2026 年 03 月 01 日 证券研究报告 | 策略周报 外部烽烟再起，稳健为主 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《波动明显上升，适度回归稳健 —策 略周报》2026-02-01 2、《理性降温，景气度仍是避风港 —策 略周报》2026-01-18 3、《跨年波动或有上升，不改高景气主 线 —策略周报》2026-01-04 4、《继续耐心布局高景气 —策略周报》 2025-12-21 5、《由守转攻，布局高景气方向等风起 —策略周报》2025-12-07 投资要点 分析师：刘芳 【债市方面】止盈意愿有望减弱，区间震荡为主。春节后在两会前，债市存 在一定止盈压力，观望情绪上升。但外部冲突风险上升，风险偏好回落或利于 债市，债市调整风险有限。后续关注政策目标设定，若经济增长、赤字率目标 等设定并未明显强于预期，则债市风 ...

央视新闻2月26日消息，《网络餐饮服务经营者落实食品安全主体责任监督管理规定》将于6月1日正式 实施。 外卖网店名称须与实体经营门面招牌名一致 根据市场监管总局发布的《网络餐饮服务经营者落实食品安全主体责任监督管理规定》，6月1日开始， 外卖网店名称必须与实体经营门面招牌名称保持一致；必须在主页面显著位置持续展示经营资质、实体 经营门面照片、实际经营地址等核心信息，或设置清晰的信息链接标识。为解决"假地址"问题，明确实 际经营地址必须与经营资质证书载明的经营场所一致，必须严格落实原料控制、设施维护、操作规范等 要求，不得在操作区外加工食品或委托他人代工，同时增设专项标识，让"无堂食"不再遮遮掩掩。 《规定》明确，专门从事外卖服务、不提供堂食的外卖商家必须在其主页面显著位置设置"无堂食"标 识，且外卖平台需将该标识同步展示在商家列表页面。这样一来，消费者在下单前就能清晰知晓商家的 经营模式中有没有堂食，从而结合自身对餐饮服务的需求与安全预期作出理性选择。 还将推行可视化公示，让"加工过程"不再"雾里看花"。《规定》构建了"互联网+明厨亮灶"的公示体 系，倡导外卖商家通过"互联网+明厨亮灶"等方式，向社会公开餐食 ...

下一步需着力完善规则、强化协同、提升能力、优化监督与数据应用，切实提升执法统一性。 当前全国市场监管执法的基本面 1.执法体制完成整合，形成统一管理架构。根据2018年启动的深化党和国家机构改革方案，原分散于国 家工商行政管理总局、国家质量监督检验检疫总局、国家食品药品监督管理总局，以及国家发改委的价 格监督检查与反垄断执法职责等，被统一整合至新组建的国家市场监督管理总局。目前，全国省、市、 县三级市场监管综合执法队伍整合已全面完成，实现了执法主体、事权与组织的统一，为从根本上解决 多头执法、重复检查问题奠定了制度基础。 2.重点领域执法常态化，案件查处覆盖主要违法类型。针对民生领域、数字经济反垄断、反不正当竞争 执法已实现常态化，针对"内卷式"竞争等新问题能及时作出回应。《中国反垄断执法年度报告 （2024）》显示，2024年民生领域反垄断执法专项行动纵深推进，在医药领域，执法行动推动涉案药品 降价62%；在机动车检测领域，执法行动有效降低了群众生活成本和经营主体负担；在数字经济领域， 督导阿里巴巴、美团、知网等进行整改，切实维护了该领域的竞争秩序。2026年1月，市场监管总局发 布综合整治"内卷式"竞争十 ...

截至2026年2月23日14:55，恒生科技指数(HSTECH)上涨3.58%，美团-W上涨5.63%，中芯国际上涨 5.10%，华虹半导体、蔚来-SW跟涨。 截至2026年2月13日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近2年夏普比率为1.14，在可比基 金中排名6/26，风险收益比较高。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近今年以来最大回撤9.85%，相对 基准回撤0.07%。 汇添富恒生科技ETF联接发起式(QDII)C是汇添富基金旗下的一只其他型基金，成立于2022年10月31 日。通过投资于恒生科技ETF汇添富(513260)，紧密跟踪标的指数表现，追求跟踪偏离度和跟踪误差的 最小化。现任基金经理乐无穹，具有11.7年证券从业经验，自2022年10月31日任职以来回报达66.33%。 汇添富港股科技配置观测工具箱： 【港股科技宽基·经典载体】汇添富恒生科 ...

Core Insights - The Hang Seng Tech Index exhibits a highly concentrated weight structure, with the top ten constituent stocks accounting for nearly 70% of the total weight, highlighting a significant disparity in market capitalization distribution [1][4]. Group 1: Weight Distribution and Market Capitalization - The top five constituent stocks of the Hang Seng Tech Index have a combined weight of 39.69%, while the top ten account for 69.09%, and the top fifty make up 99.99%, indicating a highly concentrated characteristic [4]. - The largest individual stock, Alibaba, has a market capitalization of HKD 48,764.54 billion, while the smallest stock has a market capitalization of HKD 388.48 billion, with an average market capitalization of HKD 5,183.27 billion and a median of HKD 1,827.69 billion, reflecting significant market capitalization disparity [4]. Group 2: Industry Analysis of Top Constituents - Alibaba is categorized under consumer discretionary and internet platform sectors, with core businesses including retail, cross-border commerce, cloud computing, and digital media, demonstrating strong platform attributes and resilience against cyclical risks [4]. - SMIC (Semiconductor Manufacturing International Corporation) belongs to the information technology and semiconductor sector, positioned at the core of the semiconductor supply chain, benefiting from domestic substitution and AI computing demand [4]. - BYD is classified under consumer discretionary and the electric vehicle sector, with a comprehensive layout across vehicles, batteries, semiconductors, and rail transit, making it one of the most integrated companies in the new energy industry [4]. Group 3: Overall Index Characteristics - The Hang Seng Tech Index is characterized by a concentration of leading firms, distinct technological attributes, and high growth potential, with the top ten constituent stocks focusing on internet platforms, semiconductors, new energy, and consumer electronics, covering the core asset matrix of China's digital economy [5]. - The ETF aims to balance the allocation of core assets in Hong Kong's technology sector while capturing the medium to long-term growth momentum of China's new economy [5].

汇添富恒生科技ETF联接发起式(QDII)C(013128)所跟踪的恒生科技指数呈现出高度集中的权重结构，前十大成分股权重合计近70%，其中阿里巴巴、中芯国 际、比亚迪分列前三大重仓股，分别代表互联网平台、半导体国产替代龙头及新能源汽车垂直一体化标杆，覆盖中国数字经济最核心的资产方阵。指数市值 分布显著分化，反映龙头主导的幂律分布特征。本文就该基金资产集中度相关数进行简要分析。 一、权重分布高度集中，市值分布显著分化 | 累计权重 © | | | --- | --- | | 前5大成分股 | 39.69% | | 前10大成分股 | 69.09% | | 前50大成分股 | 99.99% | | 成分股总市值(币种:HKD 单位:亿元) | | | 島大値 | 48.764.54 | 二、汇添富恒生科技ETF联接发起式(QDII)C(013128)前三名成分股行业属性简析1.阿里巴巴-W：归属于可选消费与互联网平台行业。核心业务包括中国零 售商业、跨境及全球零售、云计算、数字媒体及娱乐等，平台属性强，具备跨周期抗风险能力。 2.中芯国际：归属于信息技术—半导体行业。作为中国大陆晶圆代工龙头，处于半导体产业链核 ...

Group 1 - The core viewpoint of the news highlights recent regulatory dynamics and strategic initiatives by JD.com, including a significant investment in employee benefits and logistics infrastructure [1] - On February 13, the State Administration for Market Regulation held discussions with JD.com and other major platforms to enforce compliance with promotional practices and curb "involution" competition [1] - JD.com announced a plan to invest over 22 billion yuan in building 150,000 "Xiao Ge Homes" over the next five years and emphasized ongoing investments in AI and logistics, including the procurement of 3 million robots [1] Group 2 - JD.com's stock price has shown a downward trend, closing at 106.40 HKD on February 13, down 1.85%, and further declining to 105.90 HKD by February 16, with a total drop of 1.85% over five days [2] - The stock's decline is attributed to a weak overall market, with the Hang Seng Index dropping 1.72% during the same period, alongside concerns regarding short-term performance and new business investments [2] - JD.com's valuation remains low, with a TTM price-to-earnings ratio of 8.52, despite positive initiatives such as the employee welfare plan [2]

Domestic News - The "Modern Capital Urban Circle Spatial Collaborative Planning (2023-2035)" has been released, marking the first urban circle plan approved by the Central Committee of the Communist Party of China and the State Council. The plan emphasizes the "four zones and one engine" positioning, aiming to construct a nested structure of commuting, functional, and industrial collaboration circles, and promotes the coordinated development of Beijing-Tianjin-Hebei region to build a world-class urban circle [1] - The Ministry of Commerce announced that the first batch of national subsidy funds amounting to 62.5 billion yuan has been allocated to local commerce departments, which will guide increased subsidy distribution during the nine-day Spring Festival holiday [3] - The People's Bank of China reported that by the end of January, the broad money supply (M2) reached 347.19 trillion yuan, reflecting a year-on-year growth of 9% [6] - The State Administration for Market Regulation has interviewed seven platform companies to eliminate various forms of "involution" competition and ensure compliance with competition laws [7] Industry Developments - The State Council has issued implementation opinions on improving the national unified electricity market system, aiming for 70% of electricity consumption to be traded in the market by 2030 [2] - The Ministry of Industry and Information Technology has proposed to enhance the planning and policy support for the low-altitude industry, aiming for a 90% coverage of ground mobile communication networks for low-altitude public air routes by 2027 [4] - The National Development and Reform Commission and other departments have released opinions to promote the high-quality development of low-altitude insurance, with a mandatory insurance system for unmanned aerial vehicles expected to be established by 2027 [4] - The Ministry of Industry and Information Technology and other departments have issued opinions to strengthen the capacity building of the information and communication industry to support low-altitude infrastructure development [5] Market Regulation - The State Administration for Market Regulation has released guidelines to regulate pricing behavior in the automotive industry, aiming to promote a healthy and orderly automotive market [8] - The National Bureau of Statistics reported that in January, the consumer price index (CPI) rose by 0.2% year-on-year, with food prices decreasing by 0.7% and non-food prices increasing by 0.4% [8] - The National Bureau of Statistics also indicated that in January, the sales prices of new residential properties in first-tier cities decreased by 0.3% month-on-month, while second-hand residential prices fell by 0.5% [9]

2月13日，国家市场监督管理总局发布了《互联网平台反垄断合规指引》(以下简称"指引")，该文件共 计五章三十八条，围绕互联网平台可能面临的垄断风险进行识别、管理和合规保障机制的构建提出了具 体要求。 作为对现有反垄断合规制度的进一步补充与细化，该指引旨在为平台经营者提供更为精准且易于理解的 行为指南，标志着我国在平台经济治理领域迈出了全链条监管的重要一步。 此次发布的文件，是对我国反垄断合规体系的进一步完善，推动了平台经济领域反垄断监管的常态化。 近年来，我国平台经济蓬勃发展，在优化资源配置、促进技术创新、推动产业升级及经济社会发展等方 面发挥了积极作用。 尽管该文件不具备法律强制力，但其重要性不容忽视。它主要面向互联网平台经营者，为其提供了一般 性的反垄断合规指导。判断某一行为是否构成《中华人民共和国反垄断法》所禁止的垄断行为，仍需依 据相关法律法规，并通过深入调查与科学分析来最终确定。 互联网平台涉及多方利益主体，包括平台自身、入驻商家、消费者及从业人员等。平台经营者通过制定 规则、运用数据、算法及技术手段等方式，能够深刻影响平台的竞争格局。一旦平台经营者实施排除或 限制竞争的行为，将直接损害多方利益。 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has summoned major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Shanguo to ensure compliance with various laws and regulations, emphasizing the need for fair competition and innovation in the platform economy [1] Group 1: Regulatory Compliance - The platform companies are required to strictly adhere to the Anti-Unfair Competition Law, Price Law, Consumer Rights Protection Law, and E-commerce Law of the People's Republic of China [1] - Companies are urged to take proactive responsibility in implementing these regulations to enhance their promotional practices [1] Group 2: Market Environment - The SAMR has highlighted the importance of eliminating "involution" competition among platforms to maintain a fair competitive market environment [1] - The initiative aims to promote innovation and healthy development within the platform economy [1]