人民财讯12月12日电，12月12日，国务院国资委党委召开专题会议。会议强调，中央企业要确保今年工 作收好官、明年起好步，坚持问题导向、目标导向，强基础、补短板、防风险，做到稳中求进、提质增 效。要立足于"稳"，以中央企业的高质量发展支撑经济平稳健康运行，加强行业结构性、趋势性分析， 按市场需求扩大优质商品和服务供给，靠前推动一批重大项目落实落地，以增量投入支撑扩大内需，确 保能源电力、通信交通等基础产品保供稳价，确保生产经营稳、有效投资稳、基础供应稳，助力国家大 局稳。 ...

Core Viewpoint - The meeting of the Financial Regulatory Bureau's Party Committee emphasized the importance of the Central Economic Work Conference, which provides guidance for economic work in the upcoming period, particularly in the context of transitioning from the 14th Five-Year Plan to the 15th Five-Year Plan [1][4]. Group 1: Risk Prevention and Management - The bureau aims to effectively prevent and resolve risks in key areas, focusing on mitigating existing risks and preventing new ones, while ensuring that there are no major financial failures [2][5]. - Support will be provided to stabilize the real estate market and enhance the role of urban real estate financing coordination mechanisms [2][5]. - Financial institutions will be guided to address local government financing platform debt risks in a market-oriented and legal manner [2][5]. Group 2: Strengthening Regulatory Effectiveness - The bureau plans to enhance financial legal frameworks and improve regulatory capabilities through precise and efficient law enforcement [2][5]. - Financial institutions are encouraged to adopt correct operational, performance, and risk perspectives, aiming for cost reduction and efficiency improvement [2][5]. - There will be a crackdown on illegal financial activities to protect the financial interests of the public [2][5]. Group 3: Promoting High-Quality Development - Financial institutions are urged to increase support for major national strategies and key sectors, enhancing the adaptability of economic and financial services [2][6]. - The bureau will continue to utilize new policy financial tools to stimulate investment and boost consumption [2][6]. - Efforts will be made to optimize financial services for rural revitalization and support for flexible employment groups [2][6]. Group 4: Party Governance and Internal Discipline - The bureau emphasizes the importance of political construction and the implementation of the Party's innovative theories to enhance political capabilities [3][6]. - Continuous efforts will be made to uphold integrity and discipline within the regulatory team, fostering a clean and responsible workforce [3][6]. - The bureau will focus on creating a positive atmosphere for entrepreneurship and governance [3][6]. Group 5: Year-End Work and Future Planning - The bureau will conduct a comprehensive review of this year's key objectives and plan for the financial regulatory priorities for 2026 [3][6]. - There will be an emphasis on policy communication to create a favorable public opinion environment for high-quality economic and financial development [3][6]. - Safety production and social stability will be prioritized as part of the year-end work [3][6].

大家一致认为，这次中央经济工作会议召开于"十四五"即将顺利收官、"十五五"面临良好开局的重要历 史节点，意义十分重大。习近平总书记的重要讲话，站位复兴全局、引领时代变局、开拓发展新局，具 有很强的思想引领力、时代感召力、实践穿透力，是习近平经济思想的又一纲领性文献，为做好明年和 今后一个时期的经济工作指明了前进方向、提供了根本遵循。要深刻领悟"两个确立"的决定性意义，坚 决做到"两个维护"，切实把思想和行动统一到中央经济工作会议精神上来，与学习贯彻党的二十届四中 全会精神结合起来，与贯彻落实习近平总书记在河南考察时重要讲话精神和关于河南工作的重要论述贯 通起来，深刻领会把握一年来和"十四五"时期我国经济社会发展取得的重大成就，深刻领会把握新形势 下做好经济工作的规律性认识，深刻领会把握党中央对国内经济形势和外部环境的科学判断，深刻领会 把握明年经济工作的总体要求、预期目标和政策取向，深刻领会把握明年经济工作的重点任务，深刻领 会把握加强党对经济工作的全面领导，聚焦"1+2+4+N"目标任务体系，找准关键点、切入点、结合点， 实事求是、因地制宜，细化实化政策措施，科学谋划载体抓手，勇于求变求新求质，不断巩固拓展 ...

钢市震荡寻底 核心观点及策略 2025 年 12 月 12 日 宏观托底有度 钢材年报 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 ⚫ 宏观面：中央经济工作会议明确坚持稳中求进的工作总 基调，实施更加积极有为的宏观政策。继续实施更加积 极的财政政策，继续实施适度宽松的货币政策。房地产 作为重点风险领域，强调着力稳定房地产市场。 ⚫ 基本面：今年钢材维持弱现实格局，国内房地产投资与 新开工面积继续下滑，显著拖累建筑钢材需求。制造业 与出口提供一定支撑，板材消费表现良好。总体终端需 求疲弱，预计明年中国钢材需求总量将小幅收缩。供应 方面，今年钢铁总产量保持高位，高炉开工率与铁水产 量均处于近五年较高水平，其中长材产量下降明显，板 材产量降幅相对较小。在"双碳"战略和高质量发展目 标推动下，粗钢产量调控政策预计保持连续与灵活，全 年产量大 ...

Group 1 - The core viewpoint of the news is the issuance of guidelines by the State Administration for Market Regulation, in collaboration with other departments, aimed at enhancing the quality of products and services on online trading platforms, particularly focusing on the live e-commerce sector [1][2] - The guidelines emphasize improving consumer satisfaction and safety, promoting a shift from quantity to quality in online transactions, and implementing various measures to achieve this goal [1] - Innovative initiatives include supporting platforms to utilize data advantages for on-demand production and encouraging the establishment of chief quality officer roles to enhance product quality [1] Group 2 - The guidelines propose the introduction of a "product digital passport" plan to ensure quality safety verification in key product areas, creating a traceability mechanism from production to consumer [2] - A national industrial product quality safety monitoring and early warning platform will be established, leveraging big data and AI for proactive regulation [2] - The guidelines aim to address issues such as false advertising on online trading platforms by promoting the development of national recommended standards for live streaming platform service management [2]

Core Viewpoint - The market is experiencing upward momentum, with the CSI A500 index rising by 0.8% and significant net subscriptions for the A500 ETF, indicating strong investor interest and confidence in the market outlook [1]. Market Performance - The CSI A500 index increased by 0.3% this week, while the CSI A100 and A50 indices decreased by 0.1% and 0.2%, respectively [1][3]. - The A500 ETF (E Fund, 159361) saw a net subscription of nearly 250 million units today, following a previous inflow of 440 million yuan [1]. Economic Outlook - CITIC Securities highlights a focus on addressing the "strong supply and weak demand" contradiction, emphasizing the need for qualitative economic improvement and reasonable quantitative growth [1]. - The expectation is for policies to increasingly prioritize domestic demand, with a focus on enhancing consumption resilience and driving innovation and reform [1]. - The overall economic growth is projected to remain stable through 2026, with continued policy support for high-quality development [1]. Index Characteristics - The CSI A500 index consists of 500 securities with large market capitalization and good liquidity, covering 91 out of 93 sub-industries [4]. - The CSI A100 index includes 100 representative securities, reflecting the performance of major leading companies across 46 sub-industries [4]. - The CSI A50 index is composed of the 50 largest stocks from leading companies, covering 50 sub-industries, with a focus on large-cap stocks [4]. Valuation Metrics - The rolling price-to-earnings (P/E) ratios are 16.4x for the CSI A500 and A100 indices, and 17.5x for the CSI A50 index [3]. - The rolling P/E ratio percentile for the CSI A500 index is at 68.6%, indicating a relatively favorable valuation compared to historical levels [3][5]. Historical Performance - Year-to-date, the CSI A500 index has increased by 20.0%, while the CSI A100 and A50 indices have risen by 19.8% and 13.5%, respectively [7]. - Over the past year, the CSI A500 index has gained 18.9%, compared to 20.8% for the CSI A100 and 14.1% for the CSI A50 [7].

Economic Outlook - The assessment of external conditions has improved compared to last year, indicating a reduction in adverse impacts from external changes[7] - The macro policy tone has shifted from "extraordinary" to "normal," reflecting a return to conventional policy measures[8] - Fiscal policy is expected to focus more on quality rather than quantity, with a marginal reduction in the intensity of fiscal measures[9] Monetary Policy - Monetary policy remains supportive, with a new emphasis on the goal of reasonable price recovery alongside economic stability[10] - There is still room for interest rate cuts, but the extent may be less certain than in previous years[11] Supply and Demand Dynamics - The focus has shifted from "demand insufficiency" to "strong supply and weak demand," indicating a dual approach to address supply-demand imbalances[12] - Policies will emphasize increasing residents' income and enhancing service consumption to stimulate demand[12] Risk Management - The approach to risk has transitioned from "preventing risks" to "managing risks," reflecting progress in controlling major risks in real estate and local government debt[13] Market Implications - Short-term market adjustments are anticipated following the Central Economic Work Conference, but the prevailing bull market sentiment may provide opportunities for investment[14] - High-growth sectors such as AI, new energy, and semiconductors are expected to outperform in the near term, while high-dividend stocks will gain attention later in the year[15]

二是构建产业服务生态圈。联合实体企业、银行、保险、物流、交易所等建立"期货+现货+金融"的大平台式服务模式，为 实体企业解决运营管理、升级换代等多种需求。因地制宜发展新质生产力，纵深推进全国统一大市场建设。 三是继续双向开放。继续深化双向开放，"走出去、请进来"推动国内期、现货市场与国际市场的融合，增强大宗商品中国 定价权，服务构建新发展格局。 本报讯 （记者王宁）12月10日至11日，中央经济工作会议在北京举行。本次中央经济工作会议强调，做好明年经济工作， 要完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展，坚持稳中求进工作总基调，更好统筹国内经济 工作和国际经贸斗争。 银河期货董事长王东认为，期货行业将以本次会议为契机，加快落实会议精神，推动行业高质量发展。 行业需要不断优化现有服务体系，提供与产业转型相匹配的新服务模式与新工具。王东表示，期货业后期要升级服务实体 经济的"全能力"，精准对接产业转型升级需求，具体来看： 一是优化品种与工具供给。优化现有品种与产业需求的适配；推动新能源、绿色低碳等领域期货期权品种扩容，聚焦新质 生产力核心领域，推动针对新能源、人工智能、高端制造等领域的核心 ...

来源：新华社 新华社北京12月12日电 全国金融系统工作会议12月12日在京召开。中共中央政治局委 员、中央金融委员会办公室主任何立峰出席会议并讲话。他强调，金融系统要深入学习贯彻中 央经济工作会议精神，准确把握经济工作面临的形势和主要目标任务，坚定做好金融工作的信 心和决心，坚持防风险、强监管、促高质量发展工作主线，有力有序有效做好2026年金融重 点工作。要继续着力做好防范化解地方中小金融机构风险、房地产企业涉金融风险、地方政府 融资平台金融债务风险工作，严控增量、妥处存量、严防"爆雷"，严厉打击非法金融活动。要 进一步巩固和强化金融监管，完善重点领域监管制度体系并严格落实，持续强化金融机构合规 意识和风险意识，不断提升监管能力，严肃开展金融风险追责问责。要全力以赴推动高质量发 展，继续实施好适度宽松的货币政策，加强对扩大内需、科技创新、中小微企业等重点领域的 金融支持，稳步有序推进金融改革开放，做好预期管理。要加强党对金融工作的全面领导，认 真学习、深刻领会、不折不扣贯彻落实习近平总书记重要指示批示精神和党中央决策部署，树 立和践行正确政绩观、业绩观，持之以恒推进全面从严治党。要编制好"十五五"金融相关 ...

Group 1 - The financial system must deeply learn and implement the spirit of the Central Economic Work Conference, accurately grasp the economic situation and main objectives, and firmly maintain confidence and determination in financial work [1] - Emphasis on risk prevention and control, particularly regarding local small and medium financial institutions, financial risks related to real estate companies, and local government financing platform debts, with a focus on strict control of new risks and proper handling of existing risks [1] - The need to strengthen financial regulation, improve regulatory systems in key areas, enhance compliance and risk awareness among financial institutions, and increase regulatory capabilities [1] Group 2 - The importance of strengthening the Party's comprehensive leadership over financial work, thoroughly understanding and implementing the directives of General Secretary Xi Jinping, and promoting strict governance within the Party [2] - The necessity to prepare the "14th Five-Year" financial-related plans and enhance work coordination to ensure a good start for financial work during this period [2]