华泰证券：3月财政宽松再加码

Core Viewpoint - The report from Huatai Securities indicates that fiscal easing has intensified in March, with significant support for economic growth from expanded fiscal policies [1] Fiscal Policy Analysis - In the first quarter, the broad fiscal expenditure (general public budget + government funds) increased by 5.6% year-on-year, surpassing the nominal GDP growth rate of 4.6% [1] - The growth rate of broad fiscal expenditure in March rebounded sharply to 10.1% from 2.9% in January-February, indicating strong spending momentum [1] - Notable increases in spending were observed in infrastructure-related areas such as agriculture, forestry, water affairs, and energy conservation and environmental protection, aligning with the high growth in infrastructure investment in March [1] Fiscal Deficit and Future Outlook - The broad fiscal deficit in March reached 1.7 trillion yuan, an increase of 366.1 billion yuan compared to the same period last year, reflecting an intensified fiscal policy expansion [1] - Looking ahead, the implementation of tariff policies in April may disrupt exports, highlighting the necessity for further fiscal easing in the second quarter [1] - The stability of fiscal revenue growth is crucial for the sustainability of fiscal expansion [1]