两会｜外资机构解读政府工作报告，政策组合以供给侧优先！

Group 1 - The government's work report sets a pragmatic economic growth target of 4.5% to 5%, reflecting a focus on stability and structural adjustments rather than aggressive stimulus measures [1][2] - The inflation target remains at 2%, with expectations of a slight increase in CPI, indicating a cautious approach to managing price levels [2][3] - The policy mix prioritizes supply-side reforms, emphasizing technological upgrades and infrastructure support while gradually increasing focus on domestic demand [2][4] Group 2 - Consumer spending is highlighted as a key policy goal, but the measures to boost consumption are described as moderate and targeted rather than broad-based stimulus [4][5] - The report includes a commitment to stabilize the real estate market, encouraging local governments to manage inventory and reform housing finance systems [5][6] - The capital market may experience a re-inflation trade, with potential benefits for A-shares, particularly in technology sectors aligned with government priorities [6][7]