中国基础材料监测-2026 年 3 月：春节后变化，大宗商品价格高企与中东危机背景下-China Basic Materials Monitor_ March 2026_ Changes post CNY, amid elevated commodity prices and Middle East crisis

Equity Research 10 March 2026 | 8:32PM HKT CHINA BASIC MATERIALS MONITOR March 2026: Changes post CNY, amid elevated commodity prices and Middle East crisis Summary: Post CNY demand is mixed as of early March – orderbook is strong for energy-related items, such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, auto and traditional hardware. The elevated metal prices have led to 15-20% demand destruction pre-CNY, but accepted by end market fo ...