策略观点：新一轮财政刺激出台，或利好化债概念股

Core Viewpoints - A new round of fiscal stimulus has been introduced, focusing on resolving local government debt, which is expected to benefit debt resolution concept stocks [2][3] - The fiscal stimulus plan includes a "6+4+2" trillion yuan local government debt resolution scheme, increasing the local debt limit by 6 trillion yuan for replacing existing hidden debts, with an annual allocation of 2 trillion yuan from 2024 to 2026 [3] Market Focus - The short-term market is anticipated to focus on structural trends, with attention on high-quality Hong Kong high-dividend stocks and blue-chip stocks with significant buybacks [2][4] - As policies take effect, there is an expectation of improved corporate earnings, leading to a potential shift in market focus from policy to fundamentals [4] Investment Opportunities - Short-term trading opportunities may arise in sectors likely to benefit from local government debt resolution, including: 1. Asset Management Companies (AMCs) that have experience in debt management and are expected to see improved fundamentals due to policy support [5] 2. Urban Investment Platforms, which will focus on resolving debts through asset management [5] 3. Public-Private Partnership (PPP) concept stocks, particularly in environmental sectors like landscaping and ecological governance [5] - The real estate and banking sectors are also expected to benefit from local government debt resolution, potentially stabilizing the real estate market and improving bank asset quality [5]