Core Viewpoint - The article emphasizes the special tone of the recent National Two Sessions, highlighting the effects of previous economic stimulus and the anticipation of upcoming stimulus measures, reflecting a unique expectation from the public [5]. Summary by Sections National Two Sessions Overview - The National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the National People's Congress (NPC) held their sessions on March 3 and March 4, respectively, with significant data shared, including a GDP exceeding 134 trillion yuan and a growth rate of 5% [3]. - The sessions are characterized by a focus on current macroeconomic changes and hot topics, with a closer connection to recent updates compared to previous years [3][4]. Key Agenda Items - The CPPCC session will last six days, focusing on reviewing reports and discussing government work [9]. - The NPC session will last seven days, with key agendas including the review of government work reports and budget plans for 2025 [11]. Economic Targets and KPIs - The expected GDP growth target for 2025 is around 5%, with a potential CPI target down to 2% and a fiscal deficit rate projected to rise to 3.8%-4% [15][17]. - The GDP growth target reflects a slight decrease from the previous year's average growth target of 5.3% [17]. Economic Stimulus Measures - The fiscal spending plan includes a projected deficit of 5.5 trillion yuan and an increase in broad fiscal funds by approximately 2 trillion yuan, reaching 12 trillion yuan [21]. - Special bonds are expected to be issued for significant projects, including 1.5-2 trillion yuan for long-term special bonds and 500 billion to 1 trillion yuan for bank capital injections [21]. Consumption, Investment, and Export Dynamics - Consumption is projected to contribute 44.5% to economic growth in 2024, while investment and exports contribute 25.2% and 30.3%, respectively [28][30]. - The focus on consumption is expected to increase, with many local governments prioritizing domestic demand and consumption in their annual goals [33]. Industry Focus - The article highlights emerging industries such as artificial intelligence, low-altitude economy, and digital economy as key areas of interest for future growth [44]. Public Interest Proposals - Various proposals from NPC representatives focus on enhancing public welfare, including suggestions for paid leave policies, tax adjustments, and support for elderly care, reflecting a growing concern for social issues [49].

Macro Analysis - The upcoming National People's Congress (NPC) is expected to maintain an economic growth target of around 5%[11] - Key focuses include boosting consumption, fiscal and monetary policy coordination, and structural reforms to improve the business environment[11] - Five major industry themes for 2025 are identified: AI and AI+, quality consumption, new urbanization, infrastructure overseas, and food security[11] Market Impact - The NPC is anticipated to establish industry trends with policies supporting AI and AI+ as the most significant trends for 2025[16] - Enhancing consumer sentiment and happiness is a core policy concern, with current consumption performance being relatively weak[16] - The transition from old to new economic drivers will take time, with price rather than volume being a key factor influencing major asset changes in 2025[16] Investment Highlights - Jiufeng Energy (605090.SH) shows steady growth in clean energy with LNG domestic sales increasing, and the company’s gross profit per ton is improving[17] - Solid growth in the traditional Chinese medicine sector is noted for Guoshengtang (02273.HK), with a CAGR of 26.2% from 2018 to 2023[21] - Ximai Food (002956.SZ) has seen a steady increase in revenue, with a 5-year CAGR of 13.1% despite profit fluctuations[24] Risk Considerations - Risks include potential underperformance of policy support, slower-than-expected economic recovery, and competition in various sectors[7][12][30]