每周推荐 | “两会”精神学习：区间目标的双重内涵（申万宏观·赵伟团队）

Core Viewpoint - The article emphasizes the dual connotation of the interval target set for economic policy, which aims to provide space for structural adjustment, risk prevention, and reform promotion, with a GDP growth target of 4.5%-5% for 2026 [2][32]. Group 1: Economic Policy and Reform - The core policy direction is to ensure that both fiscal and reform efforts are robust, with fiscal policy maintaining a "more proactive" stance and monetary policy remaining "moderately loose" [3][34]. - The focus on expanding domestic demand has been prioritized for two consecutive years, emphasizing the release of service consumption and the role of new infrastructure in driving growth [4][34]. Group 2: Two Sessions Insights - The article discusses the significance of the "Two Sessions" in shaping economic policy, highlighting the need for a proactive approach to address both domestic and international challenges [9][32]. - It outlines the government's commitment to maintaining a stable economic environment while promoting high-quality development and addressing structural issues [34][32]. Group 3: Consumer Trends and Economic Indicators - The article notes a shift in consumer behavior, with a potential transition from quantity to quality in consumption patterns, particularly in the context of post-holiday travel demand [17][21]. - It also provides insights into recent economic indicators, such as the decline in the PMI for February, indicating challenges in the manufacturing sector [26][27].