宏观和大类资产配置周报：二季度宏观经济预期向好

Economic Overview - China's March CPI growth rate fell to 0.1%, while PPI decreased to -2.8%[1] - In Q1, China's exports grew by 1.5% year-on-year, but the growth rate narrowed by 5.6 percentage points compared to January-February[1] - Social financing stock increased by 8.7% year-on-year in March, down 0.3 percentage points from the previous month[1] Market Performance - The CSI 300 index dropped by 2.58%, while the CSI 300 stock index futures fell by 2.64%[2] - Futures for coking coal rose by 12.69%, and iron ore main contracts increased by 7.89%[2] - The yield on ten-year government bonds decreased by 1 basis point to 2.28%[2] Asset Allocation Strategy - Recommended asset allocation order: Stocks > Commodities > Bonds > Currency[8] - The macroeconomic outlook for Q2 is positive, supported by easing high base effects and recovering external demand[8] - Risks include slow global inflation decline and rapid economic downturns in Europe and the U.S.[8]