宏观动态点评：货币政策适度宽松，财政政策更加积极

Monetary Policy Insights - The Central Political Bureau meeting on December 9, 2024, emphasized a "moderately loose" monetary policy to stimulate market expectations[3] - In 2024, there were two reductions in the reserve requirement ratio (RRR), totaling 100 basis points (BP), releasing approximately 1 trillion yuan in liquidity each time[4] - The one-year Loan Prime Rate (LPR) was reduced by 35 BP and the five-year LPR by 60 BP in 2024, with further rate cuts expected in early 2025[4] Fiscal Policy Insights - The fiscal policy is set to be "more proactive," focusing on boosting domestic consumption as a key strategy to counter external uncertainties[5] - The Central Political Bureau highlighted the need to "vigorously boost consumption," particularly targeting low-income groups through social security and income increase policies[5] - The goal for GDP growth in 2025 is set at 5%, supported by a series of favorable policies aimed at stabilizing the real estate and stock markets[3][5] Economic Growth Projections - A virtuous cycle of consumption and investment is gradually being established, with significant improvements in retail sales and infrastructure investment growth rates observed in October 2024[3] - The focus for 2025 will be on "stability while seeking progress," with an emphasis on integrating technological and industrial innovation to foster new economic growth drivers[3]