【Key Focus】 • Three Major Regions Achieve "Strong Start" in Foreign Trade: The Greater Bay Area, Yellow River Basin, and Yangtze River Delta collectively support national trade growth. • Power Grid Investment Jumps 80.6% in Jan-Feb: Infrastructure "accelerates," providing a powerful boost to stable economic growth. • Embodied AI Enters Era of "National Standards": China releases its first comprehensive industrial chain standard system.

【Domestic Updates】 • In the first two months of the year, foreign trade performance was impressive in China's Greater Bay Area, nine provinces and regions in the Yellow River Basin, and the Yangtze River Delta region. The nine mainland cities in the Greater Bay Area recorded imports and exports of 1.57 trillion yuan, an increase of 22.4%. The nine provinces and regions in the Yellow River Basin saw imports and exports reach 1.09 trillion yuan, up 15.4%. The Yangtze River Delta region's import and export value exceeded 3 trillion yuan, setting a new historical record. Leveraging their locational and industrial advantages, these three regions demonstrated strong exports in high-end manufacturing, electromechanical products, and new energy goods, collectively underpinning stable national trade growth. • State Grid Corporation announced that after a "fast start" in January, it accelerated the construction of power grids at all levels in February. Statistics show that fixed asset investments from January to February totaled 75.7 billion yuan, a year-on-year surge of 80.6%, highlighting the significant foundational support and investment stimulus effect of grid infrastructure. • To accelerate the integration of intelligent robots into the real economy, Shanghai has launched the nation's first virtual-physical fusion embodied AI training ground, providing data collection and technology verification services. Currently, over a hundred heterogeneous robots are already undergoing training. Furthermore, in collaboration with Shanghai Electric, SAIC Motor, and municipal nursing homes, a series of practical application scenarios for industry and elderly care have been developed. • In 2025, the State Administration for Market Regulation, along with relevant departments, systematically advanced the governance of the inspection and testing industry. Throughout the year, 23,900 practicing institutions were inspected, 4,221 illegal institutions were penalized, operating qualifications of 574 institutions were revoked or cancelled, fines totaling 40.0464 million yuan were imposed, and 203 cases were transferred to judicial authorities. • Data from the National Bureau of Statistics indicates that in early March 2026, among the 50 major means of production monitored across nine categories nationwide, 37 saw price increases, 10 saw decreases, and 3 remained flat, suggesting an overall market recovery trend. • Monitoring data from the Ministry of Agriculture and Rural Affairs shows that on March 13, the average wholesale price of pork in national agricultural product markets was 16.17 yuan per kilogram, down 5% from the previous Friday (March 6). The weekly average price was 16.7 yuan per kilogram, a decrease of 2.7% from the previous week. • Data from the Civil Aviation Administration reveals that during the 2026 Spring Festival travel season (February 2 to March 13), Chinese civil aviation transported a total of 94.39 million passengers, averaging 236,000 per day, a year-on-year increase of 4.6%. A total of 759,000 flights were operated, averaging 19,000 per day, up 2.7% year-on-year. Both passenger volume and flight numbers reached new record highs for the same period. • On the 13th, the Hong Kong Exchanges and Clearing Limited launched a market consultation on optimizing its listing regime. Proposals include relaxing restrictions on weighted voting right structures, facilitating listings by overseas companies, and expanding the scope of confidential listing applications. The consultation period will last for eight weeks, ending on May 8, 2026. HKEX emphasized that these measures would not compromise transparency, as post-hearing documents would still require public disclosure. • XCMG Machinery and China CAMC Engineering signed a strategic cooperation agreement at XCMG's headquarters. The two parties will engage in comprehensive collaboration focused on building advanced industrial clusters, formulating international standards, and expanding overseas business, aiming to achieve resource complementarity and synergistic development to support the "going global" strategy of Chinese manufacturing.

【International Updates】 • The UAE General Civil Aviation Authority stated that air transport affected by the Middle East situation is gradually recovering, with overall operations stable. From March 1 to 12, UAE airports handled approximately 1.4 million passengers and 7,839 flights, with airline capacity recovering to 44.6% of pre-conflict levels. • Following the US-Israel strikes on Iran on February 28, shipping through the Strait of Hormuz has been obstructed, leading many vessels to reroute via the Cape of Good Hope in South Africa. The South African Maritime Safety Authority stated on the 13th that it is closely monitoring the situation, anticipating a significant increase in coastal shipping volume, and relevant departments are prepared to provide support to passing vessels. • The US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a general license, further easing sanctions on Venezuela. It authorizes US companies to conduct transactions related to Venezuelan oil and petrochemical products and approves Venezuela's export of products like fertilizer to the US. This move coincides with the peak US spring farming season demand for fertilizer, aiming to alleviate supply tightness and inflationary pressures stemming from the Middle East situation. • The US Department of Energy released the first allocation tender for the Strategic Petroleum Reserve (SPR), involving 86 million barrels of crude oil (part of a total planned 172 million barrels). Winning bidders are required to return the crude oil plus pay an additional premium. This measure balances market stabilization and reserve replenishment goals, with the first batch of crude oil expected to enter the market by the end of next week.