7月政治局会议点评：政策有望加码，改革提供动力

Core Insights - The report highlights that the upcoming policies are expected to be intensified, with reforms providing the necessary momentum for economic development [2][5][32] - The July Politburo meeting indicates a shift towards more proactive macroeconomic policies, emphasizing the need for sustained and enhanced efforts in policy implementation [2][17] Policy Directions - Fiscal Policy: The focus is on supporting major national strategies and key areas, with an emphasis on the rollout of significant projects [2][17] - Monetary Policy: There is an increased likelihood of interest rate cuts and reserve requirement ratio reductions to support the real economy [2][17] - Consumption: The report stresses the importance of boosting consumption, particularly in service sectors, as a means to expand domestic demand [2][17] Risk Management - Real Estate: The approach involves balancing the digestion of existing stock with the optimization of new supply, indicating potential for enhanced policies in this sector [2][17] - Local Debt: The report suggests that measures to accelerate the resolution of local financing platform debt risks will be implemented [2][17] - Capital Markets: Emphasis is placed on maintaining a healthy and stable capital market, with a focus on risk prevention [2][17]