宏观策略周报：六部门联合印发《关于金融支持提振和扩大消费的指导意见》，助力市场信心回升-20250627

Group 1 - The report highlights the issuance of 19 measures by six departments, including the People's Bank of China, to boost consumption and enhance market confidence [1][9][10] - The measures focus on financial support for key consumption areas, including service consumption, new consumption types, and the promotion of consumer credit [2][18][19] - The report anticipates a significant increase in consumption momentum, which is expected to become a core driver of economic growth, with retail sales growth accelerating [2][20] Group 2 - The report suggests focusing on industries with strong performance in 2024 annual reports and 2025 Q1 reports, including non-bank financials, electronics, home appliances, automobiles, and agriculture [2][35] - It emphasizes investment opportunities in new productivity driven by policy and industry trends, particularly in artificial intelligence, low-altitude economy, humanoid robots, aerospace, deep-sea technology, controllable nuclear fusion, and innovative pharmaceuticals [2][35] - The report identifies potential investment opportunities in sectors benefiting from expanded domestic demand, such as food and beverage, home appliances, and automobiles [2][35] Group 3 - The report notes that the industrial profit of large-scale enterprises decreased by 1.1% year-on-year in the first five months of 2025, totaling 27,204.3 billion yuan [13][14] - It highlights that the equipment manufacturing sector showed resilience, with profits increasing by 7.2% year-on-year, contributing significantly to overall industrial profit [14][15] - The report indicates that private and foreign-invested enterprises maintained profit growth, outperforming the average of all large-scale industrial enterprises [16]