投资于物和投资于人紧密结合，潜力巨大｜宏观月报

Group 1 - The central economic work conference emphasizes the need to stabilize investment and expand domestic demand as a priority for economic work in the coming year [1][5] - The government plans to increase the scale of central budget investment and optimize the management of local government special bonds to stimulate private investment [1][6] - The upcoming "14th Five-Year Plan" will see the acceleration of strategic emerging industries and future industry projects, supported by sufficient financial tools and special bond reserves [1][6] Group 2 - In November, the social financing scale increased by 24,885 billion yuan, exceeding market expectations, with a notable contribution from non-standard financing and corporate bond financing [2][3] - The contribution of credit to social financing decreased, with new RMB loans of 4,053 billion yuan in November, reflecting insufficient effective demand in the macro economy [2][3] - Non-standard financing increased significantly, with corporate bond financing reaching 4,169 billion yuan, indicating a shift towards direct financing [3][4] Group 3 - The industrial added value maintained steady growth, with a year-on-year increase of 4.8% in November, while fixed asset investment showed a cumulative year-on-year decrease of 2.6% [5][6] - The demand for equipment updates remains strong due to trends in digitalization and automation, with policies supporting large-scale equipment updates expected to be implemented in 2024 [6] - The central economic work conference highlights the importance of combining "investment in people" and "investment in materials" to unlock significant potential [1][6] Group 4 - In November, the total retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, although it showed a decline compared to October [7] - The government plans to implement actions to boost consumption and develop a plan for increasing urban and rural residents' income [7] - The overall resilience of foreign trade has supported stable economic growth, but challenges remain for the upcoming year, necessitating stable exchange rates to promote exports [7]