中央经济工作会议如何影响A股？

Fiscal Policy - The central economic work conference emphasized a more proactive fiscal policy for 2026, characterized by "one flat and three increases," meaning the fiscal deficit rate will remain the same as this year, while the scale of new special bonds, ultra-long-term special government bonds, and quasi-fiscal policy tools will increase [1][11] - The conference highlighted the need to maintain necessary fiscal deficits, total debt scale, and total expenditure, while optimizing the structure of fiscal expenditure and standardizing tax incentives and fiscal subsidy policies [1][11] Monetary Policy - The monetary policy for 2026 is expected to be moderately loose, with potential policy interest rate cuts of 0.2 to 0.3 percentage points and a reserve requirement ratio cut of 1 percentage point, likely implemented once in each half of the year [2][12] - Structural monetary policy tools are anticipated to increase in volume and decrease in price, aimed at supporting key sectors such as technological innovation, manufacturing transformation, green development, and small and micro enterprises [3][13] Debt Risk Management - The conference explicitly stated the need for multiple measures to resolve the operational debt risks of local government financing platforms, focusing on debt restructuring through extension and interest rate reductions [3][13] Employment and Social Stability - Employment remains the top priority in social policy, with a focus on stabilizing employment for key groups such as college graduates and migrant workers, which is crucial for maintaining social stability [8][18] - The conference also discussed optimizing centralized drug procurement to create a more favorable policy environment for industry development [8][18] Capital Market Outlook - The policies outlined are expected to provide strong support for economic growth in 2026 and lay the foundation for a sustained bull market in A-shares, driven by structural shifts in household savings towards capital markets and supportive policies [9][20] - The economic environment is projected to stabilize, allowing investors to achieve steady returns through quality stock or fund allocations, emphasizing the importance of rational and patient investment strategies [10][20]