“As China’s top annual policy "barometer," the 2025 Two Sessions have rolled out a powerhouse policy package, including 1.3 trillion yuan in special bonds, the AI+ strategy, and eased foreign investment access. From the 5% GDP growth target to the cross-border data flow whitelist, from dual-track market support for real estate and stocks to cash-backed consumer trade-ins, this high-profile policy unveiling is shaping China’s economic playbook for the world 作为中国年度顶级政策“风向标”,2025年两会连抛1.3万亿国债、AI+战略、外资准入松绑等硬核政策包。从GDP5%增长锚点到跨境数据流通白名单,从楼市股市双线救场到消费换新真金白银,这场开年最高规格“拆包大会”,正在为全球经济写下中国攻略。”
聚焦两会工作报告
Key Signals Released
Core Goals and Policies of the Two Sessions
两会核心目标
01
Fiscal&Monetary财政货币
Ultra-long special bonds focus on new infrastructure and urbanization, with local special bond quotas rising to ¥4.4 trillion. Monetary policy remains moderately loose, supporting housing stability and consumption upgrades, while rate cuts boost market liquidity.超长期特别国债聚焦新基建、新型城镇化,地方专项债额度增至4.4万亿元。货币政策延续适度宽松,支持楼市企稳、消费升级,降准降息预期增强市场流动性。
02
Capital Market资本市场
Housing policies focus on project delivery and lower down payments for stability. A-share reforms support TMT, biotech, and defense, while STAR Market optimizes listings to attract top tech firms, highlighting long-term opportunities. 楼市政策以“保交楼”、降低首付比例为核心稳定基本面;A股改革聚焦科技成长赛道,明确支持TMT、创新药、国防军工等板块,科创板优化上市机制吸引优质科技企业回归,中长期结构性机会凸显。
03
Tech Breakthrough科技突围
For the first time, embodied intelligence and 6G are included in China’s strategic plan. The “AI+” initiative accelerates smart manufacturing and 5G adoption, while upgrades in computing power and chips push China's AI industry from follower to global leader.首次将具身智能、6G技术纳入战略规划,启动“人工智能+”行动计划,加速智能制造、5G终端普及。算力、芯片等基础设施升级提速,中国AI产业正从技术跟随转向全球领跑。
04
Consumption Boost消费提振
05
Investment Line投资主线
Tech growth (AI, digital economy, high-end manufacturing) and consumption recovery (tourism, duty-free, silver economy) form key sectors. With policy support, market reforms and industrial upgrades will drive new growth opportunities. 科技成长(AI、数字经济、高端制造)与消费复苏(文旅、免税、银发经济)构成核心赛道。政策红利释放下,资本市场改革与产业升级协同发力形成新一轮发展机遇。
06
Private Economy民营经济
As a key engine and Two Sessions focus, China’s private enterprises drive 60% of GDP, 70% of innovation, and 80% of employment. Led by AI firms like DeepSeek, they excel in EVs, cross-border e-commerce, and more. Policy efforts will emphasize institutional openness and innovation ecosystems, expanding global competitiveness. Support will deepen for private firms in AI and high-end manufacturing to advance new productive forces. 作为核心引擎和两会热点,贡献全国60%GDP、70%技术创新及80%就业,以DeepSeek等AI企业为代表,中国企业在新能源汽车、跨境电商等领域领跑。政策发力点将聚焦制度型开放与创新生态构建,拓宽全球竞争力赛道。推动民企深耕AI、高端制造等新质生产力。
07
Global Strategy国际策略
Upgrade of foreign investment policy 外资政策升级
两会之际全球动态及投资策略
The global economic outlook for 2025 remains uncertain, largely due to potential shifts in tariffs, immigration, and geopolitical policies under the Trump administration, which could have significant global implications. A survey shows that 62% of business owners oppose new tariffs, while Trump’s approval rating has fallen to a historic low of 39%. 2025年全球经济前景仍充满不确定性,很大程度上是特朗普政府将调整关税、移民和地缘政治方面的政策,或对全球经济产生重大影响。有调查表明62%受访企业主反对新增关税,特朗普政府支持率跌至39%历史低位。
According to Bloomberg and other international media, U.S. stocks are under pressure, with the S&P 500 down 12% from its year-to-date peak. Tesla plunged 18% in a week amid a global EV price war and short-selling by Soros. Goldman Sachs warns that the Fed’s delayed rate cuts, coupled with escalating geopolitical tensions, are fueling risk aversion in the market. 彭博等国际媒体报导近期美股承压,标普500指数较年初高点回落12%。特斯拉股价受全球电动车价格战拖累单周暴跌18%,并遭遇索罗斯做空。高盛分析指出,美联储延迟降息叠加地缘冲突升级,加剧市场避险情绪。
According to CLS and Securities Times, A-shares in 2025 will see "tech leading, consumption mildly recovering," while financials and real estate decline by 8%. The Shanghai Composite is set to rise 9.3% (2800-3400), with Hong Kong’s tech sector becoming a capital safe haven. After a sentiment reset, the market enters a “low-expectation steady state,” with speculation fading and policy strength guiding future trends. A-shares will rely on monetary easing and foreign inflows, with two core themes: hard tech (AI, semiconductors) and policy-driven sectors (new consumption, biopharma) 据财联社、证券时报等渠道数据,2025年A股呈现“科技领跑、消费弱修复”格局,金融地产承压跌8%。全年上证收涨9.3%(2800-3400),港股科技板块成资金避风港。市场情绪步入“低预期稳态”,投机退潮,未来走向锚定政策力度。A股依赖降准降息及外资回流,中长期硬科技(AI、半导体)与政策红利赛道(新消费、生物医药)仍是双主线。
In 2025, first-tier cities like Beijing, Shanghai, and Guangzhou will witness the return of international talent, much like the first signs of spring bringing renewed vitality. However, a broader economic recovery will hinge on strong policy support. Following the Two Sessions, investors should closely track key policy developments, including the release of the ¥1.3 trillion national bond guidelines, the rollout of the "AI+" roadmap, the implementation of 22 free trade zone initiatives, real estate consumption subsidies, central bank rate cuts and reserve requirement reductions, the revival of the China-EU investment agreement, and the revision of the STAR Market’s fifth set of standards. These measures are set to boost market confidence, direct capital flows, and provide investors with a clear strategic roadmap. 2025年,北上广等一线城市迎来国际面孔的回流,犹如春信初至,生机萌动。然而,宏观层面的回暖更多依赖于政策的有力提振。两会后投资者应密切关注1.3万亿国债指南发布、“人工智能+”路线图推出、22个自贸区方案上线、房地产消费补贴、央行降准降息、中欧投资协定重启及科创板第五套标准修订等政策落地。这些政策将提振资本市场信心,引导资金流向,为投资者提供明确布局方向。
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