Group 1 - The core viewpoint emphasizes the need for a comprehensive governance strategy and supporting policy system for solid waste management to curb the growth of solid waste in China [1] - The State Council has initiated a solid waste comprehensive governance action plan, focusing on enhancing infrastructure for harmless storage, transportation, and disposal, while promoting resource utilization and circular economy development [1][2] - Solid waste, heavy metal pollution, and new pollutants management are crucial for advancing the construction of a beautiful China, with current challenges including a lack of scientific assessment indicators and insufficient policy support [1][2] Group 2 - China's solid waste generation exceeds 11 billion tons annually, with over 33 billion tons of industrial solid waste stored historically, posing ecological risks [2] - Recent investigations revealed over 20 environmental violations related to solid waste in 109 cities, primarily concerning illegal dumping of construction waste [2] - The need for a strategic plan for solid waste governance is highlighted, as the current economic development stage presents new challenges and changes in solid waste disposal [4][5] Group 3 - The growth rate of hazardous waste generation has slowed since 2019, indicating a shift in the solid waste disposal industry that necessitates a reform in management practices [5] - The demand for recycled building materials has decreased, suggesting that the management of large solid waste types should adapt to market supply and demand changes [5] - Effective management of solid waste requires a coordinated approach, including national and local planning, and the establishment of a comprehensive regulatory framework [6]

Group 1 - The State Council, led by Premier Li Qiang, emphasized the need for all departments to align their actions with the central government's economic work requirements and policies for the upcoming year, enhancing responsibility and urgency in task execution [1] - The meeting highlighted the importance of safety production, stressing the need for continuous vigilance and proactive measures to prevent major accidents, particularly in key industries [2] - A comprehensive solid waste management action plan was deployed, focusing on reducing waste generation, resource utilization, and harmless disposal, with an emphasis on waste closely related to public safety and daily life [2] Group 2 - The draft implementation regulations for the Value-Added Tax Law were approved, aiming to ensure smooth implementation and protect taxpayer rights while fostering a fair competitive environment [3] - The draft Commercial Mediation Regulations were also approved, aiming to standardize commercial mediation activities and enhance the credibility of mediators, while aligning domestic rules with international standards [3]

Report Industry Investment Ratings - Iron ore: Oscillating [2] - Coking coal and coke: Oscillating [2] - Rolled steel and rebar: Oscillating [2] - Glass: Oscillating [2] - Soda ash: Oscillating [2] - CSI 500 Index Futures/Options: Rebounding [3] - CSI 1000 Index Futures/Options: Rebounding [3] - 2 - year Treasury bonds: Oscillating [3] - 5 - year Treasury bonds: Oscillating [3] - 10 - year Treasury bonds: Consolidating [3] - Gold: Oscillating with a bullish bias [3] - Silver: Oscillating with a bullish bias [3] - Logs: Rebounding from the bottom [4] - Pulp: Oscillating [4] - Offset paper: Weakly oscillating [4] - Soybean oil: Oscillating with a bearish bias [7] - Palm oil: Oscillating with a bearish bias [7] - Rapeseed oil: Oscillating with a bearish bias [7] - Soybean meal: Oscillating with a bearish bias [7] - Rapeseed meal: Oscillating with a bearish bias [7] - Soybean No. 2: Oscillating with a bearish bias [7] - Soybean No. 1: Oscillating with a bearish bias [7] - Live pigs: Bullish - biased [8] - Rubber: Oscillating [8] - PX: Widely oscillating [9] - PTA: Widely oscillating [9] - MEG: Oscillating [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Views - The iron ore market is characterized by "loose supply, low demand, and port inventory accumulation" in 2026, and the implementation of the steel export license management system is a definite negative for raw materials [2]. - The coking coal and coke market is supported by capacity inspections, safety supervision, and anti - involution policies, but the steel export policy has shifted market expectations from supply - side policy benefits to demand - side negatives [2]. - The steel market has seen a rebound due to improved sentiment and short - term fundamentals, but the implementation of the steel export license management system requires a downward adjustment of export expectations and attention to production control policies [2]. - The glass market has a supply - demand contradiction due to weakening demand and insufficient supply contraction, and attention should be paid to macro and production line cold - repair situations [2]. - The financial market is in short - term shock adjustment, with the mid - term trend continuing and the high - tech industry growing. The gold price is affected by central bank gold purchases, geopolitical risks, and Fed interest rate policies [3]. - The log market has weakening supply pressure and non - weak demand in the off - season, and the price is expected to rebound from the bottom but with weak driving force [4]. - The pulp market has a loose supply - demand pattern, and the price is expected to oscillate [4]. - The double - offset paper market has supply pressure and general social orders, and the price is expected to weakly oscillate [4]. - The oil and fat market has uncertain demand prospects, high inventory pressure, and abundant supply, and is expected to oscillate with a bearish bias [7]. - The meal market has a relatively loose supply, and the price is expected to oscillate with a bearish bias due to factors such as the weakness of US soybeans and the expected high yield in South America [7]. - The live pig market has stable supply and increased downstream consumption demand, and the weekly average price is expected to increase slightly [8]. - The rubber market has supply affected by weather and demand with limited support, and the price is expected to oscillate [8]. - The polyester market has different trends for each product, with prices mainly affected by cost, supply - demand, and inventory factors [9]. Summary by Related Catalogs Black Industry - **Iron ore**: The global mine supply will increase significantly in 2026, while the current iron - making demand is weak, and the steel export policy is negative. Short - term rebounds can be used to enter short positions [2]. - **Coking coal and coke**: Supported by policies, but the steel export policy has a negative impact on demand. Short - term, the price may be affected by the disappearance of export orders, and the long - term anti - involution policy provides some support [2]. - **Rolled steel and rebar**: The market sentiment has been boosted, and the short - term fundamentals are good. However, the steel export policy requires attention to production control and export expectations [2]. - **Glass**: The supply - demand contradiction is prominent due to weak demand and insufficient supply contraction. The price is expected to oscillate at the bottom and may rebound due to sentiment [2]. Financial - **Stock index futures/options**: The market is affected by policy arrangements and regulatory changes. Different stock indexes have different trends, with some rebounding and some oscillating [3]. - **Treasury bonds**: The yield of 10 - year Treasury bonds is flat, and the market is in a state of consolidation with a slight rebound [3]. - **Precious metals**: The gold - pricing mechanism is changing, and factors such as central bank gold purchases, geopolitical risks, and Fed interest rate policies affect the price, which is expected to oscillate with a bullish bias [3][5]. Light Industry - **Logs**: The supply pressure is weakening, and the demand is non - weak in the off - season. The price is expected to rebound from the bottom, but the driving force is not strong [4]. - **Pulp**: The supply - demand pattern is loose, with cost support and weak demand. The price is expected to oscillate [4]. - **Double - offset paper**: The supply pressure exists, and the social orders are general. The price is expected to weakly oscillate [4]. Oilseeds and Oils - **Oils and fats**: The demand prospects are uncertain, the inventory is high, and the supply is abundant. The price is expected to oscillate with a bearish bias, and attention should be paid to weather and production - sales changes [7]. - **Meals**: The supply is relatively loose, affected by the weakness of US soybeans and the expected high yield in South America. The price is expected to oscillate with a bearish bias [7]. Agricultural Products - **Live pigs**: The supply is stable, the downstream consumption demand has increased slightly, and the weekly average price is expected to increase slightly [8]. Soft Commodities - **Rubber**: The supply is affected by weather, the demand support is limited, and the inventory is in a seasonal accumulation period. The price is expected to oscillate [8]. Polyester - **PX**: Geopolitical factors increase supply risks, and the price is affected by oil prices. The demand from downstream polyester can support it for the time being [9]. - **PTA**: The cost end is affected by oil price fluctuations, and the short - term supply - demand is improved but will deteriorate in the future. The price follows the cost end [9]. - **MEG**: There is a long - term inventory accumulation pressure, and the short - term price oscillates with an upward suppression [9]. - **PR**: The cost support is strong, but the terminal demand restricts the price increase [9]. - **PF**: The cost is strong, but the demand is expected to shrink after New Year's Day, and the processing fee may be compressed [9].

Group 1 - The State Council, led by Premier Li Qiang, emphasized the need for all departments to align their actions with the central government's economic strategies and policies for the upcoming year, enhancing responsibility and urgency in task execution [1] - The meeting highlighted the importance of cross-departmental collaboration to effectively implement significant tasks, ensuring a collective effort to promote economic stability and growth [1] - A focus on safety production was reiterated, stressing the need for continuous vigilance and proactive measures to prevent major accidents, thereby safeguarding public safety and economic development [1] Group 2 - The meeting outlined a comprehensive approach to solid waste management, aiming to curb waste growth through reduction, resource utilization, and harmless disposal, particularly in areas closely related to public safety [2] - The draft implementation regulations for the Value-Added Tax Law were approved, emphasizing the need for clear legal guidelines to protect taxpayer rights and foster a fair competitive environment [2] - The draft Commercial Mediation Regulations were also approved, aiming to standardize mediation activities and enhance the credibility of mediators, while aligning domestic rules with international standards to support foreign trade cooperation [2]

Group 1 - The State Council emphasizes the need for solid waste comprehensive governance to curb the growth of solid waste and enhance resource utilization levels [1][2] - The solid waste treatment sector in A-shares has shown remarkable performance this year, with a cumulative increase of 30.41% as of December 19, marking the best performance since 2018 [1] - The meeting highlighted the importance of adhering to the principle of "whoever pollutes, whoever governs" in solid waste management [2] Group 2 - As of October 2023, a total of 113,738 inspection points were identified nationwide, with 14,037 issues discovered, primarily related to construction waste, household waste, and general industrial solid waste [3] - The Ministry of Ecology and Environment plans to enhance special rectification efforts and monitor progress dynamically, ensuring effective remediation of identified issues [3]

Core Viewpoint - The State Council has made clear deployments for the comprehensive management of solid waste, emphasizing the need for a systematic approach to curb the growth of solid waste and promote recycling and resource utilization [1][2]. Group 1: Policy Development - The concept of "comprehensive solid waste management action" was first introduced at the Central Economic Work Conference at the end of 2024, with a task set for 2025 to formulate an action plan [1]. - The pace of this initiative has accelerated since 2025, with the National Ecological Environment Protection Work Conference in January 2025 highlighting the formulation of the action plan as a key annual task [1]. - The Ministry of Ecology and Environment has been actively involved in discussions and workshops to address key issues in solid waste management, indicating that the action plan is nearing completion and expected to be implemented next year [1]. Group 2: Systematic Approach - The recent State Council meeting outlined a systematic and targeted approach to solid waste management, focusing on reduction, resource utilization, and harmless disposal [2]. - The meeting emphasized the importance of establishing a long-term mechanism for comprehensive management, adhering to the principle that "those who pollute should manage" [4]. - Infrastructure improvements for harmless storage, transportation, and disposal of solid waste are prioritized to enhance resource utilization and promote a circular economy [4]. Group 3: Alignment with National Strategy - The implementation of the solid waste management action aligns with China's strategy to develop a circular economy and improve resource efficiency [4]. - As of the end of 2024, approximately 150,000 waste recycling points and about 1,800 sorting centers are expected to be established, with a target for the comprehensive utilization rate of major solid wastes to reach 59% by 2024, an increase of 3 percentage points from 2020 [4].

Group 1 - The State Council, led by Premier Li Qiang, emphasized the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in task execution [2] - A report on the progress of the three-year action plan for safety production was presented, highlighting the importance of safety in relation to public life, economic development, and social stability, with a focus on prevention and addressing key industries and risks [3] - The meeting outlined a comprehensive solid waste management action plan aimed at curbing the growth of solid waste, emphasizing reduction, resource utilization, and harmless disposal, while prioritizing waste closely related to public life and safety [3] Group 2 - The draft implementation regulations for the Value-Added Tax Law were approved, ensuring the law's effective implementation and protecting taxpayer rights while fostering a fair competitive environment [3] - The draft Commercial Mediation Regulations were also approved, aiming to standardize commercial mediation activities and enhance the credibility of mediators, while aligning domestic rules with international standards to support foreign trade cooperation [4]

Group 1 - The State Council, led by Premier Li Qiang, emphasizes the need for all departments to align their actions with the central government's economic strategies and policies for the upcoming year, enhancing responsibility and urgency in task execution [1] - The meeting highlights the importance of cross-departmental collaboration to effectively implement comprehensive tasks that promote economic development, ensuring a strong start for the 14th Five-Year Plan [1] - Safety production is underscored as a critical issue affecting public safety and economic stability, with a call for proactive measures to identify and mitigate safety risks, reinforcing emergency response protocols [1] Group 2 - The meeting outlines a comprehensive approach to solid waste management, focusing on reducing waste generation, resource utilization, and harmless disposal, with an emphasis on addressing waste closely related to public safety and daily life [2] - A long-term mechanism for solid waste governance is to be established, adhering to the principle of "whoever pollutes, whoever manages," while enhancing infrastructure for safe storage, transportation, and disposal of waste [2] - The meeting encourages leveraging market forces to promote the development of a circular economy through improved resource utilization of solid waste [2]

Group 1 - The State Council emphasizes the need for all departments to align their thoughts and actions with the central government's scientific judgment and decision-making regarding the economic situation, ensuring the implementation of the overall requirements and policy directions for economic work in the coming year [1] - The meeting highlights the importance of enhancing responsibility and urgency among departments, actively taking on tasks, and developing specific implementation plans to ensure effective execution of various initiatives [1] - For significant tasks that are broad and comprehensive, leading departments are urged to take initiative while related departments must closely cooperate to strengthen cross-departmental collaboration and form a collective effort to promote development [1] Group 2 - The meeting discusses the progress of the three-year action plan for fundamental safety production, stressing the importance of safety for public life and property, as well as economic development and social stability [2] - It calls for a focus on prevention, closely monitoring key industries, prominent issues, and weak links, while conducting thorough inspections to address various safety risks and hazards [2] - The meeting also outlines the deployment of a comprehensive solid waste management action plan, emphasizing the need to curb the growth of solid waste and establish a management system based on reduction, resource utilization, and harmless treatment [2] Group 3 - The meeting reviews and approves the draft implementation regulations for the Value-Added Tax Law, emphasizing the need for effective implementation and ensuring that taxpayers have legal guidance and that tax authorities enforce the law based on established regulations [2] - This aims to protect taxpayer rights and create a fair competitive environment [2] Group 4 - The meeting reviews and approves the draft Commercial Mediation Regulations, aiming to standardize commercial mediation activities and establish a professional and high-level mediation team to enhance the credibility of commercial mediation [3] - It also seeks to align domestic commercial mediation rules with international standards to improve foreign legal service capabilities and support international trade cooperation [3]

Group 1 - The State Council has deployed a comprehensive solid waste management action plan to curb the growth of solid waste and promote resource utilization and recycling [1][2] - The "14th Five-Year Plan" emphasizes improving resource management and waste classification to support the development of a circular economy [1] - The meeting aims to establish a comprehensive solid waste management system that prioritizes waste reduction, resource recovery, and harmless disposal, particularly for waste closely related to public safety and living conditions [1] Group 2 - Under the "dual carbon" goals, the economic value of solid waste is increasingly recognized, with resource utilization at its core driving the development of the circular economy [2] - By the end of 2024, approximately 150,000 waste recycling points and 1,800 sorting centers are expected to be established, with a target utilization rate of 59% for seven major types of solid waste, an increase of 3 percentage points from 2020 [2] - The meeting emphasizes the need for a long-term management mechanism that holds polluters accountable and enhances infrastructure for harmless storage, transportation, and disposal of solid waste [2]