（013013/013014）跟踪中证新能源汽车指数（399976），选取涉及锂电池、充电桩、新能源整车等业 务的上市公司股票作为成份股，前十大成分股中包含了比亚迪、宁德时代、汇川技术、华友钴业、三花 智控等行业龙头。申万二级行业分类中，电池权重占比高达46%。 中信证券研报指出，美伊战争正向着长期化方向发展，霍尔木兹海峡的"封锁"推动原油价格飙涨，原油 价格持续高位将在全球范围内提升纯电与低馈电混动车型竞争力，中国车企技术优势有望加速转化为全 球份额。 每日经济新闻 3月23日，A股三大指数大幅调整，新能源板块逆市上涨，相关ETF集体拉升，截止10点01分，新能源车 ETF华夏（515030）涨幅1.10%，成交额已达4.57亿元，持仓股富临精工、比亚迪、天花新能、容百科 技、赣锋锂业、盛新锂能等股涨幅居前。 新能源车 ETF华夏（515030）是目前市场上规模最大的新能源车主题ETF，与其联接基金 消息面上，3月20日，国际油价继续走高。布伦特原油期货盘中涨幅一度达到3%，当日收于104.41美元/ 桶；WTI原油收于98.09美元/桶，涨幅超2%。受中东局势影响，国际油价近期大幅攀升，国内成品油价 格也 ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

Core Viewpoint - The demand for AI is driving the storage industry, which is currently in the mid-stage of a super boom cycle, with supply shortages expected to last at least until 2027 [1] Group 1: Storage Industry Outlook - The storage industry is maintaining a high level of prosperity, supported by better-than-expected performance and guidance from key players like Kioxia, as well as an increase in NAND contract prices [1] - The industry is expected to remain in a supply-demand imbalance until the end of 2027, with a strong recommendation for storage module companies due to their short-term performance potential [1] Group 2: Investment Opportunities - The report highlights four key investment directions in the context of the AI era, focusing on the need for bandwidth and capacity upgrades [2] - Storage solution providers are essential for CUBE, with a focus on companies that have support from storage manufacturers and first-mover advantages [2] - Semiconductor equipment is benefiting from the upgrade in advanced packaging demands, with a focus on etching, bonding, and thinning equipment [2] - Advanced packaging is seen as a critical breakthrough for high-end storage, with Chinese manufacturers leading in capabilities and expanding capacity [2] - Logic chip companies are expected to enhance their competitiveness and accelerate industrialization, particularly in 3D structured logic chips, benefiting from AI-driven demand [2]

过去三周板块超额收益率持续扩张，动力煤子板块表现最佳。 中东冲突爆发三周以来，国内煤价表现虽然低于预期，但海外市场的油、气价格持续上涨，整体价格表 现优于俄乌冲突同期。该行认为，此轮中东冲突对全球煤炭供给收缩的影响向价格传导是渐进式的，油 气价格维持高位有望带动全球高卡煤消费增加，推升亚太地区煤价中枢，利好国内煤价预期持续改善。 国内煤价或结束短期弱势震荡的局面，进入稳步上涨通道。 中东冲突爆发后，国内煤价并未跟随海外能源价格大涨，而以弱势震荡为主，这与国内电力耗煤逐步进 入淡季有一定的关系。但该行认为短期三大因素将助力动力煤价进入稳步上涨通道：1)化工盈利改善或 推动化工耗煤需求增加，带动煤价上涨；2)国内前两月行业数据同比呈现改善，全年基本面或好于预 期；3)冲突持续下，海外煤价持续保持溢价。同时，焦煤价格在产业链补库、焦化盈利改善的预期下， 也呈现稳中看涨的预期。 智通财经APP获悉，中信证券发布研报称，中东地缘冲突持续已超过三周，国际油、气价格上涨显示出 较好的持续性。目前，虽然动力煤需求短期面临淡季，但化工耗煤需求或持续释放，推动煤价止跌反 弹;焦煤价格在短期需求的改善下，也稳中看涨。叠加海外因素的 ...

Core Viewpoint - The report from CITIC Securities indicates that the electronic industry will continue to show significant performance divergence in Q1 2026, driven by ongoing price increases in the upstream and midstream sectors [1][2]. Group 1: Performance Expectations - Storage is expected to perform the best due to price increases, with both storage chip design and module manufacturers showing high growth in both year-on-year and quarter-on-quarter comparisons [1][2]. - Other sectors such as PCB, power, analog, and advanced semiconductor manufacturing are also expected to maintain a favorable outlook [1][2]. - Conversely, the consumer electronics sector is under pressure due to storage price increases and shortages, with Android and IoT facing greater challenges, while the Apple supply chain remains relatively stable [1][2]. Group 2: Sector Analysis - The segments anticipated to show strong performance include storage, AI PCB, power, analog, advanced manufacturing, and leading companies in the Apple supply chain [1][2]. - Looking ahead to Q2 2026, the trends from Q1 are expected to continue, with storage and PCB remaining in a high-growth phase, while consumer electronics will continue to face challenges [1][2]. - For the entire year of 2026, the electronic sector is viewed positively, with "price increases + AI + self-control" identified as the dominant theme, while consumer electronics may see significant turning points in the second half of the year [1][2].

Core Viewpoint - The long-term stabilization and recovery of corporate profit margins is a necessary prerequisite for the sustained improvement of the A-share market [1] Group 1: A-share Market Dynamics - The next phase of A-share development needs to focus on the global market, with attention on how Chinese companies can capture larger market shares and enhance pricing power [1] - The overseas revenue share of the top 30 manufacturing companies has increased to 45%, indicating the rising global competitiveness of Chinese manufacturing [2] Group 2: Industry Opportunities - The energy and chemical sectors are identified as key areas where industry narratives can translate into actual performance, with the next quarter being a critical verification period for profit margins [2][3] - Emerging sectors in chemicals, non-ferrous metallurgy, new energy, and lithium batteries also show long-term growth potential, although performance validation in these areas requires a longer observation period [3] Group 3: Investment Strategies - Aggressive investors are advised to focus on sectors with significant expected differences to seize elastic opportunities, while conservative investors may find the stability and certainty of the AI infrastructure chain more appealing [4] - The core trends in the Chinese market include the continuous enhancement of pricing power in advantageous manufacturing, accelerated disruptive innovation in AI, and increased disturbances in the global energy and chemical supply chain [4] Group 4: Long-term Investment Focus - The investment strategy should center around the revaluation of pricing power in Chinese advantageous manufacturing, focusing on sectors with global share advantages and high barriers to capacity reset, such as chemicals, non-ferrous metals, power equipment, and new energy [4]

业 及 产 业 非银金融 行 业 研 究 / 行 业 点 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 03 月 22 日 预计偿付能力规则调整预期对当前 险资配置影响有限，关注券商业绩 与估值修复齐头并进 看好 ——非银金融行业周报（2026/3/16-2026/3/20） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息 ...

证券研究报告·行业跟踪周报·非银金融 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 保险：行业总资产快速增长；权益配置比例大幅提升。1）友邦保险、 众安在线披露 2025 年年报，各项指标表现优异。友邦保险 2025 年营运 利润同比+7%、内含价值+8%、NBV 同比+15%，新增 17 亿美元股份回 购计划。众安在线财险 COR 与投资收益均向好，银行业务扭亏为盈， 归母净利润同比+82.5%。2）监管披露 2025 年四季度银行业保险业主要 监管指标情况。2025 年末保险公司和保险资产管理公司总资产 41.3 万 亿元，较年初增长 15.1%。2025 年全年保险公司原保险保费收入 6.1 万 亿元，同比增长 7.4%；赔款与给付支出 2.4 万亿元，同比增长 6.2%； 新增保单件数 1168 亿件，同比增长 12.6%。2025 年末保险公司平均综 合偿付能力充足率为 181%，其中，财产险公司分别为 243.5%、人身险 公司分别为 169%。3）保险业经营具有显著顺周期特性，未来随着经济 复苏，负债端和投资端都将显著改善。2026 年 3 月 20 日保险 ...

非银金融 2026 年 03 月 22 日 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 非银金融 沪深300 相关研究报告 《渠道两强格局逐渐确立，降费改革 重塑行业格局—2025H2 基金销售渠 道数据点评》-2026.3.15 《近期调整带来左侧机会，关注业绩 和风格切换催化 — 行 业 周 报 》 -2026.3.15 《创业板 IPO 有望迎改革，个险和银 保开年高增—行业周报》-2026.3.8 低估值有望带来抗跌特征，关注业绩和风格切换催化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：低估值有望带来抗跌特征，关注业绩和风格切换催化 | | | 投资评级：看好（维持） 行业走势图 本周受地 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信证券研究 文|裘翔 张铭楷 陈峰 高玉森 陈泽平 刘春彤 伊朗冲突的走向与市场影响存在巨大预期分化，不同判断的背后，有三个核心问题目前无法验证，难有 答案：一是冲突烈度下降后，通航能够恢复到什么程度；二是美联储是更看重表征通胀指标还是更关心 实际的就业情况；三是中国到底是面临成本冲击还是供应链转单的机会。这些问题可能只有到了4月才 能逐步明朗。面对巨大的不确定性，市场短期有一些减仓行为，前期涨的多的品种近期跌的较多。但整 体来看，大部分业绩驱动和叙事驱动的行情线索，年初至今收益率基本又回到同一起跑线，前3个月可 以认为是春季躁动与降温过程中预期和叙事博弈推动的市场轮动，并不是全年的胜负手。PPI的更广泛 回升和价格传导，以及企业盈利能力的修复，才是今年兼具预期差和空间的方向，决断要看4月。 伊朗冲突的走向与市场影响 存在巨大的预期分化 1）"冲突烈度下降、适时TACO" VS "通航还未恢复、能化链条尚未真正反映供应断裂"。第一种论断的 逻辑：2026年2月28日开战以来，美以对伊朗实施了持续的高层定点清除，已确认或较高概率死 ...