宏观周报：国内利好消息不断，海外经济表现分化

Domestic Insights - The official manufacturing PMI for March recorded 50.8%, an increase of 1.7 percentage points from February, ending five consecutive months of contraction[4] - The Caixin manufacturing PMI for March indicates synchronized expansion in supply and demand, with the production index reaching its highest in 10 months[4] - Employment index in March remained at the highest level in seven months but still slightly below the critical point, indicating some layoffs due to restructuring and cost control[4] - The raw material purchase price index fell below the critical point for the first time in eight months, reflecting cost reductions and intensified market competition[4] Policy and Economic Outlook - The National Development and Reform Commission is focusing on large-scale equipment upgrades and the replacement of consumer goods to stimulate consumption and investment[5] - The People's Bank of China emphasized the need to enhance the implementation of existing monetary policies to support the real economy[7] - The manufacturing sector is expected to maintain stable expansion due to the implementation of policies from the Two Sessions and ongoing consumer upgrades[4] International Developments - The Eurozone's manufacturing PMI for March was 46.1%, above market expectations but still at a three-month low, indicating continued contraction for 21 months[8] - The U.S. ISM manufacturing index unexpectedly rose to 50.3% in March, marking the first expansion since September 2022, indicating resilience in the U.S. manufacturing sector[22] - Japan's labor negotiations showed a slight decrease in wage increase expectations, with the annual wage increase adjusted from 5.25% to 5.24%[11] Market Trends - Brent crude oil prices increased by 5.99% week-on-week, while iron ore prices decreased by 4.99%[25] - The real estate market saw a significant decline, with property transaction area down 67.3% week-on-week, while passenger vehicle retail sales grew by 7% year-on-year[31]