野村解读政治局会议：经济前景更乐观，政策重心转向落地

Group 1 - The core viewpoint of the article indicates that the Chinese government has adopted a more optimistic stance on economic growth and the easing of Sino-U.S. trade tensions, as reflected in the Politburo's recent meeting outcomes [1][2] - The Politburo's attitude towards the economic growth outlook has improved compared to the April meeting, with a notable reduction in concerns regarding the Sino-U.S. trade conflict [2][3] - The upcoming Fourth Plenary Session in October will focus on formulating the "15th Five-Year Plan," which is expected to shape future economic policies [1] Group 2 - The meeting emphasized the need for detailed implementation of macroeconomic policies, suggesting a shift from introducing new policies to enhancing the effectiveness of existing ones [4] - There is a reduced urgency for large-scale stimulus measures in key sectors, with a focus on developing new growth points in service consumption and supporting goods consumption [5][6] - The government remains cautious regarding local government debt issues, emphasizing the need to prevent the accumulation of new hidden debts while addressing existing debt challenges [6] Group 3 - The tone regarding "anti-involution" actions has softened, with the Politburo opting for a more general approach to addressing disorderly competition rather than specific measures to eliminate outdated capacity [3][4] - The recent trade negotiations between China and the U.S. have led to a more moderate stance on export support, reflecting a decrease in urgency following the potential extension of the tariff truce [6] - The meeting did not mention any plans for additional funding for the vehicle trade-in program, indicating a limited scope for new consumer incentives [5][6]