居民消费增速下行有多方面原因，其中一个重要原因是财产性收入受到冲击。2021年到2024年， 城镇居民的财产性收入同比增速从10.2%下降至2.2%，今年前三季度同比增速进一步降至 1.7%。需要注意的是，统计涵义的财产性收入指房租、利息、股息和分红等收入，不包括股票、 基金和房产价格涨跌带来的财富变化。 提高居民消费和推动科技与产业创新发展，离不开资本市场的 支持，资金供给侧则离不开家庭财富配置结构的转变。居民要 想增加财产性收入，实现财富保值增值，也需要增加风险金融 资产的配置比例。 作者： 李振华 谢专 封图：图虫创意 "十五五"规划建议指出："居民消费率要明显提高，内需拉动经济增长主动力作用持续增强""科技 创新和产业创新深度融合，创新驱动作用明显增强。培育壮大新兴产业和未来产业，着力打造新兴 支柱产业"。 提高居民消费和推动科技与产业创新发展，离不开资本市场的支持，资金供给侧则离不开家庭财富 配置结构的转变。居民要想增加财产性收入，实现财富保值增值，也需要增加风险金融资产的配置 比例。 消费疲软：财产性收入增速走低的映射 居民消费增速下行与财产性收入增速走低有一定关系。2025年社会消费品零售总额6 ...

Core Viewpoint - The Central Economic Work Conference has proposed the "Urban and Rural Residents Income Increase Plan" as a core strategy to boost domestic demand and build a strong domestic market, marking a shift from principle-based guidance to systematic and actionable promotion [1] Group 1: Employment Foundation - Wage income is the primary component of residents' income, projected to account for 56.5% of disposable income in 2024, making the expansion of high-quality employment essential for increasing wage income [2] - The plan should prioritize stabilizing and expanding high-quality employment, focusing on key groups such as college graduates, migrant workers, and older workers, while establishing a comprehensive employment support system [2] - Measures include enhancing cooperation between universities and enterprises, expanding employment opportunities in emerging industries, and establishing lifelong vocational training systems to address structural unemployment risks [2][3] Group 2: Income Channel Expansion - In 2024, property income is expected to account for only 8.3% and operating income for 16.7% of residents' income, indicating significant potential for growth [4] - The plan aims to activate wealth effects in capital markets, optimize rural asset utilization, and cultivate new business entities to broaden income channels [4] - Strategies include stabilizing stock and real estate market expectations, improving access to investment products for ordinary residents, and exploring trust models for rural land and housing rights [4][5] Group 3: Urban-Rural Balance - Addressing the income gap between urban and rural areas is a core challenge, with a focus on increasing rural residents' income through industrial empowerment and public service equalization [6] - The plan suggests promoting urban industry transfer to rural areas and enhancing rural infrastructure to support new business models like e-commerce and rural tourism [6][7] - It also emphasizes improving public services in rural areas, including education and healthcare, to reduce living costs and indirectly increase disposable income [7] Group 4: Distribution Optimization - The redistribution mechanism in China has room for improvement, with plans to reform the tax system and enhance social security to create a more equitable distribution system [8] - Proposed reforms include increasing the proportion of direct taxes, optimizing personal income tax, and implementing tax credits for low-income earners to stimulate consumption [8][9] - The plan also aims to enhance social security coverage and improve transfer payment structures to support underdeveloped regions and reduce income disparities [9] Group 5: Policy Coordination - The income increase plan requires coordinated efforts across fiscal, financial, industrial, and investment policies to ensure effective implementation [10] - It emphasizes the need for consistent macro policy assessments and the alignment of consumption policies with fiscal and financial strategies [10] - The plan encourages investment in consumption infrastructure and projects that stimulate economic growth, creating a virtuous cycle between investment and consumption [10][11] Group 6: Monitoring and Evaluation - A robust statistical monitoring system for consumption and new business models is essential to accurately track income and consumption dynamics [11] - Establishing an evaluation mechanism for the income increase plan's implementation will hold local governments accountable and encourage practical measures [11] Conclusion - The implementation of the Urban and Rural Residents Income Increase Plan is crucial for addressing global economic changes and achieving common prosperity, focusing on high-quality employment, diversified income channels, urban-rural balance, distribution optimization, and policy coordination [12]

Group 1 - The core viewpoint of the articles emphasizes the implementation of a plan to increase urban and rural residents' income, focusing on stabilizing employment and improving the structure of income distribution [1][2] - Experts suggest that the key to increasing income lies in stabilizing employment for specific groups such as college graduates and migrant workers, with policies aimed at maintaining job stability and expanding job opportunities [2][3] - The articles highlight the importance of improving the income distribution structure, noting that China's Gini coefficient and the ratio of urban and rural residents' disposable income have improved but still lag behind OECD averages, indicating significant potential for enhancement [1][3] Group 2 - The articles discuss the various sources of residents' income, including labor remuneration, property income, operating income, and transfer income, with labor remuneration being the primary source [2] - Recommendations include extending compulsory education and enhancing vocational training to address structural employment issues and improve income disparities between urban and rural areas [3][4] - There is a focus on stabilizing the real estate market and capital markets to enhance residents' property income, with suggestions for government interventions to support housing affordability and improve rental yields [4][5]

2025.12.16 本文字数：3209，阅读时长大约5分钟 作者 |第一财经 祝嫣然 今年的中央经济工作会议明确提出，制定实施城乡居民增收计划。政策从去年的面向中低收入群体 的"增收减负"，升级为覆盖所有城乡居民的"增收计划"。 国家发改委党组12月16日在《学习时报》发表题为《坚定实施扩大内需战略》的署名文章指出，实施城 乡居民增收计划，提高居民收入在国民收入分配中的比重，提高劳动报酬在初次分配中的比重，努力实 现居民收入和经济增长同步、劳动报酬提高和劳动生产率提高同步。加大直达消费者的普惠政策力度， 增加政府资金用于民生保障支出。 居民当下和预期收入的增长是提振消费、扩大内需的关键动力。业内专家认为，促进居民增收，不仅需 要短期内促就业、推动价格合理回升等举措，长期还需推动更多资金资源"投资于人"、推进完善收入分 配制度、社会保障制度等重大改革，要继续调整国民收入分配格局，规范初次分配，加大再分配调节力 度。此外，资本市场也可以在居民增收、扩大内需中发挥关键作用。 增收政策进阶升级 刘向东表示，此外还要促进资产价格合理止跌企稳，搞活资本市场，发挥股权投资的财富增值效应，推 动农村集体土地改革，提振居民财 ...

Core Viewpoint - The article emphasizes the implementation of a comprehensive urban and rural resident income increase plan, transitioning from a focus on low- and middle-income groups to a broader strategy aimed at all residents, which is expected to stimulate consumption and expand domestic demand [3][4]. Group 1: Policy Changes - The central economic work conference has shifted from "promoting income increase and reducing burdens" for low- and middle-income groups to "formulating and implementing a resident income increase plan" that covers all urban and rural residents, indicating a significant policy upgrade [4]. - The "14th Five-Year Plan" suggests a coordinated approach to promote employment, increase income, and stabilize expectations, with a focus on enhancing public service spending to boost consumer capacity [4][5]. Group 2: Income Sources and Employment - Resident income comprises four parts: labor remuneration, property income, operating income, and transfer income, with labor income accounting for 56.5% of disposable income in 2024 [7]. - Employment stability is prioritized, with measures to support key groups such as college graduates and migrant workers, and to encourage flexible employment participation in social insurance [8]. Group 3: Capital Market's Role - The capital market is seen as a crucial player in increasing resident income and expanding domestic demand, with expectations for a bull market to enhance consumer spending [9]. - The China Securities Regulatory Commission highlights the need for a diverse range of high-quality financial products to broaden channels for increasing residents' property income [9]. Group 4: Income Distribution Reform - Long-term reform of the income distribution system is essential for promoting resident income growth, with a focus on fair compensation based on contribution [11][12]. - The need for a balanced income distribution is emphasized, addressing issues of insufficient and unbalanced income distribution, particularly between urban and rural areas [12][13].

12月18日，海南自由贸易港将正式启动全岛封关。 在此关键节点，由每日经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发展年会暨海南自贸港开放机遇交流大会系列活动，于12月11日至 13日在海口举行。 其中，在12月12日举办的主会场活动上，广开首席产业研究院院长兼首席经济学家连平发表题为《"十五五"时期：中国资本市场跨入新时代》的主旨演讲。 值得注意的是，今年以来，我国股票市场向好势头整体巩固，上证指数不断突破近十年新高，最高上涨至4034点。前11个月，上证指数累计涨幅超过16%， 深证成指涨幅达25%，其中创业板与科创板的表现更为优异，累计涨幅均超过40%。这轮牛市是什么性质？上涨的逻辑是什么？未来趋势如何？连平认为， 可以从五个维度看我国股票市场跨入新时代。 图片来源：每经记者 张建 摄 我国降准降息仍有空间，美联储降息幅度有望超市场预期 连平认为，可以从五个维度看我国股票市场跨入新时代。这五个维度主要包括新一轮科技革命引领市场突破、中美货币政策同步宽松提供良好的货币条件、 市场资产配置需求产生重大结构性变化、政策支持股票市场的力度空前加大、央行开创性地全力支持股票市场等。 首先，全球新 ...

Group 1 - The report indicates that nearly 70% of respondents have a good level of financial health, but there are shortcomings in financial control, money management, investment future capabilities, and risk prevention among some residents [1][2] - The survey shows that a significant portion of residents exhibit behavioral biases in investment, such as over-trading, short-term holding, and concentrated asset allocation, which are attributed to insufficient financial literacy and investment experience [2][3] Group 2 - The report emphasizes the importance of diversifying asset allocation through participation in equity markets to enhance residents' financial health, as the traditional asset allocation has been heavily weighted towards real estate [2][3] - It is noted that the proportion of property income in disposable income for Chinese residents is only 8.1%, compared to about 20% in the US, indicating a need for greater exploration of equity products [3] Group 3 - Recommendations for improving financial health include enhancing financial literacy, seeking professional support, optimizing asset allocation, and strengthening financial management for small and medium-sized enterprises [4]

李振华、谢专/文 "十五五"规划建议指出："居民消费率要明显提高，内需拉动经济增长主动力作用持续增强""科技创新和产业创新深度融合，创新驱动作用明显增强。培育 壮大新兴产业和未来产业，着力打造新兴支柱产业"。 提高居民消费和推动科技与产业创新发展，离不开资本市场的支持，资金供给侧则离不开家庭财富配置结构的转变。居民要想增加财产性收入，实现财富保 值增值，也需要增加风险金融资产的配置比例。 消费疲软：财产性收入增速走低的映射 居民消费增速下行与财产性收入增速走低有一定关系。2025年社会消费品零售总额6月至9月增速已经连续4个月下行，9月份仅增长3%，这说明消费仍承 压。 居民消费增速下行有多方面原因，其中一个重要原因是财产性收入受到冲击。2021年到2024年，城镇居民的财产性收入同比增速从10.2%下降至2.2%，今年 前三季度同比增速进一步降至1.7%。需要注意的是，统计涵义的财产性收入指房租、利息、股息和分红等收入，不包括股票、基金和房产价格涨跌带来的 财富变化。 居民财富净值的变化会对消费产生更显著的冲击。2022年至2024年8月底，股票市场总体低迷，沪深300指数下跌了33%；期间房价也呈下行趋势 ...

Core Insights - The influx of foreign capital into the A-share market is driven by multiple factors, including the search for a stable investment environment amid global market volatility [1][2] - China's stable market policies, clear regulations, and abundant opportunities have made it an attractive destination for foreign investors [1][2] - The Chinese central bank's actions, such as purchasing government bonds, aim to stabilize the market and support fiscal operations, ensuring liquidity [4] Group 1: Market Dynamics - The uncertainty surrounding U.S. interest rate policies has led investors to seek safer investment options, inadvertently directing attention to China [2] - The Chinese government is promoting the stock market as a means for wealth growth, indicating a shift in focus from real estate to financial assets [7][11] - The current market rally is not guaranteed to be sustained, as short-term fluctuations are expected, and external factors could impact investor confidence [9][11] Group 2: Policy and Economic Context - The Chinese government is encouraging long-term investments and discouraging short-term speculation, aiming to support the real economy [11][13] - The stock market is seen as a new avenue for wealth accumulation, especially as the real estate market stabilizes but does not drive economic growth as before [11][13] - The overall stability of the Chinese financial system, including fiscal and monetary policies, provides a solid foundation for attracting global capital [13]

Core Viewpoint - The Guangzhou Municipal Government has issued a comprehensive implementation plan aimed at boosting consumption through various initiatives focused on income growth, service consumption, bulk consumption, and environmental optimization [1] Group 1: Income Growth and Employment - The plan emphasizes expanding channels for property income and enhancing the market value management of state-owned listed companies to stabilize investor return expectations [3] - It includes strategies to activate idle rural collective land and legally owned housing through leasing, equity participation, and cooperation [3] Group 2: Consumer Capability Support - The plan aims to strengthen support for childbirth and childcare, as well as improve medical and pension security, including setting reasonable standards for urban and rural residents' medical insurance funding [3] - It also proposes to steadily increase basic pension insurance benefits [3] Group 3: Service Consumption Enhancement - The plan promotes the development of sports consumption, innovation in the silver economy, and the expansion of inbound consumption [3] - Specific measures include implementing a 240-hour visa-free transit policy and enhancing customs facilitation services [3] - It aims to boost inbound tourism promotion and provide free one-day tours in Guangzhou for international transit passengers [3] - The plan also seeks to expand the scope of tax refund stores and promote immediate tax refund services for outbound tourists [3] Group 4: Bulk Consumption Upgrade - The plan outlines initiatives for trade-in programs for consumer goods and better housing consumption support [4] - It includes plans to renovate over 150 old residential communities by 2025 and invest 100 billion yuan in urban village renovations [4] - The plan supports the use of special loans to purchase existing homes for relocation purposes and optimizes housing fund policies [4] - It aims to expand automotive consumption scenarios and support the development of the second-hand car market [4] Group 5: Quality Consumption Promotion - The plan focuses on nurturing new consumption models, promoting high-quality development of the first-release economy, and enhancing the spillover effects of the Canton Fair [5] - It aims to accelerate the integration of domestic and foreign trade by supporting pilot enterprises in this area [6] Group 6: Optimization of Restrictive Measures - The plan proposes to gradually reduce consumption restrictions, including facilitating the direct application for additional car quotas for individuals who have not received them after 72 attempts [6] - It emphasizes equal participation of various business entities in social group procurement without setting discriminatory thresholds [6] - The plan also aims to create a first-class business environment in Guangzhou, aligned with the three-year action plan for building an international first-class business environment in the Guangdong-Hong Kong-Macao Greater Bay Area [6]