浦银国际策略观点：关注两会期间的产业政策亮点及受惠领域

Core Insights - The report emphasizes the importance of maintaining economic growth and high-quality development, with a target economic growth rate of around 5% for 2025, consistent with the previous year, highlighting the significance of stable growth [2][4][5] - The report identifies three key highlights from the 2025 Government Work Report that are expected to benefit specific sectors throughout the year [2][4] Group 1: Key Highlights from the 2025 Government Work Report - Highlight 1: Special actions to boost consumption, including the allocation of 300 billion yuan in special bonds to support the replacement of consumer goods, and the expansion of diverse service offerings in health, elderly care, and childcare [4][5] - Highlight 2: Development of emerging and future industries, focusing on commercial aerospace, low-altitude economy, and advanced manufacturing, with an emphasis on nurturing high-tech sectors such as biomanufacturing and quantum technology [4][5] - Highlight 3: Upgrading traditional industries and promoting the digital economy, with initiatives for the digital transformation of manufacturing and the support of AI applications across various sectors [4][5] Group 2: Market Performance During and After the Two Sessions - Historical analysis shows that major Chinese stock indices tend to perform poorly during the Two Sessions but recover positively in the weeks following, with the Shanghai Composite Index averaging a 3.4% increase one month after the sessions [7][8] - Growth stocks have historically outperformed value stocks during the Two Sessions, with a notable shift in market style observed post-sessions [10][11] - The information technology sector performed relatively well during the Two Sessions, while consumer services and financial sectors showed weaker performance [10][11]