海通证券荀玉根：2025年财政政策聚焦三条主线

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy, focusing on three main areas to stimulate economic growth [1] Group 1: Fiscal Policy Directions - The government plans to increase the issuance of ultra-long special government bonds, targeting the "two new" and "two heavy" sectors, while also supplementing bank capital [1] - The use of certain special bonds will return to land reserves and real estate-related areas [1] - Special bonds may be directed towards emerging industry infrastructure, indicating a shift in investment focus [1] Group 2: Future Fiscal Space - The government is leaving room for policy adjustments, suggesting that if economic growth remains under pressure in the second half of the year, there may be a possibility of further increasing fiscal efforts [1]