Investment Chain - Non-ferrous metal prices have risen since February 2026, with fixed asset investment growth in December 2025 declining to -3.80%[1] - Real estate development investment in December 2025 saw a year-on-year decline of 17.20%[1] - Manufacturing fixed asset investment growth in December 2025 decreased to 0.60%[1] - Infrastructure investment growth in December 2025 fell to -1.48%[1] Consumption Chain - In December 2025, the nominal year-on-year growth rate of social consumption fell to 0.90%, with a cumulative decline of 3.70%[2] - The consumer confidence index in December 2025 dropped to 89.50[2] - In January 2026, automobile sales saw a year-on-year growth rate increase to -3.18%[2] - Home appliance retail sales in December 2025 experienced a year-on-year decline of 14.25%[2] Export Chain - In December 2025, exports to Japan and ASEAN saw a year-on-year growth increase, while exports to the US and EU declined[3] - The export growth rate for electronic products in December 2025 rose to 37.25%[3] - Textile export value in December 2025 decreased by 4.23% year-on-year[3] - Mechanical export value in December 2025 increased by 6.60% year-on-year[3] Price Chain - As of February 2026, the price of pork decreased to 12.75 yuan/kg[4] - WTI crude oil price increased to $65.63 per barrel on February 24, 2026[4] - PVC spot price rose to 4770 yuan/ton on February 24, 2026[4] - The average price of coal in Qinhuangdao increased in February 2026[4]

Market Performance - US stock market closed with Dow Jones slightly up, S&P 500 down by 0.5%, and Nasdaq Composite down by 1.18% [1] - Nvidia shares fell by 5.5% post-earnings, while AMD and Intel dropped by 3% [1] - Nasdaq Golden Dragon China Index decreased by 1.78%, with Alibaba down by 2.7% and Baidu down by 5.6% [1] - Dell's stock rose by 12% in after-hours trading, and Netflix surged nearly 8% [1] Economic Developments - Significant progress in US-Iran negotiations, with plans for technical discussions in Vienna next week [1] - Federal Reserve's Goolsbee indicated that interest rates could be lowered, but not before inflation eases [1] - US 30-year mortgage rates fell below 6% for the first time since 2022 [1] Geopolitical Events - Six US aerial refueling aircraft are en route to Israel to join military deployments in the region [1] - US-Ukrainian talks in Geneva concluded without specific outcomes [1] - Saudi Aramco canceled liquefied petroleum gas shipments from Juaymah terminal for February and March due to structural damage [1] Industry News - Meta's internal chip design efforts are reportedly facing obstacles [1] - Spot gold prices fell below $5200 per ounce, influenced by US-Iran negotiation progress affecting oil prices [1]

本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不便，敬 请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构成具体业务或 产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行作出投资决定并自主 承担投资风险，不应凭借本报告进行具体操作。 【本周重点关注】 2 月 24 日 09:00，中国人民银行授权全国银行间同业拆借中心将公布 2026 年 2 月 24 日贷款市场报价利率 （LPR），预期与前值持平。 美国总统特朗普签署行政命令，自美国东部时间 2 月 24 日起，对进口到美国的商品征收 10%的从价进口关 税，为期 150 天。 2 月 25 日 09:20，中国人民银行将续作 MLF。 2 月 27 日 21:30，美国劳工局将公布美国 1 月 PPI。 2026 年 2 月 24 日 本周热点前瞻 2026-02-24 陶金峰 投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 声明 2 月 28 日 09:30，国家统计局将公布 2025 年国民经济和社会发展统计公 ...

受强劲的 半导体出货量和活跃的国内股市的支撑，韩国2月份消费者信心指数攀升至11月以来的最高水 平。韩国央行公布的数据显示，2月份综合消费者信心指数升至112.1，创下去年11月以来的最高水平， 并远高于100的中性阈值。 ...

国务院安委办通报两起烟花爆竹爆燃事故部署全链条安全监管 截至2月20日8时铁路12306累计发售春运期间车票2.98亿张 美最高法院裁定特朗普政府大规模关税违法特朗普宣布加征10%全球进口关税 记者从应急管理部获悉，国务院安委办近日印发关于江苏连云港东海县福禄寿烟花爆竹经营部较大事故和湖北襄阳宜城市千和百货店（烟花爆竹零售店）重 大事故的通报，深刻剖析事故暴露的突出问题，对烟花爆竹全链条特别是经营燃放环节安全监管工作作出部署，要求各地深刻吸取事故教训，立即开展排查 整治，坚决遏制事故多发势头，确保春节元宵节期间安全形势和社会大局稳定。（新华社） 据国家发展改革委，"十四五"时期，我国超四成资源型城市采矿业总产值占工业总产值比重降至6.2%，比"十三五"末期下降0.92个百分点；第三产业增加值 占比突破50%。资源型地区转型发展不断取得新成效。（央视新闻） 美东时间20日傍晚，美国总统特朗普在社交媒体发文称，他刚刚签署行政令，"对所有国家征收10%的全球关税"，"几乎立即生效"。（新华社） 在美国最高法院裁定特朗普的部分全球关税无效后，欧盟议员将于下周一召开紧急会议，重新评估欧盟与美国的贸易协议。（新华财经） ...

板块方面，标普500指数十一大板块九涨两跌。通信服务板块和非必需消费品板块分别以2.65%和1.27% 涨幅领涨，能源板块和医疗板块则分别逆势下跌0.71%和0.32%。 美国2025年12月个人消费支出价格指数环比上涨0.4%，前月数值则从0.5%修订为0.4%；该月美国个人 消费支出价格指数同比上涨2.9%，前月向上修订后的数据为2.8%。扣除食品和能源，美国2025年12月 核心消费者支出价格指数环比上涨0.4%，高于市场预期的0.3%和前月的0.2%；该月美国核心消费者支 出价格指数同比上涨3%，高于市场预期的2.9%和前月的2.8%。 标普全球20日发布的初步数据显示，美国2月综合PMI产出指数为52.3，低于1月的53。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨230.81点，收于49625.97点，涨幅为0.47%；标 准普尔500种股票指数上涨47.62点，收于6909.51点，涨幅为0.69%；纳斯达克综合指数上涨203.34点， 收于22886.07点，涨幅为0.90%。 美国最高法院20日公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税。市场对 关税政策冲击的担 ...

每经AI快讯，2月20日消息，美国2月密歇根大学消费者信心指数终值为56.6，预期57.3，前值57.3。 ...

欧元区2月消费者信心指数初值为-12.2，预期-11.8，前值-12.4。 ...

① 03:00 美联储公布货币政策会议纪要 ② 05:30 美国至2月13日当周API原油库存 ③ 08:30 澳大利亚1月 季调后失业率 ④ 15:00 瑞士1月贸易帐 ⑤ 17:00 欧元区12月季调后经常帐 ⑥ 19:00 英国2月CBI工业订单 差值 ⑦ 21:30 美国至2月14日当周初请失业金人数 ⑧ 21:30 美国12月贸易帐 ⑨ 21:30 美国2月费城联储 制造业指数 ⑩ 22:00 美联储卡什卡利讲话 ⑪ 23:00 欧元区2月消费者信心指数初值 ⑫ 23:00 美国1月成 屋签约销售指数月率 ⑬ 23:30 美国至2月13日当周EIA 天然气库存 ⑭ 次日01:00 美国至2月13日当周EIA 原油库存 ⑮ 次日01:00 美国至2月13日当周EIA库欣原油库存 ⑯ 次日01:00 美国至2月13日当周EIA战略 石油储备库存 ...

Core Viewpoint - The Westpac Bank and Melbourne Institute report indicates a decline in consumer confidence in Australia, with the consumer sentiment index dropping 2.6% to 90.5 points in February 2026, remaining in a pessimistic state due to interest rate hikes by the Reserve Bank of Australia (RBA) [1] Group 1: Consumer Confidence Index - The consumer confidence index fell to 90.5 points in February 2026, marking a 2.6% decline, exacerbated by the RBA's interest rate hike [1] - The decline in consumer confidence is less severe than the historical average drop of 3.8% following interest rate increases [1] - The current index level of 90.5 points is significantly higher than the extremely low levels observed from 2022 to 2024 [1] Group 2: Economic Indicators - The sub-index predicting the economic situation for the next year increased by 0.1% to 88.5 points, while the five-year outlook decreased by 2.5% to 94.1 points [2] - The sub-index measuring household financial conditions for the next year fell by 0.1% to 97.7 points, and the index reflecting changes in household financial conditions over the past year dropped by 4.7% to 78.8 points [2] - The index for purchasing major household items decreased by 5.6% to 93.5 points, and the housing market index fell by 6.3% to 84 points [2] Group 3: Interest Rate Expectations - The interest rate expectations index surged by 16.1% to 177.5 points, the highest level since June 2023, indicating consumers are preparing for further rate hikes [3] - The RBA is expected to hold its next monetary policy meeting on March 16-17, with a potential for another rate increase in May, depending on upcoming inflation data [3] Group 4: Additional Consumer Confidence Reports - The ANZ-Roy Morgan consumer confidence index fell by 3.6 points to 76.9 points during the week of February 2-8, reaching its lowest level since December 2023 [4] - The most significant decline was observed in consumers' assessment of the macroeconomic situation, with the five-year outlook hitting a 25-year low [4] - Households currently repaying mortgages are reported to have the lowest consumer confidence levels [4]