宏观周报：3月官方制造业PMI重回扩张 1-2月工业企业利润相对恢复

Economic Indicators - The official manufacturing PMI for March is 50.8%, up 1.7 percentage points from February's 49.1%, indicating a return to expansion after five months of contraction[12] - The production index in March is 52.2%, and the new orders index is 53.0%, both showing strong expansion[12] - The non-manufacturing business activity index rose to 53.0%, the highest level in nearly nine months[12] Industrial Profit and Inventory - Profits of industrial enterprises totaled 9140.6 billion yuan in January-February, a year-on-year increase of 10.2%[6] - Industrial product inventory increased by 2.4% year-on-year as of the end of February, indicating a continued bottoming out trend[6] Currency and Trade - The USD/JPY exchange rate fell to a nearly 34-year low, reaching a peak of 151.9705 on March 27[11] - The U.S. PCE price index for February is 2.5%, aligning with expectations, indicating stable inflation levels[11] Real Estate Market - The land transaction area in 100 major cities increased to 1422.81 million square meters, showing a recovery trend[25] - The average wholesale price of pork remains stable at 20.46 yuan/kg, while vegetable prices have declined to 5.06 yuan/kg[21] Monetary Policy - The People's Bank of China conducted a net monetary injection of 828 billion yuan during the week ending March 29[31] - The report suggests ongoing adjustments in real estate policies to meet changing supply and demand dynamics[68]