Xin Lang Cai Jing·2025-12-14 07:04Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing maintained a relatively positive stance, indicating a focus on stabilizing investment and addressing demand-side weaknesses in the economy [1][2][3] Group 1: Economic Assessment and Policy Directions - The conference highlighted the phrase "strong supply, weak demand," indicating increased attention to the current decline in demand, suggesting that policies targeting demand may be introduced soon [7] - The narrow fiscal deficit rate is expected to remain at 4% next year, with an emphasis on maintaining necessary fiscal deficits and total debt levels, while also addressing local fiscal difficulties [7][8] - Monetary policy will prioritize promoting stable economic growth and reasonable price recovery, indicating a higher focus on economic development and price stabilization among multiple monetary policy goals [2][7] Group 2: Investment and Consumption Strategies - The conference emphasized expanding domestic demand as a key task for next year, with specific measures to boost consumption through increasing residents' income, optimizing the "two new" policy, and releasing potential in service consumption [2][8] - The focus on major projects is expected to be a primary driver for investment recovery, particularly as next year marks the beginning of the 14th Five-Year Plan [3][9] - Historical data suggests that the market tends to favor large-cap stocks in the week following the conference, with sectors such as oil and petrochemicals, telecommunications, and electronics showing higher probabilities of price increases [3][9]