金吾财讯 | 华泰证券表示，7月政治局会议对形势的判断为“动能向新、结构向优”，同时明确强调“高度重视经济运行中的困难挑战”，政策应对相应升格：充分发挥存量政策效能，下半年总量政策的想象空间或较4月会议进一步打开。核心边际变化体现在三个方面：第一，扩内需强调“加力”，新增财政金融协同促内需提法，服务消费与“六张网”进入落地期。第二，“人工智能+”由全面实施转向深入实施，并首次并举“基础研究长期稳定支持”与“前沿技术突破和未来产业发展”。第三，全国统一大市场建设进入制定实施条例阶段，反内卷与清欠进入制度化、常态化阶段。大势上，增量政策预期叠加资本市场“韧性和信心”的增量表述，市场下沿支撑逻辑强化，会议对风险偏好的影响偏积极。配置上，建议重点关注服务消费、新型电网/算力网等“六张网”、国产算力链、以及经营周期底部附近的反内卷受益品种。
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