Economic Overview - In 2025, China's economy faced significant challenges but showed notable achievements, with a focus on domestic demand and building a strong domestic market highlighted in the Central Economic Work Conference [1][12] - China's total import and export value reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with a trade surplus exceeding 1 trillion USD for the first time [1] Trade Dynamics - Despite a decline in exports to the US by 18.9% (approximately 897.6 billion yuan), exports to ASEAN and the EU increased significantly, compensating for the loss [3][5] - Private enterprises emerged as the main force in stabilizing foreign trade, with their import and export value reaching 23.52 trillion yuan, a growth of 7.1%, accounting for 57.1% of China's total foreign trade [5][6] Domestic Demand and Consumption - The Central Economic Work Conference emphasized the need to expand domestic demand and improve consumer spending, with consumer spending currently accounting for 56.6% of GDP, still below the 80% level of developed countries [12][18] - A new initiative to implement a "rural and urban residents' income increase plan" aims to enhance income levels and boost consumption capacity [20][21] Supply and Demand Imbalance - The economy faces a prominent contradiction of strong supply but weak demand, leading to issues such as price competition and market inefficiencies [10][13] - The government plans to shift focus from quantity to quality in production, encouraging businesses to enhance product quality rather than engage in price wars [16] Real Estate Market Stability - The Central Economic Work Conference proposed measures to stabilize the real estate market, including policies to control inventory and encourage the acquisition of existing homes for affordable housing [25] - Stabilizing the real estate market is seen as crucial for boosting consumer confidence and supporting overall economic growth [25][26]

12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称《征求意见稿》），对于 汽车生产、销售企业给予了明确、具体、全面的指导和提示，避免企业在经营活动中某些具体行为触及法律红线。 国家市场监督管理总局在《征求意见稿》起草说明中也指出，实践中，汽车生产销售领域存在价格标示不规范、价格欺诈、 价格串通、非理性竞争等行为，严重扰乱了市场秩序，侵害了消费者和经营者的合法权益，不利于汽车行业高质量发展。 《征求意见稿》发布后，比亚迪、小鹏汽车、北汽集团等车企纷纷发声。"我们承诺，将严格落实规范价格竞争行为的要求， 保障消费者的利益，坚决杜绝任何形式的价格欺诈和不正当竞争行为。"比亚迪方面称。 聚焦价格行为关键环节，企业经营须坚守底线 《征求意见稿》共五章二十八条，从汽车生产企业价格行为、汽车销售企业价格行为、制度建设等方面，系统构建了覆盖汽 车全产业链的价格行为规范体系。 图片来源：国家市场监督管理总局官网 中国汽车流通协会副会长王都在接受《每日经济新闻》记者采访时表示，《征求意见稿》的发布，将对汽车行业因"内卷 式"竞争引发的无序价格战起到遏制作用。"'内卷式'竞争让产业的健康度下 ...

人民财讯12月12日电，12月12日，国务院国资委党委召开专题会议。会议强调，中央企业要确保今年工 作收好官、明年起好步，坚持问题导向、目标导向，强基础、补短板、防风险，做到稳中求进、提质增 效。要着眼于"进"，以新质生产力的有效培育壮大新动能新优势，强化科技创新，全链条推进从技术攻 关到成果转化各环节，夯实"进"的基础；推动产业升级，持续发力战略性新兴产业，超前谋划未来产 业，深入推进传统产业改造升级，做强"进"的载体；聚焦主责主业，把准"进"的方向，推动企业发挥比 较优势，遵循产业规律，走专业化、差异化、高端化发展路线，自觉抵制"内卷式"竞争，更多实现以价 值创造为引领的内涵式发展。 ...

智通财经APP获悉，12月12日，国务院国资委党委召开专题会议，认真传达学习习近平总书记重要讲话 精神和中央经济工作会议精神。会议强调，中央企业要确保今年工作收好官、明年起好步，坚持问题导 向、目标导向，强基础、补短板、防风险，做到稳中求进、提质增效。聚焦主责主业，把准"进"的方 向，推动企业发挥比较优势，遵循产业规律，走专业化、差异化、高端化发展路线，自觉抵制"内卷 式"竞争，更多实现以价值创造为引领的内涵式发展。 原文如下： 国务院国资委党委认真传达学习中央经济工作会议精神 坚决贯彻党中央决策部署 以国资央企高质量发展为实现"十五五"良好开局提供有力支撑 12月12日，国务院国资委党委召开专题会议，认真传达学习习近平总书记重要讲话精神和中央经济工作 会议精神，紧密结合国资央企实际研究贯彻落实举措，强调要进一步深刻领悟"两个确立"的决定性意 义，坚决做到"两个维护"，深入贯彻党的二十届四中全会精神，自觉把思想和行动统一到党中央对当前 经济工作的重大判断和决策部署上来，牢记职责使命，站位大局全局，坚定信心决心，更好统筹发展和 安全，坚持稳中求进、提质增效，优化布局、转型升级，坚定不移做强做优做大国有企业和国有 ...

人民财讯12月12日电，12月12日，金融监管总局党委召开会议，传达学习中央经济工作会议精神，结合 全国金融系统工作会议部署要求，研究贯彻落实措施。党委书记、局长李云泽主持会议。会议要求，着 力提升强监管严监管质效。加快健全金融法治，精准规范高效执法，不断提高监管能力。引导银行保险 机构树牢正确的经营观、业绩观、风险观，降本增效、苦练内功，努力实现差异化、特色化发展。深入 整治"内卷式"竞争，大力规范市场秩序。高压严打非法金融活动，坚决守好人民群众"钱袋子"。 ...

Group 1 - The central economic work conference emphasized the need for reform to enhance high-quality development and address "involution" in competition, which is a key task for the upcoming year [1][7] - The photovoltaic (PV) industry is experiencing a recovery, with a 39.48% year-on-year increase in new installations, reaching 252.87 GW in the first ten months of the year [1][5] - The price of silicon materials has risen from 35,400 CNY/ton to 53,600 CNY/ton, indicating a positive trend in the market [1][4] Group 2 - The "involution" phenomenon in the PV industry has led to severe supply-demand imbalances and price wars, eroding profit margins and threatening long-term innovation [2][6] - The establishment of a monitoring and coordination mechanism by the China Photovoltaic Industry Association aims to address market failures and promote cooperative competition [3][6] - The industry has seen a significant increase in market capitalization, with a total market value of 296.8 billion CNY for listed PV companies, reflecting a 39.57% increase since April [5][6] Group 3 - The newly registered platform for polysilicon capacity integration is seen as a key initiative to combat "involution" through market-driven and legal mechanisms [6] - The central economic work conference's focus on creating a unified national market and further reform of state-owned enterprises aligns with the PV industry's efforts to stabilize and innovate [7][8] - The transition from cost competition to value creation in the PV industry is driven by innovation and the need to build a strong domestic market [8][9]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

新华财经北京12月11日电（记者叶昊鸣）12月10日至11日举行的中央经济工作会议部署明年经济工作时 提出，制定全国统一大市场建设条例，深入整治"内卷式"竞争。 建设全国统一大市场是构建新发展格局的基础支撑和内在要求。2022年4月，《中共中央国务院关于加 快建设全国统一大市场的意见》正式发布，此后《公平竞争审查条例》《关于健全社会信用体系的意 见》《市场准入负面清单（2025年版）》等相继发布，目的是不断增强和巩固我国大市场优势，为高质 量发展带来更多动力。 "制定全国统一大市场建设条例，将法治建设更深度融入经济社会发展全局，为加快建设全国统一大市 场提供坚实的制度保障。"上海金融与法律研究院研究员刘远举说。 社会主义市场经济本质上是法治经济。新时代以来，我国市场基础制度不断完善，市场设施加快联通， 要素市场建设迈出重要步伐，商品和服务市场规模效应逐步显现，公平竞争理念深入人心。 刘远举认为，全国统一大市场建设是我国在推进经济体制改革过程中形成的一项重要抓手。制定全国统 一大市场建设条例，坚持在改革中完善法治，确保全国统一大市场建设于法有据，将推动各方面制度更 加成熟更加定型。 在南方科技大学副校长金李看来 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the establishment of a national unified market as a foundational support for the new development pattern, aiming to enhance market advantages and drive high-quality development [1][2]. Group 1: National Unified Market Construction - The construction of a national unified market is essential for the new development pattern and is supported by various regulations such as the "Fair Competition Review Regulations" and the "Negative List for Market Access (2025 Edition)" [1]. - The formulation of a national unified market construction regulation aims to integrate legal frameworks into economic and social development, providing a solid institutional guarantee for the market's establishment [1]. - The socialist market economy is fundamentally a rule-of-law economy, with ongoing improvements in market infrastructure and the establishment of a fair competition concept [1]. Group 2: Challenges of "Involution" Competition - "Involution" competition is identified as a major obstacle to the construction of a unified market, leading to resource wastage in price wars and marketing battles, hindering technological and production upgrades [2]. - The establishment of a national unified market construction regulation is seen as a legal approach to address "involution" competition, which will help optimize the competitive market environment and promote high-quality economic development [2].

另外，自去年"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中以来，整治"内卷式"竞争 再次在会议表述中出现，但相关表述由"综合整治"转向"深入整治"。受访专家认为，去年的核心是全面 排查问题，属于广覆盖的初步治理；今年强调治理的深度与精准度，核心是通过"制定全国统一大市场 建设条例"破除地方保护与市场分割。 加紧培育壮大新动能 对于产业政策的相关表述，去年中央经济工作会议提到"以科技创新引领新质生产力发展，建设现代化 产业体系"转为"坚持创新驱动，加紧培育壮大新动能"。 "这一转变反映产业政策从战略规划向实施路径的深化。"国研新经济研究院创始院长朱克力对21世纪经 济报道记者表示，去年会议提出以科技创新引领新质生产力发展，核心在于构建现代化产业体系的"骨 架"，强调技术突破与产业融合的顶层设计。今年则更注重创新成果的"血肉填充"，即通过具体政策工 具推动技术转化与产业应用。 中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作要坚持创新驱动，加紧培育壮 大新动能。制定一体推进教育科技人才发展方案。建设北京（京津冀）、上海（长三角）、粤港澳大湾 区国际科技创新中心。强化企业创新主体 ...