ZHONGJI INNOLIGHT(SZ:300308) 摩尔投研精选·2025-10-20 10:59Economic Data Release - China's GDP grew by 5.2% year-on-year in the first three quarters, indicating a strong likelihood of achieving the annual growth target of 5% [3] - In Q1, GDP growth was 5.4%, Q2 was 5.2%, and Q3 was 4.8%, aligning with expectations [4] - Industrial added value for large-scale industries increased by 6.5% year-on-year, surpassing the expected 5% [4] - Retail sales totaled 36.59 trillion yuan, growing by 4.5% year-on-year, while fixed asset investment declined by 0.5% (with a 3.0% increase excluding real estate) [5] - Total import and export value reached 33.61 trillion yuan, with a year-on-year growth of 4.0% [5] - Per capita disposable income for residents was 32,509 yuan, reflecting a real growth of 5.2% year-on-year [5] Economic Quality Improvement - The added value of equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6% year-on-year, significantly higher than the average growth rate of all large-scale industries [6] - Online retail sales increased by 9.8% year-on-year, with service-related sectors like information transmission and software services maintaining double-digit growth [6] - The proportion of imports and exports by private enterprises rose to 57.0%, with a 6.2% growth in trade with countries involved in the Belt and Road Initiative [7] Future Macro Policy Expectations - The macro policy is expected to become more proactive, focusing on stimulating domestic demand, particularly in areas like consumption upgrades and expanding service consumption [8] - Policies aimed at stabilizing the real estate market will continue to be optimized to promote a soft landing and healthy development of the real estate sector [9][10] - Support for the real economy and technological innovation is anticipated, with monetary policy likely to remain stable and accommodative, directing financial resources towards key sectors like technology innovation and green development [11] Technology Sector Insights - Technology stocks have shown signs of recovery, with notable increases in companies like Zhongji Xuchuang, which rose by 8.31% [12] - The semiconductor sector is experiencing strength due to a sustained increase in demand for 1.6T optical modules and adjustments in major clients' procurement plans [13] - The banking sector is viewed as a defensive indicator, and its performance is crucial for the overall market sentiment [13] - Two strategies for navigating the current market conditions include either exiting positions to wait for new catalysts or maintaining positions through the consolidation phase [13]