全球宏观：PI数据均显示通胀短期内降温

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The report highlights a general cooling of inflation in the U.S., with February CPI rising 2.8%, lower than the expected 2.9% and previous 3% [6][20]. - The report indicates that the Chinese government has launched a "Consumption Promotion Special Action Plan" to boost domestic demand, reflecting a consensus among decision-makers to enhance consumption [26][23]. - The report notes that the A-share market has shown strong performance, leading among global indices, with policies aimed at stimulating domestic consumption expected to benefit the consumer sector [21][23]. Summary by Sections U.S. Economic Data - February CPI data shows a year-on-year increase of 2.8%, with core CPI rising 3.1%, both lower than expectations [6][20]. - February PPI data indicates a year-on-year increase of 3.2%, also below expectations, suggesting a short-term easing of inflation [5][6]. Japanese Economic Data - Japan's Q4 GDP was revised down to a seasonally adjusted annualized growth of 2.2%, lower than the expected 2.8%, with personal consumption remaining flat [10]. Chinese Financial Data - As of the end of February, M2 money supply was 320.52 trillion yuan, growing 7% year-on-year, while social financing stock was 417.29 trillion yuan, up 8.2% year-on-year [15][16]. - The report indicates a significant increase in government bond issuance to address local debt, with nearly 800 billion yuan in replacement bonds issued [15]. Stock Market Insights - The report notes that the Indian market is underperforming compared to global indices, with a projected GDP growth of only 6.5% for 2025 [21]. - The consumer sector in China is expected to benefit from policy support aimed at boosting domestic consumption, with notable gains in the beauty and food & beverage sectors [21][26]. Bond Market Overview - The U.S. bond market experienced fluctuations due to concerns over tariffs and inflation data, with the 10-year Treasury yield rising to 4.32% [33][36]. - The Chinese bond market remains cautious, with the 10-year government bond yield increasing to 1.89% amid a stable funding environment [34][36].