行业公开信息显示，11月底，我国2026年原油进口配额提前批下发。其中恒力石化旗下大连恒力、荣盛石化、东方盛虹旗下盛虹炼化分别获得 300万吨、75万吨和50+万吨的配额。 值得注意的是，相比2025年第一批获得配额的数十家山东、河南"地炼"企业，2026年"提前批"仅三家头部民营大炼化获得配额——而以上企业 均有较强的一体化装置与产业协同优势，为明确的"先进产能"。 历经四年之久行业承压，炼化行业的反转因子，几乎在2025年下半年形成完美共振。 考虑到以上企业在2026年均有主要在建产能落地，配额"厚此薄彼"的背后，由政策力量主导的行业出清，以产业头部化为路径的"反内卷"模 式，已跃然纸上。 事实上，今年下半年以来，工信部、行业协会、头部企业陆续出台的政策、行业自律措施等，加速促进炼化行业形成反内卷的趋势。 当所有行业积极因素堆积共振，2026年，炼化行业的曙光是否就在眼前？ 反内卷政策集中出台 今年10月29日，工信部原材料工业司组织召开了"关于精对苯二甲酸(PTA)及瓶级聚酯切片产业发展座谈会"，聚焦防范化解PTA及瓶级聚酯切 片行业内卷式竞争，促进产业平稳运行。 其中，除行业协会外， 恒逸石化旗下逸盛 ...

Group 1 - China's economy is maintaining a stable and progressive development trend, showcasing strong resilience and a bright outlook for the future [1] - In the first three quarters, the GDP grew by 5.2% year-on-year, accelerating by 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [1] - The urban unemployment rate averaged 5.2% in the first three quarters, remaining stable compared to the first half of the year [1] - The scale of foreign trade reached a historical high, with import and export growth rates gradually recovering, and foreign exchange reserves maintained above $3.3 trillion [1] Group 2 - The optimization of China's economic structure and the transition of growth drivers are progressing steadily, with significant advancements in high-quality development [2] - In the first three quarters, the added value of the equipment manufacturing industry and high-tech manufacturing industry accounted for 35.9% and 16.7% respectively, indicating a clear trend of industrial upgrading [2] - Investment in equipment and tools increased by 14% year-on-year, with emerging industries like lithium-ion battery manufacturing and new energy vehicles showing rapid growth [2] Group 3 - China's strong resilience is fundamental to its ability to cope with uncertainties and achieve stable long-term growth [3] - The first three quarters of stable growth laid a solid foundation, while new productive forces are being cultivated to create new growth points [3] - The macro policy space remains ample, providing continuous support for the economy, with positive factors accumulating as indicated by leading indicators and high-frequency data [3]

财政事关治国安邦、强国富民，在推动高质量发展和中国式现代化建设中承担重要职责。"十五五"时期 是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面临深刻复杂变化。从国际 看，外部环境动荡不安，大国博弈更加复杂激烈，单边主义、保护主义抬头，世界经济增长动能不足。 从国内看，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，同时 产业结构、商业模式、人口结构、财富分配等发生显著变化，一些领域风险尚未出清。这些对财政运 行、宏观调控、财税改革等产生深刻影响，必须有效应对形势变化，从危机和困难中捕捉和创造机遇， 切实提高财政政策效能、财政宏观调控能力和财政科学管理水平，更好推动高质量发展。工作中需要把 握好以下几点。 习近平总书记强调，财政是国家治理的基础和重要支柱。党的二十届四中全会深刻把握历史方位和发展 大势，全面擘画"十五五"时期我国经济社会发展蓝图，对发挥积极财政政策作用提出明确要求。我们要 以改革的思维、创新的精神，完整准确全面贯彻全会部署，统筹生财、聚财、用财之道，有力有效实施 积极的财政政策，为以中国式现代化全面推进强国建设、民族复兴伟业提供坚强财政保障。 一、 ...

从消费量看，中钢协最新数据显示，2025年前三季度，国内钢铁表观消费量为6.49亿吨，同比下降 5.7%。进入"十四五"以来，国内钢铁表观消费量连续出现下降，钢铁产量总体也呈下降趋势。其中，国 内表观消费量从2020年10.4亿吨的峰值下降到2024年的8.9亿吨，下降了1.5亿吨，年均下降3.8%。 8.18亿吨 1-10月，全国累计生产粗钢8.18亿吨，同比下降3.9%，累计日产269.04万吨。 ● 本报记者 董添 随着年末临近，钢铁社会库存量有所攀升。信达证券（601059）研报显示，截至11月28日，五大钢材品 种社会库存1007.3万吨，同比增加27.82%。中钢协最新数据显示，今年以来，钢铁行业产量基本保持稳 定，但表观消费量有所下降。从上市公司公告看，部分公司提高了特种钢产销比例，业绩得以提振。业 内人士表示，钢铁行业要加快推进技术创新，提升产业竞争力，积极拓展钢结构建筑应用场景，前瞻布 局新能源领域。 高端产品贡献利润 关于钢铁行业最新盈利情况，中国钢铁工业协会副会长夏农在第21届中国钢铁产业链峰会上提到，今年 以来，钢铁行业总体运行良好，生产经营保持稳定，效益与去年同比有较大改善，但国内钢 ...

Core Insights - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, promoting consumption upgrades to lead industrial upgrades and achieving a dynamic balance between supply and demand [2][4][10] Supply and Demand Adaptation - The total variety of consumer goods has reached 230 million, with over 100 categories such as home appliances and clothing leading global production [3] - China's consumer goods supply has entered a new development stage characterized by high quality and high price, effectively meeting the needs of consumers [3][4] - The plan targets the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, with a focus on high-quality development by 2030 [4][10] Innovation and Technology - The rapid response of consumer goods companies to technological upgrades and subtle changes in consumer demand has led to continuous product innovation [3][6] - The integration of AI and big data into consumer goods production is reshaping consumption patterns, with generative AI product users reaching 515 million by mid-2023 [7][8] Market Dynamics - Consumer preferences are diversifying, with specific needs emerging from different demographic groups such as the elderly and students, creating opportunities for tailored products and services [7] - The retail sales of consumer goods reached 36.6 trillion yuan from January to October, with a year-on-year growth of 4.4%, indicating a stable development trend [6] Addressing Structural Issues - The plan acknowledges existing structural mismatches in supply and demand, such as oversupply in some areas and insufficient high-quality supply in others [9][10] - Five key measures are proposed to address these mismatches, including expanding new technology applications, enhancing product supply, and creating new consumption scenarios [10]

Core Viewpoint - The steel industry in China is experiencing a decline in consumption and an increase in inventory, despite stable production levels and improved profitability for some companies [1][2][4]. Production and Consumption - From January to October, China produced 818 million tons of crude steel, a year-on-year decrease of 3.9%, with an average daily output of 2.69 million tons [1][3]. - The apparent consumption of steel in China for the first three quarters of 2025 was 649 million tons, down 5.7% year-on-year, continuing a trend of decline since the 14th Five-Year Plan [1][2]. Inventory Levels - As of November 28, the social inventory of five major steel products reached 10.073 million tons, an increase of 27.82% year-on-year [1][3]. - The inventory of key steel enterprises was reported at 15.61 million tons in mid-November 2025, reflecting a 26.3% increase since the beginning of the year [3]. Profitability and Financial Performance - The steel industry has shown overall stable operations this year, with significant improvements in profitability compared to last year, although demand has decreased [2][4]. - Among 46 listed steel companies that disclosed their third-quarter reports, 31 reported a year-on-year increase in net profit, accounting for approximately 67.39% [2]. Industry Development Strategies - The China Iron and Steel Association (CISA) emphasizes the need for steel companies to adhere to production control policies and focus on sustainable development through structural reforms [4]. - Recommendations for high-quality development include enhancing innovation capabilities, optimizing resource supply, and promoting the integration of steel structure construction [4][6]. Environmental Initiatives - By the end of October, 219 steel enterprises had completed or partially completed ultra-low emission modifications, with total investments exceeding 310 billion yuan [5]. - The industry is encouraged to accelerate technological innovation and expand applications in new energy sectors [5][6].

供需适配，需要精准匹配不同人群需求。以养老为例，我国已经进入中度老龄化社会，截至2024年年 末，全国60周岁及以上老年人口达到3.1亿，占总人口的22.0%。这3.1亿老年人日常生活所需要的适老 用品和服务，如适老家电、适老家具、老人鞋服、成人纸尿裤、老人护理、老年旅居等，市场是否已经 有丰富的供应让老人放心选择？这样的问题不仅在老年消费领域，从全社会来看，幼儿、学生、年轻人 等等，每一个细分群体背后都隐藏着尚待满足的需求，也隐藏着千亿级甚至万亿级的新增市场。 在国内新旧动能转换的过程中，部分领域供需结构性错配问题不可避免。持续优化供给侧结构，促进供 需衔接，推动更多优质消费品进入百姓生活，是满足人民美好生活需要的必经之路，也是建设国内强大 市场的应有之义。《实施方案》通过聚焦供给侧结构性改革，加速品牌引领、标准升级和新技术应用， 提出"3个万亿级消费领域和10个千亿级消费热点"，有望引导企业生产实现由"生产更多"向"生产更 对""生产更好"的转变，进一步拓宽中国超大规模市场空间。（央广财经评论员 邵蓝洁） 责编：秦雅楠、姚凯红 临近年底，促消费再迎重磅政策。11月26日，工业和信息化部、国家发展改革委等六 ...

Group 1 - The core viewpoint emphasizes the positive progress of private capital participation in major projects, with the National Development and Reform Commission (NDRC) encouraging private enterprises to expand effective investment and promote high-quality development of the private economy [1][2] - The NDRC highlighted the importance of private enterprises seizing opportunities in technological revolutions, industrial transformations, and urban-rural coordinated development to actively participate in national strategic projects [1][3] Group 2 - Since the 14th Five-Year Plan, the overall operation of China's private economy has improved, with private enterprises adjusting their development methods and structures, leading to an average annual growth rate of over 10% in private investment in manufacturing and high-tech industries [2] - The introduction of private capital into nuclear power projects is a significant example, with plans to increase private participation from 2% in 2020 to 10-20% by 2025, potentially driving over 24 billion yuan in private investment [2] Group 3 - The NDRC's recent measures aim to stimulate private investment by addressing market access, fair competition, and service optimization, with 13 specific initiatives proposed to stabilize employment and promote the development of the private economy [3][4] - The implementation of the Private Economy Promotion Law in May 2023 marks a significant step in protecting the rights of private enterprises and entrepreneurs [5] Group 4 - Local regulations are being enacted to support private economic development, with the Fujian Province's Private Economy Promotion Regulation set to take effect in January 2026, focusing on fair competition and investment promotion [6][7] - Other provinces, including Tianjin and Shandong, are also advancing similar regulations to enhance support for private enterprises [7] Group 5 - Experts emphasize the need for a supportive environment for private enterprises, including reducing non-market risks from policy changes and administrative controls, to boost confidence in the private economy and facilitate economic recovery [8]

Core Insights - The Chinese government has introduced a significant policy to boost consumption, focusing on enhancing the adaptability of supply and demand through a comprehensive implementation plan with 19 key tasks aimed at promoting a two-way economic cycle [1][2] Group 1: Policy Overview - The implementation plan was jointly released by six government departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission [1] - The plan emphasizes the importance of matching consumer demand with production, highlighting the need for quality products that meet market needs [1] Group 2: Market Potential - China is the world's second-largest consumer market, with the largest middle-income group, indicating substantial growth potential in consumption [1] - The rise of new technologies such as artificial intelligence and virtual reality is accelerating the emergence of new consumption patterns, creating opportunities for market expansion [1] Group 3: Demographic Insights - By the end of 2024, the elderly population in China is projected to reach 310 million, accounting for 22% of the total population, indicating a growing market for elderly care products and services [2] - There is a significant unmet demand across various demographic groups, including children, students, and young adults, suggesting potential for multi-trillion market opportunities [2] Group 4: Supply-Side Structural Reform - The implementation plan aims to address structural mismatches in supply and demand, promoting the entry of high-quality consumer goods into everyday life [2] - The focus is on supply-side structural reform, encouraging brand leadership, standard upgrades, and the application of new technologies to enhance production quality [2]

Core Viewpoint - The strong domestic market is a strategic support for Chinese-style modernization, emphasizing the importance of domestic circulation to counter international uncertainties [1][5]. Group 1: New Development Pattern - The concept of constructing a new development pattern was first proposed by Xi Jinping in April 2020, highlighting its strategic significance for China's overall development [2]. - Since the 14th Five-Year Plan, China's domestic circulation has been increasingly consolidated, with domestic demand contributing an average of 86.4% to economic growth from 2021 to 2024 [3]. - The external environment is complex and challenging, necessitating a faster construction of the new development pattern to maintain development initiative [4]. Group 2: Domestic Market and Economic Resilience - As the world's second-largest economy, China must rely on a strong domestic market to enhance economic resilience and ensure stability in extreme situations [6]. - The 8th China International Import Expo showcased the vitality of China's large-scale market, with participation from 155 countries and over 4,100 foreign enterprises [7]. Group 3: Supply and Demand Coordination - The new development pattern requires simultaneous efforts on both supply and demand sides to improve the quality and efficiency of economic circulation [8]. - The "Non-Heritage Goodies" shopping month series aims to integrate traditional craftsmanship into modern life, promoting a dynamic balance between demand and supply [9]. Group 4: Advantages of the New Development Pattern - Recent cultural events, such as the Nanjing International Art Season, have attracted significant attendance and sales, indicating a growing consumer interest and economic activity [10]. - The average contribution of final consumption to economic growth is projected to be 56.2% from 2021 to 2024, while investment's contribution is expected to be 30.2% [11]. Group 5: Technological Innovation - China's technological self-reliance has significantly improved, with substantial investments in R&D expected to reach 3.61 trillion yuan by 2024, maintaining the second position globally [12]. - High-tech manufacturing and information technology services have shown remarkable growth, with increases of 9.6% and 11.2% respectively in the first three quarters of the year [12]. Group 6: High-Level Opening Up - There is a noticeable trend of foreign companies increasing R&D investments in China, with 631 foreign R&D centers established in Shanghai by September this year [13]. - The scale of goods trade is projected to grow from 32.2 trillion yuan in 2020 to approximately 43.9 trillion yuan by 2024, reflecting the benefits of high-level opening up [14]. Group 7: Strategic Deployment - The construction of a new development pattern is a systematic project that requires strategic planning and detailed implementation [15]. - Key tasks include expanding domestic demand, enhancing investment efficiency, and ensuring smooth economic circulation [15][16][17][18].