Market Overview - Recent geopolitical conflicts and changes in AI narratives are expected to impact risk appetite in the short term, but markets typically revert to their inherent trends in the medium term[1] - The National People's Congress (NPC) has set a positive and stable policy tone, with ongoing capital market reforms expected to support the market[3] - Despite short-term fluctuations, the overall bull market trend for the year remains intact, with a focus on AI applications, strategic resources under security considerations, and traditional assets related to domestic demand[3] Geopolitical Impact - The recent U.S.-Israel military actions against Iran have led to a decline in A and H shares, with the Shanghai Composite Index and Hang Seng Index dropping by 0.9% and 2.3% respectively[12] - WTI crude oil prices surged by 36.2% due to supply concerns, benefiting defensive sectors like oil and coal, which saw increases of 8.1%, 3.8%, and 3.4% respectively[12] Investment Strategies - The "HALO" trading paradigm has emerged, favoring heavy asset sectors that are less likely to be disrupted by AI, while light asset sectors are seeing outflows[16] - As of March 3, foreign capital has exited Hong Kong stocks by approximately HKD 80.8 billion since February, with significant outflows from software services and consumer discretionary sectors[16] Policy and Economic Outlook - The NPC's 2026 policy framework emphasizes a focus on domestic demand and technology, with a growth target set between 4.5% and 5%[19] - The report highlights the importance of expanding domestic markets and improving livelihoods, indicating a shift towards quality growth rather than just quantity[20] Risk Considerations - Potential risks include slower-than-expected policy progress and economic recovery volatility, which could impact market sentiment[4]

Quantitative Models and Construction Methods 1. Model Name: Sentiment Model - **Model Construction Idea**: The sentiment model is designed to measure the strength of market sentiment by analyzing factors such as the proportion of limit-up and limit-down stocks, and the profitability of high-frequency trading strategies[12][16] - **Model Construction Process**: The sentiment model is built using factors related to market sentiment, including: - Proportion of net limit-up stocks - Next-day returns of limit-down stocks - Proportion of limit-up stocks - Proportion of limit-down stocks - Returns of high-frequency trading strategies The model assigns scores to these factors, with a maximum score of 5. The sentiment model score for the current period is 0[12][16] - **Model Evaluation**: The sentiment model indicates a weakening of market sentiment, as reflected by the score of 0[12][16] 2. Model Name: Trend Model - **Model Construction Idea**: The trend model aims to capture the directional movement of the market by analyzing price trends and other technical indicators[12] - **Model Construction Process**: The trend model generates signals based on the analysis of market trends. For the current period, the trend model provides a positive signal, indicating an upward trend in the market[12] - **Model Evaluation**: The trend model continues to emit positive signals, suggesting a favorable market trend[12] 3. Model Name: High-Frequency Capital Flow Model - **Model Construction Idea**: This model uses high-frequency capital flow data to generate buy and sell signals for major broad-based indices[12][16] - **Model Construction Process**: The model evaluates the capital flow trends for indices such as CSI 300, CSI 500, CSI 1000, and CSI 2000. The signals are categorized as aggressive long, aggressive short, conservative long, and conservative short. For the current period, the model emits negative signals for all indices[12][16] - **Model Evaluation**: The high-frequency capital flow model continues to emit negative signals, indicating a bearish outlook for the indices[12][16] --- Model Backtesting Results 1. Sentiment Model - Sentiment model score: 0 (out of 5)[12][16] 2. Trend Model - Trend model signal: Positive[12] 3. High-Frequency Capital Flow Model - CSI 300: Aggressive short (-1), Conservative short (-1)[12][16] - CSI 500: Aggressive short (-1), Conservative short (-1)[12][16] - CSI 1000: Aggressive short (-1), Conservative short (-1)[12][16] - CSI 2000: Aggressive short (-1), Conservative short (-1)[12][16] --- Quantitative Factors and Construction Methods 1. Factor Name: Small-Cap Factor - **Factor Construction Idea**: Measures the performance and crowding of small-cap stocks[17][19] - **Factor Construction Process**: The small-cap factor's crowding is assessed using four metrics: - Valuation spread - Pairwise correlation - Market volatility - Return reversal The composite score for the small-cap factor is -0.06[17][19] - **Factor Evaluation**: The small-cap factor shows a slight decline in crowding, as indicated by the composite score[17][19] 2. Factor Name: Low-Valuation Factor - **Factor Construction Idea**: Evaluates the performance and crowding of low-valuation stocks[17][19] - **Factor Construction Process**: The low-valuation factor's crowding is assessed using the same four metrics as the small-cap factor. The composite score for the low-valuation factor is -0.67[17][19] - **Factor Evaluation**: The low-valuation factor exhibits a higher level of crowding, as reflected by the negative composite score[17][19] 3. Factor Name: High-Profitability Factor - **Factor Construction Idea**: Measures the performance and crowding of high-profitability stocks[17][19] - **Factor Construction Process**: The high-profitability factor's crowding is assessed using the same four metrics. The composite score for the high-profitability factor is 0.13[17][19] - **Factor Evaluation**: The high-profitability factor shows a moderate level of crowding, with a positive composite score[17][19] 4. Factor Name: High-Growth Factor - **Factor Construction Idea**: Evaluates the performance and crowding of high-growth stocks[17][19] - **Factor Construction Process**: The high-growth factor's crowding is assessed using the same four metrics. The composite score for the high-growth factor is 0.21[17][19] - **Factor Evaluation**: The high-growth factor demonstrates a relatively low level of crowding, as indicated by the positive composite score[17][19] --- Factor Backtesting Results 1. Small-Cap Factor - Composite crowding score: -0.06[17][19] 2. Low-Valuation Factor - Composite crowding score: -0.67[17][19] 3. High-Profitability Factor - Composite crowding score: 0.13[17][19] 4. High-Growth Factor - Composite crowding score: 0.21[17][19]

Group 1 - The report highlights that recent geopolitical conflicts and changes in AI narratives may temporarily affect risk appetite, but the market tends to revert to its inherent trends in the medium term [1][11] - The National People's Congress (NPC) has set a positive and stable policy tone, with ongoing capital market reforms expected to support the market, indicating that post-NPC market trends are often policy-related [1][3] - Despite short-term fluctuations, the overall bullish market pattern for the year remains intact, with a focus on AI applications, strategic resources under security considerations, and traditional assets related to domestic demand [1][3][26] Group 2 - The "HALO" trading paradigm has emerged as a significant investment logic among foreign capital, reflecting a shift towards heavy asset sectors that are less likely to be disrupted by AI, while light asset sectors are facing outflows [2][16] - Historical data suggests that foreign trading trends tend to have continuity, with upcoming earnings reports serving as a critical observation window for the sustainability of the "HALO" trading narrative [2][16] - The report indicates that if internet companies or leading overseas software firms report strong fundamentals, along with a potential easing of geopolitical tensions, the narrative around foreign "HALO" trading may reverse [2][16] Group 3 - The NPC's policy framework for 2026 emphasizes a balance between domestic demand and technological advancement, aiming for qualitative improvements and reasonable growth [3][19] - The report notes that the government aims for a growth target of 4.5-5% for 2026, reflecting a shift from quantity-focused to quality-focused growth strategies [19][20] - The capital market is expected to see enhanced stability and improved institutional frameworks, with a focus on deepening reforms and protecting investors [3][20] Group 4 - The report identifies three key investment themes from the NPC's policies: technology, security, and domestic demand, aligning with previous insights on investment opportunities in AI, resource sectors, and traditional assets [27][30] - The "smart economy," driven by AI, is highlighted as a primary investment focus, with an emphasis on the development of new infrastructure and energy systems [30][31] - The report suggests that traditional assets related to domestic demand, such as real estate and consumer goods, may see a reversal in expectations due to supportive policies and improving fundamentals [31][32]

Investment Rating - The report suggests a positive investment outlook for Zuxing New Materials, highlighting its leadership in the aluminum pigment industry and potential growth in various sectors such as new energy vehicles and military applications [1][4][12]. Core Insights - Zuxing New Materials is recognized as a national-level "specialized and innovative" enterprise, being one of the earliest companies in China to enter the aluminum pigment industry. The company ranks first in domestic sales and third globally in high-performance aluminum powder pigment production from 2021 to 2023 [1][17]. - The company has a strong patent portfolio with 90 authorized patents, including 49 invention patents, which establishes a significant technological barrier in the powder materials field [1][13]. - The company is expanding its market presence in various strategic sectors, including nuclear radiation treatment, military, and new energy vehicles, with notable clients such as BYD and major international paint manufacturers [1][18][19]. Summary by Relevant Sections Company Overview - Zuxing New Materials was established in 2007 and has focused on the research and development of aluminum pigments and fine spherical aluminum powder, which are used in various applications including coatings, printing inks, and modern agriculture [12][17]. - The company has achieved significant market penetration, with a domestic market share of 21.47% and a global market share of 14.27% in fine spherical aluminum powder by 2024 [29]. Financial Performance - For the fiscal year 2025, Zuxing New Materials is projected to achieve a revenue of 796.28 million yuan, representing a year-on-year growth of 12.61%. The net profit attributable to shareholders is expected to increase by 32.49% to 74.02 million yuan [22][28]. - The company anticipates a gross margin increase, with Q1-Q3 2025 gross margin reaching 20.63%, up from previous periods [20][23]. Market Position and Competition - The aluminum pigment market in China is expected to reach approximately 6 billion yuan by 2026, with a compound annual growth rate of 6.12% from 2018 to 2024. Zuxing competes with international brands such as ECKA and Toyo Aluminum, achieving performance levels comparable to these global leaders [3][4]. - The company is strategically positioned to benefit from the domestic shift towards high-end manufacturing and the localization of supply chains, particularly in the automotive and electronics sectors [19][20]. Product Development and Innovation - Zuxing New Materials has developed advanced aluminum powder products with applications in high-tech fields such as semiconductors and nuclear waste treatment, enhancing its product offerings and market competitiveness [17][39]. - The company is actively involved in setting industry standards and has contributed to multiple national and international standards for aluminum pigments [13][17]. Future Outlook - The company plans to increase its production capacity significantly, with expectations of reaching an annual output of 30,000 tons of fine spherical aluminum powder and 8,800 tons of aluminum pigment post-investment [1][43]. - Zuxing is also focusing on expanding its customer base in the nuclear radiation treatment sector, with projected sales to U.S. clients expected to increase substantially in the coming years [39][42].

Investment Rating - The report assigns a positive investment rating to Zuxing New Materials, highlighting its leadership in the aluminum pigment industry and its strategic expansion into various emerging sectors such as new energy vehicles and military applications [1]. Core Insights - Zuxing New Materials is recognized as a national-level specialized "little giant" enterprise, being one of the earliest companies to enter the aluminum pigment industry in China. The company ranks second in the domestic powder coating industry for aluminum silver powder applications and third globally in high-performance aluminum pigment production from 2021 to 2023 [1][17]. - The company has a strong patent portfolio with 90 authorized patents, including 49 invention patents, which establishes a significant technological barrier in the powder materials sector [13]. - The company is expanding its market presence in the nuclear radiation treatment sector, with a new client in 2024, Shanghai Jinyida New Energy Co., Ltd., generating sales of 14.47 million yuan [1][39]. - Zuxing New Materials is positioned to benefit from the increasing demand for aluminum pigments in various applications, including automotive, consumer electronics, and military sectors, with a projected revenue growth of 11% and a net profit increase of 40% in 2025 [20][22]. Summary by Relevant Sections Company Overview - Zuxing New Materials has been dedicated to the research and development of aluminum pigments and micro-fine spherical aluminum powder since its establishment in 2007. The company’s products are widely used in coatings, printing inks, and various manufacturing sectors [12][17]. - The company has established itself as a key player in the aluminum pigment market, competing with international brands and achieving significant market share in high-end products [18]. Market Position and Performance - The aluminum pigment market in China is expected to reach approximately 6 billion yuan by 2026, with a compound annual growth rate of 6.12% from 2018 to 2024 [3]. - Zuxing New Materials is projected to achieve a revenue of 796.28 million yuan in 2025, representing a year-on-year growth of 12.61% [22]. Product and Production Capacity - The company’s production capacity for micro-fine spherical aluminum powder is expected to reach 30,000 tons, with aluminum pigment capacity increasing to 8,800 tons post-investment [1][43]. - The company has successfully replaced several international suppliers in the automotive and 3C product sectors, indicating strong competitive advantages in its product offerings [19]. Financial Projections - The report forecasts a significant increase in sales orders, with a total order amount of 210.48 million yuan for the third quarter of 2025, reflecting robust demand for its products [21][23]. - The gross profit margin for aluminum pigment products is expected to improve due to strategic pricing adjustments and increased production efficiency [20][28].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The "14th Five-Year Plan" period has seen significant achievements in Jiangxi's economic and social development, with GDP reaching approximately 3.6 trillion yuan and per capita GDP surpassing 10,000 USD, indicating a solid foundation for high-quality development [7][8] - The "15th Five-Year Plan" period is characterized by complex changes in the development environment, with both opportunities and challenges present, but the long-term positive trend remains unchanged [9][10] - The overall goal for the "15th Five-Year Plan" period is to achieve high-quality development, with key indicators expected to grow faster than the national average, and a focus on innovation and modernization of the industrial system [12][11] Summary by Sections Economic and Social Development - Jiangxi's economic growth has been steady, with a focus on high-quality development and modernization of the manufacturing sector through the "1269" action plan [7][12] - The province aims to enhance its innovation capabilities, with significant increases in the number of high-value patents and the establishment of national-level innovation centers [8][12] Industrial Development - The report emphasizes the need to optimize traditional industries and promote emerging sectors such as electronic information, new energy, and biomedicine, aiming to create new economic growth points [16][17] - There is a strong focus on developing industrial clusters and enhancing the integration of manufacturing and services to improve overall competitiveness [18][19] Technological Innovation - The report outlines plans to strengthen the technological innovation system, enhance research capabilities, and promote the integration of technology and industry [20][21] - It highlights the importance of fostering a collaborative environment between enterprises, research institutions, and universities to drive innovation [22][23] Infrastructure and Investment - The report calls for the construction of a modern infrastructure system, focusing on transportation, energy, and digital infrastructure to support economic growth [29][30] - It emphasizes the need for effective investment strategies to stimulate economic activity and enhance public services [28][31] Agricultural Modernization - The report stresses the importance of agricultural modernization and rural revitalization, aiming to improve agricultural productivity and rural living conditions [42][43] - It highlights the need for policies that support farmers and enhance the agricultural value chain [44][46] Regional Development - The report advocates for a coordinated regional development strategy, promoting collaboration among different regions to leverage their comparative advantages [48][49] - It emphasizes the importance of urbanization and the development of county economies to enhance overall regional competitiveness [50][51]

Market and Industry Overview - In the past month, major domestic market indices showed mixed performance, with the Guozheng 2000, Zhongzheng 1000, Zhongzheng 500, and Shanghai-Shenzhen 300 rising by 4.07%, 3.71%, 3.44%, and 0.09% respectively, while the Shanghai 50 fell by -0.88% [10] - Among the CITIC first-level industry indices, 22 sectors experienced gains, with the steel, building materials, machinery, coal, and defense industries leading the way. The steel industry had the highest monthly increase at 9.52%. Conversely, consumer services, non-bank financials, and media sectors lagged behind, with monthly declines of -3.37%, -3.48%, and -4.22% respectively [10][11] Industry Rotation Strategy Performance - In February, factor performance varied, with profitability and valuation momentum factors continuing to perform well, achieving IC values of 15.81% and 30.64% respectively. The analyst expectation factor had an IC value of 5.47% [18] - The long-short returns for profitability and valuation momentum were 2.74% and 9.53% respectively. For the year-to-date, the average IC values for profitability and valuation momentum factors were 33.94% and 36.14%, with long positions yielding returns of 1.91% and 6.63% respectively [18] - The February performance of the supernormal enhancement industry rotation strategy yielded a return of 6.86%, while the equal-weight benchmark return was 4.83%, resulting in an excess return of 2.03% [32] Current Industry Recommendations - The supernormal enhancement industry rotation strategy for March recommends the non-ferrous metals, basic chemicals, telecommunications, electronics, and machinery sectors. The strategy has removed media and defense industries from its holdings and added telecommunications and machinery [46] - The basic chemicals sector saw an increase in analyst expectation scores, ranking second among all sectors, while the telecommunications sector's supernormal factor score significantly improved, elevating its total ranking to third [46] - The basic chemicals, non-ferrous metals, steel, basic chemicals, and real estate sectors were recommended by the valuation industry rotation strategy, with the defense, steel, and real estate sectors not included in the supernormal enhancement strategy [46] Research Industry Selection Strategy - The research industry selection strategy for March includes telecommunications, home appliances, non-bank financials, electric power and public utilities, and electric equipment and new energy sectors. The research heat for telecommunications, home appliances, electric power and public utilities, and new energy sectors has increased, while the research crowding for telecommunications, home appliances, non-bank financials, and electric power and public utilities has decreased, leading to their recommendation [46][50]

Market Overview - On March 6, the A-share market saw an overall increase, with the Shanghai Composite Index closing at 4124.19 points, up 0.38%, the Shenzhen Component Index at 14172.63 points, up 0.59%, and the ChiNext Index at 3229.3 points, up 0.38% [1] - The total trading volume for both markets was 22001.49 billion, a decrease of 1898.89 billion compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 46 billion, with an opening net outflow of 112.88 billion and a closing net inflow of 12.02 billion [2] - The net outflow for the CSI 300 was 6.54 billion, while the ChiNext experienced a net outflow of 38.8 billion [4] Sector Performance - The basic chemical industry saw a net inflow of 103.76 billion, with a growth of 2.80%, while the biopharmaceutical sector had a net inflow of 96.28 billion, increasing by 2.56% [7] - Other sectors with significant net inflows included electrical equipment (61.69 billion, up 1.45%) and non-bank financials (57.42 billion, up 1.58%) [7] - Conversely, the non-ferrous metals sector experienced a net outflow of 60.70 billion, down 0.86%, and the telecommunications sector saw a net outflow of 45.41 billion, up 0.54% [7] Institutional Activity - The top stocks with net inflows from institutions included Fenghuo Communication (26,380.95 million), Lian Te Technology (13,446.31 million), and Jicheng Electronics (8,438.09 million) [11] - Notable stocks with significant institutional interest included Zhongmu Co. (target price 10, current price 8.01, potential upside 24.84%) and Hailianxun (target price 27, current price 24.93, potential upside 8.30%) [13]

Macro Dynamics - Shanghai Futures Exchange announced adjustments to the trading limits and margin ratios for fuel oil futures contracts, effective from March 9, 2026, with a price limit of 17% and a margin ratio of 18% for hedging positions [2] - Qatar's Minister of Energy stated that all energy-exporting countries in the Gulf region may stop oil and gas production within weeks, with Qatar already halting LNG production [5] - The Central Bank of Russia extended restrictions on cash withdrawals in foreign currency for another six months, now until September 9, 2026 [6] Financial Institutions - China Trust Registration Co., Ltd. (CITIC) plans to launch a pilot program for movable property trust registration to enhance the value of the trust system and support the transformation of the trust industry [8] Market Data - On March 6, A-shares saw collective gains, with the Shanghai Composite Index up 0.38% and the Shenzhen Component Index up 0.59%, while the total trading volume was approximately 22001.49 billion yuan, a decrease of about 1898.89 billion yuan from the previous trading day [11] - The Hong Kong stock market closed with the Hang Seng Index rising 1.72% and the Hang Seng Tech Index increasing by 3.15%, with notable gains in tech stocks and automotive shares [12] Company Dynamics - Huasheng Tiancheng announced that its directors and executives plan to reduce their holdings by a total of up to 0.0387% of the company's shares [14] - Maiwei Co., Ltd. plans to invest 3.5 billion yuan in the construction of a complete equipment project for perovskite stacked batteries [15] - Dongyangguang intends to acquire a 70% stake in Dongshu No. 1 through a share issuance, with the stock set to resume trading on March 9, 2026 [16]

1. Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report analyzes the price trends of major domestic metal spot and futures markets, the inventory situation of copper, the processing fees of copper concentrates, and the demand - side situation of non - ferrous metals. It also gives short - term and medium - long - term outlooks and risk points for key varieties such as lithium carbonate and tin [4][19][34][38] 3. Summary by Related Catalogs 3.1 Domestic Main Metal Spot Price Trends - Copper: The futures主力合约CU2604 fell from 103920 to 101050, a weekly decline of 2.76%. The average price of 1 copper in Shanghai spot dropped from 102140 to 101610, a weekly decline of 0.52% [4] - Aluminum: The futures主力合约AL2605 rose from 23925 to 24785, a weekly increase of 3.59%. The average price of A00 aluminum in Shanghai spot rose from 23400 to 25110, a weekly increase of 7.31% [4] - Zinc: The futures主力合约ZN2604 fell from 24710 to 24260, a weekly decline of 1.82%. The average price of 0 zinc in Shanghai spot rose from 24470 to 24730, a weekly increase of 1.06% [4] - Lead: The futures主力合约PB2604 fell from 16840 to 16775, a weekly decline of 0.39%. The average price of 1 lead ingot rose from 16575 to 16600, a weekly increase of 0.15% [4] - Nickel: The futures主力合约NI2605 fell from 141560 to 137140, a weekly decline of 3.12%. The average price of 1 electrolytic nickel fell from 142650 to 140500, a weekly decline of 1.51% [4] - Alumina: The futures主力合约AO2605 rose from 2744 to 2832, a weekly increase of 3.21%. The alumina price in Foshan spot rose from 2670 to 2680, a weekly increase of 0.37% [4] - Industrial Silicon: The futures主力合约SI2605 rose from 8395 to 8690, a weekly increase of 3.51%. The average price of 553 silicon remained unchanged at 9400 [4] - Lithium Carbonate: The futures主力合约LC2605 fell from 176040 to 156160, a weekly decline of 11.29%. The average price of battery - grade lithium carbonate fell from 174100 to 154800, a weekly decline of 11.09% [4] - Polysilicon: The futures主力合约PS2605 fell from 46495 to 41115, a weekly decline of 11.57%. The price of N - type polysilicon material fell from 52000 to 49000, a weekly decline of 5.77% [4] - Tin: The futures主力合约SN2604 fell from 453240 to 393660, a weekly decline of 13.15%. The average price of 1 tin in Shanghai spot fell from 430250 to 397050, a weekly decline of 7.72% [4] 3.2 Copper Inventory Trends in Major Exchanges - LME copper inventory rose from 25.36 million tons to 28.22 million tons, a weekly increase of 11.28% [19] - COMEX copper inventory fell from 60.1 million tons to 59.97 million tons, a weekly decline of 0.22% [19] - SHEF copper inventory rose from 39.15 million tons to 42.51 million tons, a weekly increase of 8.58% [19] 3.3 Copper Concentrate Processing Fees - As of March 5, 2026, the spot TC of copper concentrate was - 56 US dollars/ton, with a slight weekly decline, remaining at a historical extreme negative value. The spot RC was - 5.6 cents/pound, and the expectation of tight supply at the mine end still existed [23] 3.4 Lithium Spodumene Concentrate Index - As of March 6, 2026, the latest quote was 2155 US dollars/ton, a weekly decline of 217 US dollars/ton [25] 3.5 Non - ferrous Metals Demand Side - In January 2026, the production and sales of automobiles in China were 2.45 million and 2.346 million respectively. Production increased slightly by 0.01% year - on - year, while sales decreased by 3.2% year - on - year. Compared with the previous month, they decreased by 25.7% and 28.3% respectively. The production and sales of new energy vehicles were 1.041 million and 0.945 million respectively, with year - on - year growth of 2.5% and 0.1% respectively [29] - In 2025, the floor area under construction of real estate development enterprises was 6.5989 billion square meters, a year - on - year decrease of 10.0%. The floor area of new housing starts was 587.7 million square meters, a decrease of 20.4%. The floor area of housing completion was 603.48 million square meters, a decrease of 18.1% [31] - By the end of 2025, the cumulative installed power generation capacity in China was 3.89 billion kilowatts, a year - on - year increase of 16.1%. Among them, the installed capacity of solar power generation was 1.2 billion kilowatts, a year - on - year increase of 35.4%, leading in growth rate; the installed capacity of wind power was 0.64 billion kilowatts, a year - on - year increase of 22.9% [33] 3.6 Lithium Carbonate Market Analysis - Short - term: There is obvious double - top suppression, and short - term attention should be paid to the support at the 150,000 - yuan mark [34] - Medium - long - term: Focus on the actual realization of demand [35] 3.7 Tin Market Analysis - Short - term: Pay attention to the competition at the 400,000 - yuan mark [38] - Medium - long - term: Closely monitor the actual purchasing power of downstream demand and the latest policy guidance [40]