A股投资策略周报告：财政政策传利好，提振市场预期

Group 1: Core Insights - The report highlights a series of fiscal policies aimed at supporting economic growth, including measures to alleviate local government debt risks and enhance the capital of state-owned banks [1][6][7] - Special government bonds will be issued to bolster the core capital of major state-owned commercial banks, enhancing their risk resistance and credit issuance capabilities [1][6] - Policies will be implemented to stabilize the real estate market, utilizing local government special bonds and tax incentives to support development [1][6][7] Group 2: Market Analysis - The report notes that the fiscal policy will significantly boost economic stability, with the Ministry of Finance indicating a willingness to increase debt limits to address hidden local government debt [1][6][8] - Recent market fluctuations are attributed to profit-taking and a lack of new capital inflow, but long-term factors are expected to stabilize market expectations [8][9] - The central bank's unprecedented support for the capital market is expected to enhance market confidence and stability [8][9] Group 3: Industry and Theme Focus - The report suggests focusing on sectors benefiting from policy direction, such as telecommunications (5G), renewable energy (wind and solar), and electric vehicles, which have shown significant growth [2][9] - Notable industry performance includes a 48.8% year-on-year increase in new energy vehicle production and sales in September [2][9] - The report emphasizes the importance of themes like the Belt and Road Initiative, carbon neutrality, and state-owned enterprise reform as potential investment opportunities [2][9]