政治局会议点评：政策利好进一步释放，A股涨势有望延续

Economic Analysis - The Politburo meeting on September 26 confirmed overall economic stability but highlighted issues such as insufficient domestic demand and challenges in transitioning between old and new growth drivers[1] - Economic data from July to August showed weak performance in consumption and investment, with retail sales and fixed asset investment continuing to decline since March[1] - The GDP growth targets for the year remain under pressure, with previous quarters showing growth rates of 5.3% and 4.7%[1] Fiscal and Monetary Policy - The meeting emphasized the need for stronger fiscal policies, including increased spending and accelerated issuance of special bonds, to support economic growth[1] - The central bank has lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan in long-term liquidity, with potential further cuts of 0.25-0.5 percentage points within the next year[1] - The MLF interest rate has been reduced from 2.3% to 2%, with expectations for further reductions in LPR and reverse repurchase rates[1] Real Estate and Capital Markets - Real estate policies have shifted to emphasize controlling new construction, optimizing existing stock, and improving quality, indicating stricter management to mitigate risks[1] - The meeting signaled increased support for capital markets, focusing on attracting long-term funds, supporting mergers and acquisitions, and advancing public fund reforms[1] - Overall, the meeting's outcomes are expected to sustain the upward trend in A-shares, bolstered by stronger fiscal and monetary policy commitments[1]