EBSCN(SH:601788) 光大证券研究·2026-03-08 00:08Market Overview - The A-share market experienced fluctuations this week, with a general decline in major indices due to decreased market risk appetite. The Shanghai Composite Index had the best performance with a drop of -0.9%, while the Sci-Tech Innovation 50 Index saw the worst performance with a decline of -4.9%. The overall valuation of the Wind All A Index is at the 94.8th percentile since 2010 [4][5]. Important Events - The National People's Congress (NPC) opened, with Premier Li Qiang delivering the government work report, reflecting a pragmatic and long-term policy direction [5]. - The February PMI data was released, showing a manufacturing PMI of 49.0% (previously 49.3%, expected 49.7%) and a non-manufacturing PMI of 49.5% (previously 49.4%). The data indicates a slowdown in production and investment activities due to the Spring Festival holiday, while the service sector saw a rebound due to increased consumption [5]. External Factors - External disturbances may gradually weaken, making market performance more promising. Although uncertainties remain regarding conflicts in the Middle East, the sentiment impact on the domestic market may have peaked. The NPC's overall stable tone is expected to lay a solid policy foundation for stock market growth [7]. - The upcoming month will see a concentration of data and policy validation, suggesting that opportunities in the equity market may outweigh risks [7]. Investment Focus - Short-term focus should be on the Middle East situation, while medium to long-term strategies should consider growth and cyclical trends. Growth sectors are expected to benefit from sustained industry enthusiasm and increased risk appetite during the spring market, with attention on humanoid robots and AI. Cyclical sectors may benefit from strong commodity prices and policy support, particularly in resource products and offline service-related areas [7][8]. Price Increase Themes - There is noticeable differentiation in the "price increase" theme this week, driven by ongoing geopolitical risk concerns and trends in energy transition and AI investment. Investors are advised to focus on chemical raw materials and agriculture, which have limited overall price increases and relatively low valuations. Attention should also be paid to whether oil prices remain high for an extended period, as this could strengthen the dollar and increase volatility across various asset classes [8].