策略快评报告：增量利好政策出台，助力提振市场信心

Group 1 - The report highlights the approval of an increase in local government debt limits by 6 trillion yuan to replace hidden debts, which is expected to significantly reduce local interest expenses and alleviate financial pressure on local governments [1][3] - The Ministry of Finance plans to allocate 800 billion yuan annually from new local government special bonds for debt repayment over the next five years, potentially replacing a total of 4 trillion yuan in hidden debts [1][3] - The report emphasizes a shift in fiscal policy towards balancing risk prevention and promoting development, which aims to enhance economic growth and improve domestic demand amid current economic challenges [1][3] Group 2 - The report anticipates further fiscal policy measures aimed at boosting demand, including tax policies to support the real estate market and the issuance of special government bonds to strengthen state-owned banks' core capital [1][3] - It is expected that by 2025, more robust fiscal policies will be implemented, including the expansion of special bond issuance and increased central government transfers to local governments for key areas such as technology innovation and public welfare [1][3] - The report suggests that the implementation of these policies will likely lead to a recovery in domestic consumption and the real estate market, positively impacting capital market confidence and stabilizing market expectations [3]