人大常委会后如何看市场？

Group 1: Government Debt Policy - The National People's Congress approved a resolution to increase local government debt limits by 6 trillion yuan to replace existing hidden debts[1] - Starting in 2024, 800 billion yuan will be allocated annually from new local government special bonds for five years, totaling 4 trillion yuan to replace hidden debts[1] - The total increase in local debt resources amounts to 10 trillion yuan, including the approved 6 trillion yuan limit[1] Group 2: Economic Outlook - The Ministry of Finance plans to enhance counter-cyclical adjustments and utilize available deficit space to support economic growth[1] - A significant reduction in hidden debt pressure is expected, decreasing from 14.3 trillion yuan to 2.3 trillion yuan by 2028[1] - The A-share market is currently at a historical average valuation, with a PE ratio of 19.25 and a PB ratio of 1.64, indicating medium to long-term investment value[2] Group 3: Market Opportunities - The real estate sector has seen a 44.43% increase since September 24, driven by supportive policies[2] - Fixed asset investment grew by 3.4% year-on-year, with equipment purchases increasing by 16.4%[2] - The focus on technological innovation is emphasized, with new productivity themes expected to enhance corporate valuations in strategic emerging industries[2] Group 4: Risks - There are uncertainties regarding the effectiveness of domestic policies and potential geopolitical disruptions[2] - Market sentiment remains unstable, posing risks to investment confidence[2]