证券研究报告 | 朝闻国盛 gszqdatemark 2026 03 16 年 月 日 朝闻国盛 透视"十五五"规划纲要：焦点与路径 今日概览 ◼ 重磅研报 【宏观】政策半月观—一文读懂两会热点——20260315 【宏观】透视"十五五"规划纲要：焦点与路径——20260314 【宏观】2 月信贷社融双双超预期的背后——20260313 【金融工程】科创 50 确认日线级别下跌——20260315 【金融工程】择时雷达六面图：本周宏观基本面分数小幅上升—— 20260314 【固定收益】长债短债分化的逻辑与前景——20260315 【固定收益】央行回笼资金宽松，自律升级短债下行——流动性和机构 行为跟踪——20260314 【固定收益】财政节奏加快或带动企业融资改善——20260314 【银行】宽信用节奏平稳，资金活化趋势延续——20260315 【通信】光纤光缆：AI 驱动下的新周期——20260315 【非银金融】行业周报|""十五五"规划：资本场与与险行行业心部署 总结——20260315 【机械设备】26 年 GTC 大会前瞻：物理 agent——20260315 【国防军工】铼：先进航空发动机、燃气 ...

2026 年 03 月 16 日 每日晨报 | 2026 年 03 月 16 | 每 日 晨 报 日 | 金元晨报 | | --- | --- | --- | | 每日晨报 | | | | | | 股市回顾 | | 主要市场股指表现 | | | 工作邮箱：zqyjsw@jyzq.cn 金元晨报 股市回顾 国际要闻 国内要闻 重要公告 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 | | | -1- A股行情：上证指数跌0.81%，报4095.45点，深成指跌0.65%， 报14280.78点，创业板指跌0.22%，报3310.28点，沪深京三市成 交额24173亿元，较上交易日缩量433亿元。 亚太市场：香港恒生指数跌0.98%，报25465.6点，恒生科技指 数跌0.99%，报4978.08点，恒生国企指数跌0.32%，报8671.48点。 韩国综合指数收盘跌1.72%，报5487.24点。日经225指数跌1.04%， 报53819.61点。 欧洲市场：英国富时100指数跌0.43%，报10261.15点；德国DA X30指数跌0.6%，报23447.29点；法国CAC40指数跌0.91%，报 ...

证 券 研 究 报 告 行业周报 关注具备价格主动权的品种 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月16日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 2.国际油价上涨传导产业链，一次性手套提价加速 一次性丁腈手套和PVC手套上游主要源于石化产业链，其中丁腈手套主要来源为丁腈胶乳，丁腈胶乳其主要由丁二烯和丙 烯腈两种化工原料合成，PVC手套以PVC糊树脂为主要原材料，同时还需要大量使用增塑剂DOTP（对苯二甲酸二辛酯）， 而DOTP的关键原料之一为辛醇。自2026年年初以来，丁二烯、丙烯腈、DOTP和辛醇已分别上涨84.43%、47.30%、 34.21%和15.11%。一次性手套产业链较短，因此上游价格波动将直接传导至营业成本。从丁腈手套的供需情况来看，根据 隆众资讯，截至1月22日，国内一次性丁腈手套行业开工率达60.1%，产线利用率提升，订单量保持高位水平。自2025年11 月以来，丁腈手套出口均价已逐步提升，而且美国关税对中国丁腈手套的影响已大幅下降，2025年12月，中国出口美国占 比已不足8% ...

策略周报 控波动、重视新能源，关注内需韧性 2026 年 03 月 15 日 【策略观点】 【风险提示】 地缘政治风险扩散；全球流动性与美国关税政策不确定性；数据统计存在 误差。 挖掘价值 投资成长 东方财富证券研究所 证券分析师：陈果 证书编号：S1160525040001 证券分析师：杨泽宇 证书编号：S1160525100001 相关研究 《主题轮动强度或有修复，重视低位滞涨 板块的潜在催化——主题周观察》 2026.03.10 《外部波动震荡继续，关注新型能源体系》 2026.03.08 《外部波动，内需政策将是焦点》 2026.03.01 《海外波澜不惊，春季行情继续》 2026.02.23 《迎接春季行情第二段》 2026.02.08 正文目录 策 略 研 究 / 策 略 周 报 / 证 券 研 究 报 告 上周我们发布周报《外部波动震荡继续，关注新型能源体系》，本周中东 战事未见降级信号，而中国资本市场中的新能源板块表现突出，验证了我 们的判断，也正在成为市场寻求中期确定性的新共识。 由于目前中东局势未见降温尤其霍尔木兹海峡接近封锁，短期全球金融市 场依然面临较大的不确定性。美伊冲突对市场的交易 ...

2026 年 03 月 15 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 曹泽运 S0350525110001 caozy@ghzq.com.cn 证券分析师： 孔维崎 S0350524030002 kongwq@ghzq.com.cn [Table_Title] 关注癌症早筛领域未满足临床需求 ——医药生物行业周报 | 行业相对表现 | | 2026/03/13 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 医药生物 | -2.5% | -2.5% | 9.8% | | 沪深 300 | 0.2% | 1.9% | 19.4% | 相关报告 《医药生物行业周报：多家医药公司 3 月纳入港股 通，交易流动性有望提升（推荐）*医药生物*曹泽 运，孔维崎》——2026-03-09 《医药生物行业周报：和铂医药 HBM4003 BD 落 地，携手偏向性 IL-2 共启 Treg 治疗新局（推荐） *医药生物*曹泽运，郭磊》——2026-02-24 《医药生物行业周报：政策暖风持续提振，关注中 药板块投资机会（推荐）*医药生物*曹泽运，郭磊 ...

2026 年 3 月 14 日 总量研究 本周跌幅收窄 ——可转债周报（2026 年 3 月 9 日至 2026 年 3 月 13 日） 要点 1、市场行情 本周（2026 年 3 月 9 日至 2026 年 3 月 13 日，共 5 个交易日）中证转债指数 涨跌幅为-1.10%（上周涨跌幅为-2.07%），中证全指变动为-0.51%（上周涨跌 幅为-2.28%）。2026 年以来中证转债涨跌幅为+3.41%，中证全指涨跌幅为 +5.09%。 分评级来看，债项评级高评级券（评级为 AAA）、中高评级券（评级为 AA+）、 中评级券（评级为 AA）、中低评级券（评级为 AA-）和低评级券（评级为 AA- 及以下）本周涨跌幅分别为+0.02%、-0.79% 、-1.83%、-2.55%、-1.97%，高 评级券上涨，其余下跌。 分转债规模看，大规模转债（债券余额大于 20 亿元）、中大规模转债（余额在 15 至 20 亿元之间）、中规模转债（余额在 10 至 15 亿元之间）、中小规模转 债（余额在 5 至 10 亿元之间）、小规模转债（余额小于 5 亿元）本周涨跌幅分 别为-0.27%、+0.02%、+0.05 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2026年以来，A股主要股指在1月触及高点之后进入震荡阶段，市场流动性整体仍较为充裕，中小盘股整体跑赢大盘股。 其中，中证 1000指数 表现出色。截至2026年3月6日，2026年初至今上涨8.61%，仅次于中证500指数和中证2000指数。 受此驱动，私募中证1000指增2026年年初至今收益率达10.61%，表现突出。从近1年来看，中证1000指增策略的收益依旧位列第2，仅次于中证 500指增。 如果拉长周期至近 3年及近5年维度，中证1000指增的收益在所有宽基指增策略中位列第1，收益率分别达到84.31%、128.75%。 扫码看全文 ----------------------------- 那么，中证1000指增为什么能够在短、中、长期都表现出色呢？它的波动率、夏普、回撤表现如何？当下是否又是配置时机呢？ 和 寓 排 排 网 www.simuwang.com 盘风格持续强势, 中证1000指增还能上车吗? 1、"科创成长+小盘分散"特征铸就高弹性Beta 2、波动与回撤双高,夏普仍能领跑 3、高盈利增速+政策红利!中证1000指增进 ...

Market Overview - The market shows a trend of simultaneous reduction in positions by both institutional and retail investors in the Sci-Tech Innovation Index, with a noticeable convergence in the outflow speed of institutional funds from the ChiNext Index and the entire A-share market since March 4 [6][7] - Institutional funds exhibited strong outflow momentum before March 4, which weakened afterward, indicating a volatile outflow pattern [6][7] - Retail investors displayed a gradual outflow from the Sci-Tech Innovation Index, maintaining a wait-and-see attitude [6][7] Fund Flow by Market Capitalization and Valuation Style - Institutional funds accelerated their outflow from high-valuation indices, while retail funds continued to flow into these indices, indicating a lack of style preference switch [16][17] - The divergence in net inflow rates between retail and institutional investors remains positive across various style indices, suggesting a more cautious approach from institutional investors [16][17] Fund Flow by Major Industry Style - Institutional funds are slowly returning to the cyclical manufacturing sector, with a shift from outflow to slow inflow observed after March 4 [22][23] - The market displays significant volatility in fund inflow acceleration for both technology and cyclical manufacturing sectors, reflecting strong market competition [22][23] Fund Flow by Primary Industry Upstream Resources - Institutional funds are experiencing significant outflows from non-ferrous metals, while the outflow from basic chemicals is stabilizing [28][29] - Retail funds are heavily flowing into non-ferrous metals, indicating a strong speculative interest [28][29] Midstream Materials & Manufacturing - The electric power equipment sector has seen cumulative net inflows from institutional funds, while defense and machinery sectors are experiencing fluctuating outflows [30][31] - Retail buying power has shown a phase of increase, with net inflow rates indicating stronger retail interest compared to institutional [30][31] Downstream Essential Consumption - Institutional funds have shown a slight net inflow into agriculture, forestry, animal husbandry, and fishery, while other sectors lack significant buying momentum [34][35] Downstream Discretionary Consumption - There is no significant inflow momentum from institutional funds in this sector, with notable outflows particularly in household appliances [37] TMT Sector - The TMT sector is characterized by strong small-order buying power, while institutional funds are showing fluctuating outflows in communication and electronics [40][41] Large Financials - Retail investors are favoring banks for defensive positioning, with significant net inflows, while institutional funds continue to show outflows in non-bank financials [48][49] Support Services - The public utilities sector is a trading hotspot, with institutional funds showing alternating net inflows and outflows, indicating significant volatility [54][55] Leverage Fund Situation - The growth rate of margin financing and securities lending balances has slowed, with the market average guarantee ratio showing adjustments, indicating manageable leverage risks [60][61] - As of March 12, the total margin financing and securities lending balance is approximately 2.66 trillion yuan, maintaining ample liquidity [60][61] - The overall trading activity in margin financing has declined, with the proportion of margin trading transactions decreasing to 9.67% [61][62]

Market Overview - The A-share market experienced an overall increase on March 10, with the Shanghai Composite Index closing at 4123.14 points, up 0.65%, the Shenzhen Component Index at 14354.07 points, up 2.04%, and the ChiNext Index at 3306.14 points, up 3.04% [1]. Capital Flow - The net inflow of main funds in the A-share market was 0.89 billion yuan, with an opening net inflow of 33.74 billion yuan and a closing net inflow of 3.78 billion yuan [2]. - The net inflow for the CSI 300 was 51.68 billion yuan, while the ChiNext saw a net inflow of 27.75 billion yuan, and the Sci-Tech Innovation Board experienced a net outflow of 13.37 billion yuan [4]. Sector Performance - The electronic industry led the net inflow among sectors with 265.34 billion yuan, followed by the communication sector with 145.36 billion yuan, and machinery equipment with 85.30 billion yuan [6][7]. - The computer sector had the highest net outflow at -70.41 billion yuan, followed by basic chemicals at -36.24 billion yuan, and coal at -32.01 billion yuan [7]. Institutional Activity - Institutions showed significant interest in several stocks, with notable net purchases in Guangxun Technology (24.57 million yuan) and Nanfang Digital (15.79 million yuan) [9][10]. - Conversely, institutions sold off stocks like Jinkai New Energy, which had a net sell of -45.98 million yuan [10]. Institutional Focus - Recent institutional ratings highlighted stocks such as Zhejiang Huayuan with a target price of 35.84 yuan, representing a potential upside of 19.39%, and Ningde Times with a target price of 618.00 yuan, indicating a 64.23% upside [11].

Investment Rating - The report assigns an "Accumulate" rating to Fosun International, with a target price of HKD 7.24 per share, based on a NAV valuation of HKD 18.1 per share [8]. Core Insights - The valuation is currently low, with a clear strategic focus on core sectors, continuous improvement in asset quality, and a steady increase in credit ratings. The company's operational fundamentals are improving, with expected earnings growth and upward performance potential [2]. Financial Summary - Total revenue projections (in million RMB) for 2024A to 2028E are as follows: - 2024A: 192,142 (-3.06%) - 2025E: 170,932 (-11.04%) - 2026E: 180,434 (+5.56%) - 2027E: 191,091 (+5.91%) - 2028E: 203,521 (+6.50%) [4] - Net profit projections show a significant turnaround from a loss of 4.35 billion in 2024A to a profit of 4.13 billion in 2028E, indicating a recovery trajectory [4]. Company Overview - Fosun International is positioned as a global family consumption industry group, focusing on health, happiness, wealth, and intelligent manufacturing sectors. The company aims to enhance family life through a comprehensive service offering [12][21]. - The company has undergone a strategic "slimming down" process, divesting non-core assets and focusing on its main business areas, which has led to improved asset quality and financial leverage [8][26]. Strategic Focus - The company is concentrating on four main sectors: health, happiness, wealth, and intelligent manufacturing. Each sector is designed to provide comprehensive services and products to global families [21][22]. - The health sector is focused on pharmaceuticals, diagnostics, and health services, while the happiness sector emphasizes leisure, cultural consumption, and fashion brands. The wealth sector is centered on insurance and asset management, and the intelligent manufacturing sector targets strategic resources and new materials [21][22]. Performance Outlook - The company is expected to experience a rebound in profitability, with improved operational quality driving valuation increases. The credit rating has been upgraded, and cost reductions are anticipated to enhance profit margins [4][8]. - The health sector's revenue is projected to remain stable, with significant contributions from innovative drug developments and medical services, while the happiness sector faces challenges due to market conditions [35][41].