政策靠前发力，新质生产力是主线

Policy Implementation - The meeting emphasized the effective implementation of established macro policies, including the early issuance and utilization of ultra-long-term special government bonds[1] - Coordination among fiscal, monetary, and industrial policies is expected to be enhanced, promoting a more consistent macro policy orientation[1] - Policies for replacing old equipment and updating machinery remain key points for expanding domestic demand[1] Development of New Productive Forces - The meeting highlighted the need to develop new productive forces tailored to local conditions, focusing on future industries[1] - Advanced technologies will be utilized to empower the transformation and upgrading of traditional industries[1] Market Impact - The meeting is likely to positively influence market trends, with A-shares expected to experience further upward fluctuations[1] - Short-term expectations for profitability may improve due to the emphasis on policy implementation and infrastructure investment[1] - Long-term growth expectations are bolstered by the upcoming Third Plenary Session focusing on advancing Chinese-style modernization[1] Liquidity and Risk Appetite - The meeting is anticipated to enhance expectations for liquidity easing, with monetary policy expected to align with fiscal efforts[1] - The emphasis on proactive policy implementation may alleviate market concerns regarding fiscal stimulus[1] - The focus on economic development during the Third Plenary Session is likely to boost market sentiment[1] Beneficiary Industries - Industries related to new productive forces, such as TMT, electric new energy, machinery, and pharmaceuticals, are expected to benefit[2] - The real estate sector and its supply chain may also see advantages from policies aimed at digesting existing properties and promoting high-quality development[2]