9月政治局会议点评：政治局会议高度关注经济，部署稳增长提振市场信心

Economic Outlook - The Politburo meeting on September 26, 2024, emphasized the importance of economic growth and market confidence, marking a shift in focus towards economic issues[1] - The meeting maintained the annual economic growth target at 5%, indicating a need for significant macroeconomic adjustments in Q4 to achieve this goal[1] - There is a recognition of marginal economic slowdown in Q2 and Q3, with persistent issues of structural imbalance and insufficient domestic demand[1] Policy Measures - The government plans to accelerate the implementation of 1 trillion yuan in special bonds and other fiscal policies, with expectations for increased funding deployment in Q4[1] - Monetary policy is expected to remain accommodative, with a potential reserve requirement ratio (RRR) cut of 0.75-1.0 percentage points to support fiscal measures[1] - Real estate policies are being strengthened to stabilize the market, focusing on inventory reduction and boosting consumer confidence[1] Market Confidence - The early release of the Politburo meeting's summary is seen as a positive signal for market confidence, especially following the announcement of a policy package on September 24[1] - The meeting highlighted the urgency of economic work and the need to enhance responsibility in achieving economic targets[1] - Continued support for the capital market is anticipated, with policies aimed at increasing market financing capabilities and encouraging long-term investments[2]