重要会议出炉！下一轮刺激什么时候会出来

Market Performance - The real estate index experienced a peak increase of 2.89%, which boosted market risk appetite [1] - The Hang Seng Technology Index saw a decline from a 2% increase to only 0.14% by the close of trading [5] - Southbound capital recorded a net outflow of 7 billion, following a net inflow of 3.387 billion the previous day and a net outflow of 18.1 billion before that, indicating a trend of net outflows over three trading days [5] Policy Expectations - The market reacted to the announcement of policies, which aligned with expectations but did not meet the higher anticipations of some foreign investors [6][8] - The focus of foreign capital is on early policy implementation to preemptively address tariff impacts rather than waiting for tariffs to take effect [7] Real Estate Sector - The government aims to stabilize the real estate market without the need for significant stimulus, suggesting that the sector is gradually stabilizing [9] - There is an indication that major policy moves are expected in the third quarter, with no significant changes anticipated in the second quarter [10] Investment Strategies - The company is employing grid trading strategies for various ETFs, including a focus on free cash flow ETFs, which are designed to provide stable returns with lower volatility compared to sector-specific indices [12][14] - The grid strategy for the free cash flow ETF has been structured to capitalize on price fluctuations, with a specific price range established for trading [16][18] Market Sentiment - The overall sentiment suggests that without exceeding expectations in policy announcements, the stock market may struggle to gain momentum in the short term [10][11] - The market is expected to experience continued fluctuations, with a recommendation to engage in grid trading strategies to manage investments effectively [12][18] Bond Market Insights - The current equity-bond yield spread stands at 6.51%, indicating that the overall market's cost-effectiveness is higher than 95.57% of historical data, suggesting a favorable environment for equities [23]