Group 1 - The core viewpoint emphasizes the need for a balanced relationship between government intervention ("visible hand") and market forces ("invisible hand") to achieve a well-functioning economy [1] - The recent Central Economic Work Conference highlighted the importance of both "letting go" and "managing well" in economic work, aiming for a dynamic yet orderly economic environment [1][2] - The government and market each have unique strengths that are essential for economic and social development, necessitating a collaborative approach to enhance resource allocation efficiency and market order [1][3] Group 2 - A series of regulatory measures have been introduced this year, including the "Opinions on Strictly Regulating Administrative Inspections Related to Enterprises" and guidelines for building a unified national market, aimed at improving the balance between market freedom and government regulation [2] - The focus on "letting go" involves ensuring that market forces are allowed to operate effectively, with an emphasis on establishing a unified market access system and enhancing property rights protection [2] - The government's role includes effective macroeconomic regulation, market supervision, and public service provision, with a need to respect market dynamics while preparing appropriate regulatory measures [3]

国家统计局最新数据显示，11月份，更加积极有为的宏观政策持续显效，国民经济延续了稳中有进的发 展态势。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖表示，下阶段，要全面贯彻落实中 央经济工作会议精神，坚持稳中求进、提质增效，加大逆周期和跨周期调节力度，持续提升宏观经济治 理效能，持续扩大国内需求，强化创新驱动，深化改革开放，推进全面绿色转型，更好保障和改善民 生，推动经济持续健康发展。 就业物价稳定。11月份，全国城镇调查失业率为5.1%，与上月持平。居民消费价格同比上涨0.7%，涨 幅比上月扩大0.5个百分点，连续3个月回升。其中，扣除食品和能源的核心CPI同比上涨1.2%，连续3个 月涨幅稳定在1%以上。 民生保障有力。今年我国粮食再获丰收，为民生保障和居民增收打下坚实基础。各地加大能源保供力 度，有力保障冬季生产生活用能需求。民生投入持续加大，居民出行、购物等新业态新场景加快建设， 民生基础设施不断完善。 政策成效持续显现 付凌晖表示，今年以来，面对经济运行中面临的风险挑战，各地区各部门按照党中央决策部署，及时出 台和有效落实一系列扩大国内需求、促进产业升级、畅通经济循环的政策措施，对于 ...

Core Viewpoint - The Central Economic Work Conference held in Beijing has set the direction for China's economic work in the coming year, establishing a solid foundation for the "14th Five-Year Plan" and signaling China's role as a key growth engine for the global economy amid rising uncertainties [1][2]. Group 1: Economic Strategy - The conference emphasized the importance of expanding domestic demand and building a strong domestic market, alongside a commitment to innovation-driven growth [2][3]. - China will maintain macroeconomic policy stability and adopt a proactive and steady policy mix to strengthen the economic foundation [2][3]. - The focus will be on high-quality and sustainable development, with key factors including technological innovation, service sector enhancement, and comprehensive green transformation [2][3]. Group 2: Economic Resilience - International organizations such as the World Bank and IMF have raised their economic growth forecasts for China, highlighting the country's significant resilience in the face of global uncertainties [4][5]. - China's proactive fiscal policy and moderately loose monetary policy have supported domestic consumption and investment, contributing to economic stability [5]. - The diversification of export markets has demonstrated China's strong vitality and risk resistance, with increasing exports to Southeast Asia, Africa, and the EU [5]. Group 3: Technological Innovation - China is set to increase investments in technology sectors such as artificial intelligence, which will be a key focus for economic development [3][8]. - The integration of technology and culture is being promoted through collaborations with countries like Algeria, enhancing innovation and cooperation [8]. - China's ambition to transition from a "world factory" to a "global innovation center" is underscored by its rising position in global innovation indices [8].

Group 1: Economic Strategy and Focus Areas - The central economic work conference emphasizes the importance of "eight persistences" to guide economic work for the upcoming year, focusing on key tasks to ensure a strong start for the 14th Five-Year Plan [1] - The eight key tasks include prioritizing domestic demand, driving innovation, pushing for reforms, maintaining openness, promoting coordinated development, leading with "dual carbon" goals, prioritizing people's livelihoods, and ensuring bottom-line stability [1] - The conference highlights the need to address both old problems and new challenges, reflecting a clear problem-oriented and goal-oriented approach [1] Group 2: Domestic Demand and Consumption - Domestic demand is identified as a strategic focus, with the aim of building a strong domestic market, which is crucial for China's modernization [2] - From January to November, China's retail sales of consumer goods exceeded 45.6 trillion yuan, showing a year-on-year growth of 4.0%, with service retail growth outpacing goods retail [2] - The potential for consumption is significant, with over 3.6 billion people benefiting from consumption upgrade programs, indicating the vast market potential of over 1.4 billion people [2] Group 3: Green Development and Carbon Goals - The conference outlines the commitment to "dual carbon" goals, emphasizing the need for a comprehensive green transition in economic and social development [3] - China has made significant progress in green development, achieving early completion of its 2030 renewable energy targets and establishing the world's largest carbon market [3] - The focus for the coming year includes transitioning from energy consumption control to carbon emission control, requiring coordinated efforts in industrial restructuring, pollution management, and climate change response [3] Group 4: New Productive Forces and Green Economy - The concept of new productive forces is linked to green productivity, aiming to activate new growth drivers and expand development space while enhancing ecological well-being [4] - The current development landscape presents both strategic opportunities and challenges, necessitating a proactive approach to implement the central economic work conference's directives [4]

销售转型成效凸显。工业板块建立"2+3"市场及销售体系，全面覆盖"三大终端、六大市场"，终端覆盖 同比新增10万家，核心品种市占率提升约4%，打造多个5亿级及1亿级黄金单品，86个复产产品成功上 市，市场份额与行业地位持续巩固；商业板块方面，人民同泰（600829）夯实批发、零售主业，发力 DTP药房与医疗器械领域，稳固省内医药商业龙头地位；大健康板块抢抓互联网机遇，构建"国内+跨 境"线上布局，实现业务快速增长。 展望"十五五"，哈药股份将围绕高质量发展核心目标，推出五大关键举措：一是提升研发投入，不断充 实产品储备；二是强化产业协同，延伸中药种植、化药原料产业链，推进"哈药智造"工程，构建高效供 应链体系；三是深化批发与零售协同发展，巩固人民同泰区域龙头地位；四是升级跨境电商业务，强化 GNC与哈药品牌互补，形成覆盖全年龄段产品矩阵；五是构建三级品牌体系，实现"产品驱动品牌、品 牌赋能产品"的良性循环。 聚焦重点领域精准发力。在研发转型方面，哈药股份聚焦五大治疗领域与三大产品方向，通过构建"一 部五院"研发架构，推进自主创新与产学研合作双轮驱动模式，逐步实现从"仿创结合、以仿为主"向"仿 创结合、以创为主 ...

Core Viewpoint - The Ministry of Commerce and the General Administration of Customs of China announced adjustments to the "Export License Management Goods Catalog (2025)", including certain steel products, effective from January 1, 2026. This policy aims to drive industry upgrades amid the ongoing expansion of China's steel exports [1]. Group 1: Policy Impact - The new policy is expected to help transition steel exports from "scale expansion" to "value enhancement" [1]. - In the first eleven months of 2025, China's steel export volume reached 107.7 million tons, a year-on-year increase of 6.7%, indicating the steel industry's deep integration into the global market [1]. - The inclusion of steel products in the export license management covers the entire industry chain, which is beneficial for long-term industry development [1]. Group 2: Industry Transformation - The policy aims to curb the disorderly export of low-value-added products and assist companies in facing international trade barriers [1]. - Analysts suggest that the policy will lead to a reduction in the export of low-value-added products, impacting the "volume compensates for price" model [2]. - The focus on compliance and quality will push companies towards high-value-added products, fostering technological innovation and enhancing competitiveness [2]. Group 3: Recommendations for Companies - Steel companies are encouraged to increase R&D investments in high-performance products such as bearing steel, gear steel, and high-temperature alloys [3]. - Some leading domestic companies have begun exporting "green steel" products, achieving a carbon reduction of 50% per ton of steel through full-process carbon verification [3].

顺应数字化智能化绿色化发展，持续保持转型先机。 市委副书记、市长龚正，市人大常委会主任黄莉新、市政协主席胡文容、市委副书记朱忠明出席会议并 作了发言。 用管用、真正落地见效，让各类企业一目了然、感受高效便利。要在推动园区规模化集约化发展上加大 改革攻坚力度，着力解决"小散乱"问题。抓好国家级开发区管理制度改革，有序开展市级开发区和区级 镇级园区整治，力争园区管理体制实现质的提升，更好优化创新生态和产业生态，为产业发展提供高效 配套和优质服务。 会上，上海财经大学校长刘元春就"十五五"时期国内经济形势展望，香港金融管理局助理总裁兼首席经 济学家朱海斌就2026年国际经贸形势及其影响分析，分别作了专题辅导报告。65位同志围绕会议主题， 结合工作实际，着眼谋划新一年工作，交流体会、分析问题，开拓思路、集思广益，提出了有针对性、 有启发性的意见建议，进一步凝聚共识、形成合力。 陈吉宁指出，明年是"十五五"开局之年。习近平总书记在中央经济工作会议上对当前国际国内形势作出 深刻分析。要切实把思想和行动统一到中央对形势的科学判断上来，按照中央决策部署，结合上海工作 实际，不折不扣抓好贯彻落实，更加自觉地忠诚拥护"两个确立" ...

Group 1 - The core message emphasizes the commitment to high-quality development as a driving force for China's modernization, as highlighted in the Central Economic Work Conference [1][2] - The conference outlines key tasks for the upcoming year, including high-quality urban renewal, development of key industrial chains, and promoting high-quality development in various sectors such as the Belt and Road Initiative and marine economy [1][2] - The importance of addressing existing economic challenges and risks through a focus on high-quality development is underscored, indicating that this approach is essential for sustainable economic growth [1][3] Group 2 - The "14th Five-Year Plan" emphasizes high-quality development as a central theme, with significant weight given to achieving substantial results in this area [2] - The conference identifies "reform as a key path" to enhance the vitality of high-quality development, with specific measures aimed at addressing current issues in the economy [2][3] - There is a call for systemic and coordinated efforts across all regions and sectors to implement high-quality development, focusing on overcoming institutional barriers and promoting deep reforms [3]

今日摘要 习近平对未成年人思想道德建设工作作出重要指示强调，坚持把未成年人思想道德建设作为战略性基础 性工作来抓，合力为未成年人健康成长营造良好社会环境。蔡奇出席座谈会并讲话。 系列报道【践行新发展理念中国经济行稳致远】今天播出，2025年，我国绿色低碳转型步伐稳健，成效 显著，为高质量发展注入源源不断的动能。 赵乐际主持召开十四届全国人大常委会第五十六次委员长会议，决定十四届全国人大常委会第十九次会 议12月22日至27日在京举行。 丁薛祥会见新加坡副总理并共同主持中新双边合作机制会议。 习近平对未成年人思想道德建设作出重要指示强调 坚持把未成年人思想道德建设作为战略性基础性工 作来抓 合力为未成年人健康成长营造良好社会环境 蔡奇出席座谈会并讲话 中共中央总书记、国家主席、中央军委主席习近平近日对未成年人思想道德建设作出重要指示。他指 出，党的十八大以来，党中央高度重视未成年人思想道德建设，多措并举推动各项工作取得新进展新成 效。 【践行新发展理念 中国经济行稳致远】全面绿色转型提速 铺就高质量发展底色 绿色发展是中国式现代化的鲜明底色。习近平总书记指出，越是发展任务重，越要重视生态环境保护， 推动经济社会 ...

中央经济工作会议在部署明年经济工作的重点任务时，把"坚持改革攻坚，增强高质量发展动力活力"列为"八个坚 持"之一，并提出"高质量推进城市更新""实施新一轮重点产业链高质量发展行动""推动共建'一带一路'高质量发展""推 动县域经济高质量发展""推动海洋经济高质量发展"……这一系列部署，鲜明释放了坚定不移以高质量发展推进中国式 现代化的强烈信号。 高质量发展新动力从何而来？如何进一步增强活力？中央经济工作会议把"坚持改革攻坚"作为"增强高质量发展动 力活力"的关键路径、重要抓手，具有鲜明的指向性、针对性、实践性。从制定全国统一大市场建设条例、有效整 治"内卷式"竞争到加紧清理拖欠企业账款，从推动平台企业和平台内经营者、劳动者共赢发展到健全地方税体系，一 系列部署精准锚定当前发展中存在的问题，为改革攻坚明确了主攻方向，为破解发展堵点难点痛点提供了实践遵循。 我们要把会议要求落到实处，把改革任务扛牢抓实。 高质量发展不只是一个经济管理目标，而是对经济社会发展治理能力的总要求。各地区各部门要把推动高质量发 展贯彻到经济社会发展的全过程各领域，不断提高推动高质量发展的系统性、整体性、协同性。要聚焦制约高质量发 展的体制 ...