Group 1 - The core viewpoint emphasizes that increasing residents' income is essential for economic circulation and requires a combination of breaking down and establishing new institutional frameworks [1][5] - The National Financial Work Conference highlighted that in 2026, a more proactive fiscal policy will be implemented, focusing on supporting employment and entrepreneurship to increase residents' income [2][5] - The recent Central Economic Work Conference underscored the importance of consumer spending as a foundational element of domestic demand and economic circulation, marking the first time a plan for increasing urban and rural residents' income was proposed [2][5] Group 2 - The article discusses the need to reform systemic barriers that hinder domestic demand and consumption, advocating for a shift in perception that prioritizes consumption as a driver of economic growth rather than investment [3][5] - A transparent guarantee system is proposed to ensure fair competition and protect the rights of all economic entities, which would facilitate a more equitable distribution of national income among government, enterprises, and residents [3][4] - The establishment of a protective social safety net is essential for providing security and encouraging innovation, emphasizing the role of social welfare and public transfer payment systems in supporting economic growth [4][5] Group 3 - The article argues that increasing residents' income requires both the courage to break down existing barriers and the establishment of new opportunities for economic participation [4][5] - Employment is identified as the primary channel for residents to engage in economic activities and share in economic growth, necessitating the removal of institutional obstacles that restrict resource mobility [4][5] - The call for a legal framework that restricts power without authorization aims to liberate the flow of resources and create more job opportunities within the complex interactions of the economy [4][5]

再从主要投向看，根据企业预警通数据，截至12月29日，今年发行的专项债券资金中，约26.5%投向市 政和产业园区基础设施，约17.0%投向土地储备，约16.9%投向交通基础设施，约11.8%投向保障性安居 工程，约11.1%投向教育、医疗卫生等社会事业，约1.1%投向新型基础设施。 明明认为，会议强调"更好发挥债券效益"，核心在于推动债券资金更多投向成熟度高、带动效应强、长 期收益明确的项目，减少低效、重复工程投入，提升债券资金使用效率和投资回报。与此同时，更好服 务国家重大战略和发展重点，资金投向将更加紧密对接扩内需、科技创新、现代化产业体系建设、区域 协调发展和绿色低碳转型等重点任务。通过专项债券等工具支持新基建和民生等领域建设，引导社会资 本参与，放大财政资金的乘数效应。 12月27日至28日，全国财政工作会议（以下简称"会议"）在北京召开。会议指出，2026年继续实施更加 积极的财政政策。并明确"优化政府债券工具组合，更好发挥债券效益"。 "在2026年更加积极的财政政策取向下，债券发行将更加注重结构优化、效率提升和政策协同，通过提 高债券资金配置质量来放大稳增长、调结构、防风险的综合效应。"中信证券 ...

Group 1 - The core viewpoint is that China will implement a more proactive fiscal policy in 2026 for the second consecutive year, focusing on expanding domestic demand, optimizing structure, increasing momentum, and benefiting people's livelihoods [1][3] - The fiscal expenditure will be expanded to ensure necessary spending, optimize the government bond tool mix, and improve the efficiency of transfer payment funds [1][3] - The policy aims to support the construction of a strong domestic market, boost consumption, and implement special actions to stimulate consumption [3] Group 2 - There will be an active expansion of effective investment, with increased funding for key areas such as new productive forces and comprehensive human development [3] - The fiscal policy will also support the deep integration of technological innovation and industrial innovation, promote urban-rural integration, and enhance regional collaboration [3] - The focus will be on strengthening social welfare and promoting a comprehensive green transformation of economic and social development, enhancing economic development momentum and public well-being [3]

Core Viewpoint - The article outlines the key tasks and changes planned for 2026 in various sectors, including finance, employment, consumption, investment, urban development, and technological innovation, as part of China's strategic planning for economic growth and stability. Group 1: Fiscal Policy - In 2026, a more proactive fiscal policy will be implemented, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [2][3] - The fiscal policy aims to promote resident employment and income growth by coordinating various funds to support job stability and entrepreneurship [3] Group 2: Consumption and Investment - The government will support consumption through initiatives like the "old for new" program, optimizing subsidy standards, and promoting service consumption [4] - Measures will be taken to stabilize investment, including increasing central budget investments and utilizing various government investment funds to enhance investment efficiency [5] Group 3: Urban Development - High-quality urban renewal will be prioritized, focusing on community improvements, public space enhancements, and safety projects [6] Group 4: Industry and Technology - There will be an emphasis on enhancing industrial technological innovation capabilities, addressing core technologies, and developing a national manufacturing trial service network [9] - The government plans to cultivate emerging and future industries, including AI, integrated circuits, and biotechnology, while supporting innovation in sectors like 6G technology [10] Group 5: Infrastructure and Energy - The construction of cross-regional and cross-basin transportation corridors will be advanced to support national strategic goals [11] - The energy sector will see an increase in renewable energy supply, with significant additions in wind and solar power capacity, and a focus on future energy industries like hydrogen and nuclear energy [12] Group 6: Social Welfare - The implementation of direct disbursement of maternity benefits to insured individuals will be pursued, along with expanding coverage for flexible employment and migrant workers [13] - The real estate market will be stabilized by utilizing existing housing stock for affordable housing and other social needs [14]

21世纪经济报道记者 周潇枭 北京报道 12月27日至28日，全国财政工作会议在北京召开，对2025年财政工作进行总结， 并布置了2026年重点任务。财政部部长蓝佛安作工作报告。 蓝佛安表示，2026年财政将大力提振消费，深入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化 补贴范围和标准。将促进居民就业增收，统筹就业补助资金、失业保险基金等各类资金，引导支持企业稳岗扩岗、重点 群体就业创业等；积极发挥税收、社会保障、转移支付等调节作用，多渠道增加居民收入。 会议指出，2026年继续实施更加积极的财政政策，扩大财政支出盘子，优化政府债券工具组合，增强地方自主可用财 力，持续优化支出结构，加强财政金融协同。2026年财政工作要抓好六方面重点任务，包括支持建设强大国内市场、支 持科技创新和产业创新深度融合、推进城乡融合和区域联动、切实加强民生保障、推动经济社会发展全面绿色转型、支 持扩大高水平对外开放等。 优化政府债券工具组合 会议指出，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 ...

一是洗洗盘，二是给清仓的一个追高的机会，这样呢节后就很容易形成新的向上共振。其次我们去看热 点，最火的商业航天已经出现了较大的分化，再次上涨呢需要新的龙头，但是呢老龙头不死，新龙头怎 么会有出头之日呢？现在大家就应该明白，为什么明天大概率收阴了？ 明天不会涨，否则短线见顶，大家信吗？和讯投顾胡云龙分析，我们先看到了三个指数出现了明显的分 化，今天上证指数呢上涨很大的一个原因是受一则消息的影响，财政部会议呢重申更加积极的财政政 策，其实冲高回落呢说明市场已经消化了该消息。深证成折创业板指早盘不跟涨，全天反而出现了反包 阴线，就是对后续的消息面持的是消极应对的状态。如果好消息都出现在节前的话，大家想想节后怎么 办？呢我们大家有想过吗？技术上这个反包阴线的形态是不能见小阳线反弹的，见了就是确认短线高 点，后天只能低开，啊如果出现低开的话就会急跌。上证指数是最强，但是这种走势同样不能主动收阳 线，收阳线必有宽幅震荡，所以指数呢只能收阴线作为节前的过渡形态。 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2026, a more proactive fiscal policy will continue to be implemented, with an emphasis on improving precision and effectiveness, optimizing increments, and revitalizing stocks [3][8]. - Policies focus on supporting the construction of a strong domestic market, emphasizing boosting consumption, expanding effective investment, and promoting the construction of a unified national market [9]. - There is a stronger emphasis on supporting the in - depth integration of scientific and technological innovation and industrial innovation, using fiscal funds to guide social capital into key areas and stimulating enterprise innovation [3][9][10]. - Fiscal policy is the key measure, and there is a greater emphasis on the "integration effect". Fiscal policy will intensify efforts in two main directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, and increasing transfer payments and consumption subsidies for the resident sector [4][11]. 3. Summary by Related Content 3.1 Fiscal Policy Direction - The National Fiscal Work Conference proposed five key work guidelines: expanding the fiscal expenditure scale, optimizing the government bond tool combination, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [3][8]. - It is estimated that in 2026, the deficit ratio will remain at around 4.0%, and the budget deficit scale will reach about 5.9 trillion. The net financing scale of new treasury bonds is expected to reach about 6.7 trillion, and the new local bond quota will be approximately 7.6 - 7.8 trillion [8]. 3.2 Support for the Domestic Market - In 2026, the focus is on six aspects of work, with the first being to adhere to domestic demand - led and support the construction of a strong domestic market. This involves boosting consumption, expanding investment, and promoting the construction of a unified national market to achieve coordinated supply and demand [9]. 3.3 Support for Innovation - Through "increasing investment" and "improving fund management", fiscal funds will guide social capital into basic research and key core technologies. By strengthening the main position of enterprises, it promotes the in - depth integration of innovation chains, industrial chains, capital chains, and talent chains [3][9][10]. 3.4 Fiscal Policy Intensification - Fiscal policy will intensify efforts in two directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, with funds invested in major "14th Five - Year Plan" projects and "15th Five - Year Plan" new infrastructure; increasing transfer payments and consumption subsidies for residents to expand total demand from both public investment and private consumption [11].

if 市 场 与 性 亿元逆回购到期,其中周一、周二、周三、周日分别到期673亿元、593 亿元、260亿元、4701亿元。其中，周日到期的7天期逆回购金额为2701 亿元,到期的14天期逆回购金额为2000亿元。 | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 我則一日变 | | --- | --- | --- | --- | --- | --- | | | | (%) | | | 动(%) | | 沪深300 | 4657 | 0.32 | IF当月 | 4657 | 0.5 | | 上证50 | 3045 | 0.41 | IH景月 | 3048 | 0.5 | | 中证500 | 7459 | 0.65 | IC当月 | 7456 | 0.8 | | 中证1000 | 7606 | 0.35 | IM当月 | 7595 | 0.6 | | IF成交量 | 118846 | 36.4 | IF持仓量 | 287905 | 6.0 | | IH成交量 | 51085 | 57.6 | IH持仓量 | 92844 | 11.5 | | IC成交量 | 149544 | 38.5 | IC持 ...

Core Viewpoint - The Chinese government plans to implement a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure, optimizing spending structure, and enhancing policy precision to support economic growth and ensure a strong start to the "14th Five-Year Plan" [1] Group 1: Domestic Demand and Consumption - The domestic market has significant potential, and fiscal policy will play an active role in expanding domestic demand and facilitating economic circulation [2] - In 2026, there will be a strong emphasis on boosting consumption through special actions, including funding support for consumer goods replacement programs and optimizing personal consumption loan interest subsidies [2] - Fiscal investments will target both infrastructure and human capital to alleviate concerns and unleash consumer potential, with a focus on long-term special government bonds to support major projects [2] Group 2: Technological and Industrial Innovation - The government aims to strengthen the integration of technological and industrial innovation, increasing fiscal investment in technology and enhancing the management of technology funding [3] - There will be a focus on supporting enterprises in technological innovation and promoting the transformation and application of technological achievements [3] - The implementation of high-quality development actions for key manufacturing industry chains will be prioritized to build a modern industrial system [3] Group 3: Social Welfare and Regional Development - Strengthening basic social welfare and increasing residents' income through various fiscal measures will be a priority in 2026 [4] - There will be increased fiscal investment in education and healthcare to improve service levels and social security systems [4] - The government will promote urban-rural integration and regional coordination, supporting rural revitalization and new urbanization initiatives while ensuring public services are accessible [4]

钢材周报 2025 年 12 月 29 日 基本面多空交织 期价震荡走势 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1/9 ⚫ 宏观面：全国财政工作会议在北京召开。会议指出，2026 年继续实施更加积极的财政政策；扩大财政支出盘子， 确保必要支出力度；优化政府债券工具组合，更好发挥 债券效益。会议要求，2026年财政工作抓好六项重点任 务，包括坚持内需主导，大力提振消费，加大对新质生 产力、人的全面发展等重点领域投入；加快培育壮大新 动能，进一步增加财政科技投入等。 ⚫ 基本面：上周螺纹产量184万吨，环比增加3万吨，表需 203万吨，减少6万吨，厂库140万吨 ...