财政金融协同联动，可以实现"1+1>2"的倍增效应，引导更多金融资源流向支持就业创业、中小企业融 资、促消费等领域。政府部门、金融机构要完善协作机制，密切配合。不断优化完善各项措施，促进政 策实施提质增效。 近期发布的数据显示，在实施创业担保贷款奖补政策中，中央财政每奖补1亿元，可撬动新发放创业担 保贷款约50亿元，支持约1.75万人创业。这个令人点赞的"四两拨千斤"撬动作用，正是通过加强财政政 策与金融政策协同联动、放大政策效能实现的。 另一方面，不断优化完善各项措施，促进政策实施提质增效。无论是个人消费贷款和消费领域的服务业 经营主体贷款贴息，还是政府性融资担保支持就业创业，都有必要持续做好政策实施跟踪，多听取个 人、经营主体反馈与诉求，评估政策实施效果，提高政策精准性、有效性。提升服务效能，简化业务流 程，确保政策红利便捷直达个人和经营主体。此外，还可以创新财政金融协同的政策工具，更好适应经 济发展和市场运行需要。 攥指成拳，合力更强。财政政策与金融政策加强协同联动，将成为今年实施更加积极有为宏观政策的重 要发力点，向经济高质量发展提供更多、更精准的资金支持，为"十五五"开好局、起好步提供有力保 障。 ...

Market Performance - In August, the Shanghai Composite Index rose by 7.97%, while the ChiNext Index increased by 24.13%[1] - Despite a weakening macroeconomic backdrop in July, liquidity and risk premiums were the primary drivers of the recent market rally[2] Liquidity and Economic Outlook - Liquidity is identified as the main driver of the recent market uptrend, with expectations for continued liquidity-driven performance in the stock market[3] - Since 2020, residents have accumulated 24 trillion yuan in excess savings, which could flow into the stock market if market conditions remain favorable[4] Domestic Policy Developments - The "anti-involution" policy continues to be implemented, with a focus on improving livelihoods and consumption policies[5] - Recent policies aim to expand consumer demand while ensuring high-quality economic development, with a strong emphasis on fiscal investment in human capital[6] Overseas Policy Impact - The U.S. "America First" investment policy is accelerating geopolitical fragmentation and localization, affecting global investment flows[7] - Trade fragmentation is encouraging companies to adjust supply chains, benefiting strategic and emerging technology sectors in allied countries[8] Fixed Income Market Dynamics - The current trend of deposit migration is linked to declining deposit rates and rising stock markets, which may slow down as equity market volatility increases[9] - The yield spread between 10-year government bonds and policy rates has returned to a "normal" range, potentially reducing the selling pressure on bonds[10] Investment Strategy - September is characterized as a "bullish option" period for A-shares, with limited downside risks and potential for significant upward movement driven by new capital inflows[11] - The correlation between A-share performance and the renminbi exchange rate is strong, with expectations for continued support from foreign capital allocation[12]