Market Review - The overall market performance for the week from March 10 to March 14 shows a decline in trading volume, with the average daily trading volume for the entire A-share market at 1.66 trillion, down by 45.2 billion compared to the previous week [7][9] - The market style favored large-cap growth stocks, with major indices like the CSI A50 and SSE 50 outperforming smaller indices such as CSI 2000 and CSI 1000 [9][10] - The performance of various indices indicates a mixed sentiment, with large-cap indices showing positive returns while smaller-cap indices faced declines [10][11] Industry Trends and Outlook - The report highlights strong themes for the week, including policies supporting multi-child families, robust demand in diesel engines and power supply sectors, and the introduction of deep-sea technology in the 2025 government work report [26][29] - The mid-term industry allocation strategy focuses on three main areas: stimulating domestic circulation, technological self-reliance, and expanding openness [29] - Specific sectors to watch include consumer electronics, industrial automation, AI applications, and new energy technologies, with an emphasis on domestic demand and innovation [29][30] Participant Performance - The QFII heavy index and "national team index" outperformed other indices, with the QFII heavy index showing a weekly increase of 2.39% and a trading volume increase of 11.1% [13][14] - The performance of various participant indices indicates a preference for large-cap stocks among institutional investors, reflecting a cautious but optimistic market sentiment [13][14] Market Sentiment - The margin trading balance has slightly rebounded to over 1.92 trillion, although the proportion of financing purchases relative to total A-share trading volume has decreased [16][18] - The number of stocks hitting the daily limit up or down indicates a generally positive market sentiment, with a notable increase in the number of stocks rising during the week [16][17] Upcoming Industry Events - Key upcoming events include the NVIDIA GTC conference from March 17-21, where significant announcements are expected, and various product launches and strategic conferences from major tech companies [30][32] - These events are anticipated to influence market trends and investor sentiment, particularly in the technology sector [30][32]

政策研究 政策研究|半导体行业 半导体行业 2025 年民营企业座谈会：半导体与科技政策风向解 读——基于信用风险视角的分析 文/程春晓 摘要 一、高规格座谈会释放政策信号，半导体等科技行业站上"C 位" 民营企业座谈会具有深远的意义，其内容和方向反映了国家对民营企业发展的政策 导向变化。2018 年的座谈会侧重促进民营经济全面发展，关注民营企业在经济结构调整 中的作用，以及缓解企业面临的政策压力。到 2025 年，座谈会的重点已经转向如何通 过科技创新和产业升级推动民营企业的高质量发展，尤其是在半导体等科技前沿领域的 突破。这一转变展示了民营企业在科技创新上的进步，并体现了政府推动"科技自立自 强"的战略决心。 这种变化在参会企业的类型结构中得到了充分体现，揭示了政策优先级的调整。 2018 年，参会企业多为传统制造业和消费品行业，代表企业如福耀玻璃（传统制造）、 万向集团（汽车零部件）和新希望（农业）。而到 2025 年，除了比亚迪、华为等科技龙 头企业外，还吸纳了多个在半导体、新能源汽车、机器人、AI 等领域具有领先优势的企 业，这些企业占据了核心位置，表明政府已经将科技创新和产业升级视为发展的重中之 ...

Group 1 - The 14th National People's Congress (NPC) will open on March 5 and close on March 11, with a total duration of 7 days and 3 plenary sessions scheduled [1] - The spokesperson for the NPC, Lou Qinjian, has a background in various leadership roles, including serving as the Secretary of the Shaanxi and Jiangsu Provincial Committees [1] - Lou Qinjian addressed 13 questions from domestic and foreign journalists during the press conference, covering topics such as the NPC system, legislative work, high-quality economic development, China-US relations, technological self-reliance, and defense budget [1] Group 2 - The spokesperson role is a crucial channel for external understanding of the NPC, with a strict legal procedure for selection [2] - Prior spokespersons for the NPC have included notable figures such as Zeng Tao, Yao Guang, and Fu Ying, among others [2]

《决定》提出要健全提升产业链供应链韧性和安全水平制度，抓紧打造自主可控的产业链供应链，健全强化包括集成电路、基础软件、工业软件等重点产业链 在内的发展体制机制，全链条推进技术攻关、成果应用，建立产业链供应链安全风险评估和应对机制； 《决定》提出要推动国有资本向前瞻性战略性新兴产业集中，要支持有能力的民营企业牵头承担国家重大技术攻关任务，向民营企业进一步开放国家重大科研 基础设施。我们认为《决定》旗帜鲜明的提出了IT产业链自主可控的重要性，并为各类型市场主体参与自主可控市场的建设提供了良好的发展环境，有利于加 速行业发展。 财政资金支持力度有望增强，信创落地速度有望超预期。 一方面，2024年政府工作报告提出从今年起拟连续几年发行超长期特别国债，专项用于国家重大战 略实施和重点领域安全能力建设，今年先发行1万亿元，国家发改委副主任刘苏社介绍超长期特别国债将重点聚焦加快实现高水平科技自立自强等重点任务， 财政部从5月中旬起开始启动特备国债发行，将持续发行至11月中旬。另一方面，根据2024年中央和地方预算草案报告，2024年预计全国一般公共预算及政府 性基金预算支出合计增速目标为7.9%，但1-5月份实际支出增速 ...