"在我的心中，中国充满了'未来感'——一个以创新、经济腾飞和长远规划闻名的国家。当我真正踏上 这片土地时，它带给我的感受超乎想象。"今年，厄瓜多尔可持续世界基金会传播总监梅赛德斯·皮塔首 次来到中国。谈及这段经历，她感慨道："这不仅仅是一次出国交流，更是长久愿望的实现。" 初到北京，梅赛德斯立刻被这座现代化都市的活力深深吸引。"干净的街道、文明友好的市民、随处可 见的扫码支付和智慧出行……高水平的社会治理和科技应用令人惊叹。"更令她感到惊喜的，是现代感 十足的北京仍然保留着传统文化的深厚底蕴。 登上长城是梅赛德斯此行最难忘的瞬间之一。"站在那条延绵的'巨龙'之上，触摸斑驳的砖石，敬畏之 情油然而生。长城不仅是中国的象征，更是人类文明的奇迹。"颐和园则给人另一种感受："湖水清澈， 荷花盛开，亭台楼阁与周围的自然风光浑然一体。园中有不少身着汉服打卡拍照的游客，让我仿佛置身 于历史长河中。现代都市与古老文明和谐共存。" 在梅赛德斯看来，中国式现代化的伟大成就不仅仅体现在林立的高楼大厦上，更体现在中国将经济增长 与普惠包容发展紧密结合。"中国8亿多人实现脱贫，支撑这一巨大成就的是中国教育、就业、社会保障 等系统性举措 ...

Group 1: High-Quality Development - The core points for achieving significant results in high-quality development during the 14th Five-Year Plan period are to boost consumption and expand effective investment [8][9][10] - The goal is to double the per capita GDP from approximately $13,500 in 2024 to between $25,000 and $26,000 by 2035, indicating a countdown to meet this target [10][11] - The expected economic growth rate for the next five years is projected to be between 4.5% and 5.5%, with a target of around 5% for the 14th Five-Year Plan [9][10] Group 2: Consumption and Investment Strategies - To boost consumption, policies should focus on releasing current consumption potential through fiscal subsidies and loan interest discounts, while reforms should enhance long-term consumption capacity [11][12] - Effective investment should not merely focus on increasing investment but should strategically develop new productive forces and improve the business environment [12][13] Group 3: International Expansion of Enterprises - The necessity for Chinese enterprises to expand internationally is driven by competition, changes in the global economic landscape, and the need to overcome domestic economic challenges [12][14][15] - Risks associated with international expansion include geopolitical risks and currency management, which are often overlooked by domestic companies [15][16] - Successful international expansion requires thorough market research, local talent training, and adaptation to different social responsibility expectations abroad [16] Group 4: Capital Market Innovation - The Chinese capital market is undergoing a transformation influenced by macroeconomic policies aimed at stabilizing growth and boosting investor confidence [17][18] - Key strategies include balancing support for emerging industries while stabilizing traditional sectors, ensuring that macroeconomic policies are precise and responsive to new trends [19][20] - The capital market's long-term prospects are supported by various factors, including increased insurance investments in A-shares and a shift of household savings towards equity markets [22][23]

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，审议《中国共产党领导全面依法治国工 作条例》。中共中央总书记习近平主持会议。 会议指出，制定《中国共产党领导全面依法治国工作条例》，对于进一步提升党领导全面依法治国的科 学化、制度化、规范化水平，建设更加完善的中国特色社会主义法治体系，建设更高水平的社会主义法 治国家，具有重要意义。 会议认为，今年是中国式现代化进程中具有重要意义的一年，以习近平同志为核心的党中央团结带领全 党全国各族人民迎难而上、奋力拼搏，统筹国内国际两个大局，实施更加积极有为的宏观政策，经济社 会发展主要目标将顺利实现。我国经济运行总体平稳、稳中有进，新质生产力稳步发展，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，社会大局保持稳定。过去5年，我们有 效应对各种冲击挑战，我国经济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"十四 五"即将圆满收官，第二个百年奋斗目标新征程实现良好开局。 会议强调，要坚持和加强党的领导，把党领导立法、保证执法、支持司法、带头守法落到实处，提高依 法治国、依法执政水平。全面贯彻习近平法治思想，牢牢把握全面依法治国 ...

坚定信心真抓实干 奋力实现"十五五"良好开局——从中央政治局会议看2026年经济工作方向 新华社记者 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，必将进一步坚定发展信心、凝聚发 展共识，有效应对各种冲击挑战，巩固拓展经济稳中向好势头，为实现"十五五"良好开局打牢基础。 今年经济社会发展主要目标将顺利实现 会议认为，过去5年，我们有效应对各种冲击挑战，我国经济、科技、国防等硬实力和文化、制度、外 交等软实力明显提升，"十四五"即将圆满收官，第二个百年奋斗目标新征程实现良好开局。 "'十四五'时期我国经济社会发展取得新的重要成就，为'十五五'奠定了更坚实的基础，积攒了更充足的 底气。坚定信心、乘势而进，一定能推动中国式现代化建设不断取得新成就。"郭丽岩说。 明年经济工作要坚持稳中求进、提质增效 2025年是"十四五"规划收官之年，在中国式现代化进程中具有重要意义。 会议总结一年来经济工作，作出重要判断：以习近平同志为核心的党中央团结带领全党全国各族人民迎 难而上、奋力拼搏，统筹国内国际两个大局，实施更加积极有为的宏观政策，经济社会发 ...

Core Viewpoint - The Ninth Plenary Session of the Twelfth Committee of the Communist Party of Zhengzhou emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in guiding the city's development strategy for the next five years, focusing on high-quality growth and modernization efforts [3][4][5]. Group 1: Meeting Overview - The plenary session was attended by 48 city committee members and various representatives from different levels of government and organizations [3]. - The session was guided by Xi Jinping's thoughts and aimed to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the important speeches made by Xi during his inspection in Henan [3][4]. Group 2: Development Goals - The session outlined the main goals for the "15th Five-Year Plan," focusing on high-quality development, innovation, and social welfare improvements [9][10]. - It aims to enhance the city's economic strength, technological capabilities, and overall competitiveness by 2035, establishing Zhengzhou as a modern national central city [9]. Group 3: Strategic Focus Areas - The session highlighted the need for innovation-driven strategies and the establishment of a modern industrial system, emphasizing the integration of advanced manufacturing and digital technologies [10][11]. - It called for the development of a dual circulation hub and strategic point, promoting a unified and open market system to facilitate resource flow and efficient allocation [10][11]. Group 4: Social and Environmental Initiatives - The session stressed the importance of improving people's livelihoods and promoting common prosperity through quality employment, education, and healthcare [12]. - It also emphasized the need for green and low-carbon development, aiming to create a park city and enhance ecological protection [12][13]. Group 5: Governance and Leadership - The session underscored the importance of effective governance and the modernization of social governance systems, utilizing data and technology for better management [13][14]. - It called for strengthening the party's leadership and ensuring a favorable environment for economic and social development [14][16].

为投资研究决策的依据，不能作为道义的、责任的和法律的依据或者凭证，无论是否已经明示或者暗示。国投期货有 限公司将随时补充、更正和修订有关信息,但不保证及时发布。对于本报告所提供信息所导致的任何直接的或者问提 的投资盈亏后果不承担任何责任 本报告版权仅为国投服货有限公司所有，未经书面许可。任何机构和个人不得以任何形式裂版，复制和发布。如 一年党目指责领判国发动员对外国内体育，所在共和体育，但内领导和平安平等领域国务院委副副会、政府部署。 引用发布，意注明出处为国投期货有限公司，且不得对本报告进行有悖原意的引用、册节和修改。国投期货有限公司。 对于本免责申明条款具有修改视和最终解释权。 2025年12月政治局会议政策委点梳理 2025年12月8日 政策梳理 | 朱赫 Z0015192 | | | 表:近三次政治局会议政策要点梳理 | | --- | --- | --- | --- | | 202512 政治局会议 | 202507 政治局会议 | 202504 政治局会议 | | | 今年是中国式现代化进程中具 | | | | | 有重要意义的一年,以习近平 | 今年以来,在以习近平同志为核 | | | | 同志 ...

Economic Growth and Development - China's GDP growth in the first three quarters reached 5.2% year-on-year, with the total economic output expected to reach around 140 trillion yuan for the year [2][3] - The contribution rate of final consumption expenditure to economic growth was 53.5%, an increase of 9 percentage points compared to the previous year [5] - The added value of the equipment manufacturing industry grew by 9.7%, and high-tech manufacturing increased by 9.6% [5] Policy and Strategic Initiatives - The 20th Central Committee's Fourth Plenary Session outlined a blueprint for the "15th Five-Year Plan," emphasizing high-quality development and strategic initiatives to address economic challenges [3][15] - A series of policies were implemented to stabilize employment, businesses, and market expectations, contributing to a resilient economic performance [3][9] - The introduction of the Private Economy Promotion Law and measures to enhance the business environment for various ownership types were highlighted [11][36] Technological and Industrial Advancements - The focus on technological innovation and the development of new quality productivity is seen as crucial for economic growth, with China ranking in the top ten of the global innovation index for the first time [25][27] - The government is promoting the integration of technology and traditional industries to enhance productivity and competitiveness [20][23] Trade and International Relations - China's exports of electromechanical products increased by 8.7%, contributing significantly to overall export growth [50] - The country is actively pursuing free trade agreements and enhancing international cooperation to stabilize foreign trade and investment [50][52] Urban and Rural Development - Significant investments in urban renewal and rural revitalization are underway, with a focus on improving living conditions and infrastructure [30][34] - The government is committed to ensuring food security and enhancing agricultural productivity through various measures [29][38]

Core Viewpoint - The development of cultural undertakings, cultural industries, and tourism is essential for achieving high-quality growth and fulfilling the cultural needs of the people, as emphasized by the Ministry of Culture and Tourism of China [1] Group 1: Achievements in Cultural and Tourism Development - During the 14th Five-Year Plan period, cultural and tourism sectors have shown robust growth, significantly contributing to economic and social development [2] - Cultural undertakings have become more vibrant, with 3,568 projects funded by the National Art Fund, and an increase in public cultural service facilities, including 3,248 public libraries and 7,046 registered museums by the end of 2024 [2][3] - The cultural industry achieved a revenue of 19.14 trillion yuan in 2024, marking a 37.7% increase from 2020, while the tourism sector has rapidly recovered post-pandemic [3] Group 2: Future Considerations for Cultural Development - The focus for the 15th Five-Year Plan will be on enhancing public cultural services, ensuring that cultural offerings are more accessible and relevant to the public [4][5] - There is a commitment to protect and inherit cultural heritage, with an emphasis on systematic protection and innovative development of cultural relics [5][6] Group 3: Integration of Culture and Tourism - The strategy aims to deepen the integration of cultural and tourism sectors, positioning them as pillar industries that enhance people's livelihoods and happiness [6] - Efforts will be made to improve the quality of tourism services and develop diverse, high-quality tourism products to meet the evolving demands of travelers [7] Group 4: Promoting Cultural Exchange and Global Influence - The initiative includes enhancing international cultural exchanges and cooperation, establishing a network for dialogue and collaboration in cultural and tourism policies [8] - There will be a focus on promoting Chinese culture globally through various cultural events and improving the convenience of inbound tourism services [9]

Group 1 - The core viewpoint of the report emphasizes a stable yet progressive approach to economic work, focusing on quality and efficiency improvements while implementing proactive macro policies [2][3][21] - The meeting highlighted the importance of a multi-dimensional policy system that covers both supply and demand, aiming for a transformation in economic growth dynamics through domestic demand and innovation [14][18] - The report outlines the significance of institutionalizing the leadership of the Communist Party in the rule of law, enhancing the governance system and capacity modernization [18][21] Group 2 - The report suggests that the economic work for the upcoming year will adhere to the principle of "seeking progress while maintaining stability," with a focus on quality enhancement and efficiency [3][21] - It emphasizes the need for a coordinated policy approach that integrates fiscal, monetary, industrial, and technological policies to effectively support the real economy [13][14] - The report identifies key areas for future investment opportunities, including domestic demand-driven sectors, innovation-driven industries, and the financial sector [22]

Core Insights - China's economy is projected to achieve a GDP of approximately 140 trillion yuan for the year, with a year-on-year growth of 5.2% in the first three quarters, marking a steady progress in the face of challenges [3][4] - The leadership under Xi Jinping emphasizes high-quality development as a response to various uncertainties, aiming to consolidate economic stability and foster new growth drivers [4][5] Economic Performance - The GDP growth rate in the first three quarters accelerated by 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [4] - Urban employment remained stable, with 10.57 million new jobs created nationwide [4] - The growth rate of goods trade increased quarter by quarter, reaching a historical high for the same period [4] Industrial Development - The value added of the equipment manufacturing industry grew by 9.7% year-on-year, while high-tech manufacturing increased by 9.6% [5] - Final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points from the previous year [5] Policy and Strategic Initiatives - The Central Committee has implemented a series of policies to stabilize employment, businesses, and market expectations, which have led to new achievements in high-quality development [4][8] - The "Fifteen Five" development plan is set to focus on consolidating foundations and making comprehensive efforts, aiming to lay a solid foundation for achieving socialist modernization by 2035 [11][13] Innovation and Technology - The government is prioritizing technological innovation and the development of new productive forces, with a focus on artificial intelligence and digital technologies [14][16] - China aims to maintain its role as a leader in the modern economic tide through technological self-reliance and innovation [14][16] Environmental Sustainability - Non-fossil energy consumption's share of total energy consumption increased by approximately 1.7 percentage points year-on-year [18] - In October, the sales of new energy vehicles reached 51.6% of total new car sales, marking a significant milestone [18] Urban Development and Social Welfare - The government is focusing on urban renewal and improving living conditions, with 24,300 old urban residential areas undergoing renovation in the first three quarters [22] - Policies aimed at rural revitalization and poverty alleviation continue to be a priority, ensuring no large-scale return to poverty occurs [23][30]