A股市场｜全面提振信心，拥抱核心资产

Core Viewpoint - The article emphasizes three clear policy directions: stimulating technological innovation, implementing supply-side reforms to eliminate "involution" competition, and expanding domestic demand, which are expected to restore market confidence and lead to a resurgence of core assets in the A-share market [1][2]. Group 1: Economic Goals and Policy Directions - The 2025 government work report sets a GDP growth target of around 5.0%, a deficit ratio of 4%, and a total scale of special bonds close to 2 trillion, aligning with market expectations and previous central economic meetings [2]. - Structural and industrial policy highlights include a focus on digital economy vitality and the cultivation of emerging industries [2]. Group 2: Technological Innovation - The report mentions the promotion of "Artificial Intelligence+" initiatives, supporting the widespread application of large models, and the development of smart terminals and manufacturing equipment [3]. - Future industries such as biomanufacturing, quantum technology, and 6G are identified for investment growth [3]. Group 3: Supply-Side Reforms - The government aims to reduce energy consumption per unit of GDP by 3% and combat "involution" competition through policies like carbon constraints, procurement standards, and encouraging mergers and acquisitions [4]. - The focus is on enhancing product quality and eliminating outdated production capacity [4]. Group 4: Demand-Side Expansion - Key measures for boosting consumption include increasing household income through subsidies and improving the social security system [5]. - The government plans to support consumption through special bonds and stabilize the stock and real estate markets to maintain wealth effects [6]. Group 5: Investment Opportunities - The article identifies "new core assets" in the A-share market, focusing on sectors driven by technological innovation, supply-side reforms, and demand-side recovery [7]. - Specific areas of interest include domestic computing power, edge AI, high-energy-density energy carriers, and innovative pharmaceuticals [7]. - The supply-side focus will likely lead to a return of profits to quality production capacities, particularly in aluminum, steel, and panel industries [7].