According to a research report from China Merchants Securities (CMSC), this week's industrial trends are primarily concentrated in the power and artificial intelligence sectors. In the power sector, the 2026 National Two Sessions included "computing-power synergy" in a mega-scale new infrastructure project. Strong policy catalysts, combined with the large-scale implementation of green power direct connection projects (with 32.59 GW of capacity already approved) and the accelerated development of a national unified electricity market system, are driving computing-power synergy from policy planning to industrial practice. In the artificial intelligence sector, OpenAI officially released its new flagship large language model, GPT-5.4, and its advanced version, GPT-5.4 Pro. This update marks a significant evolution in large model technology towards a "native digital employee" paradigm. It is reported that GPT-5.4 can directly take over system keyboard and mouse operations to automate complex desktop workflows across applications. The main views of China Merchants Securities are as follows:
【Themes and Industrial Trends】The Two Sessions have anchored computing-power synergy, with new infrastructure driving a revaluation of the power industry. The 2026 National Two Sessions included "computing-power synergy" in a mega-scale new infrastructure project. Strong policy catalysts, combined with the large-scale implementation of green power direct connection projects and the accelerated development of a national unified electricity market system, are pushing computing-power synergy from policy planning to industrial practice. In the short term, the power sector has already shown excess returns (the CITIC Power and Utilities Index has risen for two consecutive weeks), indicating a clear trend of industry revaluation. In the medium to long term, the core model of direct green power supply for data centers (AIDC) will unlock growth potential for the power industry. Sub-sectors such as power supply for computing facilities, power equipment, and green power operations will continue to benefit. Under industry differentiation, the competitive advantages of leading companies will become more prominent.
OpenAI released GPT-5.4, the first general-purpose model natively supporting computer operation capabilities. On March 5, against the backdrop of recent market attention due to its involvement in military and defense cooperation, OpenAI officially released its new flagship large language model, GPT-5.4, and its advanced version, GPT-5.4 Pro. This update signifies a major evolution in large model technology towards a "native digital employee" paradigm. It is reported that GPT-5.4 can directly take over system keyboard and mouse operations to automate complex desktop workflows across applications (such as in-depth spreadsheet modeling and cross-software data synchronization).
【Important Information】Artificial Intelligence: Following its full open-source release on March 4, the global popularity of Step星辰's new-generation base model, Step 3.5 Flash, has further increased. The model's call volume on OpenClaw (a globally renowned open-source project nicknamed "Crayfish" by netizens) climbed to the top globally for two consecutive days. Geopolitics: On the 8th, U.S. President Trump told Israeli media that a final decision to end military actions against Iran would be made at an "appropriate time."
【Short-term Industrial Trends and Recommendations】From a short-term perspective, focus on five sectors showing marginal improvements in March: chemicals, lithium mining, domestic computing power, semiconductor equipment, and overseas computing power.
【Medium to Long-term Industrial Trends and Recommendations】From a medium to long-term perspective, it is recommended to use the cycle as the axis and supply-demand as the anchor. Focus on the progress of societal intelligence under the new technology cycle (continuous iteration of large models, improvement of computing infrastructure and AI ecosystems, implementation of AI business models, and AI empowerment in consumer electronics, robotics, etc.), the autonomy and controllability of related industrial chains under the domestic substitution cycle (domestic large models, domestic AI applications and computing power, domestic integrated circuit industry chains), and the cost reduction and efficiency improvement across the entire carbon neutrality industrial chain under the "dual carbon" cycle (photovoltaics, wind power, energy storage, hydrogen energy, nuclear power), as well as the increasing penetration rate of electric and intelligent vehicles under the major trends of electrification and智能化.
【Global Stock Market Performance】Last week, global stock markets saw more declines than gains. The energy sector performed relatively well, while materials, consumer staples, and financials showed average performance.
Risk warnings: Economic data may fall short of expectations, policy understanding may be incomplete, and overseas policies may tighten beyond expectations.
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