2025 年 3 月光伏板块震荡盘整，个股走势显著分化。截至 3 月 25 日收盘，3 月光伏行业指数上涨 0.41%，明显跑输沪深 300 指数， 板块日均成交金额环比小幅缩量。光伏细分子行业表现分化，金刚 石线、光伏电站、逆变器、光伏胶膜和焊带表现居前，海优新材、 横店东磁、凯盛新能、岱勒新材、嘉泽新能涨幅居前。

通信行业整体呈平稳增长态势 根据工信部数据，2024 年电信业务量收稳步提升，按照上年价格计算的电 信业务总量同比增长 10%，比全国服务业生产指数增速快 4.8 个百分点，有 力拉动服务业平稳提升。全年完成电信业务收入1.74 万亿元，同比增长3.2%。 新兴业务拉动作用持续凸显，持续推动行业转型升级，2024 年完成包括云 计算、大数据、移动物联网、数据中心等在内的新兴业务收入 4348 亿元， 比上年增长 10.6%，在电信业务收入中占比由上年的 21.6%提升至 25%，拉动 电信业务收入增长 2.5 个百分点。

Artificial Intelligence (AI) is revolutionizing the global CBS market by enhancing efficiency, improving customer service, and enabling advanced risk management. AI-driven solutions are transforming traditional banking operations, making them more agile and customer-centric.Enhanced Efficiency and ProductivityAI technologies, such as machine learning and natural language processing, are automating routine tasks, reducing manual intervention, and speeding up processes. For instance, JP Morgan Chase has implemented an AI system that automates key aspects of the loan approval process, reducing processing times from days to minutes.

Corporate LMS is defined as a software application for training, administrating, documenting, reporting, and delivering training programs to the employees in order to upskill their knowledge on a domain and increase productivity at work.

Algorithmic trading is a trading system that mainly utilizes advanced and complex mathematical models and formulas to evaluate the result and formulate effective high-speed decisions for trading companies. It involves using fast computer programs and complex algorithms to create and determine trading strategies for the best possible outcomes.

Battery units are fitted into telecom towers to deliver power supply during power outages. These units are either used as standalone batteries or are clubbed with diesel generators to switch between power sources whenever needed.

我们认为阿里巴巴收入增长提速、利润率提升确定性大，有望超预期。不同于市场的观点：我们认为阿里巴巴收入增长提速、公司利润率提升的确定性大。主要的不同点体现在对智能云业务收入提速、智能云供需和竞争优化后利润率快速提升的判断上。

首先，从长经济周期的视角，中国的最终居民消费率确实仍具备较高的提升空间。这些当前国内经济主体有效需求不足需要核心解 决的问题。所以我们认为当前GDP的结构的优化的进程，是中国经济发展必须经历的阶段，并且政府作为最终需求主体可能需要发 挥更强的作用。并且这个过渡阶段是存在特征重合的，比如“货币乘数有效性”是当前中美经济共同面临的问题。

2024 年我国软件产业增速呈现回落趋势。2024 年软件业务收入 13.73 万亿元，同比增长 10.0%，较 2023 年 13.4%的增速回落 了 3.4PCT。2024 年软件业务利润总额 16953 亿元，同比增长 8.7%，较 2023 年 13.6%的增速水平回落了 4.9 PCT

Coding bootcamps are immersive training programs that range from a few weeks to a few months. They are helpful to learners from diverse backgrounds to improve their programming skills and enhance their employability prospects.