市场点评：正视问题，宽松以对

Group 1 - The report emphasizes the need to address external adverse impacts and expand domestic demand as a response to the deepening challenges faced by the economy, particularly highlighting the importance of macroeconomic policies in 2025 [2][5] - The central economic work conference indicates that the external environment's adverse effects are intensifying, leading to a more severe assessment of the economic situation compared to previous meetings, which is a key factor for implementing extraordinary counter-cyclical adjustments [2][5] - The report outlines five key relationships that need to be coordinated in 2025, including effective markets and proactive government, total supply and total demand, and the cultivation of new momentum while updating old momentum [2][5] Group 2 - The report details that extraordinary counter-cyclical adjustments will primarily focus on fiscal policy, with an increase in fiscal deficit rates exceeding 3% and the issuance of over 1 trillion yuan in special bonds to support key projects [2][5] - Monetary policy is expected to remain accommodative in 2025, with potential interest rate cuts and adjustments to align social financing and money supply with economic growth and inflation expectations [2][5] - The emphasis on expanding domestic demand will focus on "two new" and "two重" initiatives, with a particular push for consumption and income growth among low- and middle-income groups [2][5] Group 3 - The report highlights the need to accelerate the development of new productivity and address "involution" competition, with a focus on technological innovation and the construction of a modern industrial system [5][6] - The central economic work conference reiterates the importance of stabilizing the real estate market while implementing existing policies without introducing significant new measures [6][7] - The report suggests that the emphasis on expanding domestic demand will serve as a catalyst for a shift towards consumption-related investment opportunities in sectors such as healthcare, tourism, and consumer goods [7]