Core Viewpoint - The article discusses the implications of the Jeffrey Epstein case, highlighting the normalization of elite connections and the troubling nature of their interactions, which often involve nepotism and privilege, while also revealing the broader societal issues surrounding trust in elite circles [7][8][30]. Group 1 - Epstein's network included prominent figures across various sectors, such as politics, finance, and academia, indicating a widespread interconnection among elites [20][22]. - The communications revealed in the Epstein case show a casual approach to securing opportunities for children of the elite, which contrasts sharply with the struggles faced by the general public in similar situations [9][11]. - The article emphasizes that the relationships within Epstein's network were maintained through small favors and informal exchanges, which contributed to a culture of privilege and entitlement [27][28]. Group 2 - The article points out that the Epstein case is not just about individual crimes but reflects a systemic issue where elite individuals often ignore or downplay serious misconduct to maintain their social standing [30][36]. - It discusses the challenges of accountability within elite circles, suggesting that while some individuals have faced consequences, the broader system often allows for continued impunity [37][40]. - The ongoing scrutiny of Epstein's connections indicates a growing public demand for transparency and accountability among elites, as trust in their integrity continues to erode [41].

宏观周报 2026 年 03 月 01 日 宏观研究团队 谋篇"十五五"迎两会；中东地缘风险升级 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  | 国内宏观政策：谋篇"十五五"迎两会；深耕"人工智能+" | 近期（2 月 1 日-2 月 28 日）国内宏观主要聚焦以下几个方面： 政策基调方面，2 月 27 日，中共中央政治局召开会议，讨论"十五五"规划纲 要草案和《政府工作报告》。会议指出，做好今年政府工作，要实施更加积极有 为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优 增量、盘活存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持 续防范化解重点领域风险，着力稳就业、稳企业、稳市场、稳预期。国务院总理 李强 2 月 24 日主持召开国务院常务会议，部署做好春节假期后政府工作，要求 着力抓好重点任务落实，支持地方和企业积极探索打造新增长点。 基建与产业 ...

Core Insights - The North Exchange 50 index experienced a slight increase of +0.48% this week, with 193 out of 295 listed companies showing positive weekly growth, led by Tongbao Optoelectronics (+61.41%) and *ST Yunchuang (+29.55%) [3][11] - The average daily trading volume on the North Exchange was approximately 17.96 billion yuan, with a total trading volume of 71.82 billion yuan over four trading days [4][5] - The overall price-to-earnings (P/E) ratio for the North Exchange is around 47.37 times, showing a slight increase from the previous week [22][25] - The number of market makers on the North Exchange has expanded to 21, enhancing market liquidity and trading mechanisms [3][42] Market Overview - The North Exchange's daily average trading volume was approximately 17.96 billion yuan, with a total trading volume of 71.82 billion yuan and a trading volume of 2.919 billion shares this week [4][5] - The North Exchange's turnover rate was 13.40%, higher than that of the Sci-Tech Innovation Board and the Shanghai and Shenzhen main boards [5][6] - The North Exchange has a total of 295 listed companies, with a total market capitalization of 942.59 billion yuan [6][22] Industry Performance - The sectors with the highest weekly growth included petroleum and petrochemicals (+21.8%), environmental protection (+8.0%), and transportation (+6.1%), while the media sector saw a decline of -15.6% [11][12] - The average P/E ratio for the non-ferrous metals sector is the highest at 129.6 times, followed by petroleum and petrochemicals (92.6 times) and telecommunications (90.4 times) [25][26] Investment Strategy - The report recommends focusing on two main investment directions for 2026: 1. A top-down approach targeting new productive forces in the North Exchange, particularly in emerging industries such as new energy (hydrogen and nuclear fusion), embodied intelligence (robotics), biomanufacturing, mobile communications, and new consumption [28] 2. A bottom-up approach based on financial indicators, focusing on companies with high growth rates, strong R&D investment, significant capacity release potential, and strong growth prospects [28] Company Announcements - Important announcements from North Exchange companies this week included asset restructuring, major contracts, foreign investments, and new patents [30][31]

Group 1 - The core viewpoint of the report indicates that the North Exchange 50 Index has increased by 0.48%, but the average daily trading volume has decreased by 3.3% after the Spring Festival, suggesting a weak trading atmosphere [6][10][11] - The report highlights that the main trading theme in the A-share market is "real asset re-inflation," with a focus on cyclical and military-related stocks, particularly in light of the escalating US-Iran tensions [7][10] - The North Exchange 50 Index will undergo a new adjustment, with companies such as Guangxin Technology being added, effective from March 16 [7][10] Group 2 - The report notes that the North Exchange's trading volume for the week was 2.917 billion shares, a decrease of 18.41% compared to the previous week, and the trading amount was 71.825 billion yuan, down 22.66% [14][15] - The report states that 193 stocks on the North Exchange rose, while 96 fell, resulting in a rise-to-fall ratio of 2.01, with *ST Yunchuang and Keli Co., Ltd. leading the gains [26][34] - The report mentions that the average PE (TTM) for the North Exchange is 94.68 times, with a median of 46.13 times, indicating a slight increase [12][17] Group 3 - The report details that one new stock, Tongbao Optoelectronics, was listed this week, with a first-day price increase of 70.01% and a trading volume of 5.54 billion yuan [19][33] - The report indicates that three companies were newly listed on the New Third Board, while seven were delisted, with no new financing planned or completed during the week [36][38] - The report highlights that the strong stock proportion on the North Exchange has risen to 38% [13]

Group 1 - The core viewpoint of the report indicates that the North Exchange 50 index rose by 0.48% during the week, but the average daily trading volume decreased by 3.3%, suggesting a weak trading atmosphere post the Spring Festival [8][12]. - The report highlights that the main trading theme in the A-share market is "real asset re-inflation," with a focus on cyclical and military-related stocks, especially in light of the escalating US-Iran tensions which are expected to boost commodity prices [9][12]. - The North Exchange 50 index will undergo a new adjustment, with Guangxin Technology, Tiangong Co., and Jikang Technology being added, effective from March 16 [9][12]. Group 2 - The report notes that 193 stocks on the North Exchange rose, while 96 fell, resulting in a rise-to-fall ratio of 2.01, with *ST Yunchuang and Keli Co. leading the gains [28]. - The average PE (TTM) for the North Exchange is reported at 94.68 times, with a median of 46.13 times, indicating a relatively high valuation compared to other exchanges [14][19]. - The trading volume for the North Exchange was 2.917 billion shares, a decrease of 18.41% week-on-week, with a total trading value of 71.825 billion yuan, down 22.66% [16][17]. Group 3 - This week, one new stock, Tongbao Optoelectronics, was listed on the North Exchange, with a first-day price increase of 70.01% [21]. - The report mentions that three companies were newly listed on the New Third Board, while seven were delisted, with no new financing planned or completed during the week [39][41]. - The report emphasizes the importance of monitoring stocks such as Litong Technology, Zhongyu Technology, and others in the cyclical and military sectors due to the current market conditions [9][12].

- The report introduces a style rotation solution, which includes a value-growth style rotation strategy and a large-small cap style rotation strategy. The value-growth style rotation strategy scores 6 for March 2026, indicating a higher score for the growth style[2][6] - The large-small cap style rotation strategy scores 2 for March 2026, indicating a higher score for the small cap style[2][8] - The industry rotation solution is constructed using four dimensions: macroeconomic indicators, mid-level fundamental indicators, micro-level technical indicators, and trading congestion indicators. The comprehensive score for the industry rotation strategy since 2017 shows an annualized return of 18.4%, with a benchmark annualized return of 4.9%, resulting in an excess annualized return of 13.5% and a monthly IC average of 12.1%[2][11][12] - The macroeconomic indicators divide the primary industries into five sectors: upstream cycle, midstream manufacturing, downstream consumption, TMT, and big finance. For March 2026, the macroeconomic growth dimension is in the "deepening recession/expansion slowdown" stage, and the liquidity dimension is in the "easing intensification/tightening slowdown" stage[15] - The fundamental indicators include historical prosperity, prosperity changes, and prosperity expectations. For March 2026, the top five industries ranked by fundamental indicators are non-ferrous metals, automobiles, electronics, non-bank finance, and machinery, while the bottom five are home appliances, real estate, construction, coal, and agriculture, forestry, animal husbandry, and fishery[17] - The technical indicators include index momentum, leading stock momentum, and K-line patterns. For March 2026, the top five industries ranked by technical indicators are communication, national defense and military industry, basic chemicals, non-ferrous metals, and computers, while the bottom five are real estate, food and beverage, transportation, electricity and public utilities, and retail[20] - The congestion indicators include financing inflows, turnover rate, and transaction ratio. For March 2026, the top five industries with high congestion are media, petrochemicals, building materials, national defense and military industry, and non-ferrous metals, while the bottom five industries with low congestion are automobiles, textiles and apparel, non-bank finance, banking, and home appliances[21] - The comprehensive industry rotation solution combines the positive scores of the macro, fundamental, and technical dimensions, while negatively configuring the congestion factor. For March 2026, the top five recommended industries are communication, non-ferrous metals, electronics, automobiles, and national defense and military industry, while the bottom seven are real estate, construction, home appliances, coal, food and beverage, retail, and electricity and public utilities[25] Model Backtest Results - Value-growth style rotation strategy, comprehensive score: 6 for March 2026[6] - Large-small cap style rotation strategy, comprehensive score: 2 for March 2026[8] - Industry rotation strategy, annualized return: 18.4%, benchmark annualized return: 4.9%, excess annualized return: 13.5%, monthly IC average: 12.1%[12][13]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 1 • 本公司於2026年2月交付20,797輛汽車，同比增長57.6% • 本公司於2026年至今交付47,979輛汽車，同比增長77.3% • 截至2026年2月28日，本公司累計汽車交付量達1,045,571輛 關於蔚來集團 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 2026年2月交付更新資料 於2026年3月1日 － 全球智能電動汽車市場的先 ...

Group 1: Global Economic Trends - The report discusses the "Global Smart Crisis" expected in 2028, highlighting concerns that AI will replace jobs, leading to reduced consumption and declining corporate profits[9] - It emphasizes that the narrative of "technology replacing jobs" has been a recurring theme in every technological revolution, similar to views during the internet revolution[9] - The report argues that economic laws, such as resource scarcity, will continue to create new job opportunities despite technological advancements[10] Group 2: Market Performance Insights - Global asset performance shows a new narrative driven by AI crisis concerns, geopolitical premiums, and "re-inflation" expectations, with US stocks under pressure while commodities rise[14] - The report notes that the US stock market is experiencing increased volatility, with major indices like the Nasdaq and S&P 500 declining by 0.95% and 0.44% respectively[15] - In contrast, emerging markets have shown resilience, with a 2.37% increase in the MSCI Emerging Markets index[15] Group 3: Monetary and Fiscal Dynamics - The report indicates that the US Federal Reserve's hawkish stance is solidifying, with a 94.6% probability of no rate cuts in March, reflecting market expectations[20] - It highlights that the Chinese economy is showing signs of recovery, with nominal GDP growth expected to be around 4.59%[14] - The report also mentions that the domestic liquidity remains stable, with M1 expected to rise further due to low base effects and continued foreign exchange surpluses[14] Group 4: Commodity and Bond Market Trends - Commodity markets are led by copper and gold, with Brent crude oil prices rising by 1% amid geopolitical tensions[17] - The report notes that gold prices have increased by 3.35% over the week, with significant inflows into gold ETFs, including a net inflow of 47.01 billion yuan in domestic ETFs[35] - In the bond market, US 10-year Treasury yields fell by 11 basis points to 3.97%, while European bond yields also declined, reflecting a flight to safety amid market uncertainties[20]

Group 1 - The report indicates that after the Spring Festival, the new stock market has shown signs of increased activity, with an average increase of approximately 3.7% for new stocks listed since 2025, and about 75.8% of these stocks achieving positive returns [1][13][5] - The current new stock cycle is expected to continue its upward trend, although the pricing indicators for new stocks have shifted higher, leading to a relatively weaker valuation drive for this cycle [2][13][1] - The report emphasizes the importance of external policies and events in catalyzing the activity of new stocks, suggesting that high-frequency rotation and differentiation will be the norm in this cycle [2][13][1] Group 2 - The report notes that last week, there were three new stocks available for online subscription, with an average issuance price-earnings ratio of 19.3X and a subscription success rate of 0.0206% [4][25] - The performance of newly listed stocks showed a significant drop in first-day trading enthusiasm, with an average first-day increase of about 70% for new stocks on the North Exchange, compared to 175% in the previous week [4][30] - The report highlights that the average increase for new stocks listed since 2025 on the North Exchange was 1.2%, with 67.6% of these stocks also showing an increase [5][33] Group 3 - The report identifies key sectors for investment, including technology themes such as AI, commercial aerospace, and energy export, which are expected to have significant long-term growth potential [3][13][1] - It also suggests that investors should consider sectors with temporary popularity but relatively stable performance, such as innovative pharmaceuticals, new consumption, and robotics, for potential rotation opportunities [3][13][1] - The report lists specific upcoming new stocks, including Tongling Technology and Haifiman, which are expected to be listed soon [4][3]

Group 1: Geopolitical Events - The U.S. and Israel launched a military strike against Iran, with Israel's Defense Minister announcing a state of emergency [3] - Iran's Supreme Leader, Ayatollah Khamenei, was reported dead following an attack, leading to a nationwide mourning period [4] - The Iranian Revolutionary Guard Corps initiated a large-scale military operation named "Honest Commitment 4" in retaliation against the U.S. and Israel [5] Group 2: Economic Policies and Market Reactions - The Chinese government announced adjustments to tariffs on certain imported goods from Canada, including the removal of a 100% tariff on canola meal and a 25% tariff on lobster and crab [7] - The U.S. stock market saw a collective decline, with the Dow Jones Industrial Average dropping by 521.28 points, a decrease of 1.05% [8] - The Shanghai Stock Exchange monitored high-premium funds, including the China-Korea Semiconductor ETF, due to recent market volatility [10][11] Group 3: Industry Developments - The National Development and Reform Commission reported a continuous rise in storage chip prices, driven by explosive demand and significant supply shortages [12] - The first national standard system for humanoid robots and embodied intelligence was released in China, indicating advancements in the robotics sector [12] - The Chinese government imposed anti-dumping duties on canola seeds from Canada, with a rate of 5.9%, effective from March 1 [12] Group 4: Company News - Cambrian Technology reported a turnaround with a net profit of 2.059 billion yuan, achieving a revenue increase of 453.21% year-on-year [13] - Zhongji Xuchuang announced a net profit of 10.799 billion yuan, reflecting a growth of 108.81% compared to the previous year [13] - Four companies, including Haitai Development and Shuangliang Energy, received notices of investigation for alleged violations of information disclosure [13]