宏观策略周报：全球贸易不确定性加大，全球风险偏好整体降温

Domestic Economic Insights - China's February PMI data exceeded expectations, indicating a strong start to the domestic economy with a continued recovery trend[3] - The government set an economic growth target of around 5% for 2025, aligning with market expectations and boosting growth confidence[3] - The fiscal deficit rate is set at 4%, with a deficit scale of CNY 5.66 trillion, indicating a significant increase in government spending[3] - There are expectations for further monetary policy easing, including potential interest rate cuts, to support the stock market and real estate sector in the medium to long term[3] International Economic Concerns - The US February ISM manufacturing PMI reached 50.3, the highest since June 2022, while the non-manufacturing PMI was 53.5, above expectations[3] - The US job market showed signs of slowing, with non-farm payrolls increasing by 151,000, below the expected 160,000, and the unemployment rate holding steady at 4.1%[3] - The escalation of tariffs by the US on Chinese goods and potential tariffs on Mexico and Canada have raised concerns about a deteriorating economic outlook for the US, increasing expectations for three interest rate cuts by the Federal Reserve[3] Market Strategy Recommendations - Maintain a cautious bullish stance on the four major A-share index futures (IH/IF/IC/IM) in the short term[3] - Commodity markets should be observed cautiously, with a preference for precious metals due to increased safe-haven demand amid tariff escalations[3] - The overall ranking for investment strategy is: stock indices > commodities > government bonds[3] Risk Factors - Potential for unexpected tightening of monetary policy by the Federal Reserve[3] - Geopolitical risks, particularly related to US-China relations[3] - Escalation of the US-China trade conflict could further impact market sentiment[3]