HSBC 3 月 9 日长篇，37页。
　　Start with exports.No doubt，February delivered some punchy numbers.Shipments roseover 20% y-o-y，comfortably beating expectations.Taiwan quickly followed up with aneven more impressive number for the month：a jump of 27%.It’s easy to shrug all thisoff and blame Lunar New Year distortions.Truth is，though，there is genuine strengthfeeding through.In part，that’s due to an inventory cycle in electronics.With a big newsmartphone launch around the corner，components are trickling through Asian supplychains and driving up production and exports.But how sustainable is this？We still thinkshipments will cool by the second quarter.In fact，except for China and Japan，PMI newexport orders look flattish.