Economic Goals - The action plan aims for Hubei Province's total economic output to exceed 7 trillion yuan by 2027 and reach approximately 9 trillion yuan by 2030 [1] Key Work Areas - Accelerate investment expansion and quality improvement, implementing the "Ten Thousand Enterprises, Ten Trillion" smart transformation project, and promoting new infrastructure development [1] - Encourage private investment to reach around 60% by 2027 through a list of projects [1] - Enhance service supply quality in sectors like elderly care, education, healthcare, and tourism to stimulate consumption [1] Enterprise Development - Aim to add approximately 100,000 new entrepreneurial entities returning to Hubei each year and 400,000 college graduates to stay and work in the province [2] - Support the growth of high-quality enterprises through a structured nurturing path from small tech firms to national-level specialized enterprises [2] - Target a total of around 3.2 million enterprises by 2027 and 4 million by 2030 [2] Financial and Technological Innovation - Establish Hubei as a central hub for technology finance, enhancing credit loan reforms for tech firms and developing various investment funds [2] - Explore carbon financial services and aim to create a national carbon finance center [2] Supply Chain Development - Strengthen supply chain efficiency and coverage, aiming for comprehensive supply chain platform integration by 2030 [3] - Develop functional supply chain platforms in logistics, finance, technology innovation, and international trade [3] - Position Hubei as a key resource allocation center for international supply chains by 2030 [3]

Group 1: Economic Recovery and Policy Measures - The Central Political Bureau meeting emphasized a "Four Stabilization" policy framework to consolidate economic recovery, balancing short-term relief and long-term transformation [1] - In Q1, GDP grew by 5.4% year-on-year, and industrial value-added increased by 6.5%, but structural issues like insufficient demand and risk remain [1] - Policies targeting employment and consumption are prioritized, with measures to increase income for low- and middle-income groups and promote service consumption [1] Group 2: Employment and Consumption Initiatives - The youth unemployment rate stands at 14.9%, prompting initiatives like service consumption vouchers in cities like Beijing and Shanghai, which have shown early success [1] - Suzhou's issuance of elderly care consumption vouchers led to the creation of 120,000 new elderly care jobs and an 18% quarter-on-quarter growth in the elderly consumption market by Q4 2024 [1] Group 3: Trade and Innovation Support - To address challenges in foreign trade and technology, policies include a 13% increase in export tax rebates and a 200 billion yuan foreign trade transformation fund, potentially reducing costs for affected companies by 8-12% [2] - The establishment of a "Technology Board" bond market has resulted in a 37% increase in technology projects in AI and quantum computing [2] Group 4: Market Efficiency and Real Estate - A focus on creating a unified national market led to the clearance of 32,000 hidden barriers, improving complaint handling efficiency for private enterprises by 40% [3] - The inventory of new homes in 100 cities is expected to decrease by 11% year-on-year by January 2025, with a 25% increase in market transactions due to relaxed purchase restrictions in first-tier cities [3] Group 5: Monetary Policy and Risk Management - The meeting signaled potential interest rate cuts, with an expected liquidity release of 1.5 trillion yuan for the year [4] - Actual foreign investment usage grew by 4.3% year-on-year in Q1, with high-tech industries accounting for 38% of total foreign investment [4] Group 6: Global Economic Contribution and Resilience - Despite challenges like the US Federal Reserve's interest rate hikes, China's contribution to global economic growth remains around 30%, projected to reach 32% by 2025 [6] - The market size of the low-altitude economy reached 505.95 billion yuan in 2023, with expectations to exceed 3.5 trillion yuan by 2035 [6] Group 7: Expert Recommendations - Experts suggest a "chain-long system" strategy in the new energy vehicle sector to create ten trillion-level industrial clusters, potentially generating 5 million jobs [5] - A proposed "three pillars of consumption" model could release 1.8 trillion yuan in consumption potential by 2025 if household leverage increases by 2 percentage points [5]

证券研究报告 固定收益报告 关注两会定调，哑铃策略或占优 可转债周报（3.3-3.7） 2025 年 03 月 03 日 中证转债-上证指数走势图 -30% -10% 10% 30% 24-02 24-04 24-06 24-08 24-10 24-12 25-02 上证指数 中证转债 刘文蓉 分析师 执业证书编号:S0530523070001 liuwenrong@hnchasing.com 相关报告 1 可转债周报（2.24-2.28）：科技内部轮动或加 快，转债关注交易节奏 2025-02-24 2 可转债周报（2.17-2.21）：转债估值相对高位， 关注结构性行情 2025-02-17 3 可转债周报（2.10-2.14）：转债估值有支撑， 关注科技主题方向 2025-02-11 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 二级市场跟踪。1）转债跟随正股上涨。截至 2 月 28 日，上证指数 周环比下跌 1.72%，收于 3320.9 点；上证转债周环比下跌 0.68%，收 于 378.57 点；中证转债周环比下跌 0.89%，收于 429.87 点；深证转 债周环比下跌 1 ...