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港股衍生品一周市场观察2026.3.9

香港智远权证网2026年3月9日 00:00
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1、一周市场概况

3月6日当周,恒生指数全周跌3.28%,收报25757.29点。走势上,周一周二累计大跌3.26%,周三周四延续弱势,周五受企业业绩催化大幅反弹1.72%,但未能扭转全周跌势。核心驱动因素包括中东地缘冲突升级、美国非农数据爆冷及企业财报分化,其中伊朗关闭霍尔木兹海峡显著影响市场情绪。板块表现分化明显,能源板块逆势大涨,科技板块先跌后反弹,金融地产、消费板块持续走弱。当前市场受三重利空共振影响,后续需重点关注中东局势、美联储议息会议等因素,若地缘风险缓解且国内政策发力,港股有望逐步企稳。

外围市场方面,上周美股三大指数收跌,道指累计跌3.01%,纳指跌1.24%,标普500指数跌2.02%。当周多重利空共振引发市场调整,美国2月非农就业人口意外减少9.2万人,失业率升至4.4%,经济软着陆预期显著动摇;中东地缘冲突持续升级,国际油价单周大涨超12%,滞胀担忧升温;私人信贷风险暴露拖累金融板块,高估值科技股同步回调。受板块权重差异影响,道指因金融、工业占比高领跌,纳指受科技龙头支撑跌幅相对较小。市场避险情绪攀升,美联储政策预期摇摆,3月议息会议成为后续市场关键观察节点。

A股三大指数周线集体收跌,上证指数累计跌0.93%,深指跌2.22%,创业板指跌2.45%。本周行情呈现“周初恐慌大跌、后半周政策对冲企稳”的V型走势,全周收跌核心系周初利空冲击力度较强,后半周政策利好仅修复部分跌幅。周初,中东地缘冲突持续发酵引发国际原油价格单周暴涨,叠加美股同步走弱,3月3日市场恐慌情绪集中释放,两市成交额飙升至3.16万亿元,三大指数当日大幅下挫;后半周,全国两会启幕释放新质生产力等政策信号,叠加股票ETF逆势净流入、央行逆回购注资及汇金类“平准基金”等重磅利好,带动指数连续两日收红,有效遏制下跌态势,但未能扭转全周收跌格局。

2、恒指牛熊证资金流

过去5日,恒指牛证合计约2.3亿港元资金净流入;恒指熊证则合计约1.75亿港元资金净流出。街货分布方面,恒指牛证街货占比约55.7%,分布在收回价24900点至25300点之间,累计相当约2289张期指合约;恒指熊证街货在收回价25900点至26400点之间,累计相当约2883张期指合约。

3、轮证一周资金流

好仓(认购证及牛证)方面,过去5日,阿里相关好仓录得约8860万港元资金净流入,为最大资金流入标的,腾讯、比亚迪及中国海洋石油等相关好仓也分别约5022万、2152万以及2004万港元资金净流入部署;港交所、中国平安以及建设银行等相关好仓则分别约923万、519万及500万港元资金净流出套现。

 

淡仓(认沽证及熊证)方面,近5日合计,小米集团、快手及友邦保险等相关淡仓分别约611万、561万及273万港元资金净流入部署;泡泡玛特、腾讯控股及汇丰控股等相关淡仓则分别约1023万、606万以及444万港元资金净流出。

 

备注:本文所注图表数据等主要参考法兴、瑞通、瑞信、麦格理等香港窝轮商网站。本文不作为投资建议,所有数据仅供参考。本文著作权乃归作者所有,任何商业转载需获作者授权,非商业转载请注明出处。

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