申万宏观：开局之年，地方如何“因地制宜”？

Group 1 - The central economic work conference emphasizes the need for structural changes in domestic demand and the concept of "anti-involution" across three levels [2][3][41] - The central financial office highlights the importance of leaving room for future risks in fiscal policy and the forward-looking, scientific adjustment of monetary policy [2][41] - The focus on optimizing consumption structure indicates a shift from commodity consumption to a balance between commodity and service consumption, aligning with current consumption trends [2][48] Group 2 - Investment strategies should combine investments in physical infrastructure and human capital, with a focus on consumer-related infrastructure projects [11][51] - The central financial office plans to implement major projects under the 14th Five-Year Plan and guide private investment towards high-tech and service sectors [11][51] - The emphasis on establishing a unified national market and "anti-involution" measures requires precise actions from the market, government, and enterprises [3][54] Group 3 - The fiscal and tax departments are focused on ensuring financial stability while addressing local fiscal difficulties, including the issuance of long-term special government bonds [4][58] - Financial regulatory bodies are using various tools to support the real economy and the real estate market, emphasizing the importance of timing and intensity in policy implementation [4][59] - The industrial departments are collaborating to cultivate new productive forces, particularly in digital transformation and key technology breakthroughs [4][65] Group 4 - Local governments are adapting the central economic work conference's spirit to their specific circumstances, focusing on breaking "involution," promoting "investment in people," and establishing a correct view of performance [5][66] - Different regions are pursuing development strategies based on their unique endowments, with eastern regions emphasizing outward competition and future technology, while central and western regions focus on green, transitional, and security aspects [5][34][66] - The emphasis on "investment in people" indicates a shift towards enhancing human capital alongside physical investments, with local governments recognizing the importance of this balance [5][66]