宏观策略周报：央行修订M1统计口径，四大协会呼吁慎购美国芯片

Group 1 - The People's Bank of China will implement a revised narrow money (M1) statistical caliber starting from January 2025, which will now include personal demand deposits and customer reserve funds from non-bank payment institutions, enhancing the liquidity measurement [2][9]. - Four major associations in China, including the Semiconductor Industry Association, have called for caution in purchasing American chips, emphasizing the need to protect the interests of Chinese semiconductor companies and the stability of the supply chain [10][11][12]. Group 2 - The Central Committee and the State Council have issued guidelines to promote the construction of new urban infrastructure aimed at building resilient cities, with significant progress expected by 2027 and notable achievements by 2030 [3][13][14]. - The domestic securities market saw a broad increase in major indices, with the comprehensive industry sector leading with a 4.7% rise [4][30]. Group 3 - Investment opportunities are suggested in sectors driven by policy and industrial trends, such as artificial intelligence and low-altitude economy, as well as in industries benefiting from increased domestic demand like food and beverage, home appliances, and automobiles [5][20]. - The report highlights the potential for infrastructure-related companies and those involved in government contracts to benefit from debt relief measures, which are expected to enhance local government liquidity and economic development capabilities [20][34].