Economic Environment - The U.S. exhibits high uncertainty in its economic and financial environment, while China is characterized by "certainty," with major uncertainties being addressed, including real estate and local debt issues[1] - China's policy emphasizes maintaining "certainty" and preparing for economic work, highlighting "bottom-line thinking" and comprehensive plans[1] Investment Insights - China's financial market volatility is expected to be lower than that of the U.S., influenced by external uncertainties and domestic stability[2] - The focus is on internal demand and self-sufficiency in the context of ongoing external shocks, making these areas key for capital market attention[5] Policy Measures - Six key policy measures are outlined, including accelerated fiscal policies and new monetary tools, aimed at stabilizing the economy without contractionary policies[2][16] - Emphasis on developing service consumption and supporting struggling enterprises through various measures, including a new "technology board" in the bond market[3][16] Real Estate and Employment - The overall strategy for real estate remains focused on controlling new growth while managing existing stock[4] - Policies are aimed at ensuring livelihoods and employment, indicating a stronger social safety net[4] Market Strategy - The current market is viewed as a "golden pit" for investment opportunities, with expectations of continued support from domestic policies against low prices and asset sell-offs[5][17] - The focus on external trade stability and diversified layouts is crucial for maintaining market confidence[19] Debt Market Strategy - The debt market strategy involves leveraging the rotation of beta and alpha, with a focus on discovering yield spreads, particularly in mid-term and long-term bonds[25][26] - Recent trends show a compression of spreads in mid-term bonds, while long-term bonds face pressure from the issuance of special government bonds[25] Risk Factors - Risks include potential downturns in real estate, slower-than-expected recovery in consumption, and escalating overseas risks[13] - The macroeconomic recovery may not meet expectations, with potential impacts on related industries and domestic exports[13]