存量市场博弈，板块轮动继续

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Although the war has shifted to a low - intensity level, it may not end soon, and its impact on the market has emerged, triggering periodic theme trading. Sectors such as energy (including traditional and new energy) and military industry are repeatedly active. It is recommended to pay attention to changes in market trading volume, and in the short term, stock index futures will continue the range - repair trend [3] 3. Summary by Relevant Catalogs Market Analysis - Macro - economic situation: The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference closed on the morning of March 11. The Fourth Session of the 14th National People's Congress will hold a closing meeting on the afternoon of March 12. As of the end of January, the balance of inclusive small and micro - enterprise loans in China was 37.6 trillion yuan, a year - on - year increase of 11.4%, 5.4 percentage points higher than the growth rate of all loans. In January, the average interest rate of newly issued inclusive small and micro - enterprise loans was 3.67%, 0.16 percentage points lower than the annual average interest rate in 2025. Geopolitically, Trump said that there were "almost no targets left to strike" in Iran, and the US military action against Iran was "about to end", but US and Israeli officials said they had not received internal instructions to stop military operations [1] - Stock market performance: In the spot market, the three major A - share indexes fluctuated upwards. The Shanghai Composite Index rose 0.25% to close at 4133.43 points, and the ChiNext Index rose 1.31%. Among industries, the coal, power equipment, basic chemicals, and public utilities sectors led the gains, while the national defense and military industry, media, and electronics sectors led the losses. The daily market turnover was 2.5 trillion yuan. Overseas, the three major US stock indexes closed mixed, with the Dow Jones Industrial Average falling 0.61% to 47417.27 points and the Nasdaq rising 0.08% to 22716.13 points [2] - Futures market situation: In the futures market, the basis of stock index futures declined. In terms of trading volume and open interest, both the trading volume and open interest of stock index futures decreased [2] Strategy - Pay attention to the trading opportunities brought by the war. Although the war situation has entered a low - intensity stage, it may not end soon, which will lead to periodic theme trading in sectors such as energy and military industry. It is recommended to focus on changes in market trading volume, and in the short term, the stock index will continue the range - repair trend [3] Chart Summary - Macro - economic charts: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][8][10] - Spot market tracking charts: The daily performance of major domestic stock indexes on March 11, 2026, shows that the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index rose 0.78%, the ChiNext Index rose 1.31%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13][14] - Stock index futures tracking charts: Include data on the trading volume and open interest of IF, IH, IC, and IM contracts, the basis of stock index futures, and the inter - period spreads of stock index futures, as well as corresponding charts [17][35][44]