宏观政策侧重点进一步转向提振信心

Policy Changes - Recent macroeconomic policies have shifted focus towards boosting market confidence through a series of measures, including significant interest rate cuts and adjustments to mortgage rates[2] - The political bureau meeting emphasized the need for strong measures to stabilize the real estate market, marking a notable change in tone regarding housing prices[2] Economic Indicators - As of late August, M1 money supply decreased by 7.3% year-on-year, while M2 increased by 6.3%, indicating a divergence in liquidity trends[2] - The total investment in government bond-supported equipment renewal projects is nearly CNY 800 billion, reflecting an acceleration in fiscal spending[2] Market Impact - The introduction of new monetary policy tools aims to enhance liquidity for institutional investors, with an initial scale of CNY 800 billion, which is significant compared to the average daily trading volume of CNY 524.2 billion in A-shares[2] - The adjustment of existing mortgage rates is expected to save households an average of CNY 3,000 per year, which could improve consumer sentiment[2] Risk Factors - There is a risk that the recovery of the real economy may not meet expectations, which could undermine the effectiveness of the new policies[2]