主动量化周报：3月微盘仍将强势，4月回归主线行情

Investment Rating - The industry investment rating indicates a positive outlook, with expectations for the industry index to outperform the CSI 300 index by more than 10% [28] Core Insights - In March, the main sectors are expected to see a slowdown in capital inflow, while the micro-market is likely to maintain its strength [10][12] - Geopolitical risks, particularly from the Israel-Iran situation, have influenced A-share movements, with a notable decline in the ETF risk preference index, indicating a downward trend in market risk appetite [11] - The rise in oil prices has not been accompanied by a corresponding drop in equity assets, suggesting that underlying risks may still persist [11] - The report recommends focusing on sectors benefiting from price increases, particularly agriculture, forestry, animal husbandry, and transportation [11] Summary by Sections 1. Weekly Insights - The main sectors are experiencing a decrease in capital inflow, with a potential shift towards smaller market capitalizations [10] - The micro-market is expected to continue its strong performance due to structural capital inflows from newly issued and existing quantitative products [12] 2. Timing - The A-share index has shown a slight decline of 0.93% over the past week, indicating a marginal upward trend in daily movements [14] - The activity level of informed traders has decreased, reflecting a cautious outlook for the market [15] 3. Industry Monitoring - Significant net inflows were observed in the oil, transportation, and non-ferrous metal sectors, with net inflows of 31.2 billion, 25.3 billion, and 23.4 billion respectively [19] - Conversely, the electronics, computer, and power equipment sectors experienced notable net outflows of 84.7 billion, 45.5 billion, and 38.0 billion respectively [19] 4. Style Monitoring - The report highlights a shift in market preferences, with value stocks outperforming growth stocks this week [25] - High-quality earnings assets have shown continued excess returns, while high turnover stocks have underperformed the market average [25]