Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. Core Viewpoints - From March 9th to March 13th, 2026, the major indices of the equity market showed mixed performance. The ChiNext Index had the largest increase, rising 2.51%. Among the 31 Shenwan primary industries, 10 industries rose, with the top five gainers being coal, electrical equipment, building decoration, public utilities, and banking; the top five decliners were national defense and military industry, petroleum and petrochemicals, comprehensive, non-ferrous metals, and media [1][12]. - The performance of the equity market remained sluggish. Among them, quantitative funds had the smallest decline, with an average drop of 0.19% and a positive return ratio of 39.59%; fixed - income + funds dropped an average of 0.19% with a positive return ratio of 31.92%; pure - bond funds remained at the same level with a positive return ratio of 64.84%; pension target FOFs rose an average of 0.22% with a positive return ratio of 79.40%. Additionally, QDII funds dropped an average of 0.18% with a positive return ratio of 42.23% [2][30]. - The overall position of active equity funds on March 13, 2026, was 77.72%, a decrease of 2.75 pct compared to the previous period. The industries with the highest position - increasing amplitude were building decoration, transportation, and beauty care; the industries with the highest position - decreasing amplitude were comprehensive, electronics, and petroleum and petrochemicals [2][36][37]. - Last week, the overall ETF market had a net capital outflow of 18.769 billion yuan. Structurally, bond - type ETFs had the largest net outflow, reaching 9.938 billion yuan. Power, free cash flow, semiconductor and other sectors showed a net capital inflow, while broad - based indices such as CSI A500, CSI 300, ChiNext Index, and CSI Small - cap 500 Index were the main capital outflow varieties [3][43]. - Last week, 40 new funds were issued, 5 fewer than the previous period; 30 new funds were established, 18 more than the previous period. New funds raised a total of 3.6088 billion yuan, an increase of 2.2624 billion yuan compared to the previous period [4][48][55]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Situation - From March 9th to March 13th, 2026, the major indices of the equity market showed mixed performance. The ChiNext Index had the largest increase, rising 2.51%. Among the 31 Shenwan primary industries, 10 industries rose, with the top five gainers being coal, electrical equipment, building decoration, public utilities, and banking; the top five decliners were national defense and military industry, petroleum and petrochemicals, comprehensive, non - ferrous metals, and media. In the bond market, the ChinaBond Composite Full - Price Index dropped 0.13%, the total full - price indices of ChinaBond Treasury bonds, financial bonds, and credit bonds dropped between 0.34% and 0.02%, and the CSI Convertible Bond Index dropped 1.10%. In the commodity market, the Nanhua Commodity Index rose 5.18% [12]. 1.2欧美及亚太市场情况 - Last week, all major indices in the European, American, and Asia - Pacific markets declined. In the US stock market, the S&P 500 Index dropped 2.72%, the Dow Jones Industrial Average dropped 1.86%, and the Nasdaq Index dropped 1.26%. In the European market, the French CAC40 dropped 1.03% and the German DAX dropped 0.61%. In the Asia - Pacific market, the Hang Seng Index dropped 1.13% and the Nikkei 225 dropped 3.24% [18]. 1.3 Market Valuation Situation - Last week, the valuation quantiles of most major market indices declined. In terms of the historical quantiles of price - to - earnings ratio, the CSI 300 had the highest increase, rising 0.1 pct; in terms of the historical quantiles of price - to - book ratio, the CSI 300 also had the highest increase, at 0.2 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio of the Shenwan primary index were real estate, comprehensive, electronics, chemical industry, and building materials. The price - to - earnings ratio quantile of real estate remained at a high level, and the price - to - earnings ratio quantile of the comprehensive industry reached 91.8%. The five industries with lower historical quantiles of price - to - earnings ratio were non - bank finance, food and beverage, agriculture, forestry, animal husbandry and fishery, beauty care, and pharmaceutical biology. The valuation of the non - bank finance industry was close to its historical low since 2013 [21]. 2. Active - type Public - offering Fund Situation Market Hotspots - On March 13th, the CSRC issued the "Content and Format Guidelines for Regular Reports of Public - offering Securities Investment Funds (No. 2)", which will be implemented on May 1st, 2026. The main revisions include integrating similar disclosure items in annual, semi - annual, and quarterly reports, putting forward targeted and personalized disclosure requirements, simplifying and adjusting some information disclosure requirements, and clarifying that the Asset Management Association of China will formulate XBRL templates [28]. - On March 13th, the Asset Management Association of China issued a notice on publicly soliciting opinions on the "Implementation Rules for Information Disclosure of Private Investment Funds (Exposure Draft)" and the "Template for Important Information Disclosure of Private Investment Funds (Exposure Draft)". The rules will be implemented on September 1st, 2026, and mainly include clarifying the scope of application, detailed disclosure requirements for different types of private funds, requirements for establishing an information disclosure management system, and the self - regulatory responsibilities of the association [29]. Fund Performance - The performance of the equity market remained sluggish. Quantitative funds had the smallest decline, with an average drop of 0.19% and a positive return ratio of 39.59%; fixed - income + funds dropped an average of 0.19% with a positive return ratio of 31.92%; pure - bond funds remained at the same level with a positive return ratio of 64.84%; pension target FOFs rose an average of 0.22% with a positive return ratio of 79.40%. Additionally, QDII funds dropped an average of 0.18% with a positive return ratio of 42.23% [2][30]. - The top three performers of common stock - type funds last week were Huabao Green Leading Stock (10.19%), Harvest Smart Auto Stock (9.16%), and Harvest New Energy and New Materials Stock A (8.12%); the top three performers of hybrid funds were Qianhai United Yonglong Hybrid A (9.79%), Shenwan Hongyuan Xinyuan New Energy Vehicle Theme Flexible Allocation Hybrid A (9.08%), and Huabao Event - Driven Hybrid A (8.45%); the top three performers of bond - type funds were ICBC Convertible Bond (1.29%), ICBC Balance Return 6 - month Holding - period Bond A (0.68%), and Boshi Hengxiang Bond A (0.55%) [31]. - As of last week, the top three performers of common stock - type funds this year were Guoshou Anbao Digital Economy Stock Initiated A (39.90%), Guoshou Anbao Industrial Upgrade Stock Initiated A (36.23%), and Qianhai Kaiyuan Value Strategy Stock (27.76%); the top three performers of hybrid funds were GF Visionary Smart Selection Hybrid A (51.37%), Western Lide New Power Hybrid A (50.27%), and Western Lide Strategy Preferred Hybrid A (47.45%); the top three performers of bond - type funds were ICBC Tianhui Bond A (14.26%), ICBC Convertible Bond Preferred Bond A (11.37%), and Huashang Ruixin Regularly - Open Bond (8.63%) [34]. Position Changes - The industries with the highest position - increasing amplitude of active equity funds last week were building decoration, transportation, and beauty care; the industries with the highest position - decreasing amplitude were comprehensive, electronics, and petroleum and petrochemicals. The overall position of active equity funds on March 13, 2026, was 77.72%, a decrease of 2.75 pct compared to the previous period [2][36][37]. 3. ETF Fund Situation - Last week, the overall ETF market had a net capital outflow of 18.769 billion yuan. Structurally, bond - type ETFs had the largest net outflow, reaching 9.938 billion yuan. The average daily trading volume of the overall ETF market last week reached 543.055 billion yuan, the average daily trading volume reached 191.407 billion shares, and the average daily turnover rate reached 8.53%. Power, free cash flow, semiconductor and other sectors showed a net capital inflow, while broad - based indices such as CSI A500, CSI 300, ChiNext Index, and CSI Small - cap 500 Index were the main capital outflow varieties. The CSI A500 Index had a capital outflow of nearly 6 billion yuan, and the Sci - tech Innovation Bond Index also had a capital outflow of nearly 4 billion yuan [3][39][43]. 4. Fund Issuance Situation Statistics - Last week, 40 new funds were issued in China, 5 fewer than the previous period; among them, there were 9 active equity - biased funds and 16 passive index - type funds. The 16 passive index - type funds were all stock - type, mainly tracking indices such as CSI Hong Kong Stock Connect 50, CSI All - Index Agriculture, Forestry, Animal Husbandry and Fishery, CSI Livestock and Poultry Breeding Industry, and China Securities Hong Kong Stock Connect Technology. Currently, the issuance share of active equity funds is still at a historical low, but there has been an obvious upward trend since this year. 30 new funds were established last week, 18 more than the previous period. New funds raised a total of 3.6088 billion yuan, an increase of 2.2624 billion yuan compared to the previous period. Among them, the Yongying Ruijian Growth Hybrid A managed by Li Wenbin had the largest fundraising scale, approximately 586.7 million yuan [48][55].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report anticipates that the interest rate will continue to oscillate within a range and the curve will remain steep. In the short - term, it is advisable to observe inflation changes and focus on short - term investment opportunities with certainty. If the 10Y Treasury bond yield rises more than 5bp from the previous low, it may present an opportunity to participate in medium - and long - term varieties. Caution should be exercised regarding ultra - long - term varieties [2][23][26]. 3. Summary of Each Section According to the Catalog 3.1 Important Event Review - **Inflation Data**: In February 2026, CPI increased by 1.3% year - on - year and PPI decreased by 0.9% year - on - year. Input factors and the Spring Festival effect drove inflation up. It is expected that in March, the year - on - year increase of CPI will remain stable, the month - on - month increase will drop to near 0, the month - on - month increase of PPI will expand further, and the year - on - year growth rate may turn positive [8]. - **Import and Export Data**: From January to February 2026, China's exports increased by 21.8% year - on - year and imports by 19.8% year - on - year, with a trade surplus of $213.6 billion. The Spring Festival holiday timing led to a significant increase in export growth. In March, export growth is expected to decline due to rising oil prices, a high base, and seasonal factors, but the medium - term fundamentals supporting exports are expected to continue [9][10]. 3.2 Capital Price: Central Bank Withdraws Funds From March 6th to March 12th, the central bank net - withdrew nearly 50 billion yuan from the open market. Capital prices rose slightly compared to early March. DR007 rose to 1.47%, DR001 to 1.33%, and the 1Y interbank certificate of deposit yield dropped to 1.55%, mainly affected by the reduction of interbank deposit interest rates [11]. 3.3 Primary Market: The Issuance Scale of Special Bonds Decreases Month - on - Month From March 6th to March 12th, 63 interest - rate bonds were issued in the primary market, with a total issuance of 414.2 billion yuan and negative net financing. The issuance of both national bonds and special bonds decreased. Although the issuance of special bonds slowed in March, it was still faster than in previous years. The supply pressure of government bonds in March is limited [15][17]. 3.4 Secondary Market: The Curve Steepens and Long - Term Interest Rates Are Under Pressure From March 6th to March 12th, short - term Treasury bond yields declined while medium - and long - term Treasury bond yields rose, with a steeper curve. The 10Y Treasury bond yield rose to 1.81%. The weak performance of the bond market was mainly due to the rising inflation data in February and the continuous increase in international oil prices since March, which further boosted inflation expectations. The strong trade data at the beginning of the year also had a negative impact on the bond market [18]. 3.5 Market Outlook - **Fundamentals**: The export and inflation data at the beginning of the year have disrupted the bond market. However, there is no need to be overly pessimistic about the persistence of the disruption, as some data improvements are related to the Spring Festival date change and inflation pressure from the supply side has a relatively limited impact on the bond market. Future attention should be paid to the contribution of the demand side to inflation [2][23]. - **Policy**: The government work report maintains a "more proactive" stance on fiscal policy and a "moderately loose" stance on monetary policy. In the next 1 - 2 months, there is no need to be overly worried about the supply pressure of government bonds. However, early disclosure of the use and scale of policy - based financial instruments may accelerate major project implementation, which is negative for the bond market [23][26]. - **Capital**: The optimization of the interbank deposit structure helps banks relieve interest - margin pressure, reducing the necessity of a full - scale reserve - requirement ratio cut. The central bank still has room to passively inject base money through foreign - exchange purchases, and the capital market is expected to remain moderately loose [26].

Group 1: Macroeconomic Trends - February US non-farm employment data significantly underperformed market expectations, continuing a slowdown trend since the end of 2025[1] - The unemployment rate has increased but remains within a controllable range, while labor participation rate has slightly decreased after population control adjustments[1] - Recent oil price increases are expected to raise overall US inflation by approximately 0.6 percentage points, complicating future Federal Reserve decisions[1] Group 2: Domestic Economic Environment - Exports in January-February exceeded expectations due to the impact of the Spring Festival, tax rebate policy adjustments, and improved overseas manufacturing sentiment[3] - February's Producer Price Index (PPI) showed a narrowing year-on-year decline, driven by rising prices in the non-ferrous and oil sectors, while downstream prices remain weak[3] - Consumer Price Index (CPI) growth rebounded significantly, with core services performing strongly due to holiday consumption, while core goods faced demand constraints[3] Group 3: Policy and Market Outlook - Strong signals were released during the Two Sessions regarding stable growth, expanding domestic demand, and promoting reforms, with a focus on fiscal and financial collaboration[3] - The geopolitical landscape remains uncertain, potentially affecting market risk appetite and leading to policy adjustments in response to unexpected economic changes[2]

Macro and Strategy Research - The capital market will focus on five enhancements, with a short-term emphasis on stability, indicating a "slow bull" market foundation [3] - In the recent trading period (March 6 to March 12), major indices showed mixed results, with the Shanghai Composite Index rising by 0.50% and the ChiNext Index increasing by 3.13% [3] - The recent CPI data for February showed a year-on-year increase of 1.3% and a month-on-month increase of 1.0%, influenced by low base effects from the Spring Festival and recovering consumer demand [3] - The PPI for February decreased by 0.9% year-on-year but increased by 0.4% month-on-month, with the decline narrowing due to the effects of "anti-involution" policies and price stabilization in certain sectors [3] Industry Research - The computing industry saw a significant increase, with the Shenwan computing sector rising by 5.83% from March 5 to March 11, outperforming the broader market [7] - The demand for AI computing power is expected to remain high, supported by recent price increases in cloud services from major providers like Amazon AWS and Tencent Cloud [7][8] - Domestic models such as MiniMax M2.5 and Kimi K2.5 are anticipated to become core choices for high Token consumption applications due to their cost advantages [8] - The AI application sector is experiencing rapid growth, with the potential for the industry to enter a new phase of development in 2026, driven by model iteration and promotion by major internet companies [8] Policy Aspects - The construction of supercomputing clusters and the capital expenditure of domestic and foreign cloud vendors are expected to continue to support the computing power sector [5] - The synergy between electricity and computing, along with rising expectations for energy storage demand, presents investment opportunities in the power equipment sector [5] - The importance of resource security is increasing due to geopolitical uncertainties, creating investment opportunities in the resource sector [5]

投资策略 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 8 显著回升，一方面与基数的走低有关，另一方面则因新动能领域在竞争 +-[Table_MainInfo] 资本市场将聚焦五个提升，市场短期以稳为主 ――A 股市场投资策略周报 | 分析师： 宋亦威 | SAC NO： | S1150514080001 2026 3 月 | | | 年 | 12 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Analysis] 证券分析师 | [Table_Summary] 投资要点： | | | | | | | | 宋亦威  | 市场回顾，近 5 | 个交易日（3 月 6 日-3 月 | 12 | 日），重要指数涨跌不一； | | | | | 022-23861608 | 其中，上证综指收涨 | 0.50%，创业板指收涨 3.13%；风格层面，沪深 | | | | | 300 | | songyw@bhzq.com | 收涨 0.86%，中证 500 | 收涨 0.61%。成交方面有所缩量，两市统计区 ...

Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2][25]. Core Insights - The OpenClaw project is gaining popularity, with domestic tech companies actively engaging in this space. The recent versions, OpenClaw 3.7 and 3.8, have introduced significant upgrades, enhancing system security and functionality [11]. - The demand for computing power is surging due to the "lobster farming" trend, prompting Tencent Cloud to announce adjustments in AI model pricing, with significant increases in costs for model usage [12]. - The AI computing sector is experiencing high demand, validated by price hikes from major cloud service providers like Amazon AWS and Google Cloud, alongside Tencent Cloud's recent adjustments [25]. - The AI application landscape is rapidly evolving, with domestic manufacturers launching products related to OpenClaw, accelerating the penetration of intelligent applications [25]. Industry News - OpenClaw's recent updates include new features that enhance security and usability, making it a focal point for developers [11]. - Tencent Cloud's pricing changes for AI models reflect the growing demand for AI computing resources, with some model prices increasing by over four times [12]. - The report highlights the increasing interest and investment in AI applications, suggesting that 2026 may mark a pivotal year for the industry [25]. Company Announcements - Newguo announced plans to establish a holding subsidiary focused on AI and consumer electronics, aiming to explore new applications in the market [13][15]. - Shengbang Security received a government subsidy of 2.7216 million yuan, which constitutes 65.18% of its audited net profit for the last fiscal year [16]. - Daheng Technology sold shares in Nanshan Energy to optimize its asset structure, raising approximately 140 million yuan [17]. Market Review - From March 5 to March 11, the CSI 300 index rose by 2.21%, while the Shenwan Computer Industry Index increased by 5.83%, with all sub-sectors showing positive growth [18][19]. - The report notes that the Shenwan Computer Industry's price-to-earnings ratio is 208.85 times, with a significant premium over the CSI 300 index [19]. Weekly Strategy - The report emphasizes the sustained high demand for AI computing power and the potential for domestic models like MiniMax M2.5 and Kimi K2.5 to become key choices for high-token consumption applications [25]. - The ongoing evolution of AI applications and the rapid development of intelligent agents are expected to catalyze commercial opportunities in the industry [25].

Macro and Strategy Research - In January-February 2026, China's exports in dollar terms increased by 21.8% year-on-year, significantly higher than the market expectation of 7.2% and the previous month's growth of 6.6% [3] - Imports also saw a year-on-year increase of 19.8%, surpassing the market expectation of 7.0% and the previous month's growth of 5.7% [3] - The trade surplus reached 213.618 billion USD, compared to 114.107 billion USD in December 2025 [3] Import and Export Analysis - The surge in export growth is attributed to the delayed Spring Festival, improved manufacturing sentiment in developed countries, and increased capital expenditure related to artificial intelligence [4] - The cancellation of export tax rebates for photovoltaic and lithium battery products led to a "rush to export" situation [4] - Exports to Africa increased by 49.8% year-on-year, with significant growth also seen in exports to ASEAN and Latin American countries [4] - Import growth was driven by the demand for upstream resources and technology products, with integrated circuit imports rising due to improved industry conditions [4] Company Research: Luolai Life - Luolai Life is a leading player in the domestic home textile industry, implementing a big product strategy that has led to a revenue increase of 5.75% and a net profit increase of 30.03% year-on-year in the first three quarters of 2025 [10] - The company's gross profit margin has steadily improved, reaching 47.91% in the first three quarters of 2025, which is 2.02 percentage points higher than the previous year [10] - The domestic home textile market is maturing, with the sleep economy expected to exceed 500 billion CNY in 2024, indicating a clear trend towards functional, scientific, and quality-driven product development [10][11] Industry Research: Machinery Equipment - In February 2026, excavator sales totaled 17,226 units, a year-on-year decrease of 10.6%, while loader sales increased by 9.28% [13] - The machinery equipment sector saw a 3.38% increase in the index from March 4 to March 10, 2026, outperforming the broader market [13] - The industry is expected to recover due to the rollout of key projects and large-scale equipment renewal policies, with domestic manufacturers expanding into overseas markets [14]

- The main indices of the A-share market mostly rose last week, with the ChiNext Index having the largest increase of 3.01%[10][11] - The financing balance of the Shanghai and Shenzhen stock exchanges was 26,287.77 billion yuan, an increase of 34.21 billion yuan from the previous week[13][16] - The top five ETFs by net financing purchases were: China Policy Financial Bond 7-10 Year ETF, China Securities Electric Network Equipment Theme ETF, Huatai-PineBridge CSI 300 ETF, Bosera Convertible Bond ETF, and GF CSI All Index Electric Power ETF[45][46] - The top five stocks by net financing purchases were: Biwin Storage (688525), Huagong Tech (000988), Hengtong Optic-Electric (600487), Demingli (001309), and Dongshan Precision (002384)[48][50] - The top five stocks by net securities lending sales were: Xiechuang Data (300857), BYD (002594), Wanhua Chemical (600309), Gree Electric Appliances (000651), and Haiguang Information (688041)[51][52]

宏 观 研 究 周喜[Table_IndInvest] 022-28451972 zhouxi@bhzq.com 宋亦威 SAC NO：S1150514080001 022-23861608 songyw@bhzq.com 严佩佩 SAC NO：S1150520110001 022-23839070 yanpp@bhzq.com 研究助理 靳沛[Table_IndInvest] 芃 SAC NO：S1150124030005 022-23839160 jinpp@bhzq.com 宏观经济分析报告 外贸受益于季节趋势和产业发展 ――2026 年 1-2 月进出口数据点评 分析师： 周喜 SAC NO： S1150511010017 2026 年 3 月 11 日 数据 海关总署发布最新贸易数据显示，2026 年 1-2 月美元计价中国出口同 比增长 21.8%，2025 年 12 月为 6.6%，市场预期增长 7.2%；进口同 比增长 19.8%，2025 年 12 月为 5.7%，市场预期增长 7.0%。贸易顺 差 2136.18 亿美元，2025 年 12 月为 1141.07 亿美元。 春节错后放大出口 ...

Investment Rating - The industry is rated as "Positive" [6][33] Core Views - In February, excavator sales reached 17,226 units, a year-on-year decrease of 10.6%. In contrast, loader sales were 9,540 units, showing a year-on-year increase of 9.28% [3][16] - The decline in excavator and loader domestic sales is attributed to the timing of the Spring Festival and a high base from the previous year. However, the upcoming key projects and the continuation of large-scale equipment renewal policies are expected to boost the recovery of the engineering machinery sector [6][33] - Domestic leading manufacturers in the engineering machinery sector are accelerating their expansion into overseas markets, leveraging strong competitiveness in technology maturity and product cost-effectiveness [6][33] - The humanoid robot industry remains vibrant, with Tesla planning to launch the Optimus V3 in the first quarter. Several domestic companies are progressing with IPOs, making 2026 a critical year for the humanoid robot sector [6][33] Industry News - The Ministry of Agriculture and Rural Affairs has issued a notice to implement policies related to equipment renewal loans in the agricultural sector, aiming to enhance financial support for equipment updates and technological transformations [16] - In February, excavator sales included 6,755 units domestically (down 42%) and 10,471 units exported (up 37.2%) [16][17] - Loader sales in February comprised 3,863 units domestically (down 14.3%) and 5,677 units exported (up 34.4%) [17] Market Review - From March 4 to March 10, 2026, the CSI 300 index rose by 0.41%, while the Shenwan Machinery Equipment sector increased by 3.38%, outperforming the CSI 300 by 2.98 percentage points [5][25] - As of March 10, 2026, the price-to-earnings ratio (PE, TTM) for the Shenwan Machinery Equipment sector was 52.95, with a valuation premium of 273.11% relative to the CSI 300 [26]