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]

2026 年 3 月 10 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】国内物价缘何超预期上行？——2026 年 2 月价格数据点评 2 月受春节错月、服务需求扩大以及国际油价和金价上涨影响，CPI 同比加快上行， 创近年新高。PPI 方面，在资源民族主义和美伊冲突的背景下，国际有色金属和原油 价格上涨，带动 PPI 同比降幅加快收窄。从国内外形势来看，物价回升的基本面在不 断加强。尤其是近期美伊局势大幅推升油价，加速物价回升趋势，预计在油价持续高 位运行的情况下，3 月份 PPI 同比或有望提前转正。 【策略】把握成长机遇——2026 年 3 月五维行业比较观点 3 月行业配置观点：关注成长及均衡风格。结合我们对于 3 月主观因素的判断，五维 行业比较框架视角下，预计市场风格或主要偏向成长及均衡，高估值板块相对更值得 关注。从打分的情况来看，电力设备、国防军工、电子、机械设备等行业得分较高， 未来或值得投资者重点关注。 行业研究 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260309(增持) 截至 2026 年 3 月 8 日，20 城新房：累计成交 8.3 万套(-32.7%)；北京 ...