Core Insights - The report highlights a significant increase in the confidence of U.S. home builders, reaching an eight-month high, with the National Association of Home Builders/Wells Fargo Housing Market Index rising by 3 points to 51, surpassing economists' expectations of 48 [22] - The report notes that China's industrial output and fixed asset investment growth in the first two months of the year exceeded expectations, with industrial output growing by 7% year-on-year, compared to a forecast of 5.2%, and fixed asset investment rising by 4.2%, exceeding the expected 3.2% [9][21] - The report discusses the European Union's consideration of investigating the use of Chinese chips in local companies, focusing on potential risks to national security and global supply chains [7] Market Performance - The U.S. stock markets saw an increase, with the Nasdaq index showing the largest gain, while European markets experienced declines [4] - The Hang Seng Index and the National Index both rose, with consumer and healthcare stocks leading the gains [4] - The Shanghai Composite Index and Shenzhen Component Index also increased, with the Shenzhen Component showing a larger rise [4] Economic Indicators - In China, the retail sales of consumer goods grew by 5.5% year-on-year in January-February, aligning closely with market expectations [21] - The report indicates a decline in real estate investment in China, with a year-on-year decrease of 9% in January-February, continuing to be a major drag on the economy [9][21] - The unemployment rate in China for January-February was reported at 5.3%, slightly above the expected 5.1% [21] Corporate Developments - The report mentions that Dubai's royal family member has opened a family office in Hong Kong, aiming to manage up to $500 million in assets and seeking opportunities in sectors like AI, electric vehicles, tourism, and fintech [26] - It is reported that Longi Green Energy, the world's largest solar company, plans to cut nearly one-third of its workforce due to industry overcapacity and intense competition [27] - Evergrande Group has been penalized by the China Securities Regulatory Commission for inflating revenues by over 564.1 billion yuan (approximately $78 billion) through financial fraud in 2019 and 2020 [27]

来源：彭博 鉴于待售二手房数量有限，从峰值回落的抵押贷款利率刺激需求，3月份美国住宅建筑 商信心攀升至八个月高点。数据显示，全美住宅建筑商协会(NAHB)/富国银行的住宅建 筑商信心指数本月上升3点至51。接受彭博调查的经济学家的预估中值为48。(彭博） 根据中原地产，周末香港十大屋苑录得28宗成交，按周下跌24%；而前一周末录得37宗 成交，创三年最高。如周末数据可作为风向参考，香港房屋销售的反弹势头开始降温。 (彭博） 农银国际证券有限公司及/或与其联属公司，曾在过去12个月内，与建设银行,光大银行,中金公司,中信建投,农业银行, 工商银行,中国银行, 华泰证券，中国人寿，广汽集团,招商银行，中信银行，比亚迪有投资银行业务关系。 免责声明 . ˙中国人民银行要求完善银行卡受理环境 大中华经济要闻 3 每天导读 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------- ...

˙迪拜酋长之侄在香港开设家族理财室 ˙日经新闻：日本央行周二将结束收益率曲线控制及购买ETF的政 策 ˙香港十大屋苑周末成交量下滑 1 国际经济要闻 鉴于待售二手房数量有限，从峰值回落的抵押贷款利率刺激需求，3月份美国住宅建筑 商信心攀升至八个月高点。数据显示，全美住宅建筑商协会(NAHB)/富国银行的住宅建 筑商信心指数本月上升3点至51。接受彭博调查的经济学家的预估中值为48。(彭博） 美国住宅建筑商信心升至八个月高点 美国2年期国债收益率触及年内高点 2年期美国国债收益率攀升至12月以来最高水平，市场对美联储今年降息的预期持续减 弱，交易员目前预估6月降息可能性不足50%，高盛经济学家也修正对降息次数的预测。 2年期美债收益率仅较上周五收盘上涨2个基点，但仍触及4.749%，创12月11日以来最高 水平。(彭博） 欧盟据悉在考虑正式评估当地企业使用中国成熟制程或低端芯片的范围，加入美国之列 关注国家安全和全球供应链面临的潜在风险。关注中国相关半导体制造商可能受到的影 响。彭博获得的工作声明草案显示，欧盟正在权衡是否调查此类芯片在行业网络中的嵌 入程度。(彭博） 欧盟拟调查中国芯片风险 日经新闻未透露消息 ...

港股市场一周回顾 港股市场一周回顾 2024 年 3 月 1 日 2024 年 2 月 8 日 1 港股市场一周回顾 新质生产力发展 2024 年 2 月 9 日 2024 年 3 月 5 日 新质生产力发展 5/3/2024 研究部主管 陈宋恩 • 新质生产力发展是 2024 年政府工作的首要任务 • 新质生产力发展已成为国资央企的长期发展战略 • 研发驱动型经济 • 专利密集型产业步入快速增长轨道，成为拉动经济增长的重要因素 • "三新"经济增长重要性 • 科教兴国战略是持续和加快新质生产力发展的关键要素 一、 新质生产力发展是 2024 年政府工作的首要任务 2024 年政府工作报告提到要做 10 项重点工作，第一项是加快发展新质生产力。从国家战略 角度来看, 新质生产力这个项目的战略重要性是显而易见的。 从投资者的角度来看，新质生产力 代表什么以及为什么它对经济发展很重要。我们分析新质生产力的重要性。 新质生产力战略思想方向。 今年 1 月末， 习近平总书记在主持中共中央政治局第十一次集 体学习时强调："发展新质生产力是推动高质量发展的内在要求和重要着力点，必须继续做好创 新这篇大文章，推动新质生产力 ...

Economic Indicators - The official manufacturing PMI for February 2024 is 49.1, a slight decrease of 0.1 percentage points from January, and slightly above the market expectation of 49.0[1] - The non-manufacturing business activity index for February is 51.4, an increase of 0.7 percentage points from January, exceeding the market expectation of 50.7[1] - The composite PMI output index for February remains stable at 50.9, unchanged from January[1] Manufacturing Sector Insights - The decline in manufacturing PMI is attributed to the impact of the Spring Festival holiday and overall weak demand, with over 61% of surveyed enterprises reporting insufficient market demand[10] - The production index for February is 49.8, down 1.5 percentage points from January, indicating contraction in production activities[10] - Large enterprises have a PMI of 50.4, unchanged from January, while small enterprises have a PMI of only 46.4, down 0.8 percentage points, indicating a slowdown in operations[10] Non-Manufacturing Sector Insights - The service sector business activity index for February is 51, up 0.9 percentage points from January, driven by increased service consumption during the Spring Festival[6] - The construction sector business activity index is 53.5, down 0.4 percentage points from January, reflecting a slight slowdown in construction progress due to holiday and weather factors[6] Future Outlook - Manufacturing is expected to rebound in March as enterprises resume full operations post-holiday, supported by new policies encouraging equipment upgrades and consumer goods replacement[3] - The weak real estate sector may continue to hinder improvements in the service and construction industries, necessitating further support policies if the downturn persists[3]

中国五年期以上 LPR 下调 25 基点 2024 年 2 月 20 日 目录 2 经济师：姚少华 3.00 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60 4.80 5.00 08/19 01/20 06/20 11/20 04/21 09/21 02/22 07/22 12/22 05/23 10/23 1年期LPR 5年期以上LPR 来源: 中国人民银行、农银国际证券 另一方面，本次 5 年期以上 LPR 下调 25 个基点，反映央行稳增长的意图。本 次 5 年期以上 LPR 报价下调，将拉动居民房贷利率和企业中长期贷款利率的下 调，有助于改善房地产销售以及企业的投资需求。当前房地产市场仍低迷，新房 的市场需求十分疲弱。根据克而瑞地产研究数据，2024 年 1 月前 100 大房企仅 实现销售操盘金额 2350.6 亿元，同比降低 34.2%，环比降低 47.9%，单月业绩 规模创近年新低。此次调降 5 年期以上 LPR 幅度达到 25 基点，表明央行稳房 地产市场的决心。此外，从商业银行的负债成本看，前段时间主要银行连续下调 中长期存款利率。1 月 25 日，人民银行下 ...