Investment Rating - The report indicates a recovery in the overall industry, with consumer goods leading the major categories [1] Core Insights - The national PMI for December is 50.1, reflecting a month-on-month increase of 0.9 percentage points and a year-on-year increase of 0, which is 1.4 percentage points higher than the recent average [1][3] - The production index has rebounded to 51.7, with a month-on-month increase of 1.7 percentage points, while the new orders index has risen to 50.8, up by 1.6 percentage points [4][9] - The highest absolute values among industries this month are in pharmaceuticals, clothing, transportation, and communication, while the highest month-on-month increases are seen in petroleum, clothing, and timber [1][3] Summary by Sections Manufacturing PMI - The manufacturing PMI index stands at 50.1, with 4 industries above 50 and 11 below [3] - The highest PMI is in the pharmaceutical manufacturing sector at 58.9, while the lowest is in general equipment manufacturing at 40.7 [3] New Orders Index - The new orders index is at 50.8, with 3 industries above 50 and 8 below [4] - The highest new orders index is also in pharmaceuticals at 62.5, while the lowest is in petroleum processing at 35.7 [5][6] Profit Trend Index - The profit trend index for manufacturing is -2.3, showing a month-on-month increase of 2.1 percentage points [7] - The highest profit trend index is in the automotive manufacturing sector at 9.3, while the lowest is in non-ferrous metal smelting at -25 [7][10] Production Index - The production index is at 51.7, with 5 industries above 50 and 9 below [9] - The highest production index is in the textile and apparel sector at 67.9, while the lowest is in general equipment manufacturing at 38.9 [9] Purchase Price Index - The purchase price index is at 53.1, down by 0.5 percentage points from last month [13] - The highest purchase price index is in non-ferrous metal smelting at 68.8, while the lowest is in petroleum processing at 32.1 [13][14] Finished Goods Inventory Index - The finished goods inventory index is at 48.2, with 4 industries above 50 and 10 below [17] - The highest inventory index is in pharmaceuticals at 55, while the lowest is in metal products at 31.3 [17] Export Orders Index - The export orders index is at 49, with 3 industries above 50 and 8 below [18] - The highest export orders index is in textiles at 62.5, while the lowest is in agricultural products at 33.3 [19][22]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals are bearish. Supply pressure is high as refineries have increased production recently, and demand is below the historical average due to the off - season. The cost support may weaken in the short term due to the weakening of crude oil. It is expected that the market will fluctuate narrowly in the short term, and the asphalt 2602 will fluctuate between 2967 - 3023 [7][8]. - The bullish factor is that the relatively high cost of crude oil provides some support. The bearish factors are the insufficient demand for high - priced goods, the downward trend of overall demand, and the increasing expectation of an economic recession in Europe and the United States [10][11]. Summary by Relevant Catalogs 1. Daily Views - **Supply**: In December 2025, the total planned asphalt production was 2158000 tons, a month - on - month decrease of 3.24%. The weekly capacity utilization rate of domestic petroleum asphalt samples was 33.1376%, a month - on - month increase of 3.955 percentage points. The shipment volume of national sample enterprises was 271810 tons, a month - on - month increase of 11.17%. The output of sample enterprises was 553000 tons, a month - on - month increase of 13.55%. The estimated maintenance volume of sample enterprise equipment was 951000 tons, a month - on - month decrease of 0.41%. Refineries increased production this week, increasing supply pressure, and the pressure may continue next week [7]. - **Demand**: The construction rate of heavy - traffic asphalt was 31.3%, a month - on - month increase of 0.13 percentage points, lower than the historical average; the construction rate of building asphalt was 6.6%, unchanged from the previous month, lower than the historical average; the construction rate of modified asphalt was 7.1022%, a month - on - month decrease of 0.56 percentage points, higher than the historical average; the construction rate of road - modified asphalt was 20%, a month - on - month decrease of 4.00 percentage points, higher than the historical average; the construction rate of waterproofing membranes was 25%, a month - on - month decrease of 2.00 percentage points, lower than the historical average. Overall, the current demand is lower than the historical average [7]. - **Cost**: The daily processing profit of asphalt was - 384.53 yuan/ton, a month - on - month increase of 1.30%. The weekly delayed coking profit of Shandong local refineries was 655.87 yuan/ton, a month - on - month decrease of 25.47%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking decreased. With the weakening of crude oil, the support is expected to weaken in the short term [8]. - **Basis**: On December 26, the spot price in Shandong was 2920 yuan/ton, and the basis of the 02 contract was - 75 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The social inventory was 741000 tons, a month - on - month increase of 3.78%; the in - plant inventory was 597000 tons, a month - on - month increase of 0.51%; the port diluted asphalt inventory was 470000 tons, a month - on - month increase of 74.07%. All types of inventory are accumulating [8]. - **Market**: MA20 is downward, and the futures price of the 02 contract closed above MA20 [8]. - **Main Position**: The main position is net short, and the short position increased [8]. - **Expectation**: Refineries have increased production recently, increasing supply pressure. Affected by the off - season, demand is difficult to boost, and overall demand is lower than expected and sluggish. Inventory remains stable. With the weakening of crude oil, the cost support will weaken in the short term. It is expected that the market will fluctuate narrowly in the short term, and the asphalt 2602 will fluctuate between 2967 - 3023 [8]. 2. Asphalt Futures Market - **Basis Trend**: The report shows the historical trends of Shandong and East China asphalt basis from 2020 - 2025 [18]. - **Spread Analysis** - **Main Contract Spread**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 - 2025 [21]. - **Asphalt - Crude Oil Price Trend**: The report shows the historical price trends of asphalt, Brent oil, and West Texas oil from 2020 - 2025 [24]. - **Crude Oil Crack Spread**: The report shows the historical crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 - 2025 [26][27]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report shows the historical price ratio trends of asphalt - SC and asphalt - fuel oil from 2020 - 2025 [31]. 3. Asphalt Spot Market - **Regional Market Price Trend**: The report shows the historical price trend of Shandong heavy - traffic asphalt from 2020 - 2025 [33]. 4. Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The report shows the historical profit trend of asphalt from 2019 - 2025 [35]. - **Coking - Asphalt Profit Spread**: The report shows the historical trend of the profit spread between coking and asphalt from 2020 - 2025 [39]. - **Supply - Side Analysis** - **Shipment Volume**: The report shows the historical weekly shipment volume of asphalt small - sample enterprises from 2020 - 2025 [42]. - **Diluted Asphalt Port Inventory**: The report shows the historical domestic diluted asphalt port inventory from 2021 - 2025 [44]. - **Production Volume**: The report shows the historical weekly and monthly production volumes of asphalt from 2019 - 2025 [47]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production**: The report shows the historical trends of Marey crude oil price and Venezuelan crude oil monthly production from 2018 - 2025 [52]. - **Local Refinery Asphalt Production**: The report shows the historical local refinery asphalt production from 2019 - 2025 [54]. - **Capacity Utilization Rate**: The report shows the historical weekly capacity utilization rate of asphalt from 2021 - 2025 [57]. - **Maintenance Loss Estimation**: The report shows the historical trend of estimated maintenance losses from 2018 - 2025 [60]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical trends of exchange warehouse receipts (total, social inventory, and in - plant inventory) from 2019 - 2025 [63][64]. - **Social Inventory and In - Plant Inventory**: The report shows the historical trends of social inventory (70 samples) and in - plant inventory (54 samples) of asphalt from 2022 - 2025 [67]. - **In - Plant Inventory Inventory Ratio**: The report shows the historical in - plant inventory inventory ratio from 2018 - 2025 [70]. - **Import and Export Analysis** - **Export and Import Trends**: The report shows the historical export and import trends of asphalt from 2019 - 2025 [73]. - **Korean Asphalt Import Price Spread**: The report shows the historical price spread of Korean asphalt imports from 2020 - 2025 [76]. - **Demand - Side Analysis** - **Petroleum Coke Production**: The report shows the historical petroleum coke production from 2019 - 2025 [79]. - **Apparent Consumption**: The report shows the historical apparent consumption of asphalt from 2019 - 2025 [82]. - **Downstream Demand**: The report shows the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 - 2025 [85][86]. - **Downstream Machinery Demand**: The report shows the historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales from 2019 - 2025 [89][91]. - **Asphalt Construction Rate**: The report shows the historical construction rates of heavy - traffic asphalt, asphalt by use, and downstream construction (including shoe - material SBS modified asphalt, road - modified asphalt, waterproofing membrane modified asphalt) from 2019 - 2025 [94][97][99]. - **Supply - Demand Balance Sheet**: The report shows the monthly supply - demand balance sheet of asphalt in 2024 and 2025, including production, import, export, downstream demand, and various inventory data [104].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The asphalt market is experiencing narrow - range fluctuations, with spot prices in East China accelerating their decline [2] - The trend strength of asphalt is 0, indicating a neutral market outlook [11] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: - BU2602 closed at 2,977 yuan/ton yesterday, down 0.60%, and closed at 2,978 yuan/ton in the night session, up 0.03%. Its trading volume was 242,206 lots yesterday, a decrease of 124,436 lots, and the open interest was 204,742 lots, a decrease of 12,429 lots [3] - BU2603 closed at 2,990 yuan/ton yesterday, down 0.57%, and closed at 2,991 yuan/ton in the night session, up 0.03%. Its trading volume was 72,217 lots yesterday, a decrease of 51,364 lots, and the open interest was 145,519 lots, an increase of 6,333 lots [3] - The total asphalt market's warehouse receipts were 54,100 lots yesterday, with no change [3] - **Spread Data**: - The basis (Shandong - 02) was - 57 yuan/ton yesterday, up 18 yuan/ton from the previous day [3] - The 02 - 03 inter - period spread was - 13 yuan/ton yesterday, down 1 yuan/ton from the previous day [3] - The Shandong - South China spread remained at - 40, and the East China - South China spread was 130 yuan/ton yesterday, down 40 yuan/ton from the previous day [3] - **Spot Market Data**: - The Shandong wholesale price was 2,920 yuan/ton yesterday, with no change, and the factory - delivered and warehouse - delivered spot prices equivalent to the futures price were 3,076 yuan/ton and 3,222 yuan/ton respectively [3] - The Yangtze River Delta wholesale price was 3,090 yuan/ton yesterday, down 40 yuan/ton, and the factory - delivered and warehouse - delivered spot prices equivalent to the futures price were 3,192 yuan/ton and 3,258 yuan/ton respectively [3] - **Industry Data**: - As of December 22, the refinery operating rate was 37.26%, down 0.62% from December 18 [3] - As of December 22, the refinery inventory rate was 27.46%, down 0.04% from December 18 [3] 3.2 Market Information - A supertanker "Kelly" loaded with oil from Venezuela has returned to Venezuelan waters [14] - From December 16 - 22, 2025, the domestic weekly asphalt production was 549,000 tons, a week - on - week increase of 44,000 tons (8.7%) and a year - on - year increase of 72,000 tons (15.1%). The cumulative production from January - December was 29.845 million tons, a year - on - year increase of 2.191 million tons (7.9%) [14] - As of December 22, 2025, the inventory of 54 domestic asphalt sample refinery warehouses was 643,000 tons, a 1.3% increase from December 18. Inventory increased significantly in East China and Shandong due to stable production after intermittent resumption of production in some refineries and lower - than - expected demand [14] - As of December 22, 2025, the inventory of 104 domestic asphalt social warehouses was 1.04 million tons, a 1.7% increase from December 18. Inventory in East China increased most significantly due to increased ship cargo warehousing and limited actual shipments despite rigid demand [14]

Core Viewpoint - Shandong Molong (002490) has announced that its controlling shareholder, Shouguang Molong Holdings Co., Ltd., will proceed with the release and pledge of part of its A-share holdings, indicating a shift in the company's financial strategy [1] Group 1 - The company will release 25 million shares from pledge and will pledge 10 million shares [1]

Report Industry Investment Rating - No information provided on the report industry investment rating Core View of the Report - The asphalt futures price is expected to fluctuate weakly. Factors include the low asphalt production rate, reduced production volume in December, weakening demand, and the current market's cautious attitude towards winter storage contracts [1] Summary by Relevant Catalogs Market Analysis - Supply side: Last week, the asphalt operating rate increased by 0.1 percentage points to 27.9% week-on-week, 1.0 percentage point lower than the same period last year, still at the lowest level in recent years. In December, the domestic asphalt production is expected to be 2.158 million tons, a decrease of 70,000 tons month-on-month (3.1%) and 344,000 tons year-on-year (13.8%). This week, Qilu Petrochemical plans to switch to asphalt production, and the asphalt operating rate will increase slightly [1] - Demand side: Last week, the operating rates of various downstream asphalt industries varied. The road asphalt operating rate remained unchanged at 29% compared with the previous week, restricted by funds and weather. After the temperature drops in the north, road construction will gradually end, subsequent demand will further weaken, and the increase in southern projects is limited, with overall demand being average [1] - Inventory: The inventory-to-sales ratio of asphalt refineries decreased week-on-week and is still near the lowest level in the same period in recent years [1] - Crude oil price: Some previously malfunctioning oil fields in Iraq have resumed production, and the crack spread of refined oil products in Europe and the United States has continued to decline, causing the crude oil price to fluctuate weakly [1] Futures and Spot Market Quotes - Futures: Today, the asphalt futures 2602 contract fell 0.24% to 2,940 yuan/ton, below the 5-day moving average, with a minimum price of 2,916 yuan/ton and a maximum price of 2,953 yuan/ton. The trading volume increased by 4,156 to 205,972 lots [2] - Basis: The mainstream market price in Shandong remained at 2,930 yuan/ton, and the basis of the asphalt 02 contract rose to -13 yuan/ton, at a neutral level [3] Fundamental Tracking - Supply side: Refineries such as Shandong Shengxing have resumed asphalt production, and the asphalt operating rate increased by 0.1 percentage points to 27.9% week-on-week, 1.0 percentage point lower than the same period last year, still at the lowest level in recent years [1][4] - Investment: From January to October, the national highway construction investment decreased by 6.0% year-on-year, and the cumulative year-on-year growth rate remained the same as from January to September. From January to October, the actual completed investment in fixed assets in the road transportation industry decreased by 4.3% year-on-year, a slight decline from -2.7% from January to September. From January to October, the completed investment in fixed assets in infrastructure construction (excluding electricity) decreased by 0.1% year-on-year, continuing to decline from 1.1% from January to September [4] - Social financing: From January to October, the year-on-year growth rate of social financing stock was 8.5%, a 0.2 percentage point decline from January to September. The new social financing in October was lower than market expectations [4] - Inventory: As of the week of December 5, the inventory-to-sales ratio of asphalt refineries decreased by 1.3 percentage points to 13.2% compared with the week of November 28, and is near the lowest level in the same period in recent years [4]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - High - sulfur and low - sulfur fuel oils are both in a weak oscillation state, and the idea is to short on rebounds. Do not short high - sulfur cracking in the short term as it is supported by feedstock demand. Take profit on the FU1 - 5 backwardation spread. Adopt a wait - and - see approach for options [6]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Supply and Demand Analysis** - High - sulfur: Russian fuel oil exports increase despite energy facility attacks. Middle - East high - sulfur exports rise after the decline in power - generation demand, while Mexican high - sulfur exports are at a low level. The summer power - generation demand has completely subsided, but there is support for high - sulfur feedstock demand in the fourth quarter due to the approaching exhaustion of domestic refineries' crude oil quotas [4]. - Low - sulfur: There are medium - term disturbances in supply factors, but the near - end spot market remains weak with continuous decline in spot premiums. Nigerian RFCC device operation is unstable. There is an expected increase in the logistics of low - sulfur heavy - grade raw materials to the Pan - Singapore region. The Al - Zour refinery is expected to undergo maintenance in the first quarter of next year. In the Chinese market, Sinopec and PetroChina are expected to have sufficient quotas in the fourth quarter without increasing production, while CNOOC is expected to face quota shortages. Ship - fuel demand is stable without specific drivers [4]. - **Trading Strategies** - Unilateral: Short on rebounds for both high - sulfur and low - sulfur fuel oils. - Arbitrage: Do not short high - sulfur cracking in the short term. Take profit on the FU1 - 5 backwardation spread. - Options: Wait - and - see [6]. 3.2 Core Logic Analysis - **Supply - Side Analysis** - **Russia**: Despite continuous attacks on energy facilities, fuel oil exports increase. As of October 12, the four - week average of Russian port crude oil exports reached 3.74 million barrels per day, the highest since June 2023. In September, fuel oil exports reached a record high of 3.08 million tons, a month - on - month increase of 0.68 million tons (+28%). In contrast, refined - oil exports decreased. Some refineries have been attacked, affecting their processing capacity [9][10]. - **Mexico**: The Tula coking unit has been put into operation, increasing crude oil processing volume. The Olmeca refinery has been frequently adjusted and maintained in recent months, with expected increases in refined - oil output and a gradual reduction in high - sulfur output. In September, high - sulfur exports further declined to a record low of 330,000 tons, a month - on - month decrease of 190,000 tons (-36%) [15]. - **Middle East**: The US sanctions on Iran continue. As of October 17, exports were about 2.25 million tons, with a daily average of about 140,000 tons, similar to the September level. After the peak power - generation demand in the Middle East subsided, high - sulfur exports began to rise in July, reaching a peak of 5.26 million tons in August [20]. - **Demand - Side Analysis** - **High - sulfur**: Ship - fuel demand is stably supported, with the marginal increase coming from the stable growth in the number of desulfurization - tower - equipped ships. Power - generation demand has completely subsided, with a significant decline in imports in Egypt and Saudi Arabia. In the fourth quarter, there is support for high - sulfur feedstock demand due to the approaching exhaustion of domestic refineries' crude oil quotas [24][27][32]. - **Low - sulfur**: There are disturbances in supply factors, and the near - end spot market is weak. Ship - fuel demand is stable without specific drivers [4]. 3.3 Weekly Data Tracking - **Price and Spread Data** - Fuel oil spot prices, including Brent crude oil, HSFO380, LSFO, etc., are presented, along with various spreads such as HSFO380 - Brent, LSFO - GO, etc. [54][55][57][58][68] - High - sulfur fuel oil cross - region and cross - period spreads, and low - sulfur fuel oil cross - region and cross - variety spreads are also provided [60][67]. - **Inventory Data** - Inventory data for fuel oil in Singapore, ARA, Fujairah, Japan, the US, etc., are presented, along with inventory data for gasoline, diesel, and refined oil in Northwest Europe and the US Gulf [80][87][90]. - **Terminal Sales Data** - In September, Singapore's ship - fuel bunkering totaled 4.765 million tons, with high - sulfur ship - fuel bunkering at 1.916 million tons and low - sulfur ship - fuel bunkering at 2.422 million tons [93].

Core Viewpoint - The fuel oil futures market is experiencing a weak performance, with the main contract declining by 1.69% to 2668.00 yuan/ton as of the report date [1]. Market Data Summary - As of October 14, the Shanghai Futures Exchange reported low-sulfur fuel oil warehouse futures receipts at 13,080 tons, unchanged from the previous trading day; total fuel oil futures receipts were 45,800 tons, also unchanged [2]. - In September, the total export volume of refined oil through Baltic ports decreased by 15.4% month-on-month to 4.36 million tons. Fuel oil exports through the Black Sea and Azov Sea ports fell by 23.2% month-on-month to 2.52 million tons [2]. - On October 14, the self-lifting low-sulfur price for fuel oil 180cst in Shanghai was quoted at 5,350 yuan/ton, an increase of 150 yuan/ton from the previous trading day. The self-lifting low-sulfur price for fuel oil 120cst was quoted at 5,450 yuan/ton, also up by 150 yuan/ton [2]. Institutional Perspectives - According to Everbright Futures, the inflow of components used for blending low-sulfur fuel oil in the Singapore market continues to increase. Additionally, the autumn refinery maintenance in Asia has not significantly tightened local supply, resulting in ample supply of low-sulfur fuel oil in Singapore. The high-sulfur fuel oil market structure remains firm due to stable downstream marine fuel activities and refining demand. In the short term, the fundamentals for high-sulfur fuel oil may remain slightly stronger than those for low-sulfur fuel oil. However, the pressure from new tariffs imposed by Trump is likely to keep both high and low-sulfur fuel oil prices in a weak oscillation [3]. - Southwest Futures noted that the ongoing Russia-Ukraine conflict continues to support fuel oil prices, while the easing of geopolitical risks in the Middle East has led to a decline in crude oil prices, subsequently dragging down fuel oil prices. The strategy suggested is to widen the price difference between high and low-sulfur fuel oil in the main contract [3].

Core Viewpoint - Shandong Molong reported a significant increase in revenue for the first half of 2025, but a drastic decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - The company's operating revenue reached 798 million yuan, representing a year-on-year increase of 31.90% [1] - Net profit attributable to shareholders was 12.16 million yuan, showing a year-on-year decline of 92.85% [1] - Basic earnings per share were 0.0152 yuan, down 92.87% compared to the previous year [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

Group 1 - The manufacturing PMI for June is reported at 49.7%, indicating a slight improvement from the previous value of 49.5%, suggesting a continued recovery in manufacturing activity [1] - The construction business activity index rose to 52.8% from 51%, while the services business activity index decreased to 50.1%, down by 0.1 percentage points from the previous month [1] - The production index and new orders index in manufacturing are both in the expansion zone, with marginal increases of 0.3 and 0.4 percentage points to 51% and 50.2%, respectively [2] Group 2 - The internal demand index increased by 0.4 percentage points to 50.6%, outpacing the new export orders index, which rose by 0.2 percentage points to 47.7% [2] - High-frequency indicators show that the year-on-year growth rate of foreign trade cargo volume narrowed from -3.8% to -3.5%, indicating a continued weakening in export strength [2] - The PMI data indicates a divergence in performance among enterprises, with large and medium-sized enterprises seeing increases in PMI, while small enterprises experienced a decline to 47.3%, the lowest since September 2024 [3] Group 3 - The manufacturing sector faces downward pressure due to a potential weakening in export chain production as the equipment renewal cycle declines [3] - Recent policies aimed at boosting domestic demand, including a 500 billion yuan service consumption relending initiative, are expected to support service consumption and infrastructure investment [3] - The PMI improvements in June were more pronounced in industries such as petroleum processing, pharmaceutical manufacturing, and chemical manufacturing, while sectors like electrical machinery and textiles saw significant declines [3]

Core Viewpoint - The manufacturing PMI for February returned above the threshold, indicating a relatively good state of manufacturing prosperity, with the average PMI for January and February overall better than in 2024 [1][3] Manufacturing PMI Analysis - The manufacturing PMI for February is 50.2%, an increase of 1.1 percentage points from the previous month, and 0.1 percentage points lower than the average of the past five years [2][3] - The average PMI for January and February is 49.65%, which is higher than the 49.15% in the same period of 2024, reflecting a better recent manufacturing climate [3] Economic Supply and Demand - Both supply and demand sides of the economy are performing well in the short term, with a potential short-term rebound in PPI readings [4] - The production index for February is 52.5%, up 2.7 percentage points from last month, and the average operating rate for six major industrial sectors is 71.0%, which is 2.0 percentage points higher than the same period in 2024 [4] Sector Performance - Among 15 major manufacturing industries, 7 have PMIs above the threshold, with the equipment manufacturing sector performing relatively well, such as electrical machinery at 57.1% and automotive manufacturing at 53.1% [5] - Conversely, some low-value-added industries are underperforming, such as non-metallic mineral products at 43.4% and petroleum processing at 42.6% [5] Non-Manufacturing PMI Insights - The non-manufacturing PMI for February is 50.4%, an increase of 0.2 percentage points from the previous month, driven mainly by seasonal recovery in the construction industry [6] - The service sector PMI decreased to 50.0%, while the construction PMI increased to 52.7%, indicating a seasonal rebound in construction activities post-Spring Festival [6] Future Economic Outlook - The overall economic performance is benefiting from previous consumption-boosting policies, tariff expectations, and the concentrated issuance of special bonds in the fourth quarter [7] - Future attention should be paid to the details of macro policies from the Two Sessions, the effects of consumption promotion on large items, and the impact of tariffs on exports [7]