The Fourth Session of the 14th National People's Congress (NPC) held a press conference, during which spokesperson Lou Qinjian stated that this year will focus on vigorously boosting consumption and advancing the development of a robust domestic market. The NPC Standing Committee will oversee the creation of a unified domestic market and promote comprehensive rural revitalization. Legislation including social assistance, medical security, and childcare services laws will be formulated to channel more resources into public welfare, enhancing people's capacity and willingness to spend.
The first "Members' Corridor" event highlighted independent innovation. National Committee members of the Chinese People's Political Consultative Conference (CPPCC), including Huang Sanwen from the Chinese Academy of Agricultural Sciences, Pan Jianwei from Jiusan Society, Yang Jie from China Mobile, Zeng Yuqun from CATL, and Li Ying from Dalian Maritime University, discussed advancements in agricultural technology, quantum technology, information communications, renewable energy, and maritime sectors.
Zhang Tianren, NPC deputy and chairman of Tianneng Co., emphasized the need to address bottlenecks and establish a market-driven, safe long-term mechanism for the energy storage industry. He noted that China leads in global installed capacity of new energy storage and is transitioning from policy-driven to market-driven growth, requiring enhanced safety and market mechanisms.
The February Manufacturing Purchasing Managers' Index (PMI) was reported at 49.0%, down 0.3 percentage points from the previous month. The high-tech manufacturing PMI stood at 51.5%, indicating sustained growth momentum. The Non-Manufacturing Business Activity Index rose 0.1 percentage points to 49.5%, reflecting improved sentiment.
A-share markets experienced a slight adjustment with reduced trading volume. The Shanghai Composite Index closed at 4082.47 points, down 0.98%, while the Shenzhen Component Index fell 0.75% to 13917.97 points. The ChiNext Index declined 1.41% to 3164.37 points, and the STAR Composite Index dropped 0.65% to 1717.99 points. Total turnover for Shanghai and Shenzhen markets was 2365.8 billion yuan, decreasing by over 760 billion yuan from the previous session.
Measures to boost consumption include upgrading service consumption, promoting trade-in policies for goods, creating international consumption environments, and organizing shopping festivals. Efforts to increase household income and improve public services in education, childcare, elderly care, and healthcare aim to reduce concerns and stimulate spending.
Renewed inflation concerns have altered expectations for Federal Reserve rate cuts. Rising geopolitical tensions and oil prices have shifted market focus from safe-haven assets to inflation defense. Sustained Middle East conflicts could further elevate U.S. inflation pressures, limiting the Fed's policy flexibility and adding uncertainty to the global economic outlook.
Private equity firms are focusing on certainty amid geopolitical risks. While confidence in Chinese assets has strengthened, caution remains over valuation risks in U.S. tech stocks. Wealth management subsidiaries of banks are increasingly participating in Hong Kong IPO cornerstone investments, particularly favoring hard-tech companies, with notable gains from recent listings.
The Beijing Stock Exchange continues regular IPO reviews, with capital flowing toward hard-tech sectors like smart manufacturing, auto parts, and high-end equipment. Companies such as HiFiMan have recently listed, and more are undergoing review processes.
Demand for power grid equipment is surging, driven by AI model iterations, large-scale computing clusters, and digital-energy integration. Listed companies in the sector are expanding their布局, with several stocks posting significant gains. Industry experts highlight electricity as a core support for AI computing, opening new growth opportunities across the supply chain.