宏观策略周报：1-2月国民经济运行起步平稳，美联储维持政策利率不变

Group 1 - The report highlights that from January to February 2024, the national fixed asset investment (excluding rural households) reached 50,847 billion yuan, showing a year-on-year growth of 4.2%, which is an acceleration of 1.2 percentage points compared to the entire year of 2023 [59] - In the same period, the total retail sales of consumer goods amounted to 81,307 billion yuan, with a year-on-year increase of 5.5%. Excluding automobiles, the retail sales of consumer goods were 74,194 billion yuan, growing by 5.2% [7] - The industrial added value for large-scale enterprises increased by 7.0% year-on-year in January and February, indicating a stable recovery in production demand [41] Group 2 - The report suggests focusing on investment opportunities in sectors supported by policy initiatives from the Two Sessions, particularly in digital economy, advanced manufacturing, new energy, biomedicine, and low-altitude economy [3] - It also recommends attention to investment opportunities arising from large-scale equipment upgrades and the replacement of consumer goods, particularly in sectors such as engineering machinery, railway equipment, power grid equipment, general industrial equipment, and home appliances [3] - The report notes that the gold industry presents investment opportunities due to an upward trend in gold prices [3] Group 3 - The report indicates that the major stock indices in the domestic market showed mixed performance, with the CSI 1000 index having the highest increase of 0.7%, while the media industry saw the largest gain among sectors with a rise of 9.4% [12][17] - The average daily trading volume in the market was 10,772.2 billion yuan, with a cumulative net inflow of -7.78 billion yuan from northbound funds [46][47]