经济数据改善，政策提稳住股市，市场将在经历波动后或走强

Core Insights - The central government acknowledges internal and external challenges and expresses confidence in economic recovery, with a clear focus on stabilizing the stock market and real estate [2][15]. - The 2025 economic work plan emphasizes "moderately loose monetary policy" for the first time since 2010, alongside a combination of "more proactive fiscal policy + moderately loose monetary policy" and "strengthening extraordinary counter-cyclical adjustments," indicating a significant policy shift [2][15]. - The meetings highlight the urgency and determination of the central government to improve economic conditions, with a historical emphasis on expanding domestic demand and enhancing consumption as key tasks for 2025 [6][28]. Economic Policy and Market Outlook - The meetings prioritize "comprehensively expanding domestic demand" as a key task for 2025, suggesting a strengthening of domestic demand policies, which are expected to become a mid-term market focus [6][28]. - The anticipated fiscal policy for 2025 may see a record-high deficit rate, with specific details on fiscal expansion expected to be revealed during the upcoming Two Sessions [15][28]. - The report indicates that the market is optimistic about upcoming policies, with expectations for interest rate cuts and reserve requirement ratio reductions in the near term, enhancing the attractiveness of dividend stocks [21][43]. Sectoral Focus and Investment Opportunities - The report suggests a focus on sectors driven by technology innovation, particularly in artificial intelligence, semiconductors, and quantum information technology, as these areas are expected to outperform in the mid-term [5][41]. - The military industry is highlighted as a sector poised for significant growth, driven by recovery in downstream demand and ongoing modernization efforts, with a focus on innovation and efficiency improvements [42][43]. - The emphasis on enhancing consumer spending and expanding domestic demand is expected to benefit sectors related to consumption, with retail and consumer goods showing promising growth trends [28][29].