure differentiation [4][5] - The overall market turnover has decreased from around 2 trillion to approximately 1.7 trillion, indicating reduced liquidity and increased volatility in individual stocks [4][5] Investment Strategy and Outlook - A "defensive + growth" allocation strategy is recommended, balancing stable cash flow from defensive sectors like banking and utilities with increased exposure to high-growth areas such as energy storage and military industries [6][7] - The energy storage sector is expected to grow over 40% due to rising demand and policy support, while the military sector benefits from ongoing national defense modernization efforts [6][7]

Core Viewpoints - CoreWeave remains firm on its $9 billion acquisition offer for Core Scientific despite opposition from major shareholders, asserting that the current bid is reasonable [1] - The CEO of CoreWeave stated that they will not increase the offer and are open to other companies entering the bidding [1] Company Developments - CoreWeave is expanding its cloud service capacity through multiple acquisitions, including the $9 billion deal for Core Scientific and smaller acquisitions in fields like reinforcement learning and industrial AI [1] - The company has recently entered into a $14.2 billion partnership with Meta Platforms and reported that Microsoft contributed over 70% of its sales in Q2 [2] - CoreWeave's stock has surged over 200% since its IPO in March, driven by the increasing demand for computing power from major tech companies competing to develop advanced AI models [2] Financial Agreements - CoreWeave has secured a $6.3 billion agreement with Nvidia, allowing Nvidia to purchase excess computing power not utilized by CoreWeave's clients, which strengthens CoreWeave's financial position [3] - Despite many AI companies, including CoreWeave, operating at a loss, significant investments from tech giants in data centers and advanced AI chips continue, raising concerns about a potential "trillion-dollar AI bubble" [3]

Core View - Wells Fargo upgraded CoreWeave (CRWV.US) from "Hold" to "Buy" and raised its target price from $105 to $170, citing increasingly strong demand signals that cannot be ignored [1] Demand and Market Position - Analysts led by Michael Treynor noted that while other software companies struggle to monetize AI, CoreWeave is benefiting from the current construction cycle and will continue to benefit from an industry supply shortage expected to last until 2026 [1] - The long-term outlook for the AI market remains uncertain, but CoreWeave has demonstrated the ability to expand into the largest consumer base for AI computing power, potentially gaining greater market share over time [1] Key Considerations - Optimistic considerations include evidence from large enterprises indicating AI demand is stronger than expected, significant order volumes from recent AI labs across the industry, and substantial adjustments in capital expenditures from large enterprises [1] - Updated unit economic assumptions from Wells Fargo suggest higher demand will increase the hourly GPU pricing from $2 to $2.5, with NVIDIA (NVDA) committing to underwrite all unused computing power, which may be favorable for CoreWeave [1] Additional Supporting Factors - Profit margin estimates show potential for upside as the vertically integrated technology stack matures and financing rates are better than expected [2] - Continuous expansion with benchmark clients such as Microsoft (MSFT.US), OpenAI, and Google (GOOGL.US) [2] - The end of the company's IPO lock-up period is expected to reduce future stock price volatility [2]

Group 1 - The core viewpoint emphasizes the need to enhance the role of world-class R&D centers in driving regional development and innovation in Shanghai, aligning with the strategic goals set by the municipal government [1][2] - The Shanghai Midea Global Innovation Park, which focuses on smart technology and front-end R&D, was opened in June this year, showcasing the city's commitment to fostering innovation [1] - The Huawei Lianqiuhui R&D Center, completed last year, is a leading project in the Yangtze River Delta integration demonstration zone, expected to attract over 30,000 R&D personnel [1] Group 2 - There is a call to stimulate the spillover effects of leading enterprises' R&D centers to enhance the regional innovation ecosystem and establish the Yangtze River Delta as an innovation hub [2] - The focus is on improving regional functional support around R&D centers, facilitating the efficient flow of technology, talent, and capital to foster more innovative enterprises [2] - The development of ecological and cultural tourism resources in Qingpu is highlighted, aiming to create a unique destination that balances development with ecological protection [3]

Group 1 - The Shanghai government is focusing on enhancing the role of world-class R&D centers to elevate regional capabilities and foster innovation-driven enterprises [1][3] - The Shanghai Midea Global Innovation Park, which opened in June, aims to advance smart technology and front-end R&D, receiving positive feedback from local authorities [3] - Huawei's Lianqiuhui R&D center, a key project in the Yangtze River Delta integration demonstration zone, is expected to attract over 30,000 R&D personnel [3] Group 2 - The government emphasizes the need to stimulate the spillover effects of leading enterprises' R&D centers to enhance the regional technology innovation ecosystem [3] - There is a focus on integrating technological and industrial innovation, improving institutional frameworks, and facilitating the transformation of research outcomes into practical applications [3] - The Qingpu district is leveraging its unique ecological and cultural resources to create a distinctive development model that harmonizes tourism and ecological protection [4][5]