招商证券指出，继“资本市场”一词出现在政治局会议通稿中，本次政治局会议进一步明确“稳定股市”，足见决策层对于股市的高度重视，亦反应决策层对股市在经济社会生活重要作用的高度认同。排序上看，“稳住楼市股市”表述位置靠前，反应决策层对于股市重视程度提高，“稳住”反应决策层期待更为明确。此外，会议特别指出“加强超常规逆周期调节”、“更加积极的财政政策和适度宽松的货币政策”，将直接影响股市分子端和分母端表现。期待后续中央经济工作会议更多实质性政策接次出台。China-affiliated brokerage stocks experienced a broad rise in early trading. As of the time of reporting, gf sec (01776) rose by 4.31%, priced at 12.1 HKD; swhy (03678) increased by 3.8%, priced at 3.28 HKD; htsc (06886) climbed by 2.92%, priced at 14.8 HKD; china merchants (06099) grew by 1.67%, priced at 18.28 HKD.
According to the Zhitong Finance APP, China-affiliated brokerage stocks experienced a broad rise in early trading. As of the time of reporting, gf sec (01776) rose by 4.31%, priced at 12.1 HKD; swhy (03678) increased by 3.8%, priced at 3.28 HKD; htsc (06886) climbed by 2.92%, priced at 14.8 HKD; china merchants (06099) grew by 1.67%, priced at 18.28 HKD.
In terms of news, the Politburo of the Central Committee held a meeting on December 9th to analyze and study the economic work for 2025. citic sec noted that the December Politburo meeting established a monetary policy direction of "moderate easing" and removed the "prudent" requirement. By reviewing historical monetary policy reports, the periods of policy operational switch during Politburo meetings, and the market changes in stocks, bonds, and foreign exchange, after the reaffirmation of this round of loose monetary tone, the probability of a rapid exit from loose monetary tools in the future is relatively low, and a bond bull market may continue in phases, while a dual bull market in stocks and bonds could be expected.
china merchants pointed out that the term "capital markets" appeared in the Politburo meeting's press release, and this Politburo meeting further clarified the need to "stabilize the stock market," demonstrating the decision-makers' high regard for the stock market and reflecting their strong recognition of the stock market's important role in economic and social life. In terms of order, the expression "stabilize the real estate and stock markets" appears earlier, indicating an increase in the decision-makers' emphasis on the stock market, and the term "stabilize" reflects their expectations more clearly. Furthermore, the meeting specifically mentioned "strengthening extraordinary counter-cyclical adjustments," "more proactive fiscal policy and moderately loose monetary policy," which will directly impact the performance of the numerator and denominator in the stock market. Anticipation for more substantive policy implementations from the upcoming central economic work meeting.
