策略周专题（2026年3月第1期）：扰动或渐弱，行情仍可期

Group 1 - The A-share market experienced fluctuations this week, with the Shanghai Composite Index showing the best performance at -0.9% and the Sci-Tech 50 Index the worst at -4.9%. The overall valuation of the entire A-share market is at the 94.8 percentile since 2010 [1][11][13] - In terms of industry performance, sectors such as oil and petrochemicals, coal, and public utilities performed relatively well, with respective gains of 8.1%, 3.8%, and 3.4%. In contrast, industries like media, non-ferrous metals, and computers saw declines of -7.0%, -5.5%, and -5.3% [14][54] Group 2 - The government work report presented during the National People's Congress emphasizes a pragmatic and long-term policy approach, aiming to stabilize economic growth and promote domestic demand [21][22] - The February PMI data indicates a slowdown in manufacturing and construction activities due to the Spring Festival, with manufacturing PMI at 49.0% and non-manufacturing PMI at 49.5% [22][23] - The World Mobile Congress (MWC) 2026 opened in Barcelona, focusing on the integration of AI and communication technologies, with over 350 Chinese companies participating [23][24] Group 3 - External disturbances, particularly from the Middle East, are expected to diminish, allowing the market to regain its rhythm. The upcoming month will see a concentration of data and policy validations, which may support the equity market [4][28] - The report suggests focusing on growth and cyclical sectors in the medium to long term, with particular attention to industries benefiting from ongoing trends in energy transition and AI investments [38][39] - The "price increase" theme has shown notable differentiation, with energy and agricultural sectors performing well, while concerns over geopolitical risks remain [40]