政策利好刺激下，A 股市场放量上涨，后市热点有望扩散

Investment Rating - The industry is rated as "Outperform" with expectations that the industry index will outperform the CSI 300 index in the next six months [21]. Core Viewpoints - 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 [3][12]. - Fiscal targets include a budget deficit rate of around 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 highlights significant investments in new industries such as commercial aerospace, low-altitude economy, and future industries like biomanufacturing, quantum technology, and 6G [3][12]. - The market is expected to see a broad recovery with technology stocks leading the way, supported by government policies and increased funding for infrastructure and equipment updates [4][13]. Summary by Sections A-share Market Overview - On a recent Thursday, the market saw a collective rise in major indices, with the ChiNext index increasing by over 2% and the CSI 50 index rising by 3.48% [4][7]. - The AI sector, including AI smart bodies and related stocks, experienced significant gains, driven by government support for technological innovation [4][8]. Sector Performance - The AI theme stocks surged, with notable increases in AI-related companies following the government's push for new productivity [8][9]. - The cultural media sector also saw substantial growth, particularly in gaming and interactive media, with a reported increase of 42.75% in the first half of 2023 [9][11]. Future Market Outlook - The report anticipates a shift in market performance towards a broader participation across sectors, with specific focus on three main investment lines: self-controlled sectors (robotics, semiconductors, AI computing), domestic consumption (pharmaceuticals, affordable consumer goods), and high-dividend sectors (state-owned enterprises) [4][13].