Today's Focus 1. China Advances Major Projects Like Yaxia Hydropower, Creating Opportunities Across the Supply Chain --------------- National Development and Reform Commission Chairman Zheng Shanjie stated on March 6 that, for long-term strategic layout, a series of strategic projects will be implemented. This includes持续推进 the Yaxia hydropower project, "Shagehuang" new energy bases, offshore wind power bases, and a series of other major energy projects each involving investment exceeding one trillion yuan, to safeguard the nation's modernization and improve people's quality of life. Research institutions believe that driven by these super hydropower projects, multiple sectors including building materials, construction machinery, and power equipment are expected to see development opportunities. The commencement of the Yaxia hydropower project is expected to initiate a new construction cycle for hydropower, driving investment opportunities in upstream and downstream equipment and materials. This presents long-term growth potential for manufacturers of hydropower units, GIL, and other electrical equipment. The initial road construction phase for Yaxia involves demand for medium and small excavators and road surface equipment. The main construction phase involves demand for tunnel boring machines, concrete machinery, excavators, and lifting equipment, while transportation equipment demand persists throughout the entire construction cycle. Relevant companies: Dongfang Electric (600875) is a leading domestic enterprise in hydropower, thermal power, and nuclear power units, maintaining leading market share with ample orders on hand. Sany Heavy Industry (600031) is a global leader in construction machinery, holding leading positions in key product categories like excavators, concrete machinery, and cranes for an extended period.

2. Long March 8A Rocket Launch Imminent, Boosting Satellite Internet Deployment with Enhanced Capacity --------------- The Long March 8A Yao-8 carrier rocket, developed by the China Academy of Launch Vehicle Technology, was successfully transferred on March 7 at the Hainan Commercial Space Launch Site. The rocket body was moved to Launch Pad No. 1 in the launch area, with a launch planned in the near future. The Long March 8A is a significant improved variant of the Long March 8 series, with its sun-synchronous orbit payload capacity upgraded to the 7-ton level. It is specifically designed for high-density, rapid constellation deployment launches and is a core launch vehicle for building China's satellite internet constellation. It is understood that the Long March 8 series rockets have approximately 15 launch missions planned for this year. Research institutions believe that with the initiation of two mega-constellations each planned for tens of thousands of satellites, satellite demand is beginning to grow rapidly. China's satellite launch count is expected to exceed 300 in 2025. According to the deployment plans for these two constellations, the annual satellite launch count in subsequent years is expected to increase significantly to several thousand. The market size for China's commercial space sector was 2.83 trillion yuan in 2025, a year-on-year increase of 21.7%; it is projected to reach 3.5 trillion yuan in 2026, with growth continuing to exceed 20%. Relevant companies: Parker Advanced Materials (605123) is one of the few private enterprises in China capable of supplying precision special alloy ring forgings and precision die forgings for high-end equipment such as aircraft and aero-engines, space launch vehicles and satellites, controlled nuclear fusion, deep-sea equipment, and gas turbines. Sirui New Materials (688102) focuses on the development of copper-chromium-zirconium and copper-chromium-niobium materials. Addressing pre-research models for rocket engine thrust chambers in national major aerospace projects, the company extends its core technology to solve key technical challenges in the "purification" of copper alloys, with performance basically reaching international advanced levels.

3. "Raising Lobsters" Trend Highlights Potential for AI Agent Popularization to Drive Computing Demand --------------- On March 6, a long queue formed outside Shenzhen's Tencent Building, with hundreds of developers and AI enthusiasts gathering. With the assistance of Tencent Cloud engineers, they completed the cloud deployment of OpenClaw on-site, vividly demonstrating the popularity of "raising lobsters" (deploying and operating OpenClaw). The industry widely believes that the explosive popularity of OpenClaw signifies the AI industry's transition from the "chat model" era to the "AI Agent era." OpenClaw is promoting the upgrade of Agents from "productivity tools" to "continuously operating productivity." Leveraging efficient interaction, long- and short-term memory, and high-permission execution capabilities, the Agent form is gradually approaching that of an "AI secretary." In this model, AI is expected to become the scheduling hub, while traditional SaaS applications may evolve into capability modules, potentially reshaping their relationship. Multiple institutions believe that the widespread adoption of Agents will significantly drive AI computing demand. As Agents perform complex tasks requiring continuous model calls, Token consumption and inference computing demands are expected to grow rapidly, benefiting semiconductor and cloud computing infrastructure on a sustained basis. Relevant companies: Kehua Data (002335) has successively won bids for its data center products from projects involving China Mobile, China Telecom, and major internet clients. DataPort (603881) has constructed 35 data centers spanning from Ulanqab and Zhangbei in the north to Shenzhen and Heyuan in Guangdong, achieving a forward-looking strategic layout covering the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the eastern hub of the Guangdong-Hong Kong-Macao Greater Bay Area, and corresponding core regions in the west.

4. Samsung Plans Another 100% NAND Price Hike in Q2; Domestic Memory Leaders to Benefit from Price Cycle --------------- According to a South Korean report on March 8, Samsung Electronics plans to sharply increase NAND Flash prices by another 100% in the second quarter. Samsung had already raised NAND Flash supply contract prices by over 100% in the first quarter of this year. This means that Samsung alone is preparing to increase NAND prices by over 200% in the first half of the year. Other NAND manufacturers, such as South Korea's SK Hynix and Japan's Kioxia, also intend to implement further price increases. Samsung's decision to double NAND prices for two consecutive quarters indicates that within the memory shortage crisis, the NAND price issue may be more severe than that of DRAM. In fact, since the latter half of last year, when DRAM supply began experiencing sustained shortages and price increases influenced by AI demand, NAND Flash supply has also been affected. Due to the expansion of AI infrastructure investment, demand for enterprise solid-state drives (eSSDs) has increased significantly. Additionally, the adoption of high-performance, large-capacity storage devices in end-equipment like smartphones and PCs continues to expand, coupled with the development of edge AI, further boosting demand for NAND Flash. Led by Samsung, major NAND manufacturers have indeed been raising prices in sync. According to market research data, the average fixed contract price for mainstream 128Gb MLC NAND surged to $12.67 last month, a month-on-month increase of 33.9% and a staggering year-on-year increase of 452.3%. This shows that as AI progresses from the training phase to the inference phase, the role of NAND is becoming increasingly important. The industry expects that with the two major suppliers, Samsung and SK Hynix, significantly cutting NAND production to prioritize high-margin products like high-bandwidth memory, the upward price trend is likely to persist for the foreseeable future. Relevant companies: Jiangbolong (301308) is the largest comprehensive memory module manufacturer in China, with products covering NAND Flash and DRAM storage products, and has launched several high-speed enterprise eSSD products. Shannon Xinchuang (300475), as a leading domestic memory distributor, is a core distributor for SK Hynix in China. Through its controlled subsidiary, Haipu Storage, it is expanding into the enterprise SSD sector, forming a development pattern integrating "distribution + products."

Trading Notes 1. Listing Today: Mirui Technology (Beijing Stock Exchange). 2. Trading Halt Today: None. 3. Resumption of Trading Today: Dongyangguang, Zhongnan Culture. 4. Lock-up Expiration Today: Maolai Optics, Weifeng Electronics.

Announcement Highlights 1. Wanbangde (002082) forecasts a 985% year-on-year increase in Q1 net profit, indicating initial success in its strategic shift from generics to innovative drugs. 2. Zhongnan Culture (002445) plans to acquire a 57.3% equity stake in Jiangsu Sulong Thermal Power; trading resumes tomorrow. 3.沪电股份 (002463)'s wholly-owned subsidiary plans to invest 5.5 billion yuan in building a printed circuit board production project for high-layer-count, high-frequency/high-speed, high-density interconnect, and high-current PCBs. 4.迈为股份 (300751) plans to invest 3.5 billion yuan in constructing a project for perovskite tandem cell complete equipment. 5. Dongyangguang (600673) plans to acquire a 70% equity stake in Dongshu No.1; trading resumes. 6.格林美 (002340) signed a strategic cooperation agreement with China ENFI to jointly promote the development of critical mineral resources.

Market Review 1. Market Data: Last Friday, the Shanghai Composite Index and Shenzhen Component Index opened lower but closed higher, while the ChiNext Index surged before paring gains. The total turnover for the Shanghai and Shenzhen markets was 2.2 trillion yuan, shrinking by 189.9 billion yuan from the previous trading day. 2. Hot Sectors: Sectors gaining included agricultural chemicals, aquaculture, and medical services. Sectors declining included oil and gas extraction, industrial metals, and optoelectronics. 3. Dragon and Tiger List: Data showed that Tuowei Information (002261) saw net institutional buying totaling 902 million yuan. GCL Integration (002506) experienced significant main force trading, with net buying of 694 million yuan. Southern Grid Digital Group (301638) had net institutional buying of 389 million yuan. Zongshen Power (001696) received net institutional buying of 370 million yuan.星环科技 (688031) saw net institutional buying of 358 million yuan.