国元证券：政策迈向三个再平衡

Group 1 - The core viewpoint of the news is that the Central Economic Work Conference held on December 10-11 in Beijing outlines the focus and rhythm of economic work for 2026, emphasizing a framework centered on expanding domestic demand, driven by reform and innovation, and guided by high-quality development [1][2] - Guoyuan Securities indicates that the first priority is the "internal" and "external" rebalancing of policy focus, with a cautious judgment on "international economic and trade struggles," suggesting that the current external environment provides a window for focusing on domestic tasks such as boosting internal demand and fostering new growth drivers [1] - The rebalancing of the policy cycle from "short-term support" to "medium- and long-term structural optimization" is highlighted, with a shift in real estate policy from ensuring stability to reforming the housing provident fund system, while maintaining space for incremental adjustments in response to changing circumstances [1] Group 2 - In terms of policy orientation, Guoyuan Securities notes a rebalancing between "stability" and "progress," indicating a trend towards "progress" while maintaining a foundation of "stability," which aligns with the transition of the economy from high-speed growth to high-quality development [2] - The economic policy orientation reflects the resilience of the economic fundamentals and the continuous activation of new growth drivers, consistent with the objective reality of China's economic development [2]