华福证券任志强：政策基调稳中有进

Core Viewpoint - The reports by Ren Zhiqiang emphasize the importance of a robust policy framework to support high-quality development during the "14th Five-Year Plan" and set a solid foundation for the upcoming "15th Five-Year Plan" [1][2]. Group 1: Economic and Policy Insights - The past five years have effectively addressed multiple challenges, leading to simultaneous advancements in hard and soft strengths, which provide a solid material foundation for the "15th Five-Year Plan" [1]. - The upcoming macroeconomic policies will focus on enhancing the effectiveness of policy combinations, particularly in fiscal, monetary, industrial, and technological areas, to support the real economy [1]. - The emphasis on "proactive and effective macro policies" indicates a shift towards more coordinated and targeted policy measures to improve macro governance efficiency [1]. Group 2: Policy Framework - The "Eight Persistences" framework aims to cover both supply and demand sides, focusing on domestic demand and innovation to drive economic growth [2]. - The policy framework highlights the importance of coordinating existing and new policies, indicating a transition from isolated measures to a more integrated approach, which is expected to significantly enhance policy transmission efficiency [2].