本轮增量政策后续或如何演绎？

Group 1: Core Insights - The current market sentiment is influenced by pre-holiday expectations, leading to a significant opening on Tuesday, but subsequent adjustments reflect a correction in policy expectations [2][6][8] - The report emphasizes that the recent policy changes represent a phase shift in focus rather than a complete reversal of the policy framework, maintaining a commitment to "high-quality development" [2][6][7] - The anticipated issuance of special bonds is expected to be more targeted and efficient, with potential amounts being lower than market expectations [2][6][7] Group 2: Investment Recommendations - The report suggests that the main focus for the market post-holiday will likely remain on technology stocks, particularly those related to domestic substitution in sectors like core military industry, computing power, and semiconductor equipment [8] - Investors are advised to consider accumulating dividend assets and long-term bonds during market dips, as the focus shifts towards new productivity-related technology sectors [8] Group 3: Market Review and Outlook - The major indices experienced declines during the week, with the Shanghai Composite Index down by 3.56% and the Shenzhen Component Index down by 4.45% [9][10] - Most industry sectors saw declines, particularly in consumer staples and real estate, indicating a broader market pullback [9][10] - The trading activity showed a decrease in turnover rates across major indices, reflecting a cooling off in market enthusiasm [13][17]