分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 能源电力行业领涨 A 股宽幅震荡 ——市场分析 周四（03 月 19 日）A 股市场低开低走、宽幅震荡整理，早盘股指低 开后震荡回落，盘中沪指在 4015 点附近获得支撑，午后股指维持震 荡，盘中石油、煤炭、燃气以及电力等行业表现较好；贵金属、有 色金属、能源金属以及农化制品等行业表现较弱，沪指全天基本呈 现宽幅震荡整理的运行特征。创业板市场周四震荡回落，创业板成 分指数全天表现强于主板市场。 相关报告 《市场分析：通信半导体领涨 A 股小幅上行》 2026-03-18 《市场分析：金融光伏行业领涨 A 股小幅整 理》 2026-03-17 《市场分析：航运半导体领涨 A 股震荡整固》 2026-03-16 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 03 月 19 日 投资要点： ◼ A 股市场综述 ◼ 后市研判及投资建议 周四 ...

Group 1 - Standard Chartered Group announced a share buyback of 932,000 shares at a cost of £15.2437 million on March 18, 2026 [1]

Group 1 - Standard Chartered Group announced a share buyback plan costing approximately £15.24 million to repurchase about 931,800 shares on March 18, 2026 [1]

Core Viewpoint - The meeting of the People's Bank of China emphasizes the importance of implementing a moderately loose monetary policy to support economic stability and high-quality development, aligning with the goals set forth in the 14th Five-Year Plan and the recent government work report [2][3]. Group 1: Monetary Policy Implementation - The People's Bank of China will continue to implement a moderately loose monetary policy, focusing on promoting stable economic growth and reasonable price recovery as key considerations [3]. - The bank will utilize various monetary policy tools, including reserve requirement ratios, government bond transactions, and medium-term lending facilities, to maintain ample liquidity and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [3]. - The bank aims to guide and regulate interest rates based on economic and financial conditions, enhance policy transparency, and maintain the stability of the RMB exchange rate at a reasonable and balanced level [3]. Group 2: Financial Services and Risk Management - The bank will strengthen financial services in key areas and weak links, focusing on supporting domestic demand, technological innovation, and small and micro enterprises [4]. - It will enhance collaboration with fiscal policies in areas such as interest subsidies and risk cost sharing to amplify policy effects [4]. - The bank will actively and prudently address financial risks in key sectors, maintaining a dynamic balance between economic growth, structural adjustments, and risk prevention [4]. Group 3: Financial Reform and Governance - The People's Bank of China will continue to deepen financial reform and opening up, improving the central bank's system and establishing a robust monetary policy framework [4]. - The bank will promote high-level openness in the financial services sector and enhance the financial risk prevention capabilities within an open framework [4]. - The meeting emphasizes the importance of strict governance and the establishment of a correct performance evaluation system, aiming to create a clean political atmosphere [5].

Core Viewpoint - Morgan Stanley's report indicates that Standard Chartered Group (02888) has had a promising start to 2026, with the first quarter's business trends continuing last year's strong performance. The wealth management business has shown robust performance year-to-date, with net new fund inflows remaining strong. Non-recurring income rebounded from a weak fourth quarter of the previous year, although it is compared to a strong first quarter of 2025, resulting in a high comparative base. The target price for Standard Chartered (STAN.L) is set at 1,865 pence, with a rating of "Overweight" [1][6]. Financial Performance - The management reiterated guidance that net interest income and costs for the fiscal year 2026 will remain roughly flat year-on-year. Looking beyond 2026, even in a volatile environment, management is comfortable with credit costs being maintained at 30 to 35 basis points over the entire cycle [1][6]. Business Strategy - Standard Chartered's strategy remains focused on distribution-led businesses and large international corporations in corporate, financial institutions, and commercial banking sectors. The focus in corporate and investment banking continues to shift towards affluent and wealth management while reducing exposure to unsecured consumer loans, which supports confidence in long-term credit quality [1][6]. Geopolitical Impact - Management believes that recent geopolitical events have not had a direct impact on employees or operations. From a credit perspective, the focus remains on core corporate and investment banking markets in the UAE, Qatar, and Saudi Arabia, where 80% of the risk exposure is investment-grade, targeting large multinational companies, financial institutions, and government-related entities. These portfolios are viewed as low risk [2][7]. Credit Exposure - In wealth management and retail banking, the credit exposure is primarily in UAE mortgage loans, which have a low loan-to-value ratio. The bank exited the SME business in the Middle East several years ago. Management maintains a cautious stance regarding the first phase of impact but feels reassured. The potential second phase impact depends on the duration of geopolitical uncertainties, but current guidance remains unchanged [2][7].

Group 1 - The Bank of Japan has decided to maintain its policy interest rate at 0.75% for the second consecutive monetary policy meeting [2] - The decision to keep the interest rate unchanged follows a rate hike in December 2025 [2] - The Bank of Japan will continue to assess the impact of rising oil prices due to tensions in the Middle East on the economy and prices [3]

Core Viewpoint - The meeting of the People's Bank of China emphasizes the importance of implementing a moderately loose monetary policy to support stable economic growth and reasonable price recovery, while also addressing financial risks and deepening financial reform and opening up [1][2][3][4]. Group 1: Monetary Policy Implementation - The People's Bank of China will continue to implement a moderately loose monetary policy, focusing on promoting stable economic growth and reasonable price recovery as key considerations [2]. - The central bank will utilize various monetary policy tools, including reserve requirement ratios, government bond transactions, and medium-term lending facilities, to maintain ample liquidity and align social financing scale and money supply growth with economic growth and price level expectations [2]. - The bank aims to guide and regulate interest rates, enhance policy transparency, and maintain the stability of the RMB exchange rate at a reasonable and balanced level [2]. Group 2: Financial Services and Risk Management - The focus will be on enhancing financial services in key areas and weak links, particularly in supporting domestic demand expansion, technological innovation, and small and micro enterprises [2][3]. - The central bank will work to balance economic growth, structural adjustments, and financial risk prevention, while continuing to address debt risks associated with financing platforms [3]. - A market-oriented and legal approach will be adopted to manage risks in small financial institutions, ensuring the stability of stock, bond, and foreign exchange markets [3]. Group 3: Financial Reform and Governance - The People's Bank of China will deepen financial reform and opening up, improving the central bank's system and establishing a robust monetary policy framework [3][4]. - The bank will promote high-level openness in the financial services sector and enhance the interconnectedness of financial markets, while also supporting the construction of the Shanghai International Financial Center and maintaining Hong Kong's status as an international financial hub [3]. - Continuous efforts will be made to strengthen party governance, improve the quality of proposal handling, and ensure the effective implementation of financial policies for the public [4][5].

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Singapore branch successfully issued 5 billion RMB offshore bonds, marking the first issuance of its kind in Singapore and the first to be listed on the Singapore Exchange [1] Group 1: Bond Issuance - The bond issuance was supported by the head office and the Shanghai Clearing House [1] - This issuance is part of a broader initiative by the People's Bank of China to promote financial openness, announced during the 2025 Lujiazui Forum [1] - The bonds attracted high-quality investors from Hong Kong, Singapore, Europe, and Oceania [1] Group 2: Institutional Background - ICBC Singapore branch was established in 1993 and holds a full banking license [1] - The successful issuance of offshore bonds is a significant step in promoting the development of Singapore as an offshore RMB center and supporting the internationalization of the RMB [1]

Core Viewpoint - Morgan Stanley's report indicates that Standard Chartered Group's performance in early 2026 is promising, with strong business trends continuing from the previous year [1] Group 1: Wealth Management - Wealth management business has shown strong performance year-to-date, with robust net inflows of funds [1] Group 2: Credit Costs and Strategy - Management is confident in maintaining credit costs at 30 to 35 basis points throughout the cycle, even in a volatile environment [1] - The bank's strategy remains focused on distribution-led business and large international corporations in corporate, financial institutions, and commercial banking sectors [1] - In corporate and investment banking, the focus continues to shift towards affluent and wealth management while reducing exposure to unsecured consumer loans, supporting long-term credit quality confidence [1] Group 3: Stock Rating - The bank has set a target price of 1865 pence for Standard Chartered's London-listed shares, with a rating of "Overweight" [1]

Core Viewpoint - The collaboration between Haibo Sichuang Technology Co., Ltd., China Minsheng Bank, and Minsheng Financial Leasing marks a significant step towards the deep integration of finance and industry in the energy storage sector, aiming to drive high-quality development in the industry [1][3][6] Group 1: Collaboration Details - The partnership aims to establish a "bank + leasing + industry" triad model to explore innovative financial services across the entire energy storage industry chain [1] - Haibo Sichuang's CEO emphasized the importance of energy storage as a stabilizer for renewable energy, crucial for ensuring the safe and stable operation of the power system [3] - The collaboration is expected to support Haibo Sichuang's comprehensive layout across the industry chain, enhancing cooperation from single project collaboration to multi-scenario synergy [3][6] Group 2: Financial Support and Services - China Minsheng Bank's Beijing branch aims to provide precise, efficient, and diversified financial services to competitive and growth-potential enterprises like Haibo Sichuang [3] - Minsheng Financial Leasing will leverage its expertise in equipment financing and asset management to support Haibo Sichuang in project investment, equipment upgrades, and capacity construction [4] - The collaboration signifies a comprehensive upgrade of the partnership between Haibo Sichuang and Minsheng financial institutions, promoting deep integration of industry and finance [6] Group 3: Future Prospects - The three parties plan to deepen collaborative innovation in the new energy storage field and explore diverse cooperation models to contribute to China's energy structure transformation and green low-carbon development goals [6]