策略周刊：政策转向积极，助力市场上涨——如何看待9月政治局会议影响？

Group 1 - The report indicates that the A-share market experienced a significant rebound, with the Shanghai Composite Index rising by 12.81% to 3087.53 points, the Shenzhen Component Index increasing by 17.83%, and the ChiNext Index surging by 22.71% during the week, primarily driven by improved liquidity expectations and strengthened policy outlook [2][7]. - The September Politburo meeting marked a notable shift in policy focus, emphasizing the need to address economic challenges and achieve development goals, which is expected to lead to a medium-term market rebound [2][9]. - The meeting's timing and content suggest a heightened urgency to stabilize the economy, with a clear departure from previous meetings' emphasis on "seeking progress while maintaining stability" to a more proactive approach [2][8][9]. Group 2 - Investment recommendations post-meeting suggest a focus on cyclical and consumer sectors closely tied to economic growth, as the meeting's core message was to prioritize economic development [11]. - The report highlights that real estate policies will be stringent regarding new construction, indicating that downstream consumption and real estate stocks will be key investment themes [11]. - The emphasis on mergers and acquisitions, particularly among state-owned enterprises, is identified as a significant thematic direction for future investments [11]. Group 3 - The report outlines several critical upcoming events that could influence market trends, including the National People's Congress at the end of October, the U.S. presidential election on November 6, and the December Politburo meeting, which will all play pivotal roles in shaping the market's trajectory [10][3]. - The report notes that the current market rebound is not expected to mirror the extensive stimulus measures of 2008, as the focus remains on targeted and effective policy measures rather than broad-based monetary easing [2][9].