策略月报：一页纸精读行业比较数据：2 月-20260227

Investment Chain - The prices of non-ferrous metals have risen significantly since February 2026, with copper, aluminum, zinc, lead, tin, nickel, gold, and silver all experiencing price increases. However, fixed asset investment growth has declined, with real estate development investment down by 17.20% year-on-year and manufacturing fixed asset investment growth at only 0.60% [10][11] - In February 2026, the average price of ordinary cement decreased, while the prices of steel and light soda ash also fell. The sales growth of large and light buses declined, but the sales growth of medium-sized buses increased [10][11] Consumption Chain - In January 2026, the year-on-year growth rate of automobile sales showed a slight recovery, increasing to -3.18%. However, the consumer confidence index fell to 89.50 in December 2025, and retail sales growth for home appliances decreased by 14.25% [11][12] - The total retail sales of consumer goods in December 2025 saw a nominal year-on-year growth rate drop to 0.90%, with a cumulative decline of 3.70% [11][12] - Tourism revenue in Beijing increased by 11.40% year-on-year in December 2024, while tourism revenue in Hainan decreased by 20.03% in March 2024 [11][12] Export Chain - In December 2025, exports to Japan and ASEAN countries increased, while exports to the US and EU saw a decline. The export growth rate for electronic products rose to 37.25%, while textile exports fell by 4.23% [12][13] - The cumulative year-on-year growth rate for exports of refined oil, coke, steel, and aluminum increased, while the export amounts for agricultural products, toys, furniture, and other categories decreased [12][13] - The OECD leading indicator for the US rose to 100.50 in January 2026, indicating potential economic improvement [12][13] Price Chain - In February 2026, pork prices decreased to 12.75 yuan per kilogram, while oil prices increased, with WTI rising to 65.63 USD per barrel [13][14] - The price of PVC rose to 4770 yuan per ton, while the price of MDI fell to 13950 yuan per ton [13][14] - The price of cotton increased, and the price of white sugar decreased during the same period [13][14]