山西证券：研究早观点-20250307

Group 1 - The report highlights the 2025 government work report's focus on stabilizing economic growth and enhancing consumer confidence, emphasizing the importance of domestic demand and consumption as key drivers for economic recovery [6][8] - The GDP growth target for 2025 is set at around 5%, with a consumer price index (CPI) increase target of approximately 2%, indicating a stable economic outlook despite previous years' low inflation rates [6][8] - The macroeconomic policies are described as proactive and collaborative, aiming to dynamically adjust based on changing circumstances to enhance effectiveness and predictability [6][8] Group 2 - The report discusses the significant growth in Haiguang Information (688041.SH), with a revenue increase of 52.40% year-on-year, reaching 9.162 billion yuan, and a net profit increase of 52.87%, totaling 1.931 billion yuan [8][9] - The company has seen a substantial rise in contract liabilities, reaching 903 million yuan, compared to only 2.85 million yuan the previous year, indicating strong demand and pre-orders from clients [13] - The report notes that the company's gross margin improved to 63.72%, up 4.05 percentage points year-on-year, driven by increased sales volume and a higher proportion of high-margin products [13]