From January to February, the development of broad fiscal expenditure has supported the macro-economy, but the continued weakness of the real estate market may drag on future fiscal expenditure. In addition, under the background of repeated epidemics and weakening economic expectations, it remains to be seen whether the recovery of enterprise investment and residents' consumption activities can be sustained, and the stabilization and recovery of macro-economy still needs to wait.
The setting tone of the financial committee meeting dispelled the market's doubts about policies, helped to promote the improvement of market sentiment, and then led the market to rebound rapidly.
Although the current macro-economy is still in the process of deceleration, under the background of positive policy shift and warmer market sentiment, the systematic downward risk of the equity market is low, and the range and sustainability of market rise need to pay attention to the implementation of policies.
Risk tips: (1) the epidemic development exceeded expectations; (2) Geopolitical risk
