Core Insights - The report maintains a long-term bullish outlook on gold while suggesting short-term attention on oil and copper [2] - A-shares sentiment index is rising, while Hong Kong stocks sentiment index is declining, leading to a bullish position on A-shares and a neutral stance on Hong Kong stocks [2] - Current institutional focus is on basic chemicals and the automotive industry, with a decrease in attention towards non-bank financial sectors [2] A-shares and Hong Kong Stocks Sentiment Tracking - The A-shares sentiment index has increased, and the VIX for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 has decreased, indicating a bullish timing strategy for A-shares [2][5] - The Hong Kong stocks sentiment index has decreased, leading to a neutral timing strategy for the Hang Seng Index [2][14] Institutional Research and Crowding Indicators - Current institutional focus is on the electric power and public utilities and automotive sectors, while attention towards retail and non-bank financial sectors has decreased [26] - Recent increases in institutional attention have been noted in coal, electric power and public utilities, banking, non-bank financials, and media sectors [27] - Several industries, including oil and petrochemicals, non-ferrous metals, steel, basic chemicals, and building materials, are at the threshold of crowding indicators [36][37] A-shares Style and Sector Allocation - The current allocation based on the A-shares industry and style rotation index favors media, electronics, automotive, and agriculture, forestry, animal husbandry, and fishery sectors [42] Commodities - The VIX for gold and silver has decreased from high levels, while copper and oil are experiencing high volatility [44] - The report maintains a long-term bullish outlook on gold due to declining U.S. real interest rates, increased market volatility, rising geopolitical risks, and growing demand for gold [50]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 Index by more than 5% within the next six months [33]. Core Insights - The Politburo meeting emphasized the implementation of more proactive fiscal policies and moderately loose monetary policies, focusing on expanding domestic demand and developing new productive forces while preventing risks [4][10]. - The macro-prudential regulation continues to strengthen, with the announcement of 21 systemically important banks, including the addition of Zhejiang Commercial Bank and the reclassification of Industrial Bank [5][16]. - The People's Bank of China issued a notice supporting domestic banks in conducting RMB cross-border interbank financing, establishing a macro-prudential management mechanism linked to capital strength [6][18]. Summary by Sections Key Focus - The Politburo meeting highlighted the need for proactive fiscal and monetary policies, aiming to enhance domestic market strength and accelerate high-level technological self-reliance [4][14]. - The macro-prudential regulation has been reinforced with the identification of 21 systemically important banks, ensuring they meet additional capital requirements based on their classification [5][17]. - The central bank's notice on RMB cross-border interbank financing aims to improve capital flow management and support the internationalization of the RMB [6][18]. Industry Data - The banking, securities, insurance, and fintech indices experienced changes of -0.92%, -0.39%, -3.74%, and +1.96% respectively, with the CSI 300 Index rising by 1.08% [11][20]. - The central bank's open market operations resulted in a net withdrawal of 727.4 billion RMB, with SHIBOR rates increasing [26]. - The average daily trading volume of stock funds was 14.61 billion RMB, reflecting a 31.7% decrease compared to the previous week [27]. Insurance Data - As of February 27, the yields on ten-year government bonds decreased by 0.51 basis points, indicating a slight decline in bond yields [30].

Report Industry Investment Rating - The report does not provide an industry investment rating [1] Core Viewpoints - After the New Year, the market has high expectations for a good start in the 15th Five - Year Plan, with strong profit - taking sentiment. Under the stimulus of the "Shanghai Seven Measures", the bond market fell continuously until it stopped falling on Friday. The medium - and long - term credit strategies had obvious pullbacks, while the short - end sinking strategy's net value remained stable. Looking forward, with factors such as loose capital and the opening of amortized bond funds remaining unchanged, credit bonds are still an asset that combines offense and defense. Currently, the cost - effectiveness of chasing up in the bond market has decreased, and the market is likely to fluctuate in March. There is limited room for exploration within 3Y of credit bonds, with a stronger defensive nature. It is recommended to do more sinking to build a bottom - position. There is a thickening of term spreads for many entities in the 3 - 4Y range, presenting riding opportunities. Long - term bonds over 5Y have certain attractiveness in terms of absolute returns, and institutions with strong liability - side stability can make layouts. There is a convex point around 4Y for Tier 2 and perpetual bonds, with expected considerable riding returns, combining both offense and defense [6][10] Summary by Directory 1. Credit Bond Weekly Viewpoint: Grasping Bonds with Strong Convexity in the 3 - 4Y Range - After the New Year, due to high expectations for the 15th Five - Year Plan's good start and strong profit - taking sentiment, the bond market declined under the "Shanghai Seven Measures" until Friday. Medium - and long - term credit strategies pulled back, while short - end sinking strategies' net values were stable. In the future, with favorable factors like loose funds and the opening of amortized bond funds, credit bonds are still offensive and defensive. The cost - effectiveness of chasing up in the bond market is low, and March is likely to see fluctuations. There is limited exploration space within 3Y of credit bonds, with a stronger defensive property; 3 - 4Y has riding opportunities due to thickened term spreads; 5Y+ long - term bonds are attractive for institutions with stable liabilities. Tier 2 and perpetual bonds around 4Y have convex points and expected riding returns [6][10] 2. Credit Bond Weekly Review: Overall Stable Performance of Short - and Medium - Term Credit 2.1 Negative Information Monitoring - There were no bond defaults or overdue cases, no downgrades of corporate main body ratings or outlooks, no downgrades of bond ratings, and no overseas rating downgrades from February 23 to March 1, 2026. However, there were some significant negative events for companies such as Fanhai Holdings, Sunshine City Group, and others [15][16][17] 2.2 Primary Issuance: Significantly Lower New Bond Issuance Costs - After the holiday, the new issuance of credit bonds was slow, with a large - scale net financing outflow. From February 23 to March 1, 2026, the primary issuance of credit bonds was 92.7 billion yuan, lower than the previous week before the holiday. The total repayment amount was 184.4 billion yuan, a peak in maturity in the past month, resulting in a net financing outflow of 91.7 billion yuan. No bonds were cancelled or postponed for issuance last week. The average coupon rates of AAA and AA+ grades were 1.92% and 1.97% respectively, down 11bp and 23bp week - on - week. The frequency of new AA/AA - grade bond issuance remained low [17][18] 2.3 Secondary Trading: Narrowing of Spreads for Low - Grade and Long - Term Bonds - Last week, the valuations of credit bonds of all grades and terms fluctuated slightly within ±1bp. The risk - free interest rate rose slightly, and the credit spreads narrowed by an average of 1bp, with more narrowing for low - grade and long - term bonds. The 3Y - 1Y term spreads of each grade mostly widened by 1bp, and the 5Y - 1Y AA - grade spread narrowed significantly by 4bp. The AA - AAA grade spreads narrowed across the board, with a maximum narrowing of 5bp for the 5Y spread. In terms of urban investment bond credit spreads, most provincial credit spreads narrowed slightly by 2bp last week, with Qinghai narrowing the most by 7bp. In terms of industrial bond credit spreads, most industry spreads narrowed slightly by 1bp last week, slightly underperforming urban investment bonds, and only the real estate spread widened by 5bp. Affected by the holiday, the weekly turnover rate decreased by 0.82pct to 0.97%. The real - estate companies with the largest spread widening were Times Holdings, Rongqiao, Greenland, and Xinyuan [20][26][28][29]

Group 1: Banking Sector - The self-discipline of interbank deposit rates has led to a decline, but high costs of interbank liabilities and switching between fixed and current deposits indicate a need for further regulation [5] - Future management of interbank deposit rates may impose upper limits on the proportion of current deposits priced above self-discipline and regulate fixed deposit rates [5] Group 2: Oil and Gas Industry - The escalation of geopolitical tensions in the Middle East, particularly the airstrikes by Israel and the US on Tehran, is expected to alleviate concerns over oil supply and demand, potentially driving up oil prices due to increased geopolitical risk premiums [6] - Long-term investment value in the oil and gas sector, including major state-owned enterprises and oil services, is emphasized [6] Group 3: Basic Chemicals - The strategic significance of phosphorus resources has increased, with the US government listing phosphorus and glyphosate as critical defense materials, suggesting a focus on leading companies with resource advantages and integrated industrial chains in the phosphorus fertilizer and chemical sectors [6] Group 4: Environmental Sector - The trend of Chinese Token going abroad is intensifying, with low electricity costs being a core advantage, and the development of power computing is progressing steadily [7] - The industry is expected to reach a cyclical bottom under marketization, with potential for valuation recovery following a reversal in expectations [7] Group 5: Renewable Energy and Environmental Protection - The value of power operators is expected to be reassessed in the context of Token going abroad, with advantages including low electricity costs leading to cheaper Token prices and the ability to provide cross-border services without exporting electricity [8] - The sector is seen as having opportunities for valuation recovery due to low valuations at the cyclical bottom and the potential for economic growth and acceptance of new applications [8] Group 6: Pharmaceutical Sector - The pharmaceutical sector is expected to recover, with a reaffirmation of the investment thesis based on clinical value [8] - Recent performance indicates that the A-share pharmaceutical index underperformed compared to broader indices, suggesting potential for future recovery [8]

Group 1 - The fund "Guotai Haitong High-end Equipment Mixed Initiating Securities Investment Fund" will terminate its contract due to the fund's net asset value falling below 200 million yuan by March 1, 2026, as stipulated in the fund contract [1][2] - The fund management company, Guotai Haitong Securities Asset Management Co., Ltd., will initiate the fund liquidation process without convening a meeting of fund shareholders [1][2] - The fund's contract became effective on September 29, 2025, and the original contract was effective from March 1, 2023, with a three-year term [1] Group 2 - Upon the occurrence of the termination event, the fund will enter liquidation on March 2, 2026, ceasing all subscription and redemption activities [2][9] - A liquidation team will be established within 30 working days after the termination event, comprising members from the fund management, fund custodian, certified public accountants, lawyers, and designated personnel from the China Securities Regulatory Commission [3] - The liquidation team is responsible for managing, clearing, valuing, liquidating, and distributing the fund's assets [3][4] Group 3 - The liquidation process includes several steps: taking over the fund, confirming assets and liabilities, valuing and liquidating assets, preparing a liquidation report, and obtaining external audits and legal opinions [4] - The liquidation period is set for six months, but may be extended if the liquidity of the securities held by the fund is restricted [4] - Liquidation expenses will be prioritized from the fund's assets, but the fund management will cover these costs to protect the interests of fund shareholders [5] Group 4 - Remaining assets after liquidation will be distributed to fund shareholders based on their shareholding proportions, after deducting liquidation expenses and settling any tax liabilities and debts [6] - Major events during the liquidation process will be announced promptly, and the liquidation report will be audited and filed with the China Securities Regulatory Commission [7] - The fund's financial records and related documents will be preserved by the fund custodian for a minimum period as required by law [8]

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the geopolitical landscape affecting international relations, particularly between the U.S. and China, and its implications for various asset classes, including equities and commodities. Core Insights and Arguments 1. **Geopolitical Adjustments**: There is a systematic increase in diplomatic engagement between Western developed countries and China, indicating a potential stabilization in international relations over the next month, which supports a relatively optimistic outlook for equity assets [1][2][3]. 2. **U.S.-China Trade Relations**: The potential for a temporary easing of tariffs and export controls on semiconductors is noted, but long-term agreements remain uncertain due to political pressures and ongoing investigations [1][3][4]. 3. **Tariff Changes**: Following a Supreme Court ruling against "emergency tariffs," the average effective tariff rate in the U.S. is expected to decrease from 16.9% to approximately 9%, which could improve profit expectations for export-oriented companies [5][6]. 4. **Baseline Scenario for Trade**: The baseline scenario suggests that U.S. tariffs on China will stabilize between 20% and 25%, with China's exports to the U.S. remaining around 10% [6][7]. 5. **Agricultural Purchases**: China is expected to purchase around 12 million tons of U.S. soybeans, aligning with previous agreements, which is crucial for U.S. farmers facing declining profits [7]. 6. **Iran Conflict Risks**: The potential for military conflict with Iran remains high, which could influence market pricing but is not expected to significantly impact A-share risk preferences [8][9]. 7. **Oil and Gold Prices**: Geopolitical tensions may lead to short-term increases in oil and gold prices, but long-term trends will depend on fundamental economic conditions [9][10]. 8. **Market Reactions to Geopolitical Events**: Historical patterns indicate that A-share performance is influenced by geopolitical events, with sectors like military, finance, and energy likely to benefit during conflicts [18][19][20]. Other Important but Possibly Overlooked Content 1. **Energy Supply Dynamics**: The ongoing imbalance in oil supply and demand, particularly in the context of potential military actions in the Middle East, could lead to increased oil prices, but also presents short-selling opportunities [9][11]. 2. **Long-term Economic Implications**: The long-term trajectory of oil prices will be determined by economic fundamentals rather than short-term geopolitical events [10][12]. 3. **Investment Strategies**: The current market environment suggests that any corrections in equity markets due to geopolitical tensions could present buying opportunities, particularly for resilient sectors like A-shares compared to Hong Kong stocks [10][17]. 4. **Historical Context**: The analysis draws parallels with past geopolitical conflicts, indicating that while immediate reactions may be volatile, the overall market trend tends to recover post-conflict [18][19][20]. 5. **Sector Rotation**: The anticipated sector rotation in response to geopolitical events suggests that defensive sectors may outperform during initial conflict phases, while growth sectors may rebound as stability returns [19][21]. This summary encapsulates the key insights and arguments presented in the conference call records, highlighting the implications for various sectors and the overall market outlook in light of geopolitical developments.

1. Report Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - In early March, it is advisable to take appropriate profit - taking on high - elasticity varieties and wait for the layout opportunity at the end of the month. The bond market in March has intertwined bullish and bearish factors, and the current credit spreads have narrowed to a relatively low historical range. [1][12] - Pay attention to the opportunity of over - decline repair of the constituent bonds of science and technology innovation bonds. If the scale of the science and technology innovation bond ETF stabilizes and rebounds, the constituent bonds may usher in a round of valuation repair market. [4][33] - For bank perpetual and secondary capital bonds (two - tier perpetual bonds), trading desks should be cautious and control the duration. When there is an adjustment in the bond market, seize the opportunity to increase positions. For allocation desks with stable liability ends, they can implement the strategy of "buying more on dips". [6][43] 3. Summary by Directory 3.1 3 - month Credit Bonds: Supply Strong, Demand Weak, Appropriate Defense 3.1.1 Early - month Profit - taking on High - elasticity Varieties, Wait for End - month Layout Opportunity - In February, interest rates fluctuated slightly downward. The 10 - year Treasury bond rate once broke through the resistance level but then rebounded. Credit bond yields generally declined, and credit spreads showed a differentiated trend, with long - duration varieties performing better. [1][11] - The current credit spreads are at a relatively low level, especially for high - elasticity varieties. From a seasonal perspective, credit bonds in March usually have strong supply and weak demand, and the probability of credit spread widening is relatively large. [2][13][15] - It is recommended to take profit on high - elasticity and low - cost - performance credit bond varieties in early March and adjust to high - grade medium - and short - duration credit bonds, commercial financial bonds, brokerage bonds, and interest - rate bonds. There may be a certain carry - trade space in March. [3][21] - From the end of March to early April, as the wealth management scale rebounds rapidly, it may be a window period for layout. The layout ideas include allocating products preferred by wealth management, seizing the riding yield at the convex points of the curve, and actively exploring variety spreads. [3][22] 3.1.2 Bank Two - tier Perpetual Bonds: Seize the Opportunity to Increase Positions after Adjustment - In February, the yields of bank two - tier perpetual bonds first declined and then rose, with medium - and long - duration varieties fluctuating greatly. Overall, the yields generally declined, and the spreads showed a differentiated trend. [36][37] - Looking forward, the bond market has increased uncertainties, and two - tier perpetual bonds may face greater valuation fluctuation risks. Trading desks should be cautious, and allocation desks with stable liability ends can implement the "buy - on - dips" strategy. Pay attention to two signals for increasing positions: when the trading yield of 4 - 5 - year large - bank two - tier perpetual bonds reaches the previous high, and when insurance keeps large - scale net buying while funds turn from continuous net selling to net buying. [6][43] 3.2 Urban Investment Bonds: Issuance Interest Rates Declined across the Board, Buying Sentiment Rebounded - In February, the net financing of urban investment bonds was positive but decreased year - on - year. The issuance sentiment weakened in the last week. The issuance proportion of short - duration bonds increased, and the weighted average issuance interest rates declined across the board, with long - duration varieties having a larger decline. [49] - Yields generally declined, with long - duration varieties performing better. Credit spreads showed a differentiated trend. Provincial net financing performance was differentiated, with most provinces having positive net financing. [53][55] - From the perspective of broker transactions, the buying sentiment of urban investment bonds warmed up in February. The overall TKN ratio and low - valuation ratio increased slightly compared with January. [61] 3.3 Industrial Bonds: Supply Shrunk, Yields Generally Declined - In February, the issuance and net financing scale of industrial bonds decreased year - on - year. The issuance sentiment improved in the fourth week. The issuance proportion of 1 - 3 - year and 3 - 5 - year bonds increased, and the issuance interest rates declined across the board, with 1 - 3 - year bonds having a larger decline. [64] - Yields generally declined, with medium - and high - grade long - duration varieties performing better. Credit spreads showed a differentiated trend. The yields of public bonds in various industries generally declined, with 1 - 5 - year AA bonds performing better. [66][69] 3.4 Bank Two - tier Perpetual Bonds: Yields Generally Declined, Medium - and Long - duration Varieties Performed Better - In February, there were no new issuances of bank two - tier perpetual bonds, and the net financing was negative year - on - year. Yields generally declined, with medium - and long - duration varieties performing better. Credit spreads showed a differentiated trend. [72][76] - From the perspective of broker transactions, the number of trading pens decreased significantly due to the Spring Festival holiday. The trading of state - owned banks, joint - stock banks, and city commercial banks showed different characteristics. [80]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][4] Group 2: Core Viewpoints of the Report - Overseas, the diplomatic negotiations between the US and Iran stalled, and the US - Israeli coalition attacked Iran. The main oil - shipping indices rose rapidly, and the capital market priced in the escalation, with a significant rise in risk - aversion sentiment. The market may shift to pricing stagflation in the short term, which is beneficial for gold and the short - end of US Treasuries [2][44] - Domestically, the equity themes and weights rotated last week, with trading volume recovering. The convertible bond index deviated from the weighted and equal - weighted underlying stock indices. The conversion premium rate was actively compressed for three consecutive trading days, with an average daily compression of about 1pct, and the average converged from over 45% to around 42%. Some investors are concerned about the sustainability of the technology theme and the high valuation of convertible bonds. Low - volatility targets have limited further valuation compression space, and "distress - turnaround" related theme targets are recommended, while high - volatility targets may face further valuation correction pressure [2][45] - The top eight high - rated, medium - low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Sanfang Convertible Bond, Ziyin Convertible Bond, Qingnong Convertible Bond, Guotou Convertible Bond, Lutai Convertible Bond, Lianchuang Convertible Bond, Liqun Convertible Bond, and Hua'an Convertible Bond [2][45] Group 3: Summary by Directory 1. Weekly Market Review 1.1. Overall Rise in the Equity Market - From February 24th to February 27th, the equity market rose overall. The Shanghai Composite Index rose 1.98% to 4162.88 points, the Shenzhen Component Index rose 2.80% to 14495.09 points, the ChiNext Index rose 1.05% to 3310.30 points, and the CSI 300 rose 1.08% to 4710.65 points. The average daily trading volume of the two markets was 19395.13 billion yuan, a week - on - week increase of 9.86% [7][12] - In terms of industries, 24 out of 31 Shenwan primary industries rose, with 18 industries rising more than 2%. Steel, building materials, public utilities, coal, and non - ferrous metals led the gains, while media, banking, computer, non - bank finance, and social services led the losses [15][18] 1.2. Slight Gain in the Convertible Bond Market - From February 24th to February 27th, the CSI Convertible Bond Index fell 1.05%. 24 out of 29 Shenwan primary industries in the convertible bond market rose, with 18 industries rising more than 2%. The same industries as in the equity market led the gains and losses. The average daily trading volume of the convertible bond market was 24243.91 billion yuan, remaining at a high level [18] - About 45.60% of convertible bond issues rose, with 21.33% rising between 0 - 1% and 14.67% rising more than 2%. The overall market conversion premium rate rose, with an average daily rate of 44.96%, a 1.45% increase from last week [18][26] - Regarding the conversion premium rate, different price and parity intervals showed different trends. In terms of industries, 8 industries' conversion premium rates widened, with 4 industries widening by more than 2pcts, and some industries' conversion premium rates narrowed. In terms of conversion parity, 3 industries' parity increased, with 2 industries increasing by more than 2% [26][34][38] 1.3. Comparison of Stock and Bond Market Sentiments - From February 24th to February 27th, the weekly weighted average and median of the convertible bond market and the underlying stock market were positive, and the underlying stock market had a larger weekly increase. The trading volume of both markets decreased significantly, with the convertible bond market having a larger decline and a lower quantile level [39] - About 61.98% of convertible bonds and 72.16% of underlying stocks rose, and about 26.95% of convertible bonds had a larger increase or decrease than the underlying stocks. The trading sentiment in the underlying stock market was better. Analyzing each trading day also shows that the trading sentiment in the underlying stock market was better on most days [39][40][42] 2. Outlook and Investment Strategy - Overseas, the US - Iran situation escalation has affected the market, increasing risk - aversion and potentially leading to short - term stagflation pricing [2][44] - Domestically, due to concerns about the technology theme's sustainability and high convertible bond valuations, investors may adjust their positions. It is recommended to focus on "distress - turnaround" related theme targets, and high - volatility targets may face valuation pressure [2][45] - The top eight convertible bonds with high - rated, medium - low - priced and high potential for parity premium rate repair are recommended [2][45]

Core Viewpoint - The article discusses the implications of the Jeffrey Epstein case, highlighting the normalization of elite connections and the troubling nature of their interactions, which often involve nepotism and privilege, while also revealing the broader societal issues surrounding trust in elite circles [7][8][30]. Group 1 - Epstein's network included prominent figures across various sectors, such as politics, finance, and academia, indicating a widespread interconnection among elites [20][22]. - The communications revealed in the Epstein case show a casual approach to securing opportunities for children of the elite, which contrasts sharply with the struggles faced by the general public in similar situations [9][11]. - The article emphasizes that the relationships within Epstein's network were maintained through small favors and informal exchanges, which contributed to a culture of privilege and entitlement [27][28]. Group 2 - The article points out that the Epstein case is not just about individual crimes but reflects a systemic issue where elite individuals often ignore or downplay serious misconduct to maintain their social standing [30][36]. - It discusses the challenges of accountability within elite circles, suggesting that while some individuals have faced consequences, the broader system often allows for continued impunity [37][40]. - The ongoing scrutiny of Epstein's connections indicates a growing public demand for transparency and accountability among elites, as trust in their integrity continues to erode [41].

Market Observation - Japan's stock market continued its strong momentum last week, with major indices reaching new highs. The Nikkei 225 closed at 58,850.27, gaining 2.4% for the week and accumulating a 16.9% increase year-to-date, indicating a marked acceleration in market risk appetite [1][3][19] - The TOPIX index also showed resilience, climbing 2.25% for the week, reflecting balanced performance across the main board of the Tokyo Stock Exchange, despite significant surges in AI-related stocks [3][19] Sector Performance - The sectors that saw the most significant gains in the Nikkei index were materials, electronics, and engineering, driven by improvements in fundamentals and heightened market sentiment. This indicates sustained interest in the AI data center supply chain [4] - Companies like Furukawa Electric and Fujikura, which are leaders in fiber optic modules, experienced strong price increases, alongside metals and materials firms such as Sumitomo Metal Mining and DOWA Holdings, reflecting optimistic expectations for demand and price increases in these raw materials [4] - The software sector also rebounded, with notable weekly gains in stocks like Nomura Research Institute (up 11.3%), Recruit (up 8.3%), and NEC (up 7%), driven by technical recovery and improved external sentiment [5] Economic Indicators - Recent discussions between Prime Minister Kishi and Bank of Japan Governor Ueda indicated a lack of support for further interest rate hikes, leading to a decrease in market expectations for additional rate increases. This was coupled with a slowdown in the growth rate of the consumer price index (CPI), which rose 2.0% year-on-year in January, down 0.4 percentage points from December [5][6] - The core CPI, excluding fresh food and energy, is expected to likely fall below 2% in February, marking the first time since March 2022 that it dips below this level, indicating an overall trend of slowing consumer prices in Japan [6]