香港新一年《财政预算案》公众咨询即将展开。 责编：万健祎 校对： 刘榕枝 版权声明 对此，陈茂波表示："多年来，我们强调建立品牌的重要性，这是高增值发展模式的重要构成部分。品牌代表 着对质量和价值的追求，令客户及消费者愿意付溢价购买更好的产品、服务和体验。特别是进入'人工智能 +'的时代，社会对产品的智能化有更高的要求，而科技亦为产品开创更多新的设计维度和应用场景。因此，厂 商如能抓紧科技趋势，研发并制造更多创新产品，并结合更高效的品牌建立与管理，加上'香港设计'、'香港制 造'本身的'品牌'优势，相信将有利于释放更大的潜在商机，并拓宽新的发展空间。这也是助力发展新质生产 力、支持高质量发展的途径。" 最新数据显示，今年以来香港的货物出口按年录得双位数增长，加上本地需求改善，私人消费开支轻微加快， 零售、餐饮和住宅物业市场表现均回稳，企业投资开支亦增加。对此，陈茂波认为，上述因素让香港即使面对 不明朗的外围因素，今年以来经济仍然稳步发展，前三季度合计经济按年增长3.3%，早前香港亦上调了对全 年经济增长的预测至3.2%。 陈茂波还指出，服务出口表现亦受惠于蓬勃的金融市场，以及访港旅客量增加至疫情后的新高。在政 ...

Group 1 - The central economic work conference has shifted the focus of economic development from "quantity" expansion to "quality" enhancement, emphasizing the need for greater breakthroughs in effective quality improvement [2] - The policy direction is characterized by a pragmatic and precise approach, with a focus on structural regulation and institutional reform, aiming to activate endogenous momentum and technological empowerment [2][3] - The economic work for 2026 will center around core tasks such as "demand-driven, innovation-led, and reform-focused" to solidify the foundation for economic development [2] Group 2 - The key emphasis on "optimization" involves implementing precise structural adjustments, including optimizing tax incentives and ensuring a close connection between investments in goods and people [3] - Adjustments in special debt management and an increase in budgetary investment are aimed at stabilizing local risks and promoting investment recovery [3] - The real estate policy will focus on medium to long-term supply optimization to stabilize market expectations and support domestic demand [3] Group 3 - The "deepening" aspect signifies a commitment to overcoming fundamental constraints through intensified reform efforts, including establishing fair competition environments and breaking down hidden barriers [4] - The initiative to expand "AI+" beyond pilot projects to the entire industry chain, along with continuous reforms in capital markets, aims to enhance sustainable development momentum [4] - Coordination between state-owned enterprise reforms and private sector policies is intended to strengthen the foundation for collective national progress [4] Group 4 - The "efficiency enhancement" strategy balances short-term policy effects with long-term development potential, emphasizing flexible and efficient monetary policy [5] - Fiscal policy will optimize expenditure structures and concentrate financial resources on key areas to improve investment quality and enhance public welfare [5][6] - Targeted measures for different industries are designed to stimulate private investment and improve quality in employment, education, and healthcare, fostering a virtuous cycle of economic growth and social improvement [6]

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

Core Insights - The central theme of the news is the strategic direction for China's economy in 2026, emphasizing the need to navigate complex domestic and international challenges while maintaining long-term growth potential [1][2]. Economic Situation Analysis - The meeting highlighted persistent old issues and new challenges in China's economic development, with deepening external environmental changes and prominent contradictions between strong supply and weak demand [1]. - The overall assessment indicates that despite these challenges, the fundamental conditions and trends supporting long-term economic growth remain unchanged [1]. Key Strategic Directions - The "Five Musts" are introduced as essential principles for economic work in 2026, which align with eight key tasks aimed at stimulating domestic demand and fostering innovation [2][3]. Must 1: Unlock Economic Potential - Emphasizes the importance of activating "incremental space" within the economy to create new opportunities and benefits, particularly through policies that support domestic demand and emerging industries [2]. Must 2: Policy Support and Reform Innovation - Highlights the dual approach of providing market support through subsidies and loans while fostering innovation to enhance product quality and affordability, particularly in sectors like new energy vehicles and smart home technology [2]. Must 3: Balance Between Flexibility and Regulation - Stresses the need for a dynamic market environment that encourages consumer choice while ensuring regulatory measures to maintain market order and prevent disruptions [2]. Must 4: Investment in Infrastructure and Human Capital - Advocates for increased investment in both physical infrastructure and human development, aiming to enhance living standards and educational equity, thereby boosting overall productivity [3]. Must 5: Strengthening Internal Capabilities - Focuses on the importance of solidifying domestic foundations and enhancing core competencies to effectively respond to external challenges, ensuring resilience in supply chains and industries [3]. Conclusion - The "Five Musts" are interconnected and aim to build confidence, leverage advantages, and address challenges, ultimately ensuring that economic growth benefits all citizens [3].

来自中央财办、国家发展改革委和有关部门的领导，专家学者、企业家、智库代表和媒体代表300余人参加了年 会。 与会嘉宾表示，今年是很不平凡的一年。我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，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。过去5年，我们有效应对各种冲击挑 战，扎实推动高质量发展取得新突破，确保"十四五"圆满收官，第二个百年奋斗目标新征程实现良好开局。 与会嘉宾指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效应， 加大逆周期和跨周期调节力度，提升宏观经济治理效能。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，优化财政支出结构。继续实施适度宽松的货币政策，把促进经济稳定增长、物价合理回 升作为货币政策的重要考量。增强宏观政策取向一致性和有效性，健全预期管理机制，提振社会信心。 与会嘉宾强调，明年要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻 坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 动；坚持"双碳"引领，推动全面 ...

Group 1 - The Central Economic Work Conference highlighted the importance of maintaining confidence in economic development and outlined key tasks for the upcoming year [1][2] - The conference emphasized the need to focus on domestic demand and build a strong domestic market as a priority for economic work [6][10] - The meeting set forth eight key tasks for economic work in the coming year, including boosting consumption and enhancing innovation-driven growth [6][10] Group 2 - The conference recognized the achievements of the past five years in economic development, despite facing various challenges [2][4] - The meeting called for a focus on high-quality development and the transformation of advantages into practical effectiveness [6][9] - The importance of regional coordinated development and the integration of urban and rural areas was underscored as essential for modernization [9][12] Group 3 - The conference discussed the need for macroeconomic governance to stabilize economic operations and enhance policy effectiveness [10] - Specific measures were proposed to support agriculture and rural revitalization, emphasizing the importance of food security [5][9] - The meeting highlighted the role of investment in infrastructure projects as a key measure for stabilizing growth [5][10]

Core Viewpoint - The recent Central Economic Work Conference outlines the economic work for 2025 and 2026, emphasizing the need to maintain confidence and leverage advantages to address challenges, ensuring a stable and positive economic momentum [1][2]. Economic Performance and Goals - The economic and social development goals for 2025 are expected to be achieved smoothly, with a projected GDP growth of around 5% year-on-year, making China the largest engine of global economic growth [2][3]. - The "14th Five-Year Plan" is nearing completion, with 20 key indicators set to be met, showcasing resilience and vitality in the face of challenges such as the pandemic [2][3]. Key Challenges - The economy faces persistent issues, including weak domestic demand and risks in key sectors, which are seen as challenges that can be addressed through concerted efforts [2][3]. Five Imperatives for Economic Work - The conference highlighted five essential strategies for economic work: 1. Fully explore economic potential by expanding consumption, investment, and regional development [3][4]. 2. Combine policy support with reform innovation to address intertwined economic issues [4]. 3. Balance deregulation with effective governance to enhance productivity while maintaining market order [4]. 4. Invest in both physical and human capital to promote comprehensive development and improve public welfare [4]. 5. Strengthen internal capabilities to face external challenges and enhance self-innovation [5]. Economic Work for 2026 - The economic work for 2026 will focus on maintaining stable growth, ensuring employment and price stability, and promoting income growth alongside economic growth [6][7]. - A proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and optimizing expenditure structures to support strategic initiatives [6][7]. - A moderately loose monetary policy will be adopted to ensure liquidity and support key sectors such as technology and small enterprises [7][8]. Eight Key Tasks for 2026 - The conference identified eight key tasks for economic work in 2026, including: 1. Prioritizing domestic demand and building a strong domestic market. 2. Accelerating innovation and nurturing new growth drivers. 3. Enhancing high-quality development through reform. 4. Promoting cooperation in various fields through openness. 5. Coordinating urban-rural integration and regional development. 6. Leading with carbon neutrality to drive green transformation. 7. Focusing on people's livelihoods and addressing practical issues. 8. Safeguarding against risks in key areas [9][10]. Employment and Risk Management - Employment remains a priority, with policies aimed at stabilizing job markets for key demographics such as graduates and migrant workers [10]. - Measures will be taken to stabilize the real estate market and manage local government debt risks, ensuring no systemic risks arise [10].

一切伟大成就都是接续奋斗的结果，一切伟大事业都需要在继往开来中推进。 2025年，中国式现代化进程中具有重要意义的一年。 今年以来，国际环境变乱交织，我国发展经历转型调整的挑战，经济稳定运行压力有所上升。 面对国内外形势深刻复杂的变化，全党全国勠力同心、奋力拼搏，坚定不移贯彻新发展理念、推动 高质量发展，经济社会发展主要目标将顺利完成。 "我国经济顶压前行、向新向优发展，展现强大韧性和活力。"10日第一次全体会议上，习近平总书 记对今年经济工作作出全面总结。 这是一份难能可贵、成色十足的成绩单—— 运行总体平稳，稳中有进，预计全年经济总量将达到140万亿元左右，就业总体稳定，外贸较快增 长，出口多元化成效明显； "十四五"即将圆满收官、"十五五"正待开启序幕之际，中央经济工作会议12月10日至11日在北京举 行。 习近平总书记在会上发表重要讲话，总结2025年经济工作，分析当前经济形势，部署2026年经济工 作，驾驭中国经济航船破浪前行。 锚定"十五五"时期经济社会发展主要目标，确保"十五五"开好局、起好步，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、勇往直前，奋力书写中国经济的崭新篇章。 ...

Group 1: Economic Development Strategies - The central economic work meeting emphasized the importance of innovation-driven development and the cultivation of new growth drivers, focusing on key industries such as aerospace equipment and fine chemicals [1] - The provincial government aims to enhance the business environment and support high-quality development through comprehensive reforms and innovation [2] - The meeting highlighted the need for precise macroeconomic policies to ensure stable and high-quality economic growth, which will benefit the province's development [4] Group 2: Industry-Specific Initiatives - The provincial housing and urban-rural development department plans to advance urban renewal projects, including the renovation of old residential areas and the promotion of smart construction [3] - The provincial natural resources department is focused on optimizing land use and enhancing resource efficiency while ensuring ecological protection [2] - The provincial power company is set to support the green transition by optimizing the power grid for renewable energy integration and enhancing electricity supply reliability [6] Group 3: Local Economic Contributions - The Lanqi Fine Chemical Materials Company is investing 3 billion yuan in a project to produce 100,000 tons of adiponitrile and 200,000 tons of nylon 66, which is expected to generate an annual output value of approximately 5.8 billion yuan [8] - Local governments are actively implementing strategies to foster high-quality development, focusing on sectors such as non-ferrous metals and clean energy [9] - The emphasis on rural revitalization includes strengthening grassroots party organizations and promoting diverse industries to enhance economic vitality [10]

12月13日，由中国国际经济交流中心主办的"2025—2026中国经济年会"在北京召开。与会嘉宾围绕年会 主题"贯彻落实中央经济工作会议精神，以高质量发展为'十五五'开好局"展开深入研讨。 全年经济社会发展主要预期目标将顺利实现 今年是中国式现代化进程中具有重要意义的一年，是很不平凡的一年。中央财经委员会办公室分管日常 工作的副主任、中央农村工作领导小组办公室主任韩文秀分析，全年经济社会发展主要预期目标将顺利 实现，"十四五"即将圆满收官。许多机构预测，我国全年经济增长5%左右，仍然是全球经济增长的最 大引擎。 韩文秀说，回望"十四五"，我们有效应对世纪疫情、"脱钩断链"、自然灾害等冲击挑战。"十四五"规划 纲要所确定的20项主要指标即将顺利完成。我国经济总量连续跨过110万亿元、120万亿元、130万亿元 的台阶，今年预计达到140万亿元左右。全球创新指数排名我国由2020年的第十四位提高到当前的第十 位，是前十位中唯一的中等收入国家。我国建成了全球最大的可再生能源体系，为全球降碳、减碳作出 了重大贡献。 韩文秀表示，我国经济发展中，老问题、新挑战仍然不少，一方面单边主义、保护主义上升，全球产业 链、供应链 ...