基金周报 公募基金披露新规发布，权益市场主要指数涨跌不一 分析师：宋旸 SAC NO：S1150517100002 2026 年 3 月 16 日 证券分析师 宋旸 songyang@bhzq.com 022-28451131 张笑晨 SAC NO：S1150525070001 zhangxc@bhzq.com 022-23839033 相关研究报告 公募基金规模十连增，权益 市场主要指数震荡回撤—— 公募基金周报 2026.03.09 小盘价值风格表现突出，多 通过对主动权益基金行业仓位的测算，上周加仓幅度靠前的是建筑装饰、 交通运输和美容护理；减仓幅度靠前的是综合、电子和石油石化。同时， 我们对主动权益基金的整体仓位进行了测算，2026/3/13的仓位是 77.72%， 较上期下降了 2.75pct.。 只宽基指数 ETF 呈现资金流 出——公募基金 3 月月报 2026. 03.03 科 创 板指 数将 迎来 样本 调 整，私募新规发布——公募 基金周报 2026. 03.02 核心观点： ⚫ 市场回顾： 上周统计区间为 2026 年 3 月 9 日至 2026 年 3 月 13 日，权益市场主要指数 ...

固 定 收 益 研 究 固定收益周报 通胀升温扰动显现，长端利率承压 风险提示：经济环境变化超预期；政策变化超预期；海外流动性超预期收紧。 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 9 ――利率债周报 分析师： 王哲语 SAC NO： S1150524070001 2026 年 3 月 13 日 统计区间：2026 年 3 月 6 日至 2026 年 3 月 13 日 重要事件点评 通胀数据：2 月 CPI 同环比涨幅均扩大，春节因素带动食品、出行链、餐饮 价格升温，国际油价上行带动能源价格转涨，对 PPI 同环比也有明显拉 动。预计 3 月核心通胀季节性降温，输入性因素仍是通胀的重要拉动力。 进出口数据：1-2 月出口增速因春节假期靠后而大幅抬升，机电产品出口增 速较快。展望来看，在原油价格大幅抬升的背景下，外需或面临小幅冲 击，3 月出口增速预计出现阶段性回落，但中期仍有较强支撑。 资金价格：央行回笼资金 统计期内央行公开市场净投放资金 5000 亿元，资金价格较 3 月初有小幅抬 升，DR007 回升至 1.47%，1Y 同业存单收益率下行至 1.55%，或受到同 ...

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]

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/03/13） 崔健 渤海证券研究所晨会纪要（2026.03.13） 宏观及策略研究 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 行业研究 OpenClaw 热度攀升，国产模型迎发展良机——计算机行业周报 证 券 研 究 报 告 晨 会 纪 要 靳沛芃（研究助理，SAC NO：S1150124030005） 1、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；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 收涨 0.86%，中证 500 收涨 0.61%。成交方面有所缩量，两市统计区间内成交 12.2 万亿 元，日均成交额达 2.44 万亿元，较前五个交易日的日均成交额减少 2396.37 亿元。 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 5 晨会纪要（2026/03/13） 宏观及策略研究 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 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]