中国银河：每日晨报-20250217

Group 1 - The core viewpoint indicates that the strong credit data in January 2025 is primarily driven by supply, and its sustainability requires confirmation from demand recovery, particularly in the private sector [2][7]. - The report highlights that the new social financing (社融) reached 7.06 trillion yuan in January, showing a year-on-year increase of 586.6 billion yuan, with a growth rate of 8.0% [3][5]. - The monetary supply data shows a decline in M1 growth to 0.4% and M2 growth to 7.0%, indicating a potential shift in liquidity dynamics [3][4]. Group 2 - The report emphasizes the importance of the upcoming Two Sessions in March, which typically leads to positive market performance and heightened policy expectations, thus enhancing risk appetite [23]. - The analysis suggests that the A-share market is likely to experience a structural valuation reshaping, driven by technology innovation themes and domestic demand expansion [17][25]. - The DeepSeek AI model is highlighted as a significant driver of growth in the AI sector, with expectations for the global AI market to reach $3.68 trillion by 2034, indicating a robust growth trajectory for technology-related investments [25][27]. Group 3 - The report notes that the A-share market is expected to show a spiral upward trend, supported by increased liquidity and stable long-term funding, which will enhance investor confidence [17][23]. - The performance of the Science and Technology Innovation Board (科创板) is discussed, with a focus on its concentration in high-tech and innovation-driven industries, particularly in electronics and biomedicine [9][10]. - The report indicates that the overall market performance since 2024 has been stable, with the Science and Technology Innovation Index showing an 8.71% increase, reflecting strong investor interest in technology stocks [10][12].