兴业证券王涵 | 加大逆周期与跨周期调节力度，确保“十五五”良好开局——学习2025年中央经济工作会议精神的五点体会

Group 1 - The article emphasizes the positive trajectory of China's capital market and the increasing market sentiment, particularly in light of the Central Economic Work Conference held on December 10-11, which outlines the direction for China's macroeconomic development towards 2026 [1] - The conference highlighted the "Five Musts" for economic work, which include fully tapping economic potential, balancing policy support with reform innovation, ensuring effective regulation, combining investments in goods and people, and strengthening internal capabilities to face external challenges [1] - The meeting acknowledged the challenges faced by the economy but stressed the importance of confidence and leveraging advantages to maintain stable growth, indicating a readiness for economic work in 2026 [2] Group 2 - The conference established a general tone of "seeking progress while maintaining stability" with key policy goals focused on stabilizing employment, enterprises, markets, and expectations, reflecting a multidimensional and systematic approach to policy [3] - It emphasized the need to expand domestic demand and optimize supply to address the supply-demand imbalance, highlighting both demand-side management and supply-side reforms [3] - The monetary policy will focus on promoting stable economic growth while ensuring reasonable price recovery, indicating a supportive monetary environment for economic recovery [3] Group 3 - Eight key tasks for 2026 were outlined, emphasizing the integration of counter-cyclical and cross-cyclical policies across various dimensions such as domestic demand, innovation, reform, and social welfare [4] - Specific measures include implementing actions to boost consumption, increasing residents' income, and promoting a unified national market to enhance competition and support the private economy [4] - The policies aim to address short-term economic growth challenges while also opening up long-term growth potential [4] Group 4 - The conference's decisions are expected to enhance the stability and positive outlook of the capital market by reducing concerns over short-term economic growth through proactive macro policies [5] - The emphasis on cross-cyclical policies is seen as a way to create a favorable environment for long-term value investment in the capital market [5] - The focus on strengthening internal capabilities and better coordinating domestic economic work with international trade challenges is anticipated to bolster the economy's resilience against external shocks, providing a solid foundation for the capital market [5]