中央经济工作会议点评：全面扩内需，聚焦促科创

Economic Outlook - The Central Economic Work Conference held on December 11-12, 2023, emphasized a pragmatic approach with a more proactive fiscal policy and continued moderate monetary easing, which is expected to stabilize and potentially elevate market support levels[1] - The conference highlighted the importance of maintaining a stable real estate and stock market, which is beneficial for consolidating market risk appetite[2] Market Style - Small-cap stocks are expected to outperform due to a favorable liquidity environment, although short-term relative returns have reached historical highs, necessitating careful timing[3] - Consumer spending and broad-based technological innovation are prioritized, with a focus on enhancing consumption capabilities and creating diverse consumption scenarios[4] Key Themes - Urban renewal is a major focus, with increased fiscal spending and a commitment to government investment in this area, particularly in infrastructure[5] - Environmental governance initiatives include new measures for land and solid waste management, as well as accelerated development of renewable energy bases[6] - The conference introduced new economic themes such as the "first release economy" and "ice and snow economy," aimed at boosting consumption[7]