Investment Rating - The market index rating is bullish, indicating that the CSI 300 index is expected to rise by 20% or more in the next six months [39]. Core Insights - The report highlights the volatility of overseas data and the certainty of domestic assets, suggesting that domestic equity assets are favored amidst global uncertainties [8][6]. - The report notes a short-term easing of inflation pressures in the U.S., with the February CPI rising by 2.8% year-on-year, lower than the expected 2.9% [14][13]. - The report emphasizes the importance of upcoming domestic economic data, including industrial production and retail sales, which will reflect the impact of monetary and fiscal stimulus on real estate prices [8]. Summary by Sections 1. Overseas Data and Domestic Asset Certainty - Global equity markets showed mixed performance, with U.S. stocks adjusting while A-shares performed well. Gold prices reached new highs, while oil and copper prices increased [6]. - The report indicates that the domestic equity market is currently favored due to its relative stability compared to the uncertainties in the U.S. economy [8]. 2. Inflation Pressure and Tariff Uncertainty - The U.S. February CPI data showed a year-on-year increase of 2.8%, with core CPI at 3.1%, reflecting a decrease in inflationary pressures [14][13]. - The report suggests that while inflation is easing, the impact of tariffs has not yet fully manifested in the CPI data, indicating potential future volatility [17][14]. 3. A-Share Market Commentary - The Shanghai Composite Index saw a significant increase, closing up 60 points, or 1.81%, supported by strong buying momentum [30]. - The report notes that the market sentiment has improved, with substantial net inflows into various sectors, particularly insurance and beverage manufacturing [31][32]. 4. Economic Policy Developments - The Chinese government has introduced a consumption stimulus plan aimed at boosting consumer spending and stabilizing the real estate market [19][20]. - The central bank is focusing on enhancing financing accessibility for key sectors and promoting consumption finance to support economic recovery [24][25].

Investment Ratings - The report maintains a "Buy" rating for the banking sector, indicating a positive outlook for investment returns over the next 6-12 months [11]. Core Insights - The report highlights the rapid growth of social financing in February 2025, driven by proactive fiscal policies, with expectations for continued support [2]. - The consumer sector is anticipated to sustain its momentum due to government policies aimed at boosting consumption, alongside potential foreign investment inflows [3]. - The report emphasizes the importance of using broader social financing metrics over traditional loan data to assess the financial system's support for the real economy [5]. - The REITs market showed a mixed performance, with property REITs outperforming other categories, indicating a potential area for investment [4]. - The report suggests that the copper market is tightening due to low inventory levels and stable demand from the power grid, presenting investment opportunities in related companies [18]. Summary by Sections Banking Sector - The report discusses the "three relationships" in credit activity, noting a divergence between credit growth and social financing increase, and contrasting public loan growth with weak retail lending [11]. Consumer Sector - The government’s focus on consumption is expected to catalyze policy support, with thematic investment opportunities emerging, particularly in sectors like service consumption and family planning [3]. Bond Market - The report advises focusing on social financing metrics for a comprehensive view of the financial system's support for the economy, especially during periods of local government debt issuance [5]. REITs - The REITs market experienced fluctuations, with property REITs showing greater resilience and attracting net inflows, suggesting a favorable investment environment [4]. Copper Industry - Domestic copper concentrate inventory has reached a new low, indicating a tightening supply situation, which could lead to upward pressure on copper prices [18]. Coal Industry - The coal sector is expected to stabilize with long-term contract prices providing support, suggesting a defensive investment approach in this area [19]. Food and Beverage Sector - The food and beverage index has risen significantly, driven by positive consumption policies and low valuation, indicating potential for continued market enthusiasm [20]. Electric Power Equipment and New Energy - The report highlights the low valuation in the wind power sector and the potential for growth in lithium battery technologies, suggesting a positive investment outlook [21]. Other Sectors - The report provides insights into various sectors, including pharmaceuticals, textiles, and insurance, with specific companies recommended for investment based on their growth potential and market conditions [22][23][30].

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司 Everbright Securities Company Limited 董事會會議召開日期 中國上海 2025年3月13日 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、劉秋明先 生（執行董事、總裁）、馬韌韜女士（非執行董事）、連涯鄰先生（非執行董事）、尹 岩武先生（非執行董事）、秦小徵先生（非執行董事）、任永平先生（獨立非執行董 事）、殷俊明先生（獨立非執行董事）、劉應彬先生（獨立非執行董事）、陳選娟女 士（獨立非執行董事）及呂隨啟先生（獨立非執行董事）。 光大證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年3月27日（星期四）舉行董事會會議，以考慮及批准（其中包括）本公司及其 附屬公司截至2024年12月31日止年度的業績及其刊發，並考慮派發末期股息之建 ...

光大證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年3月27日（星期四）舉行董事會會議，以考慮及批准（其中包括）本公司及其 附屬公司截至2024年12月31日止年度的業績及其刊發，並考慮派發末期股息之建 議（如有）。 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2025年3月13日 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 董事會會議召開日期 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、劉秋明先 生（執行董事、總裁）、馬韌韜女士（非執行董事）、連涯鄰先生（非執行董事）、尹 岩武先生（非執行董事）、秦小徵先生（非執行董事）、任永平先生（獨立非執行董 事）、殷俊明先生（獨立非執行董事）、劉應彬先生（獨立非執行董事）、陳 ...

Core Viewpoint - The article discusses the current state of livestock and agricultural product prices, highlighting the stability of pig prices, the increase in poultry prices, and the fluctuations in grain prices, indicating a mixed outlook for the agricultural sector [3][4][5]. Livestock Prices - As of March 7, the average price of external three yuan pigs was 14.50 yuan/kg, remaining stable week-on-week, while the average price of 15 kg piglets decreased by 0.76% to 32.76 yuan/kg [3]. - The average weight of market pigs increased by 0.54 kg to 127.06 kg, and the cold storage capacity of slaughterhouses rose by 0.50 percentage points to 13.32%, indicating a rising inventory level [3]. - Despite ongoing replenishment supporting stable pig prices, weak demand due to the end of school and work preparations poses significant resistance to price increases [3]. Poultry Prices - As of March 7, the price of live chickens was 6.59 yuan/kg, up 8.03% week-on-week, and the price of chick seedlings was 2.54 yuan/chick, up 10.92% [4]. - The seasonal price increase for live chickens is supported by stocking up for the new school term, although the profitability of slaughter enterprises has narrowed, reducing their willingness to purchase [4]. - The rebound in meat chicken prices has led to increased orders for chick seedlings, with large-scale breeding farms maintaining prices, resulting in a continuous rise in chick prices [4]. Agricultural Products - As of March 7, the average spot price of corn was 2229.12 yuan/ton, up 0.5% week-on-week, while soybean meal and wheat prices fell by 2.16% and 0.4%, respectively [5]. - The tightening supply and favorable policies have supported the upward trend in corn prices, while the expectation of a bumper harvest in South America and weak market demand have pressured soybean meal prices [5]. - The domestic natural rubber price was 17475 yuan/ton, down 1.08%, with high operating rates in downstream tire enterprises but high finished product inventories suppressing raw material replenishment demand [5].

光大證券股份有限公司 Everbright Securities Company Limited （股份代號：6178） 董事名單與其角色和職能 光大證券股份有限公司董事會（「董事會」）成員載列如下： 執行董事 趙 陵先生 （董事長） 劉秋明先生 （總裁） （於中華人民共和國註冊成立的股份有限公司） 任永平先生 殷俊明先生 劉應彬先生 陳選娟女士 呂隨啟先生 1 董事會下設四個委員會。下表提供各董事會成員所屬委員會中所擔任職務之信息： 非執行董事 馬韌韜女士 連涯鄰先生 尹岩武先生 秦小徵先生 獨立非執行董事 C 相關董事委員會之召集人 M 相關董事委員會之成員 中國上海 2025年3月7日 2 | 董事委員會 | | 薪酬、提名 | 戰略與可 | 審計與關聯 | | | --- | --- | --- | --- | --- | --- | | | | 與資格審查 | 持續發展 | 交易控制 | 風險管理 | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | | 趙 | 陵先生 | | C | | | | 劉秋明先生 | | | M | | | | 馬韌韜女士 | | | M | | M | ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 關於非執行董事辭職的公告 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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司（「本公司」）董事會（「董事會」）於2025年3月7日收到本公 司非執行董事王雲女士的辭職報告。因工作變動原因，王雲女士辭去本公司非執 行董事及董事會戰略與可持續發展委員會、審計與關聯交易控制委員會委員職 務。王雲女士已確認，其與董事會並無意見分歧，亦無其他因辭職而需知會股東 和債權人的事宜。同日，本公司收到第二大股東中國光大控股有限公司的董事提 名函，提名潘劍雲先生為本公司非執行董事候選人。本公司將適時公佈潘劍雲先 生的簡歷詳情。 光大證券股份有限公司 Everbright Securities Company Limited 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2025年3月7日 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、劉秋明先 生（執行董事 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）董事会于 2025 年 3 月 7 日收到董事王云女士的辞职报告。因工作变动原因，王云女士辞去公司 董事及董事会战略与可持续发展委员会、审计与关联交易控制委员会 委员职务。王云女士已确认，其与公司董事会并无意见分歧，亦无其他 因辞职而需知会股东和债权人的事宜。同日，公司收到第二大股东中国 光大控股有限公司的董事提名函，提名潘剑云先生为公司董事候选人。 根据《公司法》和《公司章程》有关规定，王云女士辞职未导致 公司董事会成员低于法定最低人数，其辞职自辞职报告送达公司董事 会之日起生效。公司对王云女士任职期间所做的贡献表示感谢。公司将 按照相关规定履行新任董事的选举程序。 证券代码：601788 股票简称：光大证券 公告编号：临 2025-004 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 关于董事变动的公告 光大证券股份有限公司董事会 2025 年 3 月 8 日 1 特此公告。 ...

Core Insights - The report highlights a positive outlook for domestic PMI data, suggesting a favorable direction for asset allocation while monitoring variables related to US Treasury rates [5][6][9] - It emphasizes the seasonal recovery in February PMI, indicating a need to pay attention to the incremental policies from the upcoming Two Sessions [5][13] - The investment strategy for March includes a focus on key stocks, with a particular emphasis on sectors benefiting from domestic demand expansion and technological advancements [5][18] Group 1: Domestic PMI Data and Economic Indicators - The manufacturing PMI for February is reported at 50.2, an increase of 1.1 percentage points from the previous month, indicating a significant recovery in manufacturing activity [8][13] - The non-manufacturing PMI stands at 50.4, slightly above market expectations, reflecting a stable recovery in the service sector [8][13] - The report suggests that the recovery in PMI is influenced by the post-Spring Festival resumption of activities and government stimulus measures, with production and new orders showing growth [8][14] Group 2: Market Performance and Asset Allocation - The report notes a general decline in global equity markets during the last week of February, with A-shares experiencing adjustments while US and European markets showed mixed results [7][8] - It highlights a decrease in commodity prices, including oil and metals, alongside a rebound in the US dollar index [7][8] - The report recommends focusing on sectors with strong downstream recovery and competitive cost structures, particularly in non-ferrous metals and petrochemical industries [8][9] Group 3: Policy and Economic Outlook - The report discusses the government's focus on expanding domestic demand and technological innovation as key tasks for the upcoming Two Sessions, with GDP growth targets expected around 5% [18][25] - It mentions the potential for increased fiscal deficits and the expansion of special bonds to support economic growth [18][25] - The report also addresses the impact of external uncertainties, particularly related to US trade policies and their potential effects on China's export outlook [18][19]

Market Review - The A-share market saw a decline across major broad-based indices, with the ChiNext Index, Shanghai Composite Index, and CSI 300 Index returning -4.87%, -1.72%, and -2.22% respectively. In contrast, the Steel, Building Materials, and Real Estate sectors performed well with returns of 2.96%, 1.98%, and 1.86% respectively [6][19][20] - The central bank's net reverse repurchase was 133.1 billion, with a total of 1.6592 trillion in net open market operations. The yield on government bonds of various maturities decreased, with the spread widening by 1.52 basis points [21][22] Fund Issuance - A total of 31 new funds were established last week, with a combined issuance scale of 42.757 billion, marking an increase from the previous week. Additionally, 29 funds entered the issuance phase, and 45 funds are set to begin issuance this week [3][4] - 76 funds were reported for approval last week, including 1 FOF and 1 REIT, along with several ETFs related to the STAR Market [4][6] Fund Performance - The net asset value of public funds reached 31.93 trillion as of the end of January 2025, a decrease of 892.657 billion from December 2024. The largest decline was seen in open-ended money market funds, which decreased by 409.503 billion [15] - Active equity, flexible allocation, and balanced mixed funds reported returns of -2.70%, -1.97%, and -1.08% respectively last week. In contrast, alternative funds showed the best performance with a median return of 7.94% year-to-date [26][30] Index Products - 46 index products related to the STAR Market Composite Index have been reported, with the first batch of 12 STAR Market Composite Index ETFs submitted for approval on January 23 [5][7] - Recent submissions included 10 free cash flow-related index products, reflecting a growing interest in cash flow-focused investments [8][9] Adjustments to Indices - The Shanghai Stock Exchange announced revisions to the STAR 100 and STAR 200 index compilation rules, effective March 17, 2025, to enhance the representativeness of the indices [11][12] - The STAR 50 Index will undergo sample adjustments, with three new samples being added [13][14]