东兴证券：东兴晨报-20250226

Group 1 - The report highlights the upcoming "Two Sessions" and the expectation for policies to boost consumption, particularly through the "Three-Year Action Plan for Optimizing the Consumption Environment (2025-2027)" [1] - The home improvement sector is expected to benefit from policies supporting consumption upgrades, particularly in smart home and renovation areas, with a focus on top brands due to their compliance and financial strength [2] - The textile, apparel, jewelry, and cosmetics sectors are poised to benefit from the rise of domestic brands, with an emphasis on quality improvement and cultural integration as key drivers for growth [3] Group 2 - The service consumption sector has significant growth potential, particularly in health care, education, and cultural tourism, with a focus on improving service quality across various industries [4][7] - The agricultural sector is expected to focus on rural revitalization, food security, and agricultural technology, with an emphasis on high-quality agricultural production and innovation [8][12] - The food and beverage industry is anticipated to see a boost in consumption driven by policy support, particularly in the restaurant sector, as travel and shopping experiences improve [9] Group 3 - The silver industry is entering a phase of structural expansion, with global silver demand projected to grow from 37,918 tons in 2024 to 40,287 tons by 2027, driven primarily by industrial demand [21][24] - The demand for silver in the photovoltaic sector is expected to rise significantly, with projections indicating consumption could reach 8,156 tons by 2027 [23] - The automotive sector's demand for silver is also expected to increase, with projections of 2,926 tons by 2027, driven by the growth of electric and hybrid vehicles [22] Group 4 - The technology sector is highlighted as a key area of focus, particularly in artificial intelligence, future industries, and domestic innovation, with government support expected to drive growth in these areas [26][27] - The banking sector is projected to maintain stable profitability, with net interest margin pressures expected to ease, and a focus on credit demand from government and state-owned enterprises [29][35]