分析师：郝一凡 1）正视外部关税冲击，做好积极应对。 会议在形式判断和工作基调中指出"外 部冲击影响加大，要强化底线思维，充分备足预案"、"统筹国内经济工作和国际 经贸斗争"、"积极维护多边主义，反对单边霸凌行径"，均指向关税税率尽管仍 有谈判空间，但或难以修复至特朗普上台以前的水平，外部冲击加大，要积极 应对，做好充足的预案。 2）二季度尽快落实已出台"先手"政策，增加"后手"政策增量储备。 一方 面，"既定政策早出台早见效"反映出二季度的政策重心主要在于要尽快落实好已 有政策的发力见效，财政政策延续积极基调，货币政策延续适度宽松基调；另 一方面也针对关税带来的不确定性影响，增加"后手"政策增量储备，以备形势变 化阶段及时推出。 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 积极应对关税影响——2025年4月政治局会议解读 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。中共中 央总书记习近平主持会议。 通过对比发现，此次政治局会议与以往相比更加侧重于"积极应对关税影响"。 对于本次政治局会议内容，我们总结出以下七大重点： 本文来自： ...

Group 1 - The core viewpoint of the report emphasizes the need to actively respond to external tariff impacts, highlighting the importance of preparing adequate contingency plans in light of increasing external shocks [10][12][16] - The report outlines seven key points from the April 25 Politburo meeting, including the urgency to implement existing "proactive" policies and to increase reserves for "reactive" policies in response to uncertainties from tariffs [12][13][16] - There is a strong focus on boosting consumption, particularly in the service sector, as a means to enhance economic growth, with specific measures proposed to increase consumer spending [13][14][16] Group 2 - The report indicates a shift in real estate policy towards stabilization, with future measures expected to focus on supply-side initiatives rather than demand stimulation [14][16] - Support for companies significantly affected by tariffs is highlighted, particularly in terms of maintaining employment levels [14][16] - The report suggests that the capital market will remain stable and active, with backing from central financial institutions to support the A-share market [15][16] Group 3 - The analysis of the bond market indicates a phase of volatility, with expectations of a potential downward trend in interest rates as the government increases bond issuance [19] - In the stock market, there is a cautious outlook due to ongoing tariff negotiations and a potential decrease in risk appetite as holidays approach [19][20] - The report notes that sectors with high dividend yields, such as banking and utilities, are seen as defensive plays, while gold stocks may provide risk hedging opportunities [19][20]