Disk observation On Tuesday, the three major A-share stock indexes opened lower, fluctuated upward, and fell again in the afternoon.

The total transaction volume of the two cities was 962.8 billion yuan; the net sales volume of northbound funds was 922 million yuan.

Disk observation: Real estate chain, energy, finance and other sectors were among the top gainers; while hotel and catering, medicine and medical care, tourism and other sectors were among the top losers.

As of the close: the Shanghai Stock Exchange Index rose 0.19% to 3259.86 points; the Shenzhen Component Index fell 0.49% to 12318.78 points; the ChiNext Index fell 1.39% to 2688.23 points.

Outlook for the Market Outlook The three keywords we have mentioned many times since the end of last year: stable growth (big finance and big infrastructure), energy revolution (carbon-neutral new energy), and a strong country through science and technology (big science and technology, big military industry) are issues that require balanced policies.

In reality, it is difficult to perfectly balance the "impossible triangle"; when short-term policies are biased towards "steady growth", "science and technology innovation power" and "energy revolution" may gradually weaken at the margin.

The latest executive meeting of the State Council determined the policy arrangements for the implementation of large-scale value-added tax refunds to provide strong support for stabilizing the macroeconomy; the meeting also emphasized that to maintain policy stability, policies to stabilize economic operations and stimulate market vitality in recent years must be fully implemented.

The implementation may be continued, and at the same time, an assessment of the consistency of policy orientations will be carried out to prevent and correct the introduction of policies that are not conducive to market expectations; and it is again mentioned to maintain the stable and healthy development of the capital market.

It is worth noting that this large-scale VAT refund is a highlight of my country’s new combined tax support policy this year, and the number of small and micro enterprises eligible for the VAT refund is expected to further increase.

Although the tax refund policy does not change corporate profits, it can increase corporate operating cash flow in stages.

In addition, since October last year, meeting the reasonable housing needs of home buyers has become a policy goal of the financial regulatory authorities.

According to incomplete statistics, more than 60 cities have recently relaxed real estate policies.

Previously, the Financial Services Committee held a special meeting, in which real estate was one of the five major topics; the central bank stated that it would prevent and resolve real estate market risks, the China Banking and Insurance Regulatory Commission stated that it would continue to improve the long-term real estate mechanism of "stabilizing land prices, stabilizing housing prices, and stabilizing expectations", and the Ministry of Finance stated that this year

The country does not have the conditions to expand the pilot cities for real estate tax reform; it improved the previous pessimism in the real estate tax-related market and boosted market confidence.

The operational strategy of short- and medium-term stable growth policies is beneficial to big finance and big infrastructure. In addition to the traditional real estate/infrastructure chain, low-carbon infrastructure (energy storage, power exchange, charging, UHV, etc.) and digital infrastructure (computer software, computer equipment, data

Center, etc.) new infrastructure will also jointly assume the function of "stabilizing growth/broadening credit"; and once again emphasized that the "energy revolution" (carbon-neutral new energy), "technological innovation power" (big science and technology)

The mid- and long-term goals of military industry) policy will not change.