1108人大常委会新闻发布会事件点评：10万亿化债超预期，筑牢A股长牛基础

Group 1: Economic and Policy Insights - The U.S. presidential election results in Trump's victory, which may lead to increased trade protectionism and inflationary pressures on China[3] - The Federal Reserve has lowered interest rates by 25 basis points, from a target range of 4.75%-5% to 4.5%-4.75%[4] - China's debt reduction plan includes a total of 10 trillion yuan, with 6 trillion yuan allocated for local government debt replacement over three years and 4 trillion yuan in new special bonds over five years[6] Group 2: Debt Management and Economic Impact - The plan aims to reduce local governments' hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, significantly easing debt pressure[6] - Local governments will save approximately 120 billion yuan annually in interest payments, allowing for a focus on high-quality development and domestic demand stimulation[6] - The expected increase in fiscal spending in Q4 2024 is projected to rise to 9.2% year-on-year, up from a mere 2% in the first three quarters[1] Group 3: Market Implications - The debt reduction measures are expected to support the A-share market, as historical debt reduction has led to positive market trends[2] - Investment focus should shift towards domestic demand, technology, and small-cap stocks benefiting from increased liquidity[2] - City investment bonds are likely to see a significant narrowing of credit spreads, presenting a potential investment opportunity[2]