[Table_Title] 研究报告 Research Report 1 Mar 2026 国泰海通香江策论 Global Macro Strategy 避险逻辑、韩流寒流，港股卖空占比高达 20%——国泰海通香江策论之数据周报 Safe-Haven Trades, Korea Siphoning Liquidity, HK SSR at 20% — GTHT Global Macro Strategy Weekly Data Update 张忆东 Yidong Zhang 周林泓 Amber Zhou 黄雨昕 Yuxin Huang yd.zhang@htisec.com amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 国泰海通香江策论之数据周报包含"流动性数据""重点研究报告荟萃""每日一图系列"三部分，旨在通过关键流动性指 标、精选研究观点与市场图表解析，集中呈现本周数据 ...

[Table_Title] 研究报告 Research Report 1 Mar 2026 国泰海通香江策论 Global Macro Strategy 避险逻辑、韩流寒流，港股卖空占比高达 20%——国泰海通香江策论之数据周报 Safe-Haven Trades, Korea Siphoning Liquidity, HK SSR at 20% — GTHT Global Macro Strategy Weekly Data Update 张忆东 Yidong Zhang 周林泓 Amber Zhou 黄雨昕 Yuxin Huang yd.zhang@htisec.com amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 国泰海通香江策论之数据周报包含"流动性数据""重点研究报告荟萃""每日一图系列"三部分，旨在通过关键流动性指 标、精选研究观点与市场图表解析，集中呈现本周数据 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][38]. Core Insights - OpenAI's latest models, o3 and o4-mini, introduce significant advancements in image reasoning and agent capabilities, enhancing the AI programming ecosystem [3][4]. - The competition in the global large model field remains intense, with a strong emphasis on native agent capabilities and multimodal reasoning [34]. - The domestic AI computing power market is expected to see increased acceptance and market share for Chinese AI computing solutions due to ongoing global trade tensions [34]. Summary by Sections OpenAI's New Models - OpenAI released o3 and o4-mini, which are touted as the most intelligent models to date, featuring breakthroughs in image reasoning and agent capabilities [3][4]. - The o3 model has set new state-of-the-art benchmarks in coding, mathematics, and visual perception tasks, outperforming its predecessor o1 by 20% in error rates on complex tasks [5][7]. - The o4-mini model is optimized for fast and cost-effective reasoning, excelling in non-STEM tasks and data science [5]. Doubao 1.5 Model - Doubao 1.5 has reached or is close to the top tier globally in reasoning tasks across mathematics, coding, and science, with enhanced visual understanding capabilities [17][21]. - The Doubao APP, based on the Doubao 1.5 model, can perform "thinking while searching," providing detailed recommendations based on user needs [24][27]. - Doubao's daily token usage has surged to over 12.7 trillion, indicating significant growth and market penetration [18]. Investment Recommendations - The report suggests focusing on AI applications in enterprise services, programming, and office automation, as well as on domestic AI computing power companies [34]. - Recommended stocks in AI applications include companies like Fanwei Network and Kingdee International, while AI computing power recommendations include companies like Haiguang Information and Inspur Information [34].