2026 年 3 月 8 日 总量研究 市场情绪有待进一步修复 ——金融工程市场跟踪周报 20260308 要点 市场核心观点： 本周（2026.03.02-2026.03.06，下同）A 股出现震荡回调，受地缘冲突影响， 石油石化迎来价格催化、周度领涨行业指数。资金面方面，本周股票型 ETF 资 金小幅净流出，周度融资增加额转负，资金情绪略显谨慎。 市场经历震荡回调后，主要宽基指数量能指标仍在谨慎区间，后市或仍待量能积 累，静待市场风险偏好进一步提升。展望后市，震荡上行仍是市场主基调，中长 线看好"红利+科技"配置主线。 本周市场各指数均表现为下跌，上证综指下跌 0.93%，上证 50 下跌 1.54%，沪 深 300 下跌 1.07%，中证 500 下跌 3.44%，中证 1000 下跌 3.64%，创业板指 下跌 2.45%，北证 50 指数下跌 7.14%。 截至 2026 年 3 月 6 日，宽基指数来看，上证 50、中证 500、中证 1000、创业 板指处于估值分位数"适中"等级，上证指数、沪深 300 处于估值分位数"危 险"等级。 中信一级行业分类来看，食品饮料、非银行金融处于估值分位数"安 ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2026-013 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 2026 年 2 月，公司未通过上海证券交易所交易系统以集中竞价交易方式回购 公司股份。 截至 2026 年 2 月 28 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 93.88 万股，占公司总股本的 0.44%，回购最高价格 104.77 元/股，回购最低价格 98.14 元/股，使用资金总额为人民币 9,506.63 万元（不含印 花税、交易佣金等交易费用）。 奕瑞电子科技集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 ...

Core Insights - The report anticipates a fluctuating upward trend in the index, with a primary focus on style rebalancing [4][5] - The A-share market has shown signs of recovery after initial volatility, with significant performance differences among major indices [5][6] Domestic Policy and Market Liquidity - The People's Bank of China conducted a 600 billion MLF operation and net injected 300 billion, marking the 12th consecutive month of increased liquidity to ensure reasonable liquidity before and after the Spring Festival [2] - The strengthening of the RMB has stabilized expectations for cross-border capital flows [2] Sector Performance - In the technology sector, midstream high-end manufacturing has led the gains, particularly in defense, machinery, and power equipment, driven by geopolitical tensions and domestic equipment renewal cycles [2] - In the cyclical sector, building materials, steel, and coal have outperformed, with glass fiber leading due to supply-side optimization and demand from AI and new energy [3] - Conversely, the non-ferrous metals sector has seen a pullback due to fluctuating expectations around U.S. Federal Reserve interest rate cuts and geopolitical disturbances [3] Market Trends and Historical Context - Historical data from 2010 to 2025 indicates a high probability of the Shanghai Composite Index rising in the month following the Spring Festival, particularly after a month of adjustment or fluctuation [6] - The report suggests that the market is likely to follow a "diffusion" model of industry rotation rather than a dramatic style switch, with a focus on moderate rebalancing [6] Investment Strategy - The report recommends focusing on "supply constraints + visible profits" as dual main lines, particularly in midstream high-end manufacturing [6] - The core trading logic around the AI chain continues to revolve around profit visibility and supply shortages, with a cautious approach to market liquidity [6] - Opportunities for Chinese manufacturing to expand overseas are highlighted, particularly in sectors like power equipment and engineering machinery [6] Recommended Stocks - The March stock selection includes a mix of sectors such as central enterprise dividend ETFs, hospitality, electronics, military, machinery, beverages, and communications [10]

Market Overview - A-shares concluded February with the Shanghai Composite Index achieving three consecutive monthly gains, and daily trading volumes exceeding 1 trillion yuan have become the norm [1][20] - On February 27, the three major indices showed mixed results, with over 3,200 stocks rising and a total trading volume of 2.51 trillion yuan, slightly down by 504 billion yuan from the previous day [1][20] Sector Performance - The small metals sector surged, with rare earth prices continuing to rise, leading to a wave of limit-up stocks including Hunan Gold [21][23] - The chemical sector also performed well, with the chemical ETF achieving four consecutive daily gains, reaching its highest point since January 2022 [21][23] AI and Technology Impact - China's AI token usage surpassed that of the US for the first time, indicating a potential benefit for domestic computing power [21][29] - The cloud computing sector is entering a price increase cycle, with the big data ETF seeing a significant price increase [21][29] Electricity Sector - The electricity sector experienced a strong rally, with the electricity ETF rising by 2.64%, reaching a new high since its listing [2][26] - The demand for electricity is expected to increase due to the growth of AI, making it a defensive investment in the current market environment [2][29] Medical Sector - The largest medical ETF in the market saw a price increase of 1.14%, recovering its annual line, with significant net subscriptions in the previous days [2][29] - The medical sector is expected to benefit from the growth of the CXO model, with strong performance from companies like WuXi AppTec [12][29] Investment Recommendations - Focus on cyclical commodities such as chemicals, non-ferrous metals, and agricultural products, as well as sectors related to technology and national strength, such as military and new energy [22] - The medical sector is recommended for investment, particularly in areas like AI healthcare and medical devices, which are expected to see significant growth [15][16]

2月27日，A股医疗板块全天飘红，全市场规模最大医疗ETF（512170）盘中上探1.14%，成功收复年 线，成交3.84亿元。场内持续溢价交易，显示买盘态度积极，此前3日512170累获逾1.9亿元净申购。 | 分时 多日 1分 5分 * | | | | F9 盘前盘后 徽加 九特 画线 工具 @ (2 )> | | | | | 顾疗ETF O | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 512170医疗ETF] 15:00 价 0.355 通联 0.003(0.85%) 均价 0.354 1 512170(医疗器价交易 | | | | 0.354 +0.002 +0.57% | | 512170 | | | | 0.355 | | A NAT THE | | A CAL WHEY YOUNG WALL OLT OF O | | | SSE CNY 15:00:16 图布 查看L2全覆 | | 通政人员干 | | | | | | | | | | 净值走势 | | 华宝中让医疗L ...

Core Viewpoint - The healthcare sector is experiencing positive momentum, with the largest healthcare ETF (512170) showing strong performance and attracting significant net inflows of capital [1][8]. Group 1: ETF Performance - On February 27, the healthcare ETF (512170) initially rose over 1% and maintained a positive trend, outperforming the broader market [1][8]. - The ETF saw a net subscription of over 115 million yuan in the previous day, indicating strong investor interest [1][8]. - As of February 24, the healthcare ETF has a total fund size of 27.7 billion yuan, making it the largest in the healthcare sector [5][12]. Group 2: Company Earnings Reports - Huatai Medical reported an expected revenue of 2.584 billion yuan for 2025, representing a year-on-year increase of 25%, with a net profit of 821 million yuan, up 22% [3][10]. - Other companies within the ETF, such as United Imaging and Yirui Technology, also reported significant net profit growth rates exceeding 40% [3][10]. - In contrast, Hotgen Biotech is projected to incur a loss of over 200 million yuan [3][10]. Group 3: Stock Movements - Huatai Medical's stock surged over 11% in early trading, currently leading the sector with a nearly 7% increase [4][10]. - Other stocks like Yingke Medical and Meihua Medical also saw gains, while Jinsong Biological experienced a decline of over 2% [4][10].

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 奕瑞电子科技集团股份有限公司（以下简称"公司"）于2026年1月23日召开第三届董事会第二十四次会 议审议通过了《关于〈公司2026年员工持股计划（草案）〉及其摘要的议案》《关于〈公司2026年员工 持股计划管理办法〉的议案》等相关议案，具体内容详见公司于2026年1月24日在上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688301 证券简称：奕瑞科技 公告编号：2026-012 转债代码：118025 转债简称：奕瑞转债 奕瑞电子科技集团股份有限公司 关于2026年员工持股计划完成股票购买的公告 公司将按照相关法律、行政法规的规定及时履行信息披露义务。敬请广大投资者关注相关公告并注意投 资风险。 特此公告。 奕瑞电子科技集团股份有限公司董事会 2026年2月27日 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易所科创板上市公司自律监管 指引第1号一一规范运作》等相关法规要 ...

格隆汇2月26日丨奕瑞科技(688301.SH)公布，截至本公告披露日，公司2026年员工持股计划已完成标的 股票的购买，通过《2026年员工持股计划（草案）》规定的方式累计买入公司股票1,018,847股，占公司 总股本的0.48%，成交金额为9,806.93万元（不含佣金、过户费等交易费用）。上述股票将按照公司 2026年员工持股计划的相关规定予以锁定，自本公告披露之日锁定12个月。锁定期满后，在满足相关考 核条件的前提下，一次性解锁并分配权益至持有人。 ...

格隆汇2月26日丨奕瑞科技(688301.SH)公布，截至本公告披露日，公司2026年员工持股计划已完成标的 股票的购买，通过《2026年员工持股计划（草案）》规定的方式累计买入公司股票1,018,847股，占公司 总股本的0.48%，成交金额为9,806.93万元（不含佣金、过户费等交易费用）。上述股票将按照公司 2026年员工持股计划的相关规定予以锁定，自本公告披露之日锁定12个月。锁定期满后，在满足相关考 核条件的前提下，一次性解锁并分配权益至持有人。 ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2026-012 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于 2026 年员工持股计划完成股票购买的公告 特此公告。 奕瑞电子科技集团股份有限公司董事会 2026年2月27日 奕瑞电子科技集团股份有限公司（以下简称"公司"）于2026年1月23日召开第 三届董事会第二十四次会议审议通过了《关于<公司2026年员工持股计划（草案） >及其摘要的议案》《关于<公司2026年员工持股计划管理办法>的议案》等相关 议 案 ， 具 体 内 容 详 见 公 司 于 2026 年 1 月 24 日 在 上 海 证 券 交 易 所 网 站 （ www.sse.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易所 科创板上市公司自律监管指引第1号——规范运作》等相关法规要求，现将公司 2026年员工持股计划实施进展情况公告如下： 截至本公告披露日，公司2026年员工持股计划已完成标的股票的购买，通过 《2026 年员工持 ...