策略快评报告：政治局会议进一步提振市场信心

Economic Policy Insights - The Central Political Bureau meeting on December 9, 2023, set a positive tone for economic work in 2025, aiming to boost market sentiment and stabilize investor confidence[2] - The meeting emphasized the implementation of a more proactive fiscal policy and moderately loose monetary policy, indicating stronger macroeconomic regulation than market expectations[2] - Focus on boosting consumption and improving investment efficiency to expand domestic demand, with an emphasis on technological innovation leading new productive forces[2] Capital Market Outlook - The meeting highlighted the importance of stabilizing the real estate and stock markets, aiming to prevent risks in key areas and external shocks, which reflects a strong policy focus on the capital market[2] - Following favorable policies since September, investor confidence in the A-share market is expected to continue recovering, with trading activity likely to increase[2] - The report suggests that long-term capital is encouraged to invest in the A-share market, which will help stabilize the market and improve the quality of listed companies[2] Investment Recommendations - Focus on high-quality companies in the new productive forces sector, particularly in technology growth areas[2] - Anticipate increased mergers and acquisitions among central state-owned enterprises as industry consolidation accelerates[2] - Expect multiple highlights in the large consumption sector due to comprehensive domestic demand expansion and consumption stimulation[2] - The non-bank sector leaders are likely to benefit from a more ample liquidity environment and recovering capital market confidence[2]