炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信建投证券 核心观点 一看会议对形势判断，对当下社会热议的经济问题，此次会议给出定论，"这些大多是发展中、转型中 的问题，经过努力是可以解决的"。 二看政策勾画的2026年经济图景，拓展新空间的内需、止跌回稳的投资、主动化债的地方财政、深入推 进的反内卷、稳定的地产、逐渐壮大的新动能、逐步落地的多项长期改革。 三看会议给出的增量政策，财政方向是"更加积极"，除了赤字率仍维持高位之外，举债规模进一步扩 张，地方债务风险兜底，税制改革，这些都是增量。货币政策"适度宽松"，锚定"物价合理回升"，预计 力度至少与今年齐平。 四看产业趋势，重视新动能、人工智能、服务业、新能源、海洋经济及反内卷。 信息或事件 中央经济工作会议12月10日至11日在北京举行。 一、积极政策取向未变，有利于经济修复和资产价格 去年中央经济工作会议将财政政策的表述由"积极"调整为"更加积极"，将货币政策的表述由"稳健"调整 为"适度宽松"。 今年中央经济工作会议对宏观政策的定调与去年一致，均为"实施更加积极有为的宏观政策"，提出"要 继续实施更加积极的财政政策" ...

策 略 研 究 2025 年 12 月 11 日 战略定力 ——中央经济工作会议点评 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 A 股 策 略 相关研究 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com - ⚫ 2025 年中央经济工作会议明确了 2026 年"稳中求进、提质增效"的主基调，宏观政策将实施"更加积极 的财政政策"和"适度宽松的货币政策"，并强调"存量+增量政策的集成效应"。通稿在基调上展现出更 强的战略定力，明确提出"我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深……这些大多 是发展中、转型中的问题，经过努力是可以解决的， ...

Group 1: Economic Policy Framework - The central economic work meeting emphasizes the principle of "seeking progress while maintaining stability," focusing on stabilizing employment, enterprises, markets, and expectations to ensure smooth economic operation[2] - The meeting suggests a combination of "mandatory options + optional options" in macroeconomic policy, indicating a relatively stable approach to mandatory macro policies while allowing for counter-cyclical adjustments as needed[3] - The integration of stock and incremental policies is highlighted, with a commitment to continue implementing a more proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels[3] Group 2: Consumer and Market Dynamics - Consumption is prioritized over investment in policy discussions, with specific measures to enhance consumer capacity, including the implementation of urban and rural resident income increase plans[4] - The meeting calls for the expansion of quality goods and services supply and the removal of unreasonable restrictions in the consumption sector to unleash service consumption potential[4] - The focus on addressing "involution" competition indicates a recognition of deeper structural issues, requiring comprehensive solutions rather than superficial capacity clearing[4] Group 3: Taxation and Industry Support - The meeting proposes to improve the local tax system, addressing the decline in local tax revenue share in fiscal income and expenditure, with potential adjustments to shared tax ratios to stabilize local government finances[5] - Specific industries are identified for targeted support, including artificial intelligence, digital trade, and green trade, aiming to create a favorable policy environment for development[5] - Employment remains a top priority in social policy, with a focus on stabilizing job opportunities for key groups such as college graduates and migrant workers[5] Group 4: Risk Management - The meeting emphasizes risk prevention, particularly in the real estate sector and local government debt, encouraging the acquisition of existing residential properties for affordable housing[6] - The report highlights potential risks including policy changes, unexpected economic fluctuations, and delays in updating research information[6]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, public welfare, and risk management. Group 1: Domestic Demand - Emphasis on leading domestic demand and building a strong domestic market through actions to boost consumption and implement urban and rural income increase plans [1] - Expansion of quality goods and services supply, optimization of "two new" policy implementation, and removal of unreasonable restrictions in the consumption sector to unleash service consumption potential [1][2] - Encouragement of investment stabilization, with an increase in central budget investment scale and optimization of local government special bond usage [1] Group 2: Innovation - Focus on innovation-driven growth by developing a comprehensive plan for education, technology, and talent development [2] - Establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Strengthening the role of enterprises in innovation and improving intellectual property protection in emerging fields [2] Group 3: Reform - Commitment to reform efforts to enhance high-quality development, including the establishment of a unified national market and further deepening state-owned enterprise reforms [3] - Initiatives to clear overdue payments to businesses and promote win-win scenarios for platform enterprises and their operators [3] - Expansion of market-oriented reforms and improvement of the local tax system [3] Group 4: Openness - Promotion of multi-field cooperation and gradual advancement of institutional openness, including the expansion of service sector autonomy and optimization of free trade zone layouts [4] - Encouragement of service exports and development of digital and green trade [4] - Strengthening of foreign investment promotion mechanisms and enhancing overseas service systems [4] Group 5: Coordinated Development - Coordination of urban-rural integration and regional collaboration, focusing on high-quality development in county economies [5] - Maintenance of arable land and food production stability, ensuring reasonable prices for key agricultural products [5] - Support for major economic provinces and enhancement of cooperation among key urban clusters [5] Group 6: Green Transformation - Advancement of energy-saving and carbon reduction initiatives in key industries and the establishment of a new energy system [6] - Strengthening of the national carbon emissions trading market and implementation of comprehensive waste management actions [6] - Promotion of environmental protection initiatives and improvement of disaster response infrastructure [6] Group 7: Public Welfare - Implementation of actions to stabilize employment for key groups such as college graduates and migrant workers, and support for flexible employment [7] - Adjustment of educational resource allocation to increase high school and quality university enrollment [7] - Optimization of drug procurement and deepening of medical insurance payment reforms [7] Group 8: Risk Management - Focus on stabilizing the real estate market with city-specific policies to control inventory and encourage the acquisition of existing housing for social welfare [8]

Group 1: Company Overview and Product Lines - Giant Lifting Equipment Co., Ltd. is engaged in the development of deep-sea mooring technology, focusing on key technical bottlenecks in marine engineering equipment [2][3] - The company has established three main product lines: single-strand permanent mooring steel wire ropes, mooring fiber cables, and deep-sea mooring system accessories [3][4] - The company aims to enhance its industrialization and scale effects in the deep-sea mooring sector, establishing a wholly-owned subsidiary in Tianjin to support this goal [3] Group 2: Market Position and Competitive Advantages - Since 2023, the company has obtained multiple DNV factory recognition certificates, marking its transition from providing single mooring products to offering comprehensive long-term mooring solutions [4] - The company is the only enterprise with complete mooring system design and manufacturing capabilities, positioning it uniquely in the deep-sea mooring market [4][5] - The cost of mooring systems is significant in floating wind turbine projects, and the company’s lightweight and easy-to-install products are expected to be optimal choices for future industrialization and cost reduction [4] Group 3: Expansion and Future Plans - The company has established a wholly-owned subsidiary in Henan, which is expected to enhance production capacity and support the Tianjin subsidiary with quality raw materials [5][6] - The Henan subsidiary's first phase has fully released its production capacity, while the second phase is undergoing equipment debugging, expected to enter trial production by the end of the year [6] - The company has built stable sales channels with over 100 countries and regions, and has obtained certifications from eight national classification societies to facilitate international market expansion [6]

Group 1 - The government work report in 2025 highlights "deep-sea technology" as a core emerging industry, emphasizing the promotion of high-quality development in the marine economy, leading to a surge in marine economy concept stocks and financing for startups in the sector [2] - The marine technology sector is transitioning from "shallow sea exploration" to "deep sea development," with advancements in underwater robotics, intelligent sensing, and subsea data centers driving the rapid rise of marine equipment manufacturing and new marine energy industries [2] - China is positioned among the international leaders in marine technology due to continuous R&D investment, diverse application scenarios, and a well-established industrial ecosystem, despite facing challenges such as extreme environmental conditions and the need for key technology localization [2] Group 2 - A live event titled "From Water Surface to Underwater: Marine Equipment Opens New Channels" is scheduled for December 17, 2025, featuring discussions on intelligent ships, unmanned surface systems, underwater propulsion, and new energy ship power systems [3] - The event aims to explore the "breakthrough points" and "future trends" in marine technology, focusing on the development directions of waterborne equipment [3] - Entrepreneurs, investors, and industry practitioners interested in marine technology are encouraged to participate in the event for interactive discussions on the new driving forces of the blue economy [4]

Core Insights - The Jiangsu Provincial Committee of the Communist Party of China has proposed to promote high-quality development of the marine economy and accelerate the construction of a strong marine province [1] - The focus is on enhancing marine technology capabilities, fostering high-level marine research institutions and technology enterprises, and advancing key marine technologies [1] - The development of modern shipping services and marine tourism industries is emphasized, along with the need for better port resource coordination and infrastructure improvements [1] Group 1: Marine Economy Development - The proposal includes the establishment of a national marine economy development demonstration zone, elevating the marine economy to a strategic level [2] - The potential of the marine economy is highlighted, with marine communication identified as a foundational infrastructure for future 6G networks [2] - The government work report has introduced "deep-sea technology" as a core emerging industry, indicating a shift towards supporting marine equipment, energy, and aquaculture sectors [2] Group 2: Industry Opportunities - The offshore wind and solar power sectors are expected to expand into deeper waters, indicating a significant growth opportunity [2] - The marine aquaculture industry is projected to have substantial growth potential, particularly for upstream feed companies that can leverage technological and service advantages [2] - Policy support and recovering demand are likely to benefit marine tourism enterprises with distinctive features [2]

Group 1 - The company is closely monitoring national and local policies and plans related to the development of the marine economy [1] - The company is actively researching potential development opportunities in relevant fields, considering its own industry and technological characteristics [1] - This approach aims to provide references for long-term strategic planning [1]

从破局角度，葛兴安建议，可从扩容参与主体入手，比如可鼓励上市公司将蓝碳融入可持续信息披露， 同时可以推出小额蓝碳现货、蓝碳远期现货、可转售现货等创新产品共同激活蓝碳交易市场的流动性。 同时建立科学定价机制，包括基础定价、市场定价、国际定价和指数定价等方面。此外还需打造完善的 交易生态，出台和交易市场匹配的交易制度和规则，明确市场运行规范，明确监管规则和要求加强对蓝 碳交易市场的监管，提供统一的交易、结算和交割平台，强化国际合作，引进国际交易主体，提升我国 蓝碳交易市场的国际影响力。 新华财经广州12月10日电 12月9日-10日，2025明珠湾气候投融资大会在广州南沙明珠湾举行，在10日 举办的"向海图强——激活蓝碳动能助力海洋经济高质量发展"分会议上，盟浪可持续数字科技（深圳） 有限公司常务副总裁葛兴安发表题为《中国蓝碳交易市场的实践与破局》的主旨演讲。 葛兴安表示，碳汇最终的价值实现在于市场交易环节。2020年以来在政策驱动下，我国的蓝碳即海洋碳 汇交易市场实现跨越式发展，一系列国家级政策的落地为市场发展奠定良好基础。一些地方政府，特别 是沿海省份开展具有特色的蓝碳试点成效显著，在价值实现方面，已经从碳汇 ...

Group 1: Economic Development Trends - The year 2025 is significant for China's modernization process, with a focus on high-quality development and achieving major economic and social goals [2] - The Central Economic Work Conference highlighted the importance of developing new economic sectors such as the "first release economy," "ice and snow economy," "silver economy," and promoting healthy platform economy and county economy [3][4] Group 2: First Release Economy - The first release economy is gaining traction, with cities like Beijing, Shanghai, and Chengdu enhancing policy support to attract new brands and stores, becoming a key driver for domestic demand [3][6] - Chengdu has seen the establishment of 631 first stores in the first three quarters of the year, indicating a growing trend of "first release" becoming a lifestyle [8] Group 3: Ice and Snow Economy - The ice and snow economy is evolving from a seasonal focus to a year-round industry, with the market expected to exceed 1 trillion yuan by 2025 [3][9] - Harbin's Ice and Snow World is integrating technology and culture, offering diverse shopping and dining experiences to enhance consumer engagement [11] Group 4: Silver Economy - The silver economy is expanding with new service models for the elderly, including specialized travel services that cater to their needs, reflecting a shift in consumption patterns towards quality and personalization [12][13] - The elderly demographic is becoming a significant force in the tourism market, with over 80% of travelers on specialized trains being aged 60 and above [13] Group 5: Platform Economy - The platform economy is transitioning from a "what to sell" model to a "what is needed" approach, enhancing consumer experience through direct subsidies and one-stop services [14][15] - E-commerce platforms are driving growth in both domestic demand and foreign trade, with significant increases in sales and participation in global promotional events [16] Group 6: County Economy - The county economy is experiencing robust growth, with initiatives like "Hundred Villages, Thousand Stays" promoting eco-tourism and local industries, leading to increased income for local residents [17][18] - The integration of tourism and local agriculture is driving economic development, with significant increases in visitor numbers and revenue [18] Group 7: Marine Economy - The marine economy is focusing on green and low-carbon initiatives, with advancements in shipbuilding technology and sustainable practices [19][21] - The marine engineering sector is seeing growth, with a reported output value of 32.85 billion yuan in the first ten months of the year, reflecting a 16.9% increase [21] Group 8: Bay Area Economy - The Guangdong-Hong Kong-Macao Greater Bay Area is fostering innovation and collaboration, with companies leveraging regional strengths for technological advancements [22][24] - The synergy between Hong Kong's research capabilities and the manufacturing strengths of the Pearl River Delta is facilitating the commercialization of scientific innovations [24]