农银国际证券每天导读

Core Insights - The report highlights that China's industrial value-added and fixed asset investment growth in January-February exceeded expectations, with industrial value-added increasing by 7% year-on-year, surpassing the forecast of 5.2% [25][21]. - The report also notes that the EU is considering an investigation into the risks associated with Chinese chips, focusing on national security and global supply chain concerns [11][4]. Market Performance - The report indicates that U.S. housing builder confidence has reached an eight-month high, with the National Association of Home Builders/Wells Fargo Housing Market Index rising by 3 points to 51, exceeding the Bloomberg survey median estimate of 48 [10][5]. - The Hang Seng Index and the National Index both saw increases, with consumer and healthcare platform stocks leading the gains [3][4]. Economic Indicators - China's fixed asset investment (excluding rural areas) grew by 4.2% year-on-year in January-February, significantly higher than the expected 3.2% [21][25]. - The report mentions that the retail sales of consumer goods in China increased by 5.5%, aligning closely with market expectations [21][25]. Company-Specific News - The report discusses that Evergrande Group inflated its revenue by over 564.1 billion yuan (approximately 78 billion USD) through financial fraud in 2019 and 2020, leading to penalties for its founder Xu Jiayin [30]. - Longi Green Energy, the world's largest solar company, is reportedly planning to cut nearly one-third of its workforce due to industry overcapacity and intense competition [30]. International Developments - The report notes that the U.S. 2-year Treasury yield has reached its highest level since December, reflecting a decrease in expectations for interest rate cuts by the Federal Reserve [23]. - The Bank of Japan is expected to end its yield curve control and risk asset purchase policies, marking a significant shift in its monetary policy [24].