中央经济工作会议，多位券商首席经济学家火速解读！

Core Viewpoint - The Central Economic Work Conference held in Beijing from December 10 to 11 outlines the economic work for 2026, emphasizing a shift in policy focus from merely increasing efforts to enhancing collaboration and effectiveness in economic measures [1] Policy Framework - The policy tone has shifted from "promoting stability through progress" to "seeking progress while maintaining stability and improving quality and efficiency" [2][3] - The conference continues to advocate for a moderately loose monetary policy, with potential adjustments in reserve requirement ratios and interest rates to stimulate economic growth [2] - Fiscal policy is expected to maintain necessary levels of deficit and debt, with a focus on optimizing expenditure structure rather than aggressive expansion [3] Domestic Demand Strategy - The strategy to "build a strong domestic market" is prioritized, addressing the imbalance between strong supply and weak demand [4] - Key initiatives include optimizing the implementation of "two new" policies (equipment updates and trade-ins), establishing a plan for urban and rural income growth, and addressing the decline in fixed asset investment [4][5] Innovation and Competition Regulation - The conference emphasizes "innovation-driven development" and the need to cultivate new growth drivers while addressing "involution" in competition [6] - Specific focus areas for innovation include advancements in artificial intelligence, semiconductor research, and the application of digital technologies in manufacturing [6] - The regulation of competition is set to become a key reform task, with a focus on establishing a unified national market and addressing issues like price wars and local investment incentives [7] Real Estate and Capital Market - The policy approach to the real estate market has shifted to a long-term model focusing on controlling increments, reducing inventory, and optimizing supply [7] - The capital market is expected to see deeper reforms, with a shift in focus from stability to enhancing market mechanisms and supporting new quality productivity [7]