中国银河证券：保持必要强度，优化支出方向

Core Viewpoint - The central economic work conference emphasizes the continuation of a more proactive fiscal policy, with significant implications for China's economic transition and development strategies [1] Group 1: Fiscal Policy Characteristics - The fiscal policy for 2026 will focus on expanding expenditure while maintaining necessary spending intensity, with the broad deficit rate expected to remain stable compared to 2025 [1] - There will be an optimization of expenditure direction, particularly increasing support for domestic demand and technology, utilizing tools such as ultra-long-term special bonds and fiscal subsidies flexibly [1] - The fiscal policy will adopt a proactive approach, aiming for an "early start and quick use" rhythm to ensure a strong beginning for the 14th Five-Year Plan [1]