浙商证券李超：从“稳增长”到“新增长” 聚焦新质生产力与“投资于人”

Core Viewpoint - The core theme for the "14th Five-Year Plan" period is high-quality development, with a strong focus on the technology sector as a key driver for market performance and economic transformation [1][2]. Group 1: Macroeconomic Policies - Monetary policy will maintain a moderately loose stance, with tools like reserve requirement ratio cuts and interest rate reductions still available, but their implementation will be cautious and measured [2]. - Fiscal policy will continue to provide necessary financial support for economic structural transformation, emphasizing the stability of industrial and supply chains [2]. Group 2: Industry Focus - The focus will be on two key directions: promoting industrial growth and accelerating the development of new productive forces, particularly in strategic emerging industries and future industries [2]. - Human-shaped robots are highlighted as a critical area for policy support, with expectations for significant advancements in both research and commercialization [4]. Group 3: Investment Recommendations - Investors are advised to focus on two main areas: technology growth stocks, which will benefit from structural transformation and policy support, and high-dividend stocks, which are currently undervalued and offer defensive stability [5]. - The technology sector is expected to see investment opportunities as market sentiment improves, while high-dividend stocks reflect the potential for asset revaluation due to currency appreciation [5].