**China Securities Journal** **New Batch of 15 Hard-Tech Themed Funds Approved, Focusing on Core Technology and Strategic Emerging Industries** The China Securities Regulatory Commission announced on March 17 the approval of a new batch of 15 hard-tech themed fund products. This batch includes passive funds tracking the Sci-Tech Innovation Board and ChiNext AI Index, as well as active funds benchmarked against the China Strategic Emerging Industries Index, concentrating on core technologies and the growth trajectory of strategic emerging industries.

**Asset Managers Compete for AI Favorability, Industry Insiders Warn Against Information Pollution** As AI tools become increasingly prevalent, a new marketing model is gaining traction, with Generative Engine Optimization (GEO) growing in importance. Within the public fund industry, service providers are promoting GEO services tailored to fund companies' marketing needs. These services aim to enhance a brand's visibility to AI large language models by optimizing promotional materials. Major fund companies have begun piloting this business, with homogeneous products like ETFs becoming a key focus area for AI-driven marketing.

**13 Biopharma Firms Added to Stock Connect, Sector Cements Role as Emerging Pillar Industry** Following the recent adjustment to the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, 42 new Hong Kong-listed stocks are now eligible for southbound trading. The biopharmaceutical sector is prominently featured, with 13 companies included, accounting for over 30% of the new additions. Analysts view this adjustment as a direct capital market response to the government's designation of biopharma as an emerging pillar industry. This move provides crucial liquidity for pre-profit biotech firms in their R&D phases, signaling a new stage of integrated value discovery and industrial empowerment between mainland and Hong Kong's biotech capital markets.

**NVIDIA's Feynman Architecture Ushers in Chip Optical Interconnect Era, CPO Industry Faces Re-rating** Chip-to-chip interconnection, a core component of global AI computing infrastructure, is undergoing a historic shift from electrical to optical technology. On March 16, NVIDIA unveiled its Feynman chip, which integrates optical communication for inter-chip connectivity for the first time, potentially reducing AI data center communication energy consumption by over 70%. Analysts believe that with this established overseas technological path and supportive domestic industrial policies, leading Chinese optical module manufacturers deeply embedded in the global computing supply chain and those with Co-Packaged Optics (CPO) technological reserves are poised to enter a period of earnings realization amid the new infrastructure wave focused on computing-power synergy.

**Shanghai Securities News** **"Lobster" Craze Goes Viral, Brokerages Develop Proprietary AI Agents** The recent "lobster-raising" frenzy sparked by the AI agent OpenClaw has swept the internet. Guoyuan Securities has taken the lead among brokerages in developing its own AI agent. Several other securities firms are also developing super-agents for internal employee use. Unlike general-purpose AI agents, brokerages' proprietary AI agents emphasize strong regulatory compliance and deep integration with their specific business operations, prioritizing security built into the architecture to safeguard client assets, company operations, and financial data.

**The "Effective Value" of Computing Power Represents True National Strength** Research and discussions with enterprises and researchers reveal a consensus: computing power equates to national strength. Every segment of the computing power industry chain is critical. Chips are the heart, optical interconnects are the blood vessels, and power supply with liquid cooling represent cardiopulmonary function. Integrated, they form the true "muscle" and "kinetic energy" of the digital era. Only nations that secure a computing power advantage will possess the capability to incubate the next disruptive technology, define the future industrial landscape, and wield influence in global digital governance.

**New Funds Intensively Filed, Incremental Capital Bolsters Tech Sector** Capital continues to flow into the technology sector. New technology-focused funds are being filed and established intensively, related ETFs are seeing sustained net inflows, and AI remains a core focus for fund research. The long-term investment value of the tech sector appears increasingly evident. On March 17, several fund companies, including Xingyin Fund and Invesco Great Wall Fund, received approvals for the first batch of over-the-counter funds tracking the CSI Sci-Tech Innovation Board and ChiNext AI Index. A representative from Xingyin Fund noted that the index covers core AI assets concentrated on the STAR and ChiNext boards, whose value is enhanced by deepening reforms and the accelerating aggregation of quality AI industry chain enterprises.

**"Battery-Separated-from-Vehicle" Model Offers New Path to Resolve New Energy Vehicle Insurance Dilemma** The new energy vehicle (NEV) insurance market faces a conundrum: owners complain of high premiums, while insurers report losses. For NEV owners, high component costs, particularly for power batteries, drive up insurance quotes. For insurers, challenges include persistently high loss ratios, complex damage assessment, and immature risk models.

**Securities Times** **NVIDIA Dives into "Lobster" Trend, Bets Heavily on Trillion-Dollar AI Inference Era** Global computing powerhouse NVIDIA is transitioning from a chip giant to an AI factory, targeting opportunities in the AI inference market. At the 2026 GPU Technology Conference (GTC) opening on March 17, CEO Jensen Huang significantly raised revenue expectations for the next-generation AI chips, targeting a $1 trillion goal. The company also officially launched its next-generation hardware platform and released a software stack supporting applications like the "lobster-raising" trend.

**Exposing the GEO Gray Industry Chain: "Poisoning" AI Models for as Little as 9.9 Yuan, How False Ads Become "Standard Answers"** During this year's Consumer Rights Day period, the issue of "data poisoning" affecting AI large language models came under scrutiny. A tool called Generative Engine Optimization (GEO) surfaced, with providers claiming that for a fee, they can ensure a client's product is featured prominently in responses from mainstream AI models, even transforming false advertisements into seemingly authoritative "standard answers."

**SASAC: Plan and Implement Major Projects and Landmark Engineering Initiatives Proactively** On March 16, the State-owned Assets Supervision and Administration Commission (SASAC) Party Committee held an expanded meeting. The meeting emphasized intensifying efforts to guide central enterprises to continue serving as stabilizers and ballasts for the national economy. Enterprises should keenly assess changing conditions, set scientific and reasonable operational targets, strive to expand development space, focus on improving operational quality, concentrate on major national projects and new infrastructure, plan and implement a batch of significant projects and symbolic engineering initiatives proactively, work to expand effective investment, tighten responsibility, and firmly守住 the bottom line of preventing systemic risks.

**Two Departments Issue Guidelines to Comprehensively Advance Child-Friendly Development** Guidelines for promoting child-friendly development across society were jointly issued by the National Development and Reform Commission and the State Council Working Committee on Children and Women, with State Council approval. The guidelines provide a systematic framework for child-friendly initiatives, aiming to better safeguard the legitimate rights and interests of minors and promote their healthy growth and comprehensive development.