Pre-market report on A shares | Pension benefits receive top-level catalyst, venture capital gains policy support again.

Investment Calendar State Council Information Office introduces the implementation of two new policies Editor's View The market rebounded in the afternoon yesterday, ending the four-day decline; EB SECURITIES believes that if the market prefers marginal recovery, small-cap growth stocks may see oversold repairs. Pre-market News 1. Concerning pensions! The Central Committee of the CPC and the State Council issued opinions on establishing major national science and technology projects for pension services Type: Industry Mood Impact: Positive The Central Committee of the CPC and the State Council issued opinions on deepening the reform and development of pension services. The opinions propose that by 2029, the pension service network will be basically completed; research will be conducted to establish major national science and technology projects related to pension services, focusing on promoting the research and application of technology products such as human-shaped Siasun Robot & Automation, brain-machine interface, and artificial intelligence. 2. State Council Document! Venture capital funds should focus on developing new productive forces to solve key areas of bottleneck problems Type: Macro Mood Impact: Positive The General Office of the State Council issued guidance on promoting the high-quality development of government investment funds. It mentioned that venture capital funds should focus on developing new productive forces, support technological innovation, invest early, invest small, invest long-term, invest in hard technology, promote the acceleration of achieving high-level technological self-reliance, and solve key bottleneck problems. 3. Chinese Futures Exchange sends a signal! High-frequency traders shall not receive reduced transaction fees, serious violators will be banned from the market Type: Market Mood Impact: Positive The Chinese Futures Exchange issued two new regulations, adding content such as "high-frequency traders recognized by the exchange shall not receive reduced transaction fees." In the industry's view, this move also responds to the regulatory requirement to reduce the frequency and speed of high-frequency trading. The regulation confirms the charging of high-frequency trading fees in the form of regulations, and adds the violation handling method for "improper use of reduced transaction fees by the exchange." 4. The People's Bank of China expands gold reserves for two consecutive months, institutions predict that gold will reach a new high again in 2025 Type: Macro Mood Impact: Positive The central bank released data showing that at the end of December 2024, China's National Gold Group Gold Jewelry reserves amounted to $191.34 billion, a total of 73.29 million ounces, expanding gold reserves for the second consecutive month. Last year, gold prices hit a series of historic highs, and Morgan Stanley analysts predict that gold prices will continue to rise, especially if the United States increases tariffs. Institution's Point of View 1. EB SECURITIES: Short-term adjustments are nearing an end, if the market prefers marginal recovery, small-cap growth stocks may undergo oversold repairs. 2. Industrial: The market as a whole is still in the stage of expectation-driven, and fundamental improvement is yet to be verified, retaining a dumbbell-type configuration. 3. Orient: External disruptions are fading, and major stock indices will build short-term bottoms, with technology innovation themes being short-term hotspots. Prospective Positive and Negative Announcements 1. Ministry of Industry and Information Technology conducts pilot work on 10G optical network, exploring the integration of 10G optical network with artificial intelligence technology Type: Policy Focus Galaxy Securities: Demand for communication equipment, as the cornerstone of digital economy computing power infrastructure, is expected to see high growth. Related sectors may encounter greater opportunities, focusing on operators, optical communication, quantum communication, 5G applications, and other emerging industries empowering the related industry chain. 2. Xiaopeng Motors soars by over 9% in U.S. stocks, Xiaopeng's flying car will be put into mass production delivery in 2026 Type: Market Discussion Shanxi: By 2023, China's low-altitude economy has exceeded 500 billion yuan, with the market size estimated to reach 1.5 trillion yuan by 2025 and potentially reaching 3.5 trillion yuan by 2035, demonstrating enormous market potential and vast development space. 3. Progress of artificial sun refreshes again! The domestic largest size superconducting magnet dynamic testing system is completed Type: Institutional Hot Comment CITIC SEC: Fusion is expected to become the ultimate energy source in the civilian power generation field. With a relatively certain technological path and increasing investments by various countries, the pace of commercialization of fusion reactors may exceed market expectations. Pay attention to long-term investment opportunities related to materials. Announcements Express Positive Announcements 1. China CSSC: The competent authorities, including the State-owned Assets Supervision and Administration Commission of the State Council, have tentatively approved the major asset restructuring plan 2. New Hope Liuhe: Sales revenue from pigs in December 2024 increased by 31.69% year-on-year 3. Tech-Bank Food: The expected profit for 2024 is 1.36 billion to 1.56 billion, turning around year-on-year Negative Announcements 1. Shaanxi Meibang Pharmaceutical Group: The company has a small external float, with the risk of irrational speculation 2. North Navigation Control Technology: Net profit in 2024 is expected to decrease by 72.43% to 77.11% year-on-year 3. Dongfeng Automobile: Sales of new energy vehicles in December 2024 decreased by 24.49% year-on-year Overseas Markets The three major U.S. stock indices collectively fell, with U.S. employment data better than expected, showing continued economic resilience. Market expectations for the first interest rate cut by the Federal Reserve this year have been delayed, and seven giants of the U.S. stock market experienced a general decline, with NVIDIA falling by over 6% and Tesla by 4%. This article is from "Tencent Self-selected Stocks", GMT8 Editor: Xu Wenqiang.