同时，在苏商银行特约研究员武泽伟看来，此次强调"坚持全国一盘棋""坚决反对'内卷式'竞争"的核心 在于，文章从国家整体效能最大化的战略高度，统筹规划关键产业的发展方向与空间布局。 12月26日，国家发展改革委在官方微信号上刊发题为《大力推动传统产业优化提升》的文章。国家发改 委产业发展司在文中介绍了"十五五"时期传统产业优化提升的着力点。其中，文章提到，对钢铁、石化 等原材料产业，关键在于平衡供需、优化结构。对新能源汽车、锂电池、光伏等"新三样"产业，关键在 于规范秩序、创新引领。"十五五"时期，要综合整治"内卷式"竞争，维护公平竞争环境，提高行业集中 度，打造全球技术领先高地。 12月29日，国家发改委创新和高技术发展司在《因地制宜发展新质生产力》一文中，再次强调"坚决反 对'内卷式'竞争"，并将其与"优化重大生产力布局，统筹谋划、系统推进重点领域发展，防止一哄而 上、重复建设"直接关联。 "内卷式"竞争，作为一种低效率的不公平竞争，让不少行业、企业深受其害，也影响到经济高质量发 展。坚决反对"内卷式"竞争，并非单纯限制发展，而是为了增强发展新质生产力的整体效能。 科方得智库研究负责人张新原表示，此次国家发 ...

本期主讲人：习近平经济思想研究中心副主任 李玉举 视频报道请看人民日报客户端、"人民网+"客户端，英文报道请看环球时报英文版客户端 海南先声药业实验室，工作人员在做实验。 人民网记者 皇甫万里摄 云南昆明斗南花卉市场一角。 受访者供图 闽粤联网工程福建云霄换流站。 资料图片 建设全国统一大市场，是以习近平同志为核心的党中央作出的重大决策。这不仅是构建新发展格局的基 础支撑和内在要求，也是关乎国家发展全局和长远的战略之举。 当今世界，市场是最稀缺的资源。作为全球第二大消费市场，中国拥有14亿多人口、超1.9亿户经营主 体，这样超大规模且极具增长潜力的市场，是我国发展的巨大优势和应对变局的坚实依托，对资源集 聚、创新激励、产业升级、经济增长发挥着有力支撑作用。如何用好市场资源和优势？纵深推进全国统 一大市场建设，至关重要。 近年来，我们加强战略谋划和顶层设计，出台关于加快建设全国统一大市场的意见，围绕完善法律规范 或操作指引，制定系列配套措施，推动全国统一大市场建设取得积极成效——市场基础制度不断完善， 市场设施互联互通显著增强，商品服务和资源要素流动更加顺畅，统一大市场的规模效应和集聚效应不 断彰显。但是我们也 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need to develop new productive forces tailored to local conditions, aiming to enhance overall efficiency and prevent "involution" competition, which is characterized by low efficiency and unfair practices [1][4]. Group 1: Policy Emphasis - The NDRC has reiterated its stance against "involution" competition, linking it to the optimization of major productive layouts and systematic advancement in key sectors [3][4]. - The NDRC's recent communications highlight the importance of balancing supply and demand in traditional industries while fostering new industries such as electric vehicles and solar energy [3][4]. Group 2: Strategic Goals - The NDRC aims to correct resource misallocation and structural overcapacity caused by blind investments and repeated constructions, promoting a healthy competitive ecosystem [5]. - The focus is on redirecting competition from price wars to innovation, product quality, and service excellence, thereby enhancing the overall competitiveness and resilience of industries in the global market [5].

东 兴 晨 报 东兴晨报 P1 经济要闻 1. 市场监管总局：市场监管总局对光伏行业开展价格竞争秩序合规指导。 通报了光伏行业价格违法问题和风险，指出当前光伏行业存在的低质竞争、 同质化重复建设等"内卷式"竞争行为。（资料来源：同花顺） 2. 国家发改委："十五五"时期，要综合整治"内卷式"竞争，维护公平 竞争环境，提高行业集中度。规范市场竞争秩序，深入实施公平竞争审查制 度，加强价格监测、质量检查。（资料来源：同花顺） 3. 国家统计局：经最终核实，2024 年，GDP 现价总量为 1348066 亿元，比 初步核算数减少 1018 亿元；按不变价格计算，比上年增长 5.0%，与初步核 算数持平。（资料来源：同花顺） 4. 辽宁省：拟于 2026 年一季度发行 798.5 亿元地方政府债券，包括 191.5 亿元新增债券和 607 亿元再融资债券。（资料来源：同花顺） 5. 财政部：2026 年继续实施更加积极的财政政策。一是扩大财政支出盘 子，确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。 三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结 构，强化重点领域保障。五是加强财 ...

Core Viewpoint - The Chinese automotive industry is undergoing a significant transformation towards new energy and intelligence, facing intense competition and regulatory scrutiny to ensure healthy development [1] Regulatory Policies and Market Dynamics - The National Market Supervision Administration has solicited opinions on the "Guidelines for Compliance of Price Behavior in the Automotive Industry," which prohibits loss sales, requires clear pricing, and bans price fraud [2] - The introduction of these guidelines aims to curb the detrimental effects of price wars, which have severely impacted industry profitability, with the automotive industry's sales profit margin dropping to 3.9% in October, the lowest in five years [4][6] - The government has emphasized the importance of addressing "involution-style" competition in the 2025 government work report, highlighting a commitment to restoring healthy development in the automotive sector [4] Industry Response to Price Wars - Major automotive companies, including BYD and Great Wall, have pledged to adhere to the pricing guidelines and eliminate unfair competition practices [4] - The China Automotive Industry Association has called for fair competition and has initiated measures to prevent price dumping and misleading advertising [6] Regulatory Interventions and Compliance - A series of regulatory measures have been implemented to address issues such as production consistency and payment terms, with the Ministry of Industry and Information Technology launching checks on production consistency to ensure quality [8][9] - The average accounts payable turnover days for listed automotive companies reached 182 days in 2024, creating significant financial pressure on suppliers [9][11] - A commitment from 17 automotive companies to adhere to a 60-day payment term for suppliers has been established to alleviate financial strain [11] Addressing Network and Marketing Issues - The government has initiated a campaign to combat online misinformation and negative publicity affecting automotive companies, with actions taken against accounts spreading false information [12] - The Ministry of Industry and Information Technology has proposed new standards for intelligent driving systems to enhance safety and consumer protection [14][17] Innovation and Safety Concerns - The automotive industry faces challenges related to "involution" in technological innovation, where companies may compromise safety and quality to reduce costs and accelerate product development [13] - Recent incidents have raised concerns about the safety of new energy vehicles, particularly regarding their acceleration capabilities and the risks associated with hidden door handle designs [15][16] Conclusion on Industry Health - The regulatory environment in 2025 has seen over ten significant policy introductions aimed at addressing competition issues, with a focus on maintaining market order and promoting healthy competition among automotive companies [18][19] - The proactive measures taken by regulatory bodies and the automotive industry indicate a collective effort to navigate the challenges of transformation while ensuring sustainable growth [20]

北京商报讯（记者 刘洋 卓洋）12月29日，国家发展改革委创新和高技术发展司在刊发的《因地制宜发 展新质生产力》署名文章中提出，发展新质生产力是一项长期任务和系统工程，要坚持一切从实际出 发，具体问题具体分析，因地制宜、分类指导，不断提高发展新质生产力的实践本领和能力。 文章提出，一是坚持全国一盘棋，优化重大生产力布局，统筹谋划、系统推进重点领域发展，防止一哄 而上、重复建设，坚决反对"内卷式"竞争，增强发展新质生产力的整体效能。二是发挥各地比较优势， 鼓励和引导各地找准在全国发展大局中的功能定位，立足自身资源禀赋、产业基础，合理设定目标，找 到最佳路径，发展特色产业。地区间要加强产业链协同合作，优化分工、创新协作。三是因业分类施 策，根据不同产业发展阶段、技术周期、市场需求、竞争态势的不同，有针对性地提出务实有效的产 业、技术政策，形成好的政策环境，并根据行业发展及时调整完善，推动不同行业不同产业以新需求引 领新供给、以新供给创造新需求，科学谋划发展方向和路径。 ...

| 镍：资金与产业力量博弈，关注结构机会的出现 | 2 | | --- | --- | | 不锈钢：基本面约束弹性，但关注印尼政策风险 | 2 | | 碳酸锂：现实与预期差加大多空分歧，高位震荡 | 4 | | 工业硅：关注情绪面提振盘面 | 6 | | 多晶硅：区间震荡，波动较大 | 6 | 国 泰 君 安 期 货 研 究 所 2025年12月29日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 12 月 29 日 镍：资金与产业力量博弈，关注结构机会的出现 不锈钢：基本面约束弹性，但关注印尼政策风险 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 126,750 | 1,340 | 9,570 | 11,160 | 9,490 | 3,7 ...

Core Viewpoint - The article emphasizes the importance of expanding domestic demand and enhancing the role of the private economy in driving China's economic growth, particularly in the context of the upcoming "15th Five-Year Plan" and the challenges posed by external economic environments [2][11]. Group 1: Domestic Demand Growth - The current economic environment shows a significant contradiction between strong supply and weak demand, necessitating a focus on expanding effective domestic demand [2][3]. - The central economic work meeting has prioritized the construction of a strong domestic market, indicating a strategic shift towards internal circulation [2][3]. - In 2024, China's consumer rate was reported at 39.9%, which is significantly lower than that of developed countries by 10 to 30 percentage points, highlighting the potential for growth in domestic consumption [2]. Group 2: Investment in Human Capital - The concept of "investing in people" is highlighted as a crucial strategy for economic development, emphasizing the need to allocate more resources to education, healthcare, and social security [5][6]. - This approach aims to enhance human capital and improve living standards, which are essential for driving sustainable economic growth [6][7]. - The integration of "investment in people" with "investment in material" is seen as a necessary step to address supply-demand imbalances and promote high-quality development [7]. Group 3: Private Economy Development - The private economy is recognized as a vital force for modernization and high-quality development, with significant contributions to job creation and GDP [11][12]. - In 2024, the private economy in Sichuan achieved a value-added of 36,461.1 billion yuan, accounting for 56.4% of the province's GDP [11]. - There is a need for targeted policies to address the challenges faced by the private sector, including improving the business environment and supporting innovation [12][13]. Group 4: Regional Coordination - The article discusses the importance of regional coordination and urban-rural integration as key tasks for economic development in 2026 [14][15]. - Sichuan aims to enhance inter-provincial cooperation, particularly with Chongqing, to foster balanced development and optimize resource allocation [14][15]. - The focus on building a modern urban system and improving infrastructure is essential for supporting regional economic growth [15][16]. Group 5: Cultural and Tourism Integration - The integration of culture and tourism is identified as a strategic priority for Sichuan, aiming to leverage its rich cultural resources to enhance economic development [24][25]. - The shift from resource-driven to value-creation in the tourism sector is necessary to address existing challenges and improve the overall quality of tourism offerings [25][26]. - The article emphasizes the need for innovative approaches to enhance the cultural tourism experience and drive economic growth [26][27]. Group 6: Water Resource Management - The "Yin Da Ji Min" project is a significant cross-basin water diversion initiative aimed at addressing water resource distribution issues in Sichuan [28][29]. - This project is expected to provide essential water supply for industrial and agricultural needs, supporting sustainable development in the region [29][30]. - The initiative aligns with national strategies for water security and ecological protection, contributing to the overall resilience of the region's water management system [30][31]. Group 7: Public Service Mapping - The development of a public service "population map" is proposed to enhance the precision of service delivery in response to demographic changes [32][33]. - This innovative approach aims to improve the allocation of public resources and ensure that services are tailored to the needs of the population [33][34]. - The initiative represents a shift towards data-driven governance, enhancing the efficiency and effectiveness of public service provision [34].

深化制度保障，纵深推进全国统一大市场建设。加快推进"五统一、一开放"，破除阻碍全国统一大市场 建设的堵点卡点，促进有效市场和有为政府更好结合，为优化资源配置、扩大内需、缓解同质化竞争提 供制度保障。持续深入推进政府职能转变，优化完善政府政绩考核体系，健全政府不当干预市场竞争行 为治理规则，规范地方政府经济促进行为，破除地方保护和市场分割，清理行业壁垒，打通区域"小循 环"，畅通释放内需潜力的"大循环"，为企业创造更加稳定、透明和可预期的发展环境。 巩固动态平衡，供需两侧协同施策稳根基。将扩大内需战略同深化供给侧结构性改革有机结合起来，推 动供给和需求达到更高水平均衡。在需求侧大力提振居民消费，要进一步优化收入分配格局，加大投资 于人力度，提升公共服务水平，加强社会保障体系建设，切实增强居民实际消费能力和消费意愿；同 时，优化消费环境，加快清理限制性措施。在供给侧持续深化结构性改革，要坚持智能化、绿色化、融 合化方向，发展智能制造、绿色制造、服务型制造，分类开展行业治理，大力推动重点行业产能治理， 以高质量的供给适配不断升级的需求，形成需求牵引供给、供给创造需求的更高水平动态平衡。此外， 要统筹国内国际两个大局 ...

Macro Economic Overview - The macroeconomic report indicates that the Shanghai Composite Index rose by 1.95% this week, with the asset allocation sequence favoring stocks over commodities, bonds, and cash [1][4] - The central economic work conference emphasized the need to stabilize investment and address the "price stagnation" issue, highlighting fixed asset investment as a core solution [3][22] Asset Performance Review - The Shanghai Composite Index increased by 1.95%, while the Shanghai 300 stock index futures rose by 2.46%. In contrast, coking coal futures fell by 0.72% and iron ore contracts decreased by 0.06% [2][13] - The annualized yield of Yu'ebao increased by 1 basis point to 1.04%, and the ten-year government bond yield rose by 1 basis point to 1.84% [2][46] Asset Allocation Recommendations - The report maintains the asset allocation order as stocks > commodities > bonds > cash, with a focus on the implementation of incremental policies [3][4] - The report suggests that the demand for fixed investment remains crucial in addressing the issue of "price stagnation," with real estate investment continuing to drag down fixed asset investment performance [3][24] Sector Insights - The report highlights that the industrial product prices are influenced by fluctuations in international commodity prices and domestic investment shortfalls, particularly in the coal mining and washing industry [3][28] - The automotive sector is noted for a decline in wholesale and retail sales, with a year-on-year drop of 9% and 11% respectively, indicating a potential for recovery driven by policies aimed at expanding domestic demand [38][44] Key Economic Indicators - The report mentions that the GDP for 2024 was finalized at 13,480.66 billion yuan, reflecting a growth rate of 5.0% compared to the previous year [6][26] - The report also tracks high-frequency data, indicating a decrease in the operating rates of major steel mills and a decline in social inventory of construction materials [28][29]