Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rhythm of macro - policies may change in the second half of the year. The downward trend of treasury bond yields remains the general direction. The equity market is expected to have a long - bull market. The core of bond market trading lies in controlling the rhythm of band trading, and it is maintained that the third quarter is the window for going long in the bond market in the second half of the year [1][7]. Summary According to the Table of Contents 730 Politburo Meeting Six Key Points of Concern 1. **Affirming the achievements of economic development in the first half of the year and a potentially stable and improving external environment** - In the first two quarters of 2025, China's GDP grew by 5.4% and 5.2% year - on - year respectively, with a cumulative growth of 5.3% in the first half of the year. To achieve the 5% growth target, the GDP growth rate in the second half only needs to reach 4.7%, so the economic work pressure is relatively small [14]. - Compared with the April meeting, the external environment uncertainty has significantly decreased. The overall trend of the equal - tariff policy is clear, and Sino - US relations have continued to ease [15]. 2. **Macro - policies should be both continuous, stable and flexible** - Continuity and stability mean maintaining an actively expanding macro - policy to support the overall trend of the marginal improvement of the macro - economy [16]. - Flexibility and predictability aim to guide market expectations, and the possibility of policy discretion in the second half of the year may increase [16]. 3. **From "intensifying implementation" to "timely boosting", the policy rhythm may change** - In terms of rhythm, "timely boosting" reflects the difference in the macro - environment between April and July, and the flexibility of macro - policies will increase. The policy strength depends on the economic operation [18]. - In terms of quality, from "making full use" to "implementing in detail", the policy will shift from "expanding quantity" to "improving quality". Fiscal policy focuses on improving capital use efficiency, and monetary policy aims to promote the decline of social comprehensive financing costs [18][19]. 4. **Defining three major anti - involution tasks** - The tasks are to "govern the disorderly competition of enterprises in accordance with laws and regulations, promote the capacity governance of key industries, and standardize local investment promotion behaviors". The policy determination of anti - involution should not be underestimated [4][20]. 5. **More positive statements about the capital market** - The meeting proposed to "enhance the attractiveness and inclusiveness of the domestic capital market and consolidate the momentum of the capital market's recovery and improvement". The equity market is expected to have a long - bull market [5][21]. 6. **Focusing on urban renewal in the real estate field** - The meeting only mentioned "implementing the spirit of the Central Urban Work Conference and carrying out high - quality urban renewal". The real estate market may still need further policy support [6][22]. Mapping to the Bond Market - In the process of promoting the decline of social comprehensive financing costs, the downward trend of treasury bond yields remains the general direction. With the increase in macro - policy flexibility, bond market fluctuations may expand. The core of bond market trading in the second half of the year lies in controlling the rhythm of band trading, and it is maintained that the third quarter is the window for going long in the bond market in the second half of the year [7][25].