华创证券研究所副所长、首席宏观分析师张瑜：明年逆周期政策或从超常规转向常规

Group 1 - The central economic work conference emphasized the need to maintain stability while seeking progress and improving quality and efficiency in economic policies for the upcoming year [1][2] - The integration of existing and new policies will be enhanced, with a focus on increasing counter-cyclical and cross-cyclical adjustments to improve macroeconomic governance effectiveness [1][2] - Analyst Zhang Yu noted that the current policies are considered extraordinary, leading to a noticeable improvement in economic circulation, with indicators such as M1 and corporate and household deposit growth rates showing a continuous rebound [1][2] Group 2 - There is an expectation for the economy to gradually reduce its reliance on extraordinary policies, potentially returning to normalized counter-cyclical policies by 2026 [1][2] - The macroeconomic policy approach is characterized as flexible, dynamic, and responsive to changing circumstances [1][2]