两会政府工作报告解读：科技产业蓄势上行

Core Insights - The report emphasizes a more proactive macroeconomic policy stance, particularly in fiscal measures, with a projected fiscal deficit rate of around 4% for 2025, significantly higher than the past five years [2][3] - The government aims to expand domestic demand as a primary task, focusing on enhancing people's livelihoods and promoting consumption [4][7] - The industrial policy is shifting towards innovation-driven, high-end manufacturing, and green low-carbon transformation, with increased emphasis on emerging industries such as AI, robotics, and biomanufacturing [5][6][9] Fiscal and Monetary Policy - The fiscal policy is set to be more aggressive, with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [3] - Monetary policy will adopt a moderately loose approach, with mentions of potential interest rate cuts and reserve requirement ratio reductions [3][9] - The report highlights the importance of stabilizing capital markets and promoting healthy development in real estate and stock markets [3] Domestic Demand Expansion - The government has prioritized expanding domestic demand, with specific measures to increase residents' income and promote consumption through initiatives like trade-in programs for consumer goods [4][7] - Effective investment expansion will be supported by fiscal measures, focusing on major construction projects [4][9] Industrial Policy and Innovation - The report outlines a strategic focus on building a modern industrial system and enhancing technological innovation, particularly in sectors like AI, quantum technology, and embodied intelligence [5][6][9] - There is a notable increase in policy mentions related to emerging industries, indicating a shift in government support towards sectors that align with global technological trends [6][9] Market Outlook - The report suggests that the revaluation of Chinese assets is likely to continue, with a positive outlook for the technology sector driven by favorable macroeconomic policies [9] - A-share market is expected to experience a weak recovery in earnings supported by strong valuations, with domestic consumption and technology sectors anticipated to outperform in the short term [9]