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: 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]

Company Overview - Shandong Suiyuan Construction Engineering Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Liu Jie, and it is wholly owned by Jinan Bozhong Electronic Technology Co., Ltd. [1] Business Scope - The company’s business scope includes construction project contracting, construction project design, construction labor subcontracting, and urban construction waste disposal [1] - Additional services include landscaping engineering, urban greening management, sales of building materials, earthwork construction, security equipment sales, and safety technology prevention system design and construction services [1] - The company is also involved in the rental and sale of construction machinery and equipment, general equipment manufacturing, and electronic and mechanical equipment maintenance [1] Registration and Compliance - The company is registered in Tai'an City, Shandong Province, with a business duration until February 27, 2026, and has no fixed term [1] - The company operates under the supervision of the New Tai Market Supervision Administration [1]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "multi-functional safety guardrail" to China State Construction Engineering Corporation's Fifth Engineering Division and China State Construction Engineering Corporation [1] - China State Construction Engineering Corporation's Fifth Engineering Division was established in 1978, located in Beijing, with a registered capital of 4.4316 billion RMB [1] - The Fifth Engineering Division has invested in 5 companies, participated in 2,951 bidding projects, holds 668 patents, and has 215 administrative licenses [1] Group 2 - China State Construction Engineering Corporation was established in 1953, also located in Beijing, with a registered capital of 10 billion RMB [1] - The corporation has invested in 136 companies, participated in 5,000 bidding projects, holds 5,000 patents, and has 4,174 administrative licenses [1]

Group 1 - The core point of the article is the establishment of Hebei Kuanxiong Construction Engineering Co., Ltd., with a registered capital of 4 million RMB, fully owned by Shijiazhuang Zhuncheng Technology Co., Ltd. [1] - The legal representative of the new company is Wang Yuanyuan [1] - The business scope includes construction engineering, labor subcontracting, sports facility construction, earthwork construction, landscaping, and various engineering management services [1] Group 2 - The company is classified under the construction industry, specifically in residential building construction [1] - The registered address is located in Changxiang Village, Cheng'an County, Handan City, Hebei Province, approximately 185 meters west of Provincial Road 212 [1] - The company is a limited liability company with a business term until February 26, 2026, with no fixed expiration [1]

Group 1 - Hebei Shaowang Construction Engineering Co., Ltd. has been established with a registered capital of 40 million RMB [1] - The legal representative of the company is Wang Shaolin, and it is wholly owned by Shijiazhuang Yuxian Technology Co., Ltd. [1] - The business scope includes building cleaning services, rental of construction machinery and equipment, project management services, and engineering cost consulting [1] Group 2 - The company is classified under the construction industry, specifically in residential building construction [1] - The registered address is located in the urban area of Dachang Hui Autonomous County, Langfang City, Hebei Province [1] - The company is a limited liability company with a business term set until February 26, 2026, with no fixed expiration date [1]

Core Viewpoint - Shandong Muyangsheng Construction Engineering Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Shandong Muyangsheng Construction Engineering Co., Ltd. [1] Company Information - Company Name: Shandong Muyangsheng Construction Engineering Co., Ltd. [1] - Legal Representative: Tao Zhongliang [1] - Registered Capital: 5 million RMB [1] - Business Type: Limited Liability Company (wholly owned by a natural person) [1] - Business Duration: Until February 26, 2026, with no fixed term [1] - Registration Authority: Market Supervision Administration of Shibei District, Qingdao City [1] Business Scope - The company’s business scope includes construction engineering contracting, construction labor subcontracting, specialized construction operations, construction design, and demolition work (excluding blasting operations) [1] - Additional services include labor services (excluding labor dispatch), sales of construction materials, landscaping engineering, earth and stone engineering, municipal facility management, equipment leasing, and various sales and installation services related to construction and safety equipment [1]

Group 1 - The core point of the article is the establishment of Hebei Zifeng Construction Engineering Co., Ltd., with a registered capital of 4 million RMB, fully owned by Shijiazhuang Zhuncheng Technology Co., Ltd. [1] Group 2 - The legal representative of Hebei Zifeng Construction Engineering Co., Ltd. is Wang Chao [1] - The company operates in the construction industry, specifically in residential building construction [1] - The business scope includes construction project contracting, labor subcontracting, installation services, engineering management, and various consulting services [1] - The registered address of the company is located in Changxiang Village, Cheng'an County, Handan City, Hebei Province [1] - The company is classified as a limited liability company with a business duration until February 26, 2026, with no fixed term thereafter [1]

Group 1 - The core point of the article is the establishment of Nanjing Manjinghong Construction Engineering Co., Ltd., with a registered capital of 2 million RMB, fully owned by Zhenjiang Aoshengxuan Construction Engineering Co., Ltd. [1] - The legal representative of the new company is Hu Juan [1] - The business scope includes construction engineering, design, interior decoration, project supervision, and various engineering services [1] Group 2 - The company is registered in Jiangsu Province, specifically in Nanjing's Qixia District [1] - The business license is valid until February 26, 2026, with no fixed expiration date thereafter [1] - The company type is a limited liability company, wholly owned by a natural person [1]