汇丰：政策托举和结构性亮点为市场注入积极预期

Group 1 - The core viewpoint of the articles emphasizes the importance of macroeconomic policies in China, particularly the need for sustained and timely policy support to boost economic growth and consumer confidence [1][2] - The focus of monetary policy will be on enhancing policy transmission, reducing overall financing costs, and promoting the use of structural monetary policy tools, with increased funding directed towards technology innovation, service consumption, and elderly care sectors [1] - HSBC maintains a positive outlook on the A-share market, particularly favoring high-quality growth sectors, as the clarity in policy direction is expected to boost market sentiment [1] Group 2 - Capital expenditures by major Chinese technology companies and telecom service providers have accelerated in recent years, driven by the growth of cloud services and AI integration [2] - The home appliance and audio-visual equipment retail sectors have seen strong growth, with year-to-date retail sales increasing by 30.7% and 22.9% respectively, aided by trade-in subsidy policies [2] - The rise of new consumption trends, particularly among the Z generation, is reshaping the consumer market, with this demographic contributing 40% of total consumption despite being less than 20% of the population [2] - By 2035, the overall consumption scale of the Z generation is expected to quadruple to 16 trillion yuan, indicating significant structural growth opportunities in the new consumption sector [2]