A股策略专题：生育补贴加速落地，内需与科技轮动前行

Group 1 - The report highlights the acceleration of fertility subsidies and the implementation of supportive policies aimed at enhancing population growth, which is expected to boost demand in maternal and infant products, medical services, and childcare sectors [21][24][25] - The report emphasizes the importance of AI technology, particularly the development of AI agents that enhance application efficiency and increase demand for computing power, with significant implications for various industries including finance, industrial, and education [17][28][29] - The establishment of a national venture capital fund is anticipated to drive investment in strategic emerging industries, focusing on hard technology and innovation, which could lead to substantial growth in sectors like artificial intelligence and quantum technology [18][37] Group 2 - The report discusses the potential for mergers and acquisitions to reshape industry structures, particularly in high-tech sectors such as semiconductors, aerospace, and pharmaceuticals, driven by supportive government policies [19][20][41] - It notes that the integration of state-owned assets in energy and public services is expected to enhance resource security and improve competitiveness in key industries [20][41] - The report outlines the expected growth in China's intelligent computing capacity, projecting a compound annual growth rate of 46.2% from 2023 to 2028, which will significantly impact the AI industry and related sectors [37][39]