英大证券：策略晨报：政策利好刺激下，A股市场放量上涨，后市热点有望扩散-20250309

Core Views - The government work report sets a GDP growth target of around 5% for 2025, emphasizing "technological self-reliance" and "expanding domestic demand" as dual drivers of the economy [3][12] - Fiscal targets include a budget deficit rate of approximately 4%, an increase of 1 percentage point from the previous year, and a total new government debt scale of 11.86 trillion yuan, up by 2.9 trillion yuan [3][12] - The report outlines plans for 4.4 trillion yuan in local government special bonds, with a focus on promoting new industries such as commercial aerospace, low-altitude economy, and future industries like biomanufacturing and quantum technology [3][12] Market Overview - On a recent Thursday, the A-share market saw significant gains, with the ChiNext Index rising by 3.48%, driven by strong performances in technology stocks, particularly in AI, computing power, and semiconductors [4][13] - The market's positive sentiment is attributed to government policies that clear doubts about the long-term development of the technology sector, providing clear investment directions [4][13] - The overall market showed signs of recovery, with increased trading volumes and a broad-based rally across various sectors, indicating a return of risk appetite among investors [7][13] Sector Analysis - The AI sector experienced substantial growth, with stocks related to AI technologies and applications seeing significant price increases, driven by advancements in AI models and government support for new productivity [8][12] - The cultural media sector also performed well, particularly in gaming and interactive media, with a noted increase in market activity following a prolonged period of low valuations [9][11] - The report highlights the potential for AI to lead a new wave of technological revolution, with investment opportunities expanding into AI applications as the industry matures [8][12] Investment Strategy - Recommended investment strategies include focusing on three main lines: self-controlled sectors (robotics, semiconductors, AI computing), domestic consumption (pharmaceuticals, affordable consumer goods), and high-dividend sectors (state-owned enterprises) [4][13] - The report suggests that as policy details from the recent meetings are implemented, the A-share market's technology stock rally may broaden to include more sectors, indicating a potential for widespread market participation [4][13]