| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4109 | 0.64 | 0.8 | -0.92 | | 深证综指 | 2673 | 1.17 | 0.84 | -2.99 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 1.04 | -0.87 | 3.08 | | 中盘指数 | 0.91 | 3.13 | 19.07 | | 小盘指数 | 0.93 | 0.76 | 14.7 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 光学光电子 | 6.02 | 2.47 | 12.44 | | 电网设备 | 4.39 | 16.1 | 59.92 | | 其他电源设 | 4.29 | 14.93 | 35.69 | | 备Ⅱ 非金属材料 | 3.95 | 15.34 ...

证 券 研 究 报 告 【华创策略】AI视角下的政府工作报告投资要点 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 本次政府工作报告延续此前"双宽"的货币、财政政策总基调，为股市持续走牛营造了宽松良好的宏观政策环境。 其中2026年经济增长目标设定为4.5％—5％更加务实；财政政策"更加积极"并提升赤字规模：赤字率４％， 赤字规模5.9万亿元、比上年增加2300亿元；货币政策"适度宽松"为降准降息提供空间以形成流动性宽松。 • 对26年上市公司业绩给予更大期待。在经济社会发展总体要求章节中，明确提出"推动价格总水平由负转正、消 费价格合理温和回升"；货币政策中同样提到"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"。 经测算4%的赤字率和5.9万亿的财政赤字对应隐含名义GDP增速约5%，则隐含GDP平减指数有望转正回升至0- 0.5%。通胀回归有望带动上市公司业绩上行从而消化当前静态相对较高的估值，推动股市的主线逻辑由上半场流 动性驱动的金融再通胀转向下半场EPS驱动的实物再通胀。 • 关注顺周期+科创。①顺周期："十五五"时期重大工程项目建设与财政政策明确持续 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [10]. Core Insights - The "Artificial Intelligence+" initiative aims to drive the AI industry into an accelerated cycle, with a focus on six key actions: scientific technology, industrial development, quality improvement in consumption, welfare for the public, governance capabilities, and global cooperation [1][2]. - The initiative sets quantifiable goals and timelines, projecting that by 2027, the penetration rate of AI will exceed 70% in six key areas, and by 2030, it will surpass 90%, marking AI as a significant growth driver [1]. - The report emphasizes that the current overall penetration rate of AI is relatively low, suggesting substantial room for growth as policies are implemented and AI costs decrease [1][2]. Summary by Sections Policy and Infrastructure - The report outlines eight foundational capabilities to support AI development, including innovation in AI chips, software ecosystem cultivation, breakthroughs in large-scale computing technology, and the establishment of a national integrated computing network [2]. - These foundational deployments are expected to provide long-term institutional support for industry development, addressing current bottlenecks such as insufficient computing power and low-quality data supply [2]. Investment Opportunities - Suggested companies to watch include: - "Artificial Intelligence+" in scientific technology: JingTai Holdings, SenseTime, Fourth Paradigm [3]. - "Artificial Intelligence+" in industrial development: Kingdee International, Yika, Mifus [3]. - "Artificial Intelligence+" in consumer quality improvement: companies in advertising e-commerce, gaming, film and television, content creation, AI-driven creative solutions, smart driving, and smart terminals [3]. - "Artificial Intelligence+" in public welfare: companies in AI education and healthcare [3]. - Internet AI ecosystem: Alibaba, Tencent, Kuaishou, Xiaomi, Bilibili [3]. - The report also highlights the domestic computing power sector, which is expected to see sustained growth in demand due to the implementation of the "Artificial Intelligence+" initiative [3].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index and ChiNext Index down by 0.39% and 0.75% respectively, while the Shenzhen Component Index rose by 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 26,790 billion, a significant decrease of 4,621 billion compared to the previous day [1] - A total of 2,804 stocks rose while 2,470 stocks fell, with a median increase of 0.11% for individual stocks [1] Market Trends - Recent market adjustments were anticipated, with historical analysis indicating minor fluctuations before significant breakthroughs at key resistance levels [1][2] - Defensive sectors such as liquor and real estate have started to strengthen, potentially curbing speculative market sentiment [2] - A shift in speculative focus from stocks with 20% daily limits to those with 10% limits suggests a possible change in market style [2][3] AI Sector Insights - Major AI stocks have experienced corrections, with several companies like Cambricon and Industrial Fulian seeing declines exceeding 4% [5] - The recent downturn in AI stocks is viewed as a normal adjustment after significant gains, with the sector still considered a key focus for future growth [6] - The State Council's recent policy document outlines ambitious goals for AI integration across various sectors by 2027, with expectations for substantial growth in the smart economy [6][7] Investment Strategy - The current bull market is widely accepted, but the rapid rise of small-cap stocks necessitates a controlled pace to sustain the market's upward trajectory [2][4] - Investors are advised to make minor adjustments to their portfolio structures rather than drastic changes in overall positions, focusing on sector-specific movements [4][7] - The military trade sector is experiencing declines, but stocks with commercial space logic may still present opportunities for further research [7]

Group 1 - The core viewpoint of the article is the Chinese government's initiative to enhance the implementation of "Artificial Intelligence +" through a comprehensive action plan [1] - The plan emphasizes the importance of strengthening intelligent computing power coordination and supporting innovations in AI chips and software ecosystems [1] - It aims to accelerate breakthroughs in large-scale intelligent computing clusters and optimize the national computing resource layout [1] Group 2 - The initiative includes the development of a nationwide integrated computing network and the promotion of the "East Data West Computing" national hub [1] - There is a focus on enhancing the interconnectivity and supply-demand matching of intelligent computing power [1] - The plan encourages the development of standardized and scalable cloud computing services to ensure that intelligent computing supply is accessible, economical, efficient, and environmentally friendly [1]