Group 1 - The report highlights a significant market style shift, indicating that the notion of "cutting high to low" is inaccurate, and "avoiding high positions" is more appropriate. This is evidenced by the performance of various industries during the specified periods [1][14]. - The report identifies two underlying logics for industries performing well under the "avoiding high positions" context: one is related to policy games, particularly in the large consumption sector, driven by local policies such as the childcare subsidy in Hohhot [2][19]. - The report suggests that while the large consumption sector may face challenges in broad-based gains, there is potential for continued strength in the childcare subsidy theme, which could see further local policy catalysts [2][20]. Group 2 - The report notes that some industries, such as engineering machinery and ordinary steel, have shown independent market trends, indicating that identifying sectors with improving fundamentals is crucial for potential gains [3][21]. - The report emphasizes that the ability to achieve independent market trends is limited, and it is advisable to wait for clear upward price trends in non-hot sectors before participating [3][21]. - The report also mentions that the current market style shift is driven by policy games and low-position hedging, which differs from the independent market trends previously observed [21]. Group 3 - The report indicates that the large consumption sector has led the A-share market to a new high, with significant contributions from policies aimed at boosting consumption and childcare subsidies [6][30]. - The report highlights that the A-share index has shown a general upward trend, with essential consumer and discretionary sectors outperforming, while technology stocks have faced regulatory scrutiny and declining trading sentiment [7][39]. - The report provides insights into the performance of various sectors, with beauty care, food and beverage, and coal showing notable gains, driven by policy catalysts and low-position hedging logic [39].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in domestic policies aimed at stabilizing the real estate market and promoting economic growth through various initiatives, including the introduction of child-rearing subsidies and the resumption of special bonds for land reserves [1][9][14] Summary by Sections Domestic Developments - The National People's Congress emphasized urban renewal and real estate stability, focusing on the renovation of old residential areas and the construction of complete communities [7] - The resumption of special bonds for land reserves aims to alleviate liquidity pressures on local governments and real estate companies, facilitating a recovery in the real estate market [9][10] - The introduction of child-rearing subsidies in Hohhot, providing up to 100,000 yuan for children born after March 1, 2025, is expected to ease economic burdens on families and enhance birth rates [14][15] International Developments - The report notes escalating trade tensions between the US and Europe, with the EU responding to US tariffs on steel and aluminum by imposing tariffs on 26 billion euros worth of US goods [2][16] - Japan's economic growth in Q4 2024 was lower than expected, raising concerns about the sustainability of its recovery amid potential tariff challenges [18][19] High-Frequency Data - Upstream: Brent crude oil prices decreased by 0.13% week-on-week, while copper prices increased by 1.34% [24][32] - Midstream: The price index for thermal coal rose by 0.58%, while rebar prices fell by 1.35% [32] - Downstream: Real estate sales increased by 14.93% week-on-week, and the average daily retail sales of passenger cars grew by 14% year-on-year [37]

Investment Rating - The industry rating is "Recommended" [1] Core Viewpoints - The implementation of the childcare subsidy policy in Hohhot is a follow-up to the government's work report, indicating a potential expansion of pilot cities for similar subsidies [2] - Historical examples show that childcare subsidies have positively impacted local birth rates, particularly in lower-tier markets [3] - The new subsidy policy is expected to lower family costs and boost birth intentions, especially benefiting lower-tier markets [4] Summary by Sections Event Overview - On March 13, Hohhot City released the implementation details for the childcare subsidy program, which includes a one-time payment of 10,000 yuan for the first child, 50,000 yuan for the second child (10,000 yuan per year until the child is 5 years old), and 100,000 yuan for the third child and above (10,000 yuan per year until the child is 10 years old) [1] Analysis and Judgment - The release of the subsidy details marks the first local implementation since the government work report, with expectations for gradual expansion to more cities [2] - Past instances demonstrate that childcare subsidies can significantly enhance local birth rates, particularly in lower-tier cities [3] Investment Recommendations - The report suggests that local childcare subsidy policies are likely to continue being introduced, directly reducing family costs and boosting birth intentions, with lower-tier markets benefiting the most [5] - Beneficiaries include companies in the maternal and infant consumer goods sector, such as retail channels, product brands, and pediatric drug manufacturers, as well as early education and youth training institutions in the long term [5]

Investment Rating - The report maintains a "Buy" rating for China Feihe (6186 HK) with a target price of HKD 7.40 [7][8]. Core Views - The implementation of fertility stimulus policies is expected to enhance the birth rate and benefit leading infant formula companies like China Feihe [1][2]. - The infant formula industry is experiencing a rationalization of competition, with overall pricing stabilizing, which is expected to support revenue growth for the company [2][3]. - The company is anticipated to benefit from improved operational efficiency and reduced costs, leading to an increase in profit margins [3][4]. Summary by Sections Investment Rating - The investment rating for China Feihe is "Buy" with a target price set at HKD 7.40, reflecting an upward adjustment from a previous target of HKD 4.49 [4][7]. Market and Policy Environment - Recent government policies aimed at boosting birth rates include direct financial support for families, which is expected to positively impact the demand for infant formula [1][2]. - The number of newborns in China is projected to increase by 52,000 (+5.8%) in 2024, reaching 9.54 million [2]. Financial Performance and Projections - Revenue for 2024 is expected to reach RMB 20.84 billion, marking a 6.68% increase from the previous year, with net profit projected at RMB 3.83 billion [6][17]. - The company’s EPS is forecasted to grow from RMB 0.37 in 2023 to RMB 0.42 in 2024, and further to RMB 0.50 by 2026 [4][17]. - The report highlights a projected reduction in the company's expense ratio, which is expected to enhance profit margins [3][4]. Competitive Position - As a leading player in the infant formula market, China Feihe is well-positioned to capitalize on the recovery in industry demand and the consolidation of market share [3][4]. - The company has implemented digital management strategies to optimize inventory and pricing, which are expected to contribute to revenue growth in 2024 [3].

Group 1: Trade and Economic Measures - The Chinese government will impose tariffs on certain imported goods from Canada starting March 20, 2025, citing violations of WTO rules and discriminatory practices against China [1] Group 2: Real Estate Market - The Ministry of Housing and Urban-Rural Development aims to stabilize the real estate market by continuing efforts to ensure housing delivery and increasing loan support for projects [2] - Initiatives include urban village renovations, acquisition of existing properties, and reforms to improve the real estate development and sales systems [2] Group 3: Monetary Policy and Reserves - The People's Bank of China has increased its gold reserves for the fourth consecutive month, reaching 7.361 million ounces (approximately 2289.53 tons) by the end of February [3] - Foreign exchange reserves rose to $322.72 billion, an increase of $18.2 billion from the previous month [3] Group 4: Consumer Price Index - In February, the national consumer price index (CPI) decreased by 0.7% year-on-year, with food prices down by 3.3% and non-food prices down by 0.1% [4] - The average CPI for January and February showed a slight decline of 0.1% compared to the same period last year [4] Group 5: Childcare Subsidies - The National Health Commission is drafting an operational plan for childcare subsidies to reduce the costs of childbirth, upbringing, and education [5] - The plan aims to enhance integrated childcare services and provide more inclusive support for families needing childcare [5] Group 6: Healthcare Industry - Huawei has officially established a healthcare division focused on AI-assisted diagnostic solutions, signaling its entry into the AI healthcare sector [6] - The division will leverage various AI models to enhance clinical applications in the medical field [6] Group 7: Stock Market Updates - The Shanghai Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible stocks, effective March 10, 2025, with 27 stocks added and 28 stocks removed from the list [7] - The adjustments reflect changes in the Hang Seng Composite Indexes [7] Group 8: Egg Price Surge - The U.S. Department of Justice is investigating a surge in egg prices, with wholesale prices reaching an all-time high of $8.41 per dozen, a year-on-year increase of over 200% [8] - Major suppliers like Cal-Maine Foods and Rose Acre Farms are under scrutiny for potential price-fixing [8] Group 9: IPO and New Stock Offerings - The China Securities Regulatory Commission approved two IPO registrations, with five new stocks available for subscription from March 10 to March 14 [9] - The new offerings include stocks from various sectors, indicating ongoing market activity [9] Group 10: Stock Unlocking Events - A total of 34 stocks will face unlocking events this week, with a combined market value of approximately 36.158 billion yuan [10] - Notable stocks with significant unlocking ratios include WanKong Intelligent Manufacturing and Jiangxin Home [10]

Core Viewpoint - The article discusses the ample policy reserves of the central government and the establishment of a National Venture Capital Guiding Fund to support innovation and technology development in key areas [1][8]. Group 1: Central Government Policy Reserves - The Ministry of Finance has reserved sufficient policy tools and space to address potential uncertainties, including consumer subsidies such as childcare allowances, which could benefit approximately 15.5 million children, leading to an annual subsidy scale of around 150 billion [3]. - Another consumer subsidy involves expanding the "trade-in" program, which has a multiplier effect of approximately 2.2 times. The government has allocated 300 billion in special bonds for this program, which could significantly boost consumption in various sectors [4]. - Investment-driven policies may include issuing special bonds for major projects, with the possibility of increasing bond issuance to support the construction of significant projects in response to rising uncertainties [5][6]. Group 2: National Venture Capital Guiding Fund - The National Development and Reform Commission announced the establishment of a National Venture Capital Guiding Fund, focusing on investment in cutting-edge fields such as artificial intelligence, quantum technology, future energy, and biomedicine [8][9]. - This fund aims to support seed and early-stage enterprises, similar to the DARPA model in the U.S., which has successfully driven technological breakthroughs through market-oriented funding and support mechanisms [9][10]. - The initiative is part of a broader strategy to leverage the advantages of a new type of national system to enhance key technology research and development [10].

证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 3月7日，国家卫生健康委员会主任雷海潮在参加十四届全国人大三次会议江苏代表团开放团组会议时透 露，国家卫生健康委正在会同有关部门起草相关育儿补贴的操作方案，届时在育儿补贴方面会有直接的惠 民措施和相应的政策安排。 来源：央视新闻 责编：李丹 校对： 廖胜超 版权声明 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 美国大动作！比特币狂跌，超15万人爆仓！ 丨 ↑30%！这一板块，大涨！ 丨 关税再变！美股大 跌，特朗普：有幕后黑手 丨 注意！不操作，最高或亏近50%！ 丨 独家实探宇树深圳新公司！最新 视频→ 丨 含"金"量极高！郑栅洁、蓝佛安、王文涛、潘功胜、吴清，五大财经要员最新发声！ 丨 吴 清：入市长钱明显多了 丨 吴清：将加快健全专门针对科技企业的支持机制！ ...

作 者丨缴翼飞 编辑丨陈洁 柳润瑛 更多精彩内容 本期编辑 刘雪莹 信息量满满！数读50位民营企业家代表、委员两会建言里的十大关键词 多家券商解读政府工作报告，7大信号值得关注 财政政策更加积极、择机降准降息……这场重磅会议，信息量很大！ SFC 21君荐读 据新华社报道，政府工作报告说，制定促进生育政策，发放育儿补贴，大力发展托幼一体服 务，增加普惠托育服务供给。 国家卫健委主任雷海潮在参加十四届全国人大三次会议江苏代表团开放团组会议时指出，人 口问题仍是一个需要深入和动态研究的重要问题。 今年将发放育儿补贴，国家卫健委正在会 同有关部门，起草相关的育儿补贴的操作方案。 要进一步的降低生育、养育和教育方面的成 本，要大力发展托幼一体化的服务，为需要进行托育服务的家庭提供更多普惠性服务。 ...