Macro and Strategy - The report discusses the impact of price changes on stock and bond markets, emphasizing that price changes are a core focus for asset trends in 2026, supported by supply-side policies and improving domestic demand in real estate and infrastructure investments [6][7] - The fixed income section highlights that the central bank injected 779.5 billion yuan of liquidity in February, with a slight increase in repo rates, indicating a stable but cautious market environment [6][7] - The AI-driven asset allocation strategy is introduced, focusing on automating ESG investment research through advanced technologies, enhancing efficiency and accuracy in investment decision-making [8][9] Industry and Company - The report highlights the recovery in the home appliance sector, with a notable improvement in retail demand for major appliances in 2026, supported by reduced tariffs on exports to the U.S. [22][23] - Jiangnan Buyi (03306.HK) reported a 12% increase in net profit for the first half of 2026, with a revenue of 3.376 billion yuan, showcasing resilience in a challenging retail environment [26][27] - Oriental Cable (603606.SH) is positioned to benefit from the Philippines' 3.3GW offshore wind project, marking a significant opportunity for Chinese companies in the international market [29][30] Social Services Industry - The social services sector is experiencing a revival, with significant consumer activity during the Spring Festival, including a record 14 million customers served by Haidilao [18][19] - The report notes the increasing demand for silver economy-related services, with projections indicating a market size of 2.7 trillion yuan by 2028, driven by the aging population [15][16] - Investment recommendations focus on companies that cater to the silver economy, including those in tourism and education, highlighting the potential for growth in this demographic [16][21]

Core Insights - The home appliance industry is expected to outperform the market due to a recovery in demand for major appliances since 2026, supported by reduced tariffs in the US which favor appliance exports [1][2] - The retail demand for major appliances in China has shown significant improvement, with a notable narrowing of the decline in retail sales [1][17] - The production of white goods in March 2026 has also seen a reduction in decline, indicating a positive trend in manufacturing [1][37] Market Performance - In February 2026, the home appliance sector achieved a relative return of +0.92%, outperforming the broader market [3][49] - The retail sales of major appliances in the US continued to grow, with a year-on-year increase of 2.6% in December 2025, indicating a steady recovery in consumer demand [2][43] Production and Sales Data - In March 2026, the total production of white goods in China reached 39.11 million units, with a year-on-year decline of 4%, showing improvement compared to previous quarters [1][37] - Specific categories such as refrigerators and washing machines have shown varied performance, with refrigerators experiencing a slight increase in production while washing machines faced some pressure due to high inventory levels [1][37] Recommendations for Key Companies - The report recommends several companies for investment, including Midea Group, Haier Smart Home, and TCL Smart Home in the white goods sector, and Stone Technology and Roborock in the small appliance sector, highlighting their strong growth potential and market positioning [3][12][66] - The report emphasizes the resilience of leading companies in the home appliance sector, suggesting that they are well-positioned to benefit from both domestic and international market improvements [11][12]

Investment Rating - The investment rating for Dongfang Cable is "Outperform the Market" (maintained) [1][5] Core Viewpoints - The Philippine Department of Energy has initiated the fifth round of the Green Energy Auction (GEA-5), focusing on a 3.3GW offshore wind power capacity, expected to commence commercial operations between 2028 and 2030. This project marks the Philippines' first large-scale commercial offshore wind project, establishing a "whole government collaboration" model to streamline approvals and accelerate infrastructure development [2][4]. - The clear demand for 3.3GW in the Philippines presents a significant overseas market opportunity for Chinese companies with mature offshore wind technology. The capital-intensive nature of offshore wind projects allows leading state-owned and private enterprises in China to leverage their strong integrated capabilities through a "technology + capital + construction" approach [2][8]. - As a leading company in the domestic submarine cable sector, Dongfang Cable is expected to benefit from the expansion of offshore wind projects in the Asia-Pacific market, further advancing its internationalization strategy. The company has secured a total bid amount of approximately 1.9 billion yuan for an EPCI project related to high-voltage submarine cables and construction in the Asian region, expected to contribute to its performance growth during the 14th Five-Year Plan period [2][8]. - The profit forecasts for Dongfang Cable for 2025-2027 are set at 1.56 billion, 2.02 billion, and 2.37 billion yuan, representing year-on-year growth of 54.8%, 29.4%, and 17.4%, respectively, with corresponding P/E ratios of 26.1, 20.2, and 17.2x [2][8]. Summary by Relevant Sections Project Initiation and Market Opportunity - The Philippine energy department's announcement on March 2, 2023, marks the start of the GEA-5, with a focus on 3.3GW of offshore wind capacity, aiming for commercial operation by 2028-2030. This initiative is significant for domestic wind power companies [2][4][6]. Financial Projections - Dongfang Cable's financial projections indicate substantial growth, with expected profits of 1.56 billion yuan in 2025, 2.02 billion yuan in 2026, and 2.37 billion yuan in 2027, reflecting a strong upward trend in profitability [2][8][11].

证券研究报告 | 2026年02月27日 2026年03月02日 江南布衣（03306.HK） 优于大市 2026 上半财年净利润增长双位数，毛利率稳步提升 2026 上半财年净利润增长 12%，盈利能力持续提升。2026 上半财年，江南布 衣实现收入 33.76 亿元，同比增长 7.0%，在服装零售行业面临整体压力的情 况下体现竞争力和增长的韧性。毛利率提升 1.4 个百分点至 66.5%，主要受 益于渠道结构变化、产品定价策略及折扣管理。净利润同比增长11.9%至6.76 亿元，净利率由 19.1%提升至 20.0%。费用端，销售费用率和管理费用率分 别微升至 32.4%和 9.2%。经营性现金流净额达 9.96 亿元，同比增长 21.1%， 净现比 1.47。健康的经营现金流表现是公司持续高分红的有力保障，公司宣 派中期股息每股 0.52 港元，2026 全财年计划维持 75%的派息水平。 线上增速领先且毛利率显著提升，主品牌表现稳健。1）分渠道看，线上收 入同比增长 25.1%至 7.5 亿元，占比提升至 22.3%，毛利率同比提升 1.6 个 百分点至 65.8%，主要受益于稳健的产品定价策略以及对 ...

证券研究报告 | 2026年03月02日 从价格（结构）的确定性看资产变化 —2026年一季度经济与市场展望 专题研究·宏观 固收 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 请务必阅读正文之后的免责声明及其项下所有内容 目录 股、债构成因子的拆分 01 02 价格指数变化的确定性是什么？ 03 支撑价格变化的因素 请务必阅读正文之后的免责声明及其项下所有内容 长期利率的拆解 资料来源：wind，国信证券经济研究所绘制 资料来源：国信证券经济研究所绘制 图3：期限溢价受影响因素多元化 资料来源：wind，国信证券经济研究所绘制 请务必阅读正文之后的免责声明及其项下所有内容 图1：长期利率的拆分 ⚫ 长期利率的拆分； 图2：真实利率更多是实际经济运行结果，而非原因 长期利率的构成因子现状：期限溢价回归历史正常区域下限 图5：10Y-7D不同利差水平下的情形 图4：近一年决定长期利率的主要因子是期限溢价 资料来源：wind，国信证券经济研究所绘制 资料来源：国信证券经济研究所绘制 请务必阅读正文之后的免责声明及其项下所有内容 ⚫ 最近一年有 ...

- The report highlights the performance of various market indices, noting that the CSI 300 Index performed well among scale indices, while the SSE Composite Index performed well among sector indices, and the CSI 500 Value Index performed well among style indices[2][6] - The market sentiment on 2026-03-02 showed 98 stocks hitting the upper limit and 24 stocks hitting the lower limit, with a sealing rate of 74% and a continuous board rate of 28%[2][13][16] - The financing balance as of 2026-02-27 was 26,519 billion yuan, and the securities lending balance was 173 billion yuan, with the financing balance accounting for 2.5% of the circulating market value and the financing transaction accounting for 9.7% of the market turnover[2][18][22] - The ETF with the highest premium on 2026-02-27 was the CSI 500 ETF by BOCOM, with a premium of 0.86%, while the ETF with the highest discount was the Photovoltaic ETF by Guotai, with a discount of 0.85%[3][23][25] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.68%, 3.88%, 11.15%, and 13.55%, respectively[3][29][32] - The stocks with the highest net inflows from institutional seats on the Dragon and Tiger List on 2026-03-02 were Minbao Optoelectronics, Xianglu Tungsten Industry, Baiyun Electric, China Ruilin, Cangzhou Dahua, Chuanrun Co., Ltd., Hunan Gold, Aerospace Rainbow, Zhongrun Optics, and Guohang Ocean[4][37][39] - The stocks with the highest net inflows from Northbound Trading on the Dragon and Tiger List on 2026-03-02 were Xiaocheng Technology, China Unmanned Aerial Vehicle, Liande Co., Ltd., Sanfu Co., Ltd., Aerospace Rainbow, Roman Co., Ltd., Yujing Co., Ltd., Potential Hengxin, Tin Industry Co., Ltd., and Baiyun Electric[4][38][41]

证券研究报告 | 2026年03月02日 策略周报 杠杆资金回流推动市场情绪回暖——2 月第 4 周立体投资策略 周报 核心结论：①2 月第 4 周，资金入市合计净流入 453 亿元，前一周流出 728 亿元。②短期情绪指标处于 05 年以来中高位，长期情绪指标处于 05 年以来 中低位。③从行业角度看，以成交额占比为例，过去一周国防军工、通信、 半导体等热度较高。 2 月第 4 周，资金入市合计净流入 453 亿元，前一周流出 728 亿元。资金流 入方面，融资余额增加 795 亿元，公募基金发行增加 9 亿元，ETF 净赎回 180 亿元，北上资金估算净流入 21 亿元；资金流出方面，IPO 融资规模 17 亿元， 产业资本净减持 78 亿元，交易费用 96 亿元。 短期情绪指标处于 05 年以来中高位。短期情绪指标主要看换手率和融资交 易占比，最近一周换手率（年化）为 501%，当前处在历史上由低到高 84%的 分位；最近一周融资交易占比为 10.04%，当前处在历史上由低到高 76%的分 位。 长期情绪指标处于 05 年以来中低位。长期情绪指标主要看大类资产比价， 一看价格对比，最近一周 A 股风险溢 ...

Group 1 - The report indicates that the central market interest rates are expected to remain low in March, but volatility may increase due to multiple factors [5][66] - In February, the interbank repo rates showed minor fluctuations, with R001 and R007 averaging 1.40% and 1.55% respectively, reflecting a change of -1BP and 0BP [11][21] - The liquidity pressure in March is significant, with a total of 16,000 billion yuan in reverse repos, 4,500 billion yuan in MLF, and 35,900 billion yuan in interbank certificates maturing [57][66] Group 2 - The central bank's supportive stance is clear, with an increase in fiscal spending expected at the end of the quarter, which is likely to supplement liquidity [61][66] - Historical data shows that interbank repo rates typically rise in March, with an average increase of 5BP from 2022 to 2025 [62][66] - The report concludes that while the market interest rates are expected to remain low, the pressures from maturing financial instruments may lead to increased volatility during the month [66]

Group 1 - The report introduces a paradigm shift in investment research through the integration of Deep Research technology, enabling autonomous planning capabilities in AI agents for investment research tasks [4][14]. - The system transforms investment research from "assisted search" to "end-to-end autonomous research," allowing for multi-round broad searches and cross-validation of information [4][14]. - The architecture employs a standardized three-layer decoupled structure with asynchronous parallel strategies, enhancing the efficiency of ESG task processing [5][19]. Group 2 - The deployment is cloud-native with zero-code interaction, allowing business personnel to customize research directions simply by adjusting natural language instructions [6][52]. - The production cycle of a single research report is compressed from hours to minutes, ensuring high-quality, standardized reports that can be replicated at scale [7][67]. - The system's design ensures consistency in data depth and formatting style, overcoming the quality fluctuations associated with manual delivery [67]. Group 3 - The report outlines a comprehensive ESG investment research architecture driven by Agentic AI, featuring a three-layer technical structure and dual-engine support [18][19]. - The system's core is designed to enhance research standardization and traceability, starting from precise user input to the delivery of structured JSON data alongside standardized Word reports [25][27]. - The architecture allows for dynamic loading of prompts and employs a layered design to convert unstructured natural language requirements into precise parameterized instructions [22][23]. Group 4 - The report emphasizes the efficiency revolution achieved through the integration of Deep Research capabilities and asynchronous parallel architecture, significantly improving response times to emerging events [67]. - The system is capable of 24/7 operation, providing scalable information services that reduce marginal costs and enhance coverage frequency [67]. - The introduction of this system aims to reshape the human-machine collaboration in research, allowing professionals to focus on deeper insights and strategic decision-making [67][68]. Group 5 - The construction process validates the feasibility of zero-code development, enabling users without technical backgrounds to quickly build and maintain investment research tools [68]. - Future enhancements suggest adopting OpenRouter interfaces for flexible model integration, allowing easy switching between different AI models [69]. - The customization of report styles and research focuses can be achieved through simple adjustments to prompt files, streamlining the iterative process of business logic [70].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][32]. Core Insights - The Chinese Spring Festival consumer market shows strong recovery momentum, with significant increases in travel and domestic tourism orders, as well as a notable rise in duty-free shopping sales in Hainan [2][21]. - The restaurant sector, particularly Haidilao, reported receiving over 14 million customers during the Spring Festival, showcasing effective marketing strategies to meet diverse consumer needs [22][23]. - The education sector, represented by China Oriental Education, is experiencing a surge in enrollment inquiries, driven by positive employment prospects for skilled workers [26]. Summary by Sections Market Review - The consumer services sector declined by 4.02% during the reporting period, underperforming the market by 5.09 percentage points [13][14]. - Notable stock performances included SanTe Cableway (+9.95%), JinJiang Hotels (+6.24%), and China Oriental Education (+4.84%) [14][17]. Industry and Company Dynamics - The travel sector saw a significant increase in passenger flow, with domestic travel orders reaching historical highs during the Spring Festival [18][19]. - Duty-free sales in Hainan during the Spring Festival reached 27.2 billion CNY, a year-on-year increase of 30.8% [21]. - Haidilao's marketing strategies led to a record number of customers during the holiday, highlighting its strong market presence [23]. Stock Holdings Analysis - Key stocks in the sector, such as Haidilao and China Oriental Education, saw increases in shareholding percentages during the reporting period [30]. Investment Recommendations - The report suggests focusing on companies like China Duty Free Group, Huazhu Group, and Haidilao, among others, for potential investment opportunities [4][32].