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中央政治局今日（2024年9月26日）今日召开会议，提出多方面的重要指示。会议分析研究当前经济局势，部署下一步经济工作。会议强调加大财政货币政策逆周期调节力度，保证必要财政支出等重要指示。港股市场再次受到提振，恒生科技指数在本周二上涨近5.9%的基础上，今日一路延续上涨；恒指距第一阶段20,000点咫尺之遥。行业表现方面，消费行业维持领涨，地产和互联网行业表现强势。
会议指出全面客观冷静看待当前经济形势，肯定经济基本面和发展潜力，正视经济运行所面临的一些困难，经济工作应努力完成全年经济社会发展目标任务。会议指导经济工作主动作为，有效落实存量政策，并加大力度推出增量政策，进一步提高政策措施的针对性、有效性。
在政策方面，会议强调要加大财政政策和货币政策的逆周期调节力度，保证必要的财政支出，切实做好基层“三保”工作。在财政政策方面，对超长期特别国债和地方政府专项债的发行使用，会议强调政府发挥投资带动。货币政策方面，政治局会议强调降低存款准备金率，以及实施有力度的降息。
对于地产方面的态度，会议强调经济工作要促进房地产市场止跌回稳。在供给端，对商品房建设要严控增量、优化存量、提高质量。会议强调加大“白名单”项目贷款投放力度，支持盘活存量闲置土地。在需求端方面，会议强调回应群众关切，调整住房限购政策，降低存量房贷利率。完善土地、财税、金融等政策，推动构建房地产发展新模式。
提振资本市场方面，会议指出大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点；支持上市公司并购重组，稳步推进公募基金改革，研究出台保护中小投资者的政策措施。
会议还提及多方面的工作指导。营商支持方面，会议指出帮助企业渡过难关，进一步规范涉企执法、监管行为；出台民营经济促进法，为非公有制经济发展营造良好环境。加大引资稳资力度，抓紧推进和实施制造业领域外资准入等改革措施，进一步优化市场化、法治化、国际化一流营商环境。关于民生和扩内需，会议指出把促消费和惠民生结合起来，促进中低收入群体增收，提升消费结构。要培育新型消费业态。要支持和规范社会力量发展养老、托育产业，抓紧完善生育支持政策体系。会议强调，要守住兜牢民生底线，重点做好应届高校毕业生、农民工、脱贫人口、零就业家庭等重点人群就业工作，加强对大龄、残疾、较长时间失业等就业困难群体的帮扶。要加强低收入人口救助帮扶。要抓好食品和水电气热等重要物资的保供稳价。要切实抓好粮食和农业生产，关心农民增收，抓好秋冬生产，确保国家粮食安全。
投资策略：本次会议在财政货币政策方面的指导更加积极，并提及提振资本市场，为港股市场注入强心剂。海外主要央行已正式进入降息周期，外围限制性政策缓解在短期有助港股分母端流动性改善，对港股形成积极支撑，利率敏感型行业股价弹性更大，包括互联网龙头、医药和消费等行业。中长期方面，由于外围限制性货币政策逐步宽松，人民币汇率企稳上涨，国内政策空间进一步打开。本周二中国人民银行行长在国新办会上的内容，以及今日政治局的积极表态大幅提振港股市场的信心，后续托底经济政策加码出台的预期上升，港股分子端预期有望继续改善，我们认为当前港股配置价值仍然很高。
风险因素：1）国内经济复苏进度不及预期；2）国际地缘政治事件升温；3）海外衰退预期反复扰动。
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