Core Viewpoint - The central economic work conference emphasizes the need to formulate regulations for the construction of a unified national market and to deeply address "involutionary" competition [1][3]. Group 1: Unified National Market - The unified national market is a core support and key reform for the "dual circulation" new development pattern, particularly for domestic circulation [1][3]. - It aims to break local protectionism and market segmentation, allowing production factors to flow and allocate more freely and efficiently across the country, thereby enhancing the resilience to external shocks [1][3]. - Achieving this goal requires deep institutional reforms, including improving the fiscal and tax system and statistical accounting systems to address the underlying contradictions of local protection and market segmentation [1][3]. Group 2: Involutionary Competition - Distinguishing and addressing "involutionary competition" is crucial in the process of building a unified national market [2][4]. - "Healthy competition" drives companies to win markets through technological innovation and quality improvement, while "involutionary competition" leads to low-level repetitive construction and destructive price wars, ultimately undermining the industrial foundation [2][4]. - The key to balancing regulation and vitality lies in the better combination of "effective markets" and "proactive government," where the government enforces laws and unified standards to curb disorderly low-price competition and delineate competition boundaries [2][4].

证券研究报告 | 策略专题报告 2025 年 12 月 11 日 2025 年中央经济工作会议如何指引 A 股？ ——中央经济工作会议点评 中央经济工作会议 12 月 10 日至 11 日在北京举行。会议整体延续政治局会议 相对积极的表态。短期来看，过去 10 年间，会后 7 天大盘风格往往相对占优。 行业表现上，从平均超额收益水平来看，近 5 年，社会服务、公用事业、煤炭、 传媒这五个行业会后 7 天平均超额水平相对更高。中长期来看，建议重点关注 会议"推动投资止跌回稳"下，明年重大项目的安排。 专题报告 相关报告 1、《如何理解 12 月政治局会 议？对资本市场意味着什么？ ———政策专题》2025-12-08 2、《今年以来服务消费政策部 署梳理，美政府结束停摆——国 内外产业政策周报（1116）》 2、《黄金税收政策调整，美国 与亚洲多国达成合作——国内 外产业政策周报（1103）》 3、《发布会召开介绍和解读四 中全会精神，有哪些增量信息？ — — 国 内 外 产 业 政 策 周 报 （1025）》 4、《整治内卷聚焦价格治理， 特朗普威胁对华大幅加征关税 — — 国 内 外 产 业 政 策 周 报 ...

11月份居民消费持续恢复，综合整治"内卷式"竞争成效显现。 12月10日，国家统计局公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨幅扩大；扣除食品 和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 同期，工业生产者出厂价格指数（PPI）环比上涨0.1%，连续两个月上涨；同比下降2.2%，降幅比上月扩大0.1 个百分点。值得注意的是，综合整治"内卷式"竞争成效持续显现，如煤炭开采和洗选业、光伏设备及元器件制 造、锂离子电池制造等行业价格同比降幅均已连续多个月收窄。部分行业价格走势反映出新兴产业快速发展、 消费潜力有效释放。 鲜菜价格上涨明显，环比大超季节性 11月份，CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点。国家统计局城市司首席统计师董莉娟表示，CPI同 比涨幅为2024年3月份以来最高，同比涨幅扩大主要是食品价格由降转涨拉动。 数据显示，11月份，CPI的分项数据中，食品价格同比上涨0.2%，非食品价格上涨0.8%。"鲜菜价格由上月下 降7.3%转为上涨14.5%，为连续下降9个月后首次转涨，对CPI同比的上拉影响比上月增加约0.49个百分 点。"董莉娟 ...

人民财讯12月7日电，12月7日，工业和信息化部党组书记、部长李乐成主持召开务虚会，深入学习贯彻 党的二十届四中全会精神，研究谋划"十五五"及开局之年工作思路和举措。 李乐成强调，2026年是"十五五"规划开局之年，要深入贯彻落实党中央、国务院决策部署，加强对形势 的跟踪分析研判，认真谋划好明年工作思路和重点任务。要在"强筋壮骨"、价值创造上狠下功夫，以优 争先、以质取胜，全力促进工业经济平稳增长。要以综合整治"内卷式"竞争为重点，进一步全面深化改 革，坚持依法治理，强化行业自律，落实监管责任，努力解决行业、企业突出困难和问题，激发各类经 营主体创新创业活力。要更加注重统筹发展和安全，强化底线思维、极限思维，及时化解风险隐患，保 障重点产业链供应链安全，增强网络、数据、人工智能等领域安全保障能力，形成竞争优势，赢得战略 主动。 （原标题：工信部部长李乐成：要以综合整治"内卷式"竞争为重点 进一步全面深化改革） ...

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's high-quality development, facing multiple challenges such as macroeconomic changes, demographic shifts, and employment issues, necessitating systematic responses from institutional design and resource allocation [4] Group 1: Macroeconomic Trends - Current macroeconomic patterns show a "failure of traditional rules," where short-term shocks and long-term structural factors interact, complicating the relationship between inflation and unemployment [5] - The aging population is a long-term factor that suppresses inflation, raising concerns about its impact on economic vitality [5] Group 2: Competition and Economic Efficiency - "Involution" in competition leads to a decline in potential growth rates, slowing productivity growth and reducing investment returns, resulting in a contraction of market size [6] - Over-investment in traditional sectors delays the transition to new growth drivers, causing a series of negative effects including weak CPI and declining employment quality [6] Group 3: Demographic Challenges - The dual pressures of low birth rates and rapid aging are significant challenges during the "14th Five-Year Plan" period, with the total fertility rate falling below replacement levels since 1992 [8] - The aging population increases the old-age dependency ratio, straining pension fund sustainability and creating a demand for elderly care that the current supply system struggles to meet [8] Group 4: Consumption Dynamics - The demographic structure negatively impacts consumption potential, with younger populations decreasing and older individuals having limited consumption capacity due to low labor participation and insufficient social security [9] Group 5: Employment Market Characteristics - The employment market is characterized by new forms of employment, with 310 million individuals in urban self-employment and private sectors, and 200 million in flexible employment as of 2023 [10] - Labor mobility is becoming more localized, which may hinder overall productivity growth [10] Group 6: Policy Recommendations - The focus should shift from merely expanding the economy to improving income distribution, addressing urban-rural income disparities, and enhancing social equity [13] - Investment should transition from physical assets to human capital, emphasizing education and health to foster sustainable economic growth [14]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the need to regulate the "involution" competition in the power and energy storage battery industry to promote high-quality development [1][3][4]. Group 1: Industry Development and Challenges - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [3][4]. - Despite the growth, the industry faces several challenges that require a comprehensive understanding of the development situation [4]. Group 2: Regulatory Measures and Industry Cooperation - MIIT plans to implement targeted policies to address irrational competition, enhance capacity monitoring, and improve product quality supervision [4]. - The ministry encourages enterprises to resist irrational competition, enhance innovation, and increase R&D investment to improve core competitiveness [4]. - Strengthening collaboration within the industry chain is essential to enhance self-control levels and create new development advantages [4]. Group 3: Future Planning and Support - MIIT will scientifically formulate the "14th Five-Year" industrial development plan, increase support for technological innovation, and enhance standard-setting to foster a conducive environment for high-quality industry development [4].

（文章来源：央视新闻） 记者从工业和信息化部获悉，近年来，我国动力和储能电池产业迅速发展壮大，在市场规模、创新能 力、产业体系等方面形成了全球竞争优势。与此同时，产业发展还面临不少问题和挑战。我国将综合整 治"内卷式"竞争，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争，加强产能 监测、预警和调控，加大生产一致性和产品质量监督检查力度，打击知识产权违法行为，引导企业科学 布局产能、合理有序"出海"，全力推动产业高质量发展。 ...

Core Viewpoint - The company firmly opposes the "involution" competition characterized by low-quality and low-price strategies in the food delivery market, asserting that such price wars do not create sustainable value for the industry [1] Group 1: Company Strategy - The company plans to increase investments in "rider rights protection" and "support for small and medium-sized merchants" to promote long-term healthy development in the industry [1] - The CEO emphasized the importance of focusing on providing quality service to consumers, merchants, and riders, while maintaining confidence in defending the market position in instant retail [1] Group 2: Market Position - The company has reiterated its opposition to irrational competition in the food delivery sector, believing it to be temporary [1] - The company continues to lead in the mid-to-high price order market, holding over 66% market share in orders exceeding 15 yuan and over 70% in orders exceeding 30 yuan [1] - Core user retention remains high, with steady improvements in user consumption frequency and loyalty [1]

Core Viewpoint - The latest regulatory requirements emphasize the establishment of a sound fund sales settlement mechanism to prioritize investor interests and enhance the safety of investor funds [2][4]. Group 1: Fund Subscription Settlement - Fund managers and sales institutions are required to improve technical system investments to enhance the efficiency of fund subscription settlement and reduce the time funds are in transit [4][5]. - For off-site money market funds, confirmation data and settlement data must be sent to sales institutions by 10:00 on the confirmation date, with funds transferred to the fund's registration account by 16:00 on the same day after deducting any fees [4][5]. Group 2: Fund Redemption Settlement - Fund managers must strengthen liquidity risk management and determine redemption settlement times based on the product's investment characteristics and market liquidity, ensuring that the safety of fund assets is prioritized [7]. - Redemption funds for non-money market funds must not be transferred to sales institutions before the next trading day after the redemption request is confirmed, preventing mismatches between asset liquidation and redemption speed [7]. Group 3: Marketing and Promotion Regulations - Fund managers and sales institutions must recognize the importance of a secure fund settlement mechanism and resist "involution" competition, avoiding misleading marketing practices [9]. - The use of terms like "real-time arrival" and "instant redemption" in promotional materials is prohibited to prevent investors from focusing solely on speed without understanding the underlying risks [9][10].

Core Viewpoint - The article discusses the economic strategies and challenges facing China during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," emphasizing the need for high-quality development and structural reforms to achieve the goal of reaching the income levels of moderately developed countries [5][6][8]. Economic Development Strategies - The "15th Five-Year Plan" aims for high-quality development rather than specific growth targets, focusing on resolving historical issues, enhancing industrial self-reliance, and promoting inclusive growth [9][10]. - Key conditions for achieving the goal of reaching the income levels of moderately developed countries include increasing industrial added value, promoting inclusive growth, and improving social security systems [8][9]. Manufacturing and Export Growth - China's strong manufacturing sector has been crucial for the rapid growth of exports, with an average annual growth rate of 8% over the past five years, totaling a 45% increase [15]. - The export structure has significantly upgraded, with high-value-added products increasing, making China the world's largest producer and exporter of automobiles [15][16]. Consumption as a Growth Driver - Consumption is identified as a key variable for future economic growth, with government policies like subsidies expected to continue to stimulate consumer spending [11][12]. - Increasing pension income for urban and rural residents, especially low-income groups, is seen as a significant measure to boost consumption and support economic transformation [12][13]. Addressing "Involution" Phenomenon - The article highlights the need for a collaborative approach involving market forces, industry associations, and government guidance to address the "involution" phenomenon in the economy [14][17]. Financial Sector Development in Shenzhen - Shenzhen aims to become a globally influential financial center by leveraging its proximity to Hong Kong, its manufacturing base, and its innovative environment [18][19]. - The city is focusing on integrating financial services with local industries, providing comprehensive financing support, and exploring innovative financial models suitable for emerging industries [19][20].