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Overall, this is a good thing for A shares.Implement a more active fiscal policy and a moderately loose monetary policy.

After the terminal consumption, it has an obvious pulling effect on the middle industry, and the PMI in October and November has also returned to above 50.The prefix of "moderately loose" monetary policy was "prudent" last year, and the prefix of "moderately loose" was adopted last time in 2010, which has not been used for more than ten years, so it is rare.Therefore, consumption is our focus for a long time to come, and it is also often said: to open up the big cycle of domestic consumption. Next year, we will issue 1 trillion special treasury bonds and make a fuss about consumption.

Overall, this is a good thing for A shares.Implement a more active fiscal policy and a moderately loose monetary policy.