Core Insights - The report emphasizes the grid trading strategy as a method to capitalize on price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - It identifies equity ETFs as ideal candidates for grid trading due to their characteristics such as low transaction costs, high liquidity, and significant volatility [3][11] ETF Grid Strategy Focused Targets - The report highlights the "ChiNext Growth ETF (159967.SZ)" which tracks the ChiNext Growth Index and focuses on high-growth sectors like electronics and telecommunications, benefiting from national policies aimed at developing new industries [5][12] - The "France CAC 40 ETF (513080.SH)" is noted for its representation of the largest and most active companies in France, with a PE-TTM of 20.8, making it more attractive compared to the S&P 500's 25.65 [6][14] - The "Tourism ETF (159766.SZ)" is positioned as a key player in China's shift from investment-driven to consumption-driven growth, supported by government policies aimed at enhancing service consumption [7][15] - The "Photovoltaic ETF (515790.SH)" is highlighted for its strong growth potential, with a record 277.17 GW of new installations in 2024, indicating a significant recovery in the sector after a period of destocking [8][17]

2025 年 03 月 18 日 证券研究报告 | 公募基金周报 市场关注消费提振新闻发布会，再次点燃 A 股热情 公募基金量化遴选类策略指数跟踪周报（2025.03.16） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 1、《A 股港股持续强势，海外衰退担忧 情绪高涨—公募基金量化遴选类策略指 数跟踪周报（2025.03.09）》2025-03-11 2 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/3/7》2025-03-10 3、《低波策略回撤控制能力占优，海外 避险情绪持续高涨—公募基金量化遴选 类策略指数跟踪周报（2025.03.02）》 2025-03-04 2025/2/28》2025-03-03 5、《互联网财报再燃权益热情，美国再 起经济衰退担忧—公募基金量化遴选类 策 略 指 数 跟 踪 周 报 （ 202 ...

异常波动 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300029&announcementId=1222777416&orgI | 300029 | ST天龙 | d=9900009118&announcementTime=2025 | -03-12 | | | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300313&announcementId=1222777048&orgI | 300313 | ST天山 | d=9900021985&announcementTime=2025 | -03-13 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=000518&announcementId=1222673717&orgI | 000518 | 四环生物 | d=gssz0000518&announcementTi ...

2025 年 03 月 16 日 证券研究报告 | 策略周报 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 1、《"两会行情"来临，如何应对？— 策略周报》2025-03-02 2、《春季躁动已至，科技领衔 —策略周 报》2025-02-09 3、《当"春季躁动"遇上特朗普就任 — 策略周报》2025-01-19 4、《市场情绪转弱，防守待反击 —策略 周报》2025-01-05 5、《成交量延续回落，再回"哑铃型" 配置 —策略周报》2024-12-29 投资要点 分析师：刘芳 基本面回顾与资产配置展望：美国通胀降温，削弱了"滞胀"担忧，但特朗普政 策不确定性风险较高，外部波动风险仍然较大。国内方面，两会后处于政策逐步落 地阶段，3 月 14 日金融监管总局印发通知，要求金融机构发展消费金融，助力提 振消费；以及呼和浩特发布生育补贴细则，推动市场对 ...

Group 1 - The report highlights that the U.S. inflation has cooled down, reducing concerns about "stagflation," but there remains high uncertainty regarding Trump's policies and significant external volatility risks [3][7]. - Following the Two Sessions, domestic policies are gradually being implemented, with recent notifications from the Financial Regulatory Bureau aimed at promoting consumer finance to boost consumption [3][7]. - The A-share market saw a slight decline in trading activity, with an average daily turnover of 16,557 billion yuan, down 452 billion yuan from the previous week, yet still at a high level for the year [4][8]. Group 2 - The report indicates a shift in market style, with growth and small-cap stocks transitioning towards financial, consumer, and large-cap sectors, while consumption and finance sectors have shown strength [4][8]. - It is noted that the recent consumer policies may gradually favor the service sector and new consumption, limiting the benefits for traditional consumption sectors [4][8]. - The report suggests that the possibility of a structural bull market is higher than a comprehensive bull market, with skepticism about the sustainability of consumption sectors following recent policy implementations [4][8]. Group 3 - The report recommends taking profits in financial and consumer sectors while looking for opportunities to accumulate technology growth stocks on pullbacks [4][8]. - In the bond market, the central bank's recent adjustments have improved the liquidity situation, alleviating the risk of rising yields, but the report anticipates a period of yield fluctuations without significant downward movement [4][8]. - The report emphasizes the importance of monitoring upcoming macroeconomic data to assess whether there is an improvement in financing demand from residents and enterprises, which would indicate a gradual recovery in economic confidence [20].

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights various new stock issuances and trading alerts, indicating active market participation and potential investment opportunities in the listed companies [1]. - It also notes significant fluctuations in stock prices for certain companies, which may present both opportunities and risks for investors [2]. Summary by Relevant Sections - **New Stock Issuances**: The report lists several new stock issuances, including Zhejiang Huayuan at an issuance price of 4.92 and Shengke Nano at 9.08, suggesting a vibrant market for new entrants [1]. - **Trading Alerts**: The report provides trading alerts for companies such as Chengda Biological and Xilong Health, indicating important dates for rights offerings and significant price movements [1]. - **Stock Price Fluctuations**: Companies like Hainan Huatie and Huayi Technology are mentioned for their abnormal stock price fluctuations, which could indicate volatility in the market [2].

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=601689&announcementId=1222767087&orgI | 113061 | 拓普转债 | 赎回登记日：2025 | 年 | 3 | 月 | 13 | 日 | d=9900023677&announcementTime=2025 | -03-12 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002811&announcementId=1222759665&orgI | 128066 | 亚泰转债 | 最后交易日：2025 | 年 | 4 | 月 | 14 | 日 | d=9900026798&announcementTime=2025 | -03-11 | | | http://www.cninfo.com.cn/new/disclosure/de ...

2025 年 03 月 12 日 证券研究报告 | 金融工程月报 小盘风格强势，为何公募指增超额较 少？ 策略环境跟踪月报(2025 年 3 月期) 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 021-20515355 1、《当前是否是中性策略止盈的好时 机？—策略环境跟踪月报(2025 年 2 月 期)》2025-02-13 销售服务电话： 商品市场方面，2 月份受到海外扰动影响，商品市场表现分化。能化方面，俄 乌谈判取得进展，同时特朗普政府施压伊拉克库尔德地区恢复原油出口，油价 大幅下跌；黑色方面，春节后铁矿石需求恢复，铁矿石价格上升；贵金属方面， 特朗普 2 月关税政策密集发布且态度反复，不确定性支撑金价小幅走强。 相关研究报告 2、《量化舒适期，指数增强超额收益显著 3、《市场成交活跃，Alpha 策略收益修复 从环境因子来看，权益市场方面，2 月，市场对于科技的追逐依旧 ...

2025 年 03 月 12 日 证券研究报告 | 金融工程月报 小盘风格强势，为何公募指增超额较 少？ 策略环境跟踪月报(2025 年 3 月期) 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 021-20515355 1、《当前是否是中性策略止盈的好时 机？—策略环境跟踪月报(2025 年 2 月 期)》2025-02-13 —策略环境跟踪月报（2025 年 1 月期）》 2025-01-15 —策略环境跟踪月报》2024-12-10 4、《市场热点集中，指数增强未能跑赢指 数—策略环境跟踪月报》2024-11-13 5、《市场快速上涨之后，量化产品如何布 局？—策略环境跟踪月报》2024-10-17 投资要点 月报统计时间为 2025.02.01 至 2025.02.28。 2025 年 2 月，权益市场大幅上涨；商品市场先扬后抑。 分析师：柏逸凡 权益市场方面，2 月 A ...