宏观与大类资产周报：受外部环境影响，资产价格波动加大

Market Performance - The A-share market saw active trading with an average daily turnover of CNY 1.96 trillion, an increase from the previous week[1] - The total margin financing balance reached CNY 1.92 trillion, slightly up from the prior week, but the proportion of financing purchases decreased[1] - Major indices such as the Shanghai Composite Index, CSI 300, and ChiNext fell by 1.7%, 2.2%, and 4.9% respectively[10] Economic Indicators - The manufacturing PMI improved from 49.1% to 50.2%, a rise of 1.1 percentage points, indicating stronger economic activity compared to January[3] - The U.S. PCE inflation rate for January was 0.3% month-on-month and 2.5% year-on-year, showing a slight decrease from the previous month[3] Industry Trends - Among 30 sectors, steel, building materials, real estate, food and beverage, and textiles saw gains of 3.0%, 2.0%, 1.9%, 1.7%, and 1.4% respectively, while sectors like communication, media, and computing experienced declines of 9.6%, 8.1%, and 8.0%[16] - The retail sales of passenger cars reached 924,000 units in February, an 18% year-on-year increase but a 30% decrease compared to the previous month[4] Investment Strategy - Short-term focus on value sectors with news catalysts, as popular themes like robotics and AI applications face significant adjustment pressure[2] - Long-term attention on technology, manufacturing, consumption, and pharmaceuticals for industry trend opportunities[2] Risk Factors - Increased market risk due to heightened U.S.-China trade tensions and potential policy changes from the upcoming Two Sessions[6]