【光大研究每日速递】20260311

Macro - In January-February 2026, exports increased by 21.8% year-on-year, driven by strong overseas demand, competitive advantages of high value-added products, and a diversified market strategy [5] - Short-term disruptions may arise from the US-Iran conflict and high base effects, but long-term prospects remain optimistic due to China's manufacturing advantages, strong demand from emerging markets, and infrastructure investment needs in Belt and Road countries [5] - Potential easing of US-China relations from Trump's visit to China, along with AI investment demand and EU fiscal support, will further bolster exports [5] Strategy - In March 2026, the industry allocation strategy focuses on growth and balanced styles, with a preference for high valuation sectors [5] - Industries such as power equipment, defense, electronics, and machinery are highlighted as having high scores and potential investment opportunities [5] Metals - Aluminum prices increased by 4.5% to 24,400 CNY per ton, while tungsten prices rose by 15.1% to 919,000 CNY per ton [6] - The new export orders PMI for February was reported at 45.00%, a decrease of 2.8 percentage points month-on-month [6] Automotive - In January, domestic passenger car retail sales decreased by 13.9% year-on-year and 31.7% month-on-month, totaling 1.544 million units [7] - Wholesale sales also saw a decline of 6.2% year-on-year and 29.3% month-on-month, amounting to 1.973 million units [7] - New energy vehicle retail sales dropped by 20.0% year-on-year and 55.4% month-on-month, with a penetration rate of 38.6% [7]