1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March, the manufacturing PMI exceeded seasonal expectations and returned above the boom - bust line, with the production index seasonally rebounding, both domestic and external demand improving, and enterprises actively replenishing inventories. The service industry PMI returned to the expansion range, while the construction industry was still in the contraction range, and cost - rising pressure emerged. The subsequent focus should be on international situation changes and promoting various economic - stabilizing policies [1][10]. - The improvement in the manufacturing PMI in March led to some adjustments in the bond market. The current core driving factors of the market are the Middle East situation, inflation expectations, and the increasing allocation power in the bond market. Ultra - long - term interest rates have entered a stage of restorative decline, and the bond market is expected to be volatile and bullish. Future attention should be paid to the persistence of the decline in risk appetite, the situation of fundamental recovery, and the special treasury bond issuance plan in Q2 [4][36]. 3. Summary by Relevant Catalogs 3.1 3 - month PMI Data Review - Manufacturing: In March, the manufacturing PMI was 50.4%, a 1.4 - percentage - point increase from the previous month, returning above the boom - bust line after two months. The production index seasonally recovered, both domestic and external demand improved, the price index rebounded significantly, enterprises actively replenished inventories, and procurement volume returned to the expansion range [10]. - Non - manufacturing: The service industry PMI returned to the expansion range, and the construction industry's contraction slowed down. In March, the service industry business activity index rose 0.5 percentage points to 50.2%, and the construction industry business activity index rose 1.1 percentage points to 49.3%. However, the month - on - month performance of both was weaker than the non - epidemic Spring Festival seasonality [12][15]. 3.2 Manufacturing: Simultaneous Improvement in Production and Demand, and a Significant Rebound in the Price Index - Production: The manufacturing PMI production index in March was 51.4%, a 1.8 - percentage - point increase from the previous month, returning to the expansion range. This was due to the return of employees after the Spring Festival, the recovery of market demand, and the further manifestation of policy effects [16]. - Demand: Both domestic and external demand improved. The proportion of manufacturing enterprises reporting insufficient market demand dropped to below 50% for the first time since July 2022. The new order and new export order indexes increased by 3.0 and 4.1 percentage points respectively. SMEs stabilized, and three key industries expanded rapidly [18][20]. - Price: Affected by rising commodity prices and accelerated corporate procurement, the main raw material purchase price index and ex - factory price index rose by 9.1 and 4.8 percentage points respectively. The ex - factory price index reached a new high since April 2022, indicating that the year - on - year growth rate of PPI in March is expected to turn positive [22]. - Inventory: Enterprises actively replenished inventories, and procurement volume returned to the expansion range. The raw material inventory and finished - product inventory indexes increased by 0.2 and 0.9 percentage points respectively, and the procurement volume index rose to 50.9% [23]. 3.3 Non - manufacturing: Service Industry PMI Returns to Expansion, Construction Industry's Contraction Slows Down - Service Industry: In March, the service industry's prosperity increased slightly by 0.5 percentage points, returning above the boom - bust line. Industries such as railway transportation, telecommunications, and finance were in a high - prosperity range, while consumer - related industries declined due to the high base of Spring Festival consumption [29]. - Construction Industry: In March, the construction industry business activity index rose 1.1 percentage points to 49.3%. The civil engineering construction industry showed a significant increase, while the housing construction industry was still below 50%. The overall recovery was slower than in previous post - holiday periods [32]. 3.4 Impact on the Bond Market - In March, the manufacturing PMI exceeded seasonal expectations, the service industry PMI returned to expansion, but the construction industry was still in contraction, and cost - rising pressure emerged. The bond market adjusted due to the improvement in the manufacturing PMI. The current core driving factors are the Middle East situation, inflation expectations, and the increasing allocation power in the bond market. The bond market is expected to be volatile and bullish, and future attention should focus on risk appetite, fundamental recovery, and the special treasury bond issuance plan in Q2 [36].

Manufacturing Sector - The manufacturing PMI for March 2026 is reported at 50.4%, an increase of 1.4 percentage points from the previous month, indicating a return to the expansion zone[2][4] - The production index rose by 1.8 percentage points, while the new orders index increased by 3.0 percentage points, reflecting a positive trend in manufacturing activities[4][12] - The proportion of companies reporting insufficient demand decreased to 48.5%, down 6.6 percentage points from the previous month, marking the first drop below 50% since July 2022[12] External Demand and Trade - The new export orders index surged to 49.1%, up 4.1 percentage points from the previous month, indicating a significant improvement in external demand[18] - The import orders index also rose to 49.8%, reflecting a synchronized recovery in trade activities[18] Price Trends - The raw material purchase price index increased by 9.1 percentage points to 63.9%, outpacing the factory price index, which rose by 4.8 percentage points to 55.4%, indicating rising cost pressures for businesses[21] - Both raw material and finished goods inventory indices saw a slight increase, with raw material inventory rising to 47.7% and finished goods inventory to 46.7%[22] Service Sector - The service sector PMI improved to 50.2%, a 0.5 percentage point increase from the previous month, driven by post-holiday resumption of work[24] - Key sectors such as transportation and financial services showed strong business activity indices above 55.0%, while retail and hospitality sectors experienced a decline[24]

Group 1 - The core point of the article is that China Tower Corporation has applied for a patent for a "DC power distribution system and method for communication base stations," indicating its focus on advancing communication technology [1] Group 2 - The patent application number is CN121643263A, with an application date of November 2025 [1] - The invention pertains to the field of communication equipment technology, specifically a DC power distribution system that includes at least one intelligent control module mounted on a fixed rail [1] - The intelligent control module connects to the negative terminal of a DC bus from a switch power supply and to the input terminal of communication equipment, featuring a protection unit, a metering unit, and a control unit [1] - The control unit allows for remote control of the protection unit, enabling differentiated, refined, and intelligent management of each branch [1] Group 3 - China Tower Corporation was established in 2014 and is based in Beijing, primarily engaged in civil engineering construction [1] - The company has a registered capital of 1,760,084,710.2 RMB [1] - According to data from Tianyancha, the company has invested in four enterprises, participated in 99,778 bidding projects, and holds 185 trademark records and 1,189 patent records, along with 77 administrative licenses [1]

Group 1 - The core point of the article is that China Tower Corporation Limited has obtained a patent for an "algorithm execution processing method, device, and related equipment," with the authorization announcement number CN116091975B and an application date of January 2023 [1] Group 2 - China Tower Corporation Limited was established in 2014 and is located in Beijing, primarily engaged in civil engineering construction [1] - The company has a registered capital of 1,760,084,710.2 RMB [1] - According to data analysis from Tianyancha, China Tower Corporation has made investments in 4 companies, participated in 99,613 bidding projects, has 185 trademark information entries, and holds 1,171 patent information entries, along with 77 administrative licenses [1]

Group 1 - The core point of the article is that China Tower Corporation Limited has obtained a patent for a method, product, and device related to data category determination, with the patent number CN116049767B and an application date of February 2023 [1] - China Tower Corporation Limited was established in 2014 and is located in Beijing, primarily engaged in civil engineering construction [1] - The registered capital of China Tower Corporation Limited is approximately 1,760,084.71 million RMB [1] Group 2 - According to data analysis from Tianyancha, China Tower Corporation has made investments in 4 companies and participated in 99,473 bidding projects [1] - The company holds 185 trademark registrations and 1,156 patent registrations, along with 77 administrative licenses [1]

Group 1: Manufacturing Sector Insights - Manufacturing PMI in February was 49%, a decrease of 0.3 percentage points from January, primarily affected by the production side and seasonal factors[5] - New export orders PMI fell to 45%, the lowest level since April 2025, indicating significant weakness in overseas demand compared to domestic demand[9] - The decline in new export orders is attributed to a combination of extended Chinese New Year holidays and reduced effective working days, impacting production schedules[9] Group 2: Infrastructure and Non-Manufacturing Sector - Non-manufacturing sector showed a slight recovery with a service sector PMI of 49.7%, up 0.2 percentage points from January, driven by increased consumer spending during the holiday[14] - Construction PMI dropped to 48.2%, but the business activity expectation index rose to 50.9%, indicating optimism for post-holiday infrastructure activities[14] - The civil engineering sector's business activity expectation index exceeded 54%, reflecting a positive outlook for infrastructure investment[14] Group 3: Geopolitical and Economic Factors - Ongoing geopolitical tensions are expected to favor resource commodities over technology sectors, with inflation expectations rising and market predictions for U.S. interest rate cuts being delayed[16] - The market's expectation for U.S. rate cuts shifted from June and September to July and December, indicating tightening liquidity conditions[16] - Risk factors include slow consumer confidence recovery, policy implementation falling short of expectations, and potential escalation of trade tensions[20]

Core Viewpoint - The manufacturing PMI in February dropped to 49.0%, indicating a short-term slowdown in manufacturing activity, while the non-manufacturing business activity index slightly increased to 49.5% due to seasonal factors and holiday consumption [1][2]. Group 1: Manufacturing Sector - The manufacturing PMI decreased by 0.6 percentage points to 49.0%, reflecting a decline in production and demand, with various indices such as production index and new orders index showing decreases between 0.1 to 2.8 percentage points [2]. - The new orders index for manufacturing was at 48.6%, indicating tightening demand primarily due to seasonal factors, including the extended Spring Festival holiday and adverse weather conditions affecting outdoor construction [2]. - High-tech manufacturing PMI remained in the expansion zone at 51.5%, despite a 0.5 percentage point decline, with new orders and production indices indicating stable demand and activity [4]. Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose to 49.5%, supported by a recovery in the service sector, particularly in accommodation, dining, and entertainment, which saw indices above 60.0% [6]. - The construction sector showed signs of improvement, with the civil engineering new orders index rising, indicating potential growth in infrastructure demand post-holiday [6]. - The business activity expectation index for civil engineering rose to over 54%, reflecting optimism among construction firms regarding post-holiday recovery [6][7].

Core Viewpoint - Hebei Hongou Jiarun Construction Engineering Co., Ltd. has been established with a registered capital of 40 million RMB, fully owned by Shijiazhuang Zhuyuan Enterprise Management Consulting Co., Ltd. [1] Company Information - Company Name: Hebei Hongou Jiarun Construction Engineering Co., Ltd. [1] - Legal Representative: Zhou Xuan [1] - Registered Capital: 40 million RMB [1] - Shareholder: Shijiazhuang Zhuyuan Enterprise Management Consulting Co., Ltd. holds 100% [1] - Company Type: Limited liability company (wholly owned by a natural person) [1] - Business Address: Room 3-701-3, Building D11, Xinhe Garden, No. 1221, Fuxing Middle Road, Lianchi District, Baoding City, Hebei Province [1] - Business Duration: Until February 26, 2026, with no fixed term thereafter [1] - Registration Authority: Lianchi District Market Supervision Administration [1] Business Scope - The business scope includes construction engineering, cultural relic protection engineering, geological disaster management, water conservancy engineering supervision, construction project design, and various construction-related services [1] - Specific activities include installation, maintenance, and testing of electrical facilities, labor subcontracting, quality inspection, surveying services, and sales of construction materials [1] - The company is authorized to engage in activities that require approval from relevant authorities, with specific projects subject to approval documents or permits [1]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "horizontal large decorative strip" to China Metallurgical South City Construction Engineering Technology Co., Ltd. and China Metallurgical South Engineering Technology Co., Ltd., with the announcement number CN116411689B and application date of March 2023 [1] - China Metallurgical South City Construction Engineering Technology Co., Ltd. was established in 2015, located in Wuhan, and primarily engages in civil engineering construction, with a registered capital of 226 million RMB. The company has participated in 674 bidding projects and holds 999 patent records, along with 67 administrative licenses [1] - China Metallurgical South Engineering Technology Co., Ltd. was founded in 2004, also in Wuhan, focusing on building decoration and other construction activities, with a registered capital of 335 million RMB. The company has invested in 34 enterprises, participated in 5,000 bidding projects, holds 49 trademark records, 5,000 patent records, and possesses 80 administrative licenses [1]

Core Viewpoint - Yunnan Qingqing Construction Engineering Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Kunming Taihan Enterprise Management Co., Ltd. [1] Company Summary - The legal representative of Yunnan Qingqing Construction Engineering Co., Ltd. is Zhao Xianqiong [1] - The company is registered with a capital of 2 million RMB [1] - The business scope includes construction labor subcontracting, construction project supervision, and various engineering services [1] Shareholder Information - Kunming Taihan Enterprise Management Co., Ltd. holds 100% of the shares in Yunnan Qingqing Construction Engineering Co., Ltd. [1] Business Operations - The company is involved in multiple areas such as construction engineering, landscaping, and environmental emergency management services [1] - The operational address is located in Kunming, Yunnan Province [1] - The company is classified as a limited liability company (sole proprietorship) [1]