开源证券晨会纪要-20250420

Macro Economic Insights - Fiscal spending is expected to accelerate, with March public fiscal expenditure reaching 27,719 billion yuan, a year-on-year increase of 5.7% [5] - The first quarter fiscal expenditure growth was 4.2%, slightly above the annual budget target of 4% [5] - Tax revenue showed signs of recovery, with a 4.9% increase in value-added tax in March, indicating improved industrial production and infrastructure activity [4] Industry and Company Insights - The real estate market shows potential for recovery, with a year-on-year increase in second-hand housing transaction area, supported by government policies [41][42] - The "Meituan Flash Purchase" brand has been launched as an independent entity, indicating a shift towards instant retail models, with plans to expand to over 100,000 flash warehouses by 2027 [50][51] - The coal mining sector is seeing a narrowing decline in thermal power generation, suggesting a potential recovery in coal allocation [46] Investment Opportunities - The robotics sector presents investment opportunities, particularly in the development of robotic cerebellum technology, which is crucial for complex motion control [35] - The REITs market is showing strong performance, with the index up 6.30% year-on-year, indicating a favorable environment for real estate investment trusts [46][48] - The agricultural sector, particularly in pig farming, is expected to see price support due to limited supply and increased demand [9][10]