Trade Performance - In the first two months of 2024, China's exports increased by 7.1% year-on-year, while imports rose by 3.5%, leading to a trade surplus of $125.16 billion, a 20.5% increase compared to the same period last year[2] - The total value of goods traded reached $930.86 billion, marking a 5.5% increase year-on-year and setting a record for the same period[2] Export Drivers - Among various product categories, electromechanical products significantly contributed to export growth, accounting for nearly 60% of total exports, with a year-on-year increase of 3.63%[2] - Key products such as automatic data processing equipment, integrated circuits, and automobiles saw substantial growth, with exports of automatic data processing equipment increasing by 7.3% to ¥195.45 billion, integrated circuits by 28.6% to ¥160.71 billion, and automobiles by 15.8% to ¥111.89 billion[2] Trade Partners - ASEAN remained China's largest trading partner, accounting for 15.7% of total exports, followed by the EU at 14.8% and the US at 13.9%, together representing 44.4% of China's exports[2] - Exports to Latin America, Hong Kong, India, and Africa also showed positive growth, indicating a broadening of trade relationships[2] Import Trends - The increase in imports was primarily driven by volume improvements, with 14 out of 27 major categories showing year-on-year growth in import volumes[2] - However, the growth rate of imports was less robust compared to exports, indicating ongoing challenges in domestic demand[2] Economic Outlook - Despite a strong start to 2024, uncertainties remain regarding global supply chain dynamics and geopolitical tensions, which could impact export stability throughout the year[7] - Domestic economic indicators, such as CPI and PPI, continue to show weakness, with CPI at -0.8% and PPI at -2.5% in January 2023, highlighting the need for effective demand stimulation policies[8]

◆ ◆ ◆ SEMI Fab 23Q4 66% 24Q1 70% 2023 304.5 2024 280-320 2023 74.7 63.5 2024 24Q3 24-26 20 ◆ 2024 ...

300 30% 20% 10% 0% -10% -20% -30% 23-03 23-05 23-07 23-10 23-12 24-02 ...

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股市有风险 1 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|-----------| | 广义财政有亮点，稳"量"求"质"促发展 | -2024 年政府工作报告点评 \n主要数据 | | | | 上证指数 | 3047.7931 | | ◆ GDP 目标 5%左右与去年相同，但含金量和实现难度更高 | 沪深 300 | 3565.5143 | | 2024 年 GDP 增长目标设为 5%左右,与 2023年目标相同。我们认为,这一目标 | 深证成指 | 9416.8042 | | 可以从两个角度理解: | 主要指数走势图 | | | 其一,5%的目标虽与去年一致,但是实际上并不算低。2023年5%的目标在当时 | | | ...

300 30% 20% 10% 0% -10% -20% -30% 23-03 23-05 23-07 23-10 23-12 24-02 ...

PSL、近期的五年期LPR 创纪录调降等等。 时逢月末,资金市场季节性波动。跨月结束后资金利率即回落至政策利率附近,截 止３月１日，DR007 报收1.82%，较上周五下行 2BP; SHIBOR1W 报收 1.81%,较上 周五下行 1BP。公开市场操作方面,为了维护月末流动性平稳,央行加大了公开市场操 作规模。本周内共投放 7D 逆回购 11640 亿元，利率维持 1.80%；逆回购到期 5320 亿 元，通过逆回购净投放流动性6320 亿元。 中航证券研究所发布 图6 新房销售下滑斜率较库存下滑斜率陡峭 3500000.0 16,000.00 ——载至当月总剩余库存（万平方米） -- 过去12个月月均销售面积(万平方米,右轴) 14,000.00 300000.0 12,000.00 250000.0 10,000.00 200000.0 8,000.00 150000.0 6,000.00 100000.0 4,000.00 50000.0 2,000.00 0.0 0.00 03:12 2 dding to N 2009-22 Posto. Lo applike ADD TO 2013-22 301 ...

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◆ 华资实业 金健米业 农发种业 秋乐种业 双塔食品 涨幅前五 16.2% 12.1% 11.9% 11.8% 10.1% 中基健康 *ST天山 万辰集团 巨星农牧 佩蒂股份 跌幅前五 -6.7% -5.7% -5.7% -4.7% -4.7% ◆ ◆ ...

行业报告：先进制造行业周报 2024年3月3日 政策及经济性驱动下，氢能重卡商业化加速 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 ...