宏观经济点评：7月政治局会议学习：充分释放，有效释放

Economic Outlook - The Politburo meeting on July 30 emphasized the strong vitality and resilience of the economy in the first half of the year, while urging caution for the second half[2] - The focus for the "14th Five-Year Plan" is expected to be on actively expanding domestic demand and responding to external changes, particularly in manufacturing investment and service consumption[2][3] Policy Direction - The macro policy will continue to exert force and adapt as necessary, with a key emphasis on effectively releasing policy effects and potential for domestic demand[3][4] - Fiscal policy will prioritize the implementation of existing policies, focusing on quality rather than quantity, to enhance the fiscal multiplier effect[4] Fiscal and Monetary Measures - The issuance of special bonds and ultra-long-term treasury bonds is expected to maintain a certain intensity in Q3, with a focus on consumption and investment[4] - There is a higher probability of interest rate cuts and reserve requirement ratio reductions in Q4 compared to Q3, given the economic pressures[5] Domestic Demand and Investment - The meeting highlighted the importance of effectively releasing domestic demand potential, with a focus on service consumption growth and investment in urban renewal projects[5][6] - Urban development is shifting from expansion to quality improvement, emphasizing the renovation of existing structures and infrastructure upgrades[6] Market and Trade Stability - The meeting underscored the need to stabilize foreign trade and foreign investment, with policies aimed at maintaining a solid foundation in these areas[6] - There is a continued emphasis on stabilizing the stock market to attract long-term capital and maintain market momentum[6]