CITIC Securities Co., Ltd. Yang Fan: It is expected that future policies will continue to focus on new drivers of growth

It is expected that future policies will continue to focus on new drivers, and the investment growth rate in the manufacturing industry will remain at a relatively high level. High-tech manufacturing industries such as computers, communications, electronics, shipbuilding, and automobile manufacturing are significant contributors to the economy. In terms of consumption, the slow recovery trend in household consumption remains unchanged, with per capita service consumption on the rise. In terms of SOE reform, SASAC is helping to improve market value management by encouraging listed companies to repurchase shares, increase cash dividends, and have major shareholders increase their holdings. In terms of technological innovation, new productive forces are supported by reforms in the technology system, and it is expected that innovative areas such as the low-altitude economy, digital economy, and biopharmaceuticals will receive policy support