美股策略周报 2026 年 3 月 9 日 美股研究报告 | 美股策略周报 2026 年 3 月 9 日 作者 刘宗武（HKSFC CE No.:BSJ488） 高级策略分析师 艾德证券期货研究部 联络电话：86 13760421136 电邮地址：liuzongwu@eddid.com.hk | 经济数据 | 3 | | --- | --- | | 市场情绪维持在"恐惧"区间 | 5 | | 全球市场一览 6 | | | 美股市场表现与风格 7 | | | 行业表现 | 8 | | 标普 500 成份股涨跌幅排名 8 | | | 标普 500 核心成份股表现 9 | | | 价量指标（1）：二级行业日均资金强度排名 | 10 | | 价量指标（2）：标普 500 成份股资金强度周排名 11 | | | 风险提示 11 | | | 分析员声明 12 | | | 图表 | | ：美国 | ISM | 2 | | | 皆好于市场预期 3 | | | | 1 | | 月制造业 PMI、服务业 PMI | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 03 月 09 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com ——北交所科技成长产业跟踪第六十六期（20260306） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 美国七大科技巨头签署自主供电承诺，AI 用电需求驱动美国输电扩建。根据财新网报道，美国时间 2026 年 3 月 4 日，美国总统特朗普在白宫召集了亚马逊、谷歌、Meta、微软、OpenAI、甲骨文以及 xAI 七家 人工智能与超大规模计算公司，共同签署《电力用户保护誓言》。这几家科技巨头承诺将自行建设、引 入或购买新的发电资源，并全额承担其数据中心所需的电力传输基础设施升级费用，同时与公用事业公 司及州政府协商独立的费率结构，保证无论是否实际使用电力都会为专门为其上线的基础设施付费。根 据中财网和 The Infor ...

Group 1: Stock Performance and Market Reactions - Microsoft (MSFT) and Netflix (NFLX) are currently seen as significant investment opportunities, both being long-term winners that are off their highs [1] - Netflix's stock experienced a decline due to its failed acquisition attempt of Warner Bros. Discovery for over $80 billion, which was ultimately rejected in favor of a higher offer from Paramount Skydance [4] - Following the cancellation of the merger, Netflix's stock price increased, indicating that the acquisition was a primary factor in its previous decline [4] Group 2: Financial Metrics and Comparisons - Netflix's current stock price is $99.02 with a market cap of $418 billion, while Microsoft is priced at $408.93 with a market cap of $3.0 trillion [5][7] - Netflix's gross margin stands at 48.59%, whereas Microsoft's gross margin is higher at 68.59% [6][7] - Despite Netflix's stock being perceived as more expensive relative to its earnings for the next fiscal year, Microsoft is considered a better buy due to its lower valuation [8][10] Group 3: Long-term Viability and Risks - Netflix has demonstrated strong customer retention, making it a reliable streaming service for viewers [11] - Microsoft is also viewed as a sticky company due to its established software solutions, but there are concerns regarding the potential risks associated with its significant investments in AI [12][13] - Overall, Microsoft is considered the better investment option, especially if the AI buildout continues to grow, while Netflix may still be a viable choice for those wary of AI spending [14]

There are countless ways for investors to make money on Wall Street, but few are as consistently successful as buying and holding high-quality dividend stocks. Based on a study by Hartford Funds, in collaboration with Ned Davis Research ("The Power of Dividends: Past, Present, and Future"), dividend stocks have more than doubled the annualized return of non-payers over more than half a century (1973-2024): 9.2% vs. 4.31%. While it's probably not a surprise that dividend stocks have a track record of outperf ...

Group 1: Market Overview - Markets experienced a sell-off due to escalating US-Israeli strikes, leading to oil prices reaching their highest levels since 2024, prompting investors to reassess risks of a prolonged regional conflict [1] Group 2: Technology Sector Resilience - There is a "structural tailwind" for the AI trade, with hyperscalers expected to increase investments by 30% in 2026, indicating a long-term growth narrative despite broader market uncertainties [2] - Microsoft (MSFT) and Apple (AAPL) are identified as primary defensive anchors, essential for maintaining connectivity even during economic slowdowns [2][3] - Microsoft has a substantial backlog of $625 billion, while Apple boasts a strong cash flow, providing critical buffers against market volatility [3] Group 3: Alphabet and Meta Analysis - Alphabet (GOOGL, GOOG) is viewed as a resilient option due to its steady business model, while skepticism surrounds Meta (META) due to its heavy reliance on advertising, which constitutes approximately 98% of its revenue [4] - Microsoft and Alphabet benefit from enterprise cloud buffers, whereas Meta is vulnerable to reductions in marketing budgets from small and medium-sized businesses [4] Group 4: Amazon's Market Position - Amazon (AMZN) is seen as increasingly attractive on a sum-of-the-parts basis, with significant margin opportunities in both retail and its cloud service, Amazon Web Services (AWS) [5] Group 5: Cybersecurity and Defense Sector - The cybersecurity and defense sectors are becoming essential utilities amid global tensions, with companies like Palantir (PLTR), CrowdStrike (CRWD), and Palo Alto Networks (PANW) leading in providing digital protection against state-actor threats [6]

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...