两会前瞻：政策延续及新的变化

Group 1 - The economic goals for 2026 are set to be more pragmatic, with GDP growth target adjusted to 4.5-5.0%, CPI target maintained at around 2%, and urban unemployment rate around 5.5% [4][5][6] - The macroeconomic policy is expected to maintain continuity, with a focus on enhancing the synergy between fiscal and monetary policies, emphasizing support for consumption, investment in people, and social welfare [2][6][8] - The government aims to expand domestic demand as a primary task, promoting a virtuous cycle between supply and demand through new demand leading to new supply [8][12] Group 2 - The A-share market is anticipated to be driven by policy catalysts, with a focus on industry themes and opportunities, characterized by rapid style switching and policy hot spots rotation [16][17] - Key investment themes include the "anti-involution" concept driven by improved supply-demand dynamics and industry profit recovery, as well as technology growth sectors such as semiconductors, AI, and new energy [17][22] - The "anti-involution" index has significantly outperformed the CSI 300 index, indicating strong market interest in sectors that focus on quality and efficiency improvements [22][27]