2026.03. 17 本文字数：2760，阅读时长大约4分钟 作者 | 第一财经 李隽 3月17日，恒生科技指数延续近两周的反弹行情，盘中一度突破5200点，超越美以伊开战前的位置 （2月27日收盘5138点）。 结构上看，反弹以"小龙虾"等人工智能概念作为主线。对于本轮市场反弹，中东资金被认为是推动力 量之一。香港财政司司长陈茂波此前曾称，要抓紧中东资金流入香港的机遇。 在第一财经记者采访的业内人士看来，乐观之际投资者也要考虑几方面因素：一方面虽然有中东资金 流入，但本轮反弹以来港股成交额并没有明显放大；另一方面，"小龙虾"目前主要还是停留在概念， 暂时看不到对业绩实际拉动，其上升持续动能存在疑问。 腾讯控股（00700.HK）将于3月18日披露2025年四季度以及全年业绩，阿里巴巴（09988.HK）将 在19日披露2026财年三季度（2025年第四季度）业绩。 有业内人士预计，接下来科网股陆续公布业绩后，相应大企业的市场反应或将主导行情，待短期地缘 政治等各种不可控因素消除后，市场可能迎来今年最好的"抄底"机会。 中东资金动向受关注 中东冲突升级后，香港财政司司长陈茂波曾公开表示，中东资金或寻求安全感 ...

Core Insights - The report emphasizes the importance of proactive discovery in investment rather than merely relaying information [1] Macroeconomic Summary - The central bank plans to flexibly and efficiently utilize various monetary policy tools such as reserve requirement ratio cuts and interest rate reductions this year [4] - In February, the Consumer Price Index (CPI) increased by 1.3% year-on-year, while the Producer Price Index (PPI) decreased by 0.9% [4] - The China Securities Regulatory Commission (CSRC) aims to enhance the stability of the market through the improvement of a unique stabilization mechanism [4] Industry Dynamics - International oil prices have surpassed $110 per barrel, which is expected to marginally improve the outlook for the oil service industry, with related stocks including Jereh Group (002353) and Neway Valve (603699) [5] - The expansion of computing power is driving an increase in electricity demand, with "computing and electricity synergy" expected to advance rapidly, involving stocks like Teradyne (300001) and Kehua Data (002335) [5] - Shenzhen plans to introduce measures to support the development of OpenClaw & OPC, with the "small lobster" concept likely to gain traction, involving stocks such as iFlytek (002230) and Yoke Technology (688158) [5] Company Focus - Xiangjia Co., Ltd. (002982) reported a 27.17% month-on-month decline in live poultry sales in February, although prices increased against the trend; the company faced reduced earnings last year due to a sluggish live poultry market [6] - Zhejiang Huayuan (301535) is focusing its electric drive division on gear parts and lead screws, with multiple projects expected to enter mass production in 2026 [6] - Deshi Co., Ltd. (301158) has successfully applied high-temperature screw drill tools for geothermal drilling in projects located in Xiong'an, Shaanxi, and Qinghai [6] - Wens Foodstuff Group (300498) anticipates a slight increase in feed raw material prices in 2026, with no current demand for Hong Kong stock listings [6] Market Review and Outlook - On March 9, the market experienced a rebound after a day of decline, with the three major indices narrowing their losses; the Shanghai Composite Index fell by 0.67%, the Shenzhen Component Index by 0.74%, and the ChiNext Index by 0.64% [7] - The total trading volume in the Shanghai and Shenzhen markets reached 2.65 trillion yuan, an increase of 447.4 billion yuan from the previous trading day [7] - The report highlights three potential changes to monitor: the unpredictable trajectory of military conflicts in the Middle East, the rapid cooling of financing trading activity, and the upcoming economic data releases and earnings season in mid to late March [7] - It suggests focusing on sectors with improving conditions and reasonable valuations, such as small metals, chemicals, components, storage, optoelectronics, military, engineering machinery, and agriculture, as well as electricity-related trades influenced by geopolitical factors [7]