2026 年 03 月 03 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/3/3 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 1、《ETF 及指数产品网格策略周报— 2026/2/25》2026-02-25 2、《ETF 及指数产品网格策略周报— 2026/2/10》2026-02-10 3、《ETF 及指数产品网格策略周报— 2026/2/3》2026-02-03 4、《ETF 及指数产品网格策略周报— 2026/1/27》2026-01-27 5、《ETF 及指数产品网格策略周报— 2026/1/20》2026-01-20 华宝证券 1/8 财富生态周报 投资要点 ...

螺纹钢、铁矿石 期货品种周报 2026.03.02-03.06 01 P A R T 螺纹钢期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 品种交易策略 中线行情分析 供需处于相对均衡格局，根据长城期货AI智能数据量化策略模型综 合分析，螺纹钢期货主力合约运行于2882至3330的震荡整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量165吨，国内消费量147万吨，主要钢厂库存232万吨， 社会库存833万吨。长城期货AI智能投询品种诊断报告显示螺纹钢期货 主力合约运行于横盘整理区间，近期市场资金关注度略有下降。 2 整理阶段可考虑网格交易策略，系统策略建议：天线3330，地线 2882，网格间距32，网格数量14。 中线策略建议 3 上周策略回顾 螺纹钢期货主力合约进入震荡整理区间。 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入横盘整理区间，可考虑实施大网格交易策略。 现货企业套期保值建议 整理阶段建议观望等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本报 ...

2026/2/25 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 2026 年 02 月 25 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 （3）证券保险 ETF 易方达（512070.SH）：券商发债规模同比大幅增长，为 业务扩张奠定坚实基础；沪深北交易所优化再融资政策，利好投行业务。据财 联社 2 月 21 日消息，根据 Choice 数据统计，2026 年截至 2 月 20 日，券商累 计发行债券的募资总额达 4260.4 亿元，同比增长 243.97%，体现出券商发债情 绪的高涨。与此同时，年内债券获批额度已达 3220 亿元。这一方面为券商补充 了较低成本的长期资金，有助于扩大其自营、做市、两融、 ...

01 P A R T 螺纹钢期货 螺纹钢、铁矿石 期货品种周报 2026.02.24-02.27 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 供需处于相对均衡格局，根据长城期货AI智能数据量化策略模型综 合分析，螺纹钢期货主力合约运行于2882至3330的震荡整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量193吨，国内消费量142万吨，主要钢厂库存158万吨， 社会库存572万吨。长城期货AI智能投询品种诊断报告显示螺纹钢期货 主力合约运行于横盘整理区间，近期市场资金关注度略有下降。 2 整理阶段可考虑网格交易策略，系统策略建议：天线3330，地线 2882，网格间距32，网格数量14。 中线策略建议 3 品种交易策略 上周策略回顾 螺纹钢期货主力合约进入震荡整理区间。 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入横盘整理区间，可考虑实施大网格交易策略。 相关数据情况 现货企业套期保值建议 整理阶段建议观望等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 本报 ...

Group 1 - The report outlines a grid trading strategy that capitalizes on price fluctuations rather than predicting market trends, making it suitable for volatile markets [4][14] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [4][14] - The report highlights specific ETFs for grid trading, including the Huashan Software ETF, which focuses on domestic software development and AI commercialization opportunities [5][15] Group 2 - The report discusses the E Fund Robotics ETF, which benefits from the dual drivers of smart manufacturing upgrades and accelerated penetration of the robotics industry, with significant growth in industrial and service robot production expected [5][18] - The E Fund Securities and Insurance ETF is noted for its short-term catalysts from January's strong market performance and long-term policy benefits from the "Financial Power" strategy and ongoing capital market reforms [6][20] - The report emphasizes the gaming ETF, which is supported by the normalization of game license approvals and the transformative impact of AI technology on the gaming industry, leading to significant revenue growth in both domestic and international markets [8][23]

螺纹钢、铁矿石 期货品种周报 2026.02.09-02.13 01 P A R T 螺纹钢期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 品种交易策略 中线行情分析 供需处于相对均衡格局，根据长城期货AI智能数据量化策略模型综 合分析，螺纹钢期货主力合约运行于2882至3330的震荡整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量191万吨，国内消费量147万吨，主要钢厂库存153万 吨，社会库存579万吨。长城期货AI智能投询品种诊断报告显示螺纹钢 期货主力合约运行于横盘整理区间，近期市场资金关注度略有下降。 2 整理阶段可考虑网格交易策略，系统策略建议：天线3330，地线 2882，网格间距32，网格数量14。 中线策略建议 3 上周策略回顾 螺纹钢期货主力合约进入震荡整理区间。 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入横盘整理区间，可考虑实施大网格交易策略。 现货企业套期保值建议 整理阶段建议观望等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本 ...

2026 年 02 月 03 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/2/3 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2026/1/27》2026-01-27 2、《ETF 及指数产品网格策略周报— 2026/1/20》2026-01-20 3、《ETF 及指数产品网格策略周报— 2026/1/14》2026-01-14 4、《ETF 及指数产品网格策略周报— 2026/1/6》2026-01-06 5、《ETF 及指数产品网格策略周报— 2025/12/30》2025-12-30 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种 ...

2026.02.02-02.06 螺纹钢、铁矿石 期货品种周报 01 P A R T 螺纹钢期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 根据长城期货AI智能数据量化策略模型综合分析，螺纹钢期货主力 合约运行于2882至3330的横盘整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量199万吨，表观消费量176万吨，主要钢厂库存149万 吨，社会库存523万吨。长城期货AI智能投询品种诊断报告显示螺纹钢 期货主力合约运行于横盘整理区间，近期市场关注度略有下降。 2 整理阶段可考虑网格交易策略，系统策略建议：天线3330，地线 2882，网格间距32，网格数量14。 中线策略建议 3 品种交易策略 上周策略回顾 螺纹钢期货主力合约进入震荡整理区间。 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入横盘整理区间，可考虑实施大网格交易策略。 现货企业套期保值建议 整理阶段建议观望等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本报告数据来源为Wind、M ...

Group 1 - The report outlines the grid trading strategy as a method of profiting from price fluctuations without predicting market trends, making it suitable for volatile markets [4][12] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being identified as appropriate candidates [4][12] - The report highlights two key ETFs for grid trading: the Financial Technology ETF (159851.SZ) and the Medical ETF (512170.SH), emphasizing their potential benefits from market trends and innovations [4][13][16] Group 2 - The Financial Technology ETF is positioned to benefit from capital market reforms and the digital transformation of finance, with advancements in AI and blockchain driving efficiency and innovation in the sector [4][13] - The Medical ETF is catalyzed by the recent Nipah virus outbreak in India, which serves as a short-term driver, while the long-term growth is supported by the acceleration of innovative drug exports from China, showcasing the country's significant presence in the global pharmaceutical market [5][16] - The report suggests that investors can enhance returns by diversifying their grid trading strategies across different ETFs, combining various types and investment scopes to optimize risk management and capital utilization [16][19]

Core Viewpoint - The article highlights the significant rise in gold prices, reaching over $5,000 per ounce, and emphasizes the growing popularity of the Cathay Fund's gold ETF (518800) as a preferred investment vehicle for both institutional and individual investors during this "gold super cycle" [1][2]. Group 1: Macroeconomic Factors Supporting Gold Prices - The surge in gold prices in 2026 is attributed to three interrelated factors: the shift towards "de-dollarization," where multiple central banks are increasing their gold reserves, indicating a fundamental change in gold's pricing power [2] - The decline in nominal interest rates and the ongoing battle with inflation expectations have made gold, a non-yielding asset, more attractive as the opportunity cost of holding it approaches zero [2] - The normalization of geopolitical risks has made gold an essential "safe haven" asset, negatively correlated with equity assets, thus serving as a stabilizing force in investment portfolios [2] Group 2: Advantages of Gold ETF (518800) - The gold ETF (518800) boasts significant advantages, including a scale exceeding 37 billion yuan and high liquidity, allowing for quick transactions without impacting net asset value, even for large institutional trades [3] - Each ETF share is backed by approximately 0.01 grams of physical gold, eliminating high premiums, custody fees, and discount costs associated with physical gold bars [3] - The ETF offers a competitive fee structure with a management fee of 0.5% and a custody fee of 0.1%, making it cost-effective for long-term investors in a fee-sensitive market [3] Group 3: Investment Strategies for Gold ETF in 2026 - Suggested strategies for navigating the current high price environment include grid trading to capitalize on price volatility above $5,000, utilizing the ETF's liquidity for intraday arbitrage [4] - A recommended asset allocation strategy involves incorporating 10%-15% of the gold ETF into traditional portfolios to effectively hedge against volatility in U.S. and A-shares, thereby optimizing the Sharpe ratio [4] - Long-term investors are advised to maintain a 50% core position in the ETF and consider dynamic reallocation when gold prices retreat to support levels, such as around $4,800, to average down costs [4]