2025.03.10~2025.03.16日策略周报：2月社会融资规模存量同比增速略有反弹，A股指多数震荡上行-20250319

Investment Rating - The report suggests a "slow bull" market trend for A-shares in 2025, indicating a positive outlook for the market overall [8][38]. Core Insights - The A-share market showed a general upward trend during the week of March 10-16, 2025, with major indices like the Shanghai Composite Index rising by 1.39% and the Shenzhen Component Index by 1.24% [3][11]. - The report highlights a rebound in the year-on-year growth rate of social financing scale, which reached 8.2% in February 2025, slightly higher than January's 8% [6][31]. - Key sectors expected to perform well include technology, green economy, consumption, and infrastructure, with a focus on strategic emerging industries such as aerospace, low-altitude economy, and quantum technology [8][38]. Summary by Sections Market Performance - During the week of March 10-16, 2025, the A-share indices mostly trended upwards, with the Shanghai Composite Index closing at 3419.56 points and a weekly trading volume that remained stable [3][11]. - The strongest performing sectors included beauty care and food & beverage, with weekly gains of 8.18% and 6.19% respectively, while the weakest sectors were computer and machinery equipment, with declines of -1.36% and -0.68% [4][19]. Sector Analysis - Among the 124 secondary industries, the top gainers were coke and accessories, with weekly increases of 11.32% and 8.93% respectively, while software development and automation equipment saw declines of -2.61% and -2.29% [4][20]. - In the 259 tertiary industries, the leading sectors for weekly growth were coke III and offline pharmacies, with increases of 11.32% and 10.38% respectively [5][30]. Macroeconomic Data - The report notes that M1 and M2 growth rates have shown a decline, with M1 dropping from 1.2% in December 2024 to 0.1% in February 2025, while M2 remained steady at 7.0% [6][31]. - The government work report for 2025 emphasizes effective investment expansion, consumption stimulation, and deepening reform and opening-up policies to achieve a growth target of around 5% [8][38].