1.On March 5, the ** work report clarified the economic growth target of 5%. Compared to the last two years 4The average GDP growth rate of 1% and 5% growth in 2024 indicates that the macro fundamentals have ushered in an inflection point.
When the inflection point of macro fundamentals comes, pro-cyclical sectors usually become the main line of growth. The banking and food and beverage sectors that led the rally yesterday are all typical pro-cyclical sectors.
Today's leading sectors are still dominated by pro-cyclical plates, which belong to the structural rotation within the main line.
Considering the valuation and gains, the pro-cyclical main line logic has just begun to unfold, and the follow-up is worth looking forward to, which will also drive the Shanghai Composite Index to continue to rise.
2.On March 1, Premier Li Qiang presided over an executive meeting to review and approve the "Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods".
The meeting pointed out that it is necessary to combine the differentiated needs of various types of equipment and consumer goods upgrading, increase fiscal, tax, financial and other policy support, better play the traction role of energy consumption, emissions, technology and other standards, orderly promote the renewal and transformation of equipment in key industries, construction and municipal infrastructure equipment, transportation equipment and old agricultural machinery, education and medical equipment, and actively carry out the trade-in of consumer goods such as automobiles and home appliances to form a scale effect of upgrading. This is the third time that a recent high-level national meeting has mentioned "equipment renewal and trade-in of consumer goods".
3.From a fundamental point of view, at the beginning of 2024, the pace of construction, construction and grid connection of domestic offshore wind power projects will be significantly accelerated. Not only have a number of central state-owned enterprise sea wind projects such as China Energy Group and State Power Investment Corporation been approved, but also Hainan, Fujian, Shandong and other coastal provinces have successively announced their plans for sea wind projects in 2024. According to IFC***, in 2024, the bidding scale of sea breeze in the domestic market will reach 15GW, and the installed capacity will reach 10 16GW, an increase of 67% to 167% year-on-year. However, from the point of view of the leading target, today's track stocks are more inclined to the theme of **, and its continuation still needs to be further observed.
4.On March 6, Wu Qing, chairman of the China Securities Regulatory Commission, attended the second session of the 14th National People's Congress Economic Theme Press Conference, he said in response to a question that the market operation has its own laws, and should not be intervened under normal circumstances. However, when the market is seriously detached from fundamentals, and there are extreme situations such as irrational and violent**, liquidity depletion, market panic, and serious lack of confidence, it is time to take decisive action to correct market failures.
There are already some effective practices in this regard, and we will also improve the relevant mechanisms to resolutely prevent the occurrence of systemic risks. Wu Qing said.
In response to the issue of enhancing the internal stability of the capital market, he said that as a regulator, we must attach great importance to the construction of the internal stability mechanism of the market and enhance the resilience of the market. Addressing this issue requires a comprehensive approach, including at least "one cornerstone" and "five pillars".