[Table_IndustryInfo] 2026 年 03 月 08 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0302-0308） 政府工作报告再提具身智能，机器人公司获批量投资 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 分析师：杨云杰 执业证号：S1250525100001 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -19% -8% 4% 15% 26% 38% 25/3 25/5 25/7 25/9 25/11 26/1 26/3 机械设备 沪深300 数据来源：聚源数据 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 53,265. ...

ooo[Table_ReportInfo] 2026 年 03 月 06 日 证券研究报告•宏观定期报告 宏观周报（3.2-3.6） 统一大市场夯实发展新格局，伊朗局势持续紧张 摘要 [Table_Summary] 一周大事记 国内：完善科技保险发展体系，省际贸易要素流动加速。3月 2日，科技部等 三部门印发科技保险高质量发展意见，构建全方位、全周期科技保险体系，拓 展前沿领域风险保障并引导保险资金投向科技企业，为高水平科技自立自强提 供坚实制度保障；同日，发改委召开民营企业座谈会，聚焦扩内需与稳投资， 听取企业相关诉求并明确支持方向，后续融资等针对性政策有望加快落地，助 力民营经济高质量发展；同日，国家税务总局发布税收大数据分析报告，显示 2025 年全国统一大市场建设纵深推进，省际贸易提质扩容、区域辐射带动效 应凸显，要素流动持续加速，为构建新发展格局筑牢基础；5 日，全国人大首 场"部长通道"披露规划，将聚焦科技、产业、国资三大领域攻坚突破，强化 原始创新、制造业升级与国资布局优化，推动高质量发展与科技自立自强。 海外：美以联手打击伊朗，美国制造业延续扩张。当地时间 2月 28日，美以 联合打击伊朗，随 ...

[Table_ReportInfo] 2026 年 03 月 09 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（3.2-3.6） 风险提示：市场大幅波动风险、样本数据遗漏风险、统计出现偏差风险等。 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF资金净流入情况：整体净值与份额微增，债券 ETF市场规模小 幅上涨。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别 -8.50 亿元、+12.02亿元、+29.28亿元，债券 ETF市场合计净流入金额+32.80 亿元，本月累计净流入 107.61亿元，本年累计净流入-975.86亿元。截至 2026 年 3月 6日，债 ...

[Table_ReportInfo] 2026 年 03 月 05 日 证券研究报告•宏观简评报告 会议点评 稳中应变，开新局、留空间 ——2026 年政府工作报告点评 点评 西南证券研究院 [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-55758502 邮箱：liuyanhong@swsc.com.cn 联系人：徐小然 邮箱：xuxr@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 1 扩内需提质增效，政策工具更趋多元化。"内需主导"包括两层含义：消费方 面，立足于建设"强大国内市场"，持续优化"两新"政策实施，深入推进提 振消费专项行动。2026 年 除安排超长期特别国债 2500亿元支持消费品以旧换 新外，还新设 1000 亿元财政金融协同促内需专项资金，同时扩大个人消费贷 款与服务业经营主体贷款贴息政策覆盖。政策协同性持续增强、工具更加多元， 投向更加精准 。2025 年 12月，首批 625亿元超长期特 ...

西南证券研究院 2026年3月 海外研究团队 分析师：王梓溢 执业证号：S1250525050003 电话：15770906520 邮箱：wzyi@swsc.com.cn 核心观点 1 海外核电专题报告 从基荷能源到科技引擎，AI巨头的战略押注与投资逻辑重构 分析师：王湘杰 执业证号： S1250521120002 电话：0755-26671517 邮箱：wxj@swsc.com.cn 发展现状：全球核电行业正迎来新一轮发展机遇期。在能源安全、低碳转型和AI算力需求等多重因素驱动下，核电作为稳定、高效的清洁基荷 电源，其战略价值被重新评估。 行业需求：根据国际原子能机构(IAEA)最新数据，截至2024年底，全球在31个国家和地区共运行417台核电机组，总装机容量达377GW。基 于国际原子能机构（IAEA）的预测，全球核电装机容量预计到2050年将达到561GW（低值预测）至992GW（高值预测），比2024年分别增 加48.8%和163.1%。 最新技术：全球核电发展至今已历经四代技术演进，目前正处在第三代规模化部署、第四代技术示范突破的现状。当前最新的技术焦点集中在 第四代核能系统和小型模块化反应堆（S ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of March 1, 2026 [1]. Core Insights - The robotics index underperformed the market, with the Zhongzheng Kexin Robotics Index dropping by 4.3%, lagging behind the Shanghai Composite Index by 3.8 percentage points and the CSI 300 Index by 4.3 percentage points [4][11]. - BMW plans to deploy humanoid robots named AEON at its Leipzig factory in Europe, which will begin large-scale pilot testing in summer 2026. These robots are expected to enhance production efficiency, having previously supported the production of 30,000 BMW X3 vehicles in the U.S. [15][16]. - Yushu Technology launched its fourth robotic dog, Unitree As2, which boasts performance capabilities twice that of its predecessor, Go2, with a peak torque of 90N.m and a maximum speed of 5m/s. The company anticipates that 80% of its robotic dogs will be used in research, education, and consumer sectors by 2024 [18][19]. - Qianxun Intelligent, a leading company in embodied intelligence, completed two rounds of financing totaling nearly 2 billion yuan, with plans to invest in developing large-scale models and expanding technology applications across various sectors [19]. Summary by Sections Market Review - The robotics index experienced a decline of 4.3% from February 23 to March 1, 2026, underperforming compared to major indices [4][11]. Industry Dynamics - BMW's deployment of humanoid robots in its Leipzig factory marks a significant step in integrating AI-based robotics into its European production system, leveraging successful experiences from its U.S. operations [15][16]. - Yushu Technology's new robotic dog, Unitree As2, features enhanced performance metrics and aims to capture a significant share of the global market for quadruped robots [18]. - Qianxun Intelligent's recent funding rounds reflect strong investor confidence and a strategic focus on scaling technology across multiple applications [19].

ooo[Table_ReportInfo] 2026 年 02 月 27 日 证券研究报告•宏观定期报告 宏观周报（2.24-2.27） 激活银发经济再出招，央行出手干预升值斜率 摘要 [Table_Summary] 一周大事记 国内：LPR报价继续持稳，银发经济扩容提质。2月 24日，央行公布 2月 LPR 报价，LPR连续第 9个月保持不变，1年期 LPR为 3.0%，5年期以上 LPR为 3.5%。预计年内降准降息仍有一定空间，但节奏和幅度将保持温和；同日，国 务院部署银发经济和养老服务发展有关工作，政策首次将"释放银发消费需求" 置于突出位置，标志我国正将人口老龄化挑战转化为保障民生、促进消费、升 级产业的历史机遇；25 日，上海市推出稳楼市"沪七条"政策，新政以梯度 松绑、分区施策为特点，在坚守"房住不炒"底线的同时，有助于修复市场预 期；27 日，中共中央召开政治局会议。本次会议是两会前的最后确认环节， 完成了从"十四五"到"十五五"的阶段转换确认，释放出未来五年将更加注 重结构优化与效率提升的明确信号。 海外：人民币汇率持续走强，日本 CPI 跌破政策目标。当地时间 2月 24日， 特朗普发表第 ...

[Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 [Table_ReportInfo] 2026 年 03 月 02 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（2.24-2.27） 两会在即，布局超长债与转债 ETF 弹性机会 摘要 西南证券研究院 S 各类债券 ETF资金净流入情况：短期仍受股市行情牵制。上周利率债类 ETF、 信用债类 ETF、可转债类 ETF净流入资金分别-32.93亿元、-62.10亿元、+9.30 亿元，债券 ETF 市场合计净流入金额-85.73 亿元。整体来看，年后第一周 A 股强势表现对资金吸引力仍大，此外上周上海出台地产新政，其他城市后续或 跟进，短期内对债市情绪有所牵制，利率债类、信用债类 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The bond market faced callback pressure last week, with the yield of 10-year Treasury bonds fluctuating around the key point of 1.8%, and the market's long - short game intensified. The bond market's yield decline encountered resistance after the Spring Festival, and differences among institutions emerged. The market may present a volatile pattern in the short term [2][85]. - The operation directions and term preferences of trading institutions are still significantly differentiated. Whether small and medium - sized banks and securities firms can form a synergy is an important variable for the market to break the volatile pattern. The securities firms were the core driving force for the yield decline, but their scale of increasing holdings of 7 - 10 - year Treasury bonds decreased last week. Funds sold a large amount of 20 - 30 - year Treasury bonds and 7 - 10 - year policy - financial bonds, while small and medium - sized banks showed a strong willingness to buy ultra - long Treasury bonds and 7 - 10 - year policy - financial bonds [2][86]. - Looking forward, the bond market may show a volatile trend in the short term. Factors such as the potential increase in government bond supply, the seasonal increase in bank loan scale at the end of the quarter, and the lack of synergy among trading institutions make it unlikely for the yield of 10 - year Treasury bonds to break through the previous low. However, the probability may increase due to the rapid deterioration of the geopolitical situation [2][87]. 3. Summary According to the Directory 3.1 Important Matters - In February, the net MLF injection was 300 billion yuan. The central bank carried out a 600 - billion - yuan MLF operation on February 25, with a maturity of 1 year. After deducting the 300 - billion - yuan due MLF, the net injection was 300 billion yuan. As of February 27, the outstanding MLF scale was 7.25 trillion yuan [5]. - On February 28, the US and Israel launched a large - scale joint military strike against Iran, and Iran counterattacked with missiles and drones, leading to a sharp escalation of the situation in the Middle East [8]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Interest Rate Trends - From February 24 to February 28, the central bank injected 164.1 billion yuan through 7 - day reverse repurchase operations, with 225.24 billion yuan due, resulting in a net injection of - 61.14 billion yuan. It is expected that 152.5 billion yuan of base currency will mature and be withdrawn from March 3 to March 6 [10]. - After the Spring Festival, the money market became looser. As of February 28, R001, R007, DR001, and DR007 were 1.340%, 1.507%, 1.319%, and 1.503% respectively, with changes of 1.11BP, 16.27BP, 0.68BP, and 18.23BP compared to February 14. The interest rate centers also changed to some extent [14]. 3.2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, the issuance scale of inter - bank certificates of deposit last week was 45.435 billion yuan, a decrease of 25.857 billion yuan compared to before the festival. The maturity scale was 66.676 billion yuan, a decrease of 28.059 billion yuan compared to before the festival. The net financing scale was - 21.241 billion yuan, an increase of 2.202 billion yuan compared to before the festival. The cumulative issuance scale of inter - bank certificates of deposit in 2025 has reached 3.4 trillion yuan as of the 9th week [20]. - The issuance scale of inter - bank certificates of deposit was the largest for joint - stock banks, with a net financing scale of - 6.096 billion yuan. The issuance interest rates of inter - bank certificates of deposit decreased compared to before the festival [23][25]. - In the secondary market, supported by relatively loose liquidity, the yields of inter - bank certificates of deposit of various terms were generally on a downward trend. The yield of AAA - rated 1 - month inter - bank certificates of deposit decreased by 7.83BP to 1.46%, and the 1Y - 3M spread was at the 47.59% quantile level [29]. 3.3 Bond Market 3.3.1 Primary Market - Last week, the number of interest - rate bond issuances was 46, with an actual issuance amount of 787.42 billion yuan, a maturity amount of 409.832 billion yuan, and a net financing amount of 377.588 billion yuan. The issuance rhythm of national bonds and local bonds in February 2026 was higher than the historical average [31]. - As of February 28, the cumulative net financing scale of various national bonds in 2026 was about 0.83 trillion yuan, and that of various local bonds was about 1.77 trillion yuan, both faster than the average levels in the same period from 2022 to 2025 [31]. - The net supply scale of interest - rate bonds increased last week. The net financing amounts of national bonds, local bonds, and policy - financial bonds were 370 billion yuan, 195.228 billion yuan, and - 187.64 billion yuan respectively [39]. - As of last week, 0.8 trillion yuan of special refinancing bonds had been issued, mainly with long - term and ultra - long - term maturities. The top - ranking regions in terms of issuance scale accounted for about 58.45% of the total issuance scale [40]. 3.3.2 Secondary Market - Last week, the bond market faced callback pressure under the profit - taking of small and medium - sized banks and the stop - loss of securities firms, with long - term and ultra - long - term bonds generally rising. On Friday and Saturday, the interest rates recovered slightly under the buying support of large banks [31][43]. - The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds changed by 0.23BP, 0.34BP, 0.59BP, 1.25BP, - 1.46BP, and 2.66BP respectively. The 10Y - 1Y Treasury bond yield spread changed from 47.54BP before the festival to 45.85BP. The yields of the same - term policy - financial bonds also changed, and the implied tax rate of 10 - year policy - financial bonds increased slightly [43]. - The average daily turnover rate of the 10 - year Treasury bond active bond (250016) decreased, while that of the 10 - year policy - financial bond active bond (250220) increased [45]. - The average spread between the 10 - year Treasury bond active bond (250016) and the secondary - active bond (260005) was 0.12BP, and the spread between the 10 - year policy - financial bond active bond (250220) and the secondary - active bond (250215) continued to be maintained. There may be investment opportunities in the spread compression [48]. - The 10 - 1 - year Treasury bond term spread was 45.85BP, and the 30 - 1 - year Treasury bond term spread widened to 95.58BP. The long - term Treasury - local bond spread widened, while the ultra - long - term Treasury - local bond spread narrowed [52][53]. 3.4 Institutional Behavior Tracking - In January 2026, the institutional leverage ratio decreased seasonally, while the leverage ratios of banks and securities firms increased significantly. The leverage ratios of commercial banks, securities firms, and other institutions in the inter - bank market in January 2026 were about 111.11%, 191.81%, and 132.51% respectively [58][59]. - The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase last week was 7.71 trillion yuan, a decrease of about 0.56 trillion yuan compared to before the festival. The daily leverage trading volume decreased as the market callback [62]. - In the cash bond market, large banks' increasing holdings of 5 - 10 - year Treasury bonds continued to decline, while their increasing holdings of Treasury bonds within 5 years recovered. Small and medium - sized banks continued to take profits on Treasury bonds within 10 years and increased their positions in Treasury bonds over 10 years and 5 - 10 - year policy - financial bonds. Insurance companies' buying power decreased significantly, securities firms' net buying of 5 - 10 - year Treasury bonds decreased sharply and sold a large amount of Treasury bonds over 10 years, and funds sold a large amount of Treasury bonds over 10 years and 5 - 10 - year policy - financial bonds that they had increased their positions before the festival [58][66]. - The make - up positions of small and medium - sized banks for 7 - 10 - year Treasury bonds were weak, securities firms had certain make - up operations and were the main buyers of 7 - 10 - year Treasury bonds, and funds generally sold 7 - 10 - year Treasury bonds last week. The make - up costs of main trading players were significantly different [69]. - Considering capital occupation and tax costs, commercial banks and insurance companies can obtain relatively higher returns by investing in local bonds [76]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 5.97% compared to before the festival, the settlement price of wire rod futures decreased by 5.71%, the settlement price of cathode copper futures increased by 2.04%, the cement price index decreased by 0.37%, and the Nanhua glass index increased by 2.02%. The CCFI index decreased by 4.00%, and the BDI index increased by 4.75% [83]. - In terms of food prices, the wholesale price of pork decreased by 2.53%, and the wholesale price of vegetables decreased by 5.02%. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased by 1.41% and 1.78% respectively. The central parity rate of the US dollar against the RMB was 6.92 [83]. 3.6 Market Outlook - The bond market may show a volatile trend in the short term. Factors such as the potential increase in government bond supply after the Two Sessions in March, the seasonal increase in bank loan scale at the end of the quarter, and the lack of synergy among trading institutions make it unlikely for the yield of 10 - year Treasury bonds to break through the previous low. However, the probability may increase due to the rapid deterioration of the geopolitical situation [2][87].

Investment Rating - The report maintains a positive outlook on the innovative drug sector, highlighting multiple favorable developments and collaborations within the industry [1]. Core Insights - The innovative drug sector has seen significant collaborations, with a total business development (BD) value exceeding $50 billion in the first two months of 2026, indicating a robust growth trajectory [16]. - The report emphasizes the upcoming Q2 conferences (AACR, ELCC, ASCO, EHA) as potential catalysts for stock price increases in innovative drug companies due to expected positive data releases [16]. - The report identifies a strong performance in the medical consumables sub-sector, which has shown a 4.0% increase, while the best-performing sectors year-to-date include hospitals, medical consumables, and offline pharmacies [21][27]. Summary by Sections 1. Investment Strategy - The pharmaceutical index rose by 0.50% this week, underperforming the CSI 300 index by 0.58 percentage points, ranking 26th in industry performance [13]. - Year-to-date, the pharmaceutical sector has increased by 2.96%, outperforming the CSI 300 index by 1.21 percentage points, ranking 24th [21]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 31.06 times, with a premium of 66.99% over the entire A-share market [23]. 2. Industry and Company News - Frontier Biotech has entered a global licensing agreement with GSK for small nucleic acid drugs, with a total potential value of $963 million, including an upfront payment of $40 million [14]. - Bai Li Tianheng's dual-target antibody ADC, iza-bren, has successfully met primary endpoints in a Phase III trial for triple-negative breast cancer (TNBC), indicating significant progress in this high-risk area [15]. - The report notes that several innovative drug companies have issued profit forecasts, suggesting a sustained interest and potential growth in the sector [16]. 3. Steady Portfolio - Recommended stocks include Heng Rui Medicine (600276), Bai Jie Shen Zhou-U (688235), Yi Fan Medicine (002019), and others, indicating a diversified approach to investment in the pharmaceutical sector [16][17].