A 股投资策略报告 政策强调"质"的提升，扩大内需仍为首要任务 ――中央经济工作会议要点解读 | | | 宋亦威 022-23861608 songyw@bhzq.com [Table_Author] 严佩佩 022-23839070 SAC No:S1150520110001 yanpp@bhzq.com 研究助理 靳沛芃[Table_IndInvest] 022-23839160 SAC NO：S1150124030005 jinpp@bhzq.com [学Table_Summary 习 ] 12 月 10 日至 11 日在北京举行的中央经济工作会议，我们共总结了六 方面的收获，具体内容如下： 一、着眼于提质增效，着力推动经济实现质的有效提升。在 2026 年经 济工作部署中，"质的有效提升"被置于更加突出的位置。会议明确要求"明 年经济工作的政策取向上，要坚持稳中求进、提质增效"。值得注意的是，会 议不仅很罕见的将"贯彻新发展理念"、"构建新发展格局"、"推动高质量发 展"等表述置于"坚持稳中求进的总基调"之前，更明确提出要"推动经济 实现质的有效提升和量的合理增长"。尤其强调要"在质的有效提升上取得更 ...

会议用"五个必须"科学总结了做好新形势下经济工作新的认识和体会，并提出我国经济长期向好的支撑条件和基本趋势没有改变。要 坚定信心，用好优势，应对挑战，不断巩固拓展经济稳中向好势头。 央视网消息：中央经济工作会议12月10日至11日在北京举行。会议指出今年我国经济社会发展主要目标将顺利完成。这一年，中国经 济有哪些亮眼表现？如何看待当前经济形势？来看专家的解读。 国家信息中心经济预测部宏观经济研究室副主任 邹蕴涵：今年以来，全球经济增长持续放缓，我国经济总体保持了平稳的发展态势， 各方的积极性、主动性充分调动，各类宏观政策持续加力显效，共同推动经济的内生增长动力不断壮大，全年各项指标将顺利完成， 我国经济高质量发展迈出坚实步伐。 中央经济工作会议指出，今年是很不平凡的一年，我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出 新步伐，重点领域风险化解取得积极进展，民生保障更加有力。 国家信息中心经济预测部宏观经济研究室副主任 邹蕴涵：实际上，会议毫不讳言地直面我们当前面对的非常突出的矛盾。比如说，经 济里边供强虚弱的问题，并且对这些问题做出了非常准确的判断和认识，有的放矢解决这些问题。同时， ...

Group 1 - The article discusses the economic development and business environment in Guang'an City, highlighting the efforts made by the local government to support industrial growth and attract investment [1] - It emphasizes the importance of collaboration between various sectors, including government, businesses, and financial institutions, to foster a conducive environment for entrepreneurship and innovation [1] - The article mentions specific initiatives aimed at improving infrastructure and providing financial support to local enterprises, which are expected to enhance the overall competitiveness of the region [1]

Core Viewpoint - The article emphasizes the unstoppable progress of the great rejuvenation of the Chinese nation, highlighting the achievements and future plans under the leadership of the Communist Party of China and Xi Jinping's guidance [2] Summary by Relevant Sections Economic Strength and Development - From 2021 to 2025, China is on a new journey to build a modern socialist country, marking the first five years of this comprehensive initiative, which is described as "extraordinary and remarkable" [2] - Under the strong leadership of the Party Central Committee, China's economic, technological, and comprehensive national strength has reached new heights, indicating a solid step forward in Chinese-style modernization [2] Future Planning - The 20th Central Committee's Fourth Plenary Session approved the "14th Five-Year Plan" proposal, outlining a grand development blueprint for the next five years [2] - The article calls for a collective effort to advance the construction of Chinese-style modernization, marking another mobilization and deployment for the new era [2] National Aspirations - The narrative reflects on China's historical achievements and expresses confidence in a brighter future, urging collective action to create new historical achievements for the Chinese nation [2] - The article concludes with a commitment to ensure the stability and long-term success of China's economy, as guided by Xi Jinping's leadership [2]

□ 本报记者 许 愿 今年是"十四五"规划收官之年。12月10日，省政府新闻办公室举办"高质量完成'十四五'规划"系列新闻 发布活动第一场——"推动经济高质量发展"主题新闻发布会，公布江苏"十四五"经济发展成绩单。 五年劈波斩浪，江苏这艘经济巨轮的航迹和成色，随着这份"成绩单"的发布而徐徐展开。记者从发布会 了解到，"十四五"以来，江苏经济总量由2020年的10.5万亿元攀升至2024年的13.7万亿元，即将在今年 跨过"十四五"期间第4个万亿元台阶，突破14万亿元。五年来，我省积极应对外部环境深刻变化和多重 超预期的因素挑战，交出了一份稳中有进、质效兼优的答卷。 地区生产总值连跨台阶 —— "经济大船"更稳健 这份亮眼的成绩单从何而来？关键在于"量"与"质"的协同跃升。 "我省综合实力与发展质效实现'双提升'，高质量发展步伐稳健。"省统计局副局长马俊表示，江苏经济 总量即将在今年跨过"十四五"期间第4个万亿元台阶。在综合实力稳步增强的同时，更加注重提升经济 发展质效，全员劳动生产率由2020年的21.3万元/人提升至2024年的28.4万元/人，2021—2024年年均增 速高于GDP年均增速0.5个百分点 ...

Group 1 - The core viewpoint of the article highlights the strong momentum for high-quality economic development in China, supported by effective incremental and stock policies [5] - Tax revenue data for the first 11 months indicates that the total tax revenue exceeded 29 trillion yuan, with tax revenue (excluding export tax rebates) growing by 3.1% to over 16 trillion yuan [9] - The number of active enterprises in China increased by 9.8% year-on-year, reflecting a stable economic environment and active capital markets [8] Group 2 - The sales revenue of the equipment manufacturing industry grew by 8.3% year-on-year, indicating a solid performance in the manufacturing sector [9] - The sales revenue from high-tech industries increased by 14.7% year-on-year, driven by continuous innovation and supportive tax policies [12] - The sales revenue from clean energy sectors, including wind, solar, and hydropower, rose by 14.9% year-on-year, reflecting a rapid transition towards a greener energy structure [10]

Economic Performance - The latest tax revenue data indicates that China's economy is showing steady progress with strong momentum for high-quality development, driven by a series of incremental and stock policies [1] - In the first 11 months, the total tax revenue exceeded 29 trillion yuan, with tax revenue (excluding export tax rebates) surpassing 16 trillion yuan, reflecting a year-on-year growth of 3.1% [1] Corporate Investment - In the first 11 months, the amount spent by enterprises on purchasing machinery and equipment increased by 10.7% year-on-year, indicating a stronger investment in equipment [1] - The number of active enterprises in the first 10 months grew by 9.8% year-on-year, with their proportion of total enterprises increasing by 4.7 percentage points [1] Consumer Spending - Sales revenue in the home appliance and communication retail sectors, supported by the old-for-new consumption policy, increased by 26.5% and 20.3% year-on-year, respectively, demonstrating the ongoing effects of consumption promotion policies [1] Export Resilience - The tax authorities processed export tax rebates that increased by 6.8% year-on-year, showcasing the resilience of Chinese enterprises in maintaining good growth amid complex international trade conditions [1] Manufacturing Sector - The manufacturing sector continues to play a stabilizing role, with tax revenue from manufacturing remaining stable at around 30% [2] - Sales revenue in the equipment manufacturing sector grew by 8.3% year-on-year, with significant growth in computer and communication equipment manufacturing (12.3%) and instrument manufacturing (10.3%) [2] Technological Innovation - The role of technological innovation is increasingly significant, with high-tech industry sales revenue rising by 14.7% year-on-year, supported by tax reductions and rebates totaling 23.725 billion yuan in the first 10 months [2] - The procurement of automation equipment by manufacturing enterprises increased by 14.2%, and spending on digital technology rose by 11.2%, indicating a deepening integration of digital technology with manufacturing [2] Energy Sector - Sales revenue in the clean energy sector, including wind, solar, and hydropower, grew by 14.9% year-on-year, reflecting the acceleration of green transformation in China's energy structure [2]

新质生产力加快发展。今年前10个月，现行支持科技创新和制造业的主要政策减税降费及退税23725亿 元。在税费优惠等一系列政策措施支持下，创新产业（300832）实现较快增长。1至11月，全国高技术 产业销售收入同比增长14.7%，特别是智能设备制造业销售收入同比增长28.2%，延续快速增长态势。 能源结构持续优化。今年前11个月，风力、太阳能、水力等清洁能源发电行业销售收入同比增长 14.9%，占全部电力行业销售收入比重达38%，占比较同期提高4.3个百分点。 本报北京12月9日电(记者汪文正)记者从国家税务总局8日举行的例行新闻发布会获悉，今年以来，中国 经济运行稳中有进。从税收大数据看，今年中国经济高质量发展呈现多个亮点。 增量和存量政策持续显效。企业设备投资力度持续加大，今年1至11月，全国企业采购机械设备金额同 比增长10.7%。企业出口韧性足，全国税务部门为企业办理出口退税同比增长6.8%。今年前10个月全国 在营活跃的企业数量同比增长9.8%，占全部企业的比重同比提高4.7个百分点。 ...

Group 1 - The article discusses the economic development and investment opportunities in Tibet, highlighting the region's unique resources and strategic location [1] - It emphasizes the importance of collaboration between local businesses and external investors to foster growth and innovation in various sectors [1] - The article mentions specific sectors such as tourism, agriculture, and renewable energy as key areas for potential investment [1] Group 2 - The article outlines the government's supportive policies aimed at attracting investment and promoting sustainable development in Tibet [1] - It provides statistics on recent economic growth rates in the region, indicating a positive trend in GDP and employment [1] - The article concludes with a call to action for investors to consider Tibet as a viable destination for future projects [1]

Group 1 - The core viewpoint emphasizes that ecological environment protection and economic development are not contradictory but are dialectically unified, providing a solid institutional guarantee and practical path for high-quality economic and social development [1] - The Central Ecological Environment Protection Supervision has shifted local governments' focus from growth at the expense of environmental protection to a sustainable development model, promoting the idea that protecting the ecological environment is equivalent to protecting productivity [2][4] - The supervision has encouraged enterprises to view ecological and environmental investments not as burdens but as opportunities for technological upgrades and efficiency improvements, leading to a strategic shift towards green development [2][4] Group 2 - The supervision has significantly enhanced public awareness of ecological responsibility, transforming individuals from passive observers to active participants and supervisors in environmental protection [3][8] - By addressing prominent ecological issues, the supervision has driven local governments to optimize industrial structures, eliminate outdated capacities, and promote a shift towards high-end, intelligent, and green industries [4][5] - The supervision has focused on improving environmental infrastructure, which directly enhances ecological quality and attracts high-end industries, thereby fostering new growth points in the economy [7][8] Group 3 - The supervision has effectively addressed issues such as the encroachment of natural protected areas, ensuring the integrity of ecosystems and promoting a transformation in local development concepts [7] - By resolving public concerns regarding ecological issues, the supervision has improved living standards and created a favorable environment for market expansion and the development of specialized industries [8] - The upcoming implementation of the Ecological Environment Protection Supervision Work Regulations in 2025 aims to institutionalize the achievements of supervision practices, further solidifying the legal foundation for ecological civilization construction [8]