西气东输、南水北调、西电东送，各地在区域协作中激活潜能，一个个增长极、增长带拔节生长、积厚 成势，为高质量发展注入不竭动力 挺进改革深水区还有"腊子口"要闯、建设统一大市场还有"中梗阻"要破、实现共同富裕还有"硬骨头"要 啃，攻克卡脖子难题、应对外部环境变化、推进乡村全面振兴，奋斗之志一以贯之，初心始终如一、坚 如磐石 贵州多山，一下飞机，便见远处峰峦如聚、云涛如怒，群山以排闼之势涌向眼底。山，是贵州的骨架， 也一度阻隔了发展的脚步。有山，便要有路。一路"黔"行，在这片雄奇的土地上，一条条"路"令人印象 深刻、思绪飘远。 地上的路，承载人民对美好生活的热切向往。在贵州，占地92.5%的山地丘陵挡不住人们前行的步伐， 3万多座桥梁让天堑变通途。在汹涌的乌江天险上凿岩设墩，江界河大桥刻印奋斗足迹；高强钢丝编 织"空中脊梁"，花江峡谷大桥见证科技创新；打造桥旅融合服务区，累计接待游客超520万人次，平塘 大桥映照建设智慧……一条条路、一座座桥，缝合大山褶皱、抚平地球"裂痕"，它们是交通线，更是经 济线、幸福线。 世上本无路，是理想的炬火，点燃了开路的勇气，照亮了人间正道。风过娄山关，声似军号。遵义会议 的灯火照亮沉 ...

Core Insights - The tax revenue collected by the tax authorities in China exceeded 29 trillion yuan in the first 11 months of the year, with tax revenue (excluding export tax rebates) surpassing 16 trillion yuan, reflecting a year-on-year growth of 3.1% [1][4][6] - The manufacturing sector's tax revenue remained stable at around 30%, indicating its ongoing role as an economic stabilizer [4] - The high-tech industry showed robust growth, with sales revenue increasing by 14.7% year-on-year, driven by advancements in technology and innovation [5][6] Tax Revenue and Economic Performance - Tax revenue from the manufacturing sector has been supported by various policies, leading to high-quality development characterized by high-end upgrades, accelerated smart upgrades, and orderly green transitions [4] - Equipment manufacturing sales revenue grew by 8.3%, with significant increases in the computer and communication equipment manufacturing sectors, which saw growth rates of 12.3% and 10.3%, respectively [4] - The traditional industries have also seen a boost in R&D investment, with a year-on-year increase of 12.3% in the first three quarters, indicating a shift towards high-end production [5] Consumption Market Dynamics - The consumption market in China has shown positive changes, supported by government policies and new consumption models, with significant growth in retail sales of communication devices and home appliances [7][8] - The "old-for-new" policy has stimulated consumer demand, with retail sales of mobile phones and home appliances increasing by 20.3% and 26.5%, respectively [7] - The tourism sector has benefited from improved tax refund policies for foreign travelers, with a 285% increase in the number of travelers claiming tax refunds [7][8] Emerging Trends in Industries - New business models in culture, tourism, and sports have emerged, with notable growth in sales revenue for cultural performances and tourism-related services [8] - The digital economy continues to expand, with core digital industries experiencing a sales revenue increase of 10%, reflecting ongoing digital transformation [5][8] - The demand for services catering to the elderly has also risen, with significant growth in spending on elderly care and related services [8] Future Outlook - The tax authorities plan to continue implementing supportive tax policies to stimulate consumption and enhance service measures, aiming to further unleash domestic demand potential [9]

Core Insights - The upcoming Central Economic Work Conference is viewed as a critical event for interpreting China's economic direction, especially as it coincides with key policy signals and development tasks [1][3] Economic Context - China's economy is currently facing challenges with a slowdown in traditional growth engines and emerging industries still in the early stages of development, compounded by global geopolitical tensions and shrinking external demand [3][5] - Economic indicators show significant pressure, with real estate development investment down 23% year-on-year in October and a 24.3% decline in commodity housing sales, indicating ongoing adjustments in the housing market [5][7] Policy Focus - The conference will address three core issues: adjustment of the deficit ratio, real estate relief, and support for emerging industries, as 2025 marks a transitional year between the 14th and 15th Five-Year Plans [5][9] - There is a strong emphasis on enhancing public spending through a potential increase in the deficit ratio, which could fund infrastructure, social welfare, and technological innovation, thereby stimulating economic growth [9][11] Monetary Policy - The continued issuance of ultra-long-term special government bonds aims to alleviate short-term fiscal pressures and direct social capital towards strategic emerging industries, achieving both growth stabilization and structural adjustment [11][12] - Monetary policy tools such as interest rate cuts and reserve requirement ratio reductions are anticipated to lower financing costs for businesses and stimulate consumer spending [11][12] Consumer and Housing Market - Consumer price index (CPI) showed a negative growth of 0.1% in the first half of the year, reflecting weak domestic demand, while the producer price index (PPI) has been in a downward trend for 33 consecutive months [7][9] - Housing policies may shift focus from stabilizing prices to supporting rigid and improved housing demand, potentially through relaxed purchasing and lending policies [16][20] Industry Development - The conference will outline policies to accelerate the industrialization of AI and support traditional industries' transformation, aiming to create a modern industrial system that balances emerging and traditional sectors [18][20] - A stable supply chain and enhanced innovation capabilities are expected to drive high-quality economic development and create more quality jobs, ultimately improving income levels [20][21] Conclusion - The conference serves as a guide for national economic development and a reference for families planning their futures, emphasizing the need for collaborative efforts among the government, businesses, and consumers to drive economic growth [20][21][25]

Group 1: Investment in Physical Capital - China's capital stock reached approximately $93 trillion in 2024, accounting for about 503% of GDP[29] - The average growth rate of capital stock from 1961 to 1993 was about 5.2%, while from 1994 to 2016 it was approximately 10.8%, and is projected to decline to 5.8% by 2024[29] - In 2024, the total capital formation in China is estimated to be around 54.8 trillion yuan, contributing approximately 25.2% to GDP growth[2] Group 2: Investment in Human Capital - Investment in human capital focuses on enhancing capabilities across the entire population, including education, healthcare, and skills training[47] - The proportion of public spending on social welfare in China was 53.7% in 2023, compared to 60%-70% in developed countries, indicating significant room for improvement[6] - The government aims to increase the share of public investment in social welfare during the "14th Five-Year Plan" period, particularly in areas like education and healthcare[44] Group 3: Economic and Social Development - The urbanization rate in China is expected to reach 70% within five years, with a projected rate of about 67% in 2024, driving infrastructure and public service improvements[42] - The report emphasizes the need for a balanced approach between investment in physical and human capital to foster sustainable economic growth[1] - The government plans to enhance public services in nine key areas, including education, healthcare, and social security, to ensure equitable access for all citizens[52]

Core Viewpoint - The article discusses the recent adjustments to France's digital services tax, highlighting its implications for large digital technology companies, particularly American firms, while noting the limited impact on Chinese internet companies in the French market [1][3]. Summary by Sections Digital Services Tax Adjustments - France has increased the digital services tax rate from 3% to 6% and raised the global annual revenue threshold for taxation from €750 million to €2 billion, effective from the 2026 budget [2][3]. - The revenue from the digital services tax in France was €620 million in 2022, projected to reach €700 million in 2023, €800 million in 2024, and exceed €1 billion in 2025 [3]. Impact on Companies - The adjustments primarily target large multinational internet giants, especially from the U.S., while excluding many small and medium-sized enterprises due to the increased revenue threshold [3][6]. - The digital services tax aims to address tax inequities and protect local interests, directly impacting U.S. tech giants that have historically avoided taxes through complex structures [6][7]. International Context - France's digital services tax is part of a broader international trend, with various OECD countries implementing similar taxes, reflecting a shift in tax legislation to adapt to the digital economy [4][6]. - The OECD's "Two Pillar" reform aims to balance taxation rights between market and service countries, but progress has stalled, prompting France to take unilateral action [10][11]. Economic Implications - The tax adjustments may lead to increased costs for consumers and businesses that rely on large internet platforms, as these companies may pass on the tax burden [15][16]. - The potential for a negative impact on the French economy exists, as the adjustments could create a squeeze on local businesses and consumers while large global firms continue to thrive in other markets [16].

Market Overview - The A-share market opened high and continued to rise, with the ChiNext Index approaching 3200 points and the CSI 300 recovering above 4600 points, while the CSI 1000 surpassed 7400 points, with trading volume exceeding 2 trillion yuan, marking a new high in over half a month [1] Index Performance - Shenzhen Component Index reached 13329.99, up by 1.39% - Shanghai Composite Index stood at 3924.08, increasing by 0.54% - ChiNext Index recorded 3190.27, rising by 2.60% - CSI 300 Index was at 4621.75, up by 0.81% - The STAR 50 Index reached 1350.80, increasing by 1.86% [2] Sector Performance - Leading sectors included communication equipment, the Straits West Coast, general retail, and energy metals, while coal mining, precious metals, oil service engineering, and liquor sectors saw declines [2] - The electronic industry attracted over 25.4 billion yuan in net inflow, with communication receiving over 15.8 billion yuan, and machinery and power equipment each gaining over 9 billion yuan in net inflow [3] Investment Outlook - Guotai Junan anticipates a cross-year rally in the Chinese stock market, with December to February being a window for upward resonance in policy, liquidity, and fundamentals, recommending sectors such as technology growth, large finance, and cyclical stocks [3] - Zhongtai Securities suggests that the market may remain in a consolidation phase due to potential hawkish signals from the Federal Reserve and conservative positioning by institutions, with a focus on fiscal policy expectations from the Central Economic Work Conference [3] Retail Sector Highlights - The general retail sector saw a significant surge, with a notable increase in trading volume, particularly for Yonghui Supermarket, which experienced a rapid rise to the daily limit within minutes [4] - Yonghui Supermarket's stock price increased by 9.92% to 4.32 yuan, with trading volume nearly doubling compared to the previous day [5] Regional Policy Impact - Recent policies in Fujian province aimed at promoting cross-strait integration and economic development are expected to benefit local stocks, particularly those related to digital economy and AI [8] - The second Minhai Forum emphasized the importance of Fujian's unique position for promoting cross-strait integration [8]

据主办方介绍，该届展会上，展品包括餐饮及厨房设备、厨具、食品机械、酒店家具及装饰用品、摆 件、桌面用品、客房电器及客房用品、大堂用品、清洁机械、化工、石材护理、卫浴等设备、用品、酒 店纺织布草、床上用品及制服、食品、奶茶、咖啡及其他饮料、酒店信息科技、康体设备、智能化产 品，酒店、宾馆连锁加盟等。 2025年 12 月 18日-20日，第三十一届广州酒店用品展览会将于广交会展馆举行。届时，3000多家中外 厂商参展、展览面积达25万平方米。 展会呈现"总量稳健增长、结构深度分化、创新赛道爆发"的市场特征 业界资深人士分析，今年中国酒店用品行业在旅游业全面复苏、酒店业结构性升级、绿色政策强制落地 与智能化加速渗透的多重驱动下，呈现出"总量稳健增长、结构深度分化、创新赛道爆发"的市场特征。 尤其高端化、绿色化、智能化产品占比显著提升。 酒店及酒店用品产业链转型升级六大新商机 随着2026年的来临，我国即将迎来第十五个五年规划（简称"十五五"）的开局之年。《中共中央关于制 定国民经济和社会发展第十五个五年规划的建议》提出：推进旅游强国建设，丰富高品质旅游产品供 给，提高旅游服务质量；该《建议》还强调文旅深度融合、绿 ...

数字人民币的推广对金融普惠具有重要意义。对于偏远地区居民、老年人等群体，数字人民币提供了更便捷的金融服务渠道。 通过智能合约功能，数字人民币还能实现定向支付、条件支付等创新应用，在财政补贴、消费券发放等领域展现出独特价值。 在跨境支付方面，数字人民币也有望为人民币国际化提供新的技术支撑。 从试点情况来看，数字人民币的接受度正在逐步提高。各大银行纷纷推出数字人民币钱包，商户受理环境持续改善。用户可以 通过数字人民币APP轻松开立钱包，并支持绑定银行账户进行充值。部分试点地区还推出了数字人民币红包活动，让用户体验 这种新型支付方式的便利。 展望未来，数字人民币的发展将是一个渐进的过程。它不会取代现有支付工具，而是形成有益补充，共同构建多元化的支付体 系。随着技术不断成熟和应用场景持续拓展，数字人民币有望在促进金融创新、提升支付效率、保障金融安全等方面发挥更大 作用，为数字经济时代提供更加优质的金融服务。作为普通用户，不妨尝试使用数字人民币，感受数字金融带来的新体验。 随着数字人民币试点范围逐步扩大，越来越多的人开始接触这种新型支付方式。作为一种由国家信用背书的数字法定货币，数 字人民币正在悄然改变我们的支付习惯。 ...

Core Insights - The Inner Mongolia region has made significant progress in developing renewable energy, achieving a historic milestone where installed capacity of new energy surpassed that of thermal power a year ahead of schedule [3] - The overall electricity consumption index and comprehensive electricity supply index in Inner Mongolia have increased by 4.49% and 10.07% year-on-year, respectively, indicating a robust growth in power generation and consumption [1][3] Group 1: Renewable Energy Development - Inner Mongolia's installed capacity of renewable energy exceeded 150 million kilowatts by the end of October 2025, ranking among the top in the country [3] - Wind and solar power account for over 80% of the newly added installed capacity, with wind power supply index and solar power supply index increasing by 24.53% and 61.99% year-on-year, respectively [3] Group 2: Industrial and Economic Impact - The manufacturing sector has played a crucial role in electricity consumption, contributing nearly 60% to the overall growth in electricity demand in the first three quarters of 2025 [4] - The digital economy is thriving, with internet data service electricity consumption increasing by 83.87% year-on-year, driven by the development of green computing hubs in Hohhot and Ulanqab [4] Group 3: Green Energy Utilization - Inner Mongolia is actively promoting the use of green energy in non-electric applications, with one-third of the total electricity consumption being green electricity [4]

Core Insights - Consumption is identified as the main engine driving economic growth, with a strong emphasis on boosting consumption in the 15th Five-Year Plan by the Central Committee of the Communist Party of China [1] - The report by KPMG highlights successful practices in the consumption retail sector of Qingdao's Shinan District, aiming to provide a reference for regional consumption stimulation [1] Economic Performance - In 2024, Qingdao's total retail sales reached a record high of over 650 billion yuan, marking a 4.2% year-on-year increase, surpassing Tianjin and ranking second in Northern China [3] - Shinan District, as the political and cultural center of Qingdao, plays a crucial role in the city's economic and social development, with the tertiary industry contributing approximately 90% to its GDP [3][5] Income and Consumption - Shinan District boasts the highest per capita disposable income in Shandong Province at 21,827 yuan in Q1 2025, significantly above the national average [5] - The steady growth in per capita disposable income supports the continuous increase in retail sales in Shinan District [5] Retail Market Trends - The retail sales in Shinan District have shown a consistent upward trend over the past three years, with total retail sales reaching 79.2 billion yuan in 2024, and per capita retail sales approximately 161,000 yuan, which is 4.6 times the national average [9] - The district's vibrant consumption market is driven by a well-developed cultural tourism industry that attracts numerous visitors [9] Consumption Structure - Shinan District has established a comprehensive consumption matrix, including core business circles and community commercial centers, catering to diverse consumer needs [12][13] - The district is focusing on various consumption sectors such as fashion, dining, marine leisure, wedding services, and senior care, promoting a diversified consumption landscape [18] Brand Development - The "Four Firsts" economy is thriving in Shinan District, with 54 new brand stores opened in 2024, accounting for 67.5% of the city's total, and over 380 first stores established [22] - The district is home to 24 time-honored brands, representing 20% of the city's total, and has become a key area for high-end brands, housing over 1,000 first-tier brands [22] Future Outlook - Shinan District is leveraging policies to enhance consumption quality through investment attraction, business circle upgrades, and new consumption models [24] - The district aims to develop new consumption patterns, including night economy and event economy, with night consumption accounting for 65% of total sales in key business areas [24] - Shinan District is also a hub for foreign trade, with over 3,000 foreign trade entities and a total export value of 51.79 billion yuan in 2024, reflecting a 3.6% year-on-year increase [24]