## March 2026 Macro Agent Advisor

> Generated: 2026-07-24 17:08  ·  Sample filter: from 2023-01  ·  Scope: latest available public-API values

### Bottom line

Most high-frequency and monthly indicators improved versus the prior reading; near-term momentum looks steady.

### By sector

#### Sentiment

- **Official manufacturing PMI** at 50.40; rose from prior (49.00) by 1.40, in expansion territory.
- **Official non-manufacturing PMI** at 50.10; rose from prior (49.50) by 0.60, in expansion territory.

#### Consumption & employment

- **Retail sales YoY** at 1.7%; rose from prior (0.9%) by 0.8 ppt

#### Investment

- **FAI YoY** at -1.1%; rose from prior (-15.2%) by 14.1 ppt
- **Manufacturing FAI cumulative YoY** at 4.1%; rose from prior (3.1%) by 1.0 ppt

#### Real estate

- **Real estate investment cumulative YoY** at -11.2%; fell from prior (-11.1%) by 0.1 ppt; the property chain is still in negative growth.
- **Commodity housing sales area cumulative YoY** at -10.4%; rose from prior (-13.5%) by 3.1 ppt; the property chain is still in negative growth.

#### Supply

- **Industrial value-added YoY** at 5.7%; rose from prior (5.2%) by 0.5 ppt

#### Trade

- **Exports YoY** at 2.5%; fell from prior (39.6%) by 37.1 ppt
- **Imports YoY** at 28.3%; rose from prior (14.3%) by 14.0 ppt

#### Prices

- **CPI YoY** at 1.0%; down from prior (1.3%) by 0.3 ppt
- **PPI YoY** at 0.5%; up from prior (-0.9%) by 1.4 ppt

#### Finance

- **M2 YoY** at 8.5%; down from prior (9.0%) by 0.5 ppt
- **Social financing increase** at 5.22万亿元; rose from prior (2.38万亿元) by 2.84万亿元
- **New RMB loans MoM YoY** at -17.6%; fell from prior (29.6%) by 47.1 ppt

#### Fiscal

- **Fiscal revenue MoM YoY** at 6.9%; rose from prior (-25.0%) by 31.8 ppt

### Cross-checks

- CPI (1.0%) is above PPI (0.5%); downstream prices look steadier than industrial prices—watch margins with revenue.
- Exports YoY 2.5%, imports YoY 28.3%; imports more resilient / external demand softer.
- M2 YoY 8.5%, social financing 5.22万亿元; check whether credit growth matches the quantity signal.
- Industrial value-added YoY 5.7%, manufacturing PMI 50.4; output and survey sentiment can cross-validate.

### Watch next month

- Prices: can CPI/PPI improve together, avoiding “stable volume, weak prices”?
- Property: do sales and investment cumulative YoY converge; do funding sources stabilise?
- Credit: social financing / loan mix (corporate vs household) and pass-through to the real economy.
- External demand: do exports YoY and shipping gauges (e.g. BDI) move together?

### Data snapshot

| Sector | Indicator | Latest | Prior | Change |
|---|---|---:|---:|---:|
| Consumption & employment | Retail sales YoY | 1.7% | 0.9% | +0.8pt |
| Investment | FAI YoY | -1.1% | -15.2% | +14.1pt |
| Investment | Manufacturing FAI cumulative YoY | 4.1% | 3.1% | +1.0pt |
| Real estate | Real estate investment cumulative YoY | -11.2% | -11.1% | -0.1pt |
| Real estate | Commodity housing sales area cumulative YoY | -10.4% | -13.5% | +3.1pt |
| Supply | Industrial value-added YoY | 5.7% | 5.2% | +0.5pt |
| Prices | CPI YoY | 1.0% | 1.3% | -0.3pt |
| Prices | PPI YoY | 0.5% | -0.9% | +1.4pt |
| Finance | M2 YoY | 8.5% | 9.0% | -0.5pt |
| Finance | Social financing increase | 5.22万亿元 | 2.38万亿元 | +28403 |
| Finance | New RMB loans MoM YoY | -17.6% | 29.6% | -47.1pt |
| Trade | Exports YoY | 2.5% | 39.6% | -37.1pt |
| Trade | Imports YoY | 28.3% | 14.3% | +14.0pt |
| Sentiment | Official manufacturing PMI | 50.40 | 49.00 | +1.40 |
| Sentiment | Official non-manufacturing PMI | 50.10 | 49.50 | +0.60 |
| Fiscal | Fiscal revenue MoM YoY | 6.9% | -25.0% | +31.8pt |

### Disclaimer

This page is auto-generated by **MeShare Agent** from public interfaces to aid reading the Data Dictionary / Charts Gallery. It **does not constitute investment advice**. Source revisions or release lags may briefly desync the brief from the latest prints; see the Data Dictionary for fetch details and definitions.