宏观策略周报：工业企业效益呈稳定恢复态势，MLF操作改为“多重价位中标”-2025-03-28

Investment Strategy Report Summary Core Viewpoints - The report indicates a stable recovery in the profitability of industrial enterprises, supported by recent macroeconomic policies and adjustments in monetary policy, particularly the shift to a multi-price bidding method for MLF operations [2][3][4]. News and Commentary - The People's Bank of China announced a new MLF operation method to maintain liquidity in the banking system, with a planned operation of 450 billion yuan for a one-year term [2][12]. - The Ministry of Finance's report emphasizes a more proactive fiscal policy for 2025, including increased fiscal deficit rates and larger government bond issuance to support growth and structural adjustments [2][13]. - Data from the National Bureau of Statistics shows that profits of large-scale industrial enterprises totaled 910.99 billion yuan in January-February, a year-on-year decrease of 0.3%, but the decline is narrowing compared to the previous year [3][17]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index experiencing a slight increase of 0.2%. The pharmaceutical and biological sector led the gains with a 1.0% increase [4][25][28]. - The adjustment of MLF operations signals a shift towards a more accommodative monetary policy, benefiting the bond market and potentially improving the performance of cyclical stocks [4][34]. Investment Recommendations - Focus on investment opportunities driven by policy and industrial trends, particularly in emerging sectors such as artificial intelligence, low-altitude economy, humanoid robots, aerospace, and deep-sea technology [5][34]. - Consider sectors benefiting from increased domestic demand, including food and beverage, home appliances, and automotive industries [5][34]. - Pay attention to industries that may benefit from large-scale debt issuance, particularly companies with government contracts and the infrastructure supply chain [5][34]. - Monitor investment opportunities related to state-owned enterprise market value management [5][34]. - Long-term investment in gold is recommended due to its appeal as a safe-haven asset amid geopolitical tensions and economic uncertainties [5][34].