产业赛道与主题投资风向标：科技政策组合拳密集发力，大模型向多模态演进

Market Review - The A-share market exhibited a narrow fluctuation pattern in May, with the average monthly trading volume remaining around 1.2 trillion yuan, consistent with the previous month [3][9] - The pharmaceutical and new consumption sectors showed strong performance, with the highest consecutive trading limits primarily among ST stocks [3][9] - The margin trading balance showed a slow increase in May, but the net inflow of main funds slowed down in the latter half of the month [17][19] Policy Dynamics - A comprehensive set of financial policies was introduced to stabilize the market and expectations, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [24][25] - The "Digital China Construction 2025 Action Plan" aims for the digital economy's core industry value-added to exceed 10% of GDP by the end of 2025, with a computing power scale exceeding 300 EFLOPS [3][20] - The introduction of the "Stablecoin Regulation" in Hong Kong marks a significant step in promoting financial innovation while maintaining stability in the digital asset sector [3][20] Industry Trends - The evolution of large models towards multimodal capabilities is highlighted, with significant advancements in AI technologies from companies like ByteDance, Alibaba, and Tencent [3][32] - The Ministry of Industry and Information Technology emphasized accelerating the development of 5G-A and 6G technologies, indicating a strong push towards advanced telecommunications [3][32] - The "Intelligent Transformation Implementation Plan for the Pharmaceutical Industry (2025-2030)" aims to enhance the digital transformation of the pharmaceutical sector, focusing on smart drug development and production processes [29][32]