证券行业：政策工具箱持续优化， 资本市场改革稳步推进 事件：证监会吴清主席在十四届全国人大三次会议经济主题记者会上答记者 问，就近一年政策推出和实施情况，未来证监会主要政策发力方向和资本市场 运行情况进行了梳理和总结。 点评： 新"国九条"发布以来，证监会多项政策齐发强监管、促改革、保护投资者权 益。强监管方面，发行上市、信息披露、公司治理、并购重组、交易、退市、 股东减持等行为的监管制度机制进一步健全；促改革方面，出台"科技十六条" "科创板八条""并购六条"以及资本市场做好金融"五篇大文章"实施意见 等举措；保护投资者权益方面，着力推动上市公司分红、回购，并持续引导中 长期价值投资资金入市，提升投资者获得感。 从资本市场运行情况看，近一年已呈现诸多积极变化。一是入市长钱明显增加， 央行指导证券公司、基金公司开展两批互换便利操作，金额超过 1000 亿元， 超 400 家上市公司公开披露股票回购增持再贷款信息，贷款额度上限近 800 亿元，金融监管总局启动了第二批保险资金长期股票投资试点，总金额超过 1100 亿元，据统计，2024 年 9 月以来，保险资金、各类养老金在 A 股市场净 买入约 2900 亿 ...

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% [19] Core Viewpoints - The government work report released on March 5, 2025, includes various favorable policies aimed at promoting the healthy development of the real estate and stock markets, as well as nurturing emerging and future industries [2][3] - The National Financial Regulatory Administration has introduced multiple policy measures to provide financial support for technology enterprises, which is crucial for their growth and innovation [3] - The report emphasizes the importance of capital market support for the development of new productive forces, indicating that the scale of related industries in the capital market is expected to continue increasing [2] Summary by Sections Government Policies - The report highlights the implementation of more proactive fiscal policies and moderately loose monetary policies to accelerate macroeconomic recovery and promote a positive capital market environment [2] - Specific policies include support for the development of emerging industries such as commercial aerospace, low-altitude economy, biomanufacturing, quantum technology, embodied intelligence, and 6G [2] Financial Support for Technology Enterprises - The National Financial Regulatory Administration's notification supports insurance funds to invest in private equity funds and bonds issued by financial asset investment companies, enhancing the funding sources for technology enterprises [3] - The relaxation of merger and acquisition loan policies for technology companies is expected to increase the overall market scale of mergers and acquisitions, benefiting investment banking and brokerage firms [3] Investment Recommendations - The report suggests that the capital market's financial intermediation function requires comprehensive participation from the securities and insurance industries, which will significantly improve the operational performance of various capital intermediaries [4] - For the securities industry, focusing on mergers, acquisitions, and financing for technology enterprises is expected to alleviate current pressures in equity financing [4] - The insurance industry is encouraged to seek high-yield assets through long-term investments in technology enterprises, which could enhance their investment returns and optimize their asset structure [4]

Group 1 - The government work report sets a GDP growth target of around 5% for 2025, with a fiscal deficit rate of 4% and a CPI target of 2%, aligning with market expectations [9][36] - The report emphasizes the importance of expanding domestic demand and boosting consumption as key drivers for economic growth, reflecting a strong commitment to stimulate the consumer market [27][28] - The focus on new technologies and emerging industries, particularly in artificial intelligence and digital economy, is highlighted as a priority for future development, indicating a significant investment opportunity in the tech sector [2][6] Group 2 - The report outlines ten measures to boost consumption, including enhancing service consumption and improving the quality of consumer goods, which is expected to benefit companies in the consumer sector [27][28] - The emphasis on high-quality development and the need to combat "involution" in the transportation industry suggests a shift towards more sustainable and efficient practices, which could impact logistics and transport companies positively [21][23] - The report mentions the importance of the low-altitude economy and new emerging industries, indicating potential growth areas for companies involved in logistics technology and smart transportation solutions [24][25] Group 3 - The government plans to issue 1.3 trillion yuan in special bonds to support consumption upgrades, which is expected to significantly stimulate demand in sectors like home improvement and consumer electronics [32][34] - The report indicates a strong focus on the integration of advanced manufacturing and modern service industries, suggesting opportunities for companies that can adapt to this evolving landscape [10][22] - The commitment to maintaining a stable monetary policy environment, with potential for interest rate cuts, is likely to create favorable conditions for investment in various sectors, particularly real estate and consumer goods [37][39]

人形机器人专题（一）： 传感器的技术路径、竞争格局与产业重构 ——新技术前瞻专题系列（八） | 分析师 | 刘航 | 执业证书编号：S1480522060001 | | --- | --- | --- | | 研究助理 | 李科融 | 执业证书编号：S1480124050020 | 公 司 研 究 DONGXING SECURITIES 东兴电子团队 2025年3月6日 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 摘要 语言学习平台 Q1：人形机器人传感器是什么？ 传感器是机器人感知物理世界的窗口，也是机器人迈向智能化的基础。包含各类视觉传感器、听觉传感器、触觉传 感器、力传感器等，用于感知环境，获取关于周围世界的信息。视觉传感器是具有图像采集处理、数据传输能力的功能专门化嵌入式视觉系统，可实现 目标识别定位、尺寸测量、缺陷检测、条码识别等功能；人形机器人的听觉传感器主要为麦克风，包括声音接收器、信号处理器和音频处理软件等部分； 力传感器主要为力矩传感器，其可以在各种旋转或非旋转机械部件上对扭转力矩感知进行检测，将扭力的物理变化转化为精确电信号；触觉传感器可覆 盖于人形机器人三维载体表面， ...

建筑建材行业：财政货币齐发力， 稳地产助推估值修复和弹性 ——中央政府工作报告点评 事件：2025 年中央政府工作报告在总体要求、财政政策、货币政策和防风险 部分中都把稳楼市作为工作的主要内容之一。 点评： 防风险和应对外部不确定要求楼市回稳，地产回归长期健康发展轨道确定性 强。在中央政府工作报告的总目标提出要"稳住楼市股市"。在当前外部环境 复杂多变的情况下，稳住楼市，防范房地产行业持续下行带来经济的拖累和不 确定性风险变得更加重要和突出。地产对于经济的拖累带来负向循环必须得到 遏制,只有地产稳住才能够为经济健康稳健发展提供支撑平台，让高质量新发展 能够轻装上阵。特别是在外需出口受到美国高关税影响的情况下，出口会受到 一定的影响，扩大内需成为 2025 年成为政府工作的重要目标。地产及相关产 业链对经济的拖累大，对经济的影响敏感度高，特别是地产无收敛负向循环的 情况下，房地产对内需产生了很大的抑制作用，稳住楼市能够对内需的释放产 生乘数级的释放效应。 把稳住楼市放在总目标中体现了政府对于稳楼市重要性的认可，也表达政府要 楼市稳住的决心，也显示出政府对于能够稳住楼市的信心。2025 年在相关财 政和货币政策双 ...

Investment Rating - The industry investment rating is "Positive" indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Viewpoints - The central government emphasizes stabilizing the real estate market as a key objective in the 2025 work report, recognizing its importance for economic stability and growth [2][10]. - The report highlights that stabilizing the real estate market is crucial to prevent negative economic cycles and to support domestic demand, especially in light of external uncertainties [2][3]. - The government plans to increase local government special bond issuance to 4.4 trillion yuan, which is a 12.82% year-on-year increase, aimed at investment in construction and land acquisition, directly benefiting the real estate market [3]. - Monetary policy is also set to be optimized to support the real estate sector, with measures such as lowering mortgage rates, which are expected to have a significant positive impact on the market [4][10]. Summary by Sections Government Policies - The government is implementing targeted measures to stabilize the real estate market, including reducing purchasing restrictions and enhancing local government autonomy in managing housing supply [10]. - The focus on risk prevention and the establishment of a new development model for real estate is aimed at ensuring long-term health in the sector [10]. Financial Measures - The report indicates that the dual approach of fiscal and monetary policies will transition from quantitative to qualitative improvements, with expectations for the real estate market to stabilize and return to a healthy growth trajectory [4][11]. - The report also notes that the construction and building materials industry, closely linked to real estate, has faced significant challenges but is expected to benefit from the recovery of the real estate market [11]. Market Outlook - The report suggests that as the real estate market stabilizes, the building materials industry will experience a valuation recovery, with leading companies expected to show better resilience and performance [11].

机械行业：政府工作报告从提振消 费、未来产业、有效投资三维度利 好机械设备行业 事件：3 月 5 日，十四届全国人大三次会议在京开幕。《政府工作报告》提出 实施提振消费专项行动；培育壮大新兴产业、未来产业；积极扩大有效投资。 对应到机械设备行业，建议关注消费场景、具身智能、工程机械三条主线。 冰雪消费高景气或每年带来设备增量超 200 亿元。政府工作报告提到落实和优 化休假制度,释放文化、旅游、体育等消费潜力，其中冰雪消费旅游近年来需求 旺盛，相关设备投资将带来增量市场。考虑到高端和大型滑雪场建设需要特定 的地形和气候作为自然资源禀赋，未来增长空间有限。高端和大型客群主要以 旅游度假为目的，其客群到访具有较强的季节性，集中在节假日到访。而室内 和中小型滑雪场客群为初学者或体验型客户，在掌握一定滑雪技能后，成为大 型高端滑雪场稳定客源。随着国内人均收入的提升和国家政策的扶持，预计未 来各地室内和中小型滑雪场数量将持续增长。我国目前有 333 各地级行政区， 假设未来 5 年内每个地级区建设 2 家滑冰场或滑雪场，假设每个中小型滑雪场 或滑冰场投资金额为 5 亿，其中 40%为设备投资，未来 5 年每年带来的设备 ...

Economic Outlook - The government aims for a GDP growth of around 5% and an urban unemployment rate of approximately 5.5%[3] - The deficit ratio is proposed to be set at around 4%, an increase of 1 percentage point from the previous year, with a deficit scale of 5.66 trillion yuan[3] - The issuance of special long-term bonds is planned at 1.3 trillion yuan, which is an increase of 300 billion yuan from last year[3] Monetary and Fiscal Policy - A moderately loose monetary policy will be implemented, with expectations for potential reserve requirement ratio (RRR) and interest rate cuts to maintain ample liquidity[3] - The focus will be on optimizing structural monetary policy tools to promote healthy development in the real estate and stock markets[3] Technology and Industry Focus - Emphasis on developing strategic emerging industries, including artificial intelligence, quantum technology, and 6G, as key areas for future investment[4] - The report highlights the importance of integrating advanced manufacturing with modern services, particularly in the context of digital economy and smart manufacturing[4] Investment Strategy - The spring market trend is expected to continue, with a strong focus on technology and consumer sectors as core investment areas[5] - Short-term fluctuations are not expected to alter the medium-term positive trend, particularly in sectors like artificial intelligence and low-altitude economy[5] Risk Factors - Potential risks include economic data falling significantly below expectations, policies not meeting market anticipations, and deteriorating external environments[6]

行 业 研 究 商社行业：提振消费十条举措出台， 看好创新消费和服务型消费 2025 年 3 月 6 日 看好/维持 商贸零售 行业报告 事件：2025 年 3 月 5 日国务院总理李强向十四届全国人大三次会议作政府工 作报告，工作报告中提出提振消费十条重要举措。 扩大内需重要性持续提升，政策刺激消费市场活力释放。政府工作报告提出， 要大力提振消费、提高投资效益，全方位扩大国内需求。促进消费和投资更好 结合，加快补上内需特别是消费短板，使内需成为拉动经济增长的主动力和稳 定锚。该报告延续了 2024 年 9 月 26 日和 12 月 9 日中央政治局会议的整体方 向，把扩大内需提振消费放到重要位置，反映了提振消费的必要性和重大决心。 从大方向上来看，强调提高消费能力和消费质量。政策表示要"制定提升消费 能力、增加优质供给、改善消费环境专项措施，释放多样化、差异化消费潜力， 推动消费提质升级"。结合 2 月 17 日市场监管总局等五部门联合印发的《优化 消费环境三年行动方案（2025—2027 年）》通知，消费产业提质增效为主旋律。 消费供给品质的提升一方面有望促进消费需求的释放，另一方面也对服务和商 品提供方 ...