Key investment points:
1. Economy: the GDP target is set at about 5.5%, which is the upper limit of market expectation. It will be increased after steady growth.
2. Currency: focus on China, strengthen stability, unblock and broaden the credit mechanism, and the window period for reducing reserve requirements and interest rates is still in place.
3. Finance: the deficit ratio fell to 2.8%, transfer payment was the largest increase, and the combined tax rebate and tax reduction was about 2.5 trillion yuan.
4. Infrastructure: increase investment in the central budget, expand effective investment, parallel new and old infrastructure, and pay attention to the increment of livelihood projects such as pipe network renewal and transformation.
5. Real estate: reiterate that real estate is not fried and “three stabilities”, and the real estate tax is not mentioned, because the fine-tuning of urban policies continues.
6. Manufacturing industry: strengthen the supply chain and strengthen the chain, cultivate “specialization and innovation”, and promote digital and intelligent transformation.
7. Consumption: increase residents’ income, support the consumption of automobiles and household appliances, and stimulate rural consumption.
8. Double carbon economy: promote in an orderly manner, establish first and then break down, and help low-carbon transformation.
9. Digital Economy: the digitization process is accelerated and deepened, and the new digital infrastructure, digital Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) and digital transformation work together.
10. Others: food security, revitalization of traditional Chinese medicine, encouraging fertility, etc.
Risk tips
(1) macroeconomic downturn accelerated
(2) the policy is not as expected
(3) large scale outbreak of geo conflict
