做好明年经济工作，要把造福人民作为根本价值取向，紧紧围绕中央经济工作会议部署抓好民生工 作任务落实，不断增强人民群众的获得感、幸福感、安全感。就业是最基本的民生。要实施稳岗扩容提 质行动，稳定高校毕业生、农民工等重点群体就业，鼓励支持灵活就业人员、新就业形态人员参加职工 保险。要聚焦教育、医疗、食品药品安全等民生领域持续做好工作。推进教育资源布局结构调整，增加 普通高中学位供给和优质高校本科招生。优化药品集中采购，深化医保支付方式改革。实施康复护理扩 容提升工程，推行长期护理保险制度，加强对困难群体的关爱帮扶。扎实做好安全生产、防灾减灾救灾 等工作。民生无小事，枝叶总关情。要加强普惠性、基础性、兜底性民生建设，采取更多惠民生、暖民 心举措，着力解决存在的困难问题，坚持惠民生和促消费、投资于物和投资于人紧密结合，不断在高质 量发展中提高人民生活品质，在满足民生需求中拓展发展空间。 为政贵在行，民生重在实。做好民生工作的关键，就是要坚持问需于民、问计于民，用心用情用力 对接群众所需、谋划务实之策，多做雪中送炭的实事，多办纾难解困的好事，真正把工作做到群众心坎 上。改善民生是一个久久为功的过程，需要发扬求真务实的作 ...

证券研究报告| 行业定期报告 2025 年 12 月 18 日 招商证券丨总量的视野 电话会议纪要（20251214） 研究部/总量研究 财政政策方面，这次会议明确提出保持"保持必要的财政赤字、债务总规模 和支出总量"，预计明年的预算赤字率、新增政府债务规模等指标将维持现有 水平。货币政策方面，这次会议要求货币政策要将稳增长、促通胀两个任务 作为主要目标，再次提到运用降准降息等政策工具，预计明年货币政策将继续 调整政策利率、结构性政策工具利率以及法定存款准备金率。 明年经济工作共有八项重点工作，比去年少了一项，主要是将城乡工作和区 域协调两项工作合二为一。从顺序来看，防风险工作从去年的第六项后移 推荐（维持） 相关报告 q 【宏观 张一平】中央经济工作会议解读 中央经济工作会议 12 月 10 日至 11 日在北京举行。中共中央总书记、国家 主席、中央军委主席习近平出席会议并发表重要讲话。 形势判断：老问题、新挑战仍然不少。老问题主要在两个方面：其一，外部 环境变化影响加深。其二，重点领域风险隐患较多。新挑战指国内供强需弱矛 盾突出。去年对形势的判断虽然也强调国内需求不足，但没有指出供给偏强的 问题，反而认为 ...

中央经济工作会议12月10日至11日在北京举行。会议提出，坚持民生为大，努力为人民群众多办实事。 我们梳理归纳了明年经济工作中的"民生看点"，一起来看看这些民生工作如何惠及你我生活。 中央经济工作会议 明年经济工作"民生看点" 深入实施提振消费专项行动, 制定实施城乡居民增收计划。 新1 三面 中央经济工作会议 明年经济工作"民生看点" 严守耕地红线,毫不放松抓好 粮食生产,促进粮食等重要农 产品价格保持在合理水平。 凯华社 中央经济工作会议 明年经济工作"民生看点" 实施固体废物综合治理行动, 深入打好蓝天、碧水、净土保 卫战,强化新污染物治理。 凯信阳 中央经济工作会议 明年经济工作"民生看点" 实施稳岗扩容提质行动,稳定 高校毕业生、农民工等重点群 体就业，鼓励支持灵活就业人 员、新就业形态人员参加职工 保险。 中央经济工作会议 明年经济工作"民生看点" 推进教育资源布局结构调整, 增加普通高中学位供给和优质 高校本科招生。 K H 116 日日 nt 日日 部 与面 中央经济工作会议 明年经济工作"民生看点" 优化药品集中采购，深化医 保支付方式改革。 ITS 新华社 A 品码上 中央经济工作会议 明 ...

Core Viewpoint - The article emphasizes the importance of a people-centered approach in addressing public welfare and improving living standards, advocating for precise and targeted measures rather than a broad, superficial approach [1][2]. Group 1: Issues in Current Welfare Approaches - There is a phenomenon of "spreading pepper" in welfare work, which leads to resource waste and fails to address actual problems effectively [2]. - This approach can manifest as average distribution of resources, neglecting differentiated needs, or as a lack of follow-up management, resulting in a disconnect between investment and public satisfaction [2]. Group 2: Importance of Precision in Welfare Work - Precision is crucial for enhancing public welfare, requiring accurate identification of issues and alignment of resources with community needs, akin to targeted medical treatment [3]. - Successful examples include targeted poverty alleviation strategies and tailored urban renewal projects that address specific community needs rather than generic solutions [3]. Group 3: Necessity of Ground-Level Research - To understand true public demands, it is essential for officials to engage directly with communities, conducting thorough research to identify urgent issues and needs [4]. - This involves avoiding one-size-fits-all solutions and focusing on detailed case studies to uncover common problems and underlying patterns [4]. Group 4: Balancing Universal and Targeted Support - Effective welfare strategies must balance universal public services with targeted support for vulnerable groups, ensuring that both general and specific needs are met [5]. - The approach should be gradual and sustainable, focusing on pressing issues while also seeking systemic solutions for broader challenges [5].

Group 1 - The core issue highlighted is the "Banyan tree dilemma," where tree roots are causing plumbing problems in a residential area, leading to complex and costly solutions for residents [1] - A compromise solution involving "physical barriers and regular root maintenance" has been adopted to balance greenery and residents' living conditions [1] - The situation reflects broader challenges in grassroots governance, where issues are often multifaceted and not easily resolved through legal or regulatory means [1] Group 2 - The article emphasizes that grassroots work should be "heartwarming," requiring a sense of responsibility and empathy from local officials [2] - It points out that while the issues raised by the public may seem trivial, they significantly impact people's sense of well-being and reflect the attitude of local authorities towards their constituents [2] - Effective grassroots governance hinges on addressing these small but important issues with diligence and care, ensuring that the needs of the community are met [2]

Group 1 - Nanjing has been recognized as the "most happy city" for 15 consecutive years, indicating a strong focus on enhancing residents' happiness and well-being [1] - The city is engaging citizens and experts in discussions to develop strategies for creating a "blue ocean of happiness" for the public [1] Group 2 - Citizens are actively voicing their opinions on improving happiness, with suggestions including increasing public transportation options to alleviate congestion [2] - There is a call for expanding public service coverage and enhancing social security to create a comprehensive public service system that caters to all demographics [3] - Education equity is a significant concern, with proposals to distribute quality educational resources more evenly, especially to underprivileged groups [4] Group 3 - Community initiatives, such as the establishment of a community dining hall, are enhancing residents' daily lives by providing affordable meal options and fostering social interaction [5] - The introduction of a community health service center is addressing local healthcare needs, particularly for the elderly, by offering specialized services and facilities [6] Group 4 - Experts emphasize the importance of innovative measures to drive high-quality development in public welfare, suggesting a systematic approach to address the needs of all citizens [7] - A focus on creating a full-cycle service framework is recommended, breaking down barriers to ensure that public services are accessible and meet the needs of the population [8] Group 5 - There is a push to reshape the public welfare supply system to be more demand-driven, encouraging community participation in identifying and addressing local needs [9] - Enhancing service quality and accessibility through community-based facilities is seen as vital for improving residents' happiness [10]

Core Viewpoint - The article emphasizes the importance of grassroots governance in transforming the Communist Party's commitment to serving the people into tangible benefits for the community through effective participation and problem-solving strategies [1][2]. Group 1: Good Deeds Done Well - Community participation is crucial for revitalizing neighborhoods, as demonstrated by the successful transformation of Defu Lane, where residents and merchants were actively involved in the planning process [1]. - The approach of "letting the people take charge" rather than "deciding for the people" enhances the sense of ownership among the community members [1]. Group 2: Practical Matters Addressed - Addressing everyday concerns with a meticulous approach is essential for improving people's lives, as seen in community initiatives like volunteer support for the elderly and free health services [1]. - The focus on specific issues such as daily necessities ensures that the community feels a genuine sense of benefit from these efforts [1]. Group 3: Difficult Issues Resolved - Tackling challenging issues like the renovation of old residential areas reflects the commitment and responsibility of party members, showcasing their dedication to addressing historical problems [2]. - The transformation of Lvdang Lane from a dilapidated state to a revitalized community illustrates the importance of persistent effort and innovative problem-solving in overcoming complex challenges [2].

Core Viewpoint - The "14th Five-Year Plan" emphasizes addressing the urgent needs of the public, with a focus on improving people's livelihoods as a key aspect of China's modernization efforts [1][2]. Group 1: Key Points on Public Welfare - The "14th Five-Year Plan" outlines seven livelihood indicators, which account for over one-third of the 20 major indicators [1]. - Policies have been implemented to respond to public needs, including maintaining urban employment growth at over 12 million annually and providing direct settlement for cross-province medical treatment benefiting 560 million people [1]. - There are still shortcomings in public services, particularly in education, healthcare, and elderly care, which need urgent attention [1][2]. Group 2: Actionable Strategies - The principle of "people first" must be translated into practical actions, focusing on addressing basic public service gaps and structural employment issues [2]. - The plan emphasizes a problem-oriented approach, ensuring that the needs of the public are prioritized in policy implementation [2][3]. - Collaboration among various stakeholders is essential to effectively address public concerns and convert problem lists into satisfaction lists [3].

Group 1 - The core focus is on addressing the urgent and pressing needs of the public as part of the "14th Five-Year Plan" to ensure public satisfaction and stabilize economic and social development [1][2] - The "14th Five-Year Plan" outlines seven key indicators related to people's livelihoods, which account for over one-third of the 20 main indicators [1] - Significant policies have been implemented, such as maintaining over 12 million new urban jobs annually and providing direct settlement for cross-provincial medical treatment benefiting 560 million people [1] Group 2 - There is a need to transform the "people first" concept into practical actions, focusing on improving basic public services and addressing structural employment issues [2] - The plan emphasizes a problem-oriented approach, prioritizing the needs of the people in areas such as employment, income growth, education, healthcare, housing, and childcare [2] - Collaboration among various stakeholders is essential to effectively address the diverse and everyday concerns of the public, ensuring that small but significant actions are taken promptly [3]

Core Viewpoint - The focus is on addressing the urgent and pressing needs of the public as part of the "14th Five-Year Plan" to ensure economic and social development aligns with the people's expectations [1][2]. Group 1: Policy Measures - The "14th Five-Year Plan" outlines seven key indicators related to people's livelihoods, which account for over one-third of the 20 main indicators [1]. - Key measures include maintaining urban employment growth at over 12 million annually and providing direct settlement for cross-provincial medical treatment benefiting 560 million people [1]. - The establishment of comprehensive childcare service centers in over 300 cities and large counties is also highlighted [1]. Group 2: Challenges and Shortcomings - Despite progress, there are still significant gaps in public services, particularly in education, healthcare, and elderly care, which need urgent attention [1][2]. - The need for a problem-oriented approach is emphasized, focusing on the real issues faced by the public in areas such as employment, income growth, education, healthcare, housing, and childcare [2]. Group 3: Collaborative Efforts - Effective public service requires collaboration and a focus on small, actionable steps to address the diverse needs of the population [3]. - The importance of turning a "problem list" into a "satisfaction list" through concrete actions is stressed, with a call for all parties to work together towards common goals [3]. - The success of livelihood projects is framed as essential to winning public trust and achieving the goals of the "14th Five-Year Plan" [3].