金吾财讯 | 中信证券研究指，上周政策围绕先进制造提质、新兴产业扩投资和民生消费扩容密集落地。全国先进制造业大会将新一代智能制造作为主攻方向，“人工智能+制造”专项行动有望带动高端芯片、工业软件和智能装备等关键环节加快补短板。电子信息、医药和文旅“十五五”规划同步出台，为半导体、A算力、创新药及文旅消费等领域明确中长期增长空间。政策同时通过开放应用场景、治理中小企业回款难、扩大养老康复与体育赛事供给，进一步改善民营企业投资环境并释放服务消费需求。调研显示，乌兰察布—张家口算力建设景气度仍在加速，中联数据远期规划7GW、阿里巴巴内蒙古算力规模预计2027年达到2GW，供电、能评和土地正逐渐取代需求成为项目落地的主要约束。海外方面，美日同步加息，全球流动性环境维持偏紧。风险因素：经济复苏不及预期；宏观逆周期政策不及预期；产业政策及“十五五”总体规划重点项目推进不及预期；海外通胀及货币政策超预期收紧；地缘政治风险进一步上升等。
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