创金合信基金魏凤春：积极地等待

Group 1: Market Overview - The macroeconomic fundamentals in China show a weak recovery, with fixed asset investment declining by 1.7% year-on-year from January to October, worsening from a 0.5% decline in the previous period [9] - The real estate sector continues to struggle, with a 14.7% year-on-year drop in real estate development investment, and 70 cities experiencing a continuous decline in new home prices for 28 months [10] - The overall economic recovery remains fragile, with structural pressures from both domestic and external factors, necessitating targeted policy tools to address supply and demand imbalances [10] Group 2: Policy and Economic Strategy - The upcoming "15th Five-Year Plan" emphasizes the importance of expanding domestic demand and revitalizing the agricultural economy, with a focus on enhancing agricultural productivity and rural modernization [12] - The central government's approach to local governance will prioritize stimulating consumption, particularly in services, as a means to support income and employment, especially for migrant workers [11] - The structural characteristics of central bank policies indicate a need for a balanced approach that does not blindly follow external monetary policy changes, focusing instead on domestic economic recovery [6][7]