Group 1: Market Stability and Policy Expectations - The market's future focus will be on the return of overseas volatility and domestic policy expectations, especially with the Fed's interest rate cut window opening and the "14th Five-Year Plan" draft being discussed[2] - The official manufacturing PMI has been below the growth line for five consecutive months, increasing the likelihood of monetary easing measures such as rate cuts and reserve requirement ratio reductions[4] - The youth unemployment rate has significantly increased, indicating urgent policy responses to stabilize employment are necessary[4] Group 2: Economic Trends and Risks - The overseas market has seen a decline in volatility, but recent geopolitical tensions and fiscal risks in Europe and Japan may lead to renewed market fluctuations[3] - The pressure for fiscal expansion and concerns over bond supply may further increase interest rates and liquidity pressures[3] - The "14th Five-Year Plan" draft is expected to provide clearer signals for industry policy direction, with a focus on new productivity drivers[5] - The implementation of consumption-boosting policies is underway, with 30 measures being promoted to stimulate consumer spending[4][13] - Risks include potential policy outcomes falling short of expectations, unexpected changes in the domestic economic situation, and fluctuations in exports[6]