重磅会议定调，债市迎机遇

Group 1 - The central political bureau meeting emphasized the need to utilize existing policies, enhance domestic demand, and implement proactive macroeconomic policies, indicating a neutral market interpretation with low expectations for extraordinary stimulus measures [1] - The bond market is showing a neutral to slightly positive trend, as there are no aggressive measures to support the real estate sector, and bond yields have experienced a slight decline following the meeting [1] - The meeting highlighted the importance of counter-cyclical and cross-cyclical adjustments in macroeconomic policy, with a focus on integrating existing and new policies to support economic stability [1] Group 2 - Recent data indicates a growth in consumer spending, with retail sales in Shanghai expected to increase by 4% due to consumption subsidies and promotional activities, suggesting a gradual improvement in consumption [2] - The bond market is expected to receive clear policy support in 2026, with moderate inflation pressure, making the ten-year government bond ETF (511260) an attractive investment tool due to its duration advantage and reasonable valuation [2] - The strategy of "buying on dips" is recommended for long-term gains in the bond market, as ongoing subsidy policies are likely to sustain moderate improvements in consumption data [2]