西部证券晨会纪要-20260310

Macro Insights - February CPI year-on-year growth rebounded to 1.3%, significantly up from January's 0.2%, influenced by the later timing of the Spring Festival [4] - Core CPI accelerated, with a month-on-month increase of 0.7% and a year-on-year growth of 1.8%, the highest since the pandemic began [5] - PPI continued its upward trend month-on-month, increasing by 0.4%, while the year-on-year decline narrowed to 0.9% [5][6] Non-Ferrous Metals Industry - The U.S. non-farm payrolls unexpectedly decreased by 92,000 jobs in February, leading traders to increase bets on a potential interest rate cut by the Federal Reserve [9] - The manufacturing PMI for February was reported at 49.0%, indicating a slight decline in manufacturing activity compared to the previous month [8] - The domestic tungsten market saw a significant price increase, with black tungsten concentrate prices surpassing 900,000 CNY per ton, marking a 100.11% increase since the beginning of the year [10] North Exchange Market - The average daily trading volume on the North Exchange reached 23.69 billion CNY, a 28.8% increase week-on-week, indicating a recovery in market activity [12] - The North Exchange 50 index fell by 7.14%, with notable fluctuations in individual stocks, highlighting the market's volatility [12] Investment Recommendations - The report suggests focusing on high-quality stocks with stable cash flows and continuous R&D investment, while avoiding speculative stocks without performance support [14] - It emphasizes a gradual investment strategy aligned with policy catalysts, particularly in high-end manufacturing, domestic substitution, and aerospace sectors [14]