2025年“高赤字”与“中支出”的财政组合或为“科技股友好型”财政。一方面，今年财政赤字率提升1个点至4%并创新高，符合近十年科技股拔估值的经验规律；另一方面，财政支出增速趋近名义GDP增速目标4.9%，利于科技股跑赢消费。核心结论科技股或是今年中国资产的“定价锚”（风格影响股市，风偏影响债市）。科技股走势可分为产业趋势和估值，财政通过赤字（动物精神）和支出（贴现率）影响估值。根据两会公布的...
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