宏观调控力度不减，德国财政大转向

Domestic Economic Trends - The Caixin Manufacturing PMI for February recorded at 50.8%, an increase of 0.7 percentage points from the previous month, indicating a recovery in manufacturing activity[6] - The National Bureau of Statistics Manufacturing PMI rose to 50.2%, up 1.1 percentage points, signaling a return to expansion territory[6] - The government aims for a GDP growth target of around 5% this year, supported by macroeconomic policies focusing on technology innovation and domestic demand[12] Financial Policy Developments - The National Financial Regulatory Administration announced the expansion of equity investment pilot programs, enhancing support for technology innovation and private enterprises[8] - The State Council released guidelines on five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to improve financial services and market functions[10] - The government has set aside sufficient fiscal reserves to allow for further policy support if economic conditions weaken unexpectedly[13] International Market Insights - OPEC announced plans to increase production starting April, which may lead to short-term fluctuations in international oil prices[2] - The U.S. ISM Manufacturing Index for February was reported at 50.3%, slightly below expectations, indicating potential challenges due to tariff policies impacting manufacturing[17] - The Eurozone Manufacturing PMI improved to 47.6%, reflecting a slight recovery despite remaining in contraction territory[20] Commodity Price Movements - Brent crude oil prices decreased by 2.86% week-on-week, while iron ore prices fell by 4.16%[25] - The price index for thermal coal dropped by 2.29%, while cement prices increased by 1.55% week-on-week[31]