记者丨郑玮 编辑丨肖嘉 3月5日，十四届全国人大四次会议在北京开幕。今年政府工作报告提了哪些关键词？哪些新方向又与广东密切相关？ 从重点工作任务看，拓展内需增长新空间、发展新质生产力、扩大制度型开放等关键方向被政府工作报告"点题"。在具体产业布局 上，"打造智能经济新形态"在政府工作报告中单独成段，明确要深化拓展"人工智能+"，培育智能原生新业态新模式。 从区域发展定位看，今年政府工作报告两次提到粤港澳大湾区，明确两大关键定位：建设国际科技创新中心、打造世界级城市群。 同时，政府工作报告还提到，要推动东部地区加快推进现代化，并加强改革攻坚、政策赋能和要素保障，支持经济大省挑大梁。 把握"新"消费需求 提振内需，仍被视为今年政府工作"头号任务"。 在明确2026年政府工作任务时，政府工作报告第一条即提出，要着力建设强大国内市场，坚持内需主导，统筹促消费和扩投资，拓 展内需增长新空间，更好发挥中国超大规模市场优势。 广东是这座"超大市场"的关键组成部分。 "作为全国人口第一大省、社会消费品零售总额稳居全国首位的消费大省，广东拥有超1.2亿常住人口的市场优势，完备的制造业供 应链优势，以及毗邻港澳的区位优势。"中国 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The digital economy has become the main engine of global economic growth, driven by the rapid evolution of mobile communication technology and the accelerated development of AI. The deep integration of these two forces is giving rise to the era of Mobile AI, which has become a disruptive paradigm and a key driver of global digital and intelligent development [4][5]. - Mobile AI is based on the principle of two - way empowerment between the network and AI, with the core values of responsible AI, security, and trustworthiness. It forms an intelligent service system that provides wide - coverage, real - time response, and precise adaptation, aiming to achieve the goal of "AI everywhere, trustworthy, and easy to use" [3]. - From a global industrial perspective, Mobile AI will evolve from integrated applications to native symbiosis as 5G - A becomes more popular and 6G moves towards commercialization. This transformation will release continuous innovation power, empower large - scale industries, and become the cornerstone of high - quality development of the global digital economy [7]. 3. Summary According to Relevant Catalogs 3.1 Mobile AI's Value 3.1.1 Economic Value: Releasing Large - Scale Potential through Integration - The large - scale deployment of 5G/5G - A networks and the rapid spread of AI are pushing mobile communication and AI into a new stage of deep integration. Mobile AI is based on the core logic of "two - way empowerment between the network and AI", creating a new service system and reshaping industrial and social operations [10]. - The global mobile communication industry has entered the critical stage of 5G scale development. By the end of 2025, there were 384 commercial 5G networks globally, with over 3 billion 5G users. It is predicted that by 2030, global 5G connections will reach 8.8 billion, accounting for over 60% of the total global mobile connections [12][15]. - The global AI market is expanding. In the consumer sector, the adoption of GenAI is accelerating, with about 75% of respondents using GenAI applications. In the enterprise sector, by 2030, over 70% of the workload in global data centers will be for AI - related computing needs, and the GenAI software market is expected to reach $122.8 billion [19][24]. - Global mobile operators' revenue reached $10.8 trillion in 2024 and is expected to increase to $12.5 trillion by 2030. The total capital expenditure from 2024 to 2030 is expected to be $13 trillion to support Mobile AI development [27]. 3.1.2 Social Value: Responsible, Inclusive, and Safe AI Progress - Mobile AI can promote the intelligent upgrade of social governance, such as in urban governance, public services, and emergency response, by building a governance system with comprehensive perception, rapid response, and precise intervention [36]. - It can popularize AI technology, breaking down hardware barriers, technical complexity, and scenario limitations, and making AI a universal resource accessible to all [37]. - Mobile AI can ensure AI compliance, security, and controllability by providing remote monitoring and security takeover capabilities for intelligent devices and establishing a governance network [38]. 3.2 Connotation of Mobile AI 3.2.1 Three - layer and Four - dimension Architecture - The three - layer architecture includes the basic layer (providing core support for connection, computing, and collaboration), the execution layer (encapsulating functions and providing standardized interfaces), and the application layer (creating economic and social benefits in specific scenarios) [42][43][44]. - The four - dimension includes AI for Network (automating and intelligentizing network operations), Network for AI (providing intelligent connection support), Mobile AI Agents/Terminals (achieving intelligent service delivery through device - edge - cloud collaboration), and Mobile AI Applications (transforming technology into solutions for various industries) [45][48][51]. 3.2.2 Key Applications in Different Fields - In the field of network operation and management, Mobile AI can solve problems in network planning, maintenance, optimization, and security, such as promoting dynamic network planning, autonomous network maintenance, and collaborative network operation [47][52][54]. - For new intelligent terminals, Mobile AI can meet the high - demand network connection requirements of intelligent robots, AI phones, and AI glasses, and promote the development of new intelligent services [59]. - In the field of intelligent applications, Mobile AI can enhance the user experience in consumer scenarios, such as in digital consumption, immersive experience, and personalized services. In enterprise scenarios, it can promote the digital and intelligent transformation of industries such as intelligent manufacturing, transportation, and healthcare [90][91]. 3.3 Towards Mobile AI 3.3.1 Infrastructure Improvement - It aims to build a bottom - layer support system with "adaptive connection, sufficient computing capacity, and efficient collaboration" by improving basic communication network capabilities and optimizing computing resource allocation [113]. - Communication networks need to be upgraded in terms of high bandwidth, low latency, massive connections, and high reliability, and a dynamic adaptation mechanism should be established [115]. - A hierarchical and collaborative "device - edge - cloud" computing capacity supply system should be constructed to meet the different computing needs of Mobile AI [117]. 3.3.2 Spectrum Assurance - A dual - track evolution path should be adopted for spectrum strategy, including "new frequency band planning" and "existing spectrum optimization" [114]. - Technologies such as AI - driven dynamic spectrum management and intelligent spectrum aggregation can be introduced to improve spectrum utilization efficiency [116]. - Promote the use of mid - frequency bands (such as 6GHz) and explore the deployment of high - frequency bands (such as millimeter - wave) in hotspots [118]. 3.3.3 Technological Innovation - Mobile AI technology innovation is based on the native AI network architecture, developing two - way technology systems of AI to the network and the network to AI [119]. - Key technologies include AI for Network (integrating AI into the end - to - end network system), enhanced uplink technologies (breaking the uplink bottleneck), and terminal - edge - cloud collaboration (optimizing the balance between business needs and resources) [127][129][145]. 3.3.4 Terminal Evolution - Terminal hardware needs to evolve towards multi - modal perception, full - band reliable connection, and efficient local intelligent processing to meet the diverse requirements of Mobile AI applications [158]. - Terminal forms should be diverse, collaborative, and popularized to create an all - scenario adaptive terminal system [158]. 3.3.5 Standard Formulation - Industry - specific application standards should be formulated for key industries to guide the standardized development of Mobile AI applications [158]. - A global unified standardization technology system should be established to eliminate collaboration barriers and reduce R & D and adaptation costs [162]. - A quantifiable experience evaluation standard should be improved to ensure that the evaluation results are consistent with the real user perception [163]. 3.4 Recommendations and Calls to Action - Establish a unified global standardization system, including standardizing AI model calling methods, agent protocols, and data formats [181]. - Reserve and optimize spectrum resources, and accelerate the deployment of 6GHz and millimeter - wave bands [181]. - Activate data as a core production factor, promoting safe data flow and the development of data asset markets [181]. - Strengthen infrastructure construction, building a next - generation connectivity system suitable for Mobile AI [181]. - Promote industry innovation through measures such as encouraging the application of open APIs and starting pilot projects [182].

以下文章来源于AIOrbit ，作者AIOrbit AIOrbit . AI项目上线及融资新闻发布。 去年MWC，大家还在笑称AI眼镜是一个"戴着它能问问题"的玩具。 你想知道面前的建筑是什么，得按一下镜腿，拍照上传，等两秒钟听语音播报。 但是到了今年，AI眼镜已经真正在展示"能办事"了。 导语：从"能回答"到"能办事"，AI眼镜迎来范式转移。 如果你问这届 MWC（世界移动通信大会）最火的是什么？ 答案不是6G信号，也不是折叠屏，而是AI眼镜。 在Google的Android XR展台前，长达2小时的排队提示牌让不少观众直接选择席地而坐。所有人的目光都聚焦在那些平均重量不到50克、看起来 和普通黑框眼镜并无二致的AI眼镜上。 MWC一向是科技界的风向标，去年大家还在讨论AI眼镜会不会只是"带摄像头的耳机"，但今年，当小米和阿里的AI眼镜在MWC会场被围得水泄不 通，Meta的Ray-Ban Display在美国卖断货，全行业只有一个结论： 2026年，是AI眼镜爆发的元年。 AI眼镜进入Agent时代 在MWC 2026展会现场演示中，一名海外参展商戴着眼镜扫过一张名片，只说了一句指令："帮我约他明天下午茶 ...

当前，广东已培育出8个国家级先进制造业集群，总产值规模近10万亿元，各集群在标志性产 品、标准、工艺等方面达到世界级水平。新一代信息通信集群孵化的无人机、3D打印等新兴 领域90多种产品，市场规模已占全国第一，广东先发优势明显。 站在全球产业链重构的关键窗口期，广东如何加快发展先进制造业集群？南方财经记者观察 到，广东的解法是，通过先进制造业与服务业的协同融合发展，为先进制造业集群带来赋能效 应、模式创新和生态重构。 随着人工智能赋能千行百业，广东的先进制造业集群开始迈入下半场——以数据、AI大模型和 应用场景为核心，重塑制造生产方式、重构服务模式，助力新一轮制造业重点产业链高质量发 展。 以科技创新推进智能制造 记者丨 郑康喜 编辑丨蒋韵 3月5日，十四届全国人大四次会议开幕。2026年政府工作报告提出，实施新一轮制造业重点产 业链高质量发展行动，强化产业基础再造和重大技术装备攻关，打造一批国家先进制造业集 群。 作为"十五五"开局之年，政府工作报告为中国制造高质量发展擘画蓝图，制造业大省广东又该 如何作答？ "到今年年底，广汽希望在海外建成超千家销售店，加快铺设全球重点市场销售与服务网 络。"3月4日，全 ...

编者荐语： 本次研讨会中，我们将聚焦 2026 年具身智能从概念走向商用落地的关键拐点，覆盖智能城市、人形机 器人与自动驾驶等核心场景，解析其中的增长机会。欢迎通过阅读原文预定入场门票！ 以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint 研讨会2026年具身智能和半导体产业洞察 2026 年，AI 正从"生成式"加速迈向"智能体（Agentic AI）"与"物理AI（Physical AI）"，产业重心也 随之从模型与应用扩展到算力基础设施、关键芯片、先进制造，以及端侧多形态设备的全面落地。 本次研讨会中，我们将聚焦 2026 年具身智能从概念走向商用落地的关键拐点，覆盖智能城市、人形 机器人与自动驾驶等核心场景，解析其中的增长机会。同时，AI 浪潮正在重塑全球存储与半导体制 造格局，本次活动将结合一线数据与产业观察，拆解供需变化、关键技术演进与产业链机遇，助力 企业把握 2026 年战略方向。 活动信息 | Counterpoint 研讨会 2026 年具身智能和半导体产业洞察 | | --- | | 日期/时间 3 ...

Core Viewpoint - The AI hardware market is experiencing a split, with some companies aggressively investing while others are retreating, highlighting the importance of identifying the correct trends in the industry [2][3][14]. Group 1: AI Hardware Trends - The article outlines three key trends in AI hardware for Q1 2026: naturalization of experience, scenario-based value, and ecological integration [4]. - Naturalization of experience refers to AI operating seamlessly in the background, allowing users to interact without needing to engage with specific applications [5][6]. - Scenario-based value emphasizes moving away from feature stacking to focusing on a few essential user scenarios, enhancing efficiency and user experience [8][9]. - Ecological integration highlights the importance of interconnected devices, where hardware serves as components within a larger digital ecosystem, enhancing user interaction and data sharing [10][11]. Group 2: Market Dynamics - The current AI hardware market is characterized by a divide between low-cost products and high-end, experience-driven offerings, creating challenges for consumers in discerning value [13][14]. - Companies like OpenAI are making significant investments, such as the $6.5 billion in developing screenless hardware, indicating a shift in interaction paradigms [13]. - The market is filled with new products, but there is a lack of reliable criteria for consumers to evaluate their utility, emphasizing the need for a structured approach to assess AI hardware [14]. Group 3: Evaluation and Awards - The article introduces the "2026 Q1 Upward and New AI Hardware Trend List," which aims to recognize products that meet real user needs and demonstrate structural value [14][26]. - The evaluation will focus on consumer AI hardware products released or available for purchase in the Chinese market between January 1 and March 20, 2026 [15][18]. - Awards will be given for trend-setting products that have been validated by the market and those that show potential for innovation and rule-changing capabilities [23].

Summary of Conference Call Records Company Overview - **Company**: Baiwei Storage - **Industry**: Storage and Advanced Packaging Key Points Performance Highlights - Baiwei Storage's revenue is expected to reach between 4 billion to 4.5 billion yuan, representing a year-on-year increase of 340% to 395%, with an increase of approximately 3.099 billion to 3.599 billion yuan compared to the same period last year [2] - The net profit attributable to shareholders is projected to be between 1.5 billion to 1.8 billion yuan, showing a staggering year-on-year growth of 921.77% to 1086.13%, with an increase of about 1.683 billion to 1.983 billion yuan compared to the previous year [2] - The net profit margin for January-February 2026 is expected to reach 39% [2] - Excluding share-based payment expenses, the net profit attributable to shareholders is estimated to be between 1.533 billion to 1.833 billion yuan [2] - The non-GAAP net profit is expected to be between 1.35 billion to 1.6 billion yuan, reflecting a year-on-year growth of 836.65% to 973.07% [2] Growth Drivers - **Supply Capability**: The company has sufficient inventory and is actively securing long-term agreements (LTA) with major global storage wafer manufacturers, ensuring stable supply of key raw materials [2] - **Product Development**: The company anticipates continued growth in high-value AI edge products, such as AI glasses, which will help stabilize gross margins. Revenue from smart automotive products is also expected to increase significantly in 2026 [2] - **Market Penetration**: Baiwei Storage's products have entered leading customers in the mobile phone and PC sectors, with plans to increase the shipment ratio of self-developed main control products to enhance the competitiveness of storage solutions [2] Advanced Packaging Developments - The company has established advanced packaging technologies covering Bumping, Fan-in, Fan-out, and RDL, with the advanced packaging manufacturing project in Dongguan Songshan Lake progressing smoothly [3] - The monthly production capacity of the advanced packaging project is expected to reach 5,000 pieces by the end of 2026 and 10,000 pieces by the end of 2027, with revenue contributions anticipated to begin by the end of 2026 [3] - The yield rate for advanced packaging is currently over 95%, with an expected comprehensive gross margin of approximately 30% to 40% [3] Market Outlook - The storage market is believed to have exited previous cyclical patterns and entered a growth era driven by AI, suggesting a potential revaluation of the storage sector and continued upward revisions of performance expectations [1]

Core Viewpoint - The article emphasizes the profound adjustments in the global industrial landscape, driven by de-globalization and complex geopolitical relationships, presenting both challenges and strategic transformation opportunities for Chinese companies in the smart terminal industry [2]. Group 1: Event Overview - AWE2026, one of the most influential exhibitions in the global home appliance and consumer electronics sector, will be held in Shanghai, adopting a "one exhibition, two zones" model [3][16]. - The total exhibition area for AWE2026 will reach 170,000 square meters, attracting over 1,200 top domestic and international companies to showcase innovations in technology and smart products [16]. Group 2: Summit Focus - The summit will cover the entire smart terminal industry chain, focusing on macro guidance, technology-driven discussions, market foresight, and core supply chain localization processes [4][5][6]. Group 3: Exhibition Zones - The New International Exhibition Zone will focus on smart home, AI appliances, and various innovative fields, showcasing over 1,000 domestic and international brands [19]. - The Eastern Hub International Business Cooperation Zone will highlight advanced technologies in consumer electronics, including AI smartphones, humanoid robots, and low-altitude economy products [21]. Group 4: Consumer Engagement - AWE2026 will launch a series of consumer promotion activities, including the "AWE Renewal Consumption Festival," which successfully drove appliance sales exceeding 2 billion yuan in the previous year [24]. - The event will also feature "AWE Live Streaming Nights," aiming to surpass the previous year's sales of over 1 billion yuan through live commerce [24]. Group 5: Forums and Discussions - AWE2026 will host a record number of high-level forums and activities, focusing on industry upgrades, new consumption trends, and technological advancements [28][29]. - The event aims to solidify its position as a global benchmark for smart living and foster international technological cooperation and economic development [29].

*内容仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。 "当大模型开始装进终端，AI 不再只是云端算力的战争，而是下一代硬件入口的争夺。" 这句话正在成为 2026 年全球科技产业最共识的判断。 站在 2026 年的春天回望过去三年，资本市场围绕 GPU、光模块、数据中心展开的狂热定价 仿佛还在昨日。云端算力曾是那个阶段唯一的赢家，英伟达的市值神话奠定了 AI 时代的基础 设施底座。然而，当时钟拨向 2026 年，一个深刻的结构性变化正在发生：AI 正在从数据中 心走向终端设备。真正决定科技周期长度的，从来不是基础设施的建设速度，而是终端渗透率 的爆发临界点。 【如需和我们交流可扫码添加进社群】 2007 年，Apple 发布 iPhone，移动互联网时代正式启动。硬件成为操作系统与应用生态的 载体，创造了万亿美元市值神话。今天，AI 正在寻找类似的"硬件载体"。2026 年 Mobile World Congress（MWC）以"智能新纪元"为主题召开，关键词不再只是 5G-Advanced 或 6G 预研 ，而是"AI 与通信深度融合"。这背后释放的是一个产业拐点信号：AI 硬件元年 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The conflict in the Middle East has escalated, affecting the financial markets in the region. The market impact on a global scale depends on potential changes in three key signals: US military mobilization, changes in the Iranian political situation, and the scope of conflict spillover. The general rule is that the safe - haven asset gold is better than the US dollar, long - term oil prices are still determined by supply and demand, the performance of the US stock market is directly related to the degree of US military intervention and the trend of the war situation, and there is no significant impact on Chinese assets [7][8]. - In the short term, the market style may switch from "policy expectation" to "performance realization". A - shares are likely to open lower due to the decline of US stock indices and geopolitical conflicts, but the medium - term upward trend remains unchanged [18][20]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On March 2, 2026, among domestic chemical products, the prices of crude oil, fuel oil, plastic, PP, PTA, PVC, asphalt, methanol, and LPG rose, with fuel oil having the largest increase of 3.378%, while the prices of coking coal, coke, natural rubber, 20 - number rubber, ethylene glycol, styrene, glass, soda ash, pulp, and caustic soda declined, with coking coal having a decline of 1.417% [4]. 3.2 Agricultural Products - On March 2, 2026, among domestic agricultural products, the prices of soybean No. 1, rapeseed meal, white sugar, yellow corn, corn starch, and palm oil rose, with yellow corn having an increase of 0.932%, while the prices of soybean No. 2, soybean meal, eggs, cotton yarn declined, with soybean meal having a decline of 0.247% [4]. 3.3 Macro News - On February 28, Iranian Supreme Leader Khamenei was assassinated and killed. The Iranian government announced a 40 - day national mourning and will soon elect a new supreme leader. US President Trump said that the US military action against Iran may last about four weeks and that he has agreed to dialogue with the new Iranian leadership [7]. - Chinese Foreign Minister Wang Yi stated China's stance on the Iranian situation during a phone call with Russian Foreign Minister Lavrov: stop military actions immediately, return to dialogue and negotiation as soon as possible, and jointly oppose unilateral actions [7]. - This week, there are many major global market events, including the opening of the 2026 National Two Sessions, the release of China's February PMI, foreign exchange and gold reserve data, and new product launches by Apple and Alibaba [8]. - Many new - energy vehicle manufacturers released their February delivery data, and some offered car - buying discounts in March [9]. - The 15th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference decided that the 4th session of the 14th National Committee of the CPPCC will be held in Beijing on March 4, 2026 [9]. 3.4 Morning Meeting Views on Major Products 3.4.1 Agricultural Products - White sugar: On February 27, the price of the main contract rose 0.74%. In the short term, the price center may move up further, but it is expected to fluctuate strongly, and attention should be paid to the upper pressure level and import policy changes [11]. - Corn: On February 27, the price of the main contract rose 0.77%. The short - term trend is high - level oscillation, but there is a risk of correction. Attention should be paid to the upper and lower support levels [11]. - Peanuts: On February 27, the price of the main contract fell slightly by 0.15%. The current price oscillates around the cost line. It is recommended to buy low and sell high in the 7850 - 8000 yuan range [11]. - Live pigs: The current overall supply exceeds demand, and the spot price is expected to remain weakly oscillating in the next 1 - 2 weeks. The futures market shows a pattern of near - term weakness and long - term strength, and the overall market remains in bottom - level oscillation [11]. - Eggs: The current national egg spot price is mainly stable. The near - term and long - term prices show a pattern of near - term strength and long - term weakness, with a large basis, suppressing the near - term prices, and the long - term prices remain oscillating after the decline [12]. - Red dates: After the Spring Festival, the market is slowly resuming. The spot price of red dates is temporarily stable, and the market is in bottom - level oscillation. It is recommended to buy low and sell high [12]. - Cotton: On February 27, the price of the main contract rose slightly by 0.29%. In the long - term, cotton prices are strongly supported by the expectation of supply tightening, but there is a risk of correction due to insufficient demand [12]. 3.4.2 Energy and Chemicals - Caustic soda: The fundamental situation of caustic soda remains in an oversupply pattern, and the near - term contracts may continue to be under pressure. Attention should be paid to the impact of supply - side disturbances on prices [12]. - Coking coal and coke: After the Spring Festival, the prices of coking coal and coke are under pressure, and the fundamentals are expected to continue in a weakly oscillating pattern. Attention should be paid to the linkage effect of rising energy prices due to the Middle East situation [12]. - Double - offset paper: The price of the main contract of double - offset paper is oscillating downward. The supply - side pressure persists, and the demand - side purchasing enthusiasm is still low. It is recommended to adopt a bearish strategy [12]. - Urea: The price of urea in the domestic spot market is running strongly. The demand in the agricultural peak season is supportive, but factors such as the release of stored goods and price - stabilizing policies may suppress the upward space. Attention should be paid to the 1750 - 1940 yuan/ton operating range [13]. 3.4.3 Non - ferrous Metals - Gold and silver: The prices of gold and silver are oscillating at high levels with large fluctuations. The increase in inflation pressure, policy uncertainty of the Federal Reserve, the increase in speculative net long positions, and the escalation of the Middle East situation have promoted the rise of precious metals [13]. - Copper and aluminum: The global macro - environment shows a pattern of weak balance and high volatility. The domestic social inventory of copper and aluminum is in a seasonal accumulation period. Attention should be paid to the recovery of downstream demand and supply - side risks due to the Middle East situation [13]. - Alumina: After the Spring Festival, the overall inventory of the domestic alumina market has decreased slightly, but the oversupply situation has not been fundamentally reversed. It is expected to remain at a low level and wait for new market drivers [15]. 3.4.4 Steel and Iron Alloys - Rebar and hot - rolled coil: After the Spring Festival, the inventory of the five major steel products continues to accumulate. Rebar still faces inventory accumulation pressure in the short term, while the demand for hot - rolled coil starts faster. The steel prices are expected to have limited downward space and upward rebound space. It is recommended to buy low and sell high in the specified price ranges [14]. - Ferroalloys: After the Spring Festival, the fundamentals of ferroalloys have not changed much. The supply has increased while the demand has decreased. From a macro perspective, the prices of commodities with high import dependence and external pricing power fluctuate more. In the short term, a bullish view on corrections is recommended, and industrial hedging should wait for better opportunities [14]. 3.4.5 Lithium Carbonate - On February 27, the price of the main contract of lithium carbonate rose 1.37%. The supply - demand pattern is tightening. It is recommended to consider buying on dips with a light position, but attention should be paid to the risk of sharp fluctuations due to insufficient market liquidity [14]. 3.4.6 Options and Finance - Stock index options: On February 27, the three major A - share indices showed different trends. The trading volume of options decreased, the open interest increased, and the implied volatility decreased. Trend investors should focus on arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility when the volatility drops significantly [16]. - Stock indices: Geopolitical risks have resurfaced. A - shares are likely to open lower, but the medium - term upward trend remains unchanged. Attention should be paid to the support of funds for a potential rebound [20]. - RMB: Since February, the RMB has continued its unilateral appreciation trend. The central bank's decision to reduce the foreign exchange risk reserve ratio for forward foreign exchange sales helps to weaken the expectation of unilateral RMB appreciation and maintain the stability of the RMB exchange rate [19].