万联证券：万联晨会-20250318

Core Insights - The report highlights the mixed performance of A-shares, with the Shanghai Composite Index rising by 0.19% to 3426.13 points, while the Shenzhen Component and ChiNext indices fell by 0.19% and 0.52% respectively, with a total trading volume of approximately 1.57 trillion RMB [2][5] - The "Consumption Promotion Action Plan" was introduced to stimulate consumption, with measures including increasing urban and rural residents' basic pensions and implementing a moderately loose monetary policy to create a favorable financial environment for consumption [3][6][14] - The report emphasizes the potential of the IP economy and the smart wearable market, driven by the "Artificial Intelligence + Consumption" initiative, which aims to accelerate the development and application of new technologies and products [7][10][12] Market Performance - A-shares showed a mixed performance with over 2900 stocks rising, while sectors like building materials and environmental protection led the gains [2][5] - The Hang Seng Index rose by 0.77% to 24,145.57 points, while the U.S. stock indices all closed higher, with the Dow Jones up by 0.85% [2][5] Important News - The "Consumption Promotion Action Plan" was unveiled, detailing various supportive policies aimed at enhancing consumer spending and addressing key areas such as financial support for consumption, pension increases, and childcare subsidies [3][6][14] - The plan includes measures to improve service consumption, promote the upgrade of durable goods, and encourage the development of new consumption models through technology [15][16] Investment Opportunities - The report suggests focusing on the demand for green and intelligent products under the "Two New" policy, as well as the empowerment of digital technologies in consumption scenarios [9][12] - The potential growth of the low-altitude economy is highlighted, with an emphasis on developing low-altitude tourism and consumer drones, which could drive demand in this emerging sector [9][10] Sector-Specific Insights - The report identifies the IP market as having substantial potential, with a focus on integrating traditional culture into product design and supporting the development of domestic IP brands [10][11] - Smart wearables are recognized as a high-growth consumption sector, with AI smart glasses being a key focus area for market expansion [12][13] - The real estate sector is expected to benefit from policies aimed at stabilizing the market, including the potential reduction of housing loan rates and the optimization of housing provident fund policies [24][25][26]