“十五五”聚焦科技和内需，把握逢低布局窗口

Investment Focus - The main goals for economic and social development during the "15th Five-Year Plan" period are achieving significant progress in high-quality development and substantial improvement in technological self-reliance [1][7] - Macro policy will focus on two main directions: building a modern industrial system through technological innovation and driving long-term growth through domestic-demand upgrading [1][7] Technological Innovation - Emphasis on enhancing self-sufficiency in key technologies and accelerating the development of globally competitive emerging pillar industries [2][8] - Priority areas include new energy, new materials, aerospace, and low-altitude economy, as well as future industries like quantum technology, biomanufacturing, hydrogen and fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications [2][8] - The "AI+" initiative will lead in accelerating the application of new productivity forms and business models, enhancing the national innovation system's efficiency [2][8] Domestic Demand - Policy priorities are shifting from aggregate stimulus to endogenous growth, with a focus on launching a "boost consumption" program to generate new demand [2][9] - Improving the social safety net aims to release consumption potential, including measures for livelihood support, employment stabilization, social welfare enhancement, and family support [2][9] - New growth drivers such as green consumption, the silver economy, and the childcare economy will be cultivated to enhance domestic circulation's momentum and resilience [2][9] Real Estate Sector - The meeting called for promoting high-quality development in the real estate sector, regulating local governments' economic promotion behaviors, and expanding effective investment [2][10] - The overall strategy aims to stabilize the property market and mitigate cut-throat competition, ensuring macro stability under a dual-engine structure powered by technology and domestic demand [2][10] Market Outlook - After recent corrections, market lows are beginning to offer attractive entry opportunities, with a modest rebound in Chinese equities under policy boosts [3][11] - The performance gap between the CSI 300 and CSI 500 has narrowed, indicating upside potential for large caps, particularly in consumption and property sectors benefiting from domestic-demand policies [3][12] - Investors may also consider increasing exposure to the non-bank financial sector to capture opportunities from subsequent market expansion [3][12] - For technology stocks, a secondary pullback may present a re-entry opportunity, especially for Hong Kong tech stocks that have corrected significantly since October [3][12]