Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The ongoing US-China trade conflict is described as a "struggle," with a call for emergency plans to assist affected businesses and accelerate policy easing measures [1] - The report highlights the need for Beijing to adopt bolder actions to address unprecedented challenges, including cleaning up the real estate sector and reforming the pension system to support consumption sustainably [5] - The meeting emphasized the importance of stabilizing employment and prices, particularly in light of the significant tariffs imposed by the US [9] Summary by Sections Economic Policy Measures - The report urges the implementation of "more proactive macroeconomic policies" and emphasizes the need to accelerate policy execution [6] - It suggests that the government should expedite the use of special bonds issued by local and central governments [6] - The report maintains predictions for a 50 basis point reserve requirement ratio cut and a 15 basis point interest rate cut in the second quarter, with similar actions expected in the fourth quarter [6] Support for Affected Industries - New structural monetary policy tools and financial instruments will be introduced to support technological development, expand consumption, and stabilize foreign trade [8] - A new relending plan will be launched to promote service consumption and elderly care services [8] - The leadership has committed to increasing the unemployment insurance fund's return ratio to support employment stability for businesses severely impacted by tariffs [8] Agricultural and Labor Market Stability - The report stresses the need to enhance domestic agricultural production to stabilize prices of essential goods, especially in light of the US's high tariffs on Chinese imports [9] - It highlights the challenges posed by the low substitutability of certain US-imported agricultural products and the time required for domestic production adjustments [9] - The report underscores the importance of providing multifaceted support to struggling enterprises, including improving financing channels [10]

美股市场陷入"胆小鬼"的博弈，特朗普美联储要比比谁先怂。 在特朗普关税政策的反复"拉扯"下，隔夜美股上演"过山车"行情，三大美股指齐收创半年新低。与第一个任期不同， 特朗普目前仍没有"救市"迹象 ，"特朗普看 跌期权"的行权价格看来"深不见底"。 目前 市场寄希望于美联储将"首先认怂"降息救市 ，这就是为什么股市抛售的同时前端利率却在上涨。 但美银分析师警告， 美联储的首要目标依然是通胀 。如果有明确衰退信号，美联储肯定会迅速降息。但如果经济增长放缓至低于趋势水平（但仍为正增 长），且通胀高于目标，降息可能会对外释放错误信号。 "特朗普看跌期权"行权价格看来"深不见底" 在经历周一大跌后，特朗普似乎对安抚市场 依然"无动于衷"。 为了回应加拿大安大略省对输美电力征收25%附加费，特朗普周二直接宣布将加拿大钢铝关税翻 倍至50%，这直接引发美股盘中跳水。 在尾盘的采访中，特朗普更是对市场大跌无动于衷， 称抛售与他无关，市场有涨有跌 ；鸡蛋和汽油价格已下降，美国经济不会衰退，经济将让人"刮目相看"。 这直接导致美股回吐了早盘的部分涨幅。 "美国需要一场衰退"的宏观叙事似乎开始主导市场。 与特朗普1.0相比，特朗普 ...