中共中央政治局会议点评：政策加码强化向好趋势

Core Insights - The meeting of the Central Political Bureau on December 9, 2023, set a more proactive tone for the 2025 economic policy, emphasizing a "more proactive fiscal policy" and "moderately loose monetary policy," indicating a significant increase in economic support [2][3] - The focus on boosting consumption has been elevated, with expectations of increased fiscal policy measures to stimulate consumption, which is crucial for economic recovery and restoring confidence in the capital markets [2][3] Policy Outlook - The report anticipates a strong market phase driven by policy, fundamentals, and external factors, with a new phase of policy expectations likely to emerge, particularly benefiting the consumer sector [3] - The report suggests that the consumer sector is currently undervalued and may experience significant valuation recovery if supportive policies are implemented [3] Investment Recommendations - The report recommends focusing on investment opportunities in the consumer sector, which is expected to benefit from upcoming consumption policies, alongside maintaining a positive outlook on the technology sector [3]