股指早报：外围通胀抬头系统性风险回落，A股两会窗口期-20260305

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Overseas data indicates that the US labor market and service industry are resilient, alleviating market concerns about an economic recession. The overnight performance of US assets suggests that systemic risks have eased, but there are still uncertainties regarding the Iran - US conflict [2]. - The A - share market showed a significant decline on Wednesday, but it has stronger resilience compared to overseas equity assets. The oil and gas sector is showing signs of divergence, and it is expected that the index may start to bottom out at this level, with a possible repair market today. Attention should be paid to the mis - priced hard - tech sectors [3]. 3. Summary by Directory 3.1 Important Information - Iran Situation: The US - Iran conflict may last for 8 weeks or longer, with the focus of attacks shifting inland. Iran has denied secret peace - talk rumors and is prepared for a long - term war. If the US and Israel seek regime change, Iran may target Israel's Dimona nuclear reactor and regional energy infrastructure. The US Senate failed to stop the continued use of force against Iran [5]. - South Korea: South Korea may use a market - stabilization plan of over 100 trillion won if necessary [6]. - US Tariffs: The US Treasury Secretary expects a 15% tariff to be implemented this week, while the EU has received a "no - tariff" commitment from the US [7][8]. - Federal Reserve: Some Fed officials suggest continued interest - rate cuts in March, while others believe rates may remain unchanged for a long time. The economic outlook is generally optimistic, and the White House has submitted a nomination for a new Fed chair [8]. - Energy Situation: Qatar will suspend natural - gas liquefaction production, Saudi Aramco has redirected oil exports, a Saudi refinery has been attacked, and Russia is considering cutting off gas supplies to Europe [8]. - Domestic Events: The Fourth Session of the 14th National People's Congress opened on March 5th, with an 8 - day session. The country will adhere to the strategy of expanding domestic demand and boost consumption [9][11]. - Other News: Seedance2.0's video - generation price is 1 yuan per second, and the FTSE China A50 Index will include China CSSC Holdings, Tianfu Communication, and Wanhua Chemical [10][11]. 3.2 Futures Market Tracking - Futures Performance: All major stock - index futures contracts showed declines, with varying degrees of decline in different contracts of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes [13]. - Trading Volume and Open Interest: The trading volume and open interest of major stock - index futures contracts generally decreased, with some contracts showing different trends in changes [14]. 3.3 Spot Market Tracking - Market Performance: Most major stock indexes in the A - share market declined, with the Shanghai Composite Index down 0.98%, the Shenzhen Component Index down 0.75%, and the ChiNext Index down 1.41%. The oil and petrochemical, non - bank finance, and food and beverage sectors led the decline, while the military, agriculture, forestry, animal husbandry, and fishery, electrical equipment, and environmental protection sectors rose [3][35]. - Market Style Impact: Different market styles have different impacts on the performance of major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000. For example, the financial style has a relatively large negative impact on the Shanghai 50 and CSI 300 indexes [36][37][38]. - Valuation: The valuations of major indexes and Shenwan sectors are at different levels, with some sectors having relatively high valuations and others having relatively low valuations [35][40][43]. 3.4 Liquidity Tracking - Central Bank Operations: The central bank's open - market operations show the situation of currency injection, withdrawal, and net injection [50]. - Interest Rates: The Shibor interest - rate levels are presented, including overnight, 1 - week, 2 - week, and 1 - month rates [50].