中信证券明明：中国下半年增量政策的看点或来自于政策工具创新

Core Viewpoint - The chief economist of CITIC Securities, Mingming, indicates that the highlights of China's incremental policies in the second half of the year may stem from innovations in policy tools, given the strong economic performance in the first half of the year, with a growth rate of 5.3% exceeding market expectations [1] Group 1 - In the first half of the year, China's economic total showed steady improvement and structural optimization, achieving a growth rate of 5.3% [1] - The government has historically implemented expansionary total policies in the second half of the year to effectively support growth [1] - Given the satisfactory macroeconomic results in the first half and the full utilization of annual policy funding, incremental policies in the second half may focus on innovative policy tools [1] Group 2 - The innovative policy tools are expected to target weak links in the current macroeconomic landscape [1] - Key areas for continued support in the second half include real estate storage, service industry, consumption, and the continuation of the "14th Five-Year Plan" and "15th Five-Year Plan" [1]