【金工】短线重视资源品配置机会——金融工程市场跟踪周报20260303（祁嫣然/张威）

Market Overview - The A-share market experienced a volatile upward trend last week (February 24-27, 2026), with the CSI 1000 index rising by 4.34%, leading major broad-based indices [4] - Major broad-based indices showed a rebound in trading volume, but a cautious outlook remains as further upward movement may require increased volume [4] - The recent changes in the Middle East have led to fluctuations in resource prices, potentially impacting the performance of related equity market sectors [4] - Short-term outlook favors resource allocation opportunities, while the medium to long-term perspective remains positive on "dividend + technology" as the main investment theme [4] Index Performance - Last week, all major indices showed an upward trend: Shanghai Composite Index increased by 1.98%, SSE 50 by 0.17%, CSI 300 by 1.08%, CSI 500 by 4.32%, CSI 1000 by 4.34%, ChiNext Index by 1.05%, and Northbound 50 Index by 0.48% [4] - As of February 27, 2026, the SSE 50, CSI 1000, and ChiNext Index are at a "moderate" valuation level, while the Shanghai Index, CSI 300, and CSI 500 are at a "danger" valuation level [4] Sector Analysis - According to CITIC's primary industry classification, the food and beverage and non-bank financial sectors are at a "safe" valuation level [5] - The cross-sectional volatility of the CSI 300, CSI 500, and CSI 1000 index constituents increased compared to the previous week, indicating a short-term improvement in the Alpha environment [5] - However, the time series volatility for the CSI 300, CSI 500, and CSI 1000 constituents decreased compared to the previous week, suggesting a deterioration in the short-term Alpha environment [5] Fund Flow Insights - The top five stocks attracting the most institutional attention last week were Fenghua Hi-Tech (104 institutions), Frontier Biotechnologies-U (91), Zhuoyue New Energy (58), Hars (53), and JinkoSolar (43) [6] - During the period from February 24 to February 27, 2026, net inflow from southbound funds in the Hong Kong Stock Connect was HKD 6.705 billion, with net inflows of HKD 0.871 billion in the Shanghai Stock Connect and HKD 5.834 billion in the Shenzhen Stock Connect [6] ETF Performance - The median return for stock ETFs last week was 1.49%, with a net outflow of CNY 35.442 billion [7] - The median return for cross-border ETFs was 0.95%, with a net inflow of CNY 2.906 billion [7] - The median return for Hong Kong stock ETFs was -2.29%, with a net inflow of CNY 14.226 billion [7] - The median return for commodity ETFs was 3.06%, with a net inflow of CNY 3.713 billion [7]