华创策略姚佩解读730政治局会议：牛市定心丸，稳策即利好

Core Viewpoint - The meeting of the Central Political Bureau on July 30 emphasized a stable yet progressive economic outlook for the second half of the year, highlighting the resilience and vitality of China's economy despite existing risks and challenges [1][5][8]. Economic Performance - The economy has shown steady progress with significant achievements in high-quality development, positive performance in major economic indicators, and effective risk prevention in key areas [1][5][9]. - The meeting underscored the importance of enhancing awareness of potential challenges and leveraging development opportunities to sustain economic recovery [1][8]. Macroeconomic Policy - Continuous and timely macroeconomic policies are essential, with a focus on implementing more proactive fiscal policies and moderately loose monetary policies to maximize policy effects [1][11][12]. - The government aims to accelerate the issuance and utilization of government bonds to improve fund efficiency and maintain ample liquidity in the monetary policy [1][12]. Demand Expansion - The meeting prioritized expanding domestic demand, emphasizing the need to effectively unleash consumption potential through specialized actions to boost consumer spending and cultivate new growth points in service consumption [2][13][14]. - High-quality investment initiatives are encouraged to stimulate private investment and expand effective investments [2][14]. Reform and Market Development - The meeting called for unwavering commitment to deepening reforms, particularly in building a unified national market and addressing capacity governance in key industries [2][16][17]. - Emphasis was placed on fostering internationally competitive emerging pillar industries and integrating technological and industrial innovation [2][16]. Stability in Bull Market - In the context of a clearly defined upward trend in the bull market, the meeting highlighted the importance of maintaining continuity and stability in macroeconomic policies to foster investor confidence [2][5]. Risk Prevention - The meeting stressed the need to prevent and mitigate risks in key areas such as real estate, local government debt, and capital markets, ensuring a stable economic environment [21][25]. Social Welfare - The meeting emphasized the importance of social welfare, focusing on employment, social security, and agricultural support, while ensuring the safety and well-being of the population [23][24].