策略点评报告：926政治局会议信号：努力提振资本市场，关注金融、消费和并购重组

Group 1: Meeting Signals and Economic Goals - The Central Political Bureau held a meeting on September 26, 2024, indicating a strong focus on the current economic situation and the need for policy adjustments [7][13]. - The economic goal has shifted from "resolutely completing" to "striving to complete" the annual economic targets, highlighting the necessity and urgency for policy implementation [7][13]. - The meeting emphasized the need to "increase counter-cyclical adjustments in fiscal and monetary policies," marking a significant shift in macroeconomic policy [7][13]. Group 2: Policy Directions - Monetary policies will include reserve requirement ratio cuts, interest rate reductions, and adjustments to existing mortgage rates [7][13]. - Fiscal measures will involve the issuance of ultra-long special government bonds and special bonds, with attention on the financial increments from the October Standing Committee meeting [7][13]. - The real estate sector will see new policies aimed at stabilizing the market, including increased support for "white list" projects, relaxation of purchase restrictions, and reductions in existing mortgage rates [7][13]. Group 3: Capital Market and Consumption - The focus on revitalizing the capital market has been reiterated, with attention on attracting medium to long-term funds, mergers and acquisitions, public fund reforms, and protection for retail investors [7][13]. - There is an increased emphasis on promoting domestic demand, with comprehensive efforts to enhance residents' income, consumption structure, and consumption formats [7][13]. - The A-share strategy includes a combination of monetary easing, special bonds, stabilization of the real estate market, consumption promotion, and active capital market policies, leading to a rebound in A-shares [7][13]. Group 4: Industry Focus - The report suggests focusing on three main directions driven by policy and liquidity: finance, consumption, and technology, along with themes of mergers and acquisitions and undervalued assets [7][14].