第一创业：晨会纪要-20250317

Macro Economic Insights - In February, M1 grew by 0.1% year-on-year, significantly below the expected 1.2%, while M2 maintained a 7.0% growth rate, aligning with expectations [3] - The year-on-year growth of social financing (社融) was 8.2%, slightly below the expected 8.3%, indicating a modest increase in funding demand relative to supply [3] - The new social financing scale in February was 2.23 trillion yuan, an increase of 737.4 billion yuan compared to the same period last year [4] Semiconductor Industry Developments - Huawei's new CPU, Kirin X90, received II-level security certification, indicating a significant advancement in security performance, and is expected to enhance compatibility with commercial ecosystems [7] - The Kirin X90 is likely to be applied in high-security scenarios such as government procurement and data centers, suggesting a gradual alleviation of Huawei's high-end production constraints [7] - The MemoryS 2025 summit highlighted trends such as the rapid growth of PCIe 5.0 and the introduction of PCIe 6.0, with Longsys showcasing advancements in storage density and speed [8] Consumer Sector Trends - The consumer sector saw a strong rally, driven by the performance of the liquor industry, particularly leading stocks like Kweichow Moutai, which rose nearly 6% [10] - The recent surge in the consumer sector is partly attributed to the stimulus effects of the three-child policy, with local governments offering substantial subsidies for childbirth [10] - The market's focus on child-rearing-related sectors, such as dairy products and infant care, indicates potential investment opportunities in these areas [11]