2025年4月政治局会议解读：落实“先手”政策，充实“后手”储备

Group 1 - The core viewpoint of the report emphasizes the need to actively respond to external tariff impacts, highlighting the importance of preparing adequate contingency plans in light of increasing external shocks [10][12][16] - The report outlines seven key points from the April 25 Politburo meeting, including the urgency to implement existing "proactive" policies and to increase reserves for "reactive" policies in response to uncertainties from tariffs [12][13][16] - There is a strong focus on boosting consumption, particularly in the service sector, as a means to enhance economic growth, with specific measures proposed to increase consumer spending [13][14][16] Group 2 - The report indicates a shift in real estate policy towards stabilization, with future measures expected to focus on supply-side initiatives rather than demand stimulation [14][16] - Support for companies significantly affected by tariffs is highlighted, particularly in terms of maintaining employment levels [14][16] - The report suggests that the capital market will remain stable and active, with backing from central financial institutions to support the A-share market [15][16] Group 3 - The analysis of the bond market indicates a phase of volatility, with expectations of a potential downward trend in interest rates as the government increases bond issuance [19] - In the stock market, there is a cautious outlook due to ongoing tariff negotiations and a potential decrease in risk appetite as holidays approach [19][20] - The report notes that sectors with high dividend yields, such as banking and utilities, are seen as defensive plays, while gold stocks may provide risk hedging opportunities [19][20]