更加积极的财政政策在优化支出、挖掘潜力方面还有很多具体工作推动；比如总量货币政策和结构性货币政策相得益彰的过程中，货币政策在 推动经济向好的过程中将发挥重要作用。 此外，还要强调政策取向的一致性。比如经济政策和非经济政策、存量政策和增量政策，只有协同一致才能形成更大的政策合力。只要坚 持稳中求进、提质增效，2026年经济工作就能顺利开局。 政策取向中提出的"稳中求进、提质增效"实际上是"稳"与"进"、"质"与"效"的辩证有机统一。从"稳"与"进"的关系看，2025年，中国经济 规模预计将达140万亿元左右，这样一个超大规模经济体要想行稳致远，就一定要保有经济合理的增长速度。从中国现在的经济总量和经济增 长速度看，特别是现在保持的合理增速，在世界主要经济体当中都保持着名列前茅的发展态势，也体现了我国高质量发展要实现质的有效提升 和量的合理增长。只有把握好"稳"与"进"的辩证关系，中国经济巨轮才能稳健前行。 同时，要把握好"质"与"效"的关系，一方面体现为发展的"质"与"效"，比如向新、向优发展，新质生产力不断培育壮大，产业转型升级取 得累累硕果，绿色低碳转型呈现良好发展态势。可以说，向新、向优发展态势进一步巩固 ...

Core Viewpoint - The article emphasizes the importance of enhancing quality and efficiency in economic governance for the upcoming year, focusing on proactive fiscal and monetary policies to stimulate domestic demand and improve macroeconomic management [2][3]. Group 1: Economic Governance Strategy - The Central Political Bureau outlined eight key principles for economic governance in 2026, including prioritizing domestic demand, innovation, reform, and maintaining social stability [2]. - The shift from "promoting stability through progress" to "enhancing quality and efficiency" indicates a more dynamic and effective approach to policy-making, emphasizing the interaction between policy and market trends [2][3]. Group 2: Domestic Demand and Consumption - The core issue facing the Chinese economy is insufficient effective demand, particularly in consumer spending, which requires systemic reforms to broaden consumption capacity [3][4]. - Enhancing consumer purchasing power is essential for increasing consumption rates, necessitating reforms in income distribution and social welfare systems [4]. Group 3: Consumer Protection and Market Transparency - There is a pressing need to improve consumer rights protection laws and policies to foster a more consumer-friendly market environment [4][5]. - The introduction of collective litigation and clearer consumer rights is advocated to reduce information asymmetry in the market, thereby enhancing pricing power and risk management capabilities [5].

Core Viewpoint - The article emphasizes the importance of enhancing the quality and efficiency of economic governance in China, focusing on the integration of policies and market dynamics to stimulate effective demand, particularly in consumer spending [2][3]. Economic Governance Strategy - The Central Political Bureau's meeting outlined a roadmap for economic governance in 2026, highlighting eight key principles, including prioritizing domestic demand, innovation, reform, and maintaining social stability [2]. - The shift from "promoting stability through progress" to "enhancing quality and efficiency" indicates a more proactive and responsive approach to economic policy [2]. Policy Effectiveness - The article stresses that effective governance requires a two-way interaction between the government and the market, with policies designed to stimulate market vitality and consumer confidence [3]. - It highlights the need for policies to be forward-looking, targeted, and coordinated, focusing on the dynamic evaluation of their effectiveness [3]. Consumer Demand and Economic Structure - The core issue facing the Chinese economy is insufficient effective demand, particularly in consumer spending, which necessitates systemic reforms to broaden consumption capacity [3][4]. - The government is urged to shift its focus from a supply chain community to a consumer-oriented community, requiring adjustments in perception and behavior [3]. Enhancing Consumer Spending - To increase the consumption rate during the "15th Five-Year Plan," reforms in income distribution and social security systems are essential to enhance disposable income and consumer confidence [4]. - The article calls for a transition of state-owned capital from production support to consumption support, ensuring that public services are improved to foster a consumer-friendly environment [4]. Consumer Rights and Market Transparency - There is a pressing need to improve consumer protection laws and policies to address the shortcomings in consumer rights, ensuring a transparent and fair market [5]. - The introduction of collective litigation and evidence presentation systems in consumer markets is recommended to enhance consumer awareness and rights [5]. Conclusion on Economic Governance - The article concludes that effective economic governance should prioritize transparent and informed consumption, reducing information asymmetry between supply and demand [5]. - It advocates for a market environment where consumer trust and credit are upheld, reflecting the broader values of society [5].

Group 1 - The core focus of economic governance in 2026 is on "quality improvement and efficiency enhancement," replacing last year's emphasis on "promoting stability through progress," indicating a shift towards the effectiveness and quality of policies in the real world [1][2] - The meeting outlined eight key principles for economic governance, including prioritizing domestic demand, innovation-driven growth, reform, openness, coordinated development, dual carbon goals, prioritizing people's livelihoods, and maintaining bottom-line stability [1][2] - The emphasis on policy effectiveness suggests a more sophisticated approach to economic governance, highlighting the interaction between policies and market trends, as well as the need for dynamic policy evaluation [1][2] Group 2 - The focus on quality improvement and efficiency in governance reflects the need for policies to demonstrate actual effectiveness and incentivize market engagement, serving as a bridge between proactive government and effective markets [2] - The core issue facing the Chinese economy is insufficient effective demand, particularly in consumer demand, necessitating systemic reforms to broaden consumption capacity [2][3] - Enhancing consumer capacity is essential for increasing consumption rates, which requires reforms in income distribution and social welfare systems to ensure a sense of security and real benefits for the populace [3] Group 3 - Economic governance's quality improvement in the consumer market centers on transparent and informed consumption, aiming to reduce information asymmetry between supply and demand [4] - The introduction of collective litigation and burden of proof systems in the consumer market is advocated to establish a culture of informed consumption [4] - The relationship between market transactions and individual credit is emphasized, highlighting the importance of trust in economic governance [5]

中国银河（601881）宏观认为，从总的政策基调来看，本次政治局会议强调要坚持"稳中求进、提质增 效"，明年是"十五五"规划开局之年，聚焦国内"提质增效"，有利于赢得"十五五"规划良好开局。当前 百年变局加速演进，面对外部不确定性，宏观政策要以"我"为主，把握好"逆周期""跨周期"力度，推动 经济实现质的有效提升和量的合理增长，以确定性应对不确定性。 【导读】明年经济工作坚持"稳中求进、提质增效"总基调，为"十五五"规划开局注入强劲动力 中共中央政治局12月8日召开会议，分析研究2026年经济工作。 受访专家表示，会议强调明年经济工作坚持"稳中求进、提质增效"总基调，兼顾了短期稳增长与中长期 高质量发展。同时，宏观政策、扩大内需、创新驱动等多方面协同发力，将为"十五五"规划开局筑牢根 基，更好推动我国经济高质量发展。 亮点1：紧扣"稳中求进、提质增效"总基调 为"十五五"规划开局夯实基础 会议强调明年经济工作要坚持"稳中求进、提质增效"的总基调，"实施更加积极有为的宏观政策""持续 扩大内需、优化供给"，并将"内需主导，建设强大国内市场"放在八大任务首位。 上海金融与发展实验室首席专家、主任曾刚表示，此次宏观 ...

【导读】明年经济工作坚持"稳中求进、提质增效"总基调，为"十五五"规划开局注入强劲动 力 中国基金报记者 李树超 张玲 中共中央政治局12月8日召开会议，分析研究2026年经济工作。 受访专家表示，会议强调明年经济工作坚持"稳中求进、提质增效"总基调，兼顾了短期稳增 长与中长期高质量发展。同时，宏观政策、扩大内需、创新驱动等多方面协同发力，将为"十 五五"规划开局筑牢根基，更好推动我国经济高质量发展。 亮点1：紧扣"稳中求进、提质增效"总基调 为"十五五"规划开局夯实基础 会议强调明年经济工作要坚持"稳中求进、提质增效"的总基调，"实施更加积极有为的宏观政 策""持续扩大内需、优化供给"，并将"内需主导，建设强大国内市场"放在八大任务首位。 上海金融与发展实验室首席专家、主任曾刚表示，此次宏观政策表述紧扣"稳中求进、提质增 效"总基调，既延续了政策的连续性，又根据"十五五"规划开局需求作出优化，凸显了宏观治 理的稳健性与针对性；同时，政策强调"提质增效"与"治理效能"，说明宏观调控不再单纯追 求总量扩张，而是兼顾短期稳增长与中长期高质量发展，为"十五五"规划开局夯实基础。 中国银河宏观认为，从总的政策基调来看 ...

本次交易的标的股份为公司持有的思坦仪器99.33％的股份（对应思坦仪器107,109,922.92股股份），包 含思坦仪器所持有的西安思坦软件技术有限公司（简称"思坦软件"）100%股权（对应思坦软件 2,000,000元注册资本）和思坦仪器所持有的西安思坦油气工程服务有限公司（以下简称"思坦油服"） 100%股权（对应思坦油服25,000,000元注册资本）。本次交易完成后，公司不再持有思坦仪器股份，思 坦仪器不再纳入公司合并报表范围。 格隆汇12月9日丨海默科技(300084.SZ)公布，为进一步落实公司"提质增效、聚焦核心"的发展战略，集 中资源及资金发展核心产品和业务，海默科技（集团）股份有限公司拟出售控股子公司西安思坦仪器股 份有限公司全部股权。公司拟与西安精英光电技术有限公司（下称"精英光电"）、吴彦林先生签订《海 默科技（集团）股份有限公司与西安精英光电技术有限公司吴彦林关于西安思坦仪器股份有限公司之股 份转让协议》，以37,000万元的价格将所持思坦仪器全部股权转让给精英光电。 ...

格隆汇12月9日丨海默科技(300084.SZ)公布，为切实落实公司"提质增效、聚焦核心""发展第二增长曲 线"的战略方针，公司拟出售持有的海默水下生产技术（深圳）有限公司（简称"海默水下"）20%股 权，并将公司水下多相流量计业务相关无形资产转让及许可使用给海默水下子公司海默新宸水下技术 （上海）有限公司（下称"海默新宸"），同时海默水下、海默新宸将在协议生效后偿还对公司的欠款。 公司拟与上海深蓝协同企业管理合伙企业（有限合伙）（简称"上海深蓝"）、海默水下、窦剑文先生签 订《关于海默水下生产技术（深圳）有限公司之股权转让协议》，将持有的海默水下20%的股权转让给 上海深蓝，转让价款为2,500万元；股权转让完成后，公司持有海默水下的股权比例为32.2317%，不再 拥有海默水下控制权，海默水下不再纳入公司合并报表范围。公司拟与海默新宸、窦剑文先生签订《关 于水下业务相关资产转让协议》，将与水下油气开采产品业务相关专利转让及排他地长期许可使用给海 默新宸，上述专利转让和许可使用价格为7,500万元。公司拟与海默新宸、窦剑文先生签订《还款协 议》，明确海默新宸对公司的欠款金额并约定还款事宜。 ...

2026年政策延续偏松,但重视"跨周期"及"提质增效" 12月8日，新华社发布政治局会议通稿。通稿提及"宏观政策更加积极有为"，"继续实施更加积极的财政 政策和适度宽松的货币政策",表明2026年整体基调延续积极,不过细节表述也有变化: 一是,经济工作表述新增"提质增效"。 图说金融(20251209) : 二是,提及"加大逆周期和跨周期调节力度",政策可能兼顾短期及中长期。 由此,我们对2026年财政及货币政策看法是: 固定收益组 程小庆 邮箱: chengxiaoging@citicsf.com 从业资格号: F3083989 投资咨询号:Z0018635 从业资格号:F03105230 投资咨询号:Z0021341 固定收益组 张 陆 邮箱: zhanglu2@citicsf.com 固定收益组 甘 青 邮箱: ganqing@citicsf.com 从业资格号:F03124127 投资咨询号:Z0023461 投资咨询业务资格:证监许可【2012】669号 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建议。我司不会因为 关注、收到或阅读本报告内容而视相 ...

12月8日，中共中央政治局召开会议，分析研究2026年经济工作。会议总结分析今年经济工作，对明年 经济工作作出一系列重要部署。 围绕做好明年经济工作，会议指出，"要坚持稳中求进、提质增效"，并提出做好明年经济工作的"八个 坚持"，将"坚持内需主导"置于首位。 2026年，中国经济如何前行？哪些重点领域值得关注？ 八家券商先后发表观点对此作出深入解读。 政策基调："提质增效" 2026年是"十五五"规划开局之年，做好经济工作至关重要。"十五五"规划建议指出，"'十五五'时期我国 发展环境面临深刻复杂变化"，"我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时 期"。围绕做好明年经济工作，会议指出，"要坚持稳中求进、提质增效"。 明年初财政前置发力形成一定支撑。同时5000亿元新型政策性金融工具已全部投放，但对贷款的带动作 用仍有限，或亦将在明年开门红中集中开始体现。 华泰证券认为，从"以进促稳"到"提质增效"，经济政策基调从"进"和"立"到重"质"和"效"。 从政策基调的措辞看，今年政治局会议要求"稳中求进、提质增效"，而2024年12月政治局会议则强 调"坚持稳中求进、以进促稳，守正创新、先立后破， ...