政治局会议后货币政策走向：适度宽松不变，降准降息表述淡出

Group 1 - The core viewpoint of the meeting emphasizes the need for sustained macroeconomic policy efforts, with a focus on implementing more proactive fiscal policies and moderately easing monetary policies to fully unleash policy effects [1][2] - The monetary policy will maintain a moderately loose orientation, with an emphasis on ensuring ample liquidity and promoting a decline in the comprehensive financing costs for society [1][2] - The meeting did not directly mention "timely interest rate cuts," but introduced a new expression regarding the goal of "promoting the decline of social comprehensive financing costs" [1][2] Group 2 - The focus on utilizing existing structural monetary policy tools to support key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade is highlighted [2] - Analysts suggest that the necessity for new large-scale incremental policies, including interest rate cuts, has decreased due to the stable external economic environment and the observation period following previous rate cuts [2][3] - There is an expectation that the central bank may consider further interest rate cuts or reserve requirement ratio reductions if necessary, to create a favorable financial environment for large-scale government bond issuance and credit allocation [3]