浙商证券浙商早知道-20260304

Market Overview - On March 4, the Shanghai Composite Index fell by 0.98%, the CSI 300 decreased by 1.14%, the STAR 50 dropped by 0.49%, the CSI 1000 declined by 0.59%, the ChiNext Index decreased by 1.41%, and the Hang Seng Index fell by 2.01% [3][4] - The best-performing sectors on March 4 were defense and military (+1.33%), agriculture, forestry, animal husbandry, and fishery (+1.29%), electrical equipment (+0.32%), and environmental protection (+0.03%). The worst-performing sectors were transportation (-2.9%), oil and petrochemicals (-2.53%), non-bank financials (-2.16%), food and beverage (-1.83%), and telecommunications (-1.39%) [3][4] - The total trading volume of the A-share market on March 4 was 23,879.42 billion, with a net outflow of 466 million HKD from southbound funds [3][4] Important Insights - The macroeconomic research indicates that under the guidance of establishing and practicing a correct performance view, there will be more emphasis on high-quality economic development rather than short-term quantitative growth, led by high-tech manufacturing, balancing both quantity and quality for a "good start" [5] - The market outlook suggests stable economic growth [5] - The driving factor for this outlook is the release of PMI data [5] - There is a notable difference from the market as this year's Spring Festival holiday was longer compared to last year, and the holiday fell in the late part of the month, meaning the intensity of post-holiday resumption of work will be more reflected in March data rather than February [5]