央视网消息：2025年12月11日，一年一度的中央经济工作会议在北京闭幕，会议明确了2026年经济 工作发展方向。坚持稳中求进、提质增效，中央经济工作会议明确2026年经济工作政策取向；内需主 导、创新驱动、改革攻坚、民生为大，会议明确2026年八大重点任务。 ...

（文章来源：第一财经） 中信建投研报解读2025年中央经济工作会议，财政政策延续更加积极的政策基调，总体表述偏稳。货币 政策把"物价合理回升"写进总要求，价格和传导机制被放在更加突出的位置。内需主导和国内大市场仍 是发力的关键抓手。将以制度性增收为基础进一步提振消费，明确提出推动投资止跌回稳，直面投资下 行压力。科技和产业政策方面，把建设国际科创中心和重点产业链作为两大抓手，对AI+、数字贸易、 绿色贸易、海洋经济、新型能源体系等重点产业提出了明确指向。 ...

中信建投研报解读2025年中央经济工作会议，财政政策延续更加积极的政策基调，总体表述偏稳。货币 政策把"物价合理回升"写进总要求，价格和传导机制被放在更加突出的位置。内需主导和国内大市场仍 是发力的关键抓手。将以制度性增收为基础进一步提振消费，明确提出推动投资止跌回稳，直面投资下 行压力。科技和产业政策方面，把建设国际科创中心和重点产业链作为两大抓手，对AI+、数字贸易、 绿色贸易、 海洋经济、新型能源体系等重点产业提出了明确指向。 ...

Core Insights - The Central Economic Work Conference outlined eight key tasks for China's economic work in 2026, emphasizing the importance of domestic demand and innovation as primary drivers for economic growth [1][2][3] Group 1: Domestic Demand and Market Development - The first task is to "insist on domestic demand as the main driver and build a strong domestic market," highlighting its significance in the overall economic development strategy [1] - The conference plans to implement actions to boost consumption and optimize policies related to new projects, indicating that expanding domestic demand remains a primary focus for economic work [1] Group 2: Innovation and New Growth Drivers - The second task emphasizes "insisting on innovation-driven development and accelerating the cultivation of new growth drivers," which is seen as crucial for constructing a new development pattern and expanding domestic demand [1][2] - Technological innovation is expected to create new products and consumption demands while reducing costs, thereby increasing supply [1] Group 3: Reform and High-Quality Development - The third task focuses on "insisting on reform to enhance the vitality of high-quality development," which includes deepening reforms and optimizing the business environment to remove institutional barriers [2] - This approach aims to stimulate internal dynamics and facilitate economic circulation [2] Group 4: Open Economy and International Cooperation - The fourth task is to "insist on opening up and promoting win-win cooperation in multiple fields," recognizing the complex changes in the development environment and the need for high-level openness to enhance domestic and international market interactions [2] Group 5: Coordinated Development - The fifth task emphasizes "insisting on coordinated development to promote urban-rural integration and regional linkage," which is essential for achieving a broader and more robust new development pattern [2] Group 6: Green Transformation - The sixth task focuses on "insisting on carbon neutrality as a guiding principle to promote comprehensive green transformation," aligning with the goals of reducing carbon emissions and promoting sustainable growth [2] Group 7: Social Welfare and Stability - The seventh task is to "insist on prioritizing people's livelihoods and strive to do practical things for the public," reiterating the importance of stabilizing employment, businesses, markets, and expectations [2][3] Group 8: Risk Management - The eighth task is to "insist on maintaining a bottom line and actively and prudently resolving risks in key areas," particularly in stabilizing the real estate market and managing local government debt risks [3] - The conference emphasizes a shift in economic policy focus from growth to quality and efficiency, advocating for a coordinated approach to policy implementation [3]

Core Insights - The 2025 Central Economic Work Conference emphasized five "musts" to address current economic challenges, focusing on potential economic growth and the need for policy support and reform innovation [1][12][23] - The conference highlighted the significant issue of "strong supply and weak demand" in the domestic economy, contrasting with the previous year's focus on demand-side challenges [2][12][24] - The 2025 conference set a general economic growth target for 2026, aiming for stable and reasonable growth without detailing specific indicators, aligning with the "14th Five-Year Plan" goals [2][24] Economic Policy Focus - Fiscal policy will remain "more proactive," with an emphasis on maintaining necessary fiscal deficits and total debt levels, while addressing local fiscal difficulties [3][25][29] - Monetary policy will focus on promoting stable economic growth and reasonable price recovery, with tools like reserve requirement ratio cuts and interest rate reductions being considered [3][25][26] - The conference stressed the importance of integrating existing and new policies to enhance their effectiveness and ensure alignment with current economic goals [4][26] Domestic Demand and Investment - The conference underscored the need to prioritize domestic demand, with plans to implement urban and rural resident income increase programs and stimulate service consumption [5][27][28] - Investment strategies will include increasing central budget investment and optimizing the use of local government special bonds to enhance investment stability in 2026 [5][27][28] Structural Reforms and Green Development - The conference called for deepening the construction of a unified national market and addressing "involution" competition, aiming for a shift from quantity expansion to quality improvement in the economy [5][28][29] - Green and low-carbon initiatives were prioritized, with a commitment to accelerate the development of a new energy system and expand green electricity applications [5][28][29]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 11 日 [Table_Title] 积极政策继续 [Table_Title2] ──中央经济工作会议点评 [Table_Summary] 事件概述 2025 年 12 月 10 日至 11 日，中央经济工作会议在北京举行，总书记在重要讲话中总结 2025 年经济工作，分析当 前经济形势，部署 2026 年经济工作。总理作总结讲话，对贯彻落实习近平总书记重要讲话精神、做好明年经济工 作提出要求。相关点评如下： 核心观点 本次会议清晰、客观地指出了当前经济面临的老问题和新挑战，指出了应当通过努力解决问题，通过发展迎接挑 战。继续实施更加积极的财政政策，保持必要的财政赤字、债务总规模和支出总量；继续实施适度宽松的货币政 策，促进经济稳定增长、物价合理回升。坚持内需主导，建设强大国内市场，通过创新驱动、建设统一大市场和 推进制度型开放，推动高质量发展。2026 年，随着会议精神的深入贯彻与各项政策落地见效，我们预计经济预期 将持续改善，市场主体经营状况逐步好转，物价温和回升，经济回升向好的基础将进一步夯实。 我们预计明年财政将继续保持一定 ...

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, outlined key economic tasks for 2026, emphasizing the importance of domestic demand and market stability [1][2][10]. Group 1: Economic Policy Direction - The conference established a policy tone of "seeking progress while maintaining stability" and "improving quality and efficiency," highlighting a higher demand for economic quality and effectiveness [3][4]. - It was noted that macroeconomic policies will focus on both short-term and long-term adjustments, enhancing the effectiveness of governance [4]. Group 2: Fiscal Policy - A more proactive fiscal policy will be implemented, with a projected deficit rate of no less than 4% and an increase in new debt scale [5][6]. - The fiscal spending structure will shift towards supporting consumption and improving residents' welfare, including increased childcare subsidies and pension benefits [5][6]. Group 3: Monetary Policy - The conference reiterated the commitment to a moderately loose monetary policy, emphasizing the flexible use of various policy tools such as interest rate cuts and reserve requirement ratio adjustments [7][9]. - The aim is to enhance liquidity and promote economic stability through effective monetary policy coordination [7][9]. Group 4: Domestic Demand and Consumption - The primary task for 2026 is to "maintain domestic demand as the main driver and build a strong domestic market," with a focus on boosting consumption and investment [10][11]. - Specific measures to stimulate consumption include increasing fiscal support and expanding the range of supported consumer goods [11]. Group 5: Innovation and New Growth Drivers - The conference highlighted the importance of "innovation-driven development" as a key task, aiming to create a comprehensive innovation ecosystem [12][13]. - Initiatives include establishing international technology innovation centers and enhancing intellectual property protection in emerging fields [12][13]. Group 6: Capital Market Reforms - Continuous deepening of capital market reforms was emphasized, focusing on improving the investment and financing functions of the capital market [16][17]. - Future measures may include optimizing capital market infrastructure and enhancing investor protection [17]. Group 7: Real Estate Market Stability - The conference stressed the need to stabilize the real estate market through targeted policies, including inventory reduction and promoting affordable housing [25]. - Measures may involve using special bond funds to acquire existing housing for public welfare and implementing tax incentives for home purchases [25]. Group 8: Energy Strategy - The conference called for the formulation of a national energy strategy, focusing on building a new energy system and expanding green electricity applications [22][23]. - This marks a significant shift in energy development strategy, aiming to replace traditional fossil fuels with clean energy sources [22][23]. Group 9: Local Government Debt Management - The conference addressed the need to manage local government debt risks proactively, encouraging compliance and restructuring of existing debts [27][28]. - Strategies include replacing high-cost debts with lower-interest bonds and utilizing asset management techniques to mitigate risks [27][28].

Group 1 - The central economic work conference emphasized the importance of domestic demand and building a strong domestic market as the top priority for next year's economic tasks [1][2] - A new "urban and rural residents' income increase plan" was proposed, which is expected to have stronger binding force and accountability [1][2] - The current economic challenge is characterized by weak demand, with industrial inventories reaching 6.82 trillion yuan and accounts receivable at 27.69 trillion yuan as of October [2] Group 2 - Investment has shown negative growth, with fixed asset investment declining by 1.7% year-on-year from January to October, a situation not seen in decades [2] - The conference aims to "stop the decline and stabilize investment," highlighting the need for consumption to drive economic growth [2][5] - The proposed income increase plan is crucial as it will be treated as a legal obligation, requiring synchronization with national economic growth and labor productivity improvements [3] Group 3 - The importance of technological innovation in enhancing labor productivity was emphasized, noting that there is significant potential for improvement compared to developed countries [3] - Addressing residents' concerns about spending, such as housing, pension, and healthcare issues, is essential for boosting consumption [3][4] - The conference called for the removal of unreasonable restrictions in the consumption sector, particularly in housing, automotive, and healthcare, to unleash consumption potential [4] Group 4 - A shift in macroeconomic management from "loose regulation" to "active and effective regulation" reflects a deeper understanding of economic control [5] - The need for a favorable social environment for consumers was highlighted, with suggestions for government investment to enhance public confidence in consumption [5] - The transition of the income increase plan from a soft target to a hard accountability measure is expected to lead to tangible results in consumption and economic recovery next year [5]

此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 作者丨王峰 编辑丨周上祺 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向 新向优发展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会 信心有效提振，经济明显回升，2025年宏观政策贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏 观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。 信号一：继续实施更加积极的财政政策 会议指出，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出 结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三保"底线。严肃财 经纪律，坚持党政机关过紧日子。 会议还指出，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用 途管理。 回顾2025年，赤字率从2024年的3%提升至2025年的4% ...

1 坚持内需主导，建设强大国内市场 2 坚持创新驱动,加紧培育壮大新动能 3 坚持改革攻坚,增强高质量发展动力活力 4 坚持对外开放,推动多领域合作共赢 5 坚持协调发展,促进城乡融合和区域联动 6 坚持"双碳"引领,推动全面绿色转型 7 坚持民生为大，努力为人民群众多办实事 8 坚持守牢底线,积极稳妥化解重点领域风险 （文章来源：新华社） 中央经济工作会议确定 2026年经济工作 8 项重点任务 部门与而 ...