机构研究周报：稳定风格相对占优，货币宽松为期不远

Core Viewpoints - The article highlights the expectation of a favorable market environment for consumer sectors and stable styles in March, driven by policy support and consumption stimulus [1][3] - There is a strong emphasis on the potential for growth in small and medium-sized growth stocks post the National People's Congress, with a focus on AI and new productivity trends [2][3] Equity Market - Longcheng Fund suggests that small and medium-sized growth stocks may perform well, with investment strategies aligning with policy support and AI industry trends [2] - Huafu Fund indicates that stable styles are expected to outperform, with consumer sectors leading excess returns in March, supported by consumption and fertility subsidy policies [3] - Xingyin Securities notes an increase in market risk appetite, with a rise in social financing growth and potential fund inflows into the stock market [4] Industry Research - Ping An Fund highlights the investment value of new drug companies, projecting that a significant portion will achieve profitability by 2027 due to improved payment mechanisms and inclusion in insurance [7] - ICBC Credit Suisse Fund emphasizes the ongoing growth in AI computing power infrastructure, suggesting a focus on technological innovations in this area [8] - Zhonggeng Fund believes the food and beverage sector has room for valuation recovery, driven by government policies aimed at boosting consumption [9] Macro and Fixed Income - Xingyin Fund anticipates a bullish bond market, citing a favorable environment for long-duration asset purchases and expectations of continued monetary easing [14] - CICC predicts that monetary policy easing may accelerate post-March, with a gradual decline in funding rates expected [15] - Huatai Securities suggests limited upward space for long-term rates, with potential market shifts around key economic data releases [16] Asset Allocation - Guolian Minsheng recommends a barbell strategy for asset allocation, focusing on technology and cyclical sectors while maintaining long-term positions in dividend stocks [17]